NSE Gears Up for IPO Filing by Late July, Eyes Stock Market Debut in Early 2026

The National Stock Exchange (NSE), India’s largest stock exchange, is getting ready to file its long-awaited IPO papers by the end of July. If all goes according to plan, NSE could officially list on the market sometime between January and March 2026, marking a significant milestone for the country’s financial markets, according to people familiar with the matter.

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The Final Regulatory Push

The last major hurdle? Getting a no-objection certificate (NOC) from SEBI is required before NSE can officially file its IPO documents. The exchange is currently attempting to resolve ongoing legal issues related to its controversial co-location and dark fibre cases. A settlement offer of ₹13.88 billion (around USD 160 million) is on the table, and if the Supreme Court gives it the green light, the NOC could be issued within three months.

SEBI Chairman Tuhin Kanta Pandey has also hinted that the road ahead is now relatively straightforward, thanks to continued discussions between SEBI and NSE around governance and compliance reforms.

What the Timeline Looks Like

Assuming SEBI signs off soon, NSE is likely to submit its Draft Red Herring Prospectus (DRHP) by late July. After that, preparing and auditing the financials could take four to five months. Then comes SEBI’s review, which usually takes two to three months. If everything proceeds smoothly, that will put the listing right in the sweet spot of Q4 FY26 (January to March 2026).

Why This Matters for PSUs

Public sector undertakings (PSUs) collectively own approximately 31% of the NSE, a stake currently valued at over ₹1.7 lakh crore. A public listing could unlock big gains for these state-backed investors and strengthen their balance sheets. For instance, LIC holds 10.7%, and SBI owns 7.8%, making this IPO particularly significant for them.

A Long and Complicated Road

This IPO has been nearly a decade in the making. NSE first submitted plans back in 2016, aiming to offload 10–22% of its shares. But SEBI's investigation into alleged unfair access through co-location tech put the brakes on everything. A fine of ₹11 billion was imposed in 2019, and ongoing legal battles continued to delay progress.

Earlier this year, NSE tried again. In March, it approached SEBI for fresh approval while simultaneously working on a legal settlement. Rumors of it seeking help from the finance ministry surfaced in May, although the NSE officially denied any such outreach.

What’s SEBI Focused On Now?

SEBI has been closely examining NSE’s internal operations—from how board members are appointed to whether the leadership structure is transparent and compliant. One concern: the absence of a full-time chair. These checks are part of SEBI’s efforts to promote better corporate governance and cleaner market operations.

Pandey has stated that SEBI and NSE are actively collaborating to resolve any remaining issues, clearing the way forward.

What’s at Stake

If this IPO goes through, it’ll be one of the biggest in India’s capital markets history. For investors, it means fresh exposure to one of the most important financial institutions in the country. For the NSE, it’s an opportunity to enhance governance, increase transparency, and bolster investor confidence.

Globally, NSE is already a powerhouse—it's the most active derivatives exchange in the world and ranks fifth in terms of market cap. Listing could take it to the next level, attracting global investors looking for a stake in India’s financial infrastructure.

What Happens Next

Before the filing can happen, SEBI’s internal committee still needs to review the settlement. Then, approvals come from its High-Powered Advisory Committee and the board. Ultimately, the Supreme Court must give its approval to close the ongoing litigation.

If everything aligns, NSE could submit its IPO application by the end of July, paving the way for a market debut early next year.

Final Word

After years of regulatory delays, legal tangles, and shifting timelines, NSE is finally nearing the finish line. All eyes are now on SEBI and the Supreme Court. If approvals come through as expected, the exchange could go public by the end of this fiscal year—opening a new chapter in its already eventful story.