NSE IPO May Hit Market Within 8–9 Months After SEBI Approval, Says CEO

The National Stock Exchange of India (NSE) is moving closer to its long-awaited public listing, with the debut expected within eight to nine months of receiving regulatory approval. Ashishkumar Chauhan, Managing Director and CEO of NSE, said the exchange is prepared to move swiftly once the Securities and Exchange Board of India (SEBI) grants a No Objection Certificate (NoC).

“From the day we receive the NoC, the timeline to listing appears to be around eight to nine months,” Chauhan said, adding that NSE would prepare and submit its Draft Red Herring Prospectus (DRHP) within four months of clearance, followed by another four months of review and queries from SEBI.

Broad Shareholder Base Already in Place

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Chauhan pointed out that NSE already operates as a widely held public entity. “We’re already 100% publicly held, with around 1.72 lakh shareholders. There is zero promoter holding,” he noted. This unique ownership model distinguishes NSE from most companies preparing for an initial public offering (IPO).

The NSE, first incorporated in 1992, has long played a pivotal role in India’s financial system. “NSE was India’s first FinTech and remains the largest,” Chauhan said, underlining its role in driving capital formation at a scale rarely seen in economies with similar income levels.

Strong Governance and Technology Backbone

The CEO emphasised that NSE’s governance and investor trust have been vital to its resilience and growth. He also highlighted its reliance on robust technology infrastructure, supported by National Operations Centres in Mumbai and Chennai, which oversee trading, cybersecurity, and disaster recovery.

“This is digital public infrastructure in every sense. It must run seamlessly and without disruption,” Chauhan stressed.

A Listing Years in the Making

The NSE’s IPO journey has been marked by significant delays. The exchange first filed draft papers in 2016 but faced hurdles over regulatory clearances. NSE formally applied for a NoC in 2019, again in 2020, and most recently in August 2024. However, progress was slowed by pending cases, including those related to co-location and dark fibre.

In August 2025, NSE settled several smaller cases with SEBI by paying ₹40.35 crore. These involved outsourcing lapses, issues with client code modifications, sharing of unpublished price-sensitive information, and trade review shortcomings.

The most crucial case—the long-standing co-location and dark fibre matter—is now in the settlement stage. NSE has filed a consent application with SEBI and is expected to pay ₹1,400 crore to resolve it. Once this settlement is completed, the NoC is expected, paving the way for the IPO.

Conclusion

It looks as though the NSE will list after almost nine years of delays. India's largest stock exchange may make its much-awaited market debut within the upcoming fiscal year, if regulatory licenses are shortly to be obtained and there is a solid basis of governance, technology, and investor trust.