Archive · 16 Jan 2026
SEBI Considers Regulating Unlisted Shares, NSE IPO Progresses
The Securities and Exchange Board of India (SEBI) is thinking about how to regulate the unlisted share market, which is currently overseen by the Ministry of Corporate Affairs.
Unlisted shares are those of companies not traded on stock exchanges, and they often have less transparency.
SEBI is concerned about price differences between unlisted shares and their values during initial public offerings (IPOs).
Meanwhile, the National Stock Exchange (NSE) is moving closer to its own IPO, with SEBI agreeing in principle to a settlement in a past legal case.
The government has approved a 2.5% stake dilution for the NSE, and the exchange plans to file its listing papers by the end of March.
SEBI is also working to improve corporate disclosures to make them more transparent and reduce regulatory queries.
Additionally, SEBI noted that the Indian equity market is now more stable with reduced dependence on foreign portfolio investments, and there is a strong pipeline for future IPOs.
SEBI is considering regulating the unlisted share market, currently overseen by the Ministry of Corporate Affairs.
Unlisted shares lack stringent disclosure requirements, leading to limited transparency and potential pricing mismatches during IPOs.
SEBI has agreed in principle to the NSE's settlement application in the unfair market access case, clearing a hurdle for its IPO.
The government has approved a 2.5% stake dilution for the NSE, with the exchange planning to file draft listing papers by end-March.
SEBI is addressing recurring gaps in corporate disclosures to improve transparency and reduce regulatory queries.
- Who
- Securities and Exchange Board of India (SEBI) and the Ministry of Corporate Affairs
- What
- SEBI is considering regulating the unlisted share market and the National Stock Exchange (NSE) is progressing towards its IPO
- When
- Discussions are ongoing, with the NSE planning to file draft listing papers by end-March
- Where
- India
- Why
- To address pricing mismatches, improve transparency, and facilitate the NSE's listing
- Regulator
- Securities and Exchange Board of India (SEBI)
- Unlisted Market
- Equity shares of companies not listed on any stock exchange
- Current Oversight
- Ministry of Corporate Affairs
- SEBI's Role
- Regulatory oversight begins when a company seeks to list its shares
- NSE IPO
- Expected to file draft listing papers by end-March
- Government Stake Dilution
- 2.5%
- SEBI's Concern
- Pricing mismatches between unlisted shares and IPO valuations
- Disclosure Gaps
- Recurring gaps in corporate disclosures reduce transparency and investor understanding
- FPI Net Sales in 2025
- ₹1.65 lakh crore
- Domestic Investments in 2025
- ₹7.88 lakh crore
- FPI Ownership in Q3 2025
- 16.9%
- Domestic Mutual Funds Ownership in Q3 2025
- 10.9%
- Potential IPO Fundraising
- ₹1.5 trillion
- Global IPO Ranking
- First in number, third in value
Sources
NSE Moves Closer to Public Listing as SEBI Backs Case Closure
Sebi weighs oversight of unlisted shares, in talks with Centre
NSE moves closer to listing as SEBI backs settlement in unfair access case
SEBI weighs oversight of unlisted share market as focus shifts to disclosure gaps
SEBI May Explore Regulating Unlisted Share Market: Tuhin Kanta Pandey
SEBI gives in-principle approval to settle NSE case
SEBI gives ‘in-principle’ nod to NSE’s settlement applications in co-location, dark fibre cases
India likely to post third straight year of good IPOs: SEBI WTM
Sebi agrees in principle to NSE colo-dark fibre settlement
Sebi to roll out FPI netting, closing auction framework soon
NSE unlisted share price jumps amid IPO buzz; expected timeline, valuations & more
