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NSE Wins Sebi Approval for Second-Biggest IPO After Jio Platforms
India's National Stock Exchange, or NSE, has received permission to move ahead with an IPO.
An IPO is when a company offers some of its shares to public investors.
NSE plans to raise about Rs 30,000-31,000 crore by allowing existing shareholders to sell shares.
This would make it the second-largest proposed IPO after the planned Jio Platforms offering.
The approval came after a court accepted a settlement concerning older regulatory issues at NSE.
NSE first submitted IPO documents in 2016, but the process was delayed for years.
If the listing happens, NSE will become India's third listed stock exchange after BSE and Multi Commodity Exchange.
Experts say the listing could increase accountability and affect valuations across India's financial-market businesses.
SEBI approved the National Stock Exchange of India's draft red herring prospectus for its proposed IPO.
NSE plans to raise about Rs 30,000-31,000 crore through an offer for sale by existing shareholders.
The IPO follows a Supreme Court-approved settlement between SEBI and NSE over past co-location and dark-fibre regulatory lapses.
The proposed offering comprises 14.89 crore shares, representing nearly 6% of NSE's paid-up capital.
NSE would become India's third listed stock exchange after BSE and Multi Commodity Exchange.
- Who
- The National Stock Exchange of India, its existing shareholders, SEBI, and the Supreme Court.
- What
- SEBI approved NSE's draft red herring prospectus for a proposed IPO of about Rs 30,000-31,000 crore.
- Where
- India.
- When
- SEBI approval came after the Supreme Court accepted the settlement; NSE had refiled its DRHP in June 2026.
- Why
- The IPO would allow existing NSE shareholders to sell shares and enable the exchange to pursue a public listing after regulatory delays.
Expected Benefits
Remaining Considerations
Effect of the listing
Expected Benefits
Experts said a public listing could improve NSE's accountability to shareholders and create valuation benchmarks for other market infrastructure and financial companies.
Remaining Considerations
The article notes that NSE's listing process faced nearly a decade of delay because of regulatory scrutiny, and the proposed IPO still depends on completing the listing process.
Impact on BSE
Expected Benefits
Market expert Thakur Ajit Singh said BSE could benefit from transaction-fee and listing revenue and increased activity if NSE shares trade on BSE.
Remaining Considerations
Singh also said NSE would not be permitted to use self-trading or workaround options on its own platform after listing, a change described as removing a structural overhang for BSE shareholders.
Key facts
- Proposed IPO size
- Approximately Rs 30,000-31,000 crore
- Offer structure
- Offer for sale by existing shareholders
- Shares offered
- 14.89 crore shares with a face value of Rs 1 each
- Share of paid-up capital
- Nearly 6%
- Expected IPO ranking
- Second-largest proposed IPO after Jio Platforms, according to the article
- Listing status
- NSE would become India's third listed stock exchange after BSE and Multi Commodity Exchange
- Regulatory background
- The listing process was delayed for nearly a decade because of scrutiny over co-location and dark-fibre matters
Quotes
Thakur Ajit Singh
Founder of Graded Financial Services and a market expert
“The core impact of NSE IPO which is valued at Rs 4.88 lakh crore(USD 58 billion) in the unlisted market would be beyond stock exchanges space, and the IPO creates valuation re-rating benchmarks across market infrastructure institutions (MIIs), depository entities (CDSL, NSDL), asset management companies (AMCs), and retail brokerage platforms”
deccanchronicle.com
“BSE stands to benefit immense by way of transaction fee & listing revenue windfall as it would be exclusively hosting India’s highest-capitalised market infrastructure institution NSE and that would heighten platform trading activity, and recurring derivative volume on the NSE stock counter itself”
deccanchronicle.com
Sources
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