NSE IPO Nears Launch as Exchange Sets Aside Rs 1,300 Crore for SEBI Settlement

November 6, 2025 – The National Stock Exchange of India has taken a major leap toward its much-awaited stock market debut. NSE set aside Rs 1,300 crore toward settling the pending cases with the Securities and Exchange Board of India. This is a major breakthrough step by the NSE in its nine-year effort to list on Dalal Street.

Key Settlement Details

The NSE confirmed that it has filed two separate settlement applications, one for the Colocation and the other for the Dark Fibre Matters. For this, NSE has allocated Rs 13.97 billion under the SEBI’s Settlement Regulations 2018. To address these cases, NSE has made its first-ever provision of Rs 1,297 crore in Q2 FY26, along with the interest. Once these settlements are approved by SEBI, NSE will eliminate its overhang that has delayed the bourse’s IPO since 2016.

Q2 FY26 Financial Performance

The financials of NSE during the quarter ended in September 2025 reflected the hard impact of the one-time settlement cost and subdued trading activity.

• Consolidated Profit After Tax (PAT): Rs 2,098 crore, down 33% YoY from Rs 3,137 crore.
• Adjusted PAT (excluding settlement): Rs 3,396 crore, up 16% QoQ.
• Total Income: Rs 4,160 crore, down 17% YoY from Rs 5,023 crore.
• H1 FY26 PAT: Rs 5,022 crore; adjusted PAT at Rs 6,320 crore vs Rs 5,704 crore in H1 FY25.

The transaction charge revenues of the exchange fell 12% sequentially, reflecting a moderation in market activity. Average daily trading volume of equity options (premium terms) declined 16% QoQ to Rs 464.42 billion as regulatory steps took effect to cool excessive derivatives trading.

IPO Timeline Hinges on SEBI Nod

While speaking at a CII event, Ashish Kumar Chauhan, Managing Director and CEO, said NSE would list in Samvat 2082, provided it received a no-objection certificate from SEBI. “Once SEBI gives the NOC, 8-10 months is the plan we have. As NOC comes soon, we shall be able to list soon,” he said during the Muhurat Trading session on October 21.

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