NSE Targets Public Listing in 9 Months After SEBI Approval

New Delhi, September 25, 2025: National Stock Exchange of India (NSE) is preparing for its long-awaited stock market debut. In a positive turn of events, its first public offering will be in the next eight to nine months’ time; however, it is still subject to final clearance from the Securities and Exchange Board of India (SEBI).

Roadmap to the IPO

NSE CEO and Managing Director Ashishkumar Chauhan stated the exchange applied for SEBI settlement in June 2025. After getting the No-Objection Certificate (NOC) from SEBI, the exchange will require four to five months to develop the Draft Red Herring Prospectus (DRHP) and another four to five months for regulator clearance and inspection.

While releasing the Hindi edition of his biography Sthitapragya, Chauhan suggested listing might commence in mid-2026 if approvals are granted on time.

IPO Journey After Years’ Delay

After nine years, NSE’s listing ambitions are still delayed. The exchange released draft documents in 2016 to fund ₹10,000 crore through an offer sale by current shareholders, selling almost 22% of its ownership.

However, SEBI suspended clearance due to governance issues and co-location concerns. It took years to resolve, delaying India’s biggest IPO.

SEBI appointed an internal committee to assess the IPO proposal in March 2025 and ordered the exchange to remedy all regulatory challenges. SEBI Chairman Tuhin Kanta Pandey cleared NSE’s listing issues in June.

Valuation and Market Standing

NSE is currently worth an estimated ₹4.7 lakh crore and is one of India’s most valuable private companies. According to the 2024 Burgundy Private Hurun India 500 ranking, NSE stands at position 10 in India’s most valuable private companies.

Its market leadership in Indian capital markets and dominance in equity and derivatives trading will likely make it one of the most significant listings of recent years.

Focus on Derivatives Framework

Besides IPO negotiations, Chauhan also highlighted the importance of market-wide consultations before embarking on changes to the regime of derivatives. He argued that instead of imposing blanket bans, market players must exercise caution, and those who do not possess the ability to deal with trading risks should voluntarily refrain from participating in derivatives.

Outlook

With regulatory approval within reach, NSE’s long-awaited IPO is set to become a milestone in the history of India’s financial markets. The listing is likely to boost investor participation, enhance transparency, and further consolidate NSE as a key institution in India’s economic development.

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