This is a big deal for India’s largest stock exchange. SEBI Chairman Tuhin Kanta Pandey said that the regulator is close to giving the No Objection Certificate (NOC) for NSE’s long-delayed IPO, which could happen as soon as January 2026. The statement, which was delivered during a meeting in Chennai on January 10, 2026, means that years of regulatory problems are almost over.
Highlights
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SEBI Chairman Tuhin Kanta Pandey announces NSE IPO likely to receive No Objection Certificate (NOC) by end of January 2026.​
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NSE first filed DRHP in 2016; delays resolved via co-location settlement (₹643 crore) and governance fixes.​
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Post-NOC, NSE to update DRHP and complete procedures, targeting listing in 8-10 months.​
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Q2 FY26: ₹4,160 crore income, ₹2,098 crore PAT (adjusted growth 11% YoY), strong EBITDA margins.​
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Potential ₹15,000-47,500 crore raise; valuation ₹3.75-4.75 lakh crore; boosts shareholder exits.
Background on NSE IPO
In December 2016, NSE sent SEBI its first Draft Red Herring Prospectus (DRHP), which said that it wanted to generate about ₹10,000 crore by selling shares. The process came to a halt because to problems with governance, the co-location controversy that gave some people unfair access to trading, and other issues like technology resilience and ownership of the clearing firm. In August 2024, NSE sought for NOC again and paid off a major co-location penalty of ₹643 crore in October 2024, which made this progress possible.
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Important Regulatory Challenges Get over
SEBI’s investigation of the benefits of co-location for high-frequency traders, board accountability, ongoing lawsuits, and operational problems caused delays in the past. Recent steps to fix the problems include changing senior management, reforming the board, making sure everyone follows the rules, and settling claims for more than ₹1,000 crore. Pandey stressed that NSE must finish the remaining steps after receiving the NOC before submitting an updated DRHP. This might happen in 8 to 10 months.
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NSE’s solid financial situation
NSE’s Q2 FY26 earnings were strong, with total income of ₹4,160 crore and profit after tax of ₹2,098 crore, even though they set aside ₹1,297 crore for regulatory issues. In the first half of FY26, donations to the treasury reached ₹28,308 crore, showing that it is the leader in equity, derivatives, and fintech services. PAT expanded 11% year over year, while EBITDA margins rose to 77%. This set NSE up for a high-valuation IPO that is expected to be worth between ₹3.75 and ₹4.75 lakh crore.
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Effects on the market and the outlook for investors
The NOC might open the door to one of India’s biggest IPOs, which could bring in ₹15,000–47,500 crore and get more retail investors involved as people become more aware of the market. It makes exchange governance more open and may speed up NSE’s plans to become a global fintech leader, which is good for shareholders like banks and foreign investors that are waiting to sell. Investors should keep an eye on SEBI updates because stages that happen after the NOC, such refiling the DRHP, usually take four months before they are ready to go.
Mr. Nadim Abbas M G is an Intermediate Chartered Accountant with a strong background in Information Technology. He combines his expertise in IT with a deep understanding of the stock market, making him a valuable resource for both financial and technical insights. With hands-on experience in accounting, IT systems, and stock market analysis, Nadim excels in bridging the gap between finance and technology, offering strategic advice and expert guidance in both domains.
