SEBI Chairman Tuhin Kanta Pandey on May 22 confirmed that all major hurdles delaying the NSE IPO are being addressed and resolved.
“We will soon go ahead with it,” he told reporters at ASSOCHAM’s Capital Market Conference.
India’s National Stock Exchange (NSE), which filed for its IPO back in 2016, has been stuck in regulatory limbo for nearly a decade. But now, SEBI—the market watchdog—says the wait might soon be over.
So, what does this mean for investors?
It means that one of India’s largest and most profitable unlisted companies could finally become public. And that’s huge—not just for institutional players, but for lakhs of retail investors trading NSE shares in the grey market.
The long wait hasn’t been for nothing. SEBI and NSE have been locked in back-and-forth discussions over key issues: governance, colocation-related litigation, technology infrastructure, ownership of the clearing corporation, and management transparency.
Pandey said those conversations are now moving in the right direction. “I am very hopeful that it will be done soon and we will move forward,” he added.
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For context: this is the fifth time NSE has formally requested a No Objection Certificate (NOC) from SEBI since 2019—with fresh appeals made in March 2024 after addressing SEBI’s earlier concerns flagged in February. So yes, “soon” is a word we’ve heard before. But this time, the tone feels different.
In fact, NSE recently hit a milestone. The number of shareholders in the unlisted stock exchange crossed one lakh in May—a bigger base than many listed firms on the market today. It’s a sign of demand, interest, and untapped potential.
Now, with most of SEBI’s red flags cleared and a clear roadmap ahead, the IPO could be entering its final stretch.
Still, the market is cautious. Investors have seen this IPO teased for nearly eight years, only for it to stall time and again. The current optimism is encouraging—but if there’s one thing this saga has taught us, it’s that in India’s regulatory maze, “soon” can stretch endlessly.
Yet the stakes are high. Listing NSE would not only increase transparency and governance—it would also unlock value for existing shareholders and inject fresh energy into India’s capital markets.
So here we are. After years of paperwork, policy ping-pong, and public patience, the final green light for the NSE IPO might finally be on the horizon.
Let’s just hope SEBI’s “soon” doesn’t age like milk.
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