NSE IPO: Big update on SEBI case—Here’s what National Stock Exchange said on its listing plans

NSE IPO: The National Stock Exchange of India (NSE), the country’s largest stock exchange, has said that it earmarked nearly Rs 13 billion ($148 million) to settle pending cases with the Securities and Exchange Board of India (SEBI), as it looks to clear the path for its long-delayed initial public offering (IPO).

Settlement indicates IPO revival

The move signals a possible end to years of litigation that have stalled NSE’s public listing since 2016. The exchange has been entangled in regulatory disputes since 2019, when SEBI imposed an Rs 11 billion fine over the co-location case for failing to ensure equal access to all trading members.

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NSE said it has filed two separate settlement applications totaling Rs 13.87 billion and recognised its first-ever provision for this purpose in its second-quarter results.

Financial performance

For the September quarter (Q2 FY26), NSE reported a consolidated net profit of Rs 20.98 billion, down 33 per cent year-on-year from Rs 31.37 billion, mainly due to lower trading activity.

The exchange’s transaction revenue stood at Rs 27.85 billion, down 12 per cent sequentially, reflecting a decline in both cash and derivatives market volumes.

NSE attributed the fall in trading volumes partly to SEBI’s recent measures aimed at cooling India’s derivatives trading boom. Average daily equity options volume (in terms of premium) dropped 16 per cent quarter-on-quarter to Rs 464.42 billion.

Regulatory outlook and IPO timeline

SEBI Chairman Tuhin Kanta Pandey recently expressed optimism about NSE’s listing, stating that the IPO “will see the light of the day.” The bourse is currently awaiting SEBI’s no-objection certificate (NOC) to proceed with the offer. Once approved, NSE shares are expected to be listed on BSE Ltd.

Eight-year wait nearing end

NSE’s IPO plan, first filed in 2016, has faced multiple delays due to regulatory inquiries. The exchange had sought SEBI’s clearance several times—in 2019, 2020, and 2024—but progress was held up by the co-location controversy.

With settlement applications now in process and regulatory approval anticipated soon, NSE appears closer than ever to launching its long-awaited public issue, marking a major milestone for India’s capital markets.