The Securities and Exchange Board of India (SEBI) has finally granted its long-pending No-Objection Certificate (NOC) to the National Stock Exchange (NSE) for its initial public offering (IPO), ending a wait of nearly a decade. Here are 10 important facts explaining what this approval means and why it matters:
- SEBI Clears NSE IPO After 10 Years
SEBI on Friday approved NSE’s IPO proposal, paving the way for India’s largest stock exchange to get listed on the BSE after almost 10 years of delay. - NSE Welcomes the Approval
NSE Chairperson Srinivas Injeti said the approval marks a new phase of value creation and reinforces NSE’s role as a key pillar of the Indian economy and capital markets. - Settlement Worth Over ₹2,000 Crore
The NOC was granted after NSE agreed to settle a long-pending case with SEBI for an amount exceeding ₹2,000 crore, subject to final approvals. With 12% interest, the final payout could be higher. - DRHP Likely in 3–4 Months
Sources said NSE is expected to file its Draft Red Herring Prospectus (DRHP) within the next three to four months. - Listing Expected in 8–9 Months
If timelines remain on track, NSE’s much-awaited listing could take place in about 8 to 9 months. - HPAC Clearance Not Awaited
SEBI issued the NOC without waiting for approval from its High-Powered Advisory Committee (HPAC). The case will now be placed before HPAC and later reviewed by two whole-time SEBI members. - Supreme Court Case to Be Withdrawn
Following internal approvals, SEBI will move to withdraw the pending regulatory case from the Supreme Court, formally closing the matter. - IPO Plans Date Back to 2016
NSE first filed its IPO prospectus in 2016. SEBI had granted in-principle approval that year, subject to regulatory compliance. NSE’s board and shareholders had also approved the listing. - Setback Due to Co-Location Case
In 2019, SEBI barred NSE from accessing the securities market for six months due to the co-location controversy. While penalties were later modified, the restriction delayed the IPO. - Co-Location Case Settled in 2024
The major roadblock was cleared in October 2024, when NSE settled the co-location case by paying ₹643 crore, clearing the path for IPO approval.
Bottom Line:
SEBI’s green signal brings NSE closer to the stock market after years of regulatory hurdles. Once listed, it will mark a historic milestone for India’s capital markets and could be one of the most closely watched IPOs in recent times.