The National Stock Exchange of India’s public issue has become the country’s most anticipated, closely-watched listing drama. Regulatory roadblocks, legal hurdles, and blockbuster financials have made the NSE IPO saga a true test of patience for investors, institutions, and market-watchers alike. Here is all the NSE IPO news encompassing the remarkable journey of India’s largest exchange.
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Latest NSE IPO News
The Delhi High Court has dismissed a petition challenging SEBI’s no-objection certificate granted for the NSE IPO, calling the plea an attempt to “interdict” the listing process. The ruling removes a key legal hurdle for NSE’s long-delayed public listing. The petitioner had alleged violations in NSE’s handling of derivative adjustments and lack of regulatory scrutiny. However, the court declined to intervene, allowing NSE to proceed with appointing advisers and restarting preparations for its proposed IPO.
NSE IPO Delayed Again!
The National Stock Exchange of India (NSE) faces a potential delay to its long-awaited IPO following a writ petition filed in the Delhi High Court. Despite receiving a no-objection certificate (NOC) from Sebi on 30 January 2026, the bourse is now under fire over its Corporate Action Adjustments (CAA).
The petitioner, KC Aggarwal, alleges that NSE violated “value neutrality” rules by directly debiting dividend-equivalent amounts from derivatives traders’ accounts—a move he claims is illegal under the Securities Contracts (Regulation) Act. Aggarwal argues that Sebi granted the NOC despite unresolved statutory violations and opaque fund flows. This fresh legal challenge threatens to stall a listing process that has been mired in regulatory scrutiny since 2016.
National Stock Exchange Q3 FY26 Results
The National Stock Exchange (NSE) demonstrated a strong financial recovery in Q3 FY26, with Profit After Tax (PAT) rebounding by 15% QoQ to INR 2,408 crore. This growth signals a return to stability following the one-time SEBI settlement provision in the previous quarter, with Operating EBITDA margins normalizing at a healthy 73%. Despite a slight year-on-year dip in 9M revenue, the exchange’s core transaction income grew by 9% sequentially, supported by a significant INR 34.8 trillion in total fund mobilization during the nine-month period.
Beyond the financials, NSE solidified its market leadership by maintaining a near-monopoly in equity derivatives and a 93% share in the cash market. NSE Q3 FY26 was a standout period for capital raising, featuring 65 IPOs that raised nearly INR 96,457 crore—the highest in the last four quarters. Furthermore, the exchange is successfully diversifying its ecosystem, with the newly launched Electricity Futures capturing a 73% market share and the total unique registered investor base expanding to approximately 12.5 crore, covering nearly every PIN code in India.
NSE IPO News
NSE’s CEO Ashish Chauhan said the National Stock Exchange’s IPO could launch in the next 7–8 months and will be a pure offer-for-sale (OFS), with existing shareholders selling about 4–4.5% stake and no fresh capital raised. IPO pricing will depend on market conditions and NSE’s profitability at the time.
SEBI Grants NOC to NSE IPO
SEBI has formally issued its ‘no objection’ for the National Stock Exchange (NSE) to proceed with its long-awaited IPO—clearing the biggest regulatory hurdle in a listing journey that has stretched close to a decade. NSE Chairperson Srinivas Injeti called the approval a “significant milestone” and positioned it as the start of a new phase of stakeholder value creation, reinforcing NSE’s role as a backbone of India’s capital markets.
With the NOC now in place, the exchange is expected to move into execution mode—finalising regulatory filings and aligning internal processes for a public-market transition. NSE CEO Ashishkumar Chauhan has earlier indicated that the timeline from NOC to listing could be roughly 8–9 months.
Advance Stage Talks on NOC
SEBI chairman Tuhin Kanta Pandey said the regulator is in advanced stages of issuing a No Objection Certificate (NOC) for the National Stock Exchange’s IPO, potentially within January 2026. The IPO has been delayed since 2016 due to regulatory issues, including co-location and dark fibre cases. NSE, with 1.72 lakh shareholders and no promoter stake, expects listing roughly eight to nine months after receiving the NOC.
NSE IPO Date: Could be listed by FY26 – Ashish Chauhan, MD & CEO
NSE MD and CEO Ashish Chauhan said the NSE IPO could be listed by 2026 if SEBI grants its NOC soon. Speaking during Diwali Muhurat trading 2025, he noted that the exchange plans a listing within 8–10 months after approval. Chauhan added that Samvat 2082 should be stronger for markets, reflecting India’s economic growth and increasing investor participation.
NSE IPO News: September 2025
- SEBI Chairman Tuhin Kanta Pandey announced that NSE IPO will soon get SEBI’s NOC. NSE CEO Ashish Chauhan said the exchange could list in 8–9 months after NOC, with DRHP filing taking about 4 months.
- NSE is expected to launch its IPO within 8–9 months after SEBI’s approval. CEO Ashish Chauhan said: “NSE is already India’s largest fintech with broad shareholding, and its success is built on trust, strong corporate governance, and robust technology infrastructure“.
- Delhi CBI court has cleared the NSE co-location case, accepting the agency’s closure report citing “insufficient evidence of criminal intent.” The 2022 FIR had named ex-NSE chiefs Chitra Ramkrishna and Ravi Narain, former Mumbai police commissioner Sanjay Pandey, and brokers SMC Global and Shaastra Securities.
June–July 2025: NSE IPO News
- Q1 FY26 Highlights:
NSE reported a consolidated net profit of INR 2,924 crore for April–June 2025, up 14% year-on-year and 10% quarter-on-quarter.- Total income climbed 9% sequentially to INR 4,798 crore.
- Revenue from operations rose 7% QoQ to INR 4,032 crore (though it saw an 11% YoY decline).
- Operating EBITDA increased 12% QoQ to INR 3,130 crore, with margins improving to a stellar 78%.
- Contribution to the national exchequer touched INR 14,331 crore for the quarter.
NSE IPO News (May 2025): Glimmers of Regulatory Progress
- SEBI’s Review: SEBI issued a detailed letter to NSE, outlining deficiencies and clear expectations for the IPO process.
- Leadership Statements: SEBI’s chairman declared, “Due diligence, not delay,” while both NSE and SEBI officials sounded increasingly hopeful about resolution.
- Settlement Offer: NSE reportedly made an offer:
- INR 1,165 crore for the Co-location case, and
- INR 223 crore for the Dark Fibre matter, to settle lingering disputes.
- NSE IPO Dates: The Dates of NSE IPO are not confirmed yet, but it is expected by Q4 FY26
- Grey Market Buzz: NSE share price in grey market soared on the back of positive news and strong Q1 results, propelling the exchange’s grey market valuation to INR 4.7 lakh crore (~USD 56 billion).
August–December 2024: Compliance, Settlement, and Legal Push
- NSE’s Action: NSE reapplied for SEBI’s NOC—a key procedural step to reinitiate the IPO process.
- Partial Settlement: NSE paid INR 643 crore to SEBI in relation to the co-location case, indicating progress towards dispute resolution.
- Four Major SEBI Concerns Remained:
- Technology and operational resilience following past trading disruptions.
- Governance and board accountability improvements.
- Resolution of pending litigation, including ongoing matters in the Supreme Court.
- Potential conflicts owing to NSE’s control over its clearing corporation.
NSE IPO Updates in May 2024: Stakeholders Seek Legal Recourse
- Judicial Involvement: The People Activism Forum filed a writ petition in the Delhi High Court, asking for SEBI to allow the much-delayed IPO, bringing the matter further into public and legal scrutiny.
2017–2022: Prolonged Regulatory Freeze
- Inaction: Deliberations over regulatory and legal issues continued, but with no tangible progress on the IPO application.
- Investor Moves: Key private equity and institutional investors began offloading stakes in the unlisted space, growing impatient with the stalemate.
2015–2017: Co-location Scandal & IPO Collapse
- Scandal Unfolds: Whistleblower revelations brought to light that some brokers were given unfair co-location access, enabling faster trades.
- SEBI Action: The regulator fined NSE over INR 1,000 crore, barred exchange access to the capital markets for six months, and enforced management overhaul.
- Consequence: The IPO was officially put on hold, pausing what had been one of the most anticipated listings in Indian history up to that point.
2016: Peak of IPO Optimism
- Milestone: NSE filed its DRHP, planning an INR 10,000-crore public issue via offer-for-sale by early shareholders.
- Market Mood: The proposed IPO was seen as a game-changer for Indian financial markets, with excitement running high among investors and analysts.
Read Also Latest News on NSE IPO:
- Exchange Moves to Settle Co-location Case, Expects Listing by FY26
- How the World’s Most Profitable Exchange Makes Money
- Is NSE Undervalued or BSE Overvalued? NSE IPO May Be the Reset Trigger!
- NSE IPO Inches Closer to Reality as SEBI Reconsiders Co-Location Settlement
- SEBI Chief Clarifies On NSE IPO: IPO Central Decodes What It Means for Shareholders
- NSE IPO Delay – Investors Take Legal Route to Resolve Approval Roadblock
Conclusion
Despite robust financials and the clearing of several historical hurdles, as of August 2025, the NSE IPO is still awaiting that crucial SEBI nod. Each quarterly report and regulatory statement adds a layer of anticipation, but until the formal green light arrives, India’s biggest IPO story remains just out of reach.
For now, keep checking the latest NSE IPO update on IPO Central to stay informed, as the next official announcement is set to mark a new era in India’s capital markets.