The Securities and Exchange Board of India on Friday gave its long-pending no-objection certificate (NOC) to the initial public offering of the National Stock Exchange Ltd, India’s largest bourse, that has been attempting to get listed on the BSE since the past 10 years.
Earlier this month, SEBI Chairman Tuhin Kanta Pandey stated that the regulator is at a very advanced stage of issuing the NOC. “Maybe within this month,” Pandey said in reference to when the NOC will be issued.
The exchange had filed its IPO prospectus back in 2016. In a letter dated Nov. 21, 2016, the markets regulator approved the listing of equity shares on a recognised stock exchange, contingent upon compliance with applicable regulations and SEBI circulars. The offer received approval from NSE’s board of directors and shareholders through resolutions passed on Oct. 4, 2016, and Nov. 10, 2016, respectively.
Took divine blessings of Lord Venkateshwara at Tirupati this morning with family for NSE, its employees, members, listed companies, stakeholders, and all investors. 🙏
The pilgrimage was planned a while back. Hon’ble SEBI Chairman’s signal to give NSE IPO approval this month just… pic.twitter.com/HczZyY2aNd— Ashish Chauhan (@ashishchauhan) January 11, 2026
During that period, NSE, its directors, and its group companies were not barred from accessing or operating in capital markets by SEBI or any other authorities.
However, in a 2019 order, SEBI barred NSE from accessing the securities market for six months due to complaints related to its co-location facilities. Although the Securities Appellate Tribunal modified financial penalties in January 2023, it upheld the market access restriction.
Subsequently, NSE’s 2022-2023 annual report emphasised that the six-month prohibition period had ended and that it awaited SEBI’s further approval for listing. News articles in December 2023 suggested SEBI had imposed additional conditions for NSE’s IPO approval, including maintaining a glitch-free year, enhancing technological infrastructure, improving corporate governance, and resolving pending legal matters.
Notably, the NSE co-location case was settled in October 2024 for a whopping amount of Rs 643 crore.
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