The National Stock Exchange is inching closer to its long-pending initial public offering, which could materialise around Diwali, subject to regulatory clearance. A crucial step remains — securing a No Objection Certificate from the Securities and Exchange Board of India.
SEBI’s NoC, a mandatory requirement for Market Infrastructure Institutions to list publicly, will only be considered after the conclusion of an ongoing settlement process involving the exchange.
NSE has proposed a Rs 1,600 crore payout to settle regulatory proceedings related to past compliance lapses — the largest settlement amount ever offered to SEBI. The proposal is currently under examination by a High-Powered Advisory Committee, which will submit its recommendation to SEBI’s Whole-Time Member for a final decision.
Once the WTM clears the proposal, SEBI is expected to issue a formal settlement order. Only after this order is finalised will the market regulator take up NSE’s request for a NoC, paving the way for the IPO.
According to sources familiar with the matter, the entire process could take up to two months, aligning the timeline with the festive season.
“The NoC is a non-negotiable requirement under SEBI regulations for MIIs seeking to go public. Until the settlement is completed and the order is issued, the process cannot move forward,” said a person aware of the development.
The IPO of NSE, one of India’s most prominent financial institutions, has been on hold for several years due to unresolved legal issues including Co-location and Dark Fiber. With the proposed settlement now on the table, this marks a significant step towards resolution and potential listing.
If cleared, NSE’s listing would be among the most anticipated public offerings in the Indian capital markets.
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