Business & Economy
SEBI 'very close' to approving NSE IPO DRHP, says Chairman Tuhin Kanta Pandey
Will India’s biggest exchange finally reach the public market after years of delays?
Will India’s biggest exchange finally reach the public market after years of delays?
’s planned listing is nearing a key regulatory milestone, with now close to approving the exchange’s after years of delays. The matters because it would bring greater ownership transparency to India’s biggest exchange, while also testing how regulators balance , , and in a sensitive .
SEBI chairman Tuhin Kanta Pandey said the regulator was “very close” to approving NSE’s , the strongest signal yet that final clearance was nearing. He also said the mechanism would remain in place, with broader participation expected in the market structure. The statement linked the IPO to the , including governance, , and competition among .
At a , NSE chief Ashishkumar Chauhan publicly thanked SEBI chairman Tuhin Kanta Pandey for giving the exchange the go-ahead for its IPO. The remarks reinforced that the had already been granted and that the exchange was now working through the remaining approvals. The comments also framed the listing as important for India’s next phase of and broader .
By mid-August, market reports said ’s was expected soon, with approval seen as close. Sources also said was targeting a later September listing if the review cleared on time. The expectations reflected how near the process had come to the final regulatory stage.
The public was extended by 21 days to August 31, 2026 after the addendum. That pushed the expected approval timeline later than the market had first hoped. The extension showed that the filing was still under active scrutiny and not yet ready for final sign-off.
NSE issued an to the June DRHP on August 10, 2026 after the mix changed. SBI Capital Markets was added, and the offer for sale details were updated accordingly. Because the IPO documents changed, the regulatory clock for comments had to be reset.
After the DRHP was filed, SEBI opened the document to as part of its review process. That made the IPO a formal regulatory matter rather than a private exchange decision. The review window became one of the main gates before final approval could be issued.
NSE filed its with SEBI and BSE on June 17, 2026, formally moving the listing into . The filing marked the transition from preparation to disclosure and comment. It also revived a long-pending plan to bring India’s largest exchange into the public market.
NSE’s board approved an IPO structured as an , setting the framework before the draft documents were filed. The structure meant existing shareholders would sell shares rather than NSE raising fresh capital. That decision mattered for governance, because the would increase ownership transparency without changing the exchange’s operating business.
granted NSE a , allowing the exchange to move ahead with formal IPO preparation after years of regulatory and legal delays. The NOC was the key trigger that reopened the listing process and set up the later draft filing. It also signaled that the regulator was willing to revisit the exchange’s long-awaited public debut.