India’s largest stock exchange is at the centre of investor attention. After years of regulatory hurdles, legal overhangs and multiple delays, the National Stock Exchange (NSE) is now preparing to take a major step towards its stock market debut.
According to financialexpress.com sources, NSE is expected to file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) likely today (June 17).
The move comes months after the market regulator granted a ‘No Objection Certificate’ (NOC), reviving one of the most closely tracked public offering stories in India’s capital markets.
Let’s take a look at the key details investors need to know –
A listing plan that took nearly a decade
NSE’s IPO journey has been unusually long. The exchange had first submitted draft documents in 2016 for a public issue estimated at around Rs 10,000 crore through an Offer for Sale (OFS). However, regulatory concerns linked to governance issues and the co-location matter prevented the proposal from moving forward.
The exchange undertook several compliance measures over the years. Moreover, it has also engaged with regulators to address these concerns.
As a result, the latest DRHP filing is therefore being viewed as the strongest indication yet that NSE’s public listing may finally become a reality.
Who owns NSE?
This is something interesting to note. One of the key aspects of NSE to watch is its diversified ownership structure.
The exchange does not have a promoter group. Its shareholding is spread across financial institutions, insurance companies, banks, sovereign funds, foreign investors and retail shareholders.
Major Shareholders in NSE
| Shareholder | Stake (%) |
| Life Insurance Corporation of India (LIC) | 10.72% |
| Aranda Investments (Temasek) | 4.54% |
| Stock Holding Corporation of India | 4.44% |
| SBI Capital Markets | 4.33% |
| State Bank of India (SBI) | 3.23% |
| Premji Invest | 2.38% |
| Radhakishan Damani | 1.58% |
| General Insurance Corporation (GIC) | 1.64% |
Retail investors also have a sizeable presence
Apart from institutions, individual investors also have meaningful participation in the exchange.
As of FY26, NSE had nearly 2.01 lakh shareholders. More than 1.85 lakh retail investors together owned approximately 12.42% of the exchange.
Several domestic institutions including HDFC Bank, Punjab National Bank, Bank of Baroda, Canara Bank, Tata Investment Corporation, JM Financial, BSE and Multi Commodity Exchange (MCX) also hold stakes in the exchange.
Why is the NSE IPO attracting attention
The proposed public issue is expected to be among the largest offerings seen in India’s capital markets.
NSE occupies a unique position within the country’s financial ecosystem. The exchange founded in 1992, has grown into the largest stock exchange in India by trading volumes
Moreover, it is the home of the Nifty 50 index, one of the most tracked benchmarks in the domestic equity market.
What happens next?
The filing of the DRHP is only the first major step in the listing process. After the regulatory review and approvals, the exchange will move towards another step of the IPO process of launching its public issue and eventual listing.
For investors, the upcoming filing will be closely watched for details on the issue structure, offer size, valuation expectations and the timeline for one of India’s most anticipated IPOs.
Disclaimer: The market views and financial data related to the anticipated NSE IPO are based on third-party tracking and unverified internal sources, compiled for informational purposes only. An IPO filing involves substantial regulatory reviews, and any subsequent investment decisions should be made after careful consideration of the Draft Red Herring Prospectus (DRHP). Because equity and public market investments carry significant market risks, readers are strongly advised to consult a SEBI-registered financial advisor rather than relying on speculation or preliminary valuations. This disclaimer has been generated using AI to support user well-being and responsible content consumption.