We have reached the halfway mark of 2025 and the buzz across the IPO market has picked pace. Amongst many big IPOs expected over the next few months, one of India’s most anticipated public issues is that of the National Stock Exchange (NSE). After years of delay and speculation, fresh developments indicate the NSE IPO might finally hit the market by the end of this calendar year.
NSE IPO: Settlement clears the path?
According to reports, NSE has moved closer to resolving the long-pending co-location and dark fibre cases.
The exchange has reportedly offered Rs 1,388 crore as a settlement fee to the Securities and Exchange Board of India (SEBI). If SEBI accepts the offer, it would fast-track the issuance of the much-needed no-objection certificate (NOC), that will allow NSE to proceed with filing its Draft Red Herring Prospectus (DRHP).
NSE submitted its settlement application to SEBI on June 20, and as per source-based information on The Financial Express, most of the other IPO prerequisites are nearly complete, “If the NOC is granted in time, the IPO could be launched by December-end or even earlier.”
NSE IPO: SEBI Chief at the FE CFO Awards
Earlier the SEBI Chairman had confirmed to Financial Express that the NSE IPO is on track and most of the paperwork is already sorted. Speaking at the FE CFO Awards, SEBI chairman Tuhin Kanta Pandey said, “There is no obstacle remaining in the case of the NSE. There is some legal settlements and other things. Some amount will have to be paid and those cases would have to be withdrawn, and so on.”
NSE IPO: Is the long wait finally over?
NSE first filed its DRHP in 2016, but the proposal was returned by SEBI in 2019 due to unresolved issues related to the co-location controversy.
The case involved allegations that certain brokers received preferential access to NSE’s trading servers. This raised major questions related to fairness and governance. Moreover, the issue also led to concerns over the exchange’s tech infrastructure.
In a latest development, the SEBI Chairman Tuhin Kanta Pandey said that there are no major roadblocks left, the IPO seems back on track. Speaking at a recent Financial express CFO Awards event, Pandey said, “There is some legal settlement and some amount will have to be paid, and those cases have to be withdrawn and so on.”
NSE Financial performance
NSE reported a 7% year-on-year increase in consolidated profit after tax (PAT), reaching Rs 2,650 crore for the March 2025 quarter.