The chatter around the NSE IPO timeline is picking up again. This is after the SEBI Chairman Tuhin Kanta Pandey said that “We have to provide them with NoC and then NSE will have to follow on with other processes of filing, including DRHP, etc. Possibly, it (NoC) will be issued by this month.” He said this during an address to the media earlier this month on January 10.
What further added to the optimism is a post on the X, the very next day, by NSE’s Managing Director and Chief Executive Officer, Ashish Kumar Chauhan. In his post after a visit to Lord Venkateshwara at Tirupati, Chauhan said, “The pilgrimage was planned a while back. Hon’ble SEBI Chairman’s signal to give NSE IPO approval this month, just as we reached Tirupati last evening, truly felt like a divine sign from the Almighty.”
NSE IPO- What’s done so far
Earlier in November 2025, the SEBI Chairperson said that the process on the proposed changes to the Listing Obligations and Disclosure Requirements (LODR) regulations for the IPO had begun, and involves extensive consultations before a final decision is taken.
Before that, in July 2025, speaking at the FE CFO Awards, he had said, “There is no obstacle remaining in the case of the NSE.” He added that the exchange and the markets regulator are settling some of the key issues. “There are some legal settlements and other things. Some amount will have to be paid, and those cases would have to be withdrawn, and so on.”
What’s the main cause for delay
NSE has been trying to list since 2016. According to Reuters, approval has been delayed as a result of a regulatory probe into its conduct on fair market access for traders via its co-location facilities.
In June 2025, NSE filed a settlement application to settle the co-location and other cases. As per the news reports, NSE agreed to pay around Rs 1,400 crore as the settlement amount for the co-location and dark fibre cases. As per Reuters, this case is currently pending in the Supreme Court.
NSE pre-listed shares
Even as the timeline of the NSE IPO remains uncertain, NSE’s unlisted shares have been trading close to Rs 2,000 per share. This is as per data on the Unlisted Arena, a common platform that undertakes buying and selling of unlisted shares. At these rates, the exchange is valued at around Rs 5 trillion.
Pre-listing, NSE has 177,807 shareholders. This sheer shareholder base makes it one of the largest unlisted companies, especially in terms of investor base.
NSE financial performance
NSE’s Q2 numbers indicated that the National Stock Exchange has set aside Rs 1,297 crore to settle cases pending with the markets regulator. The Q2 revenue came in at Rs 3,676 crore, while the revenue for Q2 was at 3,676 crore.
NSE Market share
As per the latest updated data, NSE has a 92.3% market share in the cash segment at the end of Q2. The share in Equity Future is over 99% while in Equity Options it has 75.6% market share. One of the world’s largest multi-asset classes, it continues to enjoy 100% market share in currency derivatives.