NSE IPO approval imminent

The India — Securities and Exchange Board of India (SEBI) is close to approving the long-awaited initial public offering (IPO) of the National Stock Exchange of India (NSE), according to SEBI Chairman Tuhin Kanta Pandey. Speaking at an event marking National Stock Exchange of India — NSE Clearing Limited's 30th anniversary, Pandey said the regulator is 'close' to approving the draft documents. The IPO, an offer for sale of up to 148.9 million shares (about 6% of NSE's equity), is estimated at around Rs 30,000 crore based on NSE's unlisted valuation of about Rs 5 lakh crore. The timeline for public comments was extended to August 31, 2026, after State Bank of India — State Bank of India (SBICAPS) was added as a selling shareholder, splitting State Bank of India's proposed sale of 24.75 million shares. SBICAPS will sell up to 8.78 million shares, while SBI's sale is reduced to 15.97 million shares. Other selling shareholders include CPP Investments, Bank of Baroda, Financial regulation in India, Life Insurance Corporation, New India Assurance, National Insurance Company, United India Insurance Company, MS Strategic, and Aranda Investments (Mauritius) Private Limited. The IPO gained momentum after SEBI granted NSE a No Objection Certificate in January 2026, and NSE's board approved the IPO in February. Regulatory hurdles, including the co-location and dark-fibre cases, were resolved when NSE completed a settlement payment of Rs 1,491.21 crore to SEBI on July 31, and both parties are withdrawing related cases from the Supreme Court. Pandey also said SEBI has not yet considered allowing NSE shares to trade on its own platform under the 'permitted to trade' category, and that no changes are planned to the closing auction session (CAS).