“We are delighted to receive SEBI approval for our IPO,” NSE Chairperson Srinivas Injeti said. “With SEBI’s approval, we embark on a new chapter of value creation for all our stakeholders. This approval also reinforces confidence in NSE being an integral part of the Indian economy and beacon of Indian capital markets.” (Source: NDTV Profit)
According to sources, the SEBI clearance came after NSE settled a pending case with the regulator for over ₹2,000 crore, pending final approvals.
The exchange is likely to file its draft red-herring prospectus (DRHP) in the next 3–4 months, with the IPO expected to happen in about 8–9 months.
The market regulator issued the NOC without waiting for clearance from its High-Powered Advisory Committee (HPAC). The pending case will still go to the HPAC and then need approval from a panel of two full-time members.
After the approval, SEBI will ask the Supreme Court to withdraw the pending case, which will officially close the matter.
However, in a 2019 order, SEBI barred NSE from accessing the securities market for six months due to complaints related to its co-location facilities. Although the Securities Appellate Tribunal modified financial penalties in January 2023, it upheld the market access restriction.
NSE’s 2022-2023 annual report said that the six-month ban had ended, and it was waiting for SEBI’s approval to list. News in December 2023 said SEBI set extra conditions for NSE’s IPO, like running without technical problems for a year, improving technology, better corporate governance, and solving legal issues.
