Sebi Chairman Tuhin Kanta Pandey has indicated that the long-pending initial public offering (IPO) of the National Stock Exchange (NSE) is likely to move forward soon, with the regulator expected to issue a no-objection certificate (NOC) before the end of this month. This would mark a major step toward ending nearly a decade of delays caused by governance issues and legal hurdles, allowing NSE — India’s largest stock exchange — to proceed with filing its IPO documents and potentially list publicly.
Company Overview
- Founded: 1992
- Headquarters: Mumbai, Maharashtra
- Business Model: India’s leading multi-asset class exchange with dominant market share across equity cash, equity derivatives, currency derivatives and listing services.
- Scale & Ecosystem: World’s largest derivatives exchange (by contracts)
- 3rd largest equity exchange globally (by number of trades)
- 2,720+ listed companies
- 24+ crore investor accounts
- A fully integrated market infrastructure ecosystem spanning trading, clearing, settlement, indices, technology and data services.
NSE is widely regarded as the backbone of India’s capital markets with deep network effects, best-in-class infrastructure and consistent profitability across cycles.
NSE IPO: A Decade-Long Journey Toward Listing
2016 – NSE files its Draft Red Herring Prospectus (DRHP), targeting an IPO of over ₹10,000 crore
2018–2019 – IPO put on hold following the emergence of co-location and governance concerns
2021 – SEBI imposes penalties; leadership restructuring undertaken, IPO plans shelved
2022–2023 – NSE settles regulatory cases, pays fines, and undertakes comprehensive governance clean-up
2024 – NSE reapplies for listing and seeks SEBI’s No-Objection Certificate (NOC)
January 2026 – SEBI indicates that the NOC is at a “very advanced stage”
⏳ After nearly a decade of regulatory and governance hurdles, the NSE IPO appears to be approaching the final stretch—marking a pivotal moment for India’s capital markets.
đź“ŠFinancial Snapshot (Consolidated, â‚ą in crores)
H1 FY26 vs FY25
⚙️Operational & Strategic Highlights
- Reported PAT was impacted by two offsetting one-offs — a ₹1,297 crore SEBI settlement provision and a ₹1,201 crore gain from the NSDL stake sale.
- Inspite a revenue decline, NSE expanded ebitda margins to 72%, underscoring strong cost discipline and operating leverage.
- Core (normalized) PAT declined 12 % YoY, reflecting the genuine impact of SEBI’s derivatives regulations rather than accounting noise.
- Transaction charge revenue fell 18% as F&O volumes contracted sharply due to higher margins, fewer expiries, and tighter position limits.
- NSE retained overwhelming market dominance, with 92% cash market share and near-monopoly positions across equity and currency derivatives.
- Non-F&O businesses continued to grow, led by Index revenue (+35%) and Data services (+11%), partially offsetting derivatives weakness.
đź’ąValuation Snapshot And Peer Comparison
đź’ˇAltius Insight
“NSE continues to demonstrate industry-leading profitability, dominant market share and exceptional cash-generation capability. With regulatory clarity improving and structural tailwinds supporting capital market growth, the company remains one of the strongest long-term financial infrastructure plays in India.”
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đź“ś Disclaimer
(Data as of October 24th, 2025, from public sources & altiusinvestech.com. For educational purposes only; not investment advice. Altius Investech is not SEBI-registered; investors should do their own due diligence.)