The unlisted share market is witnessing a flurry of activity and debate this week. Following significant comments from SEBI Chairman Tuhin Kanta Pandey, two major narratives have emerged: a potential green light for the long-awaited National Stock Exchange (NSE) IPO and a push for stricter regulatory oversight on unlisted securities.
Here is a breakdown of everything you need to know.
The NSE IPO: Is the Wait Finally Over?
After years of regulatory limbo, the “fog” surrounding the NSE IPO seems to be lifting. SEBI Chairman Tuhin Kanta Pandey recently indicated that the regulator is likely to issue a No-Objection Certificate (NOC) to the exchange by the end of this month.
- The Regulatory Status: A “No-Objection Certificate” (NOC) is mandatory for any market infrastructure institution wishing to list. This process had been stalled due to the co-location case, which involved allegations of preferential access for certain high-frequency traders. However, SEBI has now agreed “in principle” to NSE’s settlement application regarding these past issues.+1
- Potential Timeline: If the clearance arrives this month, the listing process could accelerate rapidly:
- February: Formal presentations to investors could begin.
- Draft Filing: An investment banker noted that a draft document could be filed within two months of the presentations.
- Listing Target: A potential listing is being eyed for August-September 2026.
Valuation & Price Action
The IPO news has breathed life back into NSE’s unlisted share price, which had been lingering around ₹1,875-1,950.
- Current Price: Shares have rebounded to approximately ₹2,050.
- Price Targets: Market intermediaries suggest the stock could re-test its previous highs of ₹2,375–2,400 seen in June last year.
- Valuation: The IPO could potentially value NSE at a staggering ₹7 trillion. For context, this is a significant premium over its current unlisted valuation of ~₹5.07 trillion and nearly 5x the size of rival BSE (₹1.09 trillion
Who is buying? Retail investors are aggressively accumulating shares. Retail shareholding in NSE rose to 12.12% in Q3 FY26 (up from 9.89% in Q4 FY25), while foreign strategic investors and corporates have slightly reduced their stakes.
Expanding Horizons: SEBI’s Push to Regulate Unlisted Markets
While the IPO news dominates headlines, a structural shift is brewing. SEBI is currently in talks with the Ministry of Corporate Affairs (MCA) to broaden its jurisdiction over the unlisted share market.+1
- The Core Issue: Currently, the unlisted market sits largely outside SEBI’s formal jurisdiction, with oversight resting primarily with the MCA. SEBI’s involvement traditionally begins only when a company approaches a listing.+1
- The “Pricing Mismatch” Concern: SEBI Chairman Pandey flagged a “stark differential” between prices in the unlisted space and those discovered during IPOs as a key concern.+1
- Case in Point: Tata Capital’s grey market price peaked at over ₹1,100 in September last year. However, a month later, the stock debuted at less than half that price (₹330) on the NSE.
- Legal Perspective: Legal experts are backing SEBI’s bid. Vaibhav Kakkar, a senior partner at Saraf and Partners, noted that empowering SEBI through legislative amendments is a logical step rather than introducing a new regulator. Experts argue that shares of public limited companies already fall within the ambit of the Securities Contracts Regulation Act, 1956, giving SEBI the power to regulate them.
What’s Next?
The lack of transparency in the unlisted space—where investors often face limited financial information and unclear transaction mechanics—is driving the call for a “Pre-IPO platform.” SEBI is reportedly considering a pilot program for trading shares of companies prior to their IPOs on a regulated platform subject to certain disclosures.
The Bottom Line: As the “IPO fog” clears for NSE, investors holding unlisted shares might finally see liquidity this year. However, they should also prepare for a more regulated environment as authorities move to close the gap between private valuations and public reality.
Looking to invest in more high-potential companies like NSE ?
Explore exclusive opportunities by logging in to Altius Investech today!
GET IN TOUCH WITH US:
For any query/ personal assistance feel free to reach out at support@Altiusinvestech.com or call us at +91-8240614850.
Learn, more about Unlisted Company.
Join our Whatsapp Channel: The Market Buzz by Altius
📜 Disclaimer
(Data as of January 16th, 2026, 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.)