"That is a big regulation and the process has begun. We will have lots of consultations and put out a consultation paper. It will take some time... You will know when the NoC (for NSE IPO) is issued," SEBI Chief told media on the sidelines of the CII Financing National Summit in Mumbai.
The National Stock Exchange of India, which is the largest India equity bourse, is making efforts for the last 9 years to list its shares. But regulatory barriers have forced NSE to delay its IPO plans.
NSE IPO DRHP FIling
NSE has now sought NoC from SEBI to float its IPO. Once SEBI grants NoC to NSE, the decks will be cleared for the exchange to float its IPO papers. Speaking to ET NOW earlier, NSE CEO Ashish Chauhan had said that "we are awaiting no objection certificate (NOC) from SEBI for the NSE IPO."
Meanwhile, NSE in its Q2 results said that it has set aside Rs 1,300 crore to resolve SEBI cases.
NoC from SEBI is an important document for companies looking to go public. Once SEBI grants NoC, NSE can file Draft Red Herring Prospectus (DRHP) for the IPO. NSE Sets Aside Rs 1,300 Crore to Resolve SEBI Cases Ahead of Long-Awaited IPO On when NSE could file DRHP, Chauhan had said that the exchange will need around 4 to 5 months file the papers after securing NoC from SEBI.
NSE shares will list on the BSE Ltd. BSE had launched its shares IPO in 2017 and its shares are listed on the NSE.
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# NSE IPO NOC Update: SEBI Chief Tuhin Kanta Pandey Signals 'Appropriate Time' Amid LODR Reforms – No Timeline Yet
November 17, 2025**
The wait for India's marquee stock exchange to go public drags on, with SEBI Chairperson Tuhin Kanta Pandey delivering a measured update today on the National Stock Exchange's (NSE) long-pending IPO. Speaking at the CII Financing National Summit in Mumbai, Pandey assured stakeholders that the No Objection Certificate (NOC) for NSE's listing will be issued "at the appropriate time," but stopped short of a concrete timeline. This comes as SEBI kicks off a comprehensive review of Listing Obligations and Disclosure Requirements (LODR) regulations – a process inextricably linked to greenlighting the IPO. Eight years after NSE's initial filing, this latest wordplay has investors and analysts parsing every syllable for clues. Is it a step forward or more regulatory red tape? Let's break it down.
## The Latest from Pandey: Process Started, But Patience Required
In his address, Pandey emphasized that the LODR overhaul – a "big regulation" touching everything from disclosure norms to governance standards – has formally begun. "We will have lots of consultations and put out a consultation paper. It will take some time," he noted, underscoring the deliberative approach ahead of any final call. On the NSE NOC specifically, his tone was reassuring yet vague: "You will know when the NoC is issued."
This ties back to SEBI's ongoing scrutiny of potential conflicts in NSE's promoter-less structure and co-location advantages, issues flagged since 2016. The LODR tweaks are seen as a prerequisite to ensure a level playing field post-listing. While Pandey didn't hint at roadblocks, the emphasis on "extensive consultations" suggests the board is treading carefully to avoid past pitfalls like the 2019 co-location probe.
For context, NSE's IPO dream has been NSE's albatross. Valued at over $20 billion privately, a public listing could unlock massive liquidity for employees and set a benchmark for infra IPOs. But regulatory hurdles – from SEBI's in-principle nod in 2022 to repeated delays – have kept it in limbo.
## Background: A Rollercoaster of Hopes and Holds
Flashback to earlier this year: In October 2025, Pandey was more bullish, stating the IPO "will see the light of the day" and hinting at a swift NOC, potentially paving the way for a 2026 listing if the Draft Red Herring Prospectus (DRHP) follows 4-5 months later. NSE CEO Ashish Chauhan echoed optimism in September, eyeing a 2026 debut. A SEBI-appointed panel's report was due by November 10, but today's update implies it's still simmering.
The LODR review isn't NSE-exclusive; it's part of broader SEBI efforts to bolster market integrity amid rising listings (over 200 IPOs in FY25 alone). Yet, for NSE, it's the gatekeeper – without it, no NOC, no DRHP, no roadshows.
## Market Echoes: Cautious Optimism on Dalal Street and X
Dalal Street shrugged off the ambiguity today, with the Nifty 50 and Sensex closing higher on banking-led gains, but IPO chatter simmered. On X, reactions ranged from wry humor to guarded hope:
- Traders quipped about the "eight-year itch," with one post calling it the "$20B question: how long will investors wait?"
- ANI's clip of Pandey's remarks went viral, amassing thousands of views, highlighting the "take some time" caveat.
- ET NOW's live update post drew quick engagement, underscoring the frenzy around NSE's fate.
Analysts remain split. Motilal Oswal's equity head sees the NOC by Q1 2026 as "realistic," given SEBI's reform momentum. But others, like those at Emkay Global, warn of 2027 slips if consultations drag, citing the complexity of balancing innovation with oversight.
## Implications: Bigger Picture for India's IPO Pipeline
This isn't just about NSE – it's a litmus test for SEBI's regulatory agility. With 300+ companies in the IPO queue, streamlined LODR could turbocharge listings, but delays risk eroding investor confidence. For NSE, a green light would be seismic: Employee shareholders (holding ~10% stake) stand to gain billions, and it could rival global peers like Nasdaq in valuation.
Pandey's update aligns with SEBI's consultative ethos, but in a market craving speed, "appropriate time" feels like a polite stall. Watch for that consultation paper – it could drop by December, per insider whispers.
## Investor Angle: What to Watch Next
- **Short-Term Triggers**: Any LODR draft by year-end could fast-track the NOC.
- **Risks**: Prolonged reviews might push NSE's valuation premium lower amid global rate jitters.
- **Opportunity**: If listed at 3-4x FY26 earnings, it could be a multibagger for long-haulers.
## Closing Note: The Countdown Continues
Tuhin Kanta Pandey's words today – measured, procedural, promising – keep the NSE IPO flame flickering without igniting it. As SEBI dives into LODR consultations, the exchange's public debut hangs in the balance, a saga blending ambition and accountability. Will 2026 finally be the year? Only time – the "appropriate" kind – will tell.
Your thoughts? Bullish on NSE post-NOC, or bracing for more waits? Hit the comments. Stay tuned for updates.
*Sources: ET Now, Financial Express, Business Standard, and X insights.*
