Days after receiving a no-objection certificate (NOC) from the Securities and Exchange Board of India (Sebi) for its proposed initial public offering (IPO), the governing board of the National Stock Exchange of India Ltd (NSE) on Friday approved its listing plan.

The board of NSE approved undertaking the IPO through a pure offer for sale (OFS) by existing shareholders. The IPO will involve the listing of NSE’s equity shares of face value ₹1 each on one or more recognised Indian stock exchanges, subject to regulatory approvals, market conditions and other relevant factors, NSE said in a release.

The company, however, did not disclose the number of shares to be sold under the OFS or which shareholders will offload their stakes. Notably, NSE is owned by a mix of domestic and global financial institutions, insurance companies, and individual investors, with no single entity holding a controlling stake.

Trading members, along with their associates and agents, collectively hold around 35.51% of NSE’s shares. Major domestic institutional investors include the Life Insurance Corporation of India (LIC) with 10.7%, Stock Holding Corporation of India Limited (SHCIL) with 4.4%, SBI Capital Markets (SBI Caps) with 4.33%, and State Bank of India (SBI) with 3.23%, alongside other prominent holders such as GIC, New India Assurance, and National Insurance.

Foreign institutional investors also hold significant stakes, including Aranda Investments (Temasek), Canada Pension Plan Investment Board (CPPIB), Morgan Stanley (MS Strategic Mauritius), and Crown Capital.

Besides, the board also approved the reconstitution of the IPO committee to oversee and facilitate the listing process. The committee will be chaired by non-independent director Tablesh Pandey and will include public interest directors Srinivas Injeti, Mamata Biswal, Justice (Retd) Abhilasha Kumari, G Sivakumar, along with NSE Managing Director and CEO Ashishkumar Chauhan.

Last week, NSE received its long-awaited no-objection certificate (NOC) for a proposed initial public offering (IPO). The exchange had reapplied to Sebi in June last year for a fresh NOC to revive its IPO plans.

The NSE IPO has been keenly awaited after its earlier attempt in 2016 was shelved in the aftermath of the co-location controversy. The exchange had filed its IPO papers with Sebi in December 2016, reportedly seeking to raise around ₹10,000 crore through an offer-for-sale of about 23% by existing shareholders. These include Tiger Global Management, Aranda Investments, SAIF Partners (now Elevation Capital), Norwest Venture Partners, Citigroup Strategic Holdings, Goldman Sachs and State Bank of India, among others.