In a major development in the capital markets, the National Stock Exchange (NSE), the country’s largest bourse, has finally received its long-awaited no-objection certificate (NOC) for a proposed initial public offering (IPO).

In an official statement, the NSE said it has received approval from the Securities and Exchange Board of India (Sebi) for the IPO, raising hopes of progress on the long-pending listing of India’s largest stock exchange. The exchange had reapplied to Sebi in June last year for a fresh NOC to revive its IPO plans.

“We are delighted to receive Sebi approval for our IPO—a significant milestone in our growth journey. With this approval, we embark on a new chapter of value creation for all our stakeholders. It also reinforces confidence in NSE as an integral part of the Indian economy and a beacon of the capital markets,” said Srinivas Injeti, Chairperson, NSE.

The development follows recent comments by Sebi Chairman Tuhin Kanta Pandey, who had said the regulator was at an advanced stage of issuing an NOC for the NSE’s IPO and indicated that approval could be granted within the month.

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.

According to NSE Managing Director and Chief Executive Officer Ashish Chauhan, the IPO process could take eight to nine months following regulatory clearance. “NSE had filed for settlement with Sebi in June 2025. Once the NOC is received, the exchange will need about four to five months to prepare the draft red herring prospectus (DRHP), followed by another four to five months for Sebi’s review,” Chauhan had said last September.

Amid renewed listing buzz, NSE’s unlisted shares have seen a sharp uptick in the grey market. Currently, the shares are trading at around ₹2,300 apiece, while some brokerages estimate the fair value in the unlisted market could be closer to ₹4,000 per share.