NSE Renews Push for IPO: Submits NOC Request to SEBI

This statement was part of SEBI’s response to a writ petition filed in the high court, which urged a faster processing of NSE’s IPO application

The National Stock Exchange (NSE) took a step forward in its long-awaited journey to go public by formally seeking approval for its initial public offering (IPO). According to sources familiar with the matter, NSE has filed an application for a no-objection certificate (NOC) with the Securities and Exchange Board of India (SEBI), a crucial move towards listing on the stock market. This development was reportedly shared with shareholders during the exchange’s annual general meeting on the same day.

This move marks a renewed effort by NSE to get its IPO off the ground, a process that has faced several hurdles in the past. Previously, NSE had applied for approval from SEBI, but the request was denied due to ongoing regulatory, legal, and investigative issues. These challenges had put a halt to the exchange’s plans, despite considerable anticipation in the market.

The latest application comes on the heels of a clarification by SEBI earlier this month in which the regulator informed the Delhi High Court that NSE had not yet submitted a new request for the necessary NOC for its IPO. This statement was part of SEBI’s response to a writ petition filed in the high court, which urged a faster processing of NSE’s IPO application.

NSE’s quest to go public has been a topic of considerable interest for years. In December 2016, the exchange had filed its draft red herring prospectus (DRHP) with SEBI, aiming to raise approximately Rs 10,000 crore through the IPO. The proposed share sale was eagerly anticipated by investors, given NSE’s dominant position in India’s financial markets. However, the IPO was stalled due to the aforementioned regulatory challenges, leaving market participants waiting for the exchange to resolve its issues and proceed with the listing.