NSE IPO: Exchange Submitted Application to Receive NOC from SEBI

The newly appointed SEBI Chairman, Tuhin Kanta Pandey, following his first board meeting at SEBI, stated that the regulator would review the issues surrounding the NSE’s IPO and assess how the process could move forward. His remarks prompted the National Stock Exchange (NSE) to resume the IPO process.

According to reports, NSE has submitted an application to SEBI requesting a No Objection Certificate (NOC) for its IPO. This certificate is a crucial document needed before NSE can file the Draft Red Herring Prospectus (DRHP) for the IPO.

This isn’t the first time NSE has applied for SEBI’s NOC. The exchange made similar requests in 2019, twice in 2020, and again in 2024.

In previous instances, SEBI had set specific conditions before considering the NOC request. These included raising the salaries of key management personnel (KMPs) and reducing NSE’s stake in its clearing subsidiary, NSE Clearing, from 100% to less than a majority. SEBI had also required NSE to address technical issues it faced and to resolve the legal cases related to the co-location controversy.

In its latest application to SEBI, NSE has provided detailed responses to the requirements that were raised in the previous round.

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