NSE Expected to File IPO Papers by July-End, Listing Anticipated by Q4FY26

The National Stock Exchange (NSE) may receive approval to file IPO papers by the end of July, with the listing expected by the fourth quarter. The Securities and Exchange Board of India (SEBI) is likely to issue a No Objection Certificate (NOC) next month, according to sources. The settlement application filed before SEBI aims to resolve litigation related to co-location and dark fiber issues. The co-location case involved allegations of brokers gaining unfair advantages by placing servers closer to NSE's servers for faster data access. SEBI penalized NSE for providing preferential access to certain brokers through dark fiber connectivity.

NSE and SEBI are in talks to settle the pending cases, with NSE filing a settlement application after negotiations. The process involves SEBI's internal committee, Market Regulation Department, and High Powered Advisory Committee on Settlements. Once approved, the IPO process will commence, taking around 4-5 months for drafting the prospectus and additional time for queries from merchant bankers.

If all goes smoothly, NSE's listing could happen by the last quarter of the current financial year. The exchange's IPO plans have been delayed for over eight years, with PSUs owning a significant stake in NSE. The listing is expected to provide financial benefits to shareholders like LIC.

According to the source: Moneycontrol.