The National Stock Exchange of India, or NSE, has taken a major step toward its long-awaited stock market debut. On September 4, 2026, the Securities and Exchange Board of India, or SEBI, gave its final approval for the proposed IPO. The issue could raise around ₹30,000 crore, which would place it among the largest public issues in India.
The SEBI approval is important because NSE has tried to enter the public market for almost a decade. Its earlier IPO plan faced delays due to regulatory issues linked to the co-location case. The latest clearance removes a major hurdle and puts the exchange much closer to a public listing.
NSE had filed its latest Draft Red Herring Prospectus, or DRHP, with SEBI in June 2026. The proposed issue is an offer for sale, or OFS. This means existing shareholders will sell their shares to public investors. NSE itself will not receive money from the IPO.
Issue Could Be Worth ₹30,000 Crore
The proposed NSE IPO could have a value of around ₹30,000 crore. Some market estimates put the possible size at about ₹31,000 crore. The final value will depend on the price band and other details that NSE will announce before the issue opens.
If the issue reaches around ₹30,000 crore, it could become one of the biggest IPOs in India’s history. It would also come close to, or exceed, the size of Hyundai Motor India’s ₹27,870 crore IPO from 2024, which remains India’s largest completed IPO so far.
The scale of the NSE issue has already drawn strong interest from the market. NSE is one of India’s most important financial institutions, as it operates a major stock exchange and plays a central role in the country’s equity and derivatives markets.
Existing Shareholders Will Sell Shares
The NSE IPO will consist entirely of an OFS. The DRHP states that existing shareholders may sell up to 14.89 crore equity shares. These shares represent nearly 6% of NSE’s paid-up capital. Since there is no fresh issue, the money from the share sale will go to the shareholders who sell their holdings.
Several large investors are part of the proposed sale. SBI Group is the biggest seller, with up to 2.475 crore shares. MS Strategic (Mauritius) Ltd may sell up to 1.60 crore shares, while Canada Pension Plan Investment Board may sell 1.19 crore shares.
Aranda Investments (Mauritius) Pte Ltd is set to sell up to 1.12 crore shares. Bank of Baroda may sell around 1.10 crore shares, while Stock Holding Corporation of India Ltd may sell around 1.09 crore shares.
Other shareholders include General Insurance Corporation of India, The New India Assurance Company, National Insurance Company and United India Insurance Company. Individual shareholders will also form part of the OFS.
Supreme Court Case Cleared a Major Hurdle
The SEBI approval comes soon after an important development in the long-running co-location and dark fibre cases linked to NSE.
The Supreme Court accepted the settlement between SEBI and NSE in these matters. The settlement involved ₹1,491 crore. The court then disposed of SEBI’s appeals related to earlier orders in the cases. This removed a key regulatory concern before the NSE IPO could move ahead.
The cases relate to alleged lapses in NSE’s co-location system. The facility allowed traders and brokers to place their computer servers close to NSE’s systems for a fee. The issue was linked to claims that some market participants received an unfair speed advantage.
The settlement does not mean every related matter has ended. The Supreme Court said the case against former NSE managing director and chief executive officer Chitra Ramkrishna and others will continue separately.
A Listing Could Come This Month
With SEBI approval now in place, attention has shifted to the next steps. Market sources expect NSE to file an updated prospectus before the IPO opens.
Reports suggest that NSE may announce its IPO price band on September 11, 2026. A market debut could then take place later in September. Some reports point to September 25 as the target date. However, these dates have not been formally confirmed by NSE or SEBI.
The possible timeline has created strong interest among investors. A September listing would give NSE a public market value before the end of the month and could make the issue one of the most closely watched IPOs of 2026.
Why the IPO Matters
The NSE IPO matters for more than its size. It would give public investors a chance to own a part of one of India’s largest market institutions.
The exchange has a major role in India’s capital markets. Its performance is closely tied to trading activity, investor participation and growth in the country’s financial markets. A public listing would also give investors a clearer view of the value that the market places on NSE.
The issue could also have an effect on companies that hold shares in NSE. Stocks such as IFCI and New India Assurance have attracted market attention because of their direct or indirect exposure to NSE. Investors have already watched these shares closely as the IPO moves closer.
What Investors Should Watch
The next major event is the updated IPO document. Investors will want to study the final terms, valuation, price band and share allocation before they make any decision.
The price band will be especially important. It will give the market a better idea of the value NSE seeks at the time of its public issue. Reports have suggested a possible valuation of around ₹5 lakh crore, although the final valuation will depend on the IPO price.
Investors should also note that the IPO has no fresh share component. This means NSE will not get new capital from the public issue. The entire IPO is an OFS by existing shareholders.
That structure makes the IPO different from a typical issue where a company sells new shares to raise money for expansion, debt repayment or other business needs.
A Landmark Moment for NSE
NSE’s journey toward a stock market listing has been unusually long. Its first DRHP was filed in December 2016 for a proposed ₹10,000 crore IPO. The process then faced a long delay because of regulatory issues linked to the co-location controversy.
Almost ten years later, the exchange is now much closer to becoming a listed company.
The September 4 SEBI approval marks a major turning point. The proposed ₹30,000 crore IPO could become one of India’s largest public issues, while the planned sale of 14.89 crore shares gives investors a direct route into ownership of NSE.
For now, investors will wait for the final IPO details, especially the price band and issue dates. If the reported September 25 target holds, NSE could soon move from being the operator of one of India’s biggest exchanges to becoming one of the country’s most closely watched listed companies.
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