SEBI chief said the no-objection certificate (NOC) for National Stock Exchange’s long-awaited IPO is likely to be granted later this month

SEBI Chief Hints NOC For NSE IPO By Month-End; IFCI Shares Jump 10%: What’s Driving The Rally

SEBI Chief Confirms NOC for National Stock Exchange's IPO Likely to be Granted Later this Month

SEBI chief Tuhin Kanta Pandey has indicated that the no-objection certificate (NOC) for the National Stock Exchange’s (NSE) highly anticipated Initial Public Offering (IPO) is expected to be granted later this month.

Timeline for NSE IPO

NOC likely to be granted: Later this month
Time taken for preparation of Draft Red Herring Prospectus (DRHP): 3-4 months
SEBI's review and query process: 2-4 months
Estimated timeline for IPO: 6-8 months after receipt of written NOC

According to SEBI chief Pandey, the NOC for NSE's IPO will be granted later this month, which will enable the exchange to initiate the formal listing procedures, including filing its draft red herring prospectus.

Impact on IFCI Shares

The news of the potential IPO has triggered a 10% surge in IFCI shares, due to its indirect stake in the NSE. IFCI holds an effective indirect stake of approximately 2.35% in NSE through its majority ownership of Stock Holding Corporation of India (SHCIL).

At a potential NSE valuation of over Rs 5 lakh crore, IFCI’s stake is estimated at nearly Rs 13,000 crore, which is close to its own market capitalisation of around Rs 16,400 crore.

Institutional Shareholders

Life Insurance Corporation of India: 10.72% stake
General Insurance Corporation of India: 1.64% stake
The New India Assurance Company: 1.42% stake

Settlement Agreement

SEBI has agreed "in principle" to the settlement, which is seen as a key prerequisite for the issuance of the NOC.

NSE's Listing Plans

NSE Managing Director and CEO Ashish Chauhan has cautioned that the IPO remains several months away.

"The IPO is at least 6–8 months after receipt of the written NOC," he said on the sidelines of the Samvad 2026 event.

Chauhan also added that preparation of the DRHP would take about three to four months, followed by another two to four months for SEBI’s review and query process.

"Most IPO timelines are driven by regulators and third parties. It is difficult to commit to whether the IPO will happen in H1FY27 or H2, as much of the process is outside our control," he said.