SEBI chief says NOC for NSE IPO likely later this month, IFCI shares rise 10%; here's why

SEBI chief Tuhin Kanta Pandey on January 16 said NOC for National Stock Exchange (NSE) IPO will likely be given later this month following which IFCI's shares rose 10% owing to its stake in the stock exchange. “Already indicated the NOC (for NSE IPO) will likely be given later this month," said Pandey at Samvad 2026 event. IFCI currently has an effective, indirect stake of approximately 2.35% in the NSE through its majority ownership of Stock Holding Corporation of India (SHCIL). IFCI's effective stake in NSE through SHCIL is valued at around Rs 13,000 crore, a significant amount relative to IFCI's own market capitalisation of Rs 16,400 crore, if the over Rs 5 lakh crore valuation happens for NSE. Insurance companies like Life Insurance Corporation of India, General Insurance Corporation of India and The New India Assurance Company hold stakes of 10.72%, 1.64% and 1.42%, respectively. “In principle, we agree for settlement,” Pandey had said on Thursday also, indicating that a key regulatory hurdle for the NSE's long-delayed initial public offering has been cleared. Pandey’s remarks come amid heightened market focus on NSE’s listing prospects. The settlement, which SEBI has agreed to in principle, is widely seen as a crucial step towards granting the no-objection certificate (NOC) required for NSE to move ahead with its IPO. Pandey had previously indicated that the process is at an advanced stage. Issuance of the NOC would allow NSE to initiate formal steps for listing, including filing its offer documents. "The IPO is at least 6–8 months away after receipt of the written No-Objection Certificate," said Ashish Chauhan, MD & CEO, NSE on sidelines of Samvad 2026 event. "DRHP preparation will take 3–4 months once the NOC is received. SEBI’s review and query process can take another 2–4 months," said Chauhan. "Most IPO timelines are driven by regulators and third parties, not internal planning. It is difficult to commit to IPO launch to H1FY27 or H2 as much of the process is outside our control," added Chauhan.