SEBI recommends NSE to pay $193 million to settle cases, sources say

An external panel set ​up by India's market regulator has recommended that the ‌National Stock Exchange of India settle pending legal ​disputes by paying a little over ₹1800 crore ($192.5 million), two sources with direct knowledge of the matter said.

The recommendation brings the world's largest derivatives exchange ‌closer to resolving its long-running dispute with the Securities and Exchange Board of India. ‌Allegations of governance lapses and that it failed ‌to ⁠provide equitable access to all trading members ⁠have delayed NSE’s initial public offering for nearly 10 years.

"NSE's proposal to settle past infractions was considered by the panel about ​a fortnight ago for ‌approval," one of the two sources said.

The panel's recommended amount is more than the ₹1,300 crore NSE set aside late last year to ‌settle pending cases with the regulator.

SEBI would soon ​issue a demand letter to NSE to deposit the money, before issuing an order ⁠to finalise the settlement, the two sources said.

Both sources declined to be named as they are not ‌authorised to speak to media.

SEBI did not respond to a request for comment while an NSE spokesperson declined to comment. NSE last month appointed 20 banks to manage its IPO, the most selected to manage any public issue in India to date.

As ‌India's largest bourse, the NSE is also the country's largest ​unlisted company, with 190,000 investors.

The appointed banks sent out letters to NSE's current investors ⁠inviting them to sell their shares in the offer, ⁠with a deadline for expressions of interest on April 27, the second source said.

"The exchange ‌may file for an IPO by late next month after its financial results are declared," the ​source said.

Published on April 22, 2026