# NSE IPO Update: SEBI May Grant No Objection Certificate This Month
Main Highlights
# NSE IPO Update: SEBI May Grant No Objection Certificate This Month
The Securities and Exchange Board of India (SEBI) is poised to grant the National Stock Exchange (NSE) a crucial No Objection Certificate (NOC) this month, allowing the exchange to proceed with its long-awaited public issue. Tuhin Kant Pandey, the chairman of SEBI, hinted at this development during a recent press conference in Chennai. He mentioned that the regulatory body is in the advanced stages of issuing the NOC, and the process could be finalized within this month. Once approved, the NSE will initiate the filing of its Draft Red Herring Prospectus (DRHP).
Detailed Analysis
## Background: NSE’s IPO Journey Since 2016
The NSE first submitted its draft papers for an IPO in December 2016, aiming to raise approximately ₹10,000 crore. However, the process was significantly delayed due to the ‘co-location’ scandal, which raised serious concerns about the exchange’s operational integrity. Allegations surfaced that certain brokers were granted preferential access to the exchange’s servers, enabling them to earn illicit profits. This controversy, coupled with prolonged legal battles, led to SEBI’s decision to halt the IPO process. Last August, the NSE reapplied for the NOC, signaling its renewed commitment to moving forward.
## Steps Taken by NSE to Facilitate IPO Approval
Why This News Matters
To pave the way for its IPO, the NSE has undertaken several significant measures. In October 2024, the exchange paid a penalty of ₹643 crore to SEBI to resolve issues related to Trading Access Points (TAP). Additionally, the NSE set aside around ₹1,300 crore to address older matters related to co-location and dark fiber. In compliance with regulatory requirements, the NSE has also made substantial changes to its management and board structure.
### Management’s Optimism for NSE Listing
Ashish Kumar Chauhan, the Managing Director and CEO of NSE, recently expressed optimism about the exchange’s potential listing on Dalal Street by the new financial year (2082). Following the receipt of the NOC from SEBI, the NSE will need to file a new DRHP. Market experts believe that NSE’s IPO could be one of the largest issues in the country to date, given its high market valuation.
### NSE: A Leader in the Stock Exchange Landscape
The NSE is not only the largest stock exchange in India but also the most active derivatives exchange globally. Over the past few years, there has been a remarkable increase in the number of retail investors in the Indian stock market, which has directly contributed to the NSE’s revenue and profitability. In the first half of the financial year 2026, the NSE reported a net profit of approximately ₹6,320 crore, showcasing its robust financial performance.
## D-Mart Reports Impressive Q3 Profit
In a related business update, Avenue Supermarts Limited, the operator of the retail chain D-Mart, has announced a consolidated net profit of ₹855.78 crore for the third quarter of the financial year 2025-26. This figure reflects an 18.27% year-on-year growth, as the company had reported a profit of ₹723.54 crore during the same quarter last year. In the October-December quarter, D-Mart generated revenue of ₹18,100.88 crore from operations, marking a 13.32% increase compared to the previous year.
### Conclusion: A Positive Outlook for NSE and D-Mart
As the NSE prepares to potentially secure the NOC from SEBI, stakeholders are hopeful for a successful IPO that could reshape the Indian market landscape. Meanwhile, D-Mart’s impressive financial performance underscores the strength of the retail sector in India. Investors and market analysts will closely monitor these developments, as they could have significant implications for the future of both the stock exchange and retail markets in the country.
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