NSE IPO: Clearance Expected This Month, IFCI Investors Cheer Announcement

Sebi chief Tuhin Kanta Pandey on January 16 said the no-objection certificate (NOC) for the National Stock Exchange (NSE) IPO is likely to be granted later this month. The move is expected to clear the way for a long-awaited listing of India’s largest exchange.

Pandey was reportedly speaking at the Samvad 2026 event. Following his comments, shares of one of NSE’s key shareholders, IFCI, surged by over 10%.

“Already indicated the NOC (for the NSE IPO) will likely be given later this month,” Pandey said. His comments come at a time when investor attention is sharply focused on the National Stock Exchange’s long-awaited listing plans. Sebi’s in-principle agreement to the settlement is being viewed as a significant milestone, as it clears the way for the no-objection certificate that NSE needs to proceed with its initial public offering.

Earlier on Thursday, the Sebi chairman said the regulator had granted in-principle approval to the settlement application filed by NSE in connection with the unfair market access case. However, Pandey declined to comment on the strong demand for NSE shares in the unlisted market, stating that the issue falls under the purview of the Ministry of Corporate Affairs.

NSE has been attempting to list since 2016, but its plans have repeatedly been delayed by the co-location case, which involved allegations that certain brokers received preferential access to the exchange’s systems. Following years of legal proceedings, NSE agreed in 2025 to pay ₹1,388 crore to settle the matter and move forward with its IPO ambitions.

The settlement is widely regarded as a critical step towards securing the regulator’s final clearance for the IPO. NSE’s IPO is expected to rank among the largest offerings in India.

IFCI holds an indirect effective stake of about 2.35% in the National Stock Exchange through its majority ownership in Stock Holding Corporation of India (SHCIL). At an assumed NSE valuation of over ₹5 lakh crore, this indirect holding would be worth roughly ₹13,000 crore — a sizeable figure compared with IFCI’s own market capitalisation of around ₹16,400 crore.

On Friday, shares of the state-owned financial institution rose over 10% during intraday trade before settling up 8.12% at ₹60.69 on the BSE.

Among insurers, Life Insurance Corporation of India owns a 10.72% stake in NSE, while General Insurance Corporation of India and The New India Assurance Company hold 1.64% and 1.42%, respectively.