NSE IPO: Exchange Sets Aside ₹13 Billion for Regulatory Settlements

On Tuesday, November 4, 2025, the National Stock Exchange of India, operator of the country’s largest stock exchange, announced that it has allocated nearly ₹13 billion ($148 million) to resolve pending cases with the Securities and Exchange Board of India (SEBI), as the bourse moves closer to launching its much-delayed initial public offering (IPO).

Legal Dispute Background

The NSE, the world’s most active derivatives exchange, has been locked in legal disputes with SEBI since 2019, when it was fined ₹11 billion for failing to ensure fair trading access to all market participants.

The latest provision signals progress toward a potential settlement, a move that could clear one of the most significant obstacles preventing the exchange from going public. NSE, headquartered in Mumbai, has been pursuing a stock market listing since 2016, but the process has been repeatedly stalled due to regulatory and legal challenges. By contrast, its rival BSE Ltd. successfully listed in 2017.

In its latest financial disclosures, NSE said it has filed two separate settlement applications totaling ₹13.87 billion and that it has recognised its first-ever provision in its second-quarter results.

Also Read: SEBI Chief Tuhin Kanta Pandey Hints at Progress on NSE IPO, Panel Report Expected by November 10

NSE Posted Decline in Profits

For the quarter ended September 2025, NSE reported a consolidated net profit of ₹20.98 billion, down 33% from ₹31.37 billion in the same period last year, primarily due to a sharp decline in trading activity. Transaction charge revenue fell 12% quarter-on-quarter to ₹27.85 billion, reflecting reduced volumes in both the cash and derivatives segments, the exchange said.

The decline follows a series of regulatory measures introduced by SEBI in recent months aimed at tempering India’s booming derivatives market. Average daily equity options volume, measured by premium, stood at ₹464.42 billion, marking a 16% quarter-on-quarter drop, according to NSE’s statement.

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