SEBI Chair Tuhin Kanta Pandey Confident of Quick Resolution on NSE IPO Issues

The Securities and Exchange Board of India (SEBI) is actively working with the National Stock Exchange (NSE) to address pending regulatory concerns surrounding NSE’s initial public offering (IPO). According to SEBI Chairman Tuhin Kanta Pandey, the regulator aims to clear outstanding issues soon, enabling NSE to proceed with its listing.

NSE’s IPO Journey Delayed by Regulatory Snags

NSE had initially filed its draft papers back in 2016, seeking to raise ₹10,000 crore through the IPO. However, the approval process faced delays due to governance concerns and controversies like the co-location case. Despite ongoing efforts, NSE has yet to receive SEBI’s clearance, while its rival, the Bombay Stock Exchange (BSE), was listed in 2017.

As per news reports, speaking at an Assocham event, Pandey expressed confidence that all outstanding matters will be resolved shortly, although he did not provide a specific timeline.

SEBI Panel Reviews NSE’s IPO Hurdles

In March 2025, SEBI formed an internal committee to investigate NSE’s IPO issues further and asked the exchange to resolve pending concerns. NSE’s recent application for a no-objection certificate remains under review.

NSE’s valuation stood at ₹4.7 lakh crore in 2024, making it India’s most valuable unlisted company, surpassing even the Serum Institute of India.

Upcoming Regulatory Updates on Derivatives Expiry

SEBI is also set to finalise guidelines regarding the expiry dates for equity derivatives contracts. After gathering feedback from stakeholders, the regulator plans to issue directives soon.

The consultation paper proposes limiting expiry days to either Tuesday or Thursday for all equity derivatives. NSE had earlier postponed its plan to shift weekly expiry from Thursday to Monday, pending SEBI’s decision.

Addressing Other Market Concerns

Regarding recent discrepancies discovered in IndusInd Bank’s derivatives portfolio, Pandey clarified that oversight of banks falls under the Reserve Bank of India (RBI). However, SEBI remains vigilant about any market violations within its jurisdiction and will act if necessary.

Pandey also commented on the long-pending settlement issue related to the 2013 National Spot Exchange Limited (NSEL) scam. The regulator is actively working to finalise a one-time settlement scheme, which has already seen 92% approval from affected traders. The scheme aims to release ₹1,950 crore to over 5,600 traders in proportion to their outstanding dues.

Vision for a Robust and Simplified Market

Highlighting SEBI’s commitment to regulatory reform, Pandey emphasised efforts to simplify rules, eliminate outdated provisions, and ease compliance without compromising market integrity or investor protection. He urged the capital markets community to contribute to India’s vision of becoming a developed nation by 2047, with a vibrant securities market playing a pivotal role.

Read More: Upcoming IPOs This Week: 4 Mainboard and 5 SME IPOs to Hit Dalat Street.

Conclusion

SEBI's renewed focus on resolving regulatory hurdles for NSE’s long-pending IPO signals a step toward enhancing transparency and investor confidence. As the exchange awaits clearance, broader market reforms and ongoing regulatory vigilance underscore SEBI’s commitment to building a robust, efficient, and inclusive capital market ecosystem.

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