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NSE Prepares ₹30,000 Crore IPO After Long SEBI Regulatory Delays
The NSE IPO proposal provides for raising around ₹30,000 crore after nearly a decade of SEBI-related regulatory delays. SEBI regulations mandate that a stock exchange cannot list its own shares on its platform, and NSE provides for a Permitted-to-Trade route involving BSE listing and SEBI permission for trading on NSE.
NSE IPO:
| Dimension | Key Details |
|---|---|
| Rationale cited for restriction | Existing regulations regulate conflict of interest concerns because exchanges function as first-level regulators for entities listed and traded on them. |
| Proposed mechanism | The proposed Permitted-to-Trade route provides for these steps: NSE shares are listed on BSE first; NSE submits a proposal to SEBI seeking permission for its shares to trade on NSE without being listed on NSE; BSE remains the primary listing platform with principal compliance responsibility. |
| Conflict-mitigation measures under proposal | The proposal provides for NSE to establish standard operating procedures for surveillance, price bands, and other trading functions. |
| Regulatory precedent cited | SEBI has rejected BSE’s similar PTT proposal when BSE lists in 2017, citing conflict of interest concerns. |
| Status as indicated by SEBI Chair | SEBI has not yet authorised a substantive decision on the issue, as per SEBI Chair Tuhin Kanta Pandey. |
| View attributed to BSE MD | The current regulatory framework does not authorise self-trading, as per BSE MD Sundararaman Ramamurthy. |
| NSE market share metrics cited | NSE comprises approximately 93% of cash-market turnover, nearly the entire futures premium, and around 75% of options premium. |
| Index inclusion | Trading on NSE authorises potential inclusion in major NSE indices such as the Nifty 500 and Nifty Financial Services. |
| PTT usage cited | PTT in practice authorises around 250 companies that are not listed on NSE to trade on its platform. |
| Mainboard IPO fund-raising data | Funds raised through mainboard IPOs in 2026 comprise around 73% during July and August. |
| Valuation estimate | Brokerage estimates comprise a potential price-to-earnings multiple of 35-49 times FY26 earnings. |
| Price band timeline | The IPO process provides for a price band announcement around mid-September. |
| Reported mutual fund comfort price | Reports provide for mutual funds being comfortable with a price of roughly ₹1,800 per NSE share, with a P/E multiple of approximately 43-45 times. |