The National Stock Exchange of India’s public issue has become the country’s most anticipated, closely-watched listing drama. Regulatory roadblocks, legal hurdles, and blockbuster financials have made the NSE IPO saga a true test of patience for investors, institutions, and market-watchers alike. Here are all the NSE IPO Updates encompassing the remarkable journey of India’s largest exchange.

NSE IPO Update: Wait for Listing Continues

June–July 2025: Robust Financial Results Bolster IPO Buzz

• Q1 FY26 Highlights:
  NSE reported a consolidated net profit of INR 2,924 crore for April–June 2025, up 14% year-on-year and 10% quarter-on-quarter.
  • Total income climbed 9% sequentially to INR 4,798 crore.
  • Revenue from operations rose 7% QoQ to INR 4,032 crore (though it saw an 11% YoY decline).
  • Operating EBITDA increased 12% QoQ to INR 3,130 crore, with margins improving to a stellar 78%.
  • Contribution to the national exchequer touched INR 14,331 crore for the quarter.

May 2025: Glimmers of Regulatory Progress

• SEBI’s Review:
  SEBI issued a detailed letter to NSE, outlining deficiencies and clear expectations for the IPO process.
• Leadership Statements:
  SEBI’s chairman declared, “Due diligence, not delay,” while both NSE and SEBI officials sounded increasingly hopeful about resolution.
• Settlement Offer: NSE reportedly made an offer:
  • INR 1,165 crore for the Co-location case, and
  • INR 223 crore for the Dark Fibre matter, to settle lingering disputes.
• Grey Market Buzz:
  Unlisted shares of NSE soared on the back of positive news and strong Q1 results, propelling the exchange’s grey market valuation to INR 4.7 lakh crore (~USD 56 billion).

August–December 2024: Compliance, Settlement, and Legal Push

• NSE’s Action:
  NSE reapplied for SEBI’s NOC—a key procedural step to reinitiate the IPO process.
• Partial Settlement:
  NSE paid INR 643 crore to SEBI in relation to the co-location case, indicating progress towards dispute resolution.
• Four Major SEBI Concerns Remained:
  • Technology and operational resilience following past trading disruptions.
  • Governance and board accountability improvements.
  • Resolution of pending litigation, including ongoing matters in the Supreme Court.
  • Potential conflicts owing to NSE’s control over its clearing corporation.

NSE IPO Updates in May 2024: Stakeholders Seek Legal Recourse

• Judicial Involvement:
  The People Activism Forum filed a writ petition in the Delhi High Court, asking for SEBI to allow the much-delayed IPO, bringing the matter further into public and legal scrutiny.

2017–2022: Prolonged Regulatory Freeze

• Inaction: Deliberations over regulatory and legal issues continued, but with no tangible progress on the IPO application.
• Investor Moves: Key private equity and institutional investors began offloading stakes in the unlisted space, growing impatient with the stalemate.

2015–2017: Co-location Scandal & IPO Collapse

• Scandal Unfolds: Whistleblower revelations brought to light that some brokers were given unfair co-location access, enabling faster trades.
• SEBI Action: The regulator fined NSE over INR 1,000 crore, barred exchange access to the capital markets for six months, and enforced management overhaul.
• Consequence: The IPO was officially put on hold, pausing what had been one of the most anticipated listings in Indian history up to that point.

2016: Peak of IPO Optimism

• Milestone: NSE filed its DRHP, planning an INR 10,000-crore public issue via offer-for-sale by early shareholders.
• Market Mood: The proposed IPO was seen as a game-changer for Indian financial markets, with excitement running high among investors and analysts.

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Conclusion

Despite robust financials and the clearing of several historical hurdles, as of August 2025, the NSE IPO is still awaiting that crucial SEBI nod. Each quarterly report and regulatory statement adds a layer of anticipation, but until the formal green light arrives, India’s biggest IPO story remains just out of reach.

For now, keep checking the latest NSE IPO update on IPO Central to stay informed, as the next official announcement is set to mark a new era in India’s capital markets.