According to reports from Livemint, The Economic Times, and CNBC TV18, NSE managing director and CEO Ashishkumar Chauhan made the announcement on 11 September ahead of the much-awaited initial public offering launch. The exchange has not applied to market regulator SEBI to trade its own shares on its platform, as confirmed by the CEO. The IPO is scheduled to launch on September 17, with anchor investor bidding opening on September 16 and listing expected on September 25. Asked whether NSE intends to approach SEBI for permission to trade its shares on its own exchange, Chauhan told CNBC TV18 that the exchange has not made any such application, adding that NSE would comply with whatever the regulator requires.
As reported by Livemint, The Economic Times, and CNBC TV18, the decision not to apply for trading rights on NSE's own platform represents a significant departure from typical exchange practices. The exchange has explicitly stated that no application has been filed with SEBI for this purpose, indicating a clear policy decision regarding internal share trading arrangements. CEO Chauhan explained that allowing exchange shares to trade on the same platform raises governance and conflict of interest concerns, as the exchange would be overseeing trading activity in its own shares while also responsible for running the trading system, monitoring trades, ensuring fair price discovery and acting as the first level of market supervision. Chauhan highlighted NSE's evolution from a technology-led exchange into a broad-based financial-market infrastructure platform, stating that NSE is India's largest exchange and by many counts, it's one of the largest in the world.
According to The Economic Times and CNBC TV18, NSE's IPO will be entirely an offer for sale (OFS), meaning the exchange will not receive any fresh money from the issue. The updated filing has reduced the number of shares on offer to about 12.64 crore from the earlier proposed 14.89 crore shares. The IPO size is now expected to be around ₹22,561.57 crore at the upper end of the price band, lower than the earlier expectation of about ₹30,000 crore. The OFS is likely to represent around 5.25% of NSE's paid-up capital, compared with about 6% planned earlier. On the IPO valuation and its discount to BSE despite NSE's significantly larger market share, Chauhan told CNBC TV18 that the exchange had priced the issue as advised by its merchant bankers.
As reported by The Economic Times and CNBC TV18, NSE shares have traded in the unlisted market in the range of ₹1,950-2,200 over the last one year. The IPO is priced around ₹1,700-1,785 per share. At the upper end of the expected band, NSE could be valued at around ₹4.41 lakh crore. The IPO has a lot size of eight shares, meaning retail investors can bid for a minimum of 8 shares and in multiples thereof. NSE shares were trading at around ₹2,007 in the grey market, indicating a grey market premium (GMP) of ₹222, or about 12.4%, over the upper end of the IPO price band of ₹1,785. The pricing focus remains the biggest concern for investors ahead of the public offering. However, the latest grey market trends suggest a bearish sentiment with the GMP fluctuating between ₹192-310 over the past 10 sessions, currently at ₹207.
According to the Red Herring Prospectus (RHP), State Bank of India (SBI) is set to be the largest selling shareholder in the proposed IPO, offering up to 1.60 crore equity shares. The RHP shows SBI selling up to 1,59,69,410 shares, making it the biggest seller among the top 10 shareholders disclosed in the offer document. Canada Pension Plan Investment Board will be the second-largest selling shareholder, offering up to 1.19 crore shares, followed by Aranda Investments (Mauritius) Pte Ltd, which plans to sell up to 1.12 crore shares. Other shareholders participating in the OFS include MS Strategic (Mauritius) Ltd, New India Assurance Company, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India and United India Insurance Company. Notably, Life Insurance Corporation of India (LIC) will not participate in the OFS, holding a 10.72% stake in NSE and retaining its entire shareholding. The RHP also highlights a wide difference in the weighted average acquisition cost of shares held by the selling shareholders, with SBI acquiring its shares at a weighted average cost of ₹0.80 per share, while Canada Pension Plan Investment Board has a weighted average acquisition cost of ₹324.13 per share.
According to The Economic Times, the National Stock Exchange's journey to public markets has been marked by significant regulatory and legal hurdles that delayed the IPO for nearly a decade. The case centred on allegations that some brokers got preferential access to NSE's trading servers through its co-location facility, which later widened into related matters including dark fibre access. In 2019, SEBI directed NSE to disgorge ₹624.89 crore along with interest in the co-location matter. This order did not end the matter, as NSE challenged the regulatory findings and the case moved through appeals and tribunal proceedings. The arduous journey that has been discussed since 2016 but repeatedly pushed back because of regulatory probes, legal cases and governance concerns is finally coming to an end with the September 17 launch.
According to The Economic Times, CNBC TV18, and The Economic Times, NSE is launching its IPO as one of the most awaited listings in India's capital market, with the exchange dominating India's equity derivatives market and having a strong position in cash equities. The exchange's business model is linked to trading volumes, transaction charges, listing fees, market data, clearing-related income and market infrastructure services. NSE benefits from scale, network effects and India's expanding investor base, making it a significant player in the country's financial infrastructure. As of June 30, 2026, the NSE platform had 13.2 crore unique registered investors, 26.1 crore registered investor accounts, 1,328 trading members and 3,005 listed entities, whose aggregate market capitalisation was ₹474.08 lakh crore. NSE received recognition as a stock exchange from the Ministry of Finance in April 1993 and permanent recognition from SEBI in April 2008. The RHP further stated that NSE's equity shares will be listed on the main board of BSE Ltd, which has been designated as the stock exchange for the offer.
As reported by CNBC TV18, NSE reported a profit of ₹10,300 crore in the financial year ended March 2026, down 15% from a year earlier. However, its revenue more than doubled from April 2019 to April 2026 to around ₹18,700 crore, helped by the sharp growth in options trading. The exchange has built standards around continuous availability with a response time of 500-800 nanoseconds. After adjusting for the 4:1 bonus issue completed on November 4, 2024, NSE's weighted average basic and diluted earnings per share (EPS) for the last three financial years stood at ₹42.82. Basic EPS for Fiscal 2026 was ₹41.62. The weighted average return on net worth (RoNW) for the last three financial years was 37.92%, while Fiscal 2026 RoNW stood at 33.21%. As of June 30, 2026, net asset value per share was ₹142.40. Market experts remain optimistic about NSE's prospects, with Harsha Raghavan from Convergent Finance expecting tremendous volume growth as India's wealth increases, describing the exchange as a top-down play and one of the best ways to participate in the financialisation of India. He expects the stock to deliver a 20-25% return in the first six weeks after listing.
