SEBI Chairman Tuhin Kanta Pandey has definitively clarified that NSE has not submitted any proposal seeking approval to trade on its own platform after the IPO listing. Speaking at the National Bank for Financing Infrastructure and Development (NaBFID) Infrastructure Conclave 2026 on September 17, 2026, Pandey stated 'No, there is no such letter, and there is no such requirement' and emphasized that such trading cannot be permitted at present. He further confirmed that it was too early to evaluate any proposal on the matter and stated that SEBI had not received any application or formal communication from NSE seeking such approval. This confirmation comes after NSE MD Ashish Chauhan had previously stated that the exchange would not seek Sebi approval to list or trade its shares on its own platform, as reported by ET Now. The clarification comes amid heightened interest in NSE's proposed initial public offering and discussions over whether the exchange could eventually allow trading of its own shares on its platform after listing.
The National Stock Exchange's much-awaited ₹22,569-crore IPO opened for subscription on Thursday, with the subscription closing on September 21. The IPO is entirely an offer-for-sale of 12.64 crore equity shares by existing shareholders, with the price band fixed at ₹1,700-1,785 per share. As it is entirely an offer-for-sale, NSE will not receive any proceeds from the IPO, with all proceeds going to selling shareholders. The pricing values the exchange at about ₹4.4 lakh crore, with the lower pricing exposing reluctance of existing shareholders to sell their stakes. NSE initially proposed selling around 6.2% of its equity, but reduced the offer to 5.11% after shareholders resisted selling at the indicated price. The grey market premium (GMP) for the NSE IPO was around 9%, pointing to expectations of a moderate listing gain, with shares expected to list on the BSE on September 24.
The landmark listing of National Stock Exchange of India Ltd. is set to deliver a major boost to India's primary market while delivering a significant blow to the booming trade in unlisted shares. According to reports from Bloomberg, The Economic Times, The Hindu BusinessLine, and Business Standard, the operator of the world's busiest derivatives market accounted for roughly half of the trading volume in the shadow market, as estimated by trading platform UnlistedZone. The IPO threatens to trigger a sharp drop in activity, forcing platforms that facilitate such transactions to find the next big draw. As Sandipan Roy, chief investment officer at Motilal Oswal Private Wealth, noted, 'NSE was quasi-listed. It spawned an entire industry.'
As India set consecutive records in IPO proceeds over the last two years, the unlisted market emerged as a venue for wealthy individuals and funds to make bets on companies in the listing pipeline. As reported by The Economic Times, The Hindu BusinessLine, and Business Standard, the booming interest fostered an ecosystem of online platforms and specialist brokers that specialize in connecting buyers and sellers. NSE had been a linchpin of the growing market because of its scale, profitability, dominant position and disclosures that mirrored listed companies. The presence of smaller listed rival BSE Ltd. gave investors a valuation benchmark, while years of delays in its listing meant an unusually long trading window. That helped turn a once-niche corner of India's financial system into a mainstream investment avenue, giving rise to intermediaries that assisted investors with the regulatory approvals, documentation and transfers needed to buy shares.
The exchange had 231,378 shareholders ahead of its IPO, more than several listed companies, according to its December 2016 draft prospectus. This compares with fewer than 80 shareholders it had in 2016. Until last year, NSE made monthly disclosures on share transfers, with its last such release in March 2025 showing nearly ₹15 billion rupees ($170 million) of shares changing hands during the month. The exchange already has more than 2 lakh shareholders and will have 100% free float after listing. As of June 2026, NSE had 132.4 million unique registered investors, 1,328 trading members and 3,005 listed entities, with market capitalisation of about ₹474.1 trillion. The exchange operates an integrated platform covering trading, clearing, listing, data services and index licensing, offering cash equities, futures and options, mutual funds, commodity and currency derivatives, wholesale debt and interest rate futures.
