SEBI Works to Resolve NSE IPO Delays

The Securities and Exchange Board of India (SEBI) is actively working to resolve regulatory and governance issues that have delayed the National Stock Exchange's (NSE) long-awaited initial public offering (IPO) since 2016. SEBI Chairperson Tuhin Kanta Pandey emphasized that public interest will not be compromised for commercial interests and highlighted the need for improved governance and clarity in NSE’s internal processes. The main hurdles include the fallout from the co-location scandal, concerns about the exchange’s governance structure, and pending legal matters before the Supreme Court. Despite NSE paying penalties to settle some cases, SEBI has withheld final approval pending satisfactory resolution of these issues. An internal committee within SEBI is currently reviewing NSE’s latest responses and documentation after the exchange reapplied for a No Objection Certificate (NOC) in March 2025. Reports suggest that, due to these ongoing concerns, the NSE IPO could still face up to two more years of delay.