Published on Tuesday, July 7, 2026 by Chittorgarh.com Team
The National Stock Exchange (NSE) has been at the centre of India's capital markets for more than three decades. It is the country's largest stock exchange in the cash market and equity derivatives segment and, by the number of equity derivatives contracts traded, the largest multi-asset exchange in the world. As of 31 March 2026, nearly 2,978 companies were listed on the exchange, with a combined market capitalisation of ₹411.25 trillion.
Despite its scale, NSE itself has never been a listed company. Plans to list the exchange have been around for several years. But a series of regulatory and governance-related developments meant the process took longer than anticipated.
That story has now entered a new chapter. With the DRHP filed on 17 June 2026, the IPO has moved from years of discussion to its formal listing process.
Discussions around the NSE IPO are not new. The exchange first filed draft papers for an IPO in 2016. The listing, however, did not move ahead as anticipated.
One of the biggest reasons was the co-location controversy. The case centred on allegations that a few brokers received faster access to NSE's trading systems through its co-location facility. A co-location facility is a service offered by a stock exchange where brokers place their trading servers inside or very close to the exchange's data centre.
Since even a small speed advantage can matter in high-frequency trading, the issue raised concerns about whether all market participants had been given equal access.
The matter remained under regulatory scrutiny for several years. SEBI and other authorities examined different aspects of the case, and questions around governance and compliance also came into focus. As a result, the IPO was put on hold.
The IPO gathered momentum again in 2026 after SEBI allowed NSE to move ahead with the listing process. The filing of the DRHP in June was the clearest sign yet that the IPO had moved beyond speculation and into the formal approval process.
The filing of the DRHP has answered several questions about how the IPO will be structured.
The IPO is a 100% Offer for Sale (OFS) with existing shareholders selling up to 148.9 million equity shares. The proceeds from the offer are expected to compensate the selling shareholders.
The proposed listing will take place on the Bombay Stock Exchange (BSE), while MUFG Intime India Private Limited has been appointed as the registrar to the issue. The IPO is being managed by 20 Book Running Lead Managers, including Kotak Mahindra Capital, JM Financial, Morgan Stanley India, SBI Capital Markets, ICICI Securities, and several other leading investment banks.
The size of the business explains why this IPO has attracted so much attention.
NSE reported ₹166,013.09 million in revenue from operations during FY26 and a profit after tax of over ₹103,020.61 million. It also had 253.66 million registered investor accounts and 129.09 million unique investors as of 31 March 2026.
During FY26, NSE accounted for nearly 93% of India's cash market trading, close to 100% of the equity futures market and was also the world's largest exchange by equity derivatives contracts traded. In the same year, companies raised more than ₹20.33 trillion through equity and debt issuances on the exchange.
Market participants are also watching the IPO because of its expected size. While the company has not announced a valuation, market estimates suggest the listing could value NSE at around ₹5 lakh crore, making it one of India's most valuable listed financial institutions. If that happens, it would also rank among the biggest public issues seen in India.
NSE is already a mature business with an established market position. That is one reason the issue continues to rank among the most closely watched future IPOs in the Indian market.
For years, discussions around the NSE IPO were largely centred on whether the listing would happen at all. Today, that question has largely been answered.
With the DRHP now in the public domain, investors have far more information than before. The filing explains how the IPO will be structured, identifies the selling shareholders and provides a detailed picture of the exchange's business, financial performance and risks.
As a result, conversations around the IPO have also started to change.
From here, the IPO follows the standard listing sequence before shares begin trading.
NSE has not announced a schedule for these milestones yet. The dates are expected to be shared closer to the launch of the public issue.
Listing changes how a company functions; the same is expected with NSE. Its shares will trade in the market, giving investors a real-time view of how the business is valued. The shareholder base will no longer remain limited to existing investors, and NSE will begin reporting as a listed company under applicable disclosure and governance rules. This will give investors greater visibility into its financial performance and operations.
Buying shares of NSE is different from investing in a typical listed company. The exchange's business grows alongside activity in the capital markets, whether through trading volumes, fresh listings or investor participation. Once the pricing details are announced, the market will have a better basis to judge the offer.
The NSE IPO has taken longer than many expected, but the process has now entered a new phase. The DRHP filing has brought greater clarity on the structure of the offer and has signalled that preparations are moving ahead.
While a few regulatory steps are still pending, attention has now shifted to the remaining milestones before the IPO opens. For a company that sits at the centre of India's capital markets, the listing is expected to be one of the most closely watched market events whenever it finally takes place.
Disclaimer:This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
