SEBI likely to issue NOC for NSE IPO this month; IFCI shares jump 10%

NSE IPO Updates: SEBI Chairman Tuhin Kanta Pandey on January 16 indicated that the no-objection certificate (NOC) for the National Stock Exchange (NSE) IPO is expected to be issued later this month. Pandey made the remarks at the Samvad 2026 event, adding that the process is at an advanced stage and the regulatory hurdle for the long-delayed IPO has been largely cleared.

The announcement sparked a sharp move in the markets, with IFCI shares surging 10 per cent, reflecting investor optimism about the value of its indirect stake in NSE.

IFCI owns an effective 2.35 per cent indirect stake in NSE through its majority holding in Stock Holding Corporation of India (SHCIL). With NSE valued at over Rs 5 lakh crore, IFCI’s share is estimated at around Rs 13,000 crore — a significant chunk of its own market capitalization of Rs 16,400 crore.
Other major institutional shareholders in NSE include Life Insurance Corporation of India (10.72 per cent), General Insurance Corporation of India (1.64 per cent), and The New India Assurance Company (1.42 per cent).

With SEBI’s clearance in principle, NSE can proceed with the formal IPO process, including filing the Draft Red Herring Prospectus (DRHP). According to Ashish Chauhan, MD & CEO, NSE, the IPO timeline is to depend on regulatory approvals and some other external factors.

Chauhan noted that preparation of the DRHP is expected to take 3–4 months after receipt of the NOC, followed by SEBI’s review and query process, which can take another 2–4 months. “Most IPO timelines are driven by regulators and third parties, not internal planning. It is difficult to commit to a specific launch window in H1FY27 or H2FY27,” he said.

The SEBI Chairman’s confirmation and the subsequent jump in IFCI’s stock underscore the market’s positive reaction to progress on the NSE IPO. Analysts say issuance of the NOC is a critical milestone, and the IPO, once launched, could rank among India’s largest public listings, given NSE’s valuation and the stakes held by institutional investors.