NSE IPO approval likely this month, says SEBI chief
What's the story
The Securities and Exchange Board of India (SEBI) is nearing the final stages of granting a no-objection certificate (NOC) for the National Stock Exchange (NSE)'s long-awaited initial public offering (IPO). This was revealed by SEBI Chairman Tuhin Kanta Pandey during an interview with news agency ANI. He said, "I think we are at a very advanced stage of issuing the NOC for the NSE IPO, possibly within this month."
IPO timeline
NSE's IPO journey and regulatory challenges
The NSE has been seeking approval for its IPO for years, after a series of governance lapses and controversies. The exchange first submitted its draft red herring prospectus (DRHP) in December 2016. However, the process was delayed due to regulatory actions over alleged preferential access to its algorithmic trading platform. In August 2024, NSE re-applied to SEBI for a fresh NOC for its public issue.
Compliance actions
NSE resolves regulatory issues and implements corrective measures
In October 2024, the NSE resolved the Trading Access Point (TAP) architecture and network connectivity case by paying a penalty of ₹643 crore. The case involved alleged shortcomings in addressing cases where certain high-frequency traders exploited system access. Since then, Pandey said, the NSE has taken several corrective measures such as senior management changes, board restructuring, compliance framework strengthening and resolving past regulatory issues.
Digital monitoring
SEBI's efforts to ensure accountability on digital platforms
Pandey also spoke about SEBI's efforts to ensure accountability on digital platforms. He said the regulator has been closely monitoring social media for violations related to securities markets. "One of the ways that we are doing it is through looking at social media, and wherever we find transgression, we are asking the platforms to take it down," he said. So far, over 1 lakh takedowns have been executed in recent months.
AI tool
AI Sudarshan: SEBI's tool to detect market violations
A major part of this effort is AI Sudarshan, an artificial intelligence (AI) tool developed by SEBI to identify misleading or illegal market-related content online. The system helps the regulator detect violations and take prompt action. Pandey also addressed the rise in fraud cases involving misuse of SEBI's name and logo, saying the regulator has stepped up coordination with law enforcement agencies across states.
Investor protection
SEBI's initiatives for investor protection and awareness
For investor protection, SEBI has launched SebiCheck, a verification tool that lets investors check if a bank account, UPI handle or QR code is authorized for securities market transactions. The tool has been available through SEBI's mobile app and website since October 1, 2025. "If money is sent to fraudulent accounts, investors get no protection. Awareness is critical," Pandey said while urging investors to use SebiCheck before transferring funds.