The Securities and Exchange Board of India (SEBI) has issued its observation on the proposed Initial Public Offering (IPO) of the National Stock Exchange of India Ltd (NSE), clearing the way for the country’s largest stock exchange to proceed with its public issue.
NSE had filed its draft offer documents on June 18, 2026, for an IPO comprising entirely an Offer for Sale (OFS) by existing shareholders. The proposed offering involves up to 14.89 crore equity shares, representing nearly 6% of the company’s equity.
As the issue is entirely an OFS, NSE will not issue any fresh shares or receive any proceeds from the IPO.
The SBI Group is the largest selling shareholder, offering up to 2.475 crore shares. Other major shareholders participating in the OFS include MS Strategic (Mauritius) Ltd with up to 1.60 crore shares, Canada Pension Plan Investment Board (CPPIB) with 1.19 crore shares, Aranda Investments (Mauritius) Pte Ltd with 1.12 crore shares, Bank of Baroda with around 1.10 crore shares and Stock Holding Corporation of India Ltd with around 1.09 crore shares.
Other shareholders participating in the proposed offering include General Insurance Corporation of India (GIC Re), The New India Assurance Company, National Insurance Company and United India Insurance Company, besides individual shareholders.
NSE had earlier appointed a consortium of 20 banks to manage the proposed IPO. The book-running lead managers include Kotak Mahindra Capital, JM Financial, Morgan Stanley, HSBC, Citigroup and JPMorgan, among others.
SEBI’s observation marks a key regulatory milestone for NSE’s proposed listing and enables the exchange to move ahead with the next stages of the IPO process.
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