After years of regulatory hurdles and governance issues, the NSE IPO is now gaining momentum. Approvals in place, top bankers and legal firms are on board, and timelines are beginning to take shape. NSE is likely to file the DRHP by the end of June. Is the NSE IPO finally happening in 2026? And what should investors really expect this time around? Let’s break it down.
When Does The NSE IPO Begin?
According to Moneycontrol, a long-awaited NSE IPO is likely filing its DRHP (draft red herring prospectus) by the end of June 2026. The timeline now seems to be falling into place with everything that’s been happening around the long-pending NSE IPO. Earlier, there were indications that the exchange was preparing to file its initial documents with SEBI by late May or early June. Now, with key approvals already in place, things appear to be moving faster, likely suggesting that the NSE IPO process is finally gaining real momentum.
Who Are The NSE IPO Bankers Participating In?
NSE has fully committed itself to its IPO prep, bringing together a strong mix of financial experts and legal advisors to handle every stage of the listing. Previously, the exchange has appointed around 20 merchant bankers to manage the NSE IPO. Some of the key names include Kotak Mahindra Capital, JM Financial, Axis Capital, IIFL Capital, Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Nuvama Wealth, and HDFC Bank. Along with them, global investment bankers like Morgan Stanley, J.P. Morgan, Citigroup, and HSBC are also part of the NSE IPO.
Additionally, NSE has engaged eight top law firms to manage the legal aspects. These firms will take care of due diligence, compliance, documentation, and regulatory approvals, basically ensuring everything is clean and SEBI-ready. Names here include Cyril Amarchand Mangaldas, Khaitan & Co, Latham & Watkins, Sidley Austin, AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas, and Trilegal. Apart from these firms, a few other important players are also involved. MUFG Intime India has been appointed as the registrar.
Is the NSE IPO a fresh issue or OFS only?
The proposed NSE IPO is expected to be OFS, and no fresh capital will be raised. This means existing shareholders will participate while diluting around a 4-4.5% stake. The NSE IPO size is expected to be around Rs. 23000 cr. The outcome could likely depend on the final valuation and the market conditions.
Who Can Apply for the NSE IPO OFS?
To sell your NSE unlisted shares and apply for OFS, you must meet a few eligible conditions:
Your shares must be fully paid: this simply means there shouldn’t be any pending payments on them.
You should have held them for at least 1 year: The holding period is counted before the DRHP is filed. Since NSE may file the DRHP by end of June, shares held before June 15, 2025, are eligible to be sold in the OFS
Shares should be free from any restrictions: if your shares are pledged, under lien, locked-in, or have any legal/transfer restrictions, they won’t be eligible for OFS.
Also Read: Process Of Applying OFS Sale
Settlement of Old Scandal Before NSE IPO
In 2015, NSE attempted to go public, but serious governance issues forced it to halt those plans. The biggest controversy was the co-location case, where a few algo traders allegedly got faster access to market data by being physically closer to NSE’s servers, giving them an unfair edge. SEBI stepped in and found multiple violations.
In 2019, it asked NSE to pay around Rs.625 crore with interest and an additional Rs.100 crore penalty. Former top executives, including Chitra Ramkrishna and Ravi Narain, faced action for lapses in governance, and the matter even led to further investigation by enforcement agencies. Recently, in January 2026, SEBI granted NOC (No Objection Certificate) to NSE before filing the DRHP. The move would be a big step that clears one of the major roadblocks in the journey of the NSE IPO.
Can We Expect an NSE IPO In 2026?
If the NSE files the DRHP by June-July, then we can expect the NSE IPO this year. Some unidentified sources mention that NSE is planning to list by the third quarter of FY26, before December. Earlier, NSE CEO Ashish Chauhan said that the exchange could bring its public issue to market by the fourth quarter of FY27.
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