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SEBI issued its observation letter to the National Stock Exchange on 4 September 2026, clearing the way for an IPO delayed for nearly a decade.
The issue is estimated at around Rs 30,000 crore, which would make it among the largest public issues in Indian history.
NSE shares will be listed on the BSE, because SEBI rules bar an exchange from listing itself — an exchange is the first-level regulator of what trades on it.
NSE wants its shares also to trade on its own platform through the 'Permitted to Trade' route, a proposal SEBI rejected when BSE sought the same in 2017.
NSE accounts for roughly 93 per cent of India's cash-market turnover and about 75 per cent of options premium.
A stock exchange polices disclosure, surveillance and price bands for the companies on its platform. If its own shares traded there, it would be setting and enforcing those controls on itself — the reason SEBI's regulations bar an exchange from listing on its own platform.
Simple Analogy: A referee playing in the match he is officiating.
| Feature | Listed on an exchange | Permitted to Trade (PTT) |
|---|---|---|
| Compliance responsibility | Rests with the listing exchange | Stays with the primary listing exchange, here the BSE |
| Where shares can be bought and sold | On the listing exchange | Also on a second exchange, without being listed there |
| Regulatory precedent | Standard route for every listed company | SEBI rejected BSE's PTT proposal on its own platform when BSE listed in 2017 |
Statutory regulator of the securities market, established under the SEBI Act, 1992, with powers to protect investors and regulate exchanges
India's largest exchange by turnover, dominant in cash equities and derivatives, and the operator of the Nifty family of indices
Asia's oldest stock exchange and the venue where NSE shares are to be listed; its own listing in 2017 set the precedent on self-trading
General Awareness > Capital markets, SEBI and financial institutions
GS Paper III > Indian Economy > Capital markets, regulators and mobilisation of resources
General Awareness > Economy and current affairs
Consider the following markets: 1. Government Bond Market 2. Call Money Market 3. Treasury Bill Market 4. Stock Market How many of the above are included in capital markets?
Answer: Only two
A mechanism allowing a company's shares to be traded on an exchange where they are not listed; the primary listing exchange retains compliance responsibility.
SEBI's clearance on a draft red herring prospectus, without which a company cannot proceed with its public issue.
The role an exchange plays in monitoring disclosure, surveillance and trading conduct of the companies on its platform, below SEBI in the regulatory chain.
An issue in which existing shareholders sell their holdings to the public, so the proceeds go to them rather than to the company.