NSE IPO coming soon: SEBI in-principle accepts revised settlement term; Q1 results & more

NSE IPO update: Clearing key roadblocks in the much-awaited initial public offering (IPO) of National Stock Exchange of India (NSE), capital market regulator Securities and Exchange Board of India (SEBI) regarding the in-principle acceptance of the revised settlement terms (RST) proposed by the leading exchange in the country on Thursday, July 30, 2026.

"SEBI vide email dated July 30, 2026, has in principle agreed to accept the terms of the settlement and has made a demand of Rs 714.74 crore, in addition to the deposit of Rs 776.47 crore made by NSE with SEBI, which will be adjusted towards the settlement amount of Rs 1,491.211 crore," said NSE in a circular.

"The financial impact for the settlement amount of Rs 1,491.211 crore has already been provided for in the Financial year ended March 31, 2026. However, the cash outflow towards the settlement will be Rs. 714.74 crore," it added. "There is no other material adverse impact on the day-to-day operations of the company."

The settlement of NSE with the market watchdog concludes the regulatory cases involving the exchange's 'co-location' and 'dark fibre' matters, ending the long-standing hurdles around regulatory lapses, delaying its maiden issue. The exchange had revised its settlement terms with SEBI in its IPO prospectus offering Rs 1,223.6 crore for co-location and Rs 267.7 crore for 'dark-fibre' case.

NSE Q1 results
National Stock Exchange of India reported a 7 per cent year-on-year (YoY) jump in the net profit at Rs 3,120 crore in the June 2026 quarter, compared to Rs 2,924 crore in the year-period. Its PAT margin stood stable at 5.9 per cent. It revenue from operations improved 12 per cent YoY to Rs 4,560 crore for the reported quarter compared to Rs 4,032 crore in the year ago period.

The leading exchange's EBITDA jumped 15 per cent on a yearly basis to Rs 3,594 crore in Q1FY27, from Rs 3,130 crore in Q1FY26. Operating EBITDA margin improved to 79 per cent for the reported quarter. Its contribution to the exchequer (including collections and payments) in Q1FY27 was Rs 20,579 crore

Established in 1994, NSE pioneered electronic trading in India and operates a fully integrated ecosystem spanning listings, trading, clearing, settlement, indices and market data. It also oversees regulatory compliance for members and listed companies. NSE was the world's largest derivatives exchange by trading volume in 2025 and ranked third globally in equity trading by number of trades, according to FIA and WFE, respectively.

NSE IPO update
Following the settlement of cases with SEBI, market participants are expecting that NSE's IPO draft approval is not far fetched. Some of them believe that NSE shall get observations for its DRHP by mid-August and the exchange its eyeing its stock market listing by September 2026

International roadshows for NSE IPO are currently underway. NSE is also engaging with domestic institutions as part of its IPO outreach. NSE is likely to raise nearly Rs 28,000-30,000 crore from its maiden offer, which is entirely an offer-for-sale (OFS) of up to 14.89 crore equity share. The could India's largest ever IPO so far.

NSE unlisted share price
Unlisted shares of NSE are available around Rs 1,950-2,000 apiece. At the current valuation, the company is commanding a market capitalization of Rs 4.85-4.95 lakh crore. State Bank of India (SBI), Bank of Baroda, and GIC RE, Life Insurance Corporation of India (LIC) and others are likely to offload the stake in the exchange.