Independent Research on Mutual Funds, Stocks & IPOs for Indian Investors

National Stock Exchange of India Limited (NSE), India's largest stock exchange, filed its DRHP with SEBI after a decade-long, repeatedly delayed listing journey (originally planned 2016, stalled over co-location and dark fibre regulatory issues). In January 2026, under new management, NSE reached a ₹1,300 Cr settlement with SEBI clearing the path to refile. IPO is entirely an Offer for Sale of up to 14.89 crore equity shares (148,905,525 shares, face value ₹1) by existing shareholders — NSE itself receives no proceeds. NSE Clearing Ltd (its clearing arm, AAA-rated by CRISIL since 2008) and NSE Indices Ltd (425 indices including Nifty 50) are notable subsidiaries. FY26 revenue ₹16,601 Cr (down 3.1% YoY), profit ₹10,302 Cr (down 15.5% YoY). 253.66 million registered investor accounts as of March 2026. 20 book running lead managers appointed — among the largest syndicates ever assembled for an Indian IPO. Could potentially be India's largest-ever IPO by valuation (estimated could exceed ₹5 trillion), rivaling Jio Platforms. Price band and dates TBA.