The National Stock Exchange of India is on the verge of launching its long-awaited initial public offering after receiving clearance from SEBI, signalling a significant milestone amid India’s rapid growth in retail investor participation and market development.
At a capital markets conference in Mumbai on Wednesday, National Stock Exchange chief executive Ashish Kumar Chauhan thanked Securities and Exchange Board of India chair Tuhin Kanta Pandey for clearing the way for the exchange’s long-awaited initial public offering and for settling issues that had held up the process for years. The remarks marked one of the clearest signals yet that the country’s largest stock exchange is moving towards a listing after a prolonged regulatory wait.
The approval follows a long and often uncertain path. In January, both Business Standard and Moneycontrol reported that SEBI was in the advanced stages of issuing the no-objection certificate needed by market infrastructure institutions before they can file for an IPO. Those reports said the clearance was expected within weeks, after repeated delays linked to past regulatory concerns, including the co-location dispute and dark fibre access questions.
According to Chauhan, India’s capital markets have expanded rapidly in recent years, with more than 13 crore unique investors and over 26 crore NSE accounts. He said household participation in equities and mutual funds has risen sharply, with these assets now accounting for 15.2% of annual household financial savings, compared with 1.8% in FY12. He also said total household equity holdings have climbed past Rs 90 lakh crore, reflecting strong growth since 2020.
The NSE chief said that growing domestic savings will be vital as India seeks to finance higher investment in manufacturing, infrastructure, logistics, urban development, digital networks, renewable energy and the broader energy transition. He also pointed to the rise of the corporate bond market, which he said has grown from about Rs 17.5 lakh crore in FY15 to Rs 59 lakh crore in FY26, though it still accounts for only around 17% of GDP. Other speakers at the event underlined the gap between awareness and participation in securities markets, while CDSL chief Nehal Vora said India has crossed 23.45 crore demat accounts, with roughly one lakh new accounts being opened each day.
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