NSE: SEBI Clears IPO, Listing to Happen on BSE

SEBI has approved NSE's long-awaited IPO, expected to be the largest fundraise from India's primary market, with subscription likely opening September 15 and listing targeted around September 25. As covered in an earlier post, the shares will list on

, not NSE itself, a direct consequence of the self-listing restriction we explained then. This clears a process that first began nearly a decade ago, NSE filed its original draft prospectus in December 2016, but the listing stalled amid a co-location controversy, where certain traders were alleged to have received preferential access to NSE's servers through dark fibre connections. 1. The delay wasn't simple bureaucracy, it was a genuine governance investigation. NSE eventually settled with SEBI, paying roughly ₹1,491 crore to resolve the matter, before the regulatory path toward an IPO could even restart. 2. NSE's own financials, disclosed as part of this process, show a real business worth understanding. The exchange reported Q1 FY27 net profit of ₹3,120 crore, up from ₹2,923 crore a year earlier, though revenue actually declined 8% sequentially from the previous quarter, worth remembering the sequential-versus-year-on-year distinction we've covered before applies here too. 3. This sets up a direct comparison worth watching once NSE lists. BSE's own shares have risen roughly 28-fold since its 2017 IPO. Once NSE begins trading on BSE, investors will be able to compare how the country's two exchanges, each processing the other's trades in some sense, actually perform against one another as investments themselves. The takeaway: A decade-long regulatory process, delayed by a genuine governance issue, has now cleared. Worth remembering NSE listing on BSE isn't a workaround or a loophole, it's the direct, expected outcome of the self-listing restriction we already explained, now playing out in real time.