The Securities and Exchange Board of India (SEBI) is set to issue the no-objection certificate (NOC) for the National Stock Exchange's (NSE) initial public offering (IPO) by the end of January 2026. This confirmation came from SEBI Chairman Tuhin Kanta Pandey during a press conference in Chennai, signaling a critical advancement for the long-awaited public listing of India's largest stock exchange. Pandey stated that the regulator is at a "very advanced stage" of issuing the NOC. The NSE's IPO plans have been on hold for several years, primarily due to regulatory concerns arising from the co-location scam and governance issues. The exchange had initially filed its draft red herring prospectus (DRHP) in December 2016, but the process was delayed amidst regulatory scrutiny. Key areas requiring resolution included corporate governance, technological and operational resilience, and ongoing litigation. In response, NSE has implemented significant corrective measures, including changes in senior management, restructuring of its board, and strengthening compliance frameworks, in addition to settling past regulatory matters. Notably, in October 2024, NSE resolved the Trading Access Point (TAP) architecture case by paying a penalty of ₹643 crore. Issuance of the NOC is a pivotal step, enabling the NSE to proceed with preparing and filing its IPO prospectus. While the NOC is imminent, the actual listing process, encompassing DRHP preparation and SEBI's review, is estimated to take an additional 8-9 months, as previously communicated by NSE CEO Ashish Chauhan. This development is highly anticipated by market participants and investors, as the NSE's listing is poised to be one of the most significant events in India's capital markets in recent times, offering enhanced liquidity for existing shareholders and broader access for new investors.