The Securities and Exchange Board of India (SEBI) Chairman, Tuhin Kanta Pandey, has announced that the No-Objection Certificate (NOC) for the National Stock Exchange's (NSE) Initial Public Offering (IPO) is in a 'very advanced stage' and is likely to be issued within January 2026. This statement, made during the Association of National Exchanges Members of India 15th International Capital Market Convention 2026 in Chennai, signals a crucial development for India's capital markets. The NSE's journey to a public listing has been protracted, with the exchange first filing its draft red herring prospectus (DRHP) in December 2016. However, the IPO process was subsequently stalled due to regulatory scrutiny, particularly concerning the co-location controversy and governance issues. In a significant move to clear regulatory hurdles, the NSE settled its 'Trading Access Point architecture and network connectivity' case in October 2024 by paying a penalty of ₹643 crore. Following this, the exchange implemented comprehensive reforms, including changes in top management and strengthening its compliance framework. SEBI Chairman Pandey, while refraining from giving a definitive timeline, expressed confidence that the NOC could be granted this month. NSE CEO Ashish Chauhan had previously estimated an 8-9 month timeline from receiving the NOC to actual listing, which includes time for DRHP preparation and SEBI's review. The long-awaited NSE IPO is considered a significant event for India's financial markets, promising enhanced transparency and boosting market confidence in the exchange.