The National Stock Exchange (NSE) has received a significant regulatory boost with the No Objection Certificate (NOC) from the Securities and Exchange Board of India (SEBI), clearing a major hurdle for its long-awaited initial public offering (IPO). This development, ending nearly a decade of delays, paves the way for the country's largest stock exchange to move forward with its public listing plans. 

NSE MD & CEO Ashish Kumar Chauhan outlined the expected timeline following the NOC. Since the IPO will be structured as a pure Offer for Sale (OFS), the exchange must coordinate with current shareholders to make their shares available for the offering. This process, along with preparing the Draft Red Herring Prospectus (DRHP), is anticipated to take approximately 3 to 4 months. 

Once the DRHP is filed with SEBI for approval, the regulator could require an additional 2 to 3 months for review. Overall, Chauhan estimated a timeframe of about 7 to 8 months from the current date, positioning the potential IPO toward the end of 2026. 

There has been considerable speculation about possible reductions in the Securities Transaction Tax (STT), particularly for certain trades, as investors seek relief from transaction costs amid recent increases in taxes affecting equity markets.