After years of delay, the IPO of the National Stock Exchange (NSE) appears to be back on track as a key regulatory hurdle has been cleared. The development follows approval from an expert panel of the Securities and Exchange Board of India, which accepted the exchange’s proposal to settle long-pending cases by paying around ₹1,800 crore.

This approval marks a significant step toward resolving issues that have stalled the listing since it was first proposed in 2016. The panel cleared matters related to the colocation and dark fibre cases—two of the most critical concerns raised by regulators over the years.

The settlement proposal will now move to SEBI’s whole-time members for final approval. If it receives the green light, NSE could revive its IPO plans and move closer to listing on the stock market, ending nearly a decade of uncertainty.

The NSE IPO has been one of India’s most anticipated yet delayed public offerings, held back by governance concerns, regulatory scrutiny, and technology-related issues. With some of these hurdles now easing, the latest development is expected to boost investor confidence, though the final decision by SEBI will be crucial in determining the exchange’s next steps.