Unlisted Shares in Focus as Legal Hurdles Begin to Clear
The National Stock Exchange (NSE) is back in the spotlight as it takes a major step toward resolving long-standing regulatory challenges. On Wednesday, June 25, the exchange filed two applications with the Securities and Exchange Board of India (SEBI) to settle the co-location and dark fibre cases by offering to pay a record ₹1,388 crore—the highest-ever settlement amount proposed by any Indian entity.
📈 Unlisted Shares React
The development has sparked renewed interest in NSE’s unlisted shares, which are currently trading in the ₹2,325–2,400 range on the grey market. A successful settlement could pave the way for the exchange to relaunch its long-awaited Initial Public Offering (IPO).
📜 A Long-Awaited IPO
- NSE first filed its draft IPO papers back in 2016, with plans to sell a 22% stake and raise nearly ₹10,000 crore.
- However, those plans were derailed by regulatory probes stemming from a 2015 controversy, where certain high-frequency traders were alleged to have received preferential access to NSE’s co-location servers.
⚖️ Clearing Legal Clouds
SEBI Chairman Tuhin Kanta Pandey, speaking at the FE CFO Awards, stated that no major obstacles remain in NSE’s path.
“Some legal settlements and related issues need to be closed. A certain amount will have to be paid, and cases withdrawn,” he said.
On May 7, during an earnings call, NSE MD & CEO Ashishkumar Chauhan confirmed the exchange had replied to SEBI’s February 28 letter and formally requested the No Objection Certificate (NOC) needed to initiate the IPO process.
Chauhan emphasized that regulatory uncertainties around clearing corporation divestment and KMP salaries might still slow progress, but added:
“Pending Supreme Court matters will be disclosed in the DRHP. Beyond that, there are no major hurdles.”
🔁 Derivatives Expiry Day Changes
NSE was recently in the news after SEBI approved changes to the expiry day for derivatives contracts.
- Contracts expiring on or before August 31, 2025, will continue with the Thursday expiry.
- For contracts expiring on or after September 1, 2025, the expiry day will shift to Tuesday.
- Long-dated index options will be realigned accordingly.
This move aims to streamline trading activity and better align expiry days across products and exchanges.
🧾 Conclusion
With its settlement offer on the table and regulatory clarity improving, NSE appears closer than ever to reviving its IPO ambitions. For investors and market watchers, this signals not only a potential listing from India’s largest exchange but also a renewed push for transparency, accountability, and innovation in capital markets.
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