NSE IPO Gets SEBI Green Light This Month, Says Chairman Pandey

"I think we are at a very advanced stage of issuing the NOC for the NSE IPO, maybe within this month," Pandey said while speaking with ANI, without offering a definitive timeline.

Notably, the NSE has been seeking regulatory clearance for its public listing for several years, following governance concerns and the co-location controversy that came under SEBI's scrutiny.

NSE initially filed its Draft Red Herring Prospectus (DRHP) in December 2016. The process was delayed by regulatory challenges, particularly allegations of unfair access to its algorithmic trading platform in India.

Later in August 2024, the NSE reapplied to the Securities and Exchange Board of India (SEBI) for a no-objection certificate to proceed with its IPO.

In October 2024, the NSE settled its Trading Access Point (TAP) Architecture and Network Connectivity case by paying a penalty of Rs 643 crore to SEBI, which was probing an alleged deficiency on the part of the exchange and its top officials to deal with a situation wherein some high-frequency stock traders were found to be gaming the system.

Further speaking on SEBI's plan to enforce accountability on digital platforms, Pandey said the exchange has since taken multiple corrective steps, including changes in senior management, board restructuring, strengthening of compliance frameworks, and settlement of past regulatory issues.

"One of the ways that we are doing it is through looking at social media and wherever we find that there is transgression, we are asking the platforms to take it down," he said, adding that over 100,000 takedowns have already been carried out in recent months.

"A key pillar of this initiative is AI Sudarshan, an artificial intelligence-based tool developed by SEBI to scan and identify market-related violations online. The tool helps regulators pinpoint misleading or illegal content for swift action," he added.

Addressing the rise in fraud cases in which scammers misuse SEBI's name and logo, Pandey said the regulator has stepped up coordination with law enforcement agencies across the country.

"SEBI has written to all states, including Chief Secretaries and Directors General of Police, requesting the appointment of nodal officers. Many states have already nominated officers, and training programs have been conducted," he said.

As part of investor protection measures, SEBI has launched SebiCheck, a tool that allows investors to verify within 30 seconds whether a bank account, UPI handle, or QR code is officially approved for securities market transactions. The tool, available through SEBI's mobile app and website since October 1, 2025, aims to prevent investors from falling prey to cloned apps and mule accounts.

Pandey urged investors to use SebiCheck before transferring funds. "If money is sent to fraudulent accounts, investors get no protection. Awareness is critical," he emphasised.

On market regulation, Pandey said SEBI is not planning any immediate changes, particularly in the derivatives segment. He noted that multiple measures were introduced earlier, first in October 2024, then in May 2025, with the final set implemented in December 2025.

"We are currently studying the data post-implementation. Once sufficient data is available, we will decide our next course of action. At this stage, we do not intend to disturb anything," he said.

On gold-related investment products, Pandey clarified that regulated options such as gold ETFs already exist and are functioning well. While Electronic Gold Receipts (EGRs) are also permitted, he acknowledged that certain operational issues have limited their adoption.

Pandey also announced a revamp of SEBI's investor awareness strategy. Based on a July survey, the regulator found that outreach is most effective when delivered in multiple languages and through diverse formats.

"Going forward, our investor awareness campaigns will be multilingual, multi-agency, and multimedia," he said, adding that short videos, reels, and other digital formats will be used to engage younger investors, while ensuring messages remain complete and accurate.

With a growing number of young participants entering the securities market, Pandey said SEBI is keen to make investor education both informative and engaging.

- ANI