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Ashish Chauhan confirms National Stock Exchange will list its IPO on Bombay Stock Exchange, as Indian regulations bar self-listing.
The NSE operates the world’s busiest derivatives market by number of contracts traded.
The National Stock Exchange will look at other prominent exchanges like Bombay Stock Exchange (BSE) to list its upcoming IPO when it goes public. Managing Director and Chief Executive Officer Ashish Chauhan told ANI that Indian regulations prohibit the exchange from self-listing.
The NSE operates the world’s busiest derivatives market by number of contracts traded.
Regulatory Framework Bars Self-Listing
Chauhan said Indian regulations prohibit a stock exchange from regulating and listing itself, requiring it to seek admission on another recognised platform. “It’s a regulation of India, and we have to abide by that,” he told ANI.
The comments follow the Securities and Exchange Board of India’s (SEBI) no-objection certificate, which clears a key hurdle for the exchange’s long-pending initial public offering (IPO). Chauhan confirmed that the NSE would pursue listing on an alternative exchange such as the Bombay Stock Exchange (BSE).
Under India’s regulatory framework, exchanges cannot list on their own trading platforms due to conflict-of-interest concerns. Chauhan noted that while some global exchanges, such as Intercontinental Exchange (ICE), the parent of the New York Stock Exchange (NYSE), are listed on their own platforms, India’s rules do not permit such arrangements.
Offer For Sale Structure And Timeline
Chauhan said the IPO would be structured entirely as an Offer for Sale (OFS), with no fresh capital raised. “We are not going to raise money for ourselves,” he told ANI, adding that existing shareholders would be invited to indicate their interest in selling shares.
The exchange, which has nearly 195,000 shareholders collectively owning 100 percent of the company, will take a few months to prepare and file its Draft Red Herring Prospectus (DRHP). SEBI will then review the document before granting further clearance.
On valuation estimates of around USD 50 billion circulating in the market, Chauhan advised caution. Pricing, he said, would be determined closer to launch, based on financial performance, industry comparables, growth trends, and broader economic and geopolitical conditions. Merchant bankers appointed to the issue will advise the IPO committee on the offer price.
Transparency, Governance, And SME Inclusion
Chauhan described the IPO as procedural, aimed at providing liquidity to shareholders rather than funding expansion, noting that the exchange remains profitable.
He said public listing enhances transparency and governance through wider ownership and real-time disclosure requirements. Citing the example of Life Insurance Corporation (LIC), he said governance standards improved following its listing.
In the same interview, Chauhan said India has positioned itself as a cost-effective and inclusive capital market, particularly for small and medium enterprises (SMEs). He contrasted domestic listing costs with those in developed markets such as the United States, where expenses can range between USD 20 million and USD 30 million.
“In India, people are raising USD 1–2 million also. So how much they are spending is probably 5 to 10 per cent of that money to list,” he told ANI, adding that India’s ecosystem of merchant bankers, legal advisers and compliance professionals supports SME participation.
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March 01, 2026, 09:10 IST
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