The National Stock Exchange of India (NSE) has emerged as the fourth largest exchange in the world in terms of IPO fundraising during the first half of calendar year 2025 (H1CY25), according to data from S&P Global Market Intelligence.

Between January and June 2025, the NSE raised $5.51 billion through initial public offerings, accounting for 8.9% of the total global IPO fundraising of $61.95 billion. The top three positions on the global IPO league table were secured by the Nasdaq Global Market, the New York Stock Exchange (NYSE), and the Nasdaq Global Select Market, which collectively raised $28.95 billion during the same period.

This strong performance by NSE comes amid growing anticipation of its own long-awaited public listing—a move that could be a historic milestone for India’s capital markets.

NSE IPO gathers momentum
In a significant update, SEBI Chairman Tuhin Kanta Pandey recently stated that there are “no obstacles” remaining for NSE to proceed with its IPO. Speaking at the FE CFO Awards in Mumbai last month, Pandey said, “There is no obstacle that will remain in the case of NSE IPO,” although he declined to confirm whether the listing could happen before Diwali.

NSE Managing Director and CEO Ashishkumar Chauhan has confirmed that the exchange is currently awaiting a ‘No Objection Certificate’ (NOC) from SEBI. Once received, the exchange will prepare and file its Draft Red Herring Prospectus (DRHP) with the market regulator.

“We will prepare our DRHP and send it back to SEBI. After that, they will take their time to approve it,” Chauhan said in a statement to IANS.

The NSE’s IPO has been delayed in the past due to legacy regulatory issues, but recent developments suggest that the path to listing is now clearer than ever.

SEBI tightens oversight of IPO market
While the spotlight remains on the NSE’s own listing, SEBI has also increased its regulatory scrutiny over the broader IPO market, aiming to ensure transparency and protect investors amid rising activity.