Sebi agrees to settle all NSE cases, clears way for mega IPO

Mumbai: National Stock Exchange (NSE) edged closer to its long-delayed stock market debut on Thursday, after India's markets regulator agreed to settle every outstanding case against the bourse - the largest such settlement by any entity to date.

The Securities and Exchange Board of India (Sebi) told NSE it would settle all pending matters, including the co-location and dark fibre cases that have dogged the exchange for years, for ₹1,491.2 crore.

The settlement clears the last major regulatory obstacle standing between India's biggest stock exchange and an initial public offering that has been delayed repeatedly by legal and regulatory tangles.


"Sebi vide email dated July 30, 2026, has in principle agreed to accept the terms of the settlement and has made a demand of ₹714.74 crore, in addition to the deposit of ₹776.47 crore made by NSE with Sebi, which will be adjusted towards the settlemen tamount of ₹1,491.211 crore," NSE said.

The co-location case - in which certain brokers were alleged to have gained unfair, access to NSE's trading servers - has hung over the exchange since 2015, dragging it through investigations, appeals and tribunal battles ever since. Thursday's settlement draws a line under that saga, and under the separate dark fibre case concerning alleged preferential network access for select trading firms.

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"The financial impact for the settlement amount of ₹1,491.211 crore has already been provided for in the financial year ended March 31, 2026. However, the cash outflow towards the settlement will be ₹714.74 crore," NSE said.

Once Sebi passes the settlement order, the cases pending before the Supreme Court will be withdrawn. NSE is planning to raise over ₹26,000 crore this year.