Mumbai, August 23, 2026 (Yes Punjab News)
The Securities and Exchange Board of India (SEBI) is yet to issue its observations on the proposed initial public offering (IPO) of the National Stock Exchange (NSE), with the process awaiting completion of a share allocation arrangement between State Bank of India (SBI) and SBI Capital Markets Ltd (SBICAPS), according to a source familiar with the matter.
The development follows a change in the selling shareholder structure for the NSE IPO, with SBICAPS joining SBI as a selling shareholder. The two SBI group entities will now divide the shares that SBI had earlier proposed to sell.
Under the revised arrangement, SBI will offer up to 15.97 million NSE shares, while SBICAPS will sell up to 8.78 million shares. The overall size of the proposed offer remains unchanged.
The transfer and allocation of shares between the two entities is expected to take some time. Once completed, the revised shareholding structure will be formally reflected in NSE’s draft red herring prospectus (DRHP).
NSE has already issued an addendum to its DRHP reflecting the revised allocation among the selling shareholders. However, according to the source, the transfer and related documentation need to be completed and the corresponding details incorporated before SEBI can process the IPO application further and issue its observations.
The proposed NSE IPO is entirely an offer for sale (OFS) by existing shareholders and does not include any fresh issue of shares by the exchange. Consequently, the change in selling shareholders does not affect the overall size of the proposed offering.
SBICAPS’ inclusion is notable as the company is also among the lead merchant bankers advising on the NSE IPO. It will therefore have a dual role in the transaction, both as an SBI group entity involved in the revised share allocation and as one of the investment banks managing the issue.
NSE has been preparing for its much-anticipated public listing, which is expected to be one of India’s closely watched capital market transactions. The latest change is primarily an internal restructuring among SBI group entities, but the necessary share transfer, documentation and DRHP updates must be completed before the regulatory process can advance.
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