During the meeting, the board is expected to constitute a specialised IPO committee to serve as the central authority for the listing, market sources said on Wednesday.
This committee will be tasked with defining listing procedures and establishing the criteria for appointing the merchant bankers and legal advisors required to draft the Red Herring Prospectus (DRHP), they added.
Additionally, the board will review and approve the exchange’s unaudited financial results for the quarter and nine-month period ending December 2025.
On Friday, Sebi granted a no-objection certificate (NOC) to the NSE to move ahead with its IPO after a decade of delays over regulatory concerns and co-location controversy.
The country’s largest bourse NSE’s listing plans remained on hold since 2016, when the exchange first filed draft offer documents to raise around Rs 10,000 crore through an offer for sale by existing shareholders.
Sebi, however, withheld approval due to regulatory concerns arising from governance lapses and the co-location case. Since then, NSE has approached the regulator multiple times seeking clearance. Last month, Sebi chairman Tuhin Kanta Pandey said the regulator granted “in-principle” approval to NSE’s settlement application in the unfair market access case, an important development seen as paving the way for the exchange’s IPO.
Pandey also indicated that the NOC could be issued within about a month.
NSE filed its settlement plea in June 2025. The exchange’s IPO plans were stalled due to the co-location case, in which certain brokers were accused of receiving preferential access to the exchange’s trading systems.
After years of litigation, NSE in 2025 offered to pay Rs 1,388 crore to settle the charges and move ahead with the listing process.
The proposed IPO is expected to be among the largest in India’s capital markets.
NSE, which has about 1.77 lakh shareholders, is valued at over Rs 5 lakh crore in the grey market, analysts believe.
NSE managing director and chief executive Ashish Kumar Chauhan had earlier described the in-principle approval as a positive signal, though he said no formal communication had been received at the time.
“Once we receive the NOC, we will follow the conditions mentioned in the intimation and begin preparations for filing the draft red herring prospectus (DRHP),” Chauhan had told PTI Videos.
He had stated that it could take up to four months after receiving Sebi’s NOC to file the DRHP, which would then require regulatory clearance.
The IPO itself could hit the markets around seven to eight months after the NOC, he had stated.
In March 2025, Sebi constituted an internal committee to examine NSE’s listing proposal.