National Stock Exchange (NSE) Managing Director and Chief Executive Officer Ashishkumar Chauhan indicated that the long-anticipated initial public offering (IPO) of the NSE may launch in the upcoming Samvat 2082, contingent upon receiving regulatory approval from the Securities and Exchange Board of India (SEBI).
“NSE has been waiting for its IPO approval from SEBI, called the No Objection Certificate. So hopefully, if it comes, you will see NSE’s IPO in the next Samvat,” Chauhan stated during an interview with businessline on the sidelines of Diwali’s Muhurat trading session.
Chauhan emphasized that despite not being publicly traded, the NSE has consistently adhered to the governance standards applicable to listed companies. “It has been following all the corporate governance criteria. We do not have any specified promoter,” he noted, adding that the primary motivation for the IPO is to provide an exit route for existing investors.
Derivatives Market Reforms Under Discussion
Addressing the issue of derivatives trading regulations, Chauhan reiterated the NSE’s position regarding participant eligibility. “People who trade in derivatives need to have a minimum net worth and some expertise or educational qualifications that allow them to be eligible to trade in derivatives. That has been our suggestion to SEBI even for the last three years,” he remarked.
His comments coincide with SEBI’s consideration of phasing out weekly expiries in derivatives trading and potentially introducing monthly options. “SEBI is set to release a consultative paper addressing various ways to regulate this market. It will be interesting to see the feedback once the consultation paper is published,” Chauhan added.
SME IPOs Show Strong Long-Term Performance
In response to concerns over the performance of small and medium enterprise (SME) IPOs, which have exhibited volatility, Chauhan defended the sector’s track record. “If you look at the SME market over the last 13 years—since the segment started in 2012—the SME markets in India have consistently provided excellent returns,” he said.
He acknowledged some recent subscription irregularities but expressed confidence in the regulatory framework. “SEBI has implemented strong measures to ensure that new issues are well-regulated and maintain stability upon listing,” Chauhan stated, indicating that these regulations would likely improve the behavior of SMEs going forward.
Mixed Samvat 2081 Market Performance
Regarding the market performance for Samvat 2081, Chauhan observed mixed results. “This year has been slightly slower. The Nifty generated a 6.5% return, which is favorable compared to fixed deposit returns but less impressive compared to gold and silver, which have performed exceptionally well,” he commented, attributing some underperformance to tariff wars and geopolitical issues.
However, he highlighted robust economic fundamentals, including a 14.5% growth in India’s services exports over the past year, along with strong performance in sectors such as construction, real estate, and consumer durables. “Yesterday, there were 125,000 car deliveries. In 1985, we weren’t even producing 100,000 cars; now we are delivering that quantity in a single day,” he noted, underscoring India’s economic evolution.
Reflecting on the cultural significance of Muhurat trading, Chauhan remarked, “Muhurat Trading is a time to consider the values that shape our financial journey, including trust, knowledge, and discipline,” while wishing investors a “prosperous and financially enlightened Diwali.”
The NSE has also broadened its offerings, recently launching electricity futures and applying for index futures in bonds. “Electricity markets are undergoing transformation due to the success of NSE’s electricity futures,” Chauhan added.
Published on October 21, 2025.
