NSE IPO 2025: Exchange Sets Aside Rs 1,300 Cr for SEBI Settlement, Adjusted Q2 PAT Rises 16% QoQ

The National Stock Exchange of India (NSE), operator of the country's largest stock exchange, is moving closer to the launch of its long-awaited initial public offering (IPO). On Tuesday, the exchange announced that it has set aside nearly Rs 13 billion (Rs 1,300 crore) to resolve pending litigation with the Securities and Exchange Board of India (SEBI), clearing a major hurdle in its attempt to list shares on Dalal Street.

NSE IPO Big Update: Q2 Results Before SEBI NOC

The NSE has been attempting to go public for the last nine years. However, regulatory challenges have repeatedly delayed its listing plans. One of the most significant hurdles has been litigation with SEBI. In 2019, NSE was fined Rs 11 billion (Rs 1,100 crore) for failing to provide equitable access to all trading members, including issues related to colocation facilities and dark fibre connectivity.

The latest move to set aside Rs 1,300 crore is seen as a step toward an imminent settlement of these pending cases, potentially paving the way for the long-awaited IPO. NSE has filed two separate settlement applications with SEBI for a total of Rs 13.87 billion and has recognised its first-ever provision in its second-quarter financial results.

NSE Q2 FY26 Financial Performance

For the quarter ending September 2025 (Q2 FY26), NSE reported a 33% year-on-year (YoY) decline in consolidated profit after tax (PAT) to Rs 2,098 crore, down from Rs 3,137 crore in the same period last year.

However, excluding the Rs 1,297 crore provision made for the SEBI settlement applications, NSE's adjusted PAT stood at Rs 3,396 crore, marking a 16% quarter-on-quarter (QoQ) growth.

The exchange clarified that the provision includes interest towards settlement applications filed under SEBI (Settlement Regulations) 2018 concerning colocation and dark fibre matters. NSE added that a response from the regulator is still awaited.

NSE's consolidated total income for Q2 FY26 fell 17% YoY to Rs 4,160 crore from Rs 5,023 crore in Q2 FY25.

NSE Half-Yearly Financials Show Growth Excluding SEBI Provision

For the half-year period from April to September 2025, NSE reported a PAT of Rs 5,022 crore. Excluding the SEBI provision, the adjusted PAT stood at Rs 6,320 crore, up from Rs 5,704 crore in the same period last year.

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