From SEBI's Final Clearance to Damani's ₹9,300 Cr Windfall — What Investors Should Know
India’s most-awaited IPO this year may soon hit Dalal Street as the National Stock Exchange (NSE) prepares for a Diwali 2025 public listing — pending one final regulatory hurdle: a No Objection Certificate (NoC) from the Securities and Exchange Board of India (SEBI).
According to top regulatory officials, SEBI’s NoC is mandatory for Market Infrastructure Institutions (MIIs) before any public listing. While the NSE has cleared most roadblocks, the listing hinges on the resolution of ongoing regulatory settlements related to compliance issues in its past operations.
Key Takeaways for Investors
- IPO Size & Timing: Diwali 2025 likely, pending SEBI’s final approval
- Settlement Amount: ₹1,600 crore – largest ever paid to SEBI
- Grey Market Price: NSE shares trading above ₹2,300
- Damani’s Stake Value: Estimated at ₹9,300 crore
- Investor Growth: Shareholder base jumped 4x in anticipation
₹1,600 Cr Settlement Offer: India’s Largest to SEBI
In an unprecedented move, the NSE has proposed a ₹1,600 crore settlement — the highest ever offered to SEBI — to resolve regulatory proceedings. The settlement offer is currently under review by SEBI’s High-Powered Advisory Committee, which will send its recommendation to a Whole-Time Member for the final decision.
As per SEBI Chairperson Tuhin Kanta Pandey, the primary issues remaining involve the payment and withdrawal of certain legal cases. The resolution is expected to align with Diwali timelines, offering hope for a festive-season market debut.
NSE Shares Surge in Grey Market; Trading Above ₹2,300
Investor excitement is already building. In the unlisted shares grey market, NSE stock is trading at over ₹2,300 per equity share, signaling strong pre-IPO demand. The growing buzz has quadrupled the unlisted shareholder base, surging from around 39,210 to 160,000 investors, according to reports.
Damani’s Mega Windfall: ₹9,300 Cr Valuation
Ace investor Radhakishan Damani, who holds a 1.58% stake in NSE, stands to gain significantly. His holding is now valued at approximately ₹9,300 crore in the unlisted market — making it the second-largest holding in his portfolio after DMart (Avenue Supermarts), which is currently valued at over ₹1.90 lakh crore.
Damani had acquired his stake in 2020 by purchasing 3.91 crore shares from Norwest Venture Partners, further solidifying his presence in India’s financial market ecosystem.
Final Step Before IPO Green Light
While the proposed listing has no confirmed date yet, industry experts suggest the settlement process may take another two months, aligning the potential IPO with Diwali 2025 — a time known for bullish sentiment and increased retail participation.
A person familiar with the regulatory matter said, “The NoC is a non-negotiable requirement under SEBI regulations for MIIs seeking to go public. Until the settlement is completed and the order is issued, the process cannot move forward.”
Source- News Portal
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