NSE unlisted share price today: How stock exchange is faring amid IPO buzz

Unlisted shares of the National Stock Exchange (NSE) remained largely stable on Wednesday, trading in the range of Rs 2,380–2,419 apiece, according to data from unlisted stock platforms. The scrip has rallied over 60 per cent in recent weeks amid renewed optimism that the market regulator may soon allow the exchange to file draft IPO papers.

Market analysts said the recent spike on NSE counter was driven by a short squeeze. Demand surged unexpectedly for NSE unlisted shares, forcing short sellers to cover positions and pushing prices higher. Analysts explained that several institutional deals—with settlement windows of 10 to 20 days—were canceled after NSE's May 6, 2025, earnings report and dividend announcement. This triggered a rush among brokers to cover short positions, further boosting the stock.

The NSE IPO is regarded as one of India’s most anticipated public listings. Although the exchange filed draft papers with SEBI in 2016 to sell a 22 per cent stake for Rs 10,000 crore, the process stalled due to the absence of a required No Objection Certificate (NOC).

A recent Bloomberg report indicated that NSE may offer SEBI Rs 1,000 crore to settle regulatory issues, with a decision likely soon. Optimism has grown since SEBI’s September 2024 order cleared NSE and former executives—such as ex-CEOs Chitra Ramkrishna and Ravi Narain—of wrongdoing in the 2019 co-location case due to lack of sufficient evidence. However, SEBI criticized the exchange for inadequate policies around server access and failure to discipline rule-breakers.

Regulatory concerns persist, including those related to NSE’s governance, executive compensation, and majority stake in the Clearing Corporation.

During a May 7 earnings call, NSE MD & CEO Ashishkumar Chauhan confirmed the exchange had responded to SEBI’s February 28 letter and formally requested the NOC required to initiate the IPO. Chauhan noted that lack of regulation on clearing corporation disinvestment and key managerial personnel (KMP) salaries could delay progress.

Chauhan added that while NSE has operated without major disruption since 2021, any pending legal matters would be disclosed in the Draft Red Herring Prospectus (DRHP). “Legal issues pending before the Supreme Court will need resolution, but beyond that, there are no major hurdles,” he said.