No proposal from NSE seeking approval for trading on its own platform: SEBI chief

NSE Chairman Tuhin Kanta Pandey stated on Thursday that there is no proposal from the National Stock Exchange to seek approval from the regulator to trade on its own platform following its listing. Pandey clarified during a press conference at the NaBFID Infrastructure Conclave 2026 that such trading is currently prohibited. The National Stock Exchange's highly anticipated ₹22,569-crore IPO opened for subscription on Thursday, with the 3-day issue concluding on September 21.

This IPO is entirely an offer-for-sale of 12.64 crore equity shares by existing shareholders, with no proceeds expected by the NSE from the offering, as they will be received by selling shareholders. Concerns regarding the new UPI Merchant Discount Rate (MDR) were addressed by Pandey, who mentioned that SEBI would investigate the issues.

The government has exempted UPI transactions up to ₹2,000 from merchant charges, while imposing a 0.4 percent charge on transactions above ₹2,000, capped at ₹300 for payments of ₹75,000 and above. Pandey highlighted that many traders continue to incur losses even after three to four years of trading in futures and options (F&O) markets, suggesting that investors should assess their suitability for the F&O market.

Regarding the municipal bond market, Pandey emphasized the importance of municipal governance and capacity to repay as key factors, noting that an escrow mechanism is in place to provide recourse, alongside proposed pooled vehicle financing. He also mentioned that the central government provides incentives to municipalities that raise funds through municipal bonds.