{
  "id": 7263870,
  "title": "Why can’t NSE trade on its own platform after the IPO, and is it a big deal?",
  "url": "https://urgent.news/2026/09/14/why-cant-nse-trade-on-its-own-platform-after-the-ipo-and-is-it-a-big",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-14T04:02:54.000Z",
  "source": {
    "name": "The Economic Times - Top News",
    "slug": "the-economic-times-top-news",
    "url": "https://economictimes.indiatimes.com/markets/stocks/news/why-cant-nse-trade-on-its-own-platform-after-the-ipo-and-is-it-a-big-deal/articleshow/134232116.cms"
  },
  "original_language": "en",
  "account": "The National Stock Exchange (NSE) will not seek approval from the Securities and Exchange Board of India (Sebi) to trade its shares on its own platform following its IPO, according to Ashish Chauhan, the exchange's MD and CEO. This decision has drawn attention to the governance rules surrounding market infrastructure institutions ahead of NSE's highly anticipated IPO. Despite the exchange's preparations for listing, Indian regulations, as per Regulation 45(1) of the Sebi Stock Exchanges and Clearing Corporations Regulations, 2018, prohibit a recognized stock exchange from listing its own securities on its own platform. Consequently, NSE is expected to list its shares exclusively on the Bombay Stock Exchange (BSE). Ishan Tanna, a Senior Associate at Ashika Capital, explained that the restriction is in place to address governance and conflict-of-interest concerns. Listing shares on one's own exchange could potentially lead to ethical issues such as manipulation, raising concerns about who would monitor the trading of the exchange's own stock, manage unusual price movements, and handle disclosure or surveillance alerts. The Jalan Committee's report on market infrastructure institutions also highlighted the inherent conflict of interest in allowing a market infrastructure institution to list on its own platform. While the committee did not resolve every issue around cross-listing and self-listing, its observations remain relevant, as they underscore why exchanges are treated differently from traditional companies. For NSE, the self-listing point is not a significant setback, as the exchange's shares will be listed on another recognized exchange, maintaining a distance between the exchange as a listed company and as a market operator. The IPO is expected to be a straightforward offer for sale, with NSE not receiving fresh capital and existing shareholders selling part of their stake to public investors. The expected IPO size is now around Rs 22,500-23,500 crore, lower than the earlier estimated range of Rs 30,000 crore.",
  "summary": "NSE MD Ashish Chauhan clarified that the exchange will not seek Sebi approval to list or trade its shares on its own platform. Under Sebi rules, a recognised exchange can list only on another exchange, meaning NSE’s upcoming IPO is expected to result in a BSE-only listing.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}