New Delhi, July 12 -- A potential NSE listing is positioned as the final step to "complete the trioka" of India's market infrastructure, with forward-looking benefits expected in transparency, valuation discovery and global index inclusion, according to a research report by Jefferies.

The report argued that an IPO would be a near-term catalyst. "NSE listing will bring greater transparency, better governance and price discovery for India's largest exchange", it notes, adding that it will also "pave the way for MSCI and FTSE inclusion of NSE as an investable entity" once regulatory hurdles are cleared.

The brokerage expects the listing to trigger re-rating across capital market peers. "We expect the listing to act as a benchmark for valua...