Mumbai, June 19 -- National Stock Exchange of India Ltd (NSE) has finally taken the first step towards a public listing. On Wednesday, the exchange filed its draft red herring prospectus (DRHP) for an initial public offering that will be an entirely offer-for-sale (OFS), allowing existing shareholders to sell up to 148.9 million shares. NSE will not receive any proceeds from the issue.

The IPO comes as NSE sits firmly at the centre of India's capital markets ecosystem. While its scale is hard to ignore, the exchange's core operating performance weakened after the market regulator's derivatives reforms slowed trading activity.

Revenue from operations fell 3% year-on-year to Rs.16,601 crore in 2025-26 from Rs.17,141 crore in FY25 as tradi...