NSE Chairman Injeti Urges SEBI to Consider Self-Listing as Indian Market Matures — September 25, 2026

The National Stock Exchange of India (NSE) should evaluate the option of self-listing on its own platform as the domestic market infrastructure matures, NSE Chairman Srinivas Injeti stated on Friday, September 25.

The comments were delivered just a day after the country’s dominant bourse made its long-awaited debut on the BSE. The exchange listed at ₹1,800 per share, slightly above its offer price band peak of ₹1,785, commanding a valuation of roughly $47 billion.

Maturing Markets and Global Parity

Injeti observed that capital market regulations should adapt as institutions and governance systems evolve. Currently, Indian regulatory provisions under the Securities and Exchange Board of India (SEBI) bar an exchange from listing and trading its own securities directly on its platform to avoid structural conflicts of interest.

Under existing norms, an exchange is classified as a frontline regulator, monitoring compliance, disclosures, and insider trading across listed corporates. Consequently, self-listing has been treated as a scenario where an entity would be required to police itself. To comply with SEBI rules, the NSE was required to list exclusively on rival bourse BSE, just as BSE had listed on the NSE back in 2017.

However, Injeti highlighted that global standards diverge from this stance. Major international bourses—including the London Stock Exchange, Nasdaq, and Intercontinental Exchange (parent of the New York Stock Exchange)—operate under frameworks permitting self-listing, backed by dedicated regulatory walls and oversight mechanisms.

Regulators Maintain a Cautious Stance

Despite the calls from the NSE leadership, regulatory authorities remain circumspect. Ahead of the NSE IPO, SEBI Chairman Tuhin Kanta Pandey clarified that the regulator had received no formal application from the NSE requesting approval for self-listing or self-trading, adding that it remained "too early to consider such a move" under the current regulatory landscape.

Pandey emphasized that existing provisions disallow exchanges from self-listing, reinforcing that market integrity and the prevention of administrative friction take precedence.

Dual Mandate: Market Utility vs Commercial Entity

NSE holds a near-monopoly across various trading segments in India, capturing about 93% of the cash-equity market alongside leading market share in derivatives trading.

Addressing concerns about whether a publicly traded bourse can balance profits with supervision, Injeti reiterated that the exchange's fundamental mandate remains uncompromised. He outlined that while NSE must generate returns for its public shareholders, its regulatory duty to maintain market integrity and protect public interest will always hold an overriding advantage whenever commercial and regulatory priorities cross paths.

Tags: National Stock Exchange BSE Limited SEBI Srinivas Injeti IPO Capital Markets