The National Stock Exchange of India Ltd announced on Monday, January 12, a trading holiday in the Capital Market segment for Thursday, January 15, 2026, due to the Municipal Corporation Election in Maharashtra. This decision affects trading activities across the exchange's capital market operations during this significant electoral event.

Trading Holiday Details

The exchange issued an official notification outlining the specific parameters of the trading suspension:

Circular Modification

The NSE clarified that this announcement represents a partial modification to its earlier communication. "In partial modification to Exchange circular reference no. NSE/CMTR/71775, the Exchange hereby notifies Thursday, January 15, 2026, as a trading holiday in Capital Market (CM) Segment on account of Municipal Corporation Election in Maharashtra," the NSE stated in its official notification.

Market Impact

The trading holiday specifically affects the Capital Market segment, which encompasses equity trading activities on the exchange. Market participants and investors should plan their trading strategies accordingly, considering this scheduled suspension of trading activities. The exchange's proactive announcement provides market participants with adequate notice to adjust their operations and trading plans for the specified date.

National Stock Exchange of India, the country's largest exchange, is preparing to file its draft prospectus for its long-awaited public listing by the end of March, according to sources familiar with the development. The move marks a significant step forward for what could potentially become one of India's largest initial public offerings.

IPO Preparation and Timeline

The exchange is currently in discussions with investment bankers and law firms to finalize the prospectus and assess investor appetite for the offering. Formal appointments of bankers and lawyers will follow after receiving a no-objection certificate from the Securities and Exchange Board of India (SEBI). On Saturday, SEBI's chairperson indicated that the regulator could "possibly" grant the required approval for NSE's listing this month.

Current Valuation and Market Position

NSE's financial metrics reflect its dominant market position:

For comparison, its smaller listed peer BSE Ltd currently trades at ₹2,767 per share. NSE has not yet indicated what percentage of its equity would be offered to the public.

Regulatory Challenges and Settlement

The listing process has faced significant delays since NSE first attempted to go public in 2016. The primary obstacle has been regulatory investigations into the exchange's conduct regarding fair market access for traders through its co-location facilities. This case remains pending in India's Supreme Court.

Shareholder Structure and Exit Strategy

NSE's complex ownership structure presents unique challenges for the IPO process. With 1,77,807 shareholders, it stands as India's largest unlisted company by number of investors. Lawyers drafting the IPO documents are developing mechanisms to ensure fair exit opportunities for this extensive shareholder base.

Preference for exit is likely to be given to banks and foreign institutions that have held NSE shares for extended periods. The exchange's top institutional shareholders include several prominent entities:

• Life Insurance Corporation of India
• State Bank of India
• Temasek Holdings
• Morgan Stanley
• Canada Pension Plan Investment Board

Market Significance

The successful completion of NSE's IPO would represent a landmark event for India's capital markets, given the exchange's central role in the country's financial ecosystem. As both India's largest exchange and the world's most active derivatives trading platform, NSE's public listing has been one of the most anticipated offerings in the Indian market for several years.