NSE’s ₹1,500-Crore Settlement Draws A Line Under SEBI Cases As Supreme Court Closes Appeals

New Delhi: The Supreme Court on Thursday disposed of petitions filed by the Securities and Exchange Board of India (SEBI) against the National Stock Exchange (NSE) after the regulator approved a nearly Rs 1,500-crore settlement in the long-running co-location and dark fibre cases.

A bench comprising Justices JB Pardiwala and K Vinod Chandran took note of the settlement between the NSE and SEBI before disposing of the market regulator’s petitions.

NSE Completes Rs 1,491-Crore Settlement

The cases centred on allegations that certain stockbrokers received preferential access and speed advantages while accessing market data, potentially allowing them to execute trades ahead of other investors.

In July, NSE paid Rs 714.74 crore to SEBI after receiving in-principle approval to settle the co-location and dark fibre cases for Rs 1,491.21 crore.

Combined with Rs 776.47 crore deposited earlier, the latest payment completed the agreed settlement amount.

NSE had originally filed two settlement applications in June 2025, proposing a cumulative payment of Rs 1,387.39 crore. The exchange subsequently revised the terms in March 2026, raising the amount to Rs 1,491.21 crore.

NSE IPO Moves Into Focus

The settlement comes at a crucial time for India’s largest stock exchange as preparations for the much-awaited NSE IPO gather pace.

NSE filed its draft IPO papers with SEBI in June. The proposed public issue consists entirely of an Offer for Sale (OFS) of 14.89 crore equity shares by existing shareholders.

The shares represent nearly 6% of NSE’s equity capital.

With no fresh issue component, the IPO is estimated at around Rs 30,000 crore, potentially making it one of India’s biggest public offerings.