NSE IPO: Exchange to freeze ISIN from September 11; no offline share transfers allowed until listing

The National Stock Exchange of India (NSE) has announced that it will initiate the freezing of its ISIN in the depository system from Friday, September 11, 2026, in connection with the proposed initial public offering (IPO) of its equity shares.

In a notification to shareholders, NSE said its ISIN INE721I01024 will remain frozen until the listing and commencement of trading of the company’s equity shares.

The move is being undertaken as part of the procedural requirements related to the proposed IPO and in accordance with the applicable NSDL and CDSL circulars.

Share transfers to be restricted

As part of the IPO process, NSE said its equity shares are required to be unencumbered and free from being pledged.

The exchange has therefore requested shareholders to refrain from creating any pledges over the company’s equity shares from September 11 until the date of listing.

During the freeze period, no transfers, including off-market transactions, of NSE shares will be permitted without the corresponding corporate action and supporting documentation.

Pre-IPO shareholders to face lock-in

NSE further said that, in accordance with applicable law, equity shares held by pre-IPO shareholders of the company, except to the extent exempt, will be subject to a lock-in. The lock-in will begin from the date of allotment of equity shares in the IPO and continue for the period prescribed under applicable law.

The exchange has asked all shareholders to take note of the notification and support the company during the IPO process.

Indian Bank, BoB and New India Assurance plan major stake sales

Indian Bank is proposing to sell up to 15 lakh NSE shares through an Offer for Sale (OFS) as part of the National Stock Exchange of India’s proposed IPO. The stake sale represents 17.91% of Indian Bank’s holding in NSE and is subject to regulatory approvals.

The bank executed the consent letter for the transaction on September 9, with the sale expected to be completed by the end of September, subject to the NSE IPO and applicable approvals.

Meanwhile, other NSE shareholders are also preparing to pare their stakes through the proposed IPO. Among them, New India Assurance plans to divest 1.05 crore NSE shares, representing 29.83% of its holding.

Bank of Baroda is also looking to sell up to 76.90 lakh shares, equivalent to 35% of its NSE stake. The shares were transferred to an escrow account on September 8, with the transaction expected to be completed by the end of September.

Bank of Baroda had received ₹76.90 crore in dividends from NSE for FY26, according to its latest disclosure. The planned stake sales by these shareholders form part of the broader OFS process linked to the much-awaited NSE IPO.

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