National Stock Exchange of India Begins Process for Public Listing
印度國家證券交易所開始辦理上市程序
Introduction
The National Stock Exchange (NSE) has submitted its official application to the Securities and Exchange Board of India (SEBI), marking the start of its journey to become a publicly traded company.
印度國家證券交易所 (NSE) 已向印度證券交易委員會 (SEBI) 提交正式申請，標誌著其成為公開交易公司的過程正式開始。
Main Body
The proposed IPO is designed as an 'Offer for Sale' (OFS). This means that existing institutional shareholders, such as the State Bank of India and Temasek, will sell up to 6% of their shares. Consequently, the NSE will not receive any new money from this process; instead, the funds will go to the selling investors. However, some major shareholders, including the Life Insurance Corporation (LIC), have decided to keep their shares.
本次擬議的 IPO 設計為「出售要約」(OFS)。這意味著現有的機構股東，如印度國家銀行和淡馬錫，將出售最多 6% 的股份。因此，NSE 將不會從此過程中獲得任何新資金；相反，資金將流向出售股份的投資者。然而，包括印度人壽保險公司 (LIC) 在內的一些大股東已決定保留其股份。
This listing process was first attempted in 2016 but faced long delays due to government investigations into trading practices. The situation was finally resolved in January 2026 after the NSE paid a ₹1,300 crore settlement. Furthermore, because regulations prevent a stock exchange from listing its own shares on its own platform, the NSE is expected to trade on the Bombay Stock Exchange (BSE).
此次上市程序最早於 2016 年嘗試，但由於政府對交易行為進行調查而面臨長期延遲。在 NSE 支付 13 億盧比的和解金後，該情況終於於 2026 年 1 月獲得解決。此外，由於法規禁止證券交易所將自身股份在其自有平台上市，預計 NSE 將在孟買證券交易所 (BSE) 交易。
In terms of market power, the NSE is a leader, controlling 93% of the domestic cash market and almost 100% of equity futures trading. For the period ending March 2026, the company reported a net profit of ₹103.02 billion. If the shares are priced at ₹2,000 each, the IPO could raise about ₹29,780 crore, which would make it the largest IPO in Indian history.
在市場實力方面，NSE 是領導者，掌控了 93% 的國內現貨市場以及近 100% 的股票期貨交易。截至 2026 年 3 月止，公司報告淨利潤為 1,030.2 億盧比。如果每股定價為 2,000 盧比，此次 IPO 可能籌集約 2,978 億盧比，將成為印度歷史上最大規模的 IPO。
Conclusion
The NSE is now waiting for SEBI to complete its review before the company decides on the final share price and the dates for investors to buy in.
NSE 目前正等待 SEBI 完成審核，隨後公司將決定最終股價及投資者的認購日期。
Vocabulary Learning
⚡ The 'Bridge' Concept: Moving from Simple Facts to Logical Links
At the A2 level, students usually write simple sentences: "The NSE applied to SEBI. It wants to be a public company."
To reach B2, you must stop treating sentences like a list of facts and start treating them like a web of connections. Look at how this article uses 'Connectors' to guide the reader through complex financial news.
🛠️ The 'Cause & Effect' Toolkit
Instead of just saying "and" or "but," B2 speakers use words that show why something happened.
1. The Consequence Link: "Consequently"
- Text Example: "Consequently, the NSE will not receive any new money..."
- The Logic: This is a fancy way of saying "Because of this." Use it when the second sentence is a direct result of the first.
- A2 B2 Shift:
- (A2): It rained, so the game stopped.
- (B2): It rained heavily; consequently, the game was cancelled.
2. The Addition Link: "Furthermore"
- Text Example: "Furthermore, because regulations prevent..."
- The Logic: Use this when you have already given one reason/fact and you want to add another strong point to support your argument.
- A2 B2 Shift:
- (A2): The hotel is cheap. It is also clean.
- (B2): The hotel is very affordable. Furthermore, it is located in the city center.
🧠 Pro Tip: The 'Passive' Shift
Notice the phrase: "The proposed IPO is designed as..."
An A2 student focuses on who does the action ("The company designed the IPO"). A B2 student focuses on the action itself ("The IPO is designed"). This makes your English sound professional, objective, and academic. Focus on the object, not the person!