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

The National Stock Exchange of India 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 of its 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. 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. 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. Indian Bank is proposing to sell up to 15 lakh NSE shares through an Offer for Sale 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. 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. The planned stake sales by these shareholders form part of the broader Offer for Sale process linked to the much-awaited NSE IPO.