India’s largest depository, has moved one step closer to launching its highly anticipated Initial Public Offering (IPO) after receiving final observations from the Securities and Exchange Board of India (SEBI).

NSDL, India's leading depository, gets Sebi's nod to launch its IPO. NSE, HDFC Bank, and SBI will offload shares in an OFS. This follows approval for Standard Glass Lining and Zinka Logistics IPOs.

SEBI approves the NSDL IPO with major stakeholders including IDBI Bank and NSE participating. India's largest depository set for a significant public issue.

NSDL had filed its Draft Red Herring Prospectus with the securities board in July 2023, but the DRHP was put in abeyance.

The move comes several months after NSDL filed its Draft Red Herring Prospectus (DRHP) with SEBI on July 7, 2023. The IPO will be an offer for sale (OFS) with NSE and IDBI Bank looking to divest their stakes.

The IPO of NSDL, which is completely an offer for sale, will see IDBI Bank, NSE, SBI, HDFC Bank and Union Bank of India offloading their stakes.

Sebi has approved the IPO of National Securities Depository Limited (NSDL). The offer for sale will include 57,260,001 shares, with major stakeholders like IDBI Bank, NSE, and SBI reducing their stakes.

An observation letter is a document issued by the Securities and Exchange Board of India (SEBI) to a company in response to a draft offer document for an Initial Public Offering (IPO).

NSDL's IPO will be a complete Offer For Sale (OFS), which means the company will not receive any proceeds from the issue.