SEBI Chairman Tuhin Kanta Pandey said the findings showed that many traders continued to incur losses even after three to four years of trading. File
| Photo Credit: ANI
SEBI Chairman Tuhin Kanta Pandey on Thursday (September 17, 2026) said there is no proposal from the National Stock Exchange (NSE) seeking the regulator’s approval to trade on its own platform after getting listed.
“No, there is no such letter, and there is no such requirement,” Mr. Pandey told reporters on the sidelines of the National Bank for Financing Infrastructure and Development (NaBFID) Infrastructure Conclave 2026.
He further said such trading cannot be permitted at present.
The National Stock Exchange’s much-awaited Rs 22,569-crore IPO opened for subscription on Thursday (September 17, 2026).
Subscription to the 3-day issue will close on September 21. The IPO is entirely an offer-for-sale of 12.64 crore equity shares by existing shareholders. The company’s price band for the offer has been fixed at ₹1,700-1,785 per share.
As it is entirely an offer-for-sale, NSE will not receive any proceeds from the IPO. All proceeds from the offer, excluding issue expenses, will be received by selling shareholders.
On concerns raised by some brokers and asset management companies over the new UPI Merchant Discount Rate (MDR), Mr. Pandey said the Securities and Exchange Board of India (SEBI) would examine the issues.
“I think there are some important issues there. We will certainly look into it and see how we can ease them,” he said.
The government has exempted UPI transactions of up to ₹2,000 to merchants from charges.
On Tuesday (September 15, 2026), the government set a 0.4% charge on UPI payments above ₹2,000 to merchants and capped the fee at ₹300 for payments of ₹75,000 and above, as it rolled out a framework for large digital merchant payments.
The move marks the end of the zero-MDR regime that has been in place since January 2020. The regime was introduced to promote digital payments but had long been criticised by banks and fintech companies as unsustainable.
On the regulator’s study on futures and options (F&O) trading, Mr. Pandey said the findings showed that many traders continued to incur losses even after three to four years of trading.
The study has also provided research findings on trading behaviour, he said.
“Even after 3-4 years of trading, there are many people in continued losses,” Mr. Pandey said, adding that investors need to assess whether they are suited for the F&O market.
On the municipal bond market, Mr. Pandey identified municipal governance and the capacity of municipalities to repay as key issues.
“One of the important issues is municipal governance and municipal capacity to repay… now the regulations are in shape,” he said.
Mr. Pandeysaid an escrow mechanism has been put in place to provide recourse, while more pooled vehicle financing is also being proposed.
He said greater participation by municipalities in raising funds through municipal bonds could encourage others to tap the market.
The Centre is also providing incentives to municipalities that raise money through municipal bonds, he said.
Published – September 17, 2026 04:42 pm IST
