In a move that could fundamentally restructure the capital market architecture in India, the Securities and Exchange Board of India (SEBI) is contemplating the establishment of a specialized expert committee to review and evaluate norms governing the self-listing of stock exchanges. According to informed sources cited by CNBC-TV18 on Monday, September 28, 2026, market stakeholders have submitted formal representations urging the market regulator to re-examine existing statutory restrictions. The development arrives at a critical juncture following the public debut of the National Stock Exchange (NSE)—which had to list on the Bombay Stock Exchange (BSE) rather than its own platform to comply with existing cross-listing requirements. A comprehensive regulatory assessment by a SEBI-backed committee would assess whether domestic bourses can lawfully list, trade, and clear their own equity shares directly on their proprietary trading platforms.

Resolving Conflict of Interest: Core Governance and Oversight Structure Under Scrutiny

At the heart of the regulatory deliberation lies the complex challenge of mitigating structural conflicts of interest and maintaining market integrity. Under current capital market norms, a stock exchange acts as a first-line market infrastructure institution (MII), enforcing listing obligations, monitoring price manipulation, evaluating insider trading, and penalizing non-compliant corporate entities. Permitting an exchange to self-list raises fundamental operational questions regarding regulatory oversight: specifically, how an entity can objectively discipline and monitor its own trading volume, continuous disclosure compliance, and shareholder obligations. Sources indicate that before granting regulatory clearance, SEBI will examine robust governance frameworks, including designating a non-conflicted primary oversight exchange or establishing an independent surveillance firewall to ensure self-regulatory responsibilities are never compromised for commercial gain.

Retrospective Impact: Proposed Framework to Govern Both New and Already-Listed Bourses

A critical dimension of the ongoing regulatory review is its comprehensive scope across the domestic exchange ecosystem. Sources confirmed that should SEBI formalize and notify an updated self-listing framework, the new governance, disclosure, and surveillance mandates will not be limited solely to future applicants; they will retrospectively apply to already-listed market infrastructure institutions such as BSE, MCX, and recently listed NSE equity. Formal communications detailing industry perspectives and international regulatory precedents have already been delivered to the regulatory watchdog, with financial market participants awaiting an official communication or consultative paper from SEBI outlining the formation, composition, and terms of reference for the proposed review committee.