The development comes after sustained pressure from shareholder institutions, led by State Bank of India, to go for an initial public offering The National Stock Exchange of India Ltd (NSE) on Monday said it plans to file papers in January 2017 to sell its shares to the public for the first time. The exchange will also file for an overseas listing of its shares by April 2017, India’s largest stock exchange said in a statement.

“For domestic listing, the board of directors of the exchange—subject to shareholders’ approval—has expressed desire to file the DRHP (draft red herring prospectus) latest by January 2017, after addressing restructuring needs of the exchange and the regulatory requirements for listing,” NSE said.

The development comes after sustained pressure from shareholder institutions, led by State Bank of India, to go for an initial public offering (IPO).

In a bid to speed up the listing process and the regulatory filings, the NSE board has also reconstituted its listing committee as an empowered sub-committee of the board. The committee will take decisions within a stipulated time line.

The NSE on 26 February had formed a listing committee to kick-start the process of going public and to step up engagement with shareholders on its share sale plan.

The listing committee after three rounds of deliberations recommended filing for an in-principle approval from the market regulator, Securities and Exchange Board of India (Sebi), said two people directly familiar with the developments.

“The listing committee has recommended that NSE secure an in-principle approval from Sebi in the next month,” said the first person, requesting not to be identified.

The second person quoted above added the listing committee has also recommended that NSE should hire an investment banker at the earliest.

“All these decisions were taken during the last meeting of board of directors on 23 June 2016,” the NSE statement said.

Interestingly, the statement makes no mention about “self listing”—NSE’s preferred option to sell its shares on its own platform. Sebi norms for listing of stock exchanges do not permit self listing, which is a concern for the NSE management.

On 1 January, Sebi issued a notification regarding the amendments to Stock Exchange and Clearing Corporations (SECC) which states that “…a recognized stock exchange may apply for listing of its securities on any recognized stock exchange, other than itself and its associated stock exchanges.