Hello Aspirant

The eligibility criteria for UGC NET is that you need to be in a Master's program from a UGC-recognized College/University, be it 1st semester or last semester, there's no restriction on it. You need to check if the subject that you're doing your master's in, is actually a paper in the UGC NET exam. IGNOU is a well-recognised university and you are eligible to apply for UGC NET

Hope this helps