In Beta As of 05. September 2016 You still cannot start this quest after completing objectives for Bringer of the Light quest http://legion.wowhead.com/quest=44004/bringer-of-the-light (the quest from Velen). While the yellow exclamation mark still appears on Exodar map, Nobundo offers no quest whatsoever. Pick it and defend him before safeguarding terrified citizens and destroying portals.
According to comments below, if you miss it, you can leave group to reset the scenario.
When fighting waves, try to protect the Dranenei from incoming mobs, and keep as many of them alive as possible, beceuse they do a lot of healing and also dps.
Also 2 potentially useful ways to complete it for undergeared characters (or without healing) to choose from:
01. From Somtaaw's comment:
Soon as you've spoken to Velen about the object and he asks you to save his people and close portals, rush straight to Nobundo. The earlier you get here, the more Shaman's are alive, which leads to more dps on the waves.
02. From RAc0t:
The key to success is to close the all 8 portals for the other quest (without saving the citizens yet), then it seems much easier to complete. I (as fire mage) had 3 tries before closing portals and there were just to many mobs each wave. But after I closed portals I even had small (1-2 seconds) gaps between new spawns, which leads to Nobundo had more health for the final stage and to my victory!
Good luck everyone!