The market regulator, the Securities and Exchange Board of India (SEBI), has approved the initial public offering (IPO) of the National Stock Exchange (NSE).
The National Stock Exchange has confirmed to The Financial Express that SEBI has given a No Objection Certificate (NOC) for the proposed listing of NSE.
“We are delighted to receive SEBI approval for our IPO — a significant milestone in our growth journey. With SEBI’s approval, we embark on a new chapter of value creation for all our stakeholders. This approval also reinforces confidence in NSE being an integral part of the Indian economy and beacon of Indian capital markets.”, Shri Srinivas Injeti, Chairperson NSE, said.
Earlier on January 10, SEBI Chairman Tuhin Kanta Pandey said that the board is at a very advanced stage of issuing the No Objection Certificate (NOC) for the long-awaited National Stock Exchange IPO.
“I think we are at a very advanced stage of issuing the NOC for the NSE IPO, maybe within this month,” Pandey told.
NSE-SEBI dispute
The exchange first filed its draft offer documents in 2016 to raise about Rs 10,000 crore through an offer-for-sale by existing shareholders. However, Sebi did not grant approval due to regulatory concerns related to governance lapses and the co-location case.
In 2019, SEBI imposed a fine of Rs 1,100 crore on NSE for failing to provide equitable access to all its trading members.
As per a Reuters report, the NSE had offered to pay SEBI Rs 1,388 crore to settle the dispute so it could proceed with the IPO. As per the report, the settlement process would continue and not hamper NSE’s plans to go public.