In a renewed attempt to go public, the National Stock Exchange (NSE) has filed for a ‘no-objection certificate’ (NOC) with the capital markets regulator Sebi’s for its approval to float an initial public offering (IPO), people close to the development said on Tuesday.
Announced in AGM
In its annual general meeting held on Tuesday, August 27, 2024, the exchange apprised shareholders about the development, they added. The clarification follows Sebi’s statement to the Delhi High Court earlier this month that NSE had not submitted any new request for a NOC for the listing.
The Securities and Exchange Board of India (Sebi) reportedly made this statement in response to a writ petition filed in the high court seeking to expedite NSE’s IPO. Earlier, the exchange had applied to Sebi for its IPO, but approval was not granted due to regulatory and legal issues.
Governance lapses alleged
The NSE’s listing plans were on the backburner amid a probe by Sebi against the exchange and some of its former executives over the alleged governance lapses. It was alleged that the exchange misused its co-location facility and gave preferential access to certain trading members.
Size of earlier IPO
Earlier in December 2016, NSE had filed draft papers with Sebi for its much-awaited IPO. The initial share sale was expected to garner Rs 10,000 crore. The existing shareholders were looking to offload 22 per cent shares to the public through the offer for sale (OFS) route.
BSE floated IPO in 2017
Again in 2020, Vikram Limaye, NSE’s then MD and CEO, told PTI, “We have approached Sebi to seek its approval for the IPO, and after that, we will start the process of appointing merchant bankers, who will help the exchange file draft prospects for the IPO”. NSE’s rival BSE launched its IPO in 2017 and is currently listed on the National Stock Exchange.
NSE approached Sebi in December 2016 and had filed draft papers to raise Rs 10,000 crore but the regulatory body turned it down. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
