Mumbai, May 8 The National Stock Exchange (NSE) on Thursday publicly denied media reports suggesting that it has approached the Government for intervention in its ongoing stand-off with the Securities and Exchange Board of India (SEBI) over its delayed Initial Public Offering (IPO).
In a post on social media platform X, the exchange categorically refuted claims that it had reached out to the government for assistance.
"The story is denied by NSE," the exchange stated in its clarification, adding that there has been "no correspondence with the Government of India in the last 30 months relating to its IPO."
This statement comes in response to a news report citing unnamed sources who claimed that NSE had recently written to the Ministry of Finance requesting help in resolving regulatory hurdles holding up its long-awaited IPO.
The report alleged that the letter followed the rejection of NSE's latest application to SEBI in March for a 'No Objection Certificate' (NOC) required to proceed with the listing.
According to the report, the exchange had previously approached the government on similar grounds in 2019, twice in 2020, and most recently in August 2024.
The report suggested that the NSE’s letter urged the ministry to engage with SEBI's newly-appointed Chairman to address concerns raised by the regulator, including governance issues and the appointment of top executives.
"The letter requests the Ministry of Finance to engage with the newly-appointed SEBI Chairman to address and resolve the concerns raised by SEBI regarding NSE's pending public offer," the report said.
SEBI has reportedly flagged delays in Board appointments and raised questions about NSE’s corporate governance and management selection processes.
The report said that NSE, in the letter, rejected the concerns raised by SEBI. The stock exchange claimed that it is following all of the regulator's rules. It also accused SEBI of delaying important approvals.
The NSE further said that SEBI’s recent policy decisions were unfair. According to the report, these decisions have harmed NSE more than its rival exchange, BSE.
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