Mumbai (Maharashtra) [India], January 30 : The National Stock Exchange (NSE) has got the green signal from market regulator Securities and Exchange Board of India (SEBI) for filing of Initial Public Offer (IPO), sources said on Friday.
Once the key document, the No Objection Certificate (NOC), is in hand, NSE can officially proceed to prepare its IPO application or Draft Red Herring Prospectus (DRHP).
Notably, the SEBI Chairman Tuhin Kanta Pandey few weeks ago, while speaking with ANI, had said the board is at a very advanced stage of issuing the NOC.
"Possibly within this month," he had indicated, raising expectations of progress on the listing front. "I think we are at a very advanced stage of issuing the NOC for the NSE IPO, maybe within this month," Pandey told ANI.
NSE has been seeking regulatory clearance for its public listing for several years, following governance concerns and the co-location controversy that came under SEBI's scrutiny.
NSE initially filed its Draft Red Herring Prospectus (DRHP) in December 2016. The process was delayed by regulatory challenges, particularly allegations of unfair access to its algorithmic trading platform in India.
Later in August 2024, the NSE reapplied to the Securities and Exchange Board of India (SEBI) for a no-objection certificate to proceed with its IPO.
In October 2024, the NSE settled its Trading Access Point (TAP) Architecture and Network Connectivity case by paying a penalty of Rs 643 crore to SEBI, which was probing an alleged deficiency on the part of the exchange and its top officials to deal with a situation wherein some high-frequency stock traders were found to be gaming the system.
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