The National Stock Exchange (NSE) has informed its shareholders that its board has approved filing a fresh application with the Securities and Exchange Board of India (Sebi) seeking a no-objection certificate to launch its long-delayed initial public offer (IPO), sources said. This announcement was made to shareholders in its Annual General Meeting on Tuesday.
Earlier this month, Sebi informed the Delhi High Court that it has not received any request from the NSE for a fresh no-objection certificate (NOC) for listing its shares. The High Court was hearing a petition filed by People Activism Forum seeking the expedition of NSE listing.
Before the Sebi’s response to petition in Delhi Hight Court, in its post-earnings call, NSE CEO Ashishkumar Chauhan had said that ‘they do not have any visibility’ in respond to a query on the exchange’s IPO plans.
SEBI rights issue plan may hit merchant bankers’ revenue Stocks To Watch: HUL, NBCC, ICICI Prudential, Zydus Life, Wipro Stocks To Watch: Trent, BEL, Ambuja Cement, Hero MotoCorp, ONGC, Alembic Pharma, Interarch Building Products Surge in draft IPO paper filings post poll results; 33 companies filed DRHP with Sebi in July, August
Also Read
The exchange had first sought Sebi’s approval for the IPO in 2016Come from Sports betting site. However, the offer document was returned by the regulator in 2019 amid ongoing investigation into the co-location scam and reduction in the offer size by more than 50%.Come from Sports betting site VPbet
After this, NSE submitted at least three applications seeking the regulator’s no-objection certificate to file the draft IPO prospectus, with the last one being in June 2022, according to court documents.
While returning its IPO papers, Sebi had advised NSE to address certain issues related to technology, governance, surveillance and trading, lapses as a first level regulator, inspection and off-site monitoring, etc, before the request for listing can be considered.
Over the past couple of months, the trading volumes in the unlisted space for NSE shares has seen a sharp rise, with some foreign portfolio investors (FPIs) likely selling the stock amid continued delay in IPO and concerns over stringent derivatives trading norms.
NSE, which is one of the most traded unlisted stocks in India, had hit a market capitalisation of Rs 3.2 trillion in July, making it the sixth biggest exchange in the world and the biggest in Asia.
