India’s most-anticipated IPO, that of the National Stock Exchange (NSE), may soon get a green light from the market regulator. Sebi Chairman Tuhin Kanta Pandey on Thursday said that all outstanding issues related to the NSE IPO would be resolved soon.
“All I can say is that all the outstanding issues will be resolved, and we will move forward. Can't give you the timeline, but I think we should soon be doing it,” Pandey said at an event in Delhi. He added that the regulator and NSE are collaborating closely to address the concerns.
The Sebi chief also mentioned that directions on expiry dates will be issued this month, following comments received on a consultation paper.
NSE has emerged as the largest unlisted company in India by the number of investors, with over 1 lakh shareholders.
Also read | NSE shareholder army crosses 1 lakh milestone, largest among all unlisted companies
Earlier this month, Reuters reported that NSE had approached the finance ministry seeking intervention in its prolonged standoff with Sebi over the IPO. The exchange had written to the ministry after the regulator did not clear its latest application in March for a 'no objection certificate' (NOC).
NSE had previously made similar requests in November 2019, twice in 2020, and again in August 2024.
However, NSE has denied seeking intervention from the finance ministry. Meanwhile, NSE Managing Director and CEO Ashish Kumar Chauhan met Finance Minister Nirmala Sitharaman in Delhi on Wednesday.
Pandey, who took over as SEBI chairman in March, had previously said that while the regulator is working to resolve issues around NSE’s public offer, commercial interests would not be allowed to override public interest.
One of SEBI’s key concerns has been governance shortfalls at the exchange, including delays in appointing a chairman to its board. According to Reuters, NSE dismissed these concerns in its letter to the finance ministry and blamed SEBI for delaying approval of a candidate it had recommended in 2022.
Also read | IPO-bound NSE's valuation jumps 200% to Rs 4.7 lakh cr: Report
NSE has said it wants to launch the IPO — which could surpass Hyundai’s record for the largest public issue — not for price discovery but to enhance transparency and accountability.
“The IPO will increase transparency and accountability. We are valued at around Rs 4.75 lakh crore in the unlisted market, and as India’s largest exchange, we should be accountable to the market,” said Sriram Krishnan, Chief Business Development Officer, NSE, had earlier said.
He added that the IPO is not about price discovery, noting that the exchange does not have a promoter. “We are a quasi-commercial organization,” Krishnan said.
“All I can say is that all the outstanding issues will be resolved, and we will move forward. Can't give you the timeline, but I think we should soon be doing it,” Pandey said at an event in Delhi. He added that the regulator and NSE are collaborating closely to address the concerns.
The Sebi chief also mentioned that directions on expiry dates will be issued this month, following comments received on a consultation paper.
NSE has emerged as the largest unlisted company in India by the number of investors, with over 1 lakh shareholders.
Also read | NSE shareholder army crosses 1 lakh milestone, largest among all unlisted companies
Earlier this month, Reuters reported that NSE had approached the finance ministry seeking intervention in its prolonged standoff with Sebi over the IPO. The exchange had written to the ministry after the regulator did not clear its latest application in March for a 'no objection certificate' (NOC).
NSE had previously made similar requests in November 2019, twice in 2020, and again in August 2024.
However, NSE has denied seeking intervention from the finance ministry. Meanwhile, NSE Managing Director and CEO Ashish Kumar Chauhan met Finance Minister Nirmala Sitharaman in Delhi on Wednesday.
Pandey, who took over as SEBI chairman in March, had previously said that while the regulator is working to resolve issues around NSE’s public offer, commercial interests would not be allowed to override public interest.
One of SEBI’s key concerns has been governance shortfalls at the exchange, including delays in appointing a chairman to its board. According to Reuters, NSE dismissed these concerns in its letter to the finance ministry and blamed SEBI for delaying approval of a candidate it had recommended in 2022.
Also read | IPO-bound NSE's valuation jumps 200% to Rs 4.7 lakh cr: Report
NSE has said it wants to launch the IPO — which could surpass Hyundai’s record for the largest public issue — not for price discovery but to enhance transparency and accountability.
“The IPO will increase transparency and accountability. We are valued at around Rs 4.75 lakh crore in the unlisted market, and as India’s largest exchange, we should be accountable to the market,” said Sriram Krishnan, Chief Business Development Officer, NSE, had earlier said.
He added that the IPO is not about price discovery, noting that the exchange does not have a promoter. “We are a quasi-commercial organization,” Krishnan said.
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