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19 Nov 2024
MUMBAI: The National Stock Exchange (NSE), India's leading stock exchange by turnover and revenue, has renewed its efforts to get listed, marking its third attempt in over eight years. The process has faced delays due to various regulatory challenges.
On Tuesday, the NSE board authorized management to seek a no-objection certificate (NOC) from Sebi to file its IPO documents with the market regulator, as reported by TOI. The management has already made the request to Sebi following a recent court hearing in Delhi where Sebi indicated no new IPO requests from NSE.
Once Sebi grants the NOC, NSE will draft and submit its prospectus for regulatory review. Upon receiving approval, the IPO will be launched. This move is expected to speed up the listing of India’s largest stock exchange, which has faced delays due to issues such as preferential treatment in F&O trading servers and controversies involving former MD Chitra Ramkrishna and other officials.
In 2016, NSE filed a draft prospectus for its IPO but withdrew it in 2019 following investigations into illegal activities by then MD Ramkrishna and other officials. Although NSE approached Sebi again in 2022, it was advised to hold off.
During its annual general meeting on Tuesday, NSE updated shareholders on its plan to seek an NOC from Sebi. Once listed, NSE will become India's third publicly traded exchange, joining MCX and BSE.
Based on the current unlisted share value, NSE could achieve a market capitalization between Rs 2.1 lakh crore and Rs 3.1 lakh crore, with potential for further appreciation once listed due to liquidity premiums. NSE will be listed and traded on the BSE, as exchanges cannot list on their own platforms in India.
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