Mumbai, Jan 30 (SocialNews.XYZ) The National Stock Exchange (NSE) on Friday announced it has received the SEBI approval for its long-awaited initial public offering (IPO).
NSE's IPO plans had been stalled for more than a decade as the markets regulator did not grant approval due to regulatory concerns related to governance lapses and the co-location case.
With SEBI’s nod in place, NSE will now finalise the structure and timing of its IPO. NSE is reportedly said to be planning to file its draft listing papers by the March end, and is in discussions with investment bankers and law firms to finalise the IPO papers.
However, the NSE IPO depends on the clearing of the draft red herring prospectus (DRHP).
“We are delighted to receive SEBI approval for our IPO — a significant milestone in our growth journey. With SEBI’s approval, we embark on a new chapter of value creation for all our stakeholders,” said Srinivas Injeti, Chairperson, NSE.
“This approval also reinforces confidence in NSE being an integral part of the Indian economy and a beacon of Indian capital markets,” he said in a statement.
NSE has been trying to list its shares since 2016. However, the plan was held up due to regulatory probes linked to its co-location facility and broader governance issues.
Ashishkumar Chauhan, Managing Director and Chief Executive Officer of the NSE, this month visited Tirupati with his family and offered prayers at the temple of Lord Venkateshwara, seeking blessings for the exchange, its members, shareholders and the country. He said that prayers were offered for the well-being of NSE and for the broader growth of the nation.
Earlier, SEBI Chairman Tuhin Kanta Pandey stated that NSE was expected to receive approval for its much-awaited IPO within this month.
Market participants were closely watching regulatory developments around NSE’s proposed IPO, which is expected to be one of the most significant listings in India’s capital markets. NSE is the most widely held unlisted firm in India.
Source: IANS
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