The National Stock Exchange of India (NSE) is making another attempt to go public. It has recently applied for a ‘no-objection certificate’ (NOC) from the Securities and Exchange Board of India (SEBI). This certificate is essential for NSE to launch its initial public offering (IPO).
During its annual general meeting (AGM) on Tuesday, NSE updated its shareholders about this development, according to sources who spoke to PTI. This update follows a recent statement from SEBI to the Delhi High Court, indicating that NSE had not yet submitted a new request for the NOC needed for its listing.
Earlier this month, SEBI revealed in court that NSE’s IPO application had not been fully processed due to previous legal and regulatory issues. The NSE’s IPO plans were delayed after SEBI investigated the exchange and some of its former executives for alleged governance problems.
NSE had first submitted draft papers for its IPO in December 2016, aiming to raise around ₹10,000 crore. The plan was to offer 22% of the company’s shares to the public.
In 2020, then NSE CEO Vikram Limaye stated that the exchange had approached SEBI for IPO approval and would begin appointing merchant bankers to help with the process once approval was granted. NSE’s competitor, BSE, went public in 2017 and is currently listed on NSE.
