SEBI Chairman Tuhin Kanta Pandey: NSE IPO to Proceed Soon

SEBI Chairman Tuhin Kanta Pandey on May 22 said that the pending issues surrounding the National Stock Exchange’s (NSE) initial public offering (IPO) are close to being resolved. “We will soon go ahead with it,” he stated.

When asked about a timeline for the much-anticipated IPO, Pandey said it would happen “soon.” Speaking to reporters outside the ASSOCHAM 16th Capital Market Conference, he added, “NSE and SEBI are talking. They are resolving the issues. I am very hopeful that it will be done soon and we will move forward.”

In an earlier interview with Moneycontrol, Pandey had confirmed that the market regulator is actively engaged with NSE on the IPO process. “NSE and SEBI are in discussions on several key points — governance, technology, litigation, and the clearing corporation. Hopefully, these issues will be resolved with a clear roadmap, and then the IPO can move forward,” he had said.

NSE had filed its IPO prospectus back in December 2016. Its shares remain among the most actively traded in the unlisted market. In March this year, NSE wrote to SEBI requesting a No Objection Certificate (NOC) to proceed with the listing process.

Interestingly, this isn't the first time NSE has approached SEBI for a No Objection Certificate (NOC) for its IPO. The exchange had made similar requests in November 2019, twice in 2020, and again in August 2024.

In response to NSE’s most recent request, SEBI had written back in February, raising concerns related to technology systems, key management personnel (KMP), ownership of clearing corporations, and ongoing litigation surrounding the colocation case. NSE, in its renewed appeal for an NOC in March, addressed each of the observations outlined in SEBI’s February communication.

Meanwhile, earlier in May, the number of shareholders in the National Stock Exchange crossed the one lakh mark, making it one of the largest unlisted companies in India by investor base. Notably, many listed entities in the country do not have such a broad shareholder footprint.

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