The Securities and Exchange Board of India (Sebi) informed the Delhi High Court on Wednesday that the National Stock Exchange (NSE) has not submitted a fresh request for a no-objection certificate (NOC) for its planned Initial Public Offering (IPO). This clarification came in response to a writ petition seeking to expedite the NSE’s IPO process.
Sebi stated that the delay in the listing process is not due to regulatory hold-ups but rather stems from the NSE’s own actions. While the NSE addressed queries from Sebi in May 2023, it did not specifically request an NOC for the listing during this correspondence.
The IPO process for the NSE has faced hurdles over the years. Initially, Sebi returned the NSE’s Draft Red Herring Prospectus (DRHP) in 2019, advising the exchange to refile after resolving issues related to the ongoing investigation in the colocation matter. Although NSE sought approval for listing in June 2022, Sebi responded with concerns regarding technology, governance, surveillance, and lapses in its role as a first-level regulator.
This update highlights that any further progress on the NSE’s IPO will depend on the exchange’s next steps in seeking the necessary regulatory clearances.
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Source: BS
News Desk
