NSE Clears Path for IPO with Rs 643 Crore Settlement

The National Stock Exchange (NSE), its former chief Vikram Limaye, and others have settled a case with Sebi concerning TAP system deficiencies, paving the way for NSE's IPO. The settlement, without admitting guilt, involves a payment of Rs 643 crore and commitments for pro bono community service.

The National Stock Exchange (NSE), along with its former chief Vikram Limaye and several others, has resolved a case with the Securities and Exchange Board of India (Sebi), concerning deficiencies in the bourse's trading access point (TAP) system.

The settlement entails a substantial payment of Rs 643 crore, making it one of the largest in such cases. This resolution is expected to pave the way for the much-delayed NSE initial public offering (IPO), which had been stalled due to various regulatory issues.

The case revolves around alleged failures in handling the TAP system, introduced in 2008, which continued to face security and operational issues until 2020. The settlement was reached without the NSE or affiliates admitting to any wrongdoing.

(With inputs from agencies.)