The Stalled Dream: NSE's IPO Saga Nears Crucial Crossroads

The National Stock Exchange's much-anticipated IPO is under regulatory scrutiny, with SEBI expressing concerns on governance and technology facets. Despite NSE's fresh approach for a listing, an uncertain timeline persists, as discussions continue on issues delaying market entry for over eight years.

The National Stock Exchange's eagerly anticipated initial public offering (IPO) remains mired in regulatory review, as exchanges continue between the bourse and market watchdog SEBI, according to the regulator's head, Tuhin Kanta Pandey. Key points of contention include executive compensation and majority ownership within the Clearing Corporation.

The NSE has reignited its efforts to go public by applying for a No Objection Certificate from the Securities and Exchange Board of India (SEBI). Yet, the actual timeline for the IPO stays in the balance, with both entities striving to address substantial issues, such as corporate governance, impeding progress.

Despite filing for the offering back in 2016, aiming to raise ₹10,000 crore by reducing existing shareholdings by 22%, regulatory snags have blocked approval. SEBI has initiated an internal committee to expedite matters, with NSE possessing a valuation around ₹4.7 lakh crore, highlighting its stature as a prime private equity hub.

(With inputs from agencies.)