SEBI Chairman Tuhin Kanta Pandey said on May 22 that all pending issues related to the National Stock Exchange (NSE) IPO (Initial Public Offering) will be sorted out soon. “We will soon go ahead with it,” he told reporters at the ASSOCHAM 16th Capital Market Conference.
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When asked about the timeline, Pandey said that NSE and SEBI are working together to resolve the issues, and he is hopeful the IPO will move forward shortly.
Earlier, in a conversation with Moneycontrol, Pandey mentioned that SEBI is actively discussing key matters with NSE regarding the IPO. These include governance, technology systems, ongoing legal cases, and matters related to the clearing corporation. He said that once these issues are cleared with a proper plan, the IPO can proceed.
NSE had first filed for its IPO in December 2016. Currently, its shares are among the most traded in the unlisted market. In March this year, NSE wrote to SEBI requesting a No Objection Certificate (NOC) to move forward with its listing.
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This isn’t the first time NSE has sought an NOC. Similar requests were made in November 2019, twice in 2020, and again in August 2024.
In February, SEBI responded to NSE’s request and pointed out several concerns, including issues related to technology, top management, ownership of clearing corporations, and pending legal matters like the colocation case. In March, NSE replied with detailed responses to all of SEBI’s concerns.
Earlier in May, the number of shareholders in NSE crossed 1 lakh, making it one of the largest unlisted companies in India by investor count. Interestingly, many listed companies don’t even have this many investors.
