 "NSE, national stock exchange, nifty50")
The petition filed by People Activism Forum is scheduled to be next heard in December.
In a fresh attempt to get listed, the National Stock Exchange (NSE) will file for a no-objection certificate (NOC) with the Securities and Exchange Board of India (Sebi) for the IPO approval.
In its annual general meeting held on Tuesday, the exchange informed shareholders that the board had given approval to file for a fresh NOC with the market regulator.
The clarification comes after Sebi informed the Delhi High Court earlier this month that NSE had not submitted any new request for an NOC for the listing.
The market regulator had responded to a writ petition filed in the HC to expedite NSE’s IPO. Though the exchange in May 2024 had responded to queries sent by Sebi, it did not ‘expressly request for NOC,’ Sebi submitted.
Amidst the IPO uncertainties, foreign investors had turned net sellers in the last few months, with shares worth Rs 3,500 crore sold in June and July.
As per data on UnlistedZone, the shares of NSE in the unlisted market are trading at Rs 6,200 apiece against the price of Rs 3,600 per share in August 2023. However, the prices have cooled from Rs 6,500 levels it had reached in May.
NSE’s IPO plans have been in limbo since 2016 when it first filed the draft red herring prospectus. Sebi had returned the DRHP in 2019, advising it to make fresh filings after the co-location matter was resolved.
NSE again sought Sebi’s approval for listing in June 2022. A month later, Sebi responded with observations on issues around technology, governance, surveillance, and trading, along with lapses as a first-level regulator, inspection, and off-site monitoring.
The petition filed by People Activism Forum is scheduled to be next heard in December.
The exchange had announced bonus issuance last quarter, for which shareholder approval has been obtained, but Sebi’s nod is still awaited.
First Published: Aug 27 2024 | 8:08 PM IST
