India top court dismisses market regulator's plea against NSE, reports
India’s top court dismissed market regulator’s appeals against the National Stock Exchange of India , removing a major regulatory hurdle for NSE’s planned IPO, CNBC TV-18 reported on Thursday, citing news wire agency Informist. The appeals are related to the exchange’s co-location data centre and dark fibre cases, which have delayed its listing plans for years. National Stock Exchange and…
India's highest court has dismissed market regulator SEBI's appeals against the National Stock Exchange of India (NSE), a significant obstacle removed for the exchange's planned initial public offering (IPO), reported CNBC TV-18 on Thursday, citing news wire agency Informist. The appeals centered around NSE's co-location data center and dark fibre cases, both of which have hindered the exchange's listing plans for years.
The co-location case arose from accusations that certain brokers were granted preferential access to NSE's trading servers. This issue has shadowed India's largest stock exchange since 2015, resulting in numerous investigations, appeals, and tribunal proceedings. SEBI also looked into NSE's use of dark-fibre connectivity, alleging that specific brokers enjoyed faster connections via the exchange's fiber network.
In July, NSE announced that SEBI had granted preliminary approval to resolve certain regulatory breaches, contingent upon the payment of 14.91 billion rupees ($157.8 million).
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