NSE gets SEBI nod to proceed with IPO
The share sale could be one of India’s largest, alongside Mukesh Ambani’s Jio, with NSE valued at approximately $55 billion in the unlisted market
India's stock exchange regulator, the Securities and Exchange Board of India (SEBI), has granted the National Stock Exchange of India (NSE) permission to proceed with the country's largest IPO. This clearance comes after a nearly decade-long delay due to regulatory hurdles and legal issues. With an estimated value of $55 billion in the unlisted market, the NSE IPO may position the exchange among India's top 10 most valuable companies by market capitalization.
Currently dominating the trading of India's equity derivatives market, the NSE is also responsible for maintaining the country's benchmark Nifty 50 index. The proposed offering will be an offer for sale by existing shareholders, meaning the exchange itself will not receive any proceeds from the share sale. Despite recent restrictions on derivatives trading by retail investors, India's capital markets still lag behind many other major economies.
SEBI issued its observations on NSE's draft prospectus, a crucial regulatory step allowing companies to move forward with share sales. The IPO's revival follows NSE's settlement of past lapses with SEBI, clearing a significant hurdle. The clearance comes after a long-standing listing plan, delayed since 2016, finally received approval.
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