NSE urges market regulator Sebi to take a 'fresh view' on much-delayed IPO
The National Stock Exchange (NSE) has urged the Securities and Exchange Board of India (Sebi) to revisit its stance on allowing the country’s largest bourse to go public.
In an affidavit submitted to the Delhi High Court—which is hearing a writ petition filed by People Activism Forum for expediting NSE’s initial public offer (IPO)—the exchange has stated it has been seven years since it first filed an offer document and more than five years since Sebi returned the application. Hence, a “fresh view” is required given the latest facts and circumstances for listing its securities.
In 2019, Sebi had returned NSE’s draft red herring prospectus (DRHP) filed in December 2016, advising it to make a fresh filing upon resolution of the investigation in the colocation matter (colo).
It may be noted that complete resolution of all the pending cases may not be feasible at this juncture considering that some of them are already before the Supreme Court. Considering the disclosure regime as stipulated under the Sebi (Listing Obligations and Disclosure Requirements) Regulations, the same shall in any case be a part of the disclosure requirement under the DRHP that may be filed by NSE,” the exchange submitted in an affidavit dated June 19.
