26 July 2024
The much-awaited initial public offering of the National Stock Exchange (NSE) could be rolled out in the next few weeks since market regulator SEBI is all set to allow the bourse to re-file its prospectus for the share sale.
According to BusinessLine the NSE will launch India’s biggest IPO post-SEBI nod as it is likely to be valued at over ₹2 lakh crore.
The NSE had first filed for its IPO with SEBI in December 2016, two months before incumbent SEBI chairman Ajay Tyagi took charge. Then, Tyagi ordered the exchange to withdraw its offer documents since it got embroiled in the algo trading scandal.
In May 2019, SEBI framed charges against senior NSE officials and ordered the exchange to pay over ₹1,000-crore disgorgement amount for lapses in its co-location trading systems that gave an advantage to a select few.
Now, after having taken legal opinion, SEBI is firm on allowing NSE to re-file its prospectus. The legal opinion is in favour of allowing NSE to go ahead with the IPO because even though the algo scam matter is still sub-judice, there is no stay order given by a court on its proposed share sale. In addition, senior NSE officials who were charged by SEBI in the scam are out of the exchange.