The National Stock Exchange (NSE) is awaiting approval from capital markets regulator Sebi to kickstart the initial public offering process, its MD and CEO Ashishkumar Chauhan said on Thursday.
The NSE’s listing plans have been on the backburner amid a Sebi probe against the exchange and some of its top officials. It was alleged that the exchange misused its co-location facility and gave preferential access to certain trading members.
“We will submit a revised Draft Red Herring Prospectus (DRHP) as and when we get an approval from Sebi,” Chauhan said here.
Its rival BSE (formerly Bombay Stock Exchange) launched its initial public offering (IPO) in 2017 and is currently listed on both exchanges. Notably, Chauhan was the CEO of BSE during its listing.
Earlier in December 2016, NSE had filed draft papers with Sebi for its IPO. The initial share sale was expected to garner Rs 10,000 crore.
The existing shareholders were looking to offload 22 per cent of shares to the public through the OFS (Offer-for Sale) route.
The listing of NSE has been postponed for several years due to the exchange’s alleged involvement in corporate governance issues, including the former executive’s involvement in the 2015 co-location scam.
In 2020, Vikram Limaye, NSE’s then MD and CEO, told PTI: “We have approached Sebi to seek its approval for the IPO, and after that, we will start the process of appointing merchant bankers, who will help the exchange file draft prospects for the IPO”.
