The National Stock Exchange (NSE) has once again approached the Securities and Exchange Board of India (SEBI) for a No Objection Certificate (NOC) to move forward with its long-delayed initial public offering (IPO), according to media reports. The exchange has been waiting for regulatory approval for over eight years.
In a letter dated March 28, NSE formally requested SEBI’s permission to resume IPO-related processes, including refiling the draft red herring prospectus (DRHP). The letter was addressed to V S Sundarasan, Executive Director of SEBI’s Market Regulation Department.
“… we hereby submit this request letter to SEBI for seeking NOC/permission to take further actions towards listing of shares of NSE including filing the DRHP with SEBI,” stated the NSE letter dated March 28.
NSE had initially filed its DRHP in December 2016, but the IPO has since been stuck due to various regulatory and legal challenges. The exchange’s listing is highly anticipated, as it could significantly impact India’s capital markets and attract both institutional and retail investors.
