Sebi NOC for NSE IPO Likely Within a Month

A long-standing impasse between India's largest stock exchange and the market regulator regarding the exchange's public listing appears to be nearing resolution.

- Ram Sahgal & Neha Joshi

MUMBAI: The possibility of such a breakthrough lifted investors' mood and sent unlisted shares of the exchange soaring in the grey market.

According to two people aware of ongoing discussions, the National Stock Exchange (NSE) may receive a no-objection certificate (NOC) from the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO) within weeks, potentially ending years of litigation and regulatory deadlock.

Two options are being discussed, the two people cited above said on the condition of anonymity.

One: Sebi granting the NOC subject to additional disclosures in NSE's draft red herring prospectus (DRHP) about the pending court cases.

Two: an out-of-court settlement, under which NSE would agree to pay a fee in exchange for Sebi withdrawing the cases.