NSE’s unlisted shares in focus as IPO fog clears

The unlisted market could be in for a flurry of activity, with the National Stock Exchange (NSE) likely to get the market regulator’s approval to begin its listing process by the end of this month.

- Ram Sahgal & Sneha Shah

Securities and Stock Exchange Board of India (Sebi) chairman Tuhin Kanta Pandey said at a market convention in Chennai on Saturday that its no-objection certificate (NoC) for the initial public offering (IPO) would likely be given to NSE by the end of the month. After the NoC is received, NSE will have to prepare its offer document, which will be submitted to Sebi for its approval. A Sebi NoC is mandatory for every market infrastructure institution that wishes to list.

The NoC has been pending for the country's largest bourse after the regulator permitted NSE to expedite the process of share transfer between investors in March last year. That raised expectations that the NoC would be granted in a matter of months.

The price of NSE’s unlisted share, which had surged to ₹2,375-2,400 apiece by June 22,2