National Stock Exchange (NSE) Ltd forms panel to speed up IPO process

An image showing NSE buildingFacing intense investor pressure to go public, National Stock Exchange (NSE) Ltd has formed a committee to expedite the listing process and seeks support for self-listing agenda.

NSE is India’s largest stock exchange. NSE’s IPO plans has resulted in lot of demand for unlisted shares of rival BSE, Asia’s oldest stock exchange, which is already in final stages of floating an IPO.

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Listing of NSE shares should happen sooner than later,” said a senior SBI official. SBI and subsidiary SBI Capital Markets together hold around 15 per cent in NSE. The demand for listing has grown stronger in recent weeks after the market regulator relaxed its ‘fit and proper’ norms. The new rules allow shareholders in an exchange to certify if they are fit and proper to hold a stake in a bourse.

The listing committee, comprising NSE board members, representative shareholders and the management, will hold consultations with stakeholders and proceed on restructuring exercise simultaneously with self-listing agenda.

While BSE has said it has no problem with cross-listing and has already approached Sebi seeking approval to launch IPO and get listed, NSE is opposed to the idea of cross-listing and wants to list shares only on its own platform saying it can not be subjected to regulation by a rival.

A stock exchange typically functions as a front-line regulator for all the companies listed on its platform in terms of disclosure requirements including of key information.

The bourse is under intense pressure from various investors, including those from abroad, to expedite listing, while several shareholders have also approached the Sebi and other authorities in this regard.

 

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