Unlisted shares of Bombay Stock Exchange (BSE) Ltd, will soon start trading on the stock exchanges after the Securities and Exchange Board of India (Sebi) on Saturday, 12 March 2016 granted an in-principle approval to BSE to launch an IPO. BSE runs Asia’s oldest stock exchange.
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“We had decided in January to allow stock exchanges to list. We have granted an in-principle approval to BSE to list,” said U.K. Sinha, chairman, Sebi.
BSE first approached the market regulator with a listing plan in January 2013. However, it could not procure an in-principle approval from Sebi for an IPO due to lack of clarity on SECC norms. One of the hurdles BSE faced was regarding the monitoring of post-listing shareholding thresholds set at 2%, 5% and 15% and ensuring that every shareholder is ‘fit and proper’ as per Sebi norms.
After the announcement Ashish Chauhan, MD & CEO of BSE said that it is looking to list in the coming six to nine months. “We are looking to list in the coming six to nine months as typically all the regulatory filings and necessary due-diligence requires this much time,” said Chauhan.
“BSE would go in for an Offer for Sale (OFS) as our balance sheet is healthy and we do not need more funding, we are looking to list to provide an exit opportunity to our existing shareholders,” he added.