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NSE approaches Sebi for its IPO

NSE approaches Sebi for its IPO
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New Delhi: The National Stock Exchange (NSE) on Monday said it has approached markets regulator Sebi for its initial public offering and hopes to launch the public issue by September this year subject to approvals.

"We have approached Sebi to seek its approval for the IPO and after that we will start the process of appointing merchant bankers, who will help the exchange in filing draft prospectus for the IPO," NSE MD and CEO Vikram Limaye said here.

He further said that the exchange is hoping to float the IPO by the third quarter of a calendar year and the launch is subject to approval from the Securities and Exchange Board of India (Sebi).

The entire IPO would be offer-for-sale (OFS), wherein existing shareholders will sell NSE's shares.

The country's largest lender SBI, earlier this month, announced that it is looking to sell 50 lakh shares representing 1.01 per cent stake in the NSE as part of its capital raising exercise. Currently, State Bank of India (SBI) holds 5.19 per cent stake in the exchange.

The NSE has revived its listing plans, which were on the backburner following a probe by Sebi against the exchange and some of its top officials. It was alleged that the exchange misused its co-location facility and gave preferential access to certain trading members.

In April 2019, Sebi had barred the NSE from accessing the capital markets for a period of six months.

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