The The Hindu BusinessLine has reported that the long-awaited IPO of the NSE India is now closer to reality, but the final hurdle is judicial, not merely regulatory.
The article reports that Securities and Exchange Board of India (SEBI) will need to approach the Supreme Court of India to seek approval for settling the long-running co-location and dark fibre disputes before the exchange can secure a no-objection certificate (NOC) for its public listing.
Securities and Exchange Board of India (SEBI) has granted in-principle approval to NSE’s proposal to settle the long-running co-location and dark fibre cases for INR 1,388 crore under its settlement regulations. This development is a critical step toward reviving NSE’s public listing plans, which have remained stalled for nearly a decade.
Only after the Supreme Court closes the matter can NSE refile its Draft Red Herring Prospectus (DRHP). The exchange will then undergo SEBI’s disclosure review under the ICDR Regulations, after which it can move towards listing.
In this context, Mr. Sumit Agrawal, Founder, Regstreet Law Advisors, and former SEBI Officer was quoted by The Hindu BusinessLine in its article titled “𝐍𝐒𝐄 𝐈𝐏𝐎 𝐡𝐢𝐧𝐠𝐞𝐬 𝐨𝐧 𝐒𝐮𝐩𝐫𝐞𝐦𝐞 𝐂𝐨𝐮𝐫𝐭 𝐚𝐩𝐩𝐫𝐨𝐯𝐚𝐥 𝐨𝐟 𝐜𝐨-𝐥𝐨𝐜𝐚𝐭𝐢𝐨𝐧 𝐜𝐚𝐬𝐞 𝐬𝐞𝐭𝐭𝐥𝐞𝐦𝐞𝐧𝐭”, stating: “𝘖𝘵𝘩𝘦𝘳 𝘵𝘩𝘢𝘯 𝘵𝘩𝘦 𝘪𝘴𝘴𝘶𝘦𝘴 𝘸𝘩𝘪𝘤𝘩 𝘢𝘳𝘦 𝘶𝘯𝘥𝘦𝘳 𝘱𝘳𝘰𝘤𝘦𝘴𝘴 𝘢𝘵 𝘚𝘌𝘉𝘐 𝘴𝘶𝘤𝘩 𝘢𝘴 𝘱𝘦𝘯𝘥𝘪𝘯𝘨 𝘴𝘦𝘵𝘵𝘭𝘦𝘮𝘦𝘯𝘵 𝘰𝘧 𝘤𝘦𝘳𝘵𝘢𝘪𝘯 𝘪𝘴𝘴𝘶𝘦𝘴, 𝘵𝘩𝘦 𝘱𝘳𝘰𝘤𝘦𝘴𝘴 𝘪𝘴 𝘯𝘰𝘵 𝘮𝘦𝘳𝘦𝘭𝘺 𝘪𝘯𝘵𝘦𝘳𝘯𝘢𝘭 𝘵𝘰 𝘚𝘌𝘉𝘐. 𝘐𝘵 𝘯𝘦𝘤𝘦𝘴𝘴𝘢𝘳𝘪𝘭𝘺 𝘪𝘯𝘷𝘰𝘭𝘷𝘦𝘴 𝘫𝘶𝘥𝘪𝘤𝘪𝘢𝘭 𝘦𝘯𝘨𝘢𝘨𝘦𝘮𝘦𝘯𝘵 𝘰𝘯 𝘱𝘦𝘯𝘥𝘪𝘯𝘨 𝘭𝘪𝘵𝘪𝘨𝘢𝘵𝘪𝘰𝘯, 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘵𝘪𝘮𝘪𝘯𝘨 𝘢𝘯𝘥 𝘴𝘤𝘰𝘱𝘦 𝘰𝘧 𝘵𝘩𝘦 𝘐𝘗𝘖 𝘸𝘪𝘭𝘭 𝘶𝘭𝘵𝘪𝘮𝘢𝘵𝘦𝘭𝘺 𝘥𝘦𝘱𝘦𝘯𝘥 𝘰𝘯 𝘩𝘰𝘸 𝘢𝘯𝘥 𝘸𝘩𝘦𝘯 𝘵𝘩𝘦 𝘚𝘶𝘱𝘳𝘦𝘮𝘦 𝘊𝘰𝘶𝘳𝘵 𝘢𝘥𝘥𝘳𝘦𝘴𝘴𝘦𝘴 𝘚𝘌𝘉𝘐’𝘴 𝘢𝘱𝘱𝘭𝘪𝘤𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘣𝘳𝘰𝘢𝘥𝘦𝘳 𝘪𝘴𝘴𝘶𝘦𝘴 𝘪𝘯𝘷𝘰𝘭𝘷𝘦𝘥. 𝘜𝘯𝘵𝘪𝘭 𝘵𝘩𝘦𝘯, 𝘵𝘩𝘦 𝘮𝘢𝘵𝘵𝘦𝘳 𝘳𝘦𝘮𝘢𝘪𝘯𝘴 𝘭𝘦𝘨𝘢𝘭𝘭𝘺 𝘰𝘱𝘦𝘯 𝘥𝘦𝘴𝘱𝘪𝘵𝘦 𝘱𝘶𝘣𝘭𝘪𝘤 𝘴𝘵𝘢𝘵𝘦𝘮𝘦𝘯𝘵𝘴 𝘰𝘯 𝘵𝘪𝘮𝘦𝘭𝘪𝘯𝘦𝘴.”
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