New Delhi: Market regulator Securities and Exchange Board of India is working with the National Stock Exchange to soon resolve pending issues for the bourse's initial public offering, its chairman Tuhin Kanta Pandey said Thursday.
NSE had first filed its draft papers in 2016 to raise ₹10,000 crore through an IPO. But it failed to obtain Sebi's approval due to regulatory concerns over governance lapses and the co-location matter.
The exchange has since been trying to get regulatory clearance. Its chief rival BSE got listed in 2017.
"All I can say is that all the outstanding issues will be resolved and we will move forward. I can't give you a timeline, but I think we should soon be doing it," Pandey said on the sidelines of an Assocham event.
In March, Sebi announced the formation of an internal panel to look into the NSE IPO issues. It also asked the exchange to resolve all outstanding issues.
NSE's latest application in March to obtain a no objection certificate from the regulator is pending.
With a valuation of ₹4.7 lakh crore in 2024, NSE overtook Serum Institute of India as the country's most valuable unlisted company, according to a joint study by Axis Bank's Burgundy Private and Hurun India.
Derivatives expiry
Asked about the derivatives expiry dates for exchanges, Pandey said Sebi would issue necessary directions this month after reviewing stakeholders' comments on its consultation paper.
The paper has proposed to limit expiries of all equity derivatives contracts of an exchange to one of either Tuesdays or Thursdays. In March, NSE had deferred its plans to revise the weekly expiry day to Monday from Thursday, which was to take effect from April 4, after Sebi released the consultation paper.
IndusInd, NSEL issues
In response to a question on IndusInd Bank, which had revealed discrepancies in its derivatives portfolio in March, Pandey said, "It's the RBI's remit, so far as banks are concerned... Wherever Sebi has to do in relation to whatever Sebi's remit is, Sebi is doing that."
He added that if there are any "egregious violations by anyone" on matters under Sebi's remit, the markets regulator will look into that.
On the settlement issue relating to the 2013 scam at the National Spot Exchange Ltd (NSEL), Pandey said the regulator "is working on it and that will be through soon".
NSEL said on Tuesday about 92% of traders, whose money has been stuck in the payment crisis since July 2013, have voted in favour of the one-time settlement scheme. Under the scheme, approved by the National Company Law Tribunal, ₹1,950 crore would be paid to 5,682 traders in proportion to their outstanding as on July 31, 2024, it said.
Focus on 'optimum regulation'
Addressing a gathering at the Assocham event, Pandey said the regulator intends to "simplify regulations, remove redundant provisions and facilitate ease of compliance, while ensuring high market integrity and robust investor protection".
Pandey called on industry and capital market stakeholders to do their bit in realising the Viksit Bharat (developed India) by 2047 goal. "A Viksit Bharat is within reach-and the securities market will play a defining role in making that vision a reality," Pandey said.
NSE had first filed its draft papers in 2016 to raise ₹10,000 crore through an IPO. But it failed to obtain Sebi's approval due to regulatory concerns over governance lapses and the co-location matter.
The exchange has since been trying to get regulatory clearance. Its chief rival BSE got listed in 2017.
"All I can say is that all the outstanding issues will be resolved and we will move forward. I can't give you a timeline, but I think we should soon be doing it," Pandey said on the sidelines of an Assocham event.
In March, Sebi announced the formation of an internal panel to look into the NSE IPO issues. It also asked the exchange to resolve all outstanding issues.
NSE's latest application in March to obtain a no objection certificate from the regulator is pending.
With a valuation of ₹4.7 lakh crore in 2024, NSE overtook Serum Institute of India as the country's most valuable unlisted company, according to a joint study by Axis Bank's Burgundy Private and Hurun India.
Derivatives expiry
Asked about the derivatives expiry dates for exchanges, Pandey said Sebi would issue necessary directions this month after reviewing stakeholders' comments on its consultation paper.
The paper has proposed to limit expiries of all equity derivatives contracts of an exchange to one of either Tuesdays or Thursdays. In March, NSE had deferred its plans to revise the weekly expiry day to Monday from Thursday, which was to take effect from April 4, after Sebi released the consultation paper.
IndusInd, NSEL issues
In response to a question on IndusInd Bank, which had revealed discrepancies in its derivatives portfolio in March, Pandey said, "It's the RBI's remit, so far as banks are concerned... Wherever Sebi has to do in relation to whatever Sebi's remit is, Sebi is doing that."
He added that if there are any "egregious violations by anyone" on matters under Sebi's remit, the markets regulator will look into that.
On the settlement issue relating to the 2013 scam at the National Spot Exchange Ltd (NSEL), Pandey said the regulator "is working on it and that will be through soon".
NSEL said on Tuesday about 92% of traders, whose money has been stuck in the payment crisis since July 2013, have voted in favour of the one-time settlement scheme. Under the scheme, approved by the National Company Law Tribunal, ₹1,950 crore would be paid to 5,682 traders in proportion to their outstanding as on July 31, 2024, it said.
Focus on 'optimum regulation'
Addressing a gathering at the Assocham event, Pandey said the regulator intends to "simplify regulations, remove redundant provisions and facilitate ease of compliance, while ensuring high market integrity and robust investor protection".
Pandey called on industry and capital market stakeholders to do their bit in realising the Viksit Bharat (developed India) by 2047 goal. "A Viksit Bharat is within reach-and the securities market will play a defining role in making that vision a reality," Pandey said.
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