NSE denies media reports of government intervention in IPO

New Delhi [India], May 8 (ANI): The National Stock Exchange (NSE) has denied media reports that the exchange has sought government intervention on its initial public offering (IPO), stating that it has had no correspondence with the Government of India on the matter in the past 30 months.

"Clarification - Denial of a Reuters Story on NSE IPO. A news agency - Reuters has published a story that NSE has sought intervention from Government relating to NSE IPO. The story is denied by NSE. NSE has not had any correspondence with Government of India in last 30 months relating to its IPO," the National Stock Exchange (NSE) added in a post on social media platform X (formerly Twitter).

The long-awaited IPO of the NSE is under review by the Securities and Exchange Board of India (SEBI), and both sides are working to resolve the flagged issues.

Market regulator SEBI has flagged key issues, which include the high compensation given to key managerial personnel, technology, and ownership in the clearing corporation.

SEBI has recently disposed of proceedings against the NSE on various pending cases against its former officials in the co-location case, it is seen as the end of the block for the much-awaited Initial Public Offer (IPO) of the leading exchange.

In late 2016, NSE filed the draft red herring prospectus for its Initial Public Offer (IPO), with the market regulator SEBI, looking to then raise reportedly Rs 10,000 crore.

But the plans did not go through because of various issues flagged by the market regulator and a pending co-location case against NSE's former officials.

BSE, which is a competitor of NSE, got listed in 2017 and became the first listed stock exchange of India. (ANI)