More Stories

Informist, Wednesday, Aug 14, 2024

 

NEW DELHI – The Securities and Exchange Board of India has told the Delhi High Court that the National Stock Exchange of India Ltd had not expressly made a fresh request for a no-objection certificate to list its shares. SEBI’s response came on a petition seeking a direction from the court to the market regulator to permit NSE's initial public offering.

 

"NSE has itself not made any fresh request for issuance of an NOC (no-objection certificate)," SEBI told the court. "Therefore, the (petitioner's) allegations of delay on the part of respondent no. 2 (SEBI) with regard to permission for listing of shares of NSE are devoid of any merits," SEBI said.

 

Relying on an update on the listing in an NSE annual report, the petitioner--People Activism Forum--said there was no hindrance to the listing of NSE's shares. The update said SEBI had, on Apr 30, 2019, prohibited NSE from raising funds from the market through the issuance of equity, debt, or other securities for a period of six months. With the prohibition expiring on Oct 30, 2019, the NSE requested SEBI to convey its no-objection to enable it to proceed with its initial public offer and to file the draft red herring prospectus, the report said.

 

SEBI said the petition was not maintainable and challenged the locus of the petitioner. "A writ petition would not be maintainable with respect to a regulatory procedure," SEBI said. It also clarified that it had not set conditions for NSE to remain glitch-free for one year, as reported in the media.

 

NSE's initial public offer has been postponed for several years due to a series of corporate governance issues. This includes an investigation by SEBI into alleged misconduct involving the exchange and its senior officials. The concerns included the involvement of NSE's former chief executive officer, Chitra Ramkrishna, in the 2015 co-location case and problems related to some technical failures.  End

 

Reported by Surya Tripathi

Edited by Rajeev Pai

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2024. All rights reserved.