NSE Denies Reports Of Seeking Govt Intervention In IPO Deadlock

Mumbai: The National Stock Exchange (NSE) on Thursday publicly denied media reviews suggesting that it has approached the Government for intervention in its ongoing stand-off with the Securities and Exchange Board of India (SEBI) over its not on time Initial Public Offering (IPO). 

In a publish on social media platform X, the change categorically refuted claims that it had reached out to the federal government for help. “The story is denied by NSE,” the change said in its explanation, including that there was “no correspondence with the Government of India in the last 30 months relating to its IPO.”

This observation comes in line with a information document mentioning unnamed assets who claimed that NSE had just lately written to the Ministry of Finance soliciting for lend a hand in resolving regulatory hurdles preserving up its long-awaited IPO. The document alleged that the letter adopted the rejection of NSE’s newest utility to SEBI in March for a ‘No Objection Certificate’ (NOC) required to continue with the record.

According to the document, the change had prior to now approached the federal government on an identical grounds in 2019, two times in 2020, and maximum just lately in August 2024. The document steered that the NSE’s letter recommended the ministry to interact with SEBI’s newly-appointed Chairman to deal with considerations raised via the regulator, together with governance problems and the appointment of most sensible executives.

“The letter requests the Ministry of Finance to engage with the newly-appointed SEBI Chairman to address and resolve the concerns raised by SEBI regarding NSE’s pending public offer,” the document mentioned. SEBI has reportedly flagged delays in Board appointments and raised questions on NSE’s company governance and control variety processes.

The document mentioned that NSE, within the letter, rejected the troubles raised via SEBI. The inventory change claimed that it’s following all the regulator’s regulations. It additionally accused SEBI of delaying vital approvals. The NSE additional mentioned that SEBI’s contemporary coverage selections had been unfair. According to the document, those selections have harmed NSE greater than its rival change, BSE.