No obstacle will remain in NSE IPO, says SEBI Chairman Tuhin Kanta Pandey

SEBI Chief Says No Hurdles Remain for NSE IPO.

Expert Analysis :

• IPO Clarity from SEBI: SEBI Chairman Tuhin Kanta Pandey stated there’s “no obstacle” to the NSE IPO, easing investor concerns.

• Clearing Corporation Not a Barrier: He clarified that the demerger of clearing corporations is not a hindrance to the IPO process.

• Consent Terms Finalization: NSE and SEBI are finalizing consent terms to resolve the co-location case, a key step before SEBI’s market regulation department issues the No Objection Certificate required for NSE’s IPO filing.

• NSE’s Intent: NSE’s Governing Board supports a consolidated, amicable settlement and has written to SEBI confirming this on March 28.

• Legal Approvals Awaited: NSE’s IPO is contingent on Supreme Court approval for case withdrawal and SEBI's No Objection Certificate.

• Timeline Estimate: If agreed, the consent process and clearance may take around 3–4 months to complete.

• SEBI Penalty Directive: SEBI had directed NSE to refund ₹625 crore with 12% annual interest from April 1, 2014.

• SAT Ruling: In 2023, the SAT partially overturned SEBI’s order, stating no fraud occurred and no PFUTP violations by NSE.