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  3. Plea in Delhi HC to expedite NSE IPO; court seeks reply from Sebi, NSE

Plea in Delhi HC to expedite NSE IPO; court seeks reply from Sebi, NSE

28 May 2024

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Key Takeaways

  • Court Urging:

    • The Delhi HC has urged SEBI and NSE to address a plea to expedite NSE’s IPO, noting SEBI’s prohibition expired in October 2019.

  • Counsel’s Dispute:

    • SEBI’s counsel disputes the petition's validity, citing it as a misclassified PIL.

  • Ongoing Legal Challenges:

    • Despite ongoing legal challenges, including a Rs 625 crore disgorgement and Rs 100 crore penalty, NSE shares reached Rs 6,000 in the unlisted market, valuing the exchange at Rs 3.2 trillion.

  • Next Hearing:

    • The court has set the next hearing for August 14.

  • Court Urging:

    • The Delhi HC has urged SEBI and NSE to address a plea to expedite NSE’s IPO, noting SEBI’s prohibition expired in October 2019.

  • Counsel’s Dispute:

    • SEBI’s counsel disputes the petition's validity, citing it as a misclassified PIL.

  • Ongoing Legal Challenges:

    • Despite ongoing legal challenges, including a Rs 625 crore disgorgement and Rs 100 crore penalty, NSE shares reached Rs 6,000 in the unlisted market, valuing the exchange at Rs 3.2 trillion.

  • Next Hearing:

    • The court has set the next hearing for August 14.

NSE limited unlisted shares

National Stock Exchange (NSE)

DRHP filed0.00%

Expert Analysis

Delhi High Court Seeks SEBI and NSE's Response on Speeding Up NSE IPO

Expert Analysis

  • Court Directive: The Delhi High Court directed SEBI and NSE to respond to a writ petition filed by People Activism Forum to expedite NSE's IPO.

  • Petition Argument: The petition argues that there are no hindrances to listing NSE shares, as SEBI’s six-month prohibition expired in October 2019.

  • SEBI’s Counsel Argument: SEBI’s counsel claims the petition is a misclassified PIL and not maintainable.

  • IPO Delays: NSE’s IPO has been delayed due to multiple litigations, including:

    • Colocation Matter: A Rs 625 crore disgorgement in the colocation matter.

    • Penalty Imposed: A Rs 100 crore penalty imposed by SAT.

    • Ongoing Proceedings: Ongoing proceedings regarding governance and conflict of interest matters.

  • Unlisted Market Value: NSE shares in the unlisted market reached Rs 6,000 each, valuing the exchange at Rs 3.2 trillion.

  • Bonus Issue and Dividend: NSE announced a four-for-one bonus issue and a Rs 90 per share dividend.

  • Next Hearing: The Delhi HC has scheduled the next hearing for August 14.

Publisher:Business Standard