National Stock Exchange (NSE) Unlisted Shares
Plea in Delhi HC to expedite NSE IPO; court seeks reply from Sebi, NSE
Business Standard
2 min read
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.
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.
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