India NSE's IPO plan stumbles at market watchdog's door - sources
The National Stock Exchange of India’s (NSE) share listing plan will not be approved by the market watchdog until pending legal and regulatory cases involving the nation’s biggest bourse are resolved, two sources familiar with the matter said. The Securities and Exchange Board of India (SEBI) has formed an internal view that due to the pending cases it won’t approve NSE’s application made last year for an IPO, the sources said.
A delayed NSE IPO will test the patience of its core shareholders – banks, insurance companies and foreign funds – who have been waiting for an exit opportunity in rising markets. A listing would allow NSE to have a broader shareholder base like its biggest competitor, BSE Ltd.
