Can a Referee Join the Match?

The NSE is preparing for a long awaited IPO after offering a ₹13,880 crore settlement to SEBI. This move could finally open the exchange to public investment, bring more transparency, and deepen India’s capital markets.

But here is the real question. Can an exchange that oversees others also list itself and still be fair?

Isn’t that a clear conflict of interest? I mean, who will keep the watchdog in check once it joins the game?

Is this a big step forward for India’s market maturity, or are we heading into a grey zone of diluted accountability?

What do you guys think?

source: India's NSE offers $160 million to settle with regulator, move ahead with IPO, sources say | Reuters