SEBI Chairman Tuhin Kanta Pandey has confirmed that the regulator has agreed in principle to a settlement with the National Stock Exchange (NSE), clearing a major regulatory hurdle in NSE’s long-delayed IPO journey.
The settlement relates to legacy issues from the unfair access case. Market participants see this as a crucial step toward SEBI issuing a No-Objection Certificate (NOC), which is mandatory before NSE can proceed with its IPO.
Pandey mentioned that the process is already at an advanced stage. Once the NOC is granted, NSE can formally move ahead with filing its offer documents and initiating listing-related steps.
At the same event, the SEBI chief also spoke about IPO governance and disclosure standards. He reiterated that merchant bankers act as key gatekeepers of transparency in public issues, ensuring that offer documents are accurate, complete, and independently verified.
However, SEBI inspections have flagged recurring gaps, including:
- Over-reliance on issuer-provided information
- Lack of independent verification of projections
- Weak documentation for working capital and CapEx estimates
SEBI now expects stronger due diligence, including on-ground site visits backed by photographic evidence with geotagging and timestamps.
Overall, the settlement signals progress on NSE’s listing plans, while also highlighting SEBI’s tighter scrutiny on IPO disclosures and merchant banker accountability.
What do you think—how soon could NSE realistically move toward listing once the NOC is issued?