Sebi to issue clearance for NSE IPO this month

India’s markets regulator will issue the approval required for the National Stock Exchange (NSE) to launch its stock market offering later this month, it said on Saturday.

The NSE, the country’s largest bourse and the world’s most active derivatives exchange, has been in litigation with the Securities and Exchange Board of India (Sebi) since 2019.

The dispute followed a fine of 11 billion rupees ($122.04 million) imposed on the exchange for failing to provide equitable access to all its trading members.

In June, Reuters reported that the NSE had offered $160 million to settle the matter.

“We will soon issue a NOC (no objection certificate) to NSE and after that they will start preparation,” Sebi chairman Tuhin Kanta Pandey told reporters in Chennai.

Pandey said the approval would be issued this month. The clearance will allow the NSE to begin preparing its initial public offering (IPO) prospectus and is a crucial step toward gaining IPO approval, given the long-running dispute between the two sides.

(With inputs from agencies)