MUMBAI, Jan 15 (Reuters) – India’s markets regulator has agreed in principle to the NSE (National Stock Exchange’s) settlement application in the unfair market access case, Chairman Tuhin Kanta Pandey said on Thursday, clearing a key hurdle to the bourse’s listing.
The government has approved a 2.5% stake dilution and will issue a notification soon, he said.
Reuters earlier this week that the exchange plans to file draft listing papers by end-March and is in discussions with investment bankers and law firms to gauge investor appetite for what could be one of India’s biggest-ever initial public offerings.
Formal appointments of bankers and lawyers will follow a no-objection certificate from the market regulator, Securities and Exchange Board of India.
NSE, the world’s largest derivatives exchange, has been trying to go public since 2016 but has failed to secure regulatory approval due to pending legal cases and governance shortfalls. Its main domestic rival BSE Ltd is listed.
The regulator last year halved the minimum IPO float for large companies, allowing those valued above 5 trillion rupees ($57 billion) after listing to sell just 2.5% of their paid-up capital instead of the earlier 5%, helping Reliance’s telecom arm Jio and the bourse.
Reliance’s telecom arm Jio Platforms is considering an initial public offering in 2026, which would float 2.5% of the company, Reuters reported, earlier this month.
