MUMBAI: The National Stock Exchange (NSE) is waiting for the no objection certificate (NOC) from the capital markets regulator and once it is received, the stock exchange would begin the process of filing its draft red herring prospectus (DRHP) for a much-awaited initial public offering (IPO), Ashish Kumar Chauhan, Managing Director and CEO of NSE, has said.
Speaking to IANS here, Ashish Chauhan said the exchange has sought a ‘No Objection Certificate’ (NOC) from the Securities and Exchange Board of India (SEBI).
After getting the NOC, "we will prepare our draft red herring prospectus (DRHP) and then, we will send it back to the SEBI. After that, they will take their time to approve it", said Ashish Chauhan.
Last month, SEBI Chairman Tuhin Kanta Pandey said that the pending issues surrounding the NSE initial public offering (IPO) will be resolved soon, and the regulator will move forward with the process.
Speaking to the media on the sidelines of an Assocham's event in the national capital, Pandey said: "We will soon go ahead with it. NSE and SEBI are in discussions. They are resolving the issues. I am very hopeful that it will be done soon and we will move forward."
Asked about a specific timeline, the SEBI chief said he couldn’t commit to a date but added: "All the outstanding issues will be resolved, and we will move forward. Can't give you the timeline, but I think we should soon be doing it."
Pandey also mentioned that SEBI and NSE are working closely to address regulatory concerns and ensure a smooth IPO process.
At the same Assocham event, Ashish Chauhan highlighted the strong performance of India’s capital markets, saying they reflect the broader economic strength and resilience of the country.
The NSE CEO noted that India has now become the fourth-largest equity market in the world. "India’s market capitalisation has grown more than 120 times since 1994 when NSE began operations. Today, it stands at approximately Rs 440 lakh crore or $5.1 trillion, " he told the gathering.