India top court dismisses market regulator's plea against NSE, reports

India’s top court dismissed market regulator’s appeals against the National Stock Exchange of India , removing a major regulatory hurdle for NSE’s planned IPO, CNBC TV-18 reported on Thursday, citing news wire agency Informist.

The appeals are related to the exchange’s co-location data centre and dark fibre cases, which have delayed its listing plans for years.

National Stock Exchange and regulator Securities and Exchange Board of India did not immediately respond to Reuters’ requests for comment.

The co-location case stems from allegations that some brokers received preferential access to NSE’s trading servers. The case has shadowed India’s largest stock exchange since 2015, leading to investigations, appeals and tribunal proceedings.

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The regulator also examined the NSE’s use of dark-fibre connectivity, which allegedly gave certain brokers faster connections through the exchange’s fibre network.

NSE said in July that SEBI granted in-principle approval to settle certain past regulatory lapses, subject to the payment of 14.91 billion rupees ($157.8 million).