NSE says regulator agrees in principle on settlement offer over past lapses for $155 million
- NSE clears its biggest legal hurdle with SEBI settlement, greenlighting its path towards a major IPO expected later this year
India’s National Stock Exchange said on Thursday that the Securities and Exchange Board of India has granted in-principle approval to settle certain past regulatory lapses, subject to the payment of 14.91 billion rupees ($155.83 million).
NSE’s auditor said in the exchange’s results report that the bourse had received a letter from SEBI on Thursday accepting NSE’s proposed settlement offer for the long-running case, which had involved allegations of governance lapses and of the bourse failing to provide equitable access to all trading members.
The settlement removes the biggest legal overhang facing the exchange as it prepares for an IPO later this year.
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NSE filed its draft offer documents with the regulator last month and has begun investor roadshows for what is expected to be one of India’s two mega IPOs this year along with Billionaire Mukesh Ambani’s Reliance Jio.