Sebi chief hints at nod for NSE IPO

CHENNAI: Securities and Exchange Board of India (Sebi) is likely to clear National Stock Exchange’s (NSE) longdelayed initial public offering (IPO) soon. Sebi chief Tuhin Kanta Pandey indicated in Chennai on Saturday that the NOC for the public offer could come before the end of this month, signalling a possible end to years of regulatory and legal uncertainty surrounding the listing of the country’s largest stock exchange.NSE has been pursuing regulatory clearance for its IPO for almost a decade, its quest hobbled by governance lapses and a 2015 co-location controversy that drew scrutiny from the market regulator.The exchange had filed its first draft red herring prospectus in 2016, but the IPO process was stalled amid regulatory challenges. In the interim, the exchange reapplied to Sebi for a NOC to revive and move ahead with its long-pending initial public offering.Earlier, addressing a convention organised by the Association of National Exchanges Members of India, Pandey outlined the regulator’s proposed next phase of capital market reforms. At the heart of the roadmap is investor onboarding, with Sebi proposing to further simplify KYC processes for retail participants. Citing survey findings that show a smoother onboarding experience encourages first-time investors, the regulator plans to reduce repeat documentation and streamline re-KYC by ensuring that KYC Registration Agencies (KRAs) retain only updated records, Pandey told the International Capital Market Convention.Another key focus area is facilitating NRI participation. Building on recent relaxations, Sebi will consult stakeholders on creating a secure, end-to-end KYC framework that allows NRIs to complete the process without visiting India, Pandey said.