BENGALURU: National Stock Exchange of India the operator of the country’s biggest bourse, said on Tuesday it has set aside nearly 13 billion rupees ($148 million) to settle cases pending with the markets regulator as it seeks to push ahead with a long-delayed IPO.
NSE, the world’s most active derivatives exchange, has been embroiled in litigation with the Securities and Exchange Board of India (SEBI) since 2019, when it was fined 11 billion rupees for failing to provide equitable access to all trading members.
The provision signals an imminent settlement of the pending litigation, which has been one of the biggest hurdles in its long-pending public listing.
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The Mumbai-headquartered NSE has been trying to list since 2016, but has been prevented by the regulator’s investigations. Its main domestic rival, BSE Ltd listed in 2017.
NSE said it has filed two separate settlement applications for a total amount of 13.87 billion rupees for the cases, for which the stock exchange for the first time has recognised the provision in its second-quarter results.
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