New Delhi: A “credible road map” has been put in place for the listing of NSE, Chairman Ashok Chawla has said, adding that it will provide a market-determined benchmark for its share price and enhance the level of corporate governance.
“There comes a time when corporates are mature enough to go public,” Chawla told PTI.
“The NSE board has considered this and decided to pursue listing of its stock. This will provide a market-determined benchmark for its share price, apart from enhancing the level of corporate governance.”
Putting speculations to rest, NSE announced its plans on June 27 to get listed domestically as well as internationally under which the bourse would file preliminary IPO papers with Sebi by January 2017.
Decisions related to listing were taken during the board of directors’ meeting on June 23. Asked about the acrimony in the wake of some investors criticising the exchange for delay in listing, Chawla said, “I won’t call it acrimony. But, yes the shareholders have been pressing for early listing of the stock so that they get the benefit of a good valuation if they choose to exit.”
On whether issues with investors have been solved, he replied in the affirmative as the bourse has announced a credible road map. “Work will now start on the various pieces, apart from the critical requirements of shareholders’ consent and the approval of Sebi,” he noted.
With respect to proposed restructuring at the bourse, Chawla said it would continue to be in focus provided there are no “insurmountable difficulties”.
In the last few days, at least two investors — SBI and IFCI — have reduced their stakes in the exchange. While Sebi rules require stock exchanges to go for cross-listing, NSE had expressed concern over the prospects of being regulated by a rival bourse.
