India markets regulator to issue approval for NSE listing.

SEBI said it will this month issue a no objection certificate allowing the National Stock Exchange to prepare an IPO prospectus. The exchange has been in litigation with SEBI since 2019 after a fine over access for trading members.

India's markets regulator said it will issue an approval this month that is needed for the National Stock Exchange to pursue a public listing. SEBI chairman Tuhin Kanta Pandey told reporters in Chennai the regulator will soon issue a no objection certificate, after which the exchange can begin preparations. The NSE is India's largest bourse and is also one of the world's most active derivatives exchanges. The exchange and SEBI have been in litigation since 2019 following a regulatory fine related to equitable access for trading members. Key details: - SEBI said it will issue a NOC (no objection certificate) to the NSE this month, according to Tuhin Kanta Pandey. - The NOC would allow the NSE to prepare its IPO prospectus. - The dispute dates to 2019, when SEBI fined the NSE 11 billion rupees for failing to provide equitable access to trading members. - Reuters reported in June that the NSE offered $160 million to settle the matter. Summary: The planned NOC is a formal step that would enable the exchange to start preparing an IPO prospectus. The development follows a multi-year dispute between SEBI and the NSE, including the 2019 fine. What follows for formal IPO approval and any further procedures is undetermined at this time.