Securities and Exchange Board of India (Sebi) chairperson Tuhin Kanta Pandey on Saturday said the stake of stock exchanges in clearing corporations is one of the main reasons for the delay in listing of National Stock Exchange (NSE).
“Before it goes public, it (NSE) will need to be cleared from different angles… there are pending issues like litigation, which is one part; the other part could involve governance and technology issues that may arise; and additionally, there is the clearing corporation issue,” Pandey said at the Mint India Investment Summit and Awards 2025.
He added that NSE has responded to some of the letters and the market regulator is currently examining them. NSE’s IPO, which sought for Sebi approval in 2016, has been stalled for around nine years now. In 2019, the regulator returned the DRHP, directing the exchange to refile after resolving the co-location issue.
ALSO READElon Musk’s Twitter purchase has lost him Rs 93,500 crores so far…
Further, he also explained that the futures and options market was complex and just putting a threshold for retail investors won’t help. “F&O itself is a complex market. We cannot have a sledgehammer or a blunt approach; we need a surgeon’s knife. We need to know exactly how, otherwise innovations will be lost,” Pandey said, adding that innovations should not get impacted.
Citing reports, which show most of the small investors were losing money in F&O, he said it is not only an awareness element, but more of a systemic issue that requires working with stakeholders. He also noted that F&O is very important for hedging risks and for price discovery, there needs to be orderly development, which has been the effort of the market regulator, he said.
Stressing on the need to build robust market integrity, he said the market regulator has successfully teamed up with the market infrastructure institutions (MIIs) and market intermediaries to achieve it and its initiatives in this regard span a wide range—regulations, technology, supervision, surveillance, enforcement, investor awareness and resolution of investor grievances. “Going forward, we need to constantly update and innovate in all these areas keeping in mind optimum yet effective regulatory stance,” he said.
ALSO READAre markets closed on March 31? BSE, NSE shut for Eid-Ul-Fitr, » Read More
