NSE approaches markets regulator SEBI for IPO

"We have approached SEBI to seek its approval for the IPO and after that, we will start the process of appointing merchant bankers, who will help the exchange in filing draft prospects for the IPO," NSE MD and CEO Vikram Limaye told PTI here.

New Delhi: The National Stock Exchange (NSE) on Monday said it has approached markets regulator SEBI for its initial public offering and hopes to launch the public issue by September this year subject to approvals.

"We have approached Sebi to seek its approval for the IPO and after that, we will start the process of appointing merchant bankers, who will help the exchange in filing draft prospects for the IPO," NSE MD and CEO Vikram Limaye told PTI here.

He further said that the exchange is hoping to float the IPO by the third quarter of a calendar year and the launch is subject to approval from the Securities and Exchange Board of India (SEBI).

The entire IPO would be offer-for-sale (OFS), wherein existing shareholders will sell NSE's shares.

The NSE has revived its listing plans, which were on the backburner following a probe by SEBI against the exchange and some of its top officials. It was alleged that the exchange misused its co-location facility and gave preferential access to certain trading members.

In April 2019, Sebi had barred the NSE from accessing the capital markets for a period of six months. It had also asked NSE to "disgorge" more than Rs 625 crore along with 12 per cent interest per annum in connection with the co-location case.

Earlier in December 2016, NSE had filed draft papers with SEBI for its much-awaited IPO. The initial share-sale was expected to garner Rs 10,000 crore.

The existing shareholders were looking to offload 22 per cent shares to the public through the OFS route.

Use of AI in different forms can help achieve USD 5 trillion economy target says, Piyush Goyal

"We in the government believe that AI can, in different forms, help us achieve the USD 5 trillion benchmark, which we have set for over (next) five years," he said here at a function.

The minister added that AI can also help expand in a more cost-effective and outcome-oriented manner.

Goyal, who also has the railways portfolio, said in railways, a team is focusing to see how "we could benefit from AI" as the potential is humongous.