Daijiworld Media Network - Mumbai

Mumbai, May 8: The National Stock Exchange (NSE) on Thursday strongly refuted media reports claiming that it had sought the Government of India’s intervention in its ongoing regulatory standoff with the Securities and Exchange Board of India (SEBI) regarding its delayed Initial Public Offering (IPO).

In a post on social media platform X, the NSE issued a clear denial: “The story is denied by NSE.” The exchange added that no communication has been made with the Government of India concerning its IPO in the last 30 months.

This rebuttal came after a media report alleged that the NSE had recently written to the Ministry of Finance, urging it to step in after SEBI allegedly rejected the exchange’s latest application for a No Objection Certificate (NOC) — a prerequisite for its public listing.

The report also claimed that NSE had reached out to the government in 2019, twice in 2020, and again in August 2024, citing unresolved regulatory issues, including concerns flagged by SEBI over governance practices and executive appointments.

It further alleged that the letter requested the ministry to initiate dialogue with SEBI’s newly appointed Chairman to help address the exchange’s objections to the delays. According to unnamed sources cited in the report, NSE dismissed SEBI's concerns as unfounded and accused the regulator of implementing unfair policies that disproportionately affect the NSE compared to its rival, BSE.

SEBI has reportedly taken issue with delays in board-level appointments and questioned elements of the NSE’s corporate governance framework.

Despite these allegations, the NSE’s official stance remains firm: it has not sought any governmental intervention and continues to operate in compliance with all regulatory requirements.

The status of NSE’s much-anticipated IPO — one of the largest in the Indian financial sector — remains uncertain as regulatory approval remains pending.