Latest news with #NoObjectionCertificate
Mint
12 hours ago
- Business
- Mint
NSE IPO: Why investors should contain excitement amid delays?
While SEBI's recent comments have rekindled hopes around the long-delayed National Stock Exchange (NSE) IPO, market experts caution that optimism must be tempered with realism. Several regulatory and legal hurdles still stand in the way of what could be one of India's most consequential public offerings. The NSE IPO has long been a topic of anticipation and speculation. First proposed in 2016 with an aim to sell a 22 percent stake and raise ₹ 10,000 crore, the offering has yet to materialize due to the absence of a mandatory No Objection Certificate (NOC) from the Securities and Exchange Board of India (SEBI). This certificate is crucial for the exchange to formally proceed with its draft red herring prospectus (DRHP) and begin the listing process. Recent developments, however, have reignited interest in the IPO. SEBI Chair Tuhin Kanta Pandey's comment that the 'NSE IPO application is not something that cannot be sorted' has been interpreted by many as a soft green light for the long-pending listing. In response, unlisted shares of NSE have surged over 60 percent in recent weeks, trading between ₹ 2,380 and ₹ 2,419 apiece, according to unlisted stock platforms. The price spike in NSE's unlisted shares reflects high investor expectations that the IPO is imminent. But market veterans urge caution. Trivesh D, COO of Tradejini, said: 'NSE's listing is long overdue, especially considering it first approached SEBI back in 2016. Given its dominant global position in derivatives and strong business fundamentals, going public is a natural step. A listing would not only enhance transparency and deepen governance but also set a benchmark for capital markets infrastructure in India. The recent rally in unlisted NSE shares shows strong market sentiment, although regulatory caution must still be factored in. Investors should not expect immediate action.' The excitement is also being fed by reports that NSE is exploring a settlement with SEBI—potentially worth ₹ 1,000 crore—to clear legacy regulatory issues. While that may fast-track the approval process, there's no formal confirmation of acceptance from the regulator yet. During the May 7 earnings call, NSE MD and CEO Ashishkumar Chauhan addressed the IPO in detail. He confirmed that NSE had responded to SEBI's February 28 communication and formally requested the long-pending NOC. However, Chauhan acknowledged that major regulatory gaps remain. For instance, SEBI has yet to issue clear directives around the disinvestment of clearing corporations—an area critical to exchanges like NSE. Additionally, unresolved issues around key managerial personnel (KMP) salaries could complicate the IPO timeline. 'While we've responded to SEBI's queries, the process doesn't end there,' Chauhan said. 'We await regulatory guidance on clearing corporation disinvestment and compensation norms. These are important aspects that could influence not just the IPO's timing but its structure as well.' Legal issues are another area of concern. NSE remains involved in cases currently pending before the Supreme Court, and while Chauhan said all such matters would be disclosed in the DRHP, the potential for further delay cannot be ruled out. SEBI's September 2024 order offered partial relief to NSE by clearing former executives, including ex-CEOs Chitra Ramkrishna and Ravi Narain, of any wrongdoing in the infamous 2019 co-location case. However, the order did highlight governance lapses and inadequate oversight, particularly around server access. While these findings may not pose a direct legal obstacle anymore, they do underscore the need for stricter regulatory scrutiny. SEBI has signaled greater openness to listed exchanges in recent years, but only if adequate safeguards and conflict-of-interest frameworks are in place. This could mean additional compliance requirements for NSE before the IPO gets the green light. The NSE IPO remains one of the most anticipated events in India's capital market history, and recent developments have certainly moved the process closer to realization. However, regulatory bottlenecks and legal challenges continue to stand in the way of immediate progress. Investors must tread carefully. While the surge in unlisted shares reflects genuine enthusiasm, it may not align with the pace of regulatory approvals or legal resolutions. Until SEBI issues the much-awaited NOC and provides clarity on structural issues like clearing corporation disinvestment, the road to listing remains uncertain. For now, the best approach is to stay informed, watch for official updates, and avoid overcommitting based on speculation. In the words of market watchers: the NSE IPO may be coming—but not as soon as the rally suggests. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
India Today
2 days ago
- Business
- India Today
NSE shares surge in unlisted market amid IPO buzz. Here's what analysts say
Shares of the National Stock Exchange (NSE) have seen a meteoric rise in the unlisted market, soaring 60% in just two weeks. Once trading at Rs 1,500, the stock is now fetching Rs 2,400, according to some reports. The surge in the value of its unlisted shares has been driven by swelling retail interest and growing chatter around its long-pending over one lakh retail shareholders, a record for any unlisted Indian company, NSE has become a hotspot in the grey market. But analysts tracking the unlisted space suggest the rally may not be over just SOARS AMID IPO BUZZDespite the sharp run-up, the exchange is still seen as attractively priced, analysts quoted in a Business Today report said. 'Even after this move, NSE trades at a P/E of 70, compared to BSE's 83 and NSE's financial performance has been much stronger,' Simranjeet Singh Bhatia, Senior Equity Research Analyst at Almondz Global. It may be noted that from FY22 to FY25, the exchange clocked a 33% compound annual growth in revenue to Rs 19,177 crore, while net profit surged at 36% CAGR to Rs 12,188 crore. For FY25 alone, net profit rose 47% to Rs 12,187.94 crore, with total income up 16.7% year-on-year. NSE also declared a Rs 35-per-share dividend, reinforcing its reputation as a consistent wealth THERE FURTHER UPSIDE?advertisementSeveral analysts have suggested that the valuation gap with BSE suggests further upside, provided the NSE lists successfully. Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd told Business Today that the IPO could unlock value. 'However, it hinges on regulatory clearance from Sebi. If a No Objection Certificate comes through, we could see another leg up in the unlisted price,' he added. At Rs 2,400 a share, NSE's implied market cap stands at around Rs 5.9 lakh crore. That makes it India's fifth most valuable company and the fifth largest stock exchange globally, after NYSE, Nasdaq, Shanghai, and bullish outlook isn't just about the IPO. It's also about scale and dominance. NSE commands near-total control over Indian equity derivatives and substantial leads in other Q4FY25, it held 99.8% market share in equity futures, 94.6% in cash trading, 93.9% in currency derivatives, and 81.2% in equity options. Globally, it's the largest derivatives exchange by contract volume and second only to the NYSE in equity not everyone is gung-ho. Some market participants remain cautious given the stock's sharp rally and the lack of clarity on the IPO timeline.'The recent surge is speculative to some extent,' said Hitesh Dharawat of Dharawat Securities. 'Unless we get firm updates on listing, near-term volatility can't be ruled out,' he told Business now, NSE's IPO remains one of the most anticipated events in the Indian capital markets. If regulatory hurdles are cleared and listing proceeds, early investors in the unlisted market could be sitting on a goldmine.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
Time of India
3 days ago
- Automotive
- Time of India
Mihan housing society goes green, gets EV charging station for residents
Nagpur: A residential housing society in MIHAN has taken a progressive step towards sustainability by inaugurating a dedicated electric vehicle (EV) charging station exclusively for its residents. MIHAN, just a few months back, was grappling with even basic civic amenities. The facility, now fully operational, aims to encourage the adoption of cleaner transportation options within the community. Equipped with both DC fast chargers and AC charging points, the station is designed to cater to a range of electric vehicles , ensuring convenience for all types of EV users. The dual charging options also mean that residents can choose between quick top-ups or longer, overnight charging sessions depending on their needs. The initiative was spearheaded by the society's managing committee, reflecting a growing awareness of environmental responsibility at the community level. By integrating green infrastructure into the premises, the society hopes to inspire more residents to switch to electric vehicles. Pratiksha Birole, a resident of the housing society, said, "The EV station draws its power from the existing substation, with proper permissions in place. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo A green meter application has already been submitted, and installation work was carried out by the service provider, with the housing society issuing the required No Objection Certificate (NOC)." He also added that, in terms of safety and infrastructure, the society has taken all necessary measures. The charging area is under 24/7 CCTV surveillance, and fire extinguishers have been installed to ensure emergency preparedness. Adequate parking space around the charging station further adds to user convenience. Rest assured, we didn't even have to pay a single penny to install the station. Residents will be charged Rs20 per unit of electricity consumed, plus applicable GST — rates that are competitive while covering operational and maintenance costs. This development reflects a broader shift towards eco-conscious living, with housing communities beginning to play an active role in India's EV revolution. As the demand for electric vehicles rises, such resident-focused initiatives could pave the way for greener urban living. By taking this step, the society not only enhances the convenience of EV ownership but also strengthens its commitment to a sustainable future.
Indian Express
4 days ago
- Indian Express
Air conditioner blast at Ghaziabad hotel kills one, injures another
A repair worker was killed and another severely injured on Saturday afternoon after an air conditioner compressor exploded atop a hotel in Ghaziabad's Vaishali neighbourhood, officials said. The blast occurred around 2:10 pm on the roof of the Walk in the Woods Hotel, located in Sector 4 of Vaishali. The deceased, identified as Pintu, 35, who used only one name, was declared dead at the scene. The second worker, Puran, 40, sustained serious burns and is receiving treatment at Chandra Laxmi Hospital, according to a statement issued by the Ghaziabad Police. 'An information was received that two people were repairing AC on the roof of Hotel Walk in Woods when suddenly the AC compressor burst. Pintu died in the blast at the spot, while Puran is undergoing treatment,' the police said in an official statement. Authorities added that no other individuals were injured. 'When we received the information, we sent the local police unit to the spot. It was found that both men were repairing AC on the roof of the hotel. Except for these two, no other men have sustained injuries. We are taking all the required legal action,' a police official said. Saturday's incident marks the second time the establishment has faced a safety-related crisis. On January 25, 2024, a fire broke out in the restaurant's kitchen due to a spark in the chimney system, said Rahul Pal, Chief Fire Officer for Ghaziabad. 'Back then the restaurant had been operating without a Fire NOC,' Pal said, referring to the mandatory No Objection Certificate that certifies compliance with fire safety norms. He noted that the hotel has since obtained the necessary clearance. 'We have not sent them any notice this year regarding any violations and also they have taken the NOC,' he told The Indian Express. The body of the deceased has been sent for post-mortem examination. Authorities said investigations into the cause of the compressor explosion are ongoing.
Hans India
5 days ago
- Hans India
Man arrested for fraudulently grabbing land
ADILABAD: A man was arrested for fraudulently acquiring 25 acres by using fake dependent certificates. The case came to light after a complaint was filed with the district Superintendent of Police (SP). In 1954, the government allocated 25 acres in Kazjarl village to Ameenuddin Khan. Ameenuddin had only one daughter, and the land remained vacant for years. Former Talamadugu Sarpanch Karunakar Reddy allegedly conspired to forge a dependent certificate by falsely claiming Sheikh Latif as Ameenuddin's grandson. Using this fake certificate, the land was transferred to Sheikh Latif's name in 2005. Since the land was an assigned land, a No Objection Certificate (NOC) was obtained from the RDO in 2009. Within four days Karunakar Reddy registered the land in his own name. Sheikh Latif passed away in 2022, further complicating the case. The real heirs of Ameenuddin Khan approached the district SP, leading to an investigation. Adilabad Rural CI K Phanidhar confirmed that fake dependent certificates were used to illegally seize land. -District SP Akhil Mahajan took special initiative to curb land fraud. Authorities emphasised the need for thorough verification before issuing dependent certificates. -Karunakar Reddy was arrested and remanded. The real heirs currently reside in Subhash Nagar, Adilabad.
