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India Today
27-05-2025
- Business
- India Today
Explained: Why NSE unlisted shares hit an all-time high
The National Stock Exchange (NSE) is back in the spotlight as its unlisted shares surged to a record Rs 2,100 on Monday, fuelling renewed investor excitement around its long-delayed public debut. At the heart of this rally is growing anticipation that the country's largest stock exchange may finally overcome regulatory hurdles blocking its public to a report by The Economic Times, NSE is offering a record Rs 10 billion ($118 million) to settle a long-standing co-location case with the Securities and Exchange Board of India (Sebi). The potential deal, which is still under consideration, could pave the way for a long-delayed IPO by securing a crucial no-objection certificate from the had earlier put NSE's IPO dreams on ice due to allegations dating back to 2015 that certain high-frequency traders received unfair access to its co-location servers. This not only torpedoed NSE's IPO attempt in 2016 but also led to a six-month capital markets ban. In October, the exchange paid Rs 6.4 billion to settle one part of the of a broader regulatory thaw began emerging last week when Sebi chairperson Tuhin Kanta Pandey said the regulator was 'working closely' with NSE to resolve all outstanding matters. 'I can't give you the timeline, but it will be done soon. NSE and Sebi are talking. They are resolving the issues,' he said at a recent NSE's recent earnings call, CEO Ashish Kumar Chauhan said Sebi had flagged four key areas that need resolution before the IPO can proceed, including remaining legal investors aren't waiting. Market enthusiasm is spilling over into the grey market, where optimism around a post-settlement listing is feeding a surge in unlisted share activity. The buzz is further amplified by recent marketing materials posted by US-based Drew Investments, which is raising a special purpose vehicle to invest in NSE at valuations ranging from Rs 1,550 to Rs 1,700 per share. According to Drew, the exchange's private valuation has climbed from $36 billion in September to $50 billion now.'The rise in NSE's unlisted share price reflects strong investor demand ahead of the IPO, with expectations of significant returns post-listing,' said Krishna Patwari, Founder and Managing Director of Wealth Wisdom also pointed to the exchange's blockbuster year in primary markets. 'NSE facilitated 268 IPOs in 2024 alone — 90 on the mainboard and 178 in the SME segment — raising Rs 1.67 lakh crore. That's the highest number in any calendar year,' he said, noting it underlines growing confidence in India's capital NSE continues to deliver. For the March quarter (Q4 FY25), it reported a consolidated net profit of Rs 2,650 crore, a 7% year-on-year increase. Revenue from operations, however, dipped 18% to Rs 3,771 crore. The exchange also announced a dividend of Rs 35 per share for experts warn that investing in unlisted shares is not without risks. These include poor liquidity, valuation opacity, and regulatory uncertainties. Delays in IPO clearance or changes in SEBI's stance could disrupt expected returns. advertisement
Time of India
27-05-2025
- Business
- Time of India
MCA, Sebi discuss probe into Gensol Engineering
New Delhi: Securities and Exchange Board of India ( Sebi ) chairman Tuhin Kanta Pandey has met corporate affairs secretary Deepti Gaur Mukerjee to discuss ongoing investigations into Gensol Engineering , among other regulatory matters, a person aware of the development told ET. The meeting, held in the national capital on Friday, came amidst a crackdown on Gensol by the ministry and regulators, especially Sebi, over alleged fraud and corporate governance lapses. Last month, Sebi barred Gensol's promoters-brothers Anmol and Puneet Jaggi-from accessing the securities market and ordered a forensic audit of the listed renewable energy company, after an interim report of the regulator flagged fund diversion by the brothers and governance lapses. The corporate affairs ministry ( MCA ) also launched a separate probe into Gensol and 18 related entities, including EV cab service provider BluSmart Mobility . The probe is expected to be completed within 3-5 months, a senior official said last week. The Jaggi brothers have also allegedly misused term loans extended to Gensol by state-run lenders Indian Renewable Energy Development Agency (Ireda) and Power Finance Corporation (PFC). Pandey and Mukerjee are also understood to have discussed routine regulatory matters during their meeting. Queries sent to MCA and Sebi on Monday remained unanswered until the paper went to press. Following a Sebi reference, the National Financial Reporting Authority (NFRA) has launched a preliminary enquiry into Gensol's books. The Institute of Chartered Accountants of India (ICAI), too, is reviewing the FY24 financial statements and statutory audit reports of Gensol and BluSmart. Sebi started examining the matter after receiving a complaint in June 2024 alleging manipulation of share price and diversion of funds at Gensol. Gensol's share price had scaled a peak of ₹1,126 a piece last fiscal, with a market capitalisation of around ₹4,300 crore, according to the regulator's interim report. But by April 11, 2025, days before Sebi released the interim report, the share price had crashed to ₹133, driving down the market cap to just ₹506 crore. On Monday, the shares closed at ₹65.50 apiece on the BSE, down 2% from the previous close.
Economic Times
26-05-2025
- Business
- Economic Times
MCA, Sebi discuss probe into Gensol Engineering
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Securities and Exchange Board of India ( Sebi ) chairman Tuhin Kanta Pandey has met corporate affairs secretary Deepti Gaur Mukerjee to discuss ongoing investigations into Gensol Engineering , among other regulatory matters, a person aware of the development told meeting, held in the national capital on Friday, came amidst a crackdown on Gensol by the ministry and regulators, especially Sebi, over alleged fraud and corporate governance month, Sebi barred Gensol's promoters-brothers Anmol and Puneet Jaggi-from accessing the securities market and ordered a forensic audit of the listed renewable energy company, after an interim report of the regulator flagged fund diversion by the brothers and governance corporate affairs ministry ( MCA ) also launched a separate probe into Gensol and 18 related entities, including EV cab service provider BluSmart Mobility . The probe is expected to be completed within 3-5 months, a senior official said last Jaggi brothers have also allegedly misused term loans extended to Gensol by state-run lenders Indian Renewable Energy Development Agency (Ireda) and Power Finance Corporation (PFC).Pandey and Mukerjee are also understood to have discussed routine regulatory matters during their meeting. Queries sent to MCA and Sebi on Monday remained unanswered until the paper went to a Sebi reference, the National Financial Reporting Authority (NFRA) has launched a preliminary enquiry into Gensol's books. The Institute of Chartered Accountants of India (ICAI), too, is reviewing the FY24 financial statements and statutory audit reports of Gensol and started examining the matter after receiving a complaint in June 2024 alleging manipulation of share price and diversion of funds at share price had scaled a peak of ₹1,126 a piece last fiscal, with a market capitalisation of around ₹4,300 crore, according to the regulator's interim by April 11, 2025, days before Sebi released the interim report, the share price had crashed to ₹133, driving down the market cap to just ₹506 crore. On Monday, the shares closed at ₹65.50 apiece on the BSE, down 2% from the previous close.
Time of India
26-05-2025
- Business
- Time of India
MCA, Sebi discuss probe into Gensol Engineering
New Delhi: Securities and Exchange Board of India ( Sebi ) chairman Tuhin Kanta Pandey has met corporate affairs secretary Deepti Gaur Mukerjee to discuss ongoing investigations into Gensol Engineering , among other regulatory matters, a person aware of the development told ET. The meeting, held in the national capital on Friday, came amidst a crackdown on Gensol by the ministry and regulators, especially Sebi, over alleged fraud and corporate governance lapses. Last month, Sebi barred Gensol's promoters-brothers Anmol and Puneet Jaggi-from accessing the securities market and ordered a forensic audit of the listed renewable energy company, after an interim report of the regulator flagged fund diversion by the brothers and governance lapses. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New Container Houses India (Prices May Surprise You) Container House | Search ads Search Now Undo The corporate affairs ministry ( MCA ) also launched a separate probe into Gensol and 18 related entities, including EV cab service provider BluSmart Mobility . The probe is expected to be completed within 3-5 months, a senior official said last week. The Jaggi brothers have also allegedly misused term loans extended to Gensol by state-run lenders Indian Renewable Energy Development Agency (Ireda) and Power Finance Corporation (PFC). Live Events Pandey and Mukerjee are also understood to have discussed routine regulatory matters during their meeting. Queries sent to MCA and Sebi on Monday remained unanswered until the paper went to press. Following a Sebi reference, the National Financial Reporting Authority (NFRA) has launched a preliminary enquiry into Gensol's books. The Institute of Chartered Accountants of India (ICAI), too, is reviewing the FY24 financial statements and statutory audit reports of Gensol and BluSmart. Sebi started examining the matter after receiving a complaint in June 2024 alleging manipulation of share price and diversion of funds at Gensol. Gensol's share price had scaled a peak of ₹1,126 a piece last fiscal, with a market capitalisation of around ₹4,300 crore, according to the regulator's interim report. But by April 11, 2025, days before Sebi released the interim report, the share price had crashed to ₹133, driving down the market cap to just ₹506 crore. On Monday, the shares closed at ₹65.50 apiece on the BSE, down 2% from the previous close.
Economic Times
26-05-2025
- Business
- Economic Times
India's NSE offers $118 million to settle Sebi case, revive IPO
The National Stock Exchange of India Ltd. is said to be offering a record amount of about 10 billion rupees ($118 million) to settle a longstanding dispute with the country's market regulator, according to a person involved in the discussions, likely paving the way for its public listing. ADVERTISEMENT The Securities and Exchange Board of India will discuss the offer, and a decision is expected soon, people familiar with the matter said, asking not to be identified as the discussions are private. The regulator is inclined to settle the legal issue, they said, which would enable the world's largest derivative exchange by contracts to secure a no-objection certificate. SEBI had previously halted NSE's listing plans due to several ongoing cases dating back to 2015, involving allegations that some high-speed traders gained unfair access to its co-location servers. The regulator's investigation not only derailed the exchange's IPO ambitions in 2016, but also later resulted in the NSE being banned from accessing capital markets for six months. READ: Top India Bourse IPO Hinges on Approval From Regulator, CEO Says The NSE in October paid 6.4 billion rupees to the regulator to settle a case involving alleged unfair access to its trading platform. ADVERTISEMENT An email sent to SEBI's press office was unanswered, while a NSE spokesperson declined to comment. Signs of a potential settlement emerged after SEBI's newly appointed Chairman Tuhin Kanta Pandey said last week that the regulator is working closely with the NSE to resolve issues hindering its IPO. ADVERTISEMENT Following the exchange's annual earnings earlier this month, Chief Executive Officer Ashish Kumar Chauhan told analysts and investors that the regulator had identified four areas requiring resolution, including pending legal investor interest in NSE remains robust. The exchange, backed by investors like Life Insurance Corp. of India and Canada Pension Plan Investment Board, has seen its private market valuation jump from $36 billion in September to $50 billion, according to a marketing material posted on Linkedin last week by US-based investment firm Drew Investments. ADVERTISEMENT Drew Investments is raising a special purpose vehicle to invest in NSE at 1,550 rupees to 1,700 rupees per share. (You can now subscribe to our ETMarkets WhatsApp channel)
