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Foreign investors in India's NSE urge exchange not to challenge fine

Some foreign investors, who have been pushing the exchange to go public, said they fear an appeal would further delay plans for an IPO that bankers estimate could raise up to $1 billion

Vikram Limaye, MD & CEO of NSE
Vikram Limaye, CEO of NSE

Some foreign investors in the National Stock Exchange (NSE), which the market regulator has slapped with a steep fine and a six-month ban from public fundraising, are urging the bourse not to challenge the penalty and focus instead on a long-awaited initial public offering. The Securities and Exchange Board of India (SEBI) on Tuesday ordered the country's largest stock exchange to pay about $100 million, plus interest, after finding it had failed to ensure all brokers had equal access to its network servers. NSE said it was reviewing the order and taking legal advice before ...