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BSE to come good on Sebi queries on SECC norms soon

Press Trust of India  |  Kolkata 

Leading stock exchange hopes to soon satisfy queries of regulator on Stock Exchanges and Clearing Corporations (Amendment) Regulations, 2016, pertaining to its proposed Rs 1,200-1300 crore maiden issue.

"There were queries on consolidation of face value and Stock Exchanges and Clearing Corporations (Amendment) Regulations, 2016," a official involved in the IPO process told PTI.

"We have already cleared the consolidation of share face value from Rs 1 each to Rs 2 each. It will be implemented very soon. Now, we are working on SECC queries and many of them had already been satisfied."

Earlier, was keen on launching the IPO by the fourth quarter of this fiscal. The official remained tight-lipped on when the bourse expects to get nod.

Comfortable with Sebi's current regulation on listing, which does not allow self-listing, BSE says cross-listing will only improve transparency.

Sources said once approval comes by, market conditions will be the driving factor for the actual IPO launch, without ruling out possibility of a January-March timeline.

The entire IPO offering is sponsored by existing shareholders under Offer for Sale (OFS) category and BSE is not raising any fresh equity capital.

The 141-year-old exchange has about 9,000 shareholders. It received Sebi's in-principle approval in March this year.

Singapore Stock Exchange is one of the shareholders completely divesting its stake.

Top shareholders include Deutsche Boerse AG, Singapore Exchange Ltd, Caldwell India Holdings Inc, Atticus Mauritius and Acacia Banyan Partners, LIC, SBI and Bajaj Holdings.

Deutsche Boerse is not selling any stake in this offer while BSE officials expect they will raise their shareholding in the near future.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, November 27 2016. 14:42 IST