Expressing its intent to get listed, leading stock exchange NSE today said it has formed a Listing Committee that will engage with the stakeholders on self-listing agenda and seek their support to its stand against any kind of regulation by any other bourse.
As per Sebi regulations, a stock exchange can not get listed on its own platform and the listing must take place on another exchange.
While BSE has said it has no problem with cross-listing and has already approached Sebi seeking approval to launch IPO and get listed, NSE is opposed to the idea of cross-listing and wants to list shares only on its own platform saying it can not be subjected to regulation by a rival.
A stock exchange typically functions as a front-line regulator for all the companies listed on its platform in terms of disclosure requirements including of key information.
While a number of existing shareholders of NSE has been pushing hard for the exchange to get listed soon, the bourse said in a statement issued today that it "on course to list".
"The Board of NSE has formed a Listing Committee, comprising Board members, shareholders and management representatives to accelerate the process of listing and to assist the MD and CEO in implementing the same," it added.
Formation of the committee was decided in the last board meeting. The Board had authorized Chitra Ramkrishna, MD and CEO of the exchange to induct members in the committee apart from shareholder representatives who are not represented on the board.
"The listing committee will interact with shareholders and will engage constructively to proceed on the restructuring exercise simultaneously with self-listing agenda. It will take their assurances to support the NSE's principled stand that an exchange should continue to be regulated by an appropriate regulator only and not by competitors," the statement noted.
"We are committed to take the listing of the country's most trusted bourse to the exchange platform. Understanding of critical issues and a constructive dialogue is important to reach this milestone in stipulated timelines. I am sure Listing Committee will play a pivotal role to chart out this process," Ramkrishna said.
As soon as the objectives are assessed, the listing committee will present its formal report to the stakeholders relations committee for its review and onward approval by Board. The committee will also have common nominees to advice on legal, regulatory, government matters and also for getting feedback from shareholders.
