Market regulator SEBI on Saturday said it has given its in-principle nod for BSE to list itself on a bourse.
This move came less than two months after the Asia’s oldest stock exchange urged SEBI to allow it to go in for an initial public offering (IPO).
The current SEBI regulations forbids an exchange from going in for self-listing.
To make it easier for stock exchanges to list, the Securities and Exchange Board of India (SEBI) had on this year amended its SECC (Stock Exchanges and Clearing Corporation) Regulations.
On , BSE had sought SEBI approval for the bourse to proceed with the IPO and listing of BSE's shares on a recognised stock exchange.
Briefing mediapersons after a Board meeting in the capital on Saturday, SEBI Chairman U.K. Sinha said that the market regulator has given in-principle approval for the listing of BSE. This was Sinha’s first Board meeting after he secured a one-year extension as SEBI Chairman last month.
With this in-principle approval, BSE can take the next step in its journey towards an IPO and listing.
“They (BSE) have got an in-principle nod from us. It is now for them to decide when they want to file DRHP, how many shares etc… all these will be guided by our ICDR regulations”, Sinha told reporters when asked if there was any time period validity for the in-principle nod.
Indications are that BSE’s IPO may hit the market in 2016-17. Edelweiss Financial Services has been appointed as the lead merchant banker for the IPO, informed sources said.
Several investors, especially foreign ones, in the country’s bourses have been pitching for early listing so that they could get an opportunity to unlock value of their investments.
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