Delhi High Court Dismisses Challenge to SEBI Nod, Clearing Path for NSE IPO

Overview

• Delhi High Court on February 16 rejected a petition contesting SEBI’s no‑objection certificate for the National Stock Exchange’s proposed IPO.
• The court noted the plea appeared aimed at stopping or delaying the listing process of the country’s largest exchange.
• The ruling enables NSE to move ahead with appointing merchant bankers and legal advisers and drafting offer documents.
• Petitioner KC Aggarwal alleged NSE violated SEBI’s Corporate Action Adjustment framework by making price‑only changes to derivatives and deducting dividend‑equivalent amounts he argued were ultra vires.
• NSE first filed to list in October 2016, with progress stalled for years by governance and technology concerns including the co‑location case.