Top stock exchange BSE has sought approval from capital markets regulator SEBI to launch Initial Public Offer, saying it is in compliance with all the regulatory requirements for the listing.
New Delhi: Top stock exchange BSE has sought approval from capital markets regulator SEBI to launch Initial Public Offer, saying it is in compliance with all the regulatory requirements for the listing.
BSE has been seeking to get listed for a long time and it had earlier filed an application with SEBI in this regard in 2013.
In a fresh communication, BSE has now written to the Securities and Exchange Board of India that it is in full compliance with the requirements of the new SECC (stock exchanges and clearing corporations) Regulations and therefore it can proceed with its IPO plans.
The exchange has requested SEBI to provide approval "permitting BSE to proceed with the IPO and listing of BSE's shares on a recognized stock exchange".
Earlier this month, SEBI had amended the existing SECC regulations to make it easier for stock exchanges to list their shares through an IPO.
The move follows demand from investors in stock exchanges for listing of the bourses which can provide them an opportunity to unlock the value of their investments.
Large foreign investors including Goldman Sachs, Temasek and Morgan Stanley, in November, approached the government to expedite the process for listing of top stock exchanges, BSE and NSE.
The listing of exchanges was hanging fire for a long time in India, even as the regulator SEBI had put in place a regulatory framework in this regard more than three years ago.
Since then, BSE has approached SEBI several times with its plans for an IPO, but necessary clearances have not been forthcoming on one or the other issue.