NSE forms panel to expedite listing process

The National Stock Exchange (NSE), India’s largest stock exchange, has set the ball rolling on its plans to list. The bourse said in a release on Friday that it had set up a ‘listing committee’ to “accelerate the process of listing”.

The committee comprising board members, shareholders and management representatives will assist Managing Director and CEO Chitra Ramkrishna with the listing process.

“We are committed to taking the listing of the country's most trusted bourse to the exchange platform. Under-standing of critical issues and a constructive dialogue is important to reach this milestone in stipulated timelines. I am sure the listing committee will play a pivotal role to chart out this process,” said Ramkrishna.

The exchange has been criticised by some of its shareholders for delaying listing, despite market regulator Securities and Exchange Board of India putting in place a framework for the same.

The NSE board has authorised Ramkrishna to induct members in the listing committee apart from shareholders' representatives, who are part of the board.

“Significantly, the listing committee will interact with the shareholders and will engage constructively to proceed on the restructuring exercise simultaneously with self-listing agenda. It will take their assurances to support NSE’s principled stand that an exchange should continue to be regulated by an appropriate regulator only and not by competitors,” said the exchange.

It added that as soon as the above objectives were assessed, the listing committee would present its formal report to the Stakeholders Relations Committee for review and onward approval by the Board. “The committee will also have common nominees to advise on legal, regulatory, government matters and also for getting feedback from shareholders,” the exchange added.