Blessing in disguise: Why the $158 million penalty is good news for NSE

NSE's IPO was delayed after the NSE's December 2016 offer document disclosed an independent auditor report stating that its trading system was prone to manipulation

India’s largest exchange has cleared its biggest hurdle to an initial public offering planned since 2016 with the imposition of a fine this week by the nation’s market regulator for allowing preferential access to some high-frequency traders.

“Even as the regulator bars us from raising funds through the capital markets for six months, the fact that an order has been delivered finally is a big positive as it removes a big overhang on our IPO,” Vikram Limaye, chief executive officer at Mumbai-based National Stock Exchange of India Ltd., said in a phone interview. The Securities & Exchange Board of India’s penalty