National Stock Exchange Plans India, Overseas Listing Next Year

  • Listing abroad to boost reach, visibility: CEO Ramkrishna
  • Bourse to file for India listing by January, overseas by April

National Stock Exchange of India Ltd., the nation’s biggest stock bourse, plans to get listed in India as well as overseas next year.

The NSE will file the draft offer document with the market regulator for domestic listing by January, and by April for listing abroad, the exchange said in a statement Monday. The decisions were taken at its board meeting on Thursday.

As many as 10 investors in the exchange, including Tiger Global Five Holding, Norwest Venture Partners X FII - Mauritius and State Bank of India, have urged the bourse to speed up plans to go public. The NSE had sought the regulator’s approval to list on itself. Rules issued in November by the Securities & Exchange Board of India for exchange IPOs do not permit self-listing.

Listing overseas will “enhance the exchange’s reach and visibility,” Chief Executive Officer Chitra Ramkrishna said in an e-mail on Monday. She said it’s “too premature” to comment on the details of the proposed share sale.

The NSE is held by overseas companies including Goldman Sachs Strategic Investments Ltd., Morgan Stanley Strategic (Mauritius) Ltd. and Citigroup Strategic Holdings Mauritius Ltd., according to its website.

Separately, shareholders of BSE Ltd. on Friday approved a plan by Asia’s oldest exchange to sell as much as a 30 percent stake. The bourse, closely held by member brokers and firms including Deutsche Boerse AG and Singapore Exchange Ltd., last month said it plans to sell a minimum of 10 percent, with an option to raise the size if more shareholders are keen to sell their holdings.

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