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India's largest stock exchange, the National Stock Exchange of India (NSE), has encountered another hurdle in its decade-long bid to go public, with a fresh writ petition challenging regulatory clearance for its proposed initial public offering (IPO), The Economic Times (ET) reported.
According to ET, a petition has been filed in the Delhi High Court contesting the no-objection certificate (NOC) granted by the Securities and Exchange Board of India (Sebi) on January 30. The plea was moved on February 10 by New Delhi resident and former judicial officer KC Aggarwal, 72.
The development could once again delay NSE's long-awaited listing, which has been pending since 2016 amid regulatory scrutiny and past controversies. The Delhi High Court is expected to hear the matter later this week, and its ruling may shape the next course of action for the exchange's IPO plans.
At the core of Aggarwal's petition is Sebi's framework on Corporate Action Adjustments (CAA), which aims to maintain “value neutrality" in derivatives trading during events such as bonus issues, stock splits and extraordinary dividends. The principle ensures that the economic position of derivatives traders remains unchanged before and after such corporate actions.
Aggarwal has alleged that NSE failed to adhere to this framework. Instead of adjusting both price and quantity in derivatives contracts, the exchange allegedly adjusted only prices and debited dividend-equivalent amounts directly from derivatives traders' accounts, including his own. He argued that under the Securities Contracts (Regulation) Act, dividends are payable only to shareholders and not to derivatives traders, calling the debit “ultra vires the statute," ET reported.
The petitioner further claimed that his complaints to NSE were closed without a hearing and that Sebi upheld the exchange's actions without conducting an independent review. Multiple Right to Information (RTI) applications seeking details of the debited funds were rejected, leading to what he described as a “complete information vacuum." Emails sent to the Sebi chairperson had also remained unanswered as of January 2026, he alleged.
In his complaint to Sebi, Aggarwal argued that funds were misappropriated from derivatives traders under the guise of CAA adjustments, in violation of regulatory norms. He also raised concerns about off-market derivative transactions and broader implications for investor protection and market integrity. He had urged the regulator not to grant approval for NSE's IPO until the issues were thoroughly investigated.
Despite these concerns, Sebi granted the NOC on January 30, allowing NSE to formally initiate the IPO process, including appointing merchant bankers and legal advisers and preparing draft listing documents.
NSE's IPO has been among India's most closely watched and prolonged listing efforts. The exchange first filed its application with Sebi on October 18, 2016. Approval was initially withheld due to concerns linked to the co-location case, governance lapses and technology infrastructure issues. Since then, NSE has made multiple attempts to secure regulatory clearance. After Tuhin Kanta Pandey assumed office as Sebi chief in March 2025, he constituted an internal committee to examine issues related to the NSE IPO.
Source: News18
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