NSE IPO Ka Rasta Saaf? Court Ne Kaha 'Humara Case Nahi', Listing Hogi Ya Nahi?

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AuthorIshaan Verma|Published at:
NSE IPO Ka Rasta Saaf? Court Ne Kaha 'Humara Case Nahi', Listing Hogi Ya Nahi?
Overview

Chalo, NSE ke IPO ke liye ek badi khushkhabri hai! Aaj Delhi High Court ne ek important case dismiss kar diya hai jisse company ki listing mein rukawat aa rahi thi. Basically, court ne kaha ki ye mamla yahan ka nahi hai, isliye woh is par decision nahi de sakte. Toh ab NSE apne IPO ke liye aage badh sakta hai.

Case Dismissed: Court Ne Kaha 'Hamari Jurisdiction Nahi'

Dekho bhai, NSE ka IPO kab se pending hai, aur abhi tak kitni baar delays hue hain. Aaj Delhi High Court ne KC Aggarwal ki woh petition reject kar di jismein SEBI ke NSE ko IPO ke liye NOC dene par sawaal uthaya gaya tha. Par yahan ek twist hai, court ne asli allegations ko dekha hi nahi, balki sirf 'territorial jurisdiction' par decision diya. Court ka kehna tha ki SEBI aur NSE dono Mumbai mein hain, aur NOC bhi wahan se mila, toh Delhi High Court is mamle ko sunne ke liye sahi jagah nahi hai. Is decision se NSE ab apne Offer for Sale (OFS) ke liye taiyariyan shuru kar sakta hai, jahan existing shareholders apne shares bechne wale hain.

Valuation Aur Market Ka Scene Kya Hai?

NSE ka IPO India ke sabse bade IPOs mein se ek ho sakta hai. Unlisted market mein iski valuation lagbhag ₹5 lakh crore tak pahunch rahi hai, matlab lagbhag ₹2,075 per share ka price. Agar P/E multiple dekhein toh yeh lagbhag 55x hai. Compare karein toh Bombay Stock Exchange (BSE) ka market cap ₹11,1419.32 Cr hai aur uska P/E 40x ke aas-paas hai. India mein FY26 mein IPO market kaafi strong raha hai, lekin 2026 ki shuruat mein thodi slowdown dikhi hai, jahan kuch Naye listings issue price se neeche bhi trade kar rahe hain. Global market bhi 2025 mein stabilize ho gaya hai, India abhi bhi ek important growth engine bana hua hai.

Purane Case Aur Governance Ke Mudde

NSE ka IPO 2016 se hi delayed hai. Iski history mein co-location issues, governance mein gadbadi aur compliance mein problems rahe hain, jiske liye kafi penalties bhi lagi thi. NSE ne kuch issues ko solve karne ki koshish ki hai, jaise ki co-location scam se related ₹643 crore ka settlement bhi October 2024 tak hone wala hai.

Asli Mudde Abhi Bhi Unsuljhe Hain!

Sabse important baat yeh hai ki Delhi High Court ne jo petition dismiss ki hai, uske andar jo asli allegations the, woh abhi tak solve nahi hue hain. Petitioner KC Aggarwal ka kehna tha ki SEBI ne dhyan nahi diya jab NSE ne allegedly unlawful debits kiye aur corporate action adjustments ko galat tarike se istemal kiya. Specialy, yeh allege kiya gaya hai ki NSE ne sirf derivative contract prices ko alter kiya aur dividend-equivalent amounts ko directly debit kiya, jo ki bonus share ya stock split jaise corporate events mein value neutrality maintain karne wale framework se alag hai. Court ne in allegations ki merits par koi decision nahi diya. Iske alawa, transparency ki kami aur information deny karne ke bhi aarop hain.

Aage Kya Ho Sakta Hai?

Ab jab legal roadblock hat gaya hai, toh NSE apna OFS launch kar sakta hai. Lekin yeh jo asli allegations hain derivative adjustments aur financial improprieties ke baare mein, woh abhi bhi ek overhang ban sakte hain. Investors aur market participants ko SEBI ki future oversight par aur OFS pricing mein transparency par nazar rakhni hogi. Jo high valuation dikh rahi hai, usmein kafi growth expectaions pehle se hi priced in hain, toh NSE ko apne governance aur operational standards ko bahut strong rakhna hoga. Itne saalon ke delays aur regulatory scrutiny ke baad, NSE ke IPO ko abhi bhi apne fundamental operational aur governance framework ke hisab se nazar rakha jayega.

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