National Stock Exchange (NSE) has formed a committee comprising board members, shareholders and management representatives to accelerate the process of listing. The formation of the committee was decided in the last board meeting, it said on Friday.
The board had authorised Chitra Ramkrishna, managing director & CEO of NSE, to induct members in the committee apart from shareholder representatives who are currently not represented on the board.
“We are committed to take the listing of the country’s most trusted bourse to the exchange platform. Understanding of critical issues and a constructive dialogue is important to reach this milestone in stipulated timelines,” she said.
As soon as the consensus is achieved, the committee will present its formal report to the Stakeholders Relations Committee (SRC) for its review and onward approval by the board. The committee will also have common nominees to advice on legal, regulatory, government matters and also for getting feedback from shareholders.
Besides a host of public sector undertakings and financial institutions, NSE counts General Atlantic, Goldman Sachs, SAIF Partners, Temasek, PremjiInvest, Morgan Stanley, Tiger Global, Norwest Venture Partners, holding 2-5 per cent each as of December 31, 2015.
LIC and SBI are the top shareholders with over a little over 10 per cent each.
Both NSE and its arch rival BSE have been criticised for delaying a public listing that would provide an exit route for some investors.
BSE has been separately moving ahead faster with its listing agenda and newsagency PTI reported early this month that it has appointed bankers for the proposed issue. It is open to listing its shares on third party bourse.
NSE, on the other hand, has been insisting on self-listing as against SEBI’s norms that mandate cross-listing or listing on an independent bourse.
NSE said on Friday that the listing committee will interact with the shareholders to deliberate on how proceed on the restructuring exercise simultaneously with ‘self-listing agenda’.
Besides BSE and NSE, Metropolitan Stock Exchange (formerly MCX Stock Exchange) is the third national bourse.