Ipo.

The National Stock Exchange of India (NSE) finds its ambitious plan to go public facing yet another stumbling block. A writ petition filed by former judicial officer KC Aggarwal in the Delhi High Court challenges the Securities and Exchange Board of India's (Sebi) no‑objection certificate (NOC) that was issued on January 30, clearing the way for the exchange’s initial public offering. Aggarwal alleges that NSE breached the corporate‑action‑adjustments framework by debiting dividends directly from derivatives traders' accounts, a move he claims is ultra‑vires under the Securities Contracts (Regulation) Act. He further contends that his grievances were dismissed without a hearing, and that Sebi failed to conduct an independent review, leaving the market in an information vacuum. The petition could delay a listing that has been in the making since 2016, a process already marred by regulatory scrutiny, co‑location controversies, and questions over governance and technology infrastructure. As the Delhi High Court schedules a hearing this week, the outcome may determine whether NSE can finally move ahead with its IPO or whether investors, traders, and market watchers will have to wait a little longer for India’s biggest stock exchange to list publicly.