Off the hook, NSE’s on track for an IPO this year

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Editor's note: Four years and eight months after the National Stock Exchange of India, or NSE, first filed its draft herring prospectus for a public offering of its shares, it seems like its much-talked-about and anticipated IPO will finally see the light of day.  NSE’s journey towards an elusive listing on the stock exchanges is the stuff of nightmares—regulatory hurdles, regulatory orders, enforcement agency investigations, numerous petitions and court orders and, not to forget, the unceremonious departure of its founding management. You name a hurdle and NSE has been through it in the last four-odd years.  But something is definitely changing and NSE is being allowed to emerge from the shadows of its not so glorious recent past.  According to regulatory officials who spoke with The Morning Context on condition of anonymity, the Securities and Exchange Board of India is all set to issue a no-objection certificate, or NOC, to NSE, allowing it to refile its draft red herring prospectus for an IPO. This is in response to a request placed by the exchange’s board with the market regulator, which pointed out …