Sebi not considering stock exchange self-listing proposals after NSE market debut
GS3Economy · S&T · Environment · Security· Capital markets & SEBI· Prelims·
Market integrity and conflict of interest: a key GS3 and Ethics case study on capital market governance.
Why in news
Sebi clarified it is not considering stock exchange self-listing proposals following the NSE's market debut and subsequent price fluctuations.
Background
NSE shares debuted at Rs 1,800 but fell below the IPO price of Rs 1,785. BSE entered the Nifty 50 index, replacing Wipro, following its own market activity.
Facts for Prelims
- FactNSE shares debuted at Rs 1,800 and fell below the IPO price of Rs 1,785
- FactBSE entered the Nifty 50 index, replacing Wipro
Prelims practice question
Which company was replaced by BSE in the Nifty 50 index?
- (a)Tata Motors
- (b)Wipro
- (c)Infosys
- (d)Reliance
Show answer
Answer: (b) Wipro — The note states that BSE entered the Nifty 50 index, replacing Wipro.
For Mains
Q. Discuss the regulatory challenges and systemic risks associated with stock exchanges listing their own shares on the same or different platforms.
Dimensions to cover in your answer
- Conflict of interest: Potential for market manipulation or preferential treatment in listing and trading norms
- Regulatory oversight: Difficulty in maintaining arm's length distance between exchange operations and equity trading
- Market integrity: Impact of exchange-owned shares on price discovery and liquidity for other listed entities
Keywords: Market Integrity · Regulatory Framework · Conflict of Interest · Price Discovery · Capital Market Governance
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