The National Stock Exchange (NSE) plans to launch its initial public offering (IPO) by September this year, its MD and CEO, Vikram Limaye, said on Monday. The exchange has approached markets regulator Sebi for listing of its shares, even as State Bank of India started selling some of its NSE shares.

"We have approached Sebi to seek its approval for the IPO and after that we will start the process of appointing merchant bankers, who will help the exchange in filing draft prospects for the IPO," NSE MD and CEO Vikram Limaye told news agency PTI.

Limaye said that the bourse is hoping to launch the IPO by the third quarter of this calendar year and it is subject to approval from the Securities and Exchange Board of India (Sebi).

Also Read: SBI plans to sell 1% stake in NSE

According to him, the entire IPO would be offer-for-sale (OFS), wherein existing shareholders will sell NSE's shares.

Last week, state-owned lender State Bank of India (SBI) said that it is planning to offload sell 50 lakh shares representing 1.01 per cent stake in NSE to raise capital. Currently, SBI holds 5.19 per cent stake in India's oldest exchange.

Also Read: Bharat Bond ETF lists on NSE

Last month, IFCI sold its entire 2.44 per cent stake in NSE for Rs 805.6 crore.

Earlier in December 2016, NSE had filed its draft red herring prospectus with Sebi to launch its IPO. However, the plan was put on hold after investigations began into the co-location case. It was alleged that the exchange misused its co-location facility and gave preferential access to certain trading brokers.

In April 2019, Sebi had barred the NSE from accessing the capital markets for a period of six months. It had also asked NSE to "disgorge" more than Rs 625 crore along with 12 per cent interest per annum in connection with the co-location case.

By Chitranjan Kumar