NSE to trim portfolio of companies
时间:2024-09-29 04:44:57 阅读(143)
By Joydeep Ghosh
The National Stock Exchange (NSE) is planning to get out of businesses that are not part of its core operations as a stock exchange and regulator.
NSE has 11 group companies at present. These include NSE Academy, NSE Clearing, NSE Data and Analytics, NSE Foundation, NSE Indices, NSE Investments, NSE International Exchange, NSE International Clearing, NSEIT, NSE Infotech and NSE Cogencis.
Sources said in the past few years, NSE and its group companies have bought a majority or full stake in a number of companies. These include data and analytics firm, Cogencis, a cloud-based service provider, Cloudxchange and deep-tech education firm TalentSpirit, among others.
Also read: Strong Q2 drives SBI, BoB stocks to new highs
Sources said the exchange management believes that being saddled with too many companies creates additional issues, as they have to participate actively in the operations of these companies. “Anyway, we have a massive role to play as the country’s largest exchange. The new management has decided to focus on existing operations,” said a source, adding that they don’t see any reason to have stakes in companies that don’t add any value to their business.
The move may be perceived as an attempt to rejig the country’s biggest stock exchange which has been hit by a number of scams that occurred between 2009-17, including the co-location scam, illegal phone tapping and snooping on NSE employees, among others. NSE’s former MD & CEO Chitra Ramakrishna, and former vice-chairman Ravi Narain, are facing a slew of charges from various investigative agencies for these cases and were also jailed for some time.
The controversies put paid to NSE plans to go for an initial public offering (IPO). And as things look now, the IPO will have to be deferred for a few more years.
Also read: Adani Enterprises now among top 10 most valued listed firms
Sources attribute the ‘trimming down’ of the portfolio of companies to the fact that NSE’s basic purpose is not to earn big profits by expanding its business.
Moreover, the various legal cases have reportedly put the bourse’s top management under significant pressure, as various investigative agencies continue to seek information and data on these cases. And most are finding it quite difficult to deal with the deluge of questioning from different investigating officials.
猜你喜欢
- Much awaited reforms for flight crew! DGCA explains in detail the new flight duty time – Know the revised norms
- Crude oil prices tick up as markets look to key Chinese economic data
- Comex gold clocks first weekly gain in 4 weeks, silver shines amid global flux; crude bounces back from lows
- Crude oil steadies as investors await US Federal Reserve comments
- Mankind Pharma eyes Rs 4,700 crore through IPO
- Market edges higher on upbeat cues, Nifty closes above 21180; top gainers on December 14 include Infosys, Tech Mahindra and LTIMindtree whereas Media stocks among key losers
- Nifty close below 17460 may lead to correction; Bank Nifty close under 41900 will be seen as weakening signal
- NDTV seeks Sebi clarity on warrant conversion to VCPL
- Continuum Green Energy raises $350 million in debt from international investors