The board of National Stock Exchange (NSE) on Friday, Feb. 6, approved the setting up of a coal exchange subsidiary while announcing the October-December quarter results for fiscal 2025-26 (Q3FY26). According to the Mumbai-based stock exchange, the new subsidiary will be named National or Bharat or India Coal Exchange. For incorporating the coal exchange arm, India's largest stock exchange will infuse Rs 100 crore.
The coal exchange is subject to regularory approvals by the Security and Exchange Board of India (SEBI) and the Ministry of Corporate Affairs. Walker Chandiok & Co LLP is appointed as the statutory auditors for the subsidiary integration, replacing PwC. In another board approval, NSE has also cleared plans for its initial public offering (IPO), which would comprise only an offer-for-sale (OFS) with no fresh issue component.
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NSE IPO
The IPO's approval comes days after the SEBI granted its no-objection certification for the much-awaited IPO. The stock exchange also confirmed that the reconstitution of the IPO Committee. "With SEBI's approval, we embark on a new chapter of value creation for all our stakeholders," NSE Chair Srinivas Injeti said in a statement on Jan. 30. "This approval also reinforces confidence in NSE being an integral part of the Indian economy and a beacon of Indian capital markets."
According to NSE, the IPO's panel will be chaired by Tablesh Pandey, and it will include "Srinivas Injeti - Member (Public Interest Director), Mamata Biswal - Member (Public Interest Director), Justice (retired) Abhilasha Kumari - Member (Public Interest Director), G Sivakumar - Member (Public Interest Director), and Ashishkumar Chauhan – Member (Managing Director and CEO)."
NSE Q3 Results
The IPO-bound stock exchange announced its December quarter results for the current fiscal, reporting a rise of 14.8% in consolidated net profit to Rs 2,409 crore, compared to Rs 2,098 crore in the preceding September quarter. The revenue from operations in the third quarter of current fiscal rose 6.7% to Rs 3,925 crore, compared to Rs 3,677 crore in the preceding September quarter. NSE has 177,807 shareholders, making it India's largest unlisted company in terms of number of investors and adding to the complexity of the offering.
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