The oldest exchange, BSE, was the first to approach the Sebi with an IPO document more than a year ago but is yet to get the regulatory approval.
    
"The NSE is ready to file for an IPO but we need some clarity on certain issues like the fit and proper criteria for investors and also the 5 percent cap on individual holdings," a source in the know of the development told PTI today.
     
The move came after its 22 shareholders with more than 1 percent stake in the exchange such LIC (10.51 percent), SBI (10.19 percent), SBI Caps (3.9 percent), IFCI (5.55 percent), Stock Holding Corp and IDBI Bank (5 percent each) among others, met the management here last week and gave their go ahead for the plan.
    
When contacted a shareholder said the NSE management has told them the exchange was ready to get listed but needs some regulatory clarifications.
    
"The NSE management said that listing was discussed at the Board level and the exchange was prepared to get listed. However, they are awaiting some clarification on certain regulations to fix a timeline for the IPO," the shareholder, who wished not to be named, said.
    
Recently, the Government acknowledged regulatory issues in listing of stock exchanges and said the matter was under consideration.
     
"The issue of listing of stock exchanges is under consideration... There are some regulatory issues in the listing of stock exchanges," Minister of State for Finance Jayant Sinha said this week.

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