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The Economic Times

Opinion / The Economic Times

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NSE IPO is selling a monopoly. Investors should watch the referee

NSE's upcoming listing presents investors with a dual business model. The exchange operates as a profit-generating toll booth and a regulatory referee. Global evidence suggests demutualisation creates conflicts, especially in weaker regulatory environments. Sebi's strength will determine if NSE can effectively police itself post-listing. The price band remains the critical factor for investors to consider.

9 Sep 2026 11:38 pm