The referee cannot play: the case against NSE self-listing

thehindubusinessline.com · 2026-10-15

Self-listing by India’s dominant exchange collapses the separation between regulator and participant, a separation global capital views as non-negotiable. In the Panchatantra’s third book, a partridge returns home to find that a hare has moved into his burrow. The two agree to seek arbitration and choose a cat who sits by the riverbank reciting scripture. The cat beckons them closer, then closer still, and settles the dispute by eating both. Pandit Vishnu Sharma’s lesson for his princely pupils was not that cats are wicked. It was that a judge with an appetite for the outcome is no judge

TickrTrends take: ICE's ownership of the National Stock Exchange of India has become a point of regulatory and governance scrutiny, as questions arise about potential conflicts of interest when an exchange operator also holds equity in another major exchange. This governance concern could weigh on market perception of ICE's operational independence and regulatory standing, factors that valuation models typically monitor closely. For investors focused on valuation metrics, the resolution of NSE-related regulatory issues may prove material to whether ICE's current undervalued assessment holds or faces reassessment.

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