NSE IPO: The Curious Case of 5,000 Erroneous Shares and Legal Disputes

As the National Stock Exchange (NSE) prepares for its highly anticipated Initial Public Offering (IPO), details buried within its Draft Red Herring Prospectus (DRHP) have revealed significant legal complexities. Beyond the massive valuation, prospective investors are closely examining a peculiar case involving mistakenly transferred shares and ongoing litigation regarding shareholder transparency.

The 5,000 Share Mystery and Criminal Allegations

A major revelation in the DRHP involves a significant error where 5,000 NSE shares were mistakenly credited to the demat account of an individual, Kashmiri Lal Rana, on December 28, 2023. The exchange and Nuvama Wealth Finance allege that this transfer occurred without any purchase request or payment of consideration.

The situation escalated when Rana allegedly sold 3,685 of these shares before the error was detected. In a civil suit filed before the Delhi High Court, the plaintiffs are seeking a declaration that the transfer was void and are demanding the recovery of ₹1.43 crore—representing the sale proceeds—along with the return of the remaining shares.

The legal battle grew more complex following NSE's 4:1 bonus issue in November 2024. The remaining 1,315 shares were entitled to an additional 5,260 bonus shares. While the Delhi High Court has directed Rana not to sell the remaining shares and NSDL not to transfer the bonus shares, the matter remains pending. Furthermore, a criminal complaint was registered in July 2025 at Mumbai's Bandra-Kurla Complex Police Station, alleging criminal breach of trust and cheating, with NSE claiming Rana knowingly retained and liquidated shares worth ₹1.327 crore.

The DRHP also discloses a separate legal challenge filed in the Bombay High Court by an individual named Parinay Sharma. This petition targets both SEBI and NSE, raising questions about the ultimate beneficial ownership of certain shareholders.

Petisi Sharma menduga bahwa investor tertentu telah menggunakan entitas berbasis di Mauritius untuk berinvestasi di NSE alih-alih melakukan investasi langsung, yang berpotensi mengaburkan rincian kepemilikan manfaat (beneficial ownership). Pemohon telah meminta agar NSE mengungkapkan grup promotor dan dokumen KYC pemegang sahamnya, bahkan telah meminta penangguhan seluruh proses IPO hingga kekhawatiran ini diselesaikan. Kasus ini saat ini sedang menunggu keputusan pengadilan.

Skala dan Signifikansi IPO NSE

Terlepas dari hambatan hukum ini, IPO NSE tetap menjadi salah satu peristiwa pasar yang paling signifikan. Penawaran ini disusun sebagai Offer-for-Sale (OFS) hingga 14,89 crore saham ekuitas, yang mewakili sekitar 6% dari modal saham disetor bursa tersebut.

Dengan valuasi pasar tidak terdaftar yang berkisar sekitar ₹5 lakh crore, analis pasar memperkirakan ukuran IPO dapat mencapai sekitar ₹30.000 crore. Jika berhasil, NSE akan mencatatkan sahamnya di BSE, mengikuti pengaturan pencatatan kompetitornya saat ini. Pencatatan ini menandai akhir dari perjalanan panjang yang dimulai dengan kegagalan pengajuan pada tahun 2016 karena kontroversi co-location.

Poin-Poin Penting

  • Sengketa Transfer Saham: NSE terlibat dalam litigasi perdata dan pidana terkait 5.000 saham yang secara keliru dikreditkan kepada seorang individu, di mana 3.685 di antaranya diduga dijual seharga ₹1,327 crore.
  • Transparansi Kepemilikan: Sebuah petisi hukum menantang pengungkapan pemilik manfaat akhir (ultimate beneficial owners), khususnya terkait investasi yang disalurkan melalui entitas berbasis di Mauritius.
  • Skala IPO yang Masif: OFS mendatang diperkirakan bernilai sekitar ₹30.000 crore, yang mewakili 6% saham di bursa tersebut.