IPO ya NSE: Mapambano ya Kisheria ya Ajabu Kuhusu Hisa Zilizowekwa Kimakosa

Wakati Soko la Hisa la Kitaifa (NSE) likijiandaa kwa IPO yake inayotarajiwa kwa hamu kubwa, Rasimu ya Hati ya Matangazo (DRHP) imefichua migogoro mikubwa ya kisheria. Zaidi ya thamani kubwa ya kampuni, wawekezaji wanafuatilia kwa karibu migogoro miwili tofauti ya kisheria inayohusisha ubadhirifu wa hisa na uwazi wa umiliki wa kigeni.

Kutofautiana kwa Hisa 5,000 na Mashtaka ya Jinai

Moja ya maelezo ya kushtua zaidi katika DRHP inahusisha kosa la kiofisi ambalo lilisababisha hisa 5,000 za NSE kuhamishwa kimakosa kwenye akaunti ya demat ya mtu mmoja, Kashmiri Lal Rana, mnamo Desemba 28, 2023. Soko hilo na Nuvama Wealth Finance wanadai kuwa uhamishaji huu ulifanyika bila ombi lolote la ununuzi au malipo yanayohusika.

Hali hiyo ilizidi kuwa mbaya kosa lilipogunduliwa; soko linadai kuwa Rana alikuwa tayari ameuza hisa 3,685 kati ya hizo. Kutokana na hilo, NSE na Nuvama walifungua shauri la madai katika Mahakama Kuu ya Delhi mnamo Mei 2025, wakitaka kurejeshewa ₹1.43 crore—ambayo inawakilisha mapato ya mauzo—na kurudishwa kwa hisa zilizobaki.

Mapambano hayo ya kisheria yalizidi kuwa makali kufuatia utoaji wa hisa za ziada (bonus issue) wa 4:1 wa NSE mnamo Novemba 2024. Hisa 1,315 zilizobaki zilistahili kupata hisa 5,260 za ziada, jambo lililofanya mchakato wa urejeshaaji kuwa mgumu zaidi. Aidha, NSE imeanzisha hatua za jinai, huku FIR ikisajiliwa mnamo Julai 2025 katika Kituo cha Polisi cha Bandra-Kurla Complex ikidai ubadhirifu wa imani na utapeli. Soko hilo linadai kuwa Rana alizihifadhi na kuziuza hisa hizo kwa makusudi zenye thamani ya takriban ₹1.327 crore.

Wasiwasi wa Uwazi na Uhusiano na Mauritius

Kikwazo kingine cha kisheria kinahusisha ombi lililowasilishwa mbele ya Mahakama Kuu ya Bombay na mtu mmoja anayeitwa Parinay Sharma. Ombi hilo linatoa maswali kuhusu uwazi wa muundo wa umiliki wa NSE.

Sharma hapo awali alikuwa amewasilisha maelezo kwa SEBI, akidai kuwa wawekezaji fulani katika soko hilo walikuwa wakitumia kampuni zilizoko Mauritius kuficha utambulisho wao. Mwombaji anadai kuwa maelezo ya umiliki wa manufaa wa wanahisa fulani wa kigeni hayajafichuliwa ipasavyo. Ombi hilo linataka agizo kwa NSE kufichua wanufaika wake wa mwisho na nyaraka za KYC, likiomba hata kusitishwa kwa mchakato wa IPO hadi masuala haya yatatuliwe.

Ukubwa wa IPO ya NSE na Muktadha wa Soko

Despite these legal tangles, the NSE IPO remains one of the most significant market events in recent years. The issue is structured as an Offer-for-Sale (OFS) of up to 14.89 crore equity shares, representing approximately 6% of the exchange's paid-up equity capital.

With unlisted market valuations hovering around ₹5 lakh crore, market analysts estimate the IPO could be sized at roughly ₹30,000 crore. Notably, NSE will list on the BSE, mirroring the listing arrangement of its primary competitor. This move marks the culmination of a listing journey that began in 2016 but was significantly delayed by the co-location controversy.

Key Takeaways

  • Share Misappropriation: NSE is engaged in a legal and criminal battle to recover ₹1.43 crore after 5,000 shares were erroneously credited to a private demat account and partially sold.
  • Ownership Scrutiny: A Bombay High Court petition has raised concerns regarding the potential use of Mauritius-based entities to hide the true beneficial owners of NSE shares.
  • Massive IPO Scale: The upcoming OFS of 14.89 crore shares is expected to be a landmark issue, potentially valued at approximately ₹30,000 crore.