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National Stock Exchange files IPO draft papers, reports potential access breach

National Stock Exchange of India Ltd., or NSE, disclosed that an independent agency found probable instances that some brokers were allowed unfair access to servers, raising concerns over its long-awaited IPO, Reuters and Mint reported separately.

The agency's findings came after the Securities and Exchange Board of India set up an independent panel to look into claims of unfair access to some brokers.

The agency said they could not determine whether the access constituted collusion. NSE's trading systems may have been "prone to manipulation," noting a lack of protocols on data retention.

NSE said it had sent the report to SEBI, adding that any action by the Indian securities exchange "may materially adversely affect" their operations. NSE did not identify the parties involved.

The audit results came after the Indian bourse filed for an IPO with the securities regulator on Dec. 28.

According to the draft prospectus, NSE shareholders are reducing a 22.5% stake in the exchange through an offer for sale, with 27 investors -- including investment firm Tiger Global Management LLC and State Bank of India -- selling their shares through the IPO.

Eight banks led by Citigroup Inc. and Morgan Stanley as well as Indian firms Kotak Investment Bank and JM Financial Ltd. will manage the IPO, which could raise up to 100 billion rupees, the report added.

As of Dec. 28, US$1 was equivalent to 68.21 Indian rupees.