On a sequential basis, profit after tax rose 15%, while total income grew 6%

Operating EBITDA for the third quarter declined 16% YoY to Rs 2,851 crore, while declined to 73%. This was the first results by the company after it received Sebi’s NOC for an IPO.

The overall revenue growth during the quarter was hit by lower transaction charges, which fell 12% YoY to Rs 3,033 crore. Revenue from transactions, however, rose 9% quarter-on-quarter, led by a sequential increase in volumes across equity cash market and derivatives segments.

Revenue from data feed and terminal services jumped 17% YoY to Rs 121 crore, while revenue from listing services grew 11% YoY to Rs 111 crore.

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NSE recently received a no-objection from regulator Sebi to launch its IPO, marking an end to decade long wait for its offer approval from the regulator. The issue, which is likely to completely an OFS according to various reports, is likely to be launched in the next 7-8 months.
With regards to the IPO, the board is expected to form a specialised committee to serve as the central authority for the listing. This committee will be tasked with defining listing procedures and establishing the criteria for appointing the merchant bankers and legal advisors required to draft the Red Herring Prospectus (DRHP), PTI reported earlier.The proposed IPO is expected to be among the largest in India’s capital markets. NSE, which has about 1.77 lakh shareholders, is valued at over Rs 5 lakh crore in the grey market, according to various analysts.

NSE MD and CEO Ashish Chauhan had earlier described the approval as a positive signal.

“With Sebi approval, we embark on a new chapter of value creation for all our stakeholders. This approval also reinforces confidence in NSE being an integral part of the Indian economy and a beacon of Indian capital markets,” Srinivas Injeti, Chairperson, NSE had said earlier.

Bank of England governor Andrew Bailey has said he’s “shocked” at the claims surrounding the former business secretary Lord Mandelson and his relationship with Jeffrey Epstein.

At a news conference on Thursday, Bailey was asked about emails Mandelson allegedly sent to Epstein during the financial crisis.

At the time, Mandelson was business secretary and the global banking industry was close to collapse, prompting huge government bailouts in many countries, including the UK. There was a great deal of anger about this and the then Labour government proposed taxing bankers’ bonuses.

As the BBC’s economics editor, Faisal Islam, has written, the latest emails appear to show that Mandelson seemingly suggested that Jamie Dimon, boss of one of America’s biggest banks JP Morgan should mildly threaten the then Chancellor, the late Alistair Darling, over the tax.

Bailey, who played a key role in helping to stabilise the UK banking sector during the 2008-09 financial crisis, said “there are times in which things seemed to happen, lobbying happens, which has frankly ethics attached to it that I do find shocking”.

“To see those pictures of Peter Mandelson with Alistair Darling… Alistair Darling was doing all the right things and he was doing them, in my view… with a thorough sense of honesty and decency,” Bailey said.

“And he can’t speak for himself today.”