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Will NSE be allowed to trade on NSE? Stock exchange may seek Sebi’s nod after listing

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Will NSE be allowed to trade on NSE? Stock exchange may seek Sebi’s nod after listing
India’s largest stock exchange NSE may eventually seek Sebi’s permission to allow its shares to trade on its own platform after the exchange completes its much-anticipated IPO, though it has not yet approached the regulator.

The proposal would require NSE to explore the “permitted to trade” route, under which securities can trade on an exchange without being formally listed there. The company would continue to remain listed on its primary exchange, with its existing compliance and disclosure obligations unchanged.

NSE is getting listed only on BSE because Sebi rules currently do not allow a recognised stock exchange to list its own securities on its own platform.

Under Regulation 45(1) of the Sebi Stock Exchanges and Clearing Corporations Regulations, 2018, a recognised stock exchange can list its securities only on another recognised stock exchange. That means NSE cannot formally list on NSE after its IPO.

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Also Read | NSE IPO jackpot: 10 PSUs could pocket Rs 12,802 crore from stake sale


Ashishkumar Chauhan, managing director and chief executive officer of NSE, told reporters in New Delhi the exchange could consider seeking Sebi’s approval at a later stage.
“We have not applied,” Chauhan said. “However, because we are NSE, if we want to do it, we will have to consult Sebi. We have not done that yet.”“We will consider it later but currently we are not at that stage,” he added.

The permitted-to-trade category could provide NSE’s shares access to a wider investor base through an additional trading platform, while the exchange remains formally listed on BSE.

Explaining why NSE cannot list directly on its own platform, Chauhan said the restriction was designed to prevent an exchange from regulating itself.

“There is a regulation that was created around 2016, when the first exchange (BSE) was allowed to list. The issue was that an exchange could not regulate itself. Therefore, it had to agree to be regulated by another exchange,” he said.

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“That is why BSE listed on NSE, and NSE will list on BSE.”

Also Read | 70% NSE revenue under Sebi shadow: Is F&O risk a key overhang for IPO investors?

NSE is preparing for one of India’s most-awaited IPOs and has set a price band of Rs 1,700 to Rs 1,785 per share. The upper end is below the Rs 2,000-Rs 2,100 range that many investors had expected earlier and values the exchange at about Rs 4.4 lakh crore.

The lower pricing has also exposed the reluctance of existing shareholders to sell their stakes, according to Chauhan.

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NSE initially proposed selling around 6.2% of its equity, but reduced the offer to 5.11% after shareholders resisted selling at the indicated price.

“When we asked shareholders to sell this time, they said the proposed price was too low,” Chauhan said. “They will sell only when they need the money. Otherwise, they will wait for a more competitive price. They believe the current pricing is below their expectations.”

He said the exchange had to repeatedly request shareholders to proceed with the sale because failing to meet the minimum offer requirement could have jeopardised the IPO.

“If we did not have the minimum number of shares, the IPO would not have happened,” Chauhan said, adding that just because somebody bought the shares 33 years ago at a certain price does not mean that price remains relevant in their books today. “Once the shares list, their value will be reflected in their net worth.”

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Demand for the IPO has so far been stronger than expected, Chauhan said. The anchor book, earlier expected to be around Rs 9,000 crore, is now estimated at approximately Rs 6,000-6,500 crore, but demand remains substantially higher than the shares available for allocation.

“The demand is unexpectedly large,” he said. “A large number of investors want to acquire a large number of shares. But we have only a limited number of shares to distribute.”

The allocation framework reserves portions of the issue for different categories of investors, including local mutual funds, other domestic institutions such as pension funds, and foreign portfolio investors.

Chauhan said the exchange was comfortable with whichever framework Sebi ultimately adopts on market structure and trading arrangements.

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“As far as Sebi decides, we are okay with that,” he said. “Our job is to work with Sebi and ensure that its views are properly incorporated into our operating activities.”

NSE already has more than 2 lakh shareholders and will have 100% free float after listing, Chauhan said. He added that after the first lock-in period ends, the company could attract stronger demand when it becomes eligible for inclusion in domestic and international indexes.

“Once the company starts going into various international and local indexes, the demands will be much larger,” he said.

Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimershere

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DST Global Advisors sells $6.86m in Chime Financial stock

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DST Global Advisors sells $6.86m in Chime Financial stock

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New Fortress Energy CEO Edens buys $1.67m in shares

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New Fortress Energy CEO Edens buys $1.67m in shares

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Valorant Down? Players Report Widespread Outage as #ValorantDown Trends Following New Server Issues Tonight

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Valorant Down? Players Report Widespread Outage as #ValorantDown Trends Following

Players of Riot Games’ tactical shooter “Valorant” began reporting connectivity problems Monday night, with outage-tracking service Downdetector flagging a spike in user complaints starting at 8:24 p.m. Eastern time and the hashtag #ValorantDown trending on social platform X as affected players compared notes on the disruption.

Downdetector’s official account posted an alert shortly after the spike began, asking users how the outage was affecting them and directing them to submit reports through the platform. As of the post, the alert had drawn attention across social media, though the exact scope, cause and expected duration of the disruption had not yet been detailed in any official statement from Riot Games at the time the outage began trending.

Riot Games, the publisher behind “Valorant,” maintains a dedicated Service Status page where the company posts real-time updates on server health, ongoing maintenance and confirmed outages across its game titles, including region-specific status information for players around the world. During past outages, the company has typically used that page, along with its official support accounts on social media, to acknowledge disruptions and provide updates as engineering teams investigate the underlying cause.

Riot’s infrastructure is built to support millions of concurrent players across “Valorant” and the company’s other titles, and outright server outages remain relatively uncommon compared with smaller, localized connectivity issues. Even so, the game has experienced a range of disruptions over the past several years, with causes spanning routine scheduled maintenance tied to major content patches, unexpected server errors during periods of unusually high player traffic, and, in at least two previously documented incidents, broader connectivity problems linked to issues with Cloudflare, the internet infrastructure company whose services Riot’s servers have relied on. In one such earlier incident, outage tracking showed disrupted service lasting roughly three hours before connections began stabilizing, with a brief recurrence of the issue several hours later.

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Not every reported connectivity problem traces back to an issue on Riot’s end. The company and third-party guides covering “Valorant’s” server status commonly note that local network configurations, virtual private network or proxy interference, home network congestion and outdated game clients can each produce symptoms that resemble a broader server outage even when Riot’s infrastructure itself remains fully operational. Players experiencing connection issues are typically advised to first check Riot’s official status page and Downdetector’s live outage tracker to determine whether a problem is affecting a broad swath of the player base or appears limited to their own individual setup, before attempting local troubleshooting steps such as restarting the game client and Riot Client launcher, disabling any active VPN or proxy services, and closing unnecessary background applications that may be competing for network bandwidth.

Downdetector, the crowdsourced outage-tracking platform that first flagged Monday night’s disruption, aggregates user-submitted problem reports alongside automated signals to identify spikes in complaints for a given service, generating real-time alerts when reports for a platform exceed typical baseline levels. The service has become a widely used first stop for gamers and other internet users seeking to quickly confirm whether a disruption they are experiencing reflects a broader, service-wide issue rather than a problem isolated to their own device or internet connection.

“Valorant” has built a large and highly engaged competitive player base since its 2020 launch, with the free-to-play tactical shooter regularly ranking among the most-played titles on PC gaming platforms and supporting an active professional esports circuit organized by Riot Games. That scale means even relatively short outages tend to generate significant social media attention and player frustration, particularly when disruptions occur during peak evening play hours in North America, as Monday night’s reported issues appeared to.

As of the most recent available information, Riot Games had not issued a detailed public statement specifying the root cause of Monday night’s reported outage, and it remained unclear whether the disruption was affecting all regions simultaneously or was concentrated in specific areas. Players seeking the most current and authoritative updates on the situation were directed to Riot’s official Valorant Service Status page, which the company updates directly, rather than relying solely on third-party trackers or social media speculation, which can lag behind or occasionally misrepresent the actual scope of an ongoing technical issue.

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Riot Games has historically resolved server-side outages affecting “Valorant” within a period ranging from under an hour to several hours, depending on the underlying cause, with the company’s engineering teams typically posting incremental updates as investigations progress and services are gradually restored across affected regions. Whether Monday night’s reported issues would follow that same pattern remained unclear as reports of the outage continued to circulate online.

For players still experiencing connection problems, standard troubleshooting guidance from both Riot Games and independent gaming outlets recommends confirming server status through official channels first, since attempting extensive local fixes during a genuine server-side outage typically has no effect until Riot’s own infrastructure issues are resolved on the company’s end.

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Britain exports lawyers, bankers and degrees. Why not doctors?

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Britain exports lawyers, bankers and degrees. Why not doctors?

Now try the same sentence with a different noun. The UK will grow its healthcare exports to £40 billion a year by 2030.

Something in the British throat closes.

Services are roughly three-fifths of everything the UK sells abroad. Business services — law, accountancy, consultancy, R&D, advertising — are the single largest export category we have, at around £194bn. Financial services add another £104bn. We are, in trade terms, a country that has industrialised the export of clever people doing clever things in offices.

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With one very large exception.

The patients are going the other way

The best available academic work on this is a study published in PLOS ONE, which did the unglamorous job of filing freedom-of-information requests to 28 NHS foundation trusts. Its finding: Britain is a net exporter of patients. Inbound international patients made up about 7% of private patient volume in the hospitals studied and generated close to a quarter of the private patient income. That is the segment you build a growth plan around.

Ankara’s business model

Between 2012 and 2024 the number of international patients travelling to Turkey from the UK rose roughly sixfold, to about 1.5 million a year, generating in the region of $3bn. The Trade Ministry has been explicit that this is an export industry, and treats it like one: in 2022 it extended export incentives that had previously gone to healthcare investors so that they also covered health tourism agencies, reaching more than 1,200 of them.

But the policy is only half the story. Turkey teeth packages are constructed with a clinical scope, a number of nights in a hotel, a written guarantee and a single number. A spokesperson at One Life Dental, a European agency specialized in full mouth dental implants in Turkey, stresses the importance of the holiday package for British patients: ‘there are daily flight to Turkey from over 12 UK airports, most of them to coastal holiday locations.’

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Three things a service needs before it can leave the country

It has to be buyable by a stranger. Can someone 2,000 miles away work out what they are getting, what it costs, and what happens if it goes wrong, without speaking to a human first? We have convinced ourselves that bespoke and unpriced is a mark of quality. Abroad, it mostly reads as evasive.

Someone has to classify it as an export. Education got a strategy, a dedicated trade unit and a ministerial champion, and grew. Healthcare got a waiting list. The difference in outcomes is the UK’s clinical reputation is, if anything, more famous than its educational one –– but for the wrong motives.

Trust has to travel. Regulation, recourse and accreditation are the infrastructure of any cross-border service. We have world-respected versions of all three in Britain.

Who captures the value

“Exporting healthcare” sounds uncomfortably like selling the NHS. But we have already had this argument, in another sector, and resolved it. International students pay a premium that cross-subsidises domestic provision; that is the justification for treating universities as exporters. The PLOS ONE data suggests inbound patients are highly profitable in exactly the same way.

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The delivery margin in dental tourism accrues to Turkey. The component margin — the implant systems themselves — accrues largely to Switzerland, Germany and Sweden, whose firms designed them. When the technology moves on, as with the newer cement-free and screwless dental implants now displacing older abutment designs, the engineering IP is once again continental European. Turkey sells the operation. Basel sells the part.

Britain sells neither.

That raises questions for an economy that keeps announcing it wants to be a science superpower. In any exportable service, there is a design layer and a delivery layer, and the money is in one or both. Deciding you will compete in neither is also a decision.

Somewhere in your business is a capability that nobody outside your postcode can buy. Because you have never converted it into something with edges: a scope, a price, a timeline, a guarantee.

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That conversion is product design. Britain is extremely good at being excellent. We are oddly reluctant to be buyable.

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Amai Proteins welcomes new CEO

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Amai Proteins welcomes new CEO

Food Entrepreneur REHOVOT, ISRAEL — Amai Proteins, an Israel-based food technology startup that develops sweet proteins for the food, beverage and dietary supplement industries, has named Doug Brown as its new chief executive officer.

Brown succeeds Amir Guttman, PhD, who is transitioning to an executive board member role.

Brown joins the company from Sirio Pharma, where he was most recently vice president, head of global account management and earlier general manager of Americas.

He also was previously chief commercial officer at Best Formulations, a division of Sirio Pharma and earlier was CCO at Clasado Biosciences.

Guttman, who had been CEO since July 2025, joined Amai in 2018 as a board member.

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Amai’s flagship product is sweelin, a monellin-based sweet protein that is produced through precision fermentation that may be used in such applications as food and beverages, confectionery, chewing gum, condiments and dietary supplements. 

Enjoying this content? Learn about more disruptive startups on the Food Entrepreneur page.

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CBH splashes $680,000 on charity from overloaded grain truck profits

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CBH splashes $680,000 on charity from overloaded grain truck profits

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Co-op ‘s Southern Co-op takeover could face CMA investigation over competition concerns

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The Competition and Markets Authority has warned deal could “substantially” lessen competition in the sector

Co-op tote bags

The Co-op group is based in Manchester(Image: Co-op/PA Wire)

The Co-operative Group’s proposed takeover of rival Southern Co-op could be heading for a full-scale inquiry after the UK’s competition watchdog raised concerns over the deal.

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The Competition and Markets Authority (CMA) has warned that the agreement between the two mutuals, first announced in April, could “substantially” reduce competition within the sector.

The regulator has given the firms until September 22 to put forward remedies to address any potential competition concerns.

Should the proposals prove unacceptable, the planned acquisition will be referred for a so-called phase two investigation.

The CMA said: “The CMA has decided, on the evidence currently available to it, that it is or may be the case that this merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.

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“This merger will be referred for an in-depth, phase two investigation unless the parties offer an acceptable undertaking to address these competition concerns.”

The Co-op’s move would bring Southern Co-op’s 330,000 members into its existing base of seven million, along with approximately 300 food, funeral and Starbucks coffeehouse sites.

The two firms, which have not disclosed the financial terms of the deal, are continuing to operate independently while the CMA’s investigation proceeds. They had previously hoped to finalise the merger towards the end of the year, following approval by members in May.

A Co-op Group spokesperson stated that the CMA’s concerns centred on a “small number” of locations where stores operated by both brands were in close proximity to one another.

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The spokesperson said: “We are pleased that, as anticipated, the CMA hasn’t identified competition concerns at a national level.

“It has identified a small number of locations where there is both a Southern and Co-op Group presence and where they believe there may be an adverse impact on competition for consumers.

“We will continue to engage and work with the CMA on the proposed remedies.

“There are no changes for colleagues, members or customers at this stage.”

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MGT Foods expands facility for Biteables growth

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MGT Foods expands facility for Biteables growth

FORT MONMOUTH, NJ — MGT Foods, a manufacturer, co-packer and distributor for the consumer packaged goods, foodservice and pet food industries, has completed its 38,000-square-foot addition at its Fort Monmouth facility.

The company said the expansion will support its recently launched brand Biti Bites and the brand’s flagship product, Biteables.

Launched in 2025, Biteables are bite-

sized snacks featuring creamy ice cream wrapped in cookie dough.

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Varieties include chocolate chip cookie dough, strawberry shortcake, double chocolate chip and cookies and cream.

“Biteables have clean ingredients: real dark chocolate chips from Italy, real cane sugar, real strawberries, real ice cream made from real milk from Pennsylvania cows treated properly — and we make them all right here in New Jersey,” said Michael Emanuele, managing partner of MGT Foods. “It wasn’t easy, but we’re really proud of what we’ve created with Biteables. And now with our facility expansion, we are in a great place to meet demand.”

MGT Foods also owns brands including The Bear & The Rat, a manufacturer of frozen yogurts and treats for dogs; Mr. Green Tea, a manufacturer of Japanese-inspired ice cream; and Mr. Mochi, a manufacturer of bite-sized desserts made with ice cream wrapped in a sweet rice dough.

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Producer Of Strategic Metal Soars 43% On Pentagon Deals

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Producer Of Strategic Metal Soars 43% On Pentagon Deals

Producer Of Strategic Metal Soars 43% On Pentagon Deals

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Werner Enterprises, Inc. (WERN) Presents at Morgan Stanley’s 14th Annual Laguna Conference Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Nancy Hipp
Morgan Stanley, Research Division

Next we have Werner Enterprise and very happy to have with us President and CFO, Chris Wikoff, President and CLO Nathan Meisgeier and [indiscernible] Gentlemen, thanks so much for joining us. Obviously, the cycle has taken precedence in [indiscernible] So start off by giving us a how [Audio Gap]– where are we right now?

Christopher Wikoff
Executive VP, Treasurer & CFO

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[Audio Gap] Over indexing on more recent spot rates being a little bit softer, debate on is that seasonal or is that sub seasonal. It’s a data point. But when we’re talking about rate, we’re really talking about overall blended rate, contractual rates that continue to be high single digits, low double digits in terms of contract renewals.

So all of that is positive. It’s more supply driven. We think that’s going to continue. Enforcement has been multipronged. It’s also maturing. So not to deep dive into that right now. But while it’s supply driven, the freight flows continue to be positive, steady.

We’re seeing higher bid volume and some record highs on bid volume in Dedicated, some continued elevated mini bids in one way as I think shippers are transitioning from spot and evaluating the market and transitioning to more to contract and some of that in-between space. So overall, I think it’s positive. Not much to point to in terms of demand outside some of the tech and data center build-out. But overall, I think the fundamentals are strong

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