Divya Delhi: After SEBI Chief Tuhin Kanta Pandey's statements, the National Stock Exchange (NSE) of India's unlisted market valuations have risen and hype has increased. NSE, India's top stock exchange, is seeking a SEBI "no-objection certificate" to eventually list publicly. Despite excitement, NSE's IPO faces regulatory hurdles. SEBI has raised several issues, including the long-pending co-location case. SEBI has also raised concerns about the exchange's IT infrastructure, citing recurring technical issues and their management. Unresolved operational and governance difficulties persist. In 2015, a whistleblower claimed that dealers in conjunction with NSE officials violated co-location norms by obtaining privileged trading data, enabling speedier trades and unjust gains. NSE employed the tick-by-tick (TBT) server protocol, which SEBI's Technical Advisory Committee (TAC) and Deloitte India found vulnerable to manipulation. The whistleblower said non-empanelled ISPs laid illicit fiber links for select traders and that certain brokers utilized specialized devices to get split-second early market data.