SEBI may set up a panel to study allowing stock exchanges to list their own shares, days after NSE’s market debut.

Self-listing simply means an exchange listing its own shares on its own trading platform. The plan is not official yet. Sources says SEBI’s response to the query is still awaited.

Under Regulation 45 of the SECC Regulations, a recognised exchange can list on another recognised exchange, but not on itself or an associated one.

That is why NSE, which made its market debut on 24 September, is listed on BSE, while BSE’s shares trade on NSE.

The rule, in place since 2012, exists to avoid a conflict of interest. An exchange listing itself would end up supervising its own compliance and the trading in its own shares. The talk comes just after NSE’s Rs 22,568.94 crore IPO drew strong demand.

On 25 September, NSE Chairman Srinivas Injeti said self-listing is ‘feasible’ and that SEBI should revisit the curb because Indian markets have matured. He noted that most major markets allow it.

SEBI Chairman Tuhin Kanta Pandey had earlier said the regulator had received no formal request from NSE and that it was ‘too early’ to consider the idea. Sources now say the regulator may take it up.

Sources told the panel is likely to include market experts and SEBI officials, and to submit its recommendations within 60 to 90 days. SEBI may then issue a consultation paper on a self-listing framework.

Sources said SEBI may first tackle conflict of interest and how exchanges are governed. One proposal is that the primary exchange would keep compliance oversight even after self-listing.

Any new rules could also cover exchanges that are already listed. Nothing is settled. The panel has not been formed yet, and any final rule would likely follow a public consultation.

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