A Supreme Court judgement has rendered the business model of the IAC-backed company, which had raised almost $100m, illegal.

Shree Renuka Sugars will sell a 7.5% stake in the NCDEX, including a 5% holding to the National Stock Exchange of India.

The country's securities regulator approved three applications this week but large China-based businesses are increasingly looking west to go public.

A new finance measure should become effective by mid-2014, under which French companies or French subsidiaries of global companies will be incentivised to make riskier investments in small, innovative businesses.

The company lists its supporters as UK-based accountancy firm KPMG, Canada-based marketing company MarketingWise, brand and design company Trajectory and law firm Bennett Jones.