New Delhi, Feb. 16 -- The Delhi High Court on Monday dismissed a petition challenging the Securities and Exchange Board of India's (Sebi) approval for the National Stock Exchange's (NSE) initial public offering (IPO), clearing a fresh legal hurdle on the exchange's path to listing.

A single bench of Justice Jasmeet Singh refused to admit the plea filed by 72-year-old former judicial officer K.C. Aggarwal, observing that both Sebi and NSE are based in Mumbai and that the no-objection certificate (NOC) for the IPO was granted there.

"This court does not have territorial jurisdiction to entertain this petition. The NOC has been granted at Mumbai. Hence, the petition in this court will not lie," the bench remarked while dismissing the case....