NSE may need to refile IPO application: Sebi

National Stock Exchange may need to refile its application for a stock listing after looking into whether brokers were provided unfair access to its servers, markets regulator chairman Ajay Tyagi said on Monday.

SEBI Chairman Tyagi suggested on Monday that it wanted the NSE to address the probe first and then left open the prospect the exchange would need to refile the eagerly anticipated IPO.

"I think they themselves have to do it," Tyagi told reporters on the sidelines of an event when pressed about whether the NSE would need to update its application with new information, including an update to its financial statements.

The NSE declined to comment.

The NSE has sought to move ahead with its listing, proposing to settle it with the regulator through the payment of a penalty, according to two sources familiar with the matter. SEBI has not said whether it would be open to a settlement.

In a welcome development for the exchange, SEBI last month conditionally approved the appointment of Vikram Limaye, head of infrastructure lender IDFC Ltd, as the next chief executive of NSE, removing a key hurdle.

NSE's older rival BSE listed in early February and has seen its share surge 33 percent from its IPO price as the bourse has benefited from a record-setting rally in share markets that are expected to improve profits.