Ann: Application for quotation of securities - FND, page-46

I have no special insight or inside knowledge, but wouldn’t be surprised if WL doesn't come until February. There are only 4 WL operators that have authorisations from RBI and 2 are due for expiry/ renewal this year.
https://m.rbi.org.in//Scripts/PublicationsView.aspx?id=12043

I also don't think WL will have a big impact on share price as most holders/prospective holders would have priced it in.

I do share optimism on FND, but my time frame is more like 3 years with the endgame being Indian IPO or an earlier (but less accretive) buyout from a competitor.