Nasdaq Inc (NASDAQ:NDAQ) has filed a proposed rule change with the Securities and Exchange Commission requesting that the regulator allow companies launching on the stock market through a direct listing to raise capital as an alternative to an initial public offering, Reuters reported Tuesday. 

Nasdaq submitted the filing on Monday, and it is set to be published by the SEC on Tuesday, the newswire said. 

The exchange has been working on the filing for about a year, Reuters said, citing a person familiarw with the matter. 

NYSE Filed Similar Request In 2019: In November 2019, the NYSE also submitted a rule change requesting that the SEC allow companies to simultaneously go public through a direct listing and raise cash from public market investors.

Several venture capital investors such as Benchmark’s Bill Gurley have criticized the traditional IPO structure. They argue it allows banks to sell stock at a discount to clients, who can then reap large gains when the stock begins trading.