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The appointments were approved by the National Stock Exchange’s IPO committee, chaired by Srinivas Injeti, at a meeting held on Thursday.
NSE IPO Updates.
NSE IPO Updates: The National Stock Exchange (NSE) has appointed 20 merchant bankers along with several law firms and other intermediaries to manage its initial public offering (IPO), marking a key step towards its long-awaited public listing.
The appointments were approved by the exchange’s IPO committee, chaired by Srinivas Injeti, at a meeting held on Thursday.
The development follows the NSE board’s decision in February to proceed with its long-pending listing plans. The proposed IPO will be entirely an offer-for-sale (OFS) by existing shareholders, with no fresh issue of shares, the exchange said.
Merchant bankers appointed for the issue
NSE said the intermediaries were selected through a “structured, transparent and competitive process” based on an evaluation framework approved by the IPO committee.
The merchant bankers appointed include Kotak Mahindra Capital Company, JM Financial, Axis Capital, IIFL Capital Services, Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, HDFC Bank, Avendus Capital, Morgan Stanley India Company, Citigroup Global Markets India, J.P. Morgan India, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors and Equirus Capital.
Eight law firms selected
The exchange has also appointed eight law firms to assist with the IPO process.
These include Cyril Amarchand Mangaldas, Khaitan & Co, Latham & Watkins LLP, Sidley Austin Singapore Pte. Ltd., AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas & Co and Trilegal.
Other intermediaries for execution and advisory
In addition to merchant bankers and legal advisors, NSE has appointed several other intermediaries to support the IPO process.
These include MUFG Intime India, Makarand M Joshi & Company, Manian & Rao, RBSA Advisors, Concept Communication and Redseer Strategy Consultants.
According to the exchange, the intermediaries will assist in regulatory filings, due diligence, documentation, marketing and overall execution of the proposed public issue in compliance with applicable regulations.
Rothschild mandate concludes
With the completion of the selection process, the mandate of Rothschild & Co India as process advisor for the appointment of NSE’s IPO intermediaries has concluded.
Listing plans revived after Sebi clearance
The development follows the Securities and Exchange Board of India (Sebi) granting a no-objection certificate (NOC) in January, allowing NSE to move forward with its listing plans after more than a decade of delays.
NSE had first filed draft offer documents in 2016 to raise around Rs 10,000 crore through an offer-for-sale by existing shareholders.
However, the proposal was put on hold after Sebi raised governance concerns linked to the exchange’s co-location case. Since then, NSE has approached the regulator multiple times seeking approval to proceed with its listing.
March 12, 2026, 17:38 IST
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