National Stock Exchange of India (NSE) has taken a major step toward its long-awaited Initial Public Offering (IPO) by appointing a large group of merchant bankers, legal advisers, and other intermediaries.
The exchange said its IPO committee, led by chairman Srinivas Injeti, approved the selection of advisers after a structured and competitive process.
Market participants believe NSE may file its draft IPO documents with the regulator within two months, and the listing could happen before the end of 2026.
NSE has appointed 20 investment banks to manage the IPO process.
Some of the key banks include:
These banks will help manage the offering, investor outreach, and overall execution of the IPO.
In addition to investment banks, NSE has appointed eight legal advisers to support the listing process.
These include:
The registrar for the issue will be MUFG Intime India.
Global advisory firm Rothschild & Co supervised the selection process for these intermediaries.
The proposed IPO will likely be entirely an Offer for Sale (OFS), meaning existing shareholders will sell their shares rather than the exchange issuing new shares.
Earlier this year, NSE received a no-objection certificate from the regulator, clearing the way for the IPO process.
The exchange will submit its draft papers to Securities and Exchange Board of India (SEBI) before moving ahead with the listing.
Read More:NSE IPO to be Pure Offer for Sale with Listing Expected in 7 to 8 Months!
NSE has been planning to go public for almost 10 years.
The exchange first filed IPO papers in 2016, but the process was delayed due to regulatory investigations related to the co-location case, where certain brokers were accused of gaining unfair access to trading servers.
In recent years, the exchange has worked to resolve regulatory issues and improve governance systems. NSE has also made provisions of around ₹1,400 crore related to pending settlements.
The appointment of 20 merchant bankers marks an important step toward the long-awaited IPO of the National Stock Exchange of India. If the regulatory process moves smoothly, the listing could become one of the most anticipated IPOs in India, attracting strong interest from both domestic and global investors.
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Published on: Mar 12, 2026, 4:39 PM IST
Kusum Kumari
Kusum Kumari is a Content Writer with 4 years of experience in simplifying financial market concepts. Currently crafting insightful content at Angel One, She specialise in breaking down complex topics into easy-to-understand pieces, blending expertise in market fundamentals and technical analysis.
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