NSE Advances IPO Plans By Appointing Merchant Bankers And Legal Advisors

Updated: March 13, 2026 04:22

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India’s National Stock Exchange (NSE) has taken a significant step toward its long-awaited initial public offering by appointing 20 merchant bankers and eight law firms. The move marks a key milestone in the exchange’s listing journey and signals renewed momentum toward what could become one of India’s largest and most closely watched IPOs.

India’s largest stock exchange is moving closer to its much-anticipated stock market debut. The appointment of merchant bankers, legal advisors, and other intermediaries is expected to accelerate regulatory filings and preparations for the public offering.

Market experts believe the development highlights growing momentum behind the NSE IPO, which has faced regulatory hurdles and delays for nearly a decade.

IPO Preparation Gains Momentum

The National Stock Exchange has finalized the appointment of 20 merchant bankers to manage its proposed initial public offering. The list includes leading domestic and global financial institutions such as Kotak Mahindra Capital, JM Financial, Axis Capital, ICICI Securities, SBI Capital Markets, Morgan Stanley, Citigroup, J.P. Morgan, and HSBC Securities.

These investment banks will play a critical role in structuring the IPO, conducting due diligence, preparing regulatory documents, and marketing the share sale to institutional and retail investors.

Legal And Advisory Teams Finalized

Alongside the bankers, NSE has appointed eight prominent law firms including Cyril Amarchand Mangaldas, Khaitan & Co, AZB & Partners, Trilegal, Shardul Amarchand Mangaldas, S&R Associates, Latham & Watkins, and Sidley Austin Singapore.

These firms will provide legal advisory support on regulatory compliance, documentation, and transaction structuring as the exchange prepares to file its Draft Red Herring Prospectus (DRHP).

Why The NSE IPO Is Significant

The NSE IPO is expected to be a landmark event for India’s capital markets. As the country’s largest stock exchange and one of the world’s biggest derivatives exchanges, its listing will allow public investors to own shares in the infrastructure powering India’s financial markets.

The exchange received regulatory clearance earlier in 2026, reviving IPO plans that had been delayed due to governance investigations and regulatory scrutiny.

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