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The National Stock Exchange of India (NSE) has appointed a large group of investment bankers and legal advisors as it prepares for its long-awaited initial public offering (IPO).
The exchange has empaneled 20 merchant bankers and eight law firms to guide the proposed public issue. Market observers say this is the highest number of book-running managers ever appointed by an IPO-bound company on Dalal Street.
Among the investment banks selected are Kotak Mahindra Capital, ICICI Securities, Axis Capital, JM Financial, IIFL Capital Services, SBI Capital Markets, Avendus Capital and Nuvama Wealth Management. International investment banks such as Morgan Stanley India, Citigroup Global Markets India and JPMorgan Chase India have also been included in the advisory team.
On the legal side, NSE has appointed several prominent law firms including Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas, AZB & Partners, Khaitan & Co, Trilegal and S&R Associates. International firms Latham & Watkins and Sidley Austin are also advising on the process.
The planned IPO is expected to be structured mainly as an offer for sale (OFS), which would allow existing shareholders to partially sell their stakes rather than raise fresh capital for the exchange.
As of February 2026, the NSE had around 25 crore trading accounts and about 12.7 crore unique customers.
Financially, the exchange remains one of the most profitable market infrastructure institutions in India. It reported consolidated revenue of INR 19,177 crore in FY25, marking a 17% year-on-year increase. Net profit reached INR 12,188 crore during the same period, reflecting strong growth in its operations this year. The move signals fresh momentum for listing.
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