NSE appoints 20 bankers for proposed IPO
13 Mar 2026, 12:17 PMThe stock exchange has been attempting to list since 2016 to provide exit to its investors.
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The National Stock Exchange of India Limited (NSE) has announced the completion of its selection process of merchant bankers, law firms and other intermediaries for its proposed initial public offering (IPO), which has been in the works for almost a decade.
The intermediaries will enable NSE to comply with various laws and regulations of the offering such as filings with regulators, due diligence, documentation, marketing and execution, a statement said.
It has selected 20 merchant bankers, eight law firms and other intermediaries to act as its book running managers in the process.
The merchant banks include Kotak Mahindra Capital, JM Financial, Axis Capital, IIFL Capital Services, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, and others for the proposed share offering.
The conclusion of the selection process brought Rothschild & Co India Private Limited's role as the exchange's process advisor for the appointment of intermediaries to an end.
NSE was formed in 1994 and was India's first exchange to implement electronic trading. It was placed third globally in 2025 in terms of number of trades in the equity segment, as per World Federation of Exchanges data.
The stock exchange has been attempting to list since 2016 to provide exit to its investors which includes Life Insurance Corp of India (LIC), State Bank of India (SBI), Morgan Stanley, Canada Pension Investment Plan Board and Elevation Capital.
However, its listing was stalled for nearly a decade primarily due to severe regulatory investigations, governance lapses, and the high-profile co-location scam.
Earlier in January this year, India's markets regulator Securities and Exchange Board of India (SEBI) agreed in principle to the NSE's settlement application in the unfair market access case.
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