NSE selects intermediaries for proposed IPO

13 March 2026

The IPO Committee of National Stock Exchange of India Limited (NSE) has approved the appointment of intermediaries for its proposed Initial Public Offering (IPO).

After a structured, transparent and competitive selection process, 20 merchant bankers have been selected, including Kotak Mahindra Capital, 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, Citigroup Global Markets India, J.P. Morgan India, HSBC Securities and Capital Markets (India), IDBI Capital Markets, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors, and Equirus Capital.

Eight law firms have also been appointed, including Cyril Amarchand Mangaldas, Khaitan & Co, Latham & Watkins LLP, Sidley Austin, AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas & Co, and Trilegal.

Other intermediaries selected include MUFG Intime India, Makarand M Joshi & Company, Manian & Rao, RBSA Advisors, Concept Communication Ltd, and Redseer Strategy Consultants.

These intermediaries will assist NSE with regulatory filings, due diligence, documentation, marketing, and execution of the proposed IPO in accordance with applicable regulations.

With the completion of this process, the engagement of Rothschild & Co India as the process advisor for the selection and appointment of IPO intermediaries has concluded.