NSE IPO Moves Forward: 20 Merchant Bankers Appointed for 2026 Listing

Introduction

The National Stock Exchange of India (NSE) has taken a decisive step towards its much-anticipated Initial Public Offering (IPO). On March 12, 2026, the country's largest stock exchange announced the conclusion of its selection process for a comprehensive team of intermediaries, including a record number of merchant bankers, prominent law firms, and other advisors. This development signals that the long-delayed public listing is now actively moving forward, setting the stage for what could be one of India's most significant market debuts.

A Record-Breaking Mandate

In a move that underscores the scale and complexity of the offering, the NSE has appointed an unprecedented consortium of 20 merchant bankers to manage the issue. This is the largest number of book-running lead managers ever selected for an Indian IPO, surpassing the previous record of 18 banks involved in the ICICI Prudential AMC public issue in 2025. The list includes a mix of leading domestic and international financial institutions, ensuring broad expertise and reach. Key names among the appointees are Kotak Mahindra Capital Company, ICICI Securities, SBI Capital Markets, Morgan Stanley India, Citigroup Global Markets India, and J.P. Morgan India. The extensive syndicate reflects the exchange's status as India's largest unlisted company by investor count and the intricate nature of its listing process.

Comprehensive Legal and Advisory Team

To navigate the complex regulatory and legal landscape, the NSE has also finalized a panel of eight distinguished law firms. This group includes top-tier domestic firms such as Cyril Amarchand Mangaldas, Khaitan & Co, and Trilegal, alongside international players like Latham & Watkins LLP and Sidley Austin Singapore Pte. Ltd. Their role will be crucial in advising on regulatory filings, documentation, and compliance. Additionally, the exchange has appointed other key intermediaries to support the IPO. MUFG Intime India Private Limited will serve as the registrar for the issue, while firms like Redseer Strategy Consultants and Concept Communication will provide strategic advisory and marketing support, respectively. This comprehensive team is tasked with ensuring a smooth execution of the offering.

A Structured and Transparent Selection

The selection of these intermediaries was conducted through a formal and competitive process, overseen by the NSE’s IPO Committee, which is chaired by Srinivas Injeti. According to an official statement from the exchange, the evaluation was based on a pre-approved framework and methodology designed to be structured and transparent. The appointment process was advised by Rothschild & Co India Private Ltd, which acted as the process advisor. With the finalization of the bankers and law firms, Rothschild & Co's engagement with the NSE for this specific mandate has now concluded.

Key Intermediaries for NSE IPO

IPO Structure and Market Expectations

The proposed IPO is expected to be structured entirely as an Offer-for-Sale (OFS). This means that the exchange will not issue new shares to raise capital; instead, existing shareholders will sell a portion of their stakes to the public. While the NSE has not yet disclosed the final size of the offering, market participants are anticipating an issue size of approximately ₹23,000 crore. The final valuation and offer details will be determined once the merchant bankers prepare and file the Draft Red Herring Prospectus (DRHP).

The Long Road to Listing

The journey for the NSE's public listing has been a long one. The exchange first initiated its IPO plans in 2016 but faced significant delays due to regulatory hurdles. The primary obstacle was the colocation case, where certain trading members were alleged to have received unfair access to the exchange's servers. This led to a prolonged period of regulatory scrutiny and a fine of ₹1,100 crore imposed by the Securities and Exchange Board of India (SEBI) in 2019. A major breakthrough occurred in January 2026 when SEBI granted a No-Objection Certificate (NOC), clearing a critical regulatory hurdle and allowing the exchange to revive its listing ambitions.

Market Impact and Next Steps

The finalization of the intermediary team is a clear signal to the market that the NSE is now fully geared up to proceed with its IPO. This development is expected to generate significant interest from both institutional and retail investors, given the NSE's dominant position in the Indian capital markets. The immediate next step for the appointed team will be to conduct due diligence and prepare the DRHP for submission to SEBI. Market participants anticipate that the filing could happen within the next two months, potentially paving the way for the IPO to launch before the end of the 2026 calendar year.

Conclusion

The appointment of 20 merchant bankers and eight law firms marks the official kickoff of the execution phase for the National Stock Exchange's landmark IPO. After years of delays, the exchange has assembled a formidable team to manage its public offering. With regulatory clearance in hand and a clear path forward, all eyes are now on the upcoming DRHP filing, which will provide the first official details on the size, valuation, and timeline of this highly anticipated market event.