Exchange Empanels 20 Merchant Bankers and Eight Legal Advisors for Public Listing
The National Stock Exchange of India has appointed a consortium of investment bankers and legal advisors as it prepares for its long-awaited initial public offering. The exchange has empaneled 20 merchant bankers and eight law firms to guide the proposed listing, marking the largest advisory group ever assembled for an IPO on Dalal Street.
Among the investment banks appointed are Kotak Mahindra Capital, ICICI Securities, Axis Capital, JM Financial, IIFL Capital Services, SBI Capital Markets, Avendus Capital, and Nuvama Wealth Management. Global institutions including Morgan Stanley, Citigroup, and JPMorgan Chase are also part of the advisory consortium.
Legal Advisory Team Includes Leading Indian and Global Firms
On the legal front, NSE has appointed prominent law firms including Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas, AZB & Partners, Khaitan & Co, Trilegal, and S&R Associates. International legal firms Latham & Watkins and Sidley Austin have also been included in the advisory team.
The IPO is expected to be largely structured as an offer for sale, allowing existing shareholders to partially offload their holdings instead of raising fresh capital for the exchange.
Strong Financial Performance Ahead of Listing Plans
As of February 2026, NSE has around 25 crore trading accounts and 12.7 crore unique customers, reflecting its dominant position in India’s capital markets infrastructure.
Financially, the exchange reported consolidated revenue of ₹19,177 crore in FY25, representing 17% year-on-year growth, while net profit reached ₹12,188 crore during the same period.
The appointment of advisors indicates that NSE is reviving its long-delayed listing plans, setting the stage for one of the most closely watched IPOs in India’s capital markets.
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