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NSE appoints 20 bankers and 8 legal advisors ahead of landmark IPO

India’s largest stock exchange, the National Stock Exchange of India (NSE), has begun preparations for its long-anticipated initial public offering (IPO) by appointing a large group of financial and legal advisors. The exchange has selected 20 investment banks along with eight law firms to guide the process, marking one of the biggest advisory panels assembled for a public offering in the Indian capital markets.

According to people familiar with the development, the move signals a renewed push by the exchange to move forward with its listing plans after several years of delays. The appointment of such a large number of advisors also reflects the scale and complexity of what could become one of the most closely watched IPOs on Dalal Street.

Large Consortium of Bankers and Legal Advisors

Among the investment banks appointed are major domestic financial institutions such as Kotak Mahindra Capital, ICICI Securities, Axis Capital, JM Financial, IIFL Capital Services, SBI Capital Markets, Avendus Capital, and Nuvama Wealth Management.

International financial institutions are also part of the advisory group, including Morgan Stanley, Citigroup, and J.P. Morgan.

On the legal front, the exchange has brought on board several prominent law firms such as Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas, AZB & Partners, Khaitan & Co, Trilegal, and S&R Associates. Global legal firms Latham & Watkins and Sidley Austin have also been included to support the transaction.

Offer for Sale Likely Structure

Industry sources indicate that the IPO will likely be structured primarily as an offer for sale (OFS), enabling existing shareholders to sell a portion of their holdings rather than the exchange raising fresh capital.

The NSE remains one of the most influential financial market institutions in India. As of February 2026, the exchange reported approximately 25 crore trading accounts and about 12.7 crore unique investors on its platform.

From a financial standpoint, the exchange has continued to deliver strong performance. In the financial year 2025, it reported consolidated revenue growth of 17 percent year-on-year, reaching ₹19,177 crore. Net profit during the same period rose to ₹12,188 crore, highlighting the exchange’s strong market position and operational scale.

With advisors now formally in place, market participants believe the exchange is taking concrete steps toward reviving its long-pending listing plans, potentially paving the way for one of India’s most significant public offerings in recent years.