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NSE gets ready for IPO, finalises 20 bankers and 8 law firmsA total of 20 merchant banks have been appointed, setting a new record for India IPOs (the previous record was 18 banks for ICICI Prudential AMC).By Srabastee Biswas  March 12, 2026, 4:52:56 PM IST (Updated)2 Min ReadNational Stock Exchange of India Ltd (NSE) on Thursday (March 12) has concluded the process for selecting intermediaries for its much-anticipated Initial Public Offering (IPO), officially marking the next step in India’s largest bourse moving toward going public.

The IPO Committee, chaired by Srinivas Injeti, approved the appointments following a structured, transparent, and competitive evaluation process. With this, the engagement of Rothschild & Co India Private Ltd as process advisor has now concluded.

Merchant Bankers

A total of 20 merchant banks have been appointed, setting a new record for India IPOs (the previous record was 18 banks for ICICI Prudential AMC). They include:

Kotak Mahindra Capital Company Ltd

JM Financial Ltd

Axis Capital Ltd

IIFL Capital Services Limited (formerly IIFL Securities Ltd)

Motilal Oswal Investment Advisors Ltd

ICICI Securities Ltd

SBI Capital Markets Ltd

Nuvama Wealth Management Ltd

HDFC Bank Ltd

Avendus Capital Private Ltd

Morgan Stanley India Company Private Ltd

Citigroup Global Markets India Private Ltd

J.P. Morgan India Private Ltd

HSBC Securities and Capital Markets (India) Private Ltd

IDBI Capital Markets & Securities Ltd

360 ONE WAM Ltd

Anand Rathi Advisors Ltd

DAM Capital Advisors Ltd

Pantomath Capital Advisors Private Ltd

Equirus Capital Private Ltd

Also read: NSE may onboard merchant bankers for IPO this month: MD Ashish Chauhan

Law Firms

Eight law firms have also been selected to advise on regulatory, documentation, and compliance aspects:

Cyril Amarchand Mangaldas

Khaitan & Co

Latham & Watkins LLP

Sidley Austin Singapore Pte. Ltd

AZB & Partners

S&R Associates

Shardul Amarchand Mangaldas & Co

Trilegal

Other Intermediaries

Additional intermediaries supporting NSE across filings, due diligence, marketing, and execution include MUFG Intime India Private Ltd, Makarand M Joshi & Company, Manian & Rao, RBSA Advisors, Concept Communication Ltd, and Redseer Strategy Consultants Pvt Ltd.

With the finalisation of these appointments, NSE is now fully geared up to move ahead with its IPO, with valuation and size to be determined as the formal process commences.Continue Reading(Edited by : Jomy Jos Pullokaran)First Published: Mar 12, 2026 4:39 PM ISTTagsinitial public offer IPONSE