Mumbai: The National Stock Exchange (NSE) has issued a Request for Proposal (RFP) and also invited several investment banks and law firms to pitch for its proposed IPO, Moneycontrol quoted sources as saying.
The news report claims that NSE has started the selection process of advisors, and has reached out to around 20 investment banks and 10 law firms. The country’s largest stock exchange has asked all firms to submit a report of their track record and team details by 27 February.
Detailed presentations are expected made in the coming weeks, and the final report of investment banks and legal counsel is expected to be finalised by mid-March.
According to the NOC received from markets regulator Securities and Exchange Board of India (SEBI), the board gave the green signal for the company’s initial public offering through an Offer for Sale on February 6, 2026. NSE has finalised Rothschild as an independent advisor to oversee the IPO process.
NSE statement
“The summary of the scope of work is as follows: The advisor will lead a transparent, governance-driven process to select BRLMs, legal counsel, and other intermediaries for NSE’s IPO. Responsibilities include creating an objective evaluation framework, defining clear selection criteria, and managing all stages of the selection process.
From documentation and clarifications to back-office coordination and consolidating evaluation feedback from internal stakeholders, this role also ensures information parity, continuous communication among stakeholders, and complete documentation of decisions.”
The NSE board meeting was held on February 6, and an approval was given for the IPO through an Offer for Sale by existing shareholders. LIC, SBI, and Singapore’s Temasek firm are among some of the institutional shareholders.
NSE, led by MD and CEO Ashish Kumar Chauhan strengthened the IPO governance framework by reconstituting a dedicated IPO committee after the board meeting.
The IPO committee members include: Tabelesh Pandey – Chairperson (Non-Independent Director), Srinivas Injete – Member (Public Interest Director), Prof. (Dr.) Mamta Biswal – Member (Public Interest Director), Justice (Retd.) Abhilasha Kumari – Member (Public Interest Director), Prof. G. Shivakumar – Member (Public Interest Director), and Ashish Kumar Chauhan – Member (Managing Director and CEO).
NSE was established in 1992 and provides a technology-driven platform across asset classes such as equity, debt, commodities, currency and their derivatives, and exchange-traded funds (ETFs).
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