Mumbai

National Stock Exchange of India (NSE) on Thursday said it has completed the selection of merchant bankers, law firms and other intermediaries for its proposed Initial Public Offering (IPO).

In a statement, the exchange said the selection was carried out through a structured, transparent and competitive process in accordance with the framework approved by NSE’s IPO Committee.

The 20 merchant bankers selected include Kotak Mahindra Capital Company, JM Financial, Axis Capital, IIFL Capital Services, Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, HDFC Bank and Avendus Capital.

International investment banks such as Morgan Stanley, Citigroup, J.P. Morgan and HSBC are also among the selected merchant bankers, along with firms including IDBI Capital Markets & Securities, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors and Equirus Capital.

Eight law firms have also been appointed for the proposed listing, including Cyril Amarchand Mangaldas, Khaitan & Co, Latham & Watkins, Sidley Austin, AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas & Co and Trilegal.

Other intermediaries selected include MUFG Intime India, Makarand M Joshi & Company, Manian & Rao, RBSA Advisors, Concept Communication and Redseer Strategy Consultants.

“The selected intermediaries will support NSE across various aspects of the proposed offering, including regulatory filings, due diligence, documentation, marketing and execution, in accordance with applicable laws and regulations,” the exchange said.

With the completion of the selection process, the engagement of Rothschild & Co India as process advisor for appointing IPO intermediaries has concluded.

The IPO of the National Stock Exchange recently received clearance from the Securities and Exchange Board of India (SEBI) and is expected to be launched in the next seven to eight months.

The exchange will prepare its Draft Red Herring Prospectus (DRHP) in the meantime.

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NSE had initially filed its DRHP in December 2016, but the process was delayed due to regulatory issues, including allegations of unfair access to its algorithmic trading platform.