The National Stock Exchange of India Limited (NSE) is moving forward with its highly anticipated initial public offering (IPO), bringing in a cadre of distinguished law firms to guide the process. The legal advisory team for this significant financial undertaking includes Cyril Amarchand Mangaldas, Latham & Watkins LLP, Khaitan & Co, Shardul Amarchand Mangaldas & Co, and Sidley Austin LLP.
Cyril Amarchand Mangaldas: Indian Legal Counsel
Cyril Amarchand Mangaldas is leading as NSE’s Indian legal counsel. The advisory team is headed by Cyril Shroff, Managing Partner, alongside L Viswanathan, Senior Partner. They are supported by a team of experts that includes Yash J Ashar, Senior Partner; Manan Lahoty, Partner and Head of Capital Markets; Devaki Mankad, Partner and Regional Co-Head, Capital Markets, West; and Oishika Dasgupta, Partner. Their team also comprises Principal Associate Rishav Buxi, Senior Associates Vartika Bhatnagar and Abishek Sankar, and Associates Arjun Badola, Tanishq Mohta, Aditya Maheshwari, Gaurav Lalwani, Khushi Parekh, Rishika Saraswat, and Sajal Soni.
Latham & Watkins LLP: International Legal Counsel
The international legal advisory role is managed by Latham & Watkins LLP, with Partner Rajiv Gupta at the helm. Their expertise is expected to play a crucial role in navigating the international aspects of NSE’s IPO.
Khaitan & Co: Advising Lead Managers
Khaitan & Co has been brought on board to advise the book running lead managers for the IPO. Their team includes Sudhir Bassi, Executive Director; Madhur Kohli, Partner; Thomas George, Partner; Nagashayana S, Partner; Prathiksha Panduranga, Counsel; and several skilled associates, including Aadhya Singh, Jash Botadra, Tharun Vadlapatla, Varun M Nair, Lakshmi Raj C, Rupa Veena S, Anveeksha Anand, Nayonika Chatterji, Shishir Tripathi, Shreya Shetty, and Siddhil Shah.
Shardul Amarchand Mangaldas & Co: Banking Advisory
Also advising the bankers is Shardul Amarchand Mangaldas & Co, with a team led by Partners Nikhil Naredi and Krupa Brahmbhatt, supported by Principal Associate Harsh Loonker and Associates Ankita Singh, Gayatri Krishnan, and Shabri Ray.
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Sidley Austin LLP: International Counsel for BRLMs
Providing international legal counsel to the book running lead managers is Sidley Austin LLP, with Manoj Bhargava leading their team.
JSA Advocates & Solicitors: Advisory Role for Selling Shareholder
JSA Advocates & Solicitors is advising one of the institutional selling shareholders in the proposed IPO. Their guidance is led by Partner Vikram Raghani, with strategic inputs from Arka Mookerjee, Pracheta Bhattacharya, and Sourav Modi, and support from Associate Prateek Khandelwal.
NSE’s IPO Journey
NSE first filed draft papers for an IPO in 2016, but regulatory investigations into alleged irregularities in its co-location trading facilities delayed the process. After years of regulatory scrutiny, the Securities and Exchange Board of India (SEBI) recently issued a no-objection certificate, allowing NSE to proceed with its plans. The offering involves up to 111,411,970 equity shares, making up 22.5% of NSE’s post-offer paid-up equity share capital. The exchange does not have an identifiable promoter as per SEBI ICDR Regulations and the Companies Act.
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In 2024, M Vasudev Rao, who served as General Counsel, departed from NSE, with Amber Gupta stepping in as Head Legal and SVP in July 2024.
