National Stock Exchange of India Ltd. said a planned initial public offering will consist of stake sales by existing investors, without the sale of new shares. The exchange's board also approved plans to issue free shares and a split of its stock, and plans to complete both processes by December 15, 2016. National Stock Exchange has named four banks, including Citigroup and Morgan Stanley, to manage its listing.

Bankers expect the IPO to be launched in the second quarter of 2017.