"There is no surety that India's initial public offer market will recover in second half of 2014," Ramkrishna said. "Sustained period of economic uptick will help IPO market revive."
The IPO market remains slow, even as the Nifty has hit a string of record highs since February, which analysts attribute to a weak economy and dwindling participation by retail investors in the wake of the global financial crisis in 2008.
The NSE has seen 2 listings, with two more announced so far this year, against 6 for the whole of 2013. That's sharply below the 71 IPOs seen in 2010.