In this paper, an efficient iterative method for design of near-perfect reconstructed transmultiplexer (NPR TMUX) is proposed for the prescribed roll-off factor (RF) and stop band attenuation (As). In this method, windowing technique has been used for the design of prototype filter, and different modulation techniques have been exploited for designing multi-channel transmultiplexer (TMUX). In this method, inter-channel interference (ICI) is iteratively minimized so that it approximately reduces to ideal value zero. Design example is given to illustrate the superiority of the proposed method over earlier reported work. A comparative study of the performance of different modulation techniques for designing TMUX is also presented.