Today's Edition
DUBAI (ALETIHAD)
Emirates NBD Capital has become the first Middle Eastern investment bank to secure a Category I Merchant Banking licence in India after receiving regulatory approval from the Securities and Exchange Board of India (SEBI).
The approval enables Emirates NBD Capital, the investment banking arm of Emirates NBD, to offer a full suite of capital market services in India, covering the entire lifecycle of investment banking transactions. These include acting as merchant banker and bookrunner on equity capital market offerings such as initial public offerings (IPOs), follow-on offerings and qualified institutional placements (QIPs), as well as serving as an arranger on local debt capital market placements.
Emirates NBD Capital India Private Limited, incorporated in Mumbai, operates as an extension of the firm’s global investment banking platform in the UAE. The India business is supported by a local presence, governance framework and a board comprising senior bank executives.
The bank maintains an extensive investor network across sovereign wealth funds, regional and global institutions, family offices, leading local groups and ultra-high-net-worth investors. The licence allows Emirates NBD Capital to channel Middle Eastern capital into Indian equity and debt market opportunities, where regional participation remains relatively limited despite strong underlying interest.
Hitesh Asarpota, Chief Executive Officer of Emirates NBD Capital, said the merchant banking licence marked a milestone for the firm and the wider group, noting that the expanded investment banking capabilities would complement the bank’s broader offerings and enhance value for clients. He added that strong relationships with Middle Eastern investors position the firm to channel regional liquidity into Indian capital markets and strengthen its role in facilitating cross-border capital flows.
The entry into the Indian market further deepens the economic and investment relationship between India and the UAE, which has evolved into a broad-based strategic partnership.
The regulatory approval comes amid heightened activity in India’s capital markets, particularly in the equity IPO segment. In 2025, Indian equity capital market volumes totalled around $56 billion, while companies raised about $20 billion through IPOs, marking a second consecutive year of record fundraising. The strong pipeline of offerings is expected to continue into 2026, presenting opportunities for Emirates NBD Capital to engage issuers and investors across upcoming transactions.
