In a landmark development for cross-border financial services, Emirates NBD Capital has achieved a significant regulatory milestone by obtaining India’s Category I Merchant Banking license from the Securities and Exchange Board of India (SEBI). This authorization establishes the investment banking division of the Middle Eastern financial giant as the inaugural institution from its region to receive such comprehensive licensure, marking a transformative expansion into one of the world’s most dynamic emerging economies.
The newly acquired license empowers Emirates NBD Capital to deliver an extensive array of investment banking services within the Indian market. These capabilities encompass full-spectrum capital market operations, including serving as merchant banker and bookrunner for equity offerings such as Initial Public Offerings (IPOs), follow-on offerings, and Qualified Institutional Placements (QIPs). Additionally, the institution can now function as an arranger for domestic debt capital market placements, providing comprehensive financial solutions tailored to the unique requirements of the Indian market.
This strategic advancement enables Emirates NBD Capital India Private Limited, headquartered in Mumbai, to leverage the bank’s formidable regional investor network. This ecosystem includes sovereign wealth funds, global financial institutions, family offices, and ultra-high-net-worth investors across the Middle East, North Africa, and Türkiye (MENAT) region. The license creates a formalized conduit for channeling Middle Eastern capital into India’s equity and debt markets, where regional participation has historically remained limited despite substantial underlying interest.
Hitesh Asarpota, Chief Executive Officer of Emirates NBD Capital, characterized the development as a pivotal milestone for both the investment banking division and the broader Emirates NBD Group. He emphasized that the expanded capabilities would complement the bank’s existing offerings while delivering enhanced value to clients. Asarpota further highlighted the institution’s strategic positioning to facilitate regional liquidity into Indian capital markets, solidifying Emirates NBD’s role as a gateway for cross-border financial flows.
The regulatory approval arrives during an exceptional period of activity within India’s capital markets. The year 2025 witnessed approximately $56 billion in equity capital market volumes, with Indian companies raising nearly $20 billion through IPOs alone. This represents the second consecutive year of record-breaking IPO fundraising, positioning India among the world’s most active equity issuance markets. Current projections indicate sustained robust market conditions extending throughout 2026, presenting substantial opportunities for Emirates NBD Capital to engage with both issuers and investors across forthcoming offerings.
This strategic expansion significantly deepens the already substantial economic and investment relationship between India and the United Arab Emirates. The bilateral partnership has evolved into a comprehensive strategic alliance encompassing trade, investment, infrastructure development, and financial services integration, with Emirates NBD Capital’s entry representing a sophisticated new dimension in financial market connectivity between the two nations.