Emirates NBD Capital, the investment banking arm of Emirates NBD, has received regulatory approval from the Securities and Exchange Board of India (SEBI) for a Category I Merchant Banking license.
The Category I license allows Emirates NBD Capital to provide a full range of capital markets services in India.
These include acting as merchant banker and bookrunner for equity capital market transactions, such as initial public offerings, follow-on offerings and qualified institutional placements.
The license also allows the firm to arrange local debt capital market placements.
The approval enables Emirates NBD Capital to expand its presence in India and will deliver investment banking services in line with local regulatory requirements.
The group incorporated Emirates NBD Capital India Private Limited in Mumbai. It operates as part of the group’s global investment banking platform.
A board comprising senior bank executives oversees the entity, supported by local governance.
Emirates NBD Capital maintains investor relationships across sovereign wealth funds, institutional investors, family offices and ultra-high-net-worth individuals. These relationships span the Middle East and international markets.
The license allows the firm to connect these investors with equity and debt market opportunities in India, where regional participation has remained limited.
Hitesh Asarpota, CEO of Emirates NBD Capital, said:
“Securing a merchant banking license in India marks a milestone for Emirates NBD Capital and the wider Group. Our expanded capabilities will complement the Bank’s broader offerings and support cross-border capital flows between the Middle East and India.”
The approval comes amid strong activity in India’s capital markets.
In 2025, equity capital market volumes reached around US$56 billion, while IPO fundraising totalled approximately US$20 billion.
The market is expected to sustain elevated issuance levels into 2026.
Featured image credit: Edited by Fintech News Middle East, based on image by natanaelginting via Freepik
