Emirates NBD Capital, the investment banking arm of Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, has received regulatory approval for a Category I Merchant Banking licence from the Securities and Exchange Board of India (SEBI), India’s market regulator, becoming the first Middle Eastern investment bank to secure Category I licensure.

The Category I Merchant Banking licence positions Emirates NBD Capital to offer a full suite of capital market services in India, covering the entire lifecycle of investment banking transactions, including acting as merchant banker and bookrunner on equity capital market offerings — 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, said a statement.

The approval enables Emirates NBD Capital to broaden its footprint in one of the world’s fastest-growing economies and deliver investment banking services tailored to Indian clients and market conditions, in compliance with local regulations, it said.

Emirates NBD Capital India Private Limited, incorporated in Mumbai, operates as an extension of Emirates NBD Capital’s global investment banking platform in the UAE, supported by a local presence, robust governance and a Board of Directors comprising senior Bank executives.

Emirates NBD maintains one of the region’s broadest investor networks, with relationships spanning 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 this Middle Eastern capital into Indian equity and debt market opportunities, where regional participation remains relatively limited despite strong underlying interest.

Hitesh Asarpota, CEO of Emirates NBD Capital, said: “Securing a merchant banking licence in India marks a milestone for Emirates NBD Capital and the wider Group. Our expanded investment banking capabilities will seamlessly complement the Bank’s broader offerings, delivering greater value to clients. With strong relationships across investors in the Middle East, we are well positioned to channel regional liquidity into Indian capital markets and further solidify Emirates NBD as a gateway to stimulating cross-border flows."

With this licensure and entry into the Indian market, Emirates NBD Capital continues to deepen the economic and investment relationship between India and the UAE, which has evolved into a broad-based strategic partnership encompassing trade, investment, infrastructure and financial services.

The regulatory approval was confirmed amid unprecedented activity in India’s capital markets, particularly in its equity IPO segment currently experiencing sustained elevated volumes. 

In 2025, Indian equity capital market (ECM) volumes totalled around $56 billion, while Indian companies raised around $20 billion through IPOs, marking a second consecutive year of record IPO fundraising and placing India among the world’s most active equity issuance markets. 

This presents significant opportunities for Emirates NBD Capital to engage issuers and investors across a pipeline of upcoming offerings, with a robust market expected to continue into 2026, the statement added. - TradeArabia News Service