In a significant step toward expanding its global investment banking presence, Emirates NBD Capital has received regulatory approval to operate in India as a Category I Merchant Banker.
The investment banking arm of Emirates NBD said it has been granted the licence by the Securities and Exchange Board of India (SEBI), making it the first Middle Eastern investment bank to obtain Category I merchant banking authorisation in the country.
The approval allows Emirates NBD Capital to offer a full range of investment banking services to Indian clients, in line with local regulations. The move strengthens the firm’s presence in one of the world’s fastest-growing major economies.
Emirates NBD Capital India Private Limited has been incorporated in Mumbai and will function as part of the group’s global investment banking platform based in the UAE. The Indian unit will operate with local governance and a Board of Directors made up of senior bank executives.
Emirates NBD maintains a wide investor network across sovereign wealth funds, global and regional institutions, family offices, leading business groups, and ultra-high-net-worth individuals. With the new licence, the firm can now connect Middle Eastern capital with Indian equity and debt market opportunities, where regional participation remains limited despite strong investor 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.”
The entry of Emirates NBD Capital into India is expected to further strengthen economic and investment ties between India and the UAE. The relationship has developed into a strategic partnership covering trade, infrastructure, investment, and financial services.
The approval comes at a time of strong activity in India’s capital markets. In 2025, Indian equity capital market volumes reached about USD 56 billion, while companies raised nearly USD 20 billion through IPOs. This marked the second straight year of record IPO fundraising and placed India among the most active equity markets globally.
With market momentum expected to continue into 2026, Emirates NBD Capital plans to work closely with issuers and investors across upcoming equity and debt offerings.
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