The history of investment banking in India traces back to when European merchant banks first established trading houses in the region in the 19th century. Since then, foreign banks (non-Indian) have dominated investment and merchant banking activities in the country.
In the 1970s, the State bank of India entered the business by creating the Bureau of Merchant Banking and ICICI Securities became the first Indian financial institution to offer merchant banking services.
By 1980, the number of merchant banks had risen to more than 30. This growth in the financial services industry included the rapid expansion of commercial banks and other financial institutions.
Association of Investment Bankers of India
According to the Association of Investment Bankers of India (AIBI), the merchant banking industry started to take off in the 1990s with over 1,500 merchant bankers registering with the Securities and Exchange Board of India (SEBI). To regulate and govern the new wave of banks that opened up, the Association of Investment Bankers of India (AIBI) was created to ensure members were in compliance with banking regulations and that their activities were kept in check.
AIBI’s purpose is to ensure members institutions follow its ethical and legal practices, as well as to promote the industry of investment banking in India and the business interests of its members.
Investment Banking in India – List of AIBI Member Investment Banks:
A.K. Capital Services Ltd.
Ambit Corporate Finance Pvt. Ltd.
Anand Rathi Advisors Ltd.
Ashika Capital Ltd.
Avendus Capital Pvt.Ltd.
Axis Bank Ltd.
Axis Capital Ltd.
Barclays Bank Plc
Bcb Brokerage Pvt.Ltd.
Birla Capital & Financial Services Ltd.
Bob Capital Markets Ltd.
Boi Merchant Bankers Ltd.
Central Bank Of India
Centrum Capital Ltd.
Chartered Finance Management Ltd.
Choice Capital Advisors Pvt.Ltd.
Citigroup Global Markets India Pvt.Ltd.
Credit Suisse Securities (India) Pvt.Ltd.
Deutsche Equities India Pvt.Ltd.
DSP Merrill Lynch Ltd.
Edelweiss Financial Services Ltd.
Ernst & Young Merchant Banking Services Pvt.Ltd.
HDFC Bank Ltd.
HSBC Securities & Capital Markets (India) Pvt.Ltd.
ICICI Securities Ltd.
IDBI Capital Market Services Ltd.
IDFC Securities Ltd.
LIFL Holdings Ltd.
Il&Fs Capital Advisors Ltd.
Indian Overseas Bank
Inga Capital Pvt.Ltd.
Jefferies India Pvt.Ltd.
JM Financial Institutional Securities Ltd.
JP Morgan India Pvt.Ltd.
Karvy Investor Services Ltd.
Keynote Corporate Services Ltd.
KJMC Corporate Advisors (India) Ltd.
Kotak Mahindra Capital Co.Ltd.
Lazard India Pvt.Ltd.
Morgan Stanley India Co.Pvt.Ltd.
Motilal Oswal Investment Advisors Pvt. Ltd.
Munoth Financial Services Ltd.
Pantomath Capital Advisors Pvt.Ltd.
Religare Capital Markets Ltd.
Rothschild (India) Pvt.Ltd.
Saffron Capital Advisors Pvt.Ltd.
SBI Capital Markets Ltd.
SMC Capitals Ltd.
Trust Investment Advisors Pvt.Ltd.
UBS Securities India Pvt.Ltd.
Union Bank Of India
Vivro Financial Services Pvt.Ltd.
Yes Bank Ltd.
Investment Banking Careers in India
If you’re planning a career in investment banking in India, then you’ll want to read our guide on how to get a job in investment banking. If you follow these steps, you’ll be much closer to landing a job at a top bank.