The developing trajectory of India as the fastest-growing major economy in the world has established the capital markets of this country in the center of the world arena. Central to this growth are the Investment Banks (IBs), which support the movement of money, corporate restructuring, and handle big financial transactions. These banks play the financial matchmaker and strategic advisor roles that are essential in the growth of the Indian corporations, privatization of the government assets, and successful entry of the foreign investors.
It is a highly competitive environment with not only the presence of well-established international Bulge Bracket companies (which provide a well-linked global reach) but also nimble local business-poised domestic firms that aim to create innovative market-related solutions.
The guide covers the role of investment banking companies in India and gives an elaborate introduction to the Top 12 Investment Banks in India, along with their core services and websites.
What is Investment Banking?
Investment banking is a specialized segment of the financial industry that helps companies, governments, and large institutions raise capital and make strategic financial decisions. Unlike commercial banking, which deals with deposits and loans for individuals, investment banking focuses on high-value transactions such as initial public offerings (IPOs), issuing shares and bonds, mergers and acquisitions, and corporate restructuring. Investment banks act as financial advisors by valuing companies, preparing deal structures, managing risks, and connecting businesses with investors.
They also provide underwriting services, ensuring securities are successfully sold in the market. Overall, investment banking plays a vital role in economic growth by supporting business expansion, improving capital market efficiency, and enabling organizations to access the funds needed for long-term development and strategic growth.
The Essential Functions of an Investment Bank
The financial activities carried out in investment banks are complicated and of high stakes and are important to the economy:
- Raising Capital (Underwriting): Raising capital by corporations and governments through the primary markets by issuing stocks (Equity Capital Markets – ECM, e.g., IPOs, FPOs) or bonds (Debt Capital Markets – DCM). The bank guarantees the security, which means that the sale will take place and the issuer will have the required capital as a bank.
- Mergers & Acquisitions (M&A) Advisory: The company is offering advisory services to firms on strategy-related deals, such as mergers, acquisitions, divestitures (selling off the business), and leveraged buyouts. This includes such vital services as negotiation, annual valuation, and due diligence.
- Financial Advisory and Restructuring: Offers professional consultancy on the sophisticated financial matters and restructuring process of a corporation in a financial crisis and specialised financial products.
- Sales & Trading: Sales support the purchase and selling of securities to institutional clients (i. e., pension funds) and, in some cases to the bank itself (proprietary trading).
List of Top 12 Investment Banking Companies in India
Global firms with extensive, transatlantic deals and smaller firms with well-developed local networks and mid-to-large-scale Indian dealings constitute the list below.
A. The Global Bulge Brackets (International Dominance)
The international scope of these banks is unmatched, and international capital has access to these banks and can do big, cross-border M&A.
1. Goldman Sachs
Goldman Sachs is a top international bank that has gained dominance in high-profile and multifaceted transactions and enjoys a good foundation in the Indian technology and consumer companies. The company is a major leader in major IPOs, M&A advisory, private placement, and structured financing. A Goldman Sachs employee can be exposed to large, high-profile deals and international travel.
Core Services:
- Structured Financing
- IPO (Initial Public Offering)
- M&A (Mergers and Acquisitions) Advisory
- Private Placements
- Capital Markets
Website: https://www.goldmansachs.com/worldwide/india/
2. J.P. Morgan
J.P. Morgan, with its 80-year presence in India, is a strategic partner of major Indian corporations and financial institutions and is regarded as one of the leading investment banking companies in India. Being one of the biggest financial service providers in the world, it excels in investment banking solutions such as mergers and acquisitions, capital raising, and risk management. J.P. Morgan has consistently secured top positions in the ECM and M&A league tables.
Core Services:
- Custodial Services
- M&A (Mergers & Acquisitions) Advisory
- Capital Raising (ECM & DCM)
- Risk Management
- Commercial Banking
Website: https://www.jpmorgan.com/IN/en/about-us
3. Morgan Stanley
Morgan Stanley has an international reputation of doing well in investment banking and capital markets. Its capital-raising and advisory services are being consulted by corporations and governments all over the world. Morgan Stanley enjoys a prestigious position in India, providing individual service in the field of M&A as well as Global Capital Markets, which connects the Indian market to global capital and expertise.
Core Services:
- Mergers and Acquisitions (M&A)
- Financial Advisory
- Global Capital Markets (ECM/DCM)
Website: https://www.morganstanley.com/about-us/global-offices/asia-pacific/india
4. Citi
Citi has an extraordinary history in India dating back to 1902, making it one of the most profitable investment banking companies in India. Over the years, Citi has consistently been a market leader in equity capital markets (ECM) and mergers and acquisitions (M&A). It has played a key role in several high-value transactions and was among the leading dealmakers in ECM during H1, successfully closing multiple landmark and momentous deals across sectors.
Core Services:
- Risk Management
- Financial Advisory
- Debt Capital Markets (DCM)
- Equity Capital Markets (ECM)
- M&A (Mergers & Acquisitions) Advisory
Website: https://www.citigroup.com
Suggested Read: Neobanks in India
5. BofA Securities
BofA Securities India Limited (previously DSP Merrill Lynch Limited) is a full-service investment bank and brokerage firm with strong institutional client relationships and global reach. BofA Securities presents a strong market presence in research, equity sales and trading, ECM, DCM, and M&A business, supporting large corporates, financial institutions, and cross-border transactions.
Core Services:
- Equity Capital Markets (ECM)
- Debt Capital Markets (DCM)
- M&A (Mergers & Acquisitions) Advisory
- Research
- Institutional Trading
Website: https://business.bofa.com/in/en/
6. Deutsche Bank
The Investment Bank of Deutsche Bank comprises the Fixed Income and Currencies, Investment Banking, and Capital Markets expertise. In India, it provides advisory services to corporate clients, and its area of advisory covers financing, mergers and acquisitions, debt origination, and narrow equity advisory. The bank is strong in its global corporate finance approach that is of a holistic nature.
Core Services:
- Fixed Income and Currencies
- Debt Origination
- M&A (Mergers & Acquisitions) Advisory
- Equity Capital Markets (ECM)
- Research
Website: https://www.deutsche.bank.in/
B. The Domestic & Middle-Market Leaders (Local Expertise)
These companies specialise in deals that have an interest in India, with a good tactical understanding and contacts for both mid-sized and large deals.
7. Kotak Investment Banking
Kotak Investment Banking is an unchallenged leader in the Indian capital markets and is regarded as one of the top investment banking companies in India, offering strong strategic advisory services. It has consistently been ranked high in the equity capital markets category. Kotak provides a complete range of capital market and advisory services to Indian companies, multinational corporations, and financial sponsors. The firm is highly specialized across key industries such as Digital, Infrastructure, and Financial Institutions, delivering deep sector expertise and customized financial solutions.
Core Services:
- Equity Capital Markets (ECM)
- Mergers and Acquisitions (M&A)
- Financial Sponsors Group
- Infrastructure Advisory
Website: https://investmentbank.kotak.com/
8. JM Financial
JM Financial has a history of performing more than 50 years and is a major domestic player with a complete stack of financial products such as institutional research, investment, and wealth management. The company has a strong reputation in terms of in-depth research in various companies and industries, offering specific advisory services and good insight to its customers in the Indian market.
Core Services:
- Institutional Equities
- Investment Banking
- Wealth Management
- Private Equity
Website: https://www.jmfinancialservices.in/
9. Axis Capital
Axis Capital is a leading domestic investment banking company and a wholly owned subsidiary of Axis Bank. It offers a wide range of end-to-end services across equity capital markets (ECM), mergers and acquisitions (M&A), private fundraising, and research. Axis Capital is particularly well oriented toward the new-age technology sector and infrastructure projects. With its strong execution capabilities and advisory expertise, it has built a solid track record as a full-service investment bank in India.
Core Services:
- Equity Capital Markets (ECM)
- Mergers and Acquisitions (M&A)
- Private Fundraising
- InvITs/REITs Advisory
Website: https://www.axiscapital.co.in/
10. SBI Capital Markets
SBI Capital Markets is a leading domestic firm and one of the most trusted investment banking companies in India, operating as a subsidiary of the State Bank of India (SBI), one of the country’s oldest and largest banks. Backed by SBI’s extensive reach and financial stability, SBICAPS has built a strong reputation in advisory and capital market services. It particularly dominates large-scale government contracts, infrastructure financing, and debt syndication, playing a key role in funding public sector projects and supporting India’s long-term economic development.
Core Services:
- Debt Syndication
- Project Advisory
- Structured Finance
- Equity Capital Markets (ECM)
Website: https://www.sbicaps.com/
11. HDFC Bank
HDFC Bank possesses a strong investment banking arm that leverages its core banking services and extensive corporate relationships across sectors. It is especially strong in loan syndication, structured finance, capital markets (ECM and DCM), and M&A advisory, where it often ranks first in quarterly league tables. It also provides custodial services and credit facilities to stockbrokers and institutional clients, supporting large transactions and long-term financial growth.
Core Services:
- Capital Markets (Equity Capital Markets – ECM / Debt Capital Markets – DCM)
- Loan Syndication
- Structured Finance
- Custodial Services
Website: https://www.hdfc.bank.in/wholesale-banking/investment-banking
12. ICICI Securities
ICICI Securities is a leading financial services firm and one of the prominent investment banking companies in India, backed by the strong foundation of ICICI Bank, a Domestic Systemically Important Bank (D-SIB). The company offers comprehensive capital market and securities market services, including advisory and execution for IPOs, FPOs, rights issues, and private placements. It is also registered to support institutional investors by providing efficient clearing and settlement solutions, helping ensure smooth, transparent, and reliable capital market transactions across India.
Core Services:
- Primary Markets (IPOs / FPOs)
- Clearing and Settlement Services
- Custodial Services
- Skip Zone Main Services
Website: https://www.icicisecurities.com/
Comparative Table: Top 12 Investment Banking Companies in India
| Investment Bank | Category / Type | Core Services / Strengths | Industry Focus | Specialization / Expertise |
| Goldman Sachs | Global Bulge Bracket | High-profile IPOs, M&A, Private Placements, Structured Financing | Technology, Consumer | Large-cap transactions, cross-border deals |
| J.P. Morgan | Global Bulge Bracket | ECM & DCM Capital Raising, M&A Advisory, Risk Management | Financial Services, Manufacturing | Strategic advisory, global capital access |
| Morgan Stanley | Global Bulge Bracket | M&A Advisory, Global Capital Markets (ECM/DCM), Financial Advisory | Technology, Energy | Cross-border deals, capital raising |
| Citi | Global Bulge Bracket | ECM Execution, M&A, Financial Advisory, DCM | BFSI, Infrastructure | High-value IPOs, debt & equity markets |
| BofA Securities | Global Bulge Bracket | ECM/DCM, Research, Institutional Trading, M&A Advisory | Financial Institutions, Corporates | Global research, institutional trading |
| Deutsche Bank | Global Bulge Bracket | Fixed Income & Currencies, Debt Origination, Equity Capital Markets, M&A Advisory | BFSI, Manufacturing | Debt origination, global corporate finance |
| Kotak Investment Banking | Domestic Leader | ECM, M&A Advisory, Financial Sponsors, Infrastructure Advisory | Digital, Infrastructure | Mid-to-large cap advisory, sector specialization |
| JM Financial | Domestic Leader | Institutional Equities, Investment Banking, Wealth Management, Private Equity | Corporates, Mid-cap | Deep research, tailored advisory |
| Axis Capital | Domestic / Mid-Market | ECM, M&A, Private Fund Raising, InvITs/REITs Advisory | Technology, Infrastructure | Full-service IB, new-age sectors |
| SBI Capital Markets | PSU / Domestic | Debt Syndication, Project Advisory, Structured Finance, ECM | Government, Infrastructure | Infrastructure financing, debt syndication |
| HDFC Bank (IB Division) | Bank-led IB | Capital Markets (ECM/DCM), Loan Syndication, Structured Finance, Custodial Services | Corporates, Financial Institutions | Loan syndication, large-scale transactions |
| ICICI Securities | Bank-led IB | Primary Markets (IPO/FPO), Clearing & Settlement, Institutional Services | Mid-cap, Corporates | Clearing & settlement, IPO/FPO execution |
Conclusion: The Evolving Landscape Defining Success in India
The Indian investment bank industry is at an inflexion point, given the high pace of digitalization of the country and enormous infrastructure ambitions. Not only is the traditional volume of dealings an increasingly important measure of success of an Investment Bank in India, but also its capacity to adjust to four key trends:
- Digital and Fintech Focus: The presence of domestic players Kotak and Axis Capital that are spending hefty funds on advising and financing new-age tech companies, renewables, and digital platforms signals the radical transformation in the Indian economy to technology and innovation.
- Infrastructure Finance: Government expenditure on infrastructure is large, and thus banks such as SBI Capital Markets play an essential role in advising on projects and also in raising of long-term debt (DCM) in the projects undertaken by the nation.
- Cross-Border M&A: Purchases made abroad (Morgan, Goldman Sachs, and Citi). Global bulge banks dominate international acquisition advisory by connecting Indian corporations interested in overseas acquisitions with global targets.
- REITs and InvITs: Special-purpose trusts (Real Estate Investment Trusts and Infrastructure Investment Trusts) have emerged as a more intensive capital raising area, and companies have developed good practices in these areas.
The existing landscape will mean that an Indian company seeking a large-scale IPO, a complex cross-border merger, or just a plain debt restructuring has a strong and experienced investment bank to do the strategy advising and financial rescue and bailout that will further entrench India into the global financial ecosystem.
FAQs
Q1. What is The Distinction Between an Indian Bulge Bracket and a Domestic Leader?
A Bulge Bracket (e.g. Goldman Sachs, J.P. Morgan) is a large global bank headquartered in one of the continents that controls the world market. They are experts in large-cap, transnational M&A and international capital raising. A Domestic Leader (e.g., Kotak, JM Financial) is an Indian-based company that succeeds because of strong regulatory knowledge, strong relationships with business in the mid-cap and largest Indian companies and distribution strength in the region.
Q2. What is an Investment Bank involvement in an Initial Public Offering (IPO)?
The Investment Bank plays the role of the underwriter and bookrunner. It assists the company on the offering price and size, makes the required regulatory submission (to SEBI), sells the stock to the institutional investors, and lastly ensures the sale of the shares thus raising capital to the issuing company.
Q3. Which Banks are the Leaders in the Equity Capital Market (ECM) in India?
ECM, characterized by IPOs and FPOs, is very competitive. Traditionally, global companies (such as Citi and Bofa Securities) and domestic owners (such as Kotak Investment Banking and Axis Capital) have often topped the rankings of the leagues because they have a large distribution network and flow.
Q4. Do Investment Bankers in India Come Under the SEBI Regulation?
Yes. The activities connected with the Investment Banking, especially with underwriting, merchant banking, and capital market services, are strictly controlled with reference to the Securities and Exchange Board of India (SEBI). The Investment Banks should adhere to the provisions of SEBI concerning market behavior, disclosure, and protection of investors.
Q5. What is the Meaning of Debt Capital Markets (DCM)?
DCM entails raising of capital through issuing of debt instruments, in this case, corporate bonds, government bonds or commercial paper. The placement, terms and structure of this debt is advised by Investment Banks to their clients. Debt syndication and origination has been well practiced in banks such as SBI Capital Markets and Deutsche Bank.