Let us understand the role of Merchant Bankers in India and get the List of Merchant Bankers.
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Medium and Small enterprises are always in need of funds as well as financial advice to run their business. There are various ways these companies raise funds. However, they need the help of a merchant banker to help them in navigating the financial path of the MSMEs.
In simple language, Merchant banks act as a bridge between companies and the capital market. They provide essential financial support and services to the business and may also to high-net-worth individuals.
Table of Contents
Who are Merchant Bankers
Merchant banking is a part of banks that offer financial services to medium to small-sized businesses. Merchant bankers help MSMEs with underwriting, fundraising, credit, or financial advice.
In many cases, merchant banks are affiliated with other retail or investment banks. However, Merchant bankers do not provide services to the general public.
The focus of Merchant bankers is to provide services such as underwriting, fundraising, credit, and financial advisory services to businesses or small and medium enterprises.
Role of merchant bankers
Briefly Merchant bankers play a crucial role in providing services as below.
- Portfolio management services
- Helps in raising much-needed capital
- Helps businesses in their promotional activities and helps them with the ideation stage of the business
- Helps in raising credit from banks and other financial institutions
Merchant banker example
As a case study, Avendus Capital, a merchant bank, assisted Piramal Enterprises, an Indian company, in acquiring the debt-ridden assets of Dewan Housing Finance Corporation (DHFL) in 2021. The deal, worth ₹34,250 crore ($4.4 billion), marked one of India’s largest debt restructuring deals and significantly boosted Piramal Enterprises’ stature in the Indian financial services sector.
List of merchant bankers in India
These Merchant Bankers are Registered with SEBI
| List of Merchant Bankers | Registration No. |
|---|---|
| MEFCOM CAPITAL MARKETS LTD | INM000000016 |
| MASTER CAPITAL SERVICES LTD | INM000000107 |
| VLS SECURITIES LIMITED | INM000000198 |
| PRIME SECURITIES LTD | INM000000750 |
| MEHTA INTEGRATED FINANCE LTD | INM000001089 |
| INDBANK MERCHANT BANKING SERVICES LTD | INM000001394 |
| UNION BANK OF INDIA | INM000001733 |
| TAMILNAD MERCANTILE BANK LTD | INM000001857 |
| KHANDWALA SECURITIES LTD | INM000001899 |
| BARCLAYS BANK PLC | INM000002129 |
| LKP SECURITIES LTD (FORMERLY LKP SHARES AND SECURITIES LTD) | INM000002483 |
| KJMC CORPORATE ADVISORS (INDIA) LTD (FORMERLY KNOWN AS KJMC GLOBAL MARKETS (I) LTD.) | INM000002509 |
| CANARA BANK | INM000002558 |
| INTEGRATED ENTERPRISES (INDIA) PRIVATE LIMITED | INM000002640 |
| BANK OF MAHARASHTRA | INM000002699 |
| V.B. DESAI FINANCIAL SERVICES LTD | INM000002731 |
| J P MORGAN INDIA PVT. LIMITED | INM000002970 |
| PIONEER INVESTCORP LTD. | INM000002988 |
| CITIBANK N A | INM000003077 |
| IDBI BANK LTD.(FORMERLY INDUSTRIAL DEVELOPMENT BANK OF INDIA) | INM000003481 |
| SBI CAPITAL MARKETS LTD | INM000003531 |
| Keynote Financial Services Limited | INM000003606 |
| FIRST OVERSEAS CAPITAL LTD (LLOYDS CAPITAL MANAGEMENT LTD) | INM000003671 |
| MUNOTH FINANCIAL SERVICES LTD | INM000003739 |
| SREI CAPITAL MARKETS LTD | INM000003762 |
| SMIFS CAPITAL MARKETS LTD | INM000003952 |
| CHARTERED CAPITAL & INVESTMENT LTD | INM000004018 |
| SYSTEMATIX CORPORATE SERVICES LTD. | INM000004224 |
| INDUSIND BANK LTD | INM000005031 |
| AXIS BANK LTD.(FORMERLY UTI BANK LTD.) | INM000006104 |
| R R INVESTORS CAPITAL SERVICES PVT. LTD.(FORMERLY R R FINANCIAL CONSULTANTS LTD) | INM000007508 |
| VALUE LINE ADVISORS PVT LTD.(FORMERLY S B & T FINANCE PRIVATE LTD) | INM000007540 |
| LODHA CAPITAL MARKETS LTD | INM000008274 |
| KARVY INVESTOR SERVICES LTD | INM000008365 |
| SOBHAGYA CAPITAL OPTIONS PRIVATE LIMITED | INM000008571 |
| KOTAK MAHINDRA CAPITAL COMPANY LTD | INM000008704 |
| SUMEDHA FISCAL SERVICES LTD | INM000008753 |
| CIL SECURITIES LTD | INM000009694 |
| BOB CAPITAL MARKETS LTD | INM000009926 |
| VIVRO FINANCIAL SERVICES PVT LTD | INM000010122 |
| Fedex Securities Private Limited | INM000010163 |
| IFCI FINANCIAL SERVICES LTD | INM000010247 |
| HSBC SECURITIES AND CAPITAL MARKETS (INDIA) PVT LTD | INM000010353 |
| JM Financial Limited | INM000010361 |
| DEUTSCHE BANK | INM000010395 |
| A.K. CAPITAL SERVICES LTD | INM000010411 |
| CENTRUM CAPITAL LIMITED (FORMERLY CENTRUM FINANCE LTD) | INM000010445 |
| ANAND RATHI ADVISORS LIMITED | INM000010478 |
| ASHIKA CAPITAL LTD | INM000010536 |
| BAJAJ CAPITAL LTD | INM000010544 |
| Ambit Private Limited | INM000010585 |
| CLSA INDIA PRIVATE LIMITED | INM000010619 |
| FIRST GLOBAL FINANCE PVT LTD | INM000010627 |
| EDELWEISS FINANCIAL SERVICES LTD | INM000010650 |
| ROTHSCHILD & co. India Pvt Ltd | INM000010668 |
| DARASHAW & COMPANY PRIVATE LTD (FORMERLY BADAR FINANC | INM000010676 |
| Ernst & Young Merchant Banking Services LLP | INM000010700 |
| CITIGROUP GLOBAL MARKETS INDIA PVT. LTD. | INM000010718 |
| HONGKONG AND SHANGHAI BANKING CORPORATIO | INM000010742 |
| ICICI BANK LTD | INM000010759 |
| TRUSTCAP PRIVATE LIMITED | INM000010783 |
| Narnolia Financial Services Limited | INM000010791 |
| STANDARD CHARTERED BANK | INM000010817 |
| SPA CAPITAL ADVISORS LIMITED | INM000010825 |
| DEUTSCHE EQUITIES INDIA PRIVATE LIMITED | INM000010833 |
| IDBI CAPITAL MARKET SERVICES LTD | INM000010866 |
| YES BANK LTD. | INM000010874 |
| PUNJAB NATIONAL BANK | INM000010882 |
| ITI CAPITAL LIMITED | INM000010924 |
| MACQUARIE CAPITAL SECURITIES (INDIA) PRIVATE LIMITED | INM000010932 |
| IIFL Securities Limited | INM000010940 |
| VERTEX SECURITIES LTD ( FORMELY KNOWN AS TRANSWARRANTY CAPITAL PVT LTD) | INM000010965 |
| ASIT C. MEHTA INVESTMENT INTERRMEDIATES LTD | INM000010973 |
| HEM SECURITIES LTD.(FORMERLY HEM FINANCIAL SERVICES LTD) | INM000010981 |
| MOTILAL OSWAL INVESTMENT ADVISORS LIMITED | INM000011005 |
| MONARCH NETWORTH CAPITAL LIMITED | INM000011013 |
| Avendus Capital Private Limited | INM000011021 |
| SAL SECURITIES PVT. LTD. | INM000011047 |
| GOLDMAN SACHS(INDIA) SECURITIES PVT. LTD. | INM000011054 |
| ARIHANT CAPITAL MARKETS LTD | INM000011070 |
| VC CORPORATE ADVISORS PVT. LTD. (FORMERLY ECCENTRIC CAPITAL PVT LTD.) | INM000011096 |
| ELARA CAPITAL (INDIA) PRIVATE LIMITED | INM000011104 |
| INTENSIVE FISCAL SERVICES PVT LTD | INM000011112 |
| TRUST INVESTMENT ADVISORS PVT LTD | INM000011120 |
| SPARK CAPITAL ADVISORS (INDIA) PVT LTD | INM000011138 |
| FORTRESS CAPITAL MANAGEMENT SERVICES PVT LTD | INM000011146 |
| ICICI SECURITIES LTD | INM000011179 |
| MORGAN STANLEY INDIA COMPANY PVT LTD | INM000011203 |
| SAFFRON CAPITAL ADVISORS PVT LTD | INM000011211 |
| EMKAY GLOBAL FINANCIAL SERVICES LIMITED (FORMERLY EMKAY SHARE AND STOCK BROKERS LIMITED) | INM000011229 |
| PL Capital Markets Private Limited | INM000011237 |
| HDFC BANK LTD | INM000011252 |
| CORPORATE STRATEGIC ALLIANZ PVT LTD | INM000011260 |
| EQUIRUS CAPITAL (P) LTD | INM000011286 |
| MAPE ADVISORY GROUP PVT LTD | INM000011294 |
| COMFORT SECURITIES LTD | INM000011328 |
| DAM CAPITAL ADVISORS LIMITED | INM000011336 |
| ARYAMAN FINANCIAL SERVICES LIMITED | INM000011344 |
| NIRBHAY CAPITAL SERVICES PVT LTD | INM000011393 |
| MPA FINANCIAL SERVICES LIMITED | INM000011401 |
| NOMURA FINANCIAL ADVISORY AND SECURITIES (INDIA) PVT. LTD. | INM000011419 |
| SMC CAPITALS LIMITED | INM000011427 |
| CORPORATE PROFESSIONALS CAPITAL PVT. LTD. | INM000011435 |
| JEFFERIES INDIA PRIVATE LIMITED | INM000011443 |
| LSI FINANCIAL SERVICES PVT. LTD. | INM000011468 |
| D & A FINANCIAL SERVICES PVT. LTD. | INM000011484 |
| REAL GROWTH SECURITIES PVT. LTD. | INM000011492 |
| BNP PARIBAS | INM000011534 |
| PNB INVESTMENT SERVICES LTD. | INM000011617 |
| BofA Securities India Limited | INM000011625 |
| BNK SECURITIES PVT. LTD. | INM000011641 |
| AKASAM CONSULTING PVT. LTD. | INM000011658 |
| NEXGEN FINANCIAL SOLUTIONS PVT. LTD. | INM000011682 |
| MIB Securities India Private Limited | INM000011708 |
| RBSA CAPITAL ADVISORS LLP | INM000011724 |
| TAURUS CORPORATE ADVISORY SERVICES LTD. | INM000011740 |
| LADDERUP CORPORATE ADVISORY PVT. LTD. | INM000011765 |
| Stellant Capital Advisory Services Private Limited | INM000011773 |
| O3 CAPITAL GLOBAL ADVISORY PVT. LTD.(FORMERLY OZONE CAPITAL ADVISORY PVT. LTD.) | INM000011815 |
| ICICI SECURITIES PRIMARY DEALERSHIP LIMITED | INM000011823 |
| TIPSONS CONSULTANCY SERVICES PVT. LTD. | INM000011849 |
| AJCON GLOBAL SERVICES LTD. | INM000011864 |
| CHOICE CAPITAL ADVISORS PVT. LTD. | INM000011872 |
| INCRED HOLDINGS LIMITED | INM000011880 |
| KHAMBATTA SECURITIES LIMITED | INM000011914 |
| SCSI VENTURES ADVISORS PVT. LTD. | INM000011922 |
| Oneview Corporate Advisors Private Limited | INM000011930 |
| INVESTEC CAPITAL SERVICES (I) PVT. LTD. | INM000011971 |
| BASAN FINANCIAL SERVICES LTD. | INM000011989 |
| QUINTESSENCE ENTERPRIESE PVT. LTD. | INM000011997 |
| INVENTURE MERCHANT BANKER SERVICES PVT. LTD. | INM000012003 |
| SARTHI CAPITAL ADVISORS PRIVATE LIMITED | INM000012011 |
| AXIS CAPITAL LIMITED(FORMALY ENAM SECURITIES PRIVATE LIMITED) | INM000012029 |
| HAITONG SECURITIES INDIA PRIVATE LIMITED (FORMERLY ESPIRITO SANTO SECURITIES INDIA PRIVATE LIMITED) | INM000012045 |
| CHARTERED FINANCE MANAGEMENT PRIVATE LIMITED | INM000012052 |
| BCB BROKERAGE PVT. LTD | INM000012078 |
| SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA | INM000012086 |
| LIBORD ADVISORS PVT. LTD. | INM000012094 |
| SWASTIKA INVESTMART LIMITED | INM000012102 |
| PANTOMATH CAPITAL ADVISORS PVT. LTD. | INM000012110 |
| MARK CORPORATE ADVISORS PVT.LTD. | INM000012128 |
| RBL BANK LIMITED | INM000012136 |
| RESURGENT INDIA LIMITED | INM000012144 |
| INTELLIGENT MONEY MANAGERS PVT .LTD. | INM000012169 |
| Gretex Corporate Services Limited | INM000012177 |
| FINSHORE MANAGEMENT SERVICES LIMITED | INM000012185 |
| DMI CAPITAL PRIVATE LIMITED | INM000012193 |
| BOI MERCHANT BANKERS LTD. | INM000012201 |
| CAPITAL SQUARE ADVISORS PVT. LTD. | INM000012219 |
| YES SECURITIES (INDIA) LIMITED | INM000012227 |
| NAVIGANT CORPORATE ADVISORS LIMITED | INM000012243 |
| ATIVIR FINANCIAL CONSULTANTS PRIVATE LIMITED | INM000012268 |
| CORPORATE CAPITAL VENTURES PRIVATE LIMITED | INM000012276 |
| TURNAROUND CORPORATE ADVISORS PRIVATE LIMITED | INM000012290 |
| Bonanza Portfolio Limited | INM000012306 |
| KROLL ADVISORY PRIVATE LIMITED | INM000012315 |
| MOELIS & COMPANY INDIA PRIVATE LIMITED | INM000012397 |
| IndiaNivesh Corporate Finance Private Limited | INM000012403 |
| M/s NVS Brokerage Private Limited | INM000012412 |
| Green bridge Capital Advisory Private limited | INM000012430 |
| UNISTONE CAPITAL PRIVATE LIMITED | INM000012449 |
| PhillipCapital India Private Limited | INM000012458 |
| Holani Consultants Private Limited | INM000012467 |
| Industrial and Commercial Bank of China Limited, Mumbai Branch | INM000012476 |
| Mirae Asset Capital Markets India Private Limited | INM000012485 |
| Sundae Capital Advisors Private Limited | INM000012494 |
| fast track finsec private limited | INM000012500 |
| Galactico Corporate Services Limited | INM000012519 |
| 3DIMENSION CAPITAL SERVICES LTD. | INM000012528 |
| SHARE INDIA CAPITAL SERVICES PRIVATE LIMITED | INM000012537 |
| BEELINE BROKING LIMITED | INM000012546 |
| AFCO CAPITAL INDIA PVT LTD | INM000012555 |
| Kunvarji Finstock Private Limited | INM000012564 |
| SUN CAPITAL ADVISORY SERVICES PRIVATE LIMITED | INM000012591 |
| S K FINCAP ADVISORS PRIVATE LIMITED | INM000012616 |
| ISK Advisors Private Limited | INM000012625 |
| DOLAT FINSERV PRIVATE LIMITED | INM000012643 |
| JPR CAPITAL PRIVATE LIMITED | INM000012652 |
| Indorient Financial Services Limited | INM000012661 |
| SKP SECURITIES LIMITED | INM000012670 |
| Kreo Capital Private Limited | INM000012689 |
| INGA VENTURES PRIVATE LIMITED | INM000012698 |
| MIZUHO SECURITIES INDIA PRIVATE LIMITED | INM000012704 |
| KP Capital Advisors Private Limited | INM000012713 |
| BATLIVALA AND KARANI SECURITIES INDIA PRIVATE LIMITED | INM000012722 |
| SKC INVESTMENT ADVISORS PRIVATE LIMITED | INM000012731 |
| ARETE SECURITIES LIMITED | INM000012740 |
| Shreni Shares Limited | INM000012759 |
| SKI CAPITAL SERVICES LTD | INM000012768 |
| JAWA CAPITAL SERVICES PRIVATE LIMITED | INM000012777 |
| PRP Professional Edge Associates Private Limited | INM000012786 |
| CAPITAL FORTUNES VENTURES PRIVATE LIMITED | INM000012795 |
| 360 ONE WAM LIMITED | INM000012801 |
| GYR CAPITAL ADVISORS PRIVATE LIMITED | INM000012810 |
| Srujan Alpha Capital Advisors LLP | INM000012829 |
| AFFINITY GLOBAL CAPITAL MARKET PRIVATE LIMITED | INM000012838 |
| Raine Advisors India Private Limited | INM000012847 |
| INTERACTIVE FINANCIAL SERVICES LIMITED | INM000012856 |
| InCred Capital Wealth Portfolio Managers Private Limited | INM000012865 |
| Expert Global Consultants Private limited | INM000012874 |
| Credavenue Securities Private Limited | INM000012883 |
| DBS Bank India Ltd | INM000012892 |
| INMACS LIMITED | INM000012908 |
| BEELINE CAPITAL ADVISORS PRIVATE LIMITED | INM000012917 |
| Horizon Management Private Limited | INM000012926 |
| NovaaOne Capital Private Limited | INM000012935 |
| Fintellectual Corporate Advisors Private Limited | INM000012944 |
| RMB CAPITAL INDIA PRIVATE LIMITED | INM000012953 |
| Corpwis Advisors Private Limited | INM000012962 |
| Almondz Financial Services Limited | INM000012971 |
| SWARAJ SHARES & SECURITIES PRIVATE LIMITED | INM000012980 |
| NEW BERRY CAPITALS PRIVATE LIMITED | INM000012999 |
| Nuvama Wealth Management Limited | INM000013004 |
| Arpwood Capital Pvt Ltd. | INM000013013 |
| Indcap Advisors Private Limited | INM000013031 |
| EKADRISHT CAPITAL PRIVATE LIMITED | INM000013040 |
| CATALYST CAPITAL PARTNERS PRIVATE LIMITED | INM000013068 |
| WEALTH MINE NETWORKS PRIVATE LIMITED | INM000013077 |
| CORPORATE MAKERS CAPITAL LIMITED | INM000013095 |
| UBS Securities India Private Limited | INM000013101 |
| Aftertrade Broking Private Limited | INM000013110 |
Frequently Asked Questions
Merchant bankers are registered with?
Merchant bankers are registered with SEBI. Here is the list of SEBI registered Merchant Bankers.
Who are top 5 merchant bankers in India
As per my study, the top 5 merchant bankers in India are Kotak Mahindra Capital, Morgan Stanley India, JM Financial, Avendus Capital, and Edelweiss Financial Services
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