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Investment banking in India started in the 19th century when European merchant banks began establishing trading houses in the country. [11] Foreign investment banks dominated the sector until the 1970s, when the State Bank of India launched its Bureau of Merchant Banking, and ICICI Securities became the first Indian private sector financial institution to offer merchant banking services. [11]
The investment banking industry, including boutique investment banks, have come under criticism for a variety of reasons, including perceived conflicts of interest, overly large pay packages, cartel-like or oligopolistic behavior, taking both sides in transactions, and more. [50] Investment banking has also been criticized for its opacity. [51]
Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791. [1] [2] [3] [4]
This list of investment banks notes full-service banks, financial conglomerates, independent investment banks, private placement firms and notable acquired, merged, or bankrupt investment banks. As an industry it is broken up into the Bulge Bracket (upper tier), Middle Market (mid-level businesses), and boutique market (specialized businesses).
Infrastructure Development Finance Company Limited, more commonly known as IDFC, was a development finance institution based in India under the Department of Financial Services, Government of India. [2] It provided finance and advisory services for infrastructure projects, as well as asset management and investment banking. [3]
SBI Capital Markets (SBICAPS) is a wholly owned investment banking subsidiary of State Bank of India (SBI). [3] Headquartered in Mumbai, SBICAPS has 6 regional offices across India (Ahmedabad, Chennai, Hyderabad, Kolkata, New Delhi and Bengaluru) and the United Arab Emirates (Abu Dhabi), and 2 subsidiaries - SBICAP Securities Limited and SBICAP Trustee Company Limited.
Reserve Bank of India Act, 1934: This is the primary legislation governing the functions and powers of the Reserve Bank of India (RBI), which is the central bank of India. The act provides for the regulation of banking and credit in India and gives the RBI the authority to issue licenses to banks and regulate their activities.
Cholamandalam Investment and Finance Company Limited (CIFCL) is an Indian non-banking financial company and investment service provider, headquartered in Chennai. [ 3 ] [ 4 ] Established in 1978, it is a part of the Murugappa Group .