Zerodha seeks SEBI merchant banking licence
Analysis based on 19 articles · First reported Jun 29, 2026 · Last updated Jun 29, 2026
The entry of Zerodha into investment banking is expected to intensify competition among established players like JM Financial, Kotak Mahindra Bank — Kotak Mahindra Capital Company, Axis Capital Holdings, and Meritz Securities. This could lead to more competitive pricing and services in the Indian capital markets, potentially benefiting companies seeking to go public.
Zerodha, a leading Indian stock broking platform, has applied to the India — Securities and Exchange Board of India for a Category-I merchant banking licence. This strategic move, filed in April and currently under review, aims to expand Zerodha's financial services portfolio beyond its core broking business. If approved, the licence will enable Zerodha to manage initial public offerings (IPOs), advise companies on equity fundraising, and provide various corporate advisory services. This expansion comes amid a robust revival in India's primary markets, with numerous startups and new-age companies preparing for public listings. Zerodha's entry is expected to heighten competition in the investment banking sector, currently dominated by established firms such as JM Financial, Kotak Mahindra Bank — Kotak Mahindra Capital Company, Axis Capital Holdings, and Meritz Securities. Other firms like InCred Capital and Société Générale Securities India have also applied for similar licences, indicating a growing interest in the investment banking space in India.
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