Sachin Khandelwal Joins Emirates NBD to Lead ECM Business in India
Dubai-based bank strengthens its investment banking team amid India's booming IPO market.
1Key executive transition
Sachin Khandelwal, former co-head of equity capital markets at Nuvama Group, has joined Emirates NBD Capital India to lead their ECM business. The move comes as international banks strengthen their India operations. Khandelwal brings 18 years of experience from Nuvama (formerly Edelweiss), where he managed IPOs, QIPs, and block trades. Five to six professionals are expected to join his new team in coming months.
2Emirates NBD's India push
The Dubai-based bank established Indian operations in 2017 and applied for an investment banking license in late 2025. It recently completed a $2.75 billion acquisition of 60% stake in RBL Bank. The bank has been actively hiring dealmakers, including former DAM Capital MD Alok Malpani as CEO of its investment banking arm. These moves position Emirates NBD to compete in India's $5 trillion NSE-listed market.
3India's ECM landscape
India's primary equity market has seen over 60 mainboard IPOs raising ₹1 trillion as of mid-September 2025. The market is preparing for marquee listings including Jio Platforms and potentially Tata Sons. This activity has triggered a talent war, with firms like Avendus, Moelis, and BNP Paribas also expanding ECM teams. Boutique advisory Neo Group recently hired Vikas Khattar to lead investment banking.
4Strategic hiring rationale
Industry experts cite dealmaking capabilities as a critical factor for investment banks. Khandelwal's ECM expertise is expected to help Emirates NBD secure mandates and improve execution. The hire follows a broader trend of financial institutions building India-focused teams. Native, a capital markets recruitment firm, notes ECM talent is increasingly valued as IPO activity reaches record levels.
5Nuvama's position
Khandelwal's departure leaves a gap at Nuvama Group, where he co-headed ECM operations. The firm operates across wealth management, asset management, and capital markets advisory in India. His 18-year tenure included leadership during the firm's transition from Edelweiss Financial Services. Nuvama hasn't announced a replacement for his ECM leadership role.
6Global banks' India focus
Emirates NBD joins Societe Generale, BNP Paribas, and others expanding Indian ECM operations. The bank's Dubai headquarters provides Middle East connectivity while its RBL Bank acquisition offers domestic retail banking infrastructure. This dual advantage could differentiate its India investment banking offering. The bank plans to merge its existing Indian branches with RBL.
7Talent market dynamics
The hiring reflects intense competition for capital markets professionals in India. Boutique firms and global banks are simultaneously expanding teams. ECM specialists with IPO experience command premium compensation as deal volumes surge. The trend mirrors 2021's talent crunch when foreign banks last significantly expanded Indian operations.
8Market implications
Khandelwal's move signals growing foreign interest in India's capital markets. With IPO activity expected to set new records, banks are positioning for increased ECM deal flow. Emirates NBD's aggressive hiring suggests confidence in sustained market growth. The bank's expansion could intensify competition for both deals and talent in India's investment banking sector.