SBI Capital Markets

Virendra Bansal serves as Managing Director and CEO, with Shesh Verma as President and COO. Santosh Sankaradasan heads Project Advisory and Structured Finance as Executive Vice President, and Amrendra Singh joined in March 2025 as SVP and Group Head of Equity Capital Markets. The firm operates as a merchant bank — its deal decisions are made by these senior executives under the governance of SBI's board.

SBI Capital Markets is a wholly owned subsidiary of State Bank of India, India's largest public-sector bank. The parent relationship provides a steady pipeline of corporate clients, a balance sheet backstop, and preferred access to SBI's lending relationships across India. SBICAPS functions as the investment banking and advisory extension of that franchise.

SBICAPS operates primarily as a fee-based investment bank and project advisor. It does not manage third-party assets or run a proprietary book in the sense of a fund. The firm structures and distributes debt, equity, and hybrid instruments, and advises on M&A and project finance, but the capital deployed in transactions comes from external investors, banks, and public markets.

The firm dominates large-cap Indian ECM transactions and infrastructure project finance. It was Left-Lead Banker on the INR 4,011 crore NSDL IPO and the INR 15,512 crore Tata Capital IPO in 2025, and bookrunner on State Bank of India's INR 25,000 crore QIP — India's largest. In project finance, it acted as Sole Financial Advisor and Mandated Lead Arranger for INR 18,300 crore for Pune Ring Road and INR 13,200 crore for Jalna Nanded Expressway.

While primarily India-focused, SBICAPS has selectively executed cross-border mandates. In October 2024 it structured Bhutan's first Hydropower Receivables Securitization Loan for Druk Green Power Corporation. The firm's project finance team also advises on international airport and energy projects, though the majority of its $141.53 billion raised over the past three years came from domestic markets.

Yes. SBICAPS runs an active CSR program focused on healthcare and education. Recent initiatives include establishing geriatric care units in Varanasi and Bhopal, donating ambulances to primary health centers in Nashik, supporting pediatric cataract surgeries in Jharkhand, and funding STEM labs and school bus donations. These are separated from the core investment banking operations.