Capital Markets
AN ANCIENT INSTITUTION
Centuries before formal banking emerged in the 14th century, trade relied on barter—traced back to Mesopotamian tribes around 6000 BCE—where essentials like food, weapons, and spices were exchanged. By the 12th century, India developed the hundi, a medieval financial instrument that enabled trade and credit, functioning like an early form of currency.
As commerce expanded, the need for coin conversion and currency exchange led to the first capital markets in the 14th–15th centuries, notably in Antwerp, Belgium, where promissory notes and bonds were traded. One of the earliest banks, Italy’s Bank of San Giorgio, was established in 1407. India’s capital market—among Asia’s oldest, with nearly two centuries of history—was catalysed by the American Civil War (1861–1865), when brokers gathered on Bombay’s Dalal Street in 1874 to begin securities trading amid booming cotton prospects.
At its core, the capital market remains a place where investors channel surplus funds into opportunities and securities are traded, though today it operates far more sophisticatedly than its early predecessors.
From Historical Foundations to India's Modern Capital Markets
The capital market is the barometer of any country’s economy and provides a mechanism for capital formation. Across the world, there was a transformation in financial intermediation from a credit based financial system to a capital market based system, which was partly due to a shift in financial policies from financial repression (credit controls and other modes of primary sector promotion) to financial liberalization. This led to an increasing significance of capital markets in the allocation of financial resources.
Our Firm has positioned itself as a leading advisor in the Asian Markets. Our Capital Market team advises on matters relating to IPO (Initial Public Offerings), SME IPOs, FPO (Follow-on Public Issues), QIPs (Qualified Institutional Placements), OFS (Offer for Sale) with listing on Indian courses such as NSE, BSE and MCX. Takeover of listed companies, Buyback of Shares, Delisting and Domestic Debt/Bond Issues such as Non-Convertible Debentures (NCDs) for companies spread across various sectors.
Our Firm has the experience and expertise to undertake legal diligence and prepare offer documents for public offers in compliance with Indian regulations. Our Firm has represented issuer companies, promoters, merchant bankers and underwriters in various public offerings.
We assist issuers and merchant bankers in dealing with queries raised by the regulators, to enable smooth completion of the public issue and listing of shares on the courses. Our Firm also liaises with nomads and overseas stock exchanges for international offerings. In addition to the above, our Firm offers advice on investigations and proceedings initiated by SEBI for violation of securities market regulations and non-compliances and represents clients before SEBI officials and SAT.
Why engage our Lawyers
Extensive Capital Markets Experience
Wide-ranging experience in IPOs, SME IPOs, FPOs, QIPs, OFS transactions, and domestic debt issues such as NCDs, across sectors and market cycles, positioning issuers, merchant bankers, and investors for successful access to capital.
Holistic Regulatory and Documentation Support
End-to-end assistance on offer documents, due diligence, disclosures, and rights issues, buy-backs, delistings, and takeovers.
Specialised SEBI Advisory and Defence
Focused advisory on investigations, enforcement actions, interfacing with regulators and stock exchanges, ensuring regulatory compliance and timely closure of public, and proceedings initiated by SEBI and appeals before SAT, combining technical understanding of securities regulations with practical strategies to mitigate regulatory exposure.
Global and Domestic Listing Reach
Capability to coordinate with overseas exchanges and foreign intermediaries, while leveraging strong domestic market experience, to support clients with both Indian and international listings and offerings.
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