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.

Industries across practice areas

Agriculture & Allied Activities

01.

Agriculture
Horticulture
Animal Husbandry
Fisheries & Aquaculture
Forestry

Communication & Media

02.

Telecommunications
Media & Entertainment
Advertising & Marketing
Social Media

Education & Knowledge Services

03.

Education & EdTech
Research & Development (R&D)
Think Tanks & Policy Research

Financial Services

04.

Banking & Financial Services (BFSI)
Insurance, FinTech

Government & Development

05.

Public Administration & Governance
Non-Governmental Organisations (NGOs)
International Development Agencies

Healthcare & Life Sciences

06.

Healthcare & Hospitals, Biotech & Genomics

Legal & Professional Services

07.

Legal Services
Professional & Consulting Services
Regulatory Bodies & Statutory Authorities

Manufacturing & Industrial Goods

08.

Automobile and Auto Components
Aerospace & Defence Manufacturing
Textiles & Apparel
Chemicals & Petrochemicals
Cement
Steel & Metallurgy
Pharmaceuticals & Biotechnology
Food Processing
Electronics & Consumer Durables
Engineering & Capital Goods
Renewable Energy Equipment
Fertilisers & Agrochemicals
Paper & Packaging
Leather & Footwear

Natural Resources & Extractives

09.

Mining & Quarrying

Retail & Consumer Services

10.

Retail & E-commerce
Logistics & Supply Chain
Real Estate & Construction

Technology & IT Services

11.

Information Technology (IT) & ITeS
Cybersecurity, Data Science & AI
CleanTech
AgriTech
HealthTech
EdTech

Travel & Hospitality

12

Tourism & Hospitality

Recent Work Highlights

Services

The Firm
Team
Expertise
Deals
Knowledge Centre
Careers
Culture
Contact Us

Practice Areas

Anti Bribery and Corruption
Banking and Finance
Capital Markets
Debt Restructuring and Insolvency
Dispute Resolution
Infrastructure and Projects
Mergers and Acquisitions
Practice Area Sample
Private Equity
Real Estate
Structuring
Succession and Trust

Company

204-207, Krishna Chambers
59, New Marine Lines,
Mumbai 400020, India

Tel: +91 (22) 4096 1000
Fax: +91 (22) 4096 1010

Email: info@rajaniassociates.net

Download Company Brochure
Subscribe to our Newsletter

    © 2025 Rajani Associates. All rights reserved
    Made with ❤︎ by Bombay Collective

    Privacy Preference Center