Ajay Saraf, who has led ICICI Securities Ltd.’s investment banking division for nearly 15 years, will move to become the head of the Indian firm’s retail stock broking and wealth business, according to people familiar with the matter.
Stepping into this role is Prasanna Balachander, who previously oversaw global markets and proprietary trading at ICICI Bank Ltd., said the people, who declined to be identified discussing private information.
The leadership reshuffle comes after ICICI Securities was delisted from local stock exchanges in March after becoming a wholly-owned subsidiary of India’s second-biggest private lender.
Although the firm has yet to formally announce the changes, Prasanna has updated his LinkedIn profile to reflect his new role. Saraf, however, has not made any updates to his public profile.
Spokespersons for ICICI Securities and ICICI Bank did not immediately respond to emails seeking comment. Saraf did not respond to an email or a text message.
ICICI Securities and Kotak Mahindra Capital Co. have long vied for dominance in India’s investment banking landscape. However, their fortunes have diverged in recent years. While ICICI Securities topped the country’s equity offerings league table in 2021, it has since ceded ground to Kotak Mahindra, which has held the top spot since 2022.
The decline has continued into 2025, with ICICI Securities falling to seventh place, after ranking sixth last year, according to Bloomberg data.
Even so, ICICI Securities is currently advising on several major public issues, including Tata Capital Ltd.’s $2 billion listing, as well as offerings by ICICI Prudential Asset Management Co., Hero FinCorp Ltd., and Wework India Management Ltd.
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