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BofA India Dealmaker Sunil Khaitan May Take Up SE-Asia Role; Kotak’s Subhrajit Roy Likely Frontrunner To Replace Khaitan

Sunil Khaitan has had a stint of a little more than three years in his current role in India. Subhrajit Roy, an IIM Lucknow alumnus, has worked with Kotak Investment Banking for the past seven years.

May 04, 2021 / 11:18 AM IST

In a significant reshuffle in the world of capital market deal makers, Sunil Khaitan - the MD and Head ( Global Capital Markets), India at BofA Securities - will soon be elevated to Head (Equity Capital Markets), South - East Asia at the top tier investment bank, people with knowledge of the matter told Moneycontrol.

“This has been in the works for a while and Sunil Khaitan will shift to Singapore as part of this new role ,” said one of the persons cited above.

A second person confirmed Khaitan’s move.

Subhrajit Roy, currently an Executive Director and Head (ECM origination) at leading domestic investment bank Kotak Investment Banking has emerged as the likely frontrunner to replace Khaitan at the India level at BofA Securities, a third person told Moneycontrol.

“Roy is the lead candidate to move to BofA Securities and head their India GCM team. He is currently working on the transition process at Kotak Investment Banking,” this person elaborated. A fourth person confirmed the same.


All the four persons above spoke to Moneycontrol on the condition of anonymity.

BofA Securities and Kotak Investment Banking did not respond to an email query from Moneycontrol. Moneycontrol could not immediately contact both Khaitan and Subhrajit Roy for comment.

Who are Sunil Khaitan and Subhrajit Roy?

According to his Linkedin profile, Khaitan, an IIM Bangalore alumnus, has had a stint of a little more than three years in his current role at BofA Securities India. Prior to this, he has worked as a director at the ECM (equity capital markets) syndicate in the Hong Kong office of Deutsche Bank for nearly 8 years. This was preceded by stints in the mergers and acquisitions vertical of Morgan Stanley & the ECM and I-banking team at Merrill Lynch.

Roy, an IIM Lucknow alumnus, has worked with Kotak Investment Banking for the past 7 years. This is his second stint with the firm after having previously worked as a Vice President between December 2005 and January 2011. In the interim phase, he was an Executive Director at Goldman Sachs for 3 and a half years. He has also worked at Deutsche Bank, JP Morgan Chase and ICICI Bank.

In the last year, BofA Securities has worked on deals like the SBI Cards IPO, Mindspace and Brookfield REIT IPOs, the Reliance rights issue, QIPs by HDFC Ltd, ICICI Bank and Godrej Ltd and multiple block transactions involving the HDFC group.

Kotak Investment Banking on the other hand has worked on transactions like the Burger King IPO, Gland Pharma IPO, UTI AMC IPO, CAMS IPO, Embassy REIT IPO as well as QIPs by HDFC Ltd & ICICI Bank and the Reliance Rights Issue.
Ashwin Mohan
first published: May 4, 2021 10:35 am

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