Sebi grants merchant banking approval to Valmiki Leela Capital

markets

Ahmedabad-based Valmiki Leela Capital has received Sebi’s Category I Merchant Banking licence, marking its transition from a specialised corporate advisory firm to a full-service merchant banker equipped to manage public market transactions.

With offices in Ahmedabad and Mumbai, the firm is currently working on mandates worth over Rs 1,500 crore across sectors including renewable energy, transformers, data centres, defence, power, energy and EPC infrastructure. The licence enables Valmiki Leela to handle the full spectrum of capital-market activities—from regulatory advisory and due diligence to issue management, investor outreach and research-driven communication.

Founded by CA Pankaj Agrawal and CA Sandeep Gupta, the firm aims to scale its presence in India’s fast-growing equity capital markets. “The Sebi Category I licence is a significant milestone,” said Sandeep Gupta, Director, Valmiki Leela Capital. “It reinforces our responsibility to deliver transparent and high-quality market solutions.”

The company plans to position itself as a differentiated merchant banker with a strategy-led approach, deeper sector insights and strong research capabilities, helping issuers navigate listings and unlock long-term value.