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Fiduciary-Euromax Capital Markets Ltd, a Mumbai-based merchant banker, has received approval from the Securities and Exchange Board of India (Sebi) to start merchant banking services, it said in a statement.

Fiduciary-Euromax is a joint venture between Fiduciary Global, a Mumbai-based boutique investment bank, and London's Euromax Capital.

Vineet Tandon, founder & CEO, Fiduciary-Euromax, said, in a statement, “The debt capital market is the most promising space in the Indian financial services sector. With private sector bonds outstanding of less than 2% of GDP as against more than 100% in the US and a large domestic savings pool, it is expected that Indian bond markets will play a leading role in the $1-trillion planned investment in the Indian infrastructure space.”

Fiduciary Global is a boutique investment bank with growing presence in equity, commodity, derivatives, foreign exchange and debt markets.

Euromax Capital, on the other hand, is engaged in cross border capital raising and M&A. It advises and assists on international M&A and joint venture opportunities, cross-border equity, debt and structured finance facilitation across industries and geographies. It plans to leverage its global experience to help financial institutions and banks in India in their capital raising activities.

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