Assessing the Role of Merchant Banking in India’s Debt Capital Market
Acceptance: 16/04/2026
Published: 02/05/2026
Abstract
This study evaluates the efficiency of merchant banks within India’s debt capital market (DCM). Using a mixed-methods approach, the research examines the functional role of merchant banks in transaction facilitation, market expansion, and deal-making efficacy. The results indicate that merchant banks are pivotal intermediaries that enhance market liquidity and facilitate complex debt structuring. Findings suggest that while these institutions are effective in deal origination, their long-term impact is increasingly tied to their ability to adapt to evolving regulatory frameworks.
Author Name:
Ashish Kumar Singh
Pages:
83-92
DOI Number:
10.5281/zenodo.19965912
Reference
• Chawla, D., & Gupta, P. (2020). Deal-making expertise of merchant banks in India’s debt capital market. Journal of Finance and Accounting, 17(1), 1-15.
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• Jain, A., & Singh, V. (2018). Impact of merchant banks on market liquidity. International Journal of Advanced Research in Management and Social Sciences, 7(3), 1-12.
• Kumar, S., Singh, V., & Sharma, A. (2017). Role of merchant banks in Indian capital market. International Journal of Advanced Research in Management and Social Sciences, 6(4), 1-15.
• RBI. (2020). Annual Report 2019-20. Reserve Bank of India.
• SEBI. (2020). Annual Report 2019-20. Securities and Exchange Board of India.
• Shah, A., & Thomas, S. (2018). Indian debt capital market: Challenges and opportunities. Journal of Financial Regulation and Compliance, 26(2), 147-162.
• Singh, V., & Sharma, A. (2019). Role of merchant banks in debt capital market transactions. Journal of Finance and Accounting, 16(1), 1-12.
Writer Name
Ashish Kumar Singh
Pages
83-92
DOI Numbers
10.5281/zenodo.19965912
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