Indcap Advisors

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Our Offerings

What we Do: List of Services

All stakeholders are hereby informed that Indcap Advisors Private Limited, in addition to the Permitted Activities* carried out by it as a SEBI-registered merchant banker, also undertakes certain fee-based advisory activities (in its group companies) that do not fall under the regulatory purview of SEBI or any other financial sector regulator.

Such activities include, but are not limited to, private placements, private equity and fund raising, M&A advisory, enterprise valuation, insolvency resolution advisory, structured finance advisory, corporate finance advisory, debt syndication and related advisory services involving unlisted, listed, or to-be-listed entities (to the extent not covered under the Permitted Activities).

 

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It may be noted that the SEBI investor protection mechanism will not be available for any grievance or disputes arising out of, or pertaining to, such non-SEBI regulated activities. This disclosure is made in terms of Clause 11.2.6 of the SEBI Circular no. HO/49/11/11(106)2025-CFD-RAC DIL3/I/1796/2026 dated January 2, 2026 on “Specification of the consequential requirements with respect to Amendment of Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992”.

*Permitted Activities (as enumerated in regulation 13A of the SEBI (Merchant Bankers) Regulations, 1992).

A merchant banker who has been granted a certificate of registration under Securities and Exchange Board of India Merchant Bankers Regulations, 1992 shall undertake any of the following permitted activities in the securities market that are regulated by the Board, namely,

  • 1. Managing of public issues, qualified institutions placements, rights issues of securities and advisory or consulting services incidental to such issues;
  • 2. Managing of:

a) Acquisitions and takeovers under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;

b) Buy-back under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018;

c) Delisting under the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021;

d) Compliances as may be required under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 in respect of any scheme of arrangement;

e) Implementation of a scheme under the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021; and

f) Advisory or consulting services incidental to the activities specified in clauses (a) to (e);

  • 3. Underwriting activities as specified by the Board from time to time;
  • 4. Private placement of listed or proposed to be listed securities on a stock exchange recognized by the Board and activities incidental thereto. Explanation: For the purpose of this clause, ‘securities’ shall be treated as ‘proposed to be listed’ from the date of approval of the board resolution of the issuer, for the issuance of such securities to be listed on a stock exchange recognized by the Board;
  • 5. Managing of international offering of securities and advisory or consulting services incidental to such offering;
  • 6. Filing of placement memorandum of an alternative investment fund;
  • 7. Issuance of fairness opinion;
  • 8. Managing of secondary market transactions of securities listed on a stock exchange recognized by the Board and activities incidental thereto;
  • 9. Market making in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018; and
  • 10. Any other activity as may be specified by the Board from time to time.
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Varun Khanna-Assistant Vice President

A qualified Chartered Accountant with over 5 years of experience working with consultancy firms.  He has worked with EY, Deloitte and Transaction Square.  He has been actively involved in advising clients on restructuring and assisting them to undertake mergers and acquisitions. 

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Shraddha Khanna -Assistant Vice President

A Company Secretary and a Commerce graduate from the University of Calcutta. She has 6+ years of experience in the fields of M&A, PE, Merchant Banking, Transaction Advisory, Corporate Insolvency Resolution and Valuation. She has been advising and working on clients across sectors like – real estate, hospitality, retail food chains, healthcare, metals and mining. Her core area of interest lies in working for and advising start-ups. She is an enthusiastic and responsible professional and has a dynamic personality.

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Ravi Shankar Seth-Assistant Vice President

An MBA in finance having experience of more than 15 years in Debt Syndication and Corporate Debt Restructuring. Expertise on preparation of Detailed Financial Modelling, Information Memorandum, Techno Economic Viability Study, Detailed Project Report, Stress Funding, Valuation, Corporate Advisory, Retail Loans, Rating, Due Diligence and Deal Negotiation.

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Vikash Kedia- Senior Vice President

Experienced finance and deals professional with over 15 years of experience in private equity, M&A, IPO, debt, treasury and structured finance, strategic partnerships and collaborations, valuation and financial modelling, competitive bidding, corporate strategy and planning, investment banking, business restructuring and stressed asset resolution under IBC. He has worked with leading MNC and domestic investment banks in advisory roles and in corporate finance / treasury roles in leading institutions. He is a Chartered Accountant, a Chartered Financial Analyst and has done his Post Graduate Diploma in Business Management from Management Development Institute, Gurgaon. 

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Sashikant Kothari- Senior Vice President

A Chartered Accountant and a Chartered Financial Analyst with Post Graduate Diploma in Business Management from Management Development Institute, Gurgaon, having about 15 years of experience in private equity, M&A, IPO, debt, treasury and structured finance, strategic partnerships and collaborations, valuation and financial modelling, competitive bidding, corporate strategy and planning, investment banking, business restructuring and stressed asset resolution under IBC. He has worked with leading MNC and domestic investment banks in advisory roles and in corporate finance / treasury roles in leading institutions.