**ICICI Securities Announces Leadership Changes Amid Market Shifts**
Ajay Saraf, who has been at the helm of ICICI Securities Ltd.’s investment banking division for nearly 15 years, is set to transition to lead the company’s retail stock broking and wealth management business. This move comes as part of a leadership reshuffle following ICICI Securities’ delisting from local stock exchanges in March, after becoming a wholly-owned subsidiary of India’s second-largest private lender.
Prasanna Balachander, who previously managed global markets and proprietary trading at ICICI Bank Ltd., will take over Saraf’s former role. While the company has not yet made a formal announcement regarding these changes, Balachander has updated his LinkedIn profile to reflect his new position, whereas Saraf has not made any updates to his public profile.
The reshuffle occurs against a backdrop of shifting dynamics in India’s investment banking sector, where ICICI Securities and Kotak Mahindra Capital Co. have long competed for market leadership. Although ICICI Securities led the equity offerings league table in 2021, it has since lost ground to Kotak Mahindra, which has maintained the top position since 2022. Recent data indicates that ICICI Securities has fallen to seventh place in 2025, down from sixth last year.
Despite these challenges, ICICI Securities is actively advising on several significant public issues, including Tata Capital Ltd.’s $2 billion listing, as well as offerings from ICICI Prudential Asset Management Co., Hero FinCorp Ltd., and Wework India Management Ltd.
As the investment banking landscape continues to evolve, the implications of these leadership changes at ICICI Securities will be closely watched by industry stakeholders.
**FAQ**
*What are the recent leadership changes at ICICI Securities?*
Ajay Saraf will move to lead the retail stock broking and wealth management division, while Prasanna Balachander will take over the investment banking division.
