HSBC is re-entering India's equity broking business, reversing its 2013 exit from domestic retail brokerage and depository operations. The move targets affluent clients during a period of record retail investor participation and a robust IPO pipeline.
The London-headquartered bank is rebuilding its equities platform and actively hiring senior executives for cash equities and institutional broking roles, with retail broking services expected to launch within months. The strategy centers on India's high phone penetration and direct capital market access, according to a person with direct knowledge of the plan.
HSBC already holds a broking license through HSBC InvestDirect Securities (India) Private Limited and will use it to revive operations. As India's largest foreign bank by balance sheet, the firm maintains a sizable consumer business and is pursuing greater penetration among affluent and wealthy customers—a strategy that distinguishes it from peers like Citibank, Standard Chartered and Deutsche Bank, which primarily serve large institutions.
HSBC Group CEO Georges Elhedery said in a recent CNBC-TV18 interview that the bank intends to increase investments in India with growing emphasis on affluent customers. HSBC India reported a net profit increase of 4 percent year-on-year in the first half of 2026, primarily driven by higher revenue from corporate activities.
Indian customers' interest in trading international markets has expanded following the establishment of GIFT City, India's tax-neutral financial hub. The re-entry capitalizes on this evolving landscape.
The move reflects broader recognition among international banks of India's capital market potential. Barclays Plc is preparing to restart its equity capital market business in India, 10 years after its own shutdown, according to The Economic Times in March.
