In a move that’s set to reshape part of India’s lending landscape, the National Company Law Tribunal (NCLT) has officially approved the merger of Sharekhan’s NBFC arm into Mirae Asset Financial Services (India) Pvt Ltd. If you’re in the financial world, this isn’t just another merger—it reflects a broader regulatory shift that every finance professional should be tracking closely.
The merger is part of a bigger picture: compliance with the Reserve Bank of India’s (RBI) directive that encourages NBFC consolidation within financial groups. Mirae Asset, after acquiring Sharekhan from BNP Paribas in late 2024, found itself operating two separate NBFCs in India. The RBI wasn’t a fan of that setup.
So what did the regulator do? It stepped in and asked Mirae to consolidate—giving them a March 2026 deadline. The goal: simplify oversight, reduce duplication, and boost financial stability.
The merger was greenlit by the NCLT in November 2025, with a formal effective date of April 1, 2025. From that date, Mirae Asset Sharekhan Financial Services Ltd will cease to exist as a separate NBFC and will officially become part of Mirae Asset Financial Services (India) Pvt Ltd.
At the heart of this move is the RBI’s scale-based regulatory framework for NBFCs. Instead of letting conglomerates operate multiple NBFCs under different brands and licenses, the RBI wants fewer, stronger entities. This reduces regulatory overhead and makes it easier to monitor large lending groups.
The directive that prompted the merger was pretty clear: only one NBFC per group, and the rest must be either wound down or merged. It’s part of the RBI’s broader push to make NBFCs more transparent, better capitalized, and easier to regulate.
The NCLT’s approval wasn’t just a rubber stamp. The tribunal confirmed that:
Both NBFCs are registered as systemically important non-deposit taking companies.
Shareholders and creditors of both companies gave their nod.
The RBI issued a formal “no-objection.”
The merger structure is legally compliant under Sections 230–232 of the Companies Act.
In simpler terms: all boxes were ticked, and the Tribunal was satisfied this merger was in order.
If you’re a financial professional dealing with Mirae or Sharekhan clients, here’s what you should know:
No disruption to Sharekhan’s broking services. The retail and institutional brokerage business continues as usual under the “Mirae Asset Sharekhan” brand.
The NBFC arm behind Sharekhan’s lending services (margin funding, loans against securities, etc.) will now operate under Mirae Asset Financial Services (India) Pvt Ltd.
Operationally, Mirae now has a single NBFC license, reducing compliance burden and improving capital efficiency.
This merger is designed to rationalize the corporate structure, free up resources, and improve customer experience by having unified risk and credit systems.
The Sharekhan-Mirae merger is part of a growing wave of consolidation in India’s financial services industry. The RBI has made it clear: big is beautiful—but only when it’s streamlined, well-regulated, and well-capitalized.
Here’s what this trend could mean:
Better capital management: Merging NBFCs pools their balance sheets, giving lenders more room to grow responsibly.
Fewer compliance headaches: One license, one compliance roadmap—what’s not to like?
Easier supervision for the RBI: With fewer entities to monitor, regulators can focus on systemic risks rather than paperwork.
It’s not just Mirae Asset. Other major players like Bajaj, L&T Finance, and Edelweiss have also restructured NBFCs in recent years to comply with RBI expectations.
This isn’t just about one merger. It’s about the direction in which India’s financial regulation is heading. Consolidation, compliance, and clarity are the new keywords.
For anyone in financial services—whether you’re a wealth advisor, compliance officer, NBFC executive, or market analyst—this merger offers a clear signal: align with regulatory priorities, or get left behind.