JPMorgan expands India bet as Dimon returns to Mumbai

JPMorgan Chase is stepping up its push for investment-banking business in India as Chief Executive Jamie Dimon heads to Mumbai this week, with the US bank expecting stronger demand for deals, financing and capital-markets advice.

Dimon is due to attend JPMorgan’s annual India conference in Mumbai, where the bank expects more than 1,000 investors, corporate executives and policymakers on 21 and 22 September. JPMorgan says the conference will focus on India’s growth outlook, capital markets and investment opportunities.

The visit comes as JPMorgan expands in a market that has become one of Asia’s largest sources of equity issuance.

India accounted for about 20% of Asia-Pacific equity capital-markets volumes in 2025, with companies raising about $68 billion, according to JPMorgan, citing Dealogic data. The country also recorded its highest annual number of large equity offerings of more than $1 billion.

JPMorgan finished 2025 at the top of Bloomberg’s India equity capital-markets rankings, with an 11% market share and credit for about $6 billion of transactions. Indian companies raised close to $55 billion through listings, placements and block trades during the year, according to Bloomberg data reported at the time.

The bank’s position has since faced renewed competition. Kotak Mahindra Capital returned to the top of the rankings in the first half of 2026, while JPMorgan slipped to 11th, according to Bloomberg league-table data.

Foreign banks are competing for a larger share of Indian dealmaking as companies tap overseas investors, private-equity funds and sovereign wealth funds.

Dimon is expected to meet executives from some of India’s largest companies during the Mumbai conference. Reliance Industries has told stock exchanges that its executives will participate in one-on-one investor meetings at the J.P. Morgan India Conference on 21 September.

JPMorgan has also expanded its operations in GIFT City in Gujarat. Its securities unit has established a banking unit there that can trade Indian equities, debt and derivatives for global clients, while the bank’s broader GIFT City operation offers lending, risk-management and investment services.

The expansion has come alongside regulatory scrutiny. India’s markets regulator this month lifted a broader trading ban on Copthall Mauritius Investment, a JPMorgan entity accused of manipulating stock prices during the country’s new closing-auction session after it deposited money required by the regulator.

Copthall remains barred from participating in the closing-auction session while the investigation continues, Reuters reported. JPMorgan has not publicly commented on the allegations.