ICICI Investment Banking Head Shifts to Retail Broking

Ajay Saraf, who used to lead ICICI Securities' investment banking, is changing jobs to head the retail stock trading and wealth management side of the business.

Taking his old job will be Prasanna Balachander, who used to work with global markets and trading at ICICI Bank.

This change happened after ICICI Securities became fully owned by ICICI Bank and was removed from the stock market.

While ICICI Securities was once at the top in the investment banking industry, it has recently lost some ground.

Despite this, they are still working on important projects, such as helping companies with their public stock offerings.