JM Financial appoints Axis Capital's Chirag Negandhi as managing director

JM Financial has appointed Chirag Negandhi as managing director (MD) amid activity in the equity capital market (ECM) space in India hots up. Previously, Nega­ndhi was the joint MD at Axis Capital, where he has spent close to 14 years. The deal­maker has spent another five years at Enam, which was scooped up by Axis Bank in 2010. “Negandhi with his wealth of experience, deep understanding of the market, proven track record of delivering value and strategic vision will further strengthen our growth outlook,” said Vishal Kampani, Non-executive Vice Chairman, JM Financial.

Homegrown JM Financial’s ranking has risen this year in the league tables for ECM activity amid rising deals in the small and midcap space. According to Refinitiv, for the first nine months of 2023, JM Financial managed transactions worth $1.8 billion — 4 times more than last year when it held the 11th posi­tion. The invest­ment bank was involved in two dozen ECM deals, the most among the top 10 ranked banks. Some of the key transactions it has handled include the JSW Infrastructure IPO and Coal India offer for sale.