Kotak Mahindra (International) Limited (KMIL), a fully owned subsidiary of Kotak Mahindra Bank Limited, has become the pioneer Indian financial institution to secure approval from the UAE’s Securities and Commodities Authority (SCA) for conducting investment fund and portfolio management activities.
This license marks a significant milestone for both the bank and the UAE’s financial sector, paving the way for enhanced cross-border investment opportunities and cooperation between the two economies.
Kotak Mahindra, a leading player in India’s private sector banking and financial services, boasts a strong reputation for innovation in wealth management and investment banking. Established in 1985, the Kotak Group now operates across consumer banking, corporate lending, insurance, asset management, and capital markets. With over 70,000 employees, it manages assets exceeding $100 billion, serving millions of clients worldwide.
Kotak Mahindra Bank ranks among India’s most valuable banking entities, listed on Indian stock exchanges with a market capitalization surpassing $50 billion. Its international operations span regulated businesses in the United States, United Kingdom, Singapore, and Mauritius, and now extend further into the Middle East with the SCA license.
The SCA, founded in 2000, regulates securities markets, investment funds, and financial services. The license awarded to Kotak Mahindra permits the firm to establish UAE-based funds for retail investors, a crucial development that will make India-focused investment products more accessible to the UAE’s significant expatriate community and local investors seeking portfolio diversification.
“This license reflects our unwavering commitment to the UAE and our vision of promoting globally integrated, transparent capital markets,” stated Shyam Kumar, president and head of Kotak International. “India’s economic momentum continues to garner global interest, and through this license, we are thrilled to offer UAE investors access to India-focused investment strategies, enabling them to engage with one of the world’s most dynamic and resilient markets.”
Kotak Mahindra plans to introduce funds aligned with its successful UCITS (Luxembourg-domiciled) and India-domiciled strategies, which have seen robust global investor participation. These new offerings will cater specifically to the UAE market and are projected to open for subscription in the last quarter of 2025. Analysts note that such initiatives will strengthen financial ties between India and the UAE, two economies already interconnected through trade, energy cooperation, and remittances.
Industry experts view this move as part of a broader trend of Indian financial institutions expanding their international presence. As India remains one of the fastest-growing major economies, projected by the IMF to grow over six percent annually through 2026, global investors are increasingly eager to gain exposure to its markets. Kotak’s presence in the UAE provides them a direct gateway, regulated by one of the most respected capital market authorities in the region. For the UAE, it highlights confidence in its regulatory framework and its ambition to attract international asset managers to develop products locally, analysts suggest.
The license further extends Kotak’s global reach, complementing existing approvals in India, the US, UK, Singapore, and Mauritius.
