Mumbai/New Delhi/Bengaluru, 30th June 2026: SBICAP Securities Limited (SSL), a leading full-service brokerage and a group company of the State Bank of India (SBI), has appointed Shri Baldev Prakash as its Managing Director & Chief Executive Officer, effective 29th June 2026. He joins the company on deputation from SBI.
With over 35 years of experience in the banking and financial services sector, Shri Baldev Prakash brings extensive expertise across retail and corporate banking, foreign exchange, digital banking, risk management, and financial services. Over the course of his career, he has held a range of leadership positions in India and overseas, driving business growth, operational excellence, regulatory compliance, and strategic transformation. His experience includes contributing to policy formulation and business strategy at the national level within SBI, as well as managing remittance and treasury operations during his overseas assignment at Muscat, Oman.
Prior to this appointment, he served as Deputy Managing Director and Group Chief Risk Officer at SBI, where he was responsible for the bank’s enterprise-wide risk management framework. In this role, he oversaw the identification, assessment, and mitigation of risks across businesses and operations while ensuring alignment between risk management practices and the strategic objectives of SBI and its group companies. He also worked closely with regulatory authorities on matters relating to governance, compliance, and risk oversight.
Earlier, as Managing Director & Chief Executive Officer of Jammu & Kashmir Bank, he led the institution through a significant phase of transformation. During his tenure from December 2021 to December 2024, the bank recorded improvements in financial performance, governance standards, and operational efficiency, laying the foundation for long-term growth and stability. He also served as Chairman of JKB Financial Services Limited, the bank’s wholly owned non-banking subsidiary.
Commenting on his appointment, Shri Baldev Prakash said:
“I am honoured to take charge of SBICAP Securities at an important stage in its growth journey. Backed by the trust and legacy of the SBI Group, we will focus on strengthening our capabilities, enhancing customer experience, and creating long-term value for all stakeholders. India’s investment ecosystem is evolving rapidly, presenting significant opportunities for investors and financial institutions alike. Our priority will be to build a more agile and technology-driven organisation that delivers innovative solutions, seamless service, and deeper engagement with clients. I look forward to working closely with our teams to accelerate growth and further strengthen SBICAP Securities’ position in the market.”
Shri Baldev Prakash holds a Bachelor’s degree in Economics and a Master’s degree in History from Kurukshetra University. He has completed the Executive Leadership Development Programme at Stanford Graduate School of Business, USA, and the Advanced Management Programme conducted by the Indian Institute of Banking & Finance in collaboration with IIM Calcutta. He also holds specialised diplomas in Treasury, Investment & Risk Management and International Banking & Finance from the Indian Institute of Banking & Finance, Mumbai.
About SBICAP Securities Limited
SBICAP Securities Limited is a full-service stockbroker in India, offering a wide range of investment solutions including equity trading, derivatives and mutual funds. As a group company of the State Bank of India, the country’s largest public-sector bank, SBICAP Securities is committed to providing financial market access to everyone, built on a foundation of trust, innovation and resources that support clients throughout their investment journeys. For more information, visit www.sbisecurities.in.
