Mumbai: SBICAP Securities Limited (SSL), the full-service brokerage arm of the State Bank of India Group, has announced the appointment of Baldev Prakash as its Managing Director & Chief Executive Officer, effective 29 June 2026. He joins the organisation on deputation from the State Bank of India (SBI).
The appointment comes as SBICAP Securities looks to strengthen its market position and expand its capabilities amid the rapid evolution of India’s investment and financial services ecosystem.
With more than 35 years of experience across banking and financial services, Shri Baldev Prakash brings expertise spanning retail and corporate banking, foreign exchange, digital banking, risk management and financial services. Throughout his career, he has held leadership roles across India and international markets, driving business growth, operational excellence, governance and strategic transformation.
Prior to taking charge at SBICAP Securities, he served as Deputy Managing Director and Group Chief Risk Officer at SBI, where he led the bank’s enterprise-wide risk management framework. In this role, he oversaw risk identification, assessment and mitigation across businesses and operations while aligning risk practices with the strategic priorities of SBI and its group companies. He also worked closely with regulators on governance, compliance and oversight matters.
Earlier, Shri Baldev Prakash served as Managing Director & Chief Executive Officer of Jammu & Kashmir Bank from December 2021 to December 2024, leading the institution through a period of transformation focused on improving financial performance, governance standards and operational efficiency. During his tenure, he also held the position of Chairman of JKB Financial Services Limited, the bank’s wholly owned non-banking subsidiary.
Commenting on his appointment, 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.”
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, along with 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.
The leadership transition is expected to support SBICAP Securities’ focus on building a more technology-led, customer-centric and growth-oriented business model as competition and investor participation continue to expand across India’s capital markets.
