Sebi approves change of control at RBL Bank in Emirates NBD stake deal

India's markets regulator has approved a change of control at RBL Bank, the lender said on Thursday, related to a proposed deal that would see ‌Dubai's Emirates NBD acquire a majority stake.

The nod from the Securities and Exchange Board of India marks a key regulatory milestone for one of the largest cross-border deals in the country's financial sector.

A change of control in a listed company involves a shift in the right to appoint directors and manage policies and requires prior ‌Sebi approval.

Here are some details:

Sebi granted approval in a letter dated April 29, according to a filing.

Emirates NBD's proposal to buy a 60 per cent stake in RBL for $3 billion was announced in October 2025.

RBL said the deal remains subject to other regulatory approvals and conditions.

India's central bank approved the ‌deal earlier this month, paving the way for Emirates NBD to acquire up to ‌74 per cent of RBL share capital, subject to a minimum 51 per cent ‌holding, while capping voting rights at 26 per cent.

Post-transaction, RBL will be classified as a foreign ‌bank subsidiary, with Emirates NBD as its parent, and governed by norms applicable to wholly-owned foreign subsidiaries.

India's competition ‌regulator cleared the deal in January.