ICICI Investment Banking Head Saraf to Move to Retail Broking

Ajay Saraf, who has led ICICI Securities Ltd.’s investment banking division for nearly 15 years, will move to become the head of the Indian firm’s retail stock broking and wealth business, according to people familiar with the matter.

Stepping into this role is Prasanna Balachander, who previously oversaw global markets and proprietary trading at ICICI Bank Ltd., said the people, who declined to be identified discussing private information.

The leadership reshuffle comes after ICICI Securities was delisted from local stock exchanges in March after becoming a wholly-owned subsidiary of India’s second-biggest private lender.

Ajay Saraf

Source: ICICI Securities

Although the firm ...