But while Kothari and JM's Kampani have added the foreign monikers to their firms' names, Kotak has chosen to retain its individuality. In mature markets, investment banking tends to become a closed club, with the top three or four firms dominating every business. The MGM in the US is a prime example. League tables can be sliced in any which way to show how banks dominate a niche. Likewise, in India, while Kotak is, thanks to its dominance, perceived as an IPO specialist, rivals JM Morgan and DSP Merrill Lynch are viewed as being great deal-makers.
Success breeds envy.
And in Mumbai's coterie of investment bankers, the three 'bulge bracket' players attract some flak. Other merchant bankers wonder whether where you are on the league tables matters at all. This business is not about league tables but about being effective. Yet, Enam's is not a case of sour grapes. Last year, its retail arm, Enam Securities, ranked second after Kotak Securities on the public issue league tables.