Abstract   Because of globalization and liberalization of the world-economy policy reforms, emerging economies have been gained popularity in academic research, especially the economics and finance areas. Indeed, India is next to China in Asian emerging markets. As of economic-policy reforms implemented in 1991, a number of sectors are being developed and restructured via mergers and acquisitions (M&As) particularly the banking sector. In this paper, we discuss India's economic-policy and financial reforms, M&As market during 2006–2010, and other policy-related aspects. In this setting, we investigate the Axis Bank–Enam Securities investment banking merger occurred in 2010. To do so, we perform ex-ante analysis by using the event study method, and offer lawful proposals to the ex-post for financial development, economic growth, and banking sector as well. We then draw fruitful conclusions through triangular linkage between the select case, post-deregulation guidelines and the current investment banking trends.