MUMBAI - 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% 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% of RBL share capital, subject to a minimum ‌51% holding, while capping voting rights at 26%.

⁠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.