New Delhi, Sept. 8 -- As primary market activity picks up pace in India, investment banks are looking to expand their teams to capture the key role of regulatory compliance on initial public offerings, according to people familiar with the matter.

Boutique advisory firms and international lenders including Avendus Capital Pvt, Moelis & Co, Rothschild & Co, Societe Generale SA and BNP Paribas SA are said to be exploring options to build out or enhance their "left-lead" equity capital market capabilities, the people said, asking not to be identified because the plans are private and exploratory.

Two firms currently limited to ancillary sectors such as wealth management are also said to be looking to build out merchant banking capabilities...