In addition to the permitted Merchant Banking activities in securities market, SPA CAPITAL ADVISORS LIMITED also undertakes certain activities on an arms-length basis through separate business units (SBUs) which are not regulated by the Securities and Exchange Board of India (SEBI).

The list of such activities includes but not limited to the following:

• Valuation and financial advisory services
• Strategic and business consulting
• Private transaction advisory
• Corporate restructuring advisory
• Other non-regulated consultancy services (as applicable)
• Any other activity which do not fall in the list of permitted activities but allowed by SEBI under other activities to be undertaken through the SBU structure.