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MUMBAI: With the return of a booming primary market, million-dollar investment bank bonuses are expected to be back with a bang. Global and domestic investment banks in India have earned the most fees in the past five years in 2017, making a strong case for big annual payouts, industry experts and headhunters said.

Investment banks in India earned around $444 million in the year to date compared with $344 million in fees in 2016 and $364 million in 2015, thus making 2017 the highest grosser after the boom years of 2008-13, according to Dealogic, a global data provider. With days to go before the new year, bankers are rushing to close deals and the number could go up further, experts said. Some have doubled their income from the Indian market, raising expectations that after years of indifferent paydays, this year will be a bonanza. “The market has been good this year and that should reflect in the revenues and compensation,” said the HR head of a foreign bank, seeking anonymity.