In the first article on the series on Indic mercantile collusion with the invaders, we investigate the social composition of the Indic (Hindu, Jain, Sikh and Parsi) mercantile groups that colluded with the invaders, the social characteristics of the merchant groups that made them attractive to the Islamist invaders, their contempt for the indigenous lower castes of India, their transnational trading connections that allowed them to profit, the symbiosis between the invaders and the merchants and the commoditization of all values, including those social and religious.