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Morgan Stanley gets Indian license

Morgan Stanley gets Indian license

(11 October 2007 – Australia) American Investment Bank Morgan Stanley has received a merchant banking license for operations in India. The wholly owned securities company, Morgan Stanley India Company Private Limited, received the license from the Securities and Exchange Board of India (SEBI).

The investment bank previously worked through a joint venture with JM Financial Group, which was terminated in February.

The license will enable the firm to offer on-shore investment banking advisory and underwriting services in this high growth country.

The bank also announced the appointment of two top executives to run the Indian merchant banking operation.

Narayan Ramachandran, currently head of investment management in India (MSIM), will become chief executive officer and country head for Morgan Stanley in India. Also, Aisha de Sequeira, currently with Morgan Stanley in New York will be head of investment banking, based in Mumbai.

The announcement said that investment in India is a strategic priority and that the bank is seeking to develop their full range of businesses in India.

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