Morgan Stanley gets i-banking licence

Morgan Stanley said that its wholly owned securities arm in India, Morgan Stanley India, has received the merchant banking licence from the Securities and Exchange Board of India (SEBI).

The Wall Street biggie had applied for the licence after the formal termination of its seven-year-old joint venture with Nimesh Kampani's JM Financial Group early this year.

"The licence will enable the company to offer on-shore investment banking advisory and underwriting services," a statement by Morgan Stanley said.

The company also announced two senior appointments. Narayan Ramachandran, head of investment management in India (MSIM), will serve as the chief executive officer and country head for Morgan Stanley in India.

Ramachandran joined Morgan Stanley in 1996 and has held a number of senior positions for MSIM in New York, Singapore and Mumbai, including global head of emerging markets.

Aisha de Sequeira, a senior banker at Morgan Stanley in New York, will relocate to Mumbai to head investment banking. Sequeira has extensive investment banking and cross-border M&A experience across a wide range of industries and has been with Morgan Stanley's Mergers & Acquisitions Group since 1995, the statement said.

Hans Schuettler, chief executive officer, Morgan Stanley Asia, said, "Narayan's experience, local insight and leadership will be critical as we expand existing operations and develop our platform in India. In her new role, Aisha will drive the establishment and expansion of our investment banking business."

Cory Spencer, global co-head of Investment Banking, said, "Aisha's new responsibilities demonstrate Morgan Stanley's willingness to leverage the expertise of our senior bankers by placing them in key positions in important growth areas worldwide. Her appointment, along with a number of additional senior personnel across advisory and capital markets, significantly enhances our ability and commitment to tap into India's dynamic and developing market."

Morgan Stanley has been active in India since 1993. It regards the country as a strategic priority and an area of continued investment. Morgan Stanley is seeking to develop an integrated platform in India that encompasses the full range of businesses that it conducts globally.

Morgan Stanley is a leading global financial services company providing a wide range of investment banking, securities, investment management and wealth management services.

The company's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 32 countries.