French banking major Societe Generale today said it is shutting its domestic equity research desk comprising of four analysts as part of an internal reorganisation.
"As a part of our internal organisational restructuring, we are revisiting our distribution offering to support our execution platform. Consequently, our research analysts based at Societe Generale Mumbai will be moving to Bengaluru," its spokeswoman said in a statement.
The analysts cannot continue with domestic equity coverage as under the SEBI (Research Analysts) Regulation 2014, Indian equity coverage cannot be offered from the Bengaluru office, she added.
All the four analysts were given a choice to relocate to the Bengaluru office, and only two opted for it, she said.
The global research team comprising 45 analysts and researchers is based out of Bengaluru and the two of them will be a part of this team in all probability, she said, adding that Societe Generale will continue providing research coverage on Indian economy and strategy.
