HONG KONG, Oct 10 (Reuters) U.S. investment bank Morgan Stanley has received an Indian merchant banking licence and appointed two top executives to its operation there, the firm said in a statement on Wednesday.
The licence allows a wholly owned local unit of the firm to offer investment banking advisory and underwriting services in the fast-growing country. It previously worked through a joint venture with JM Financial Group, but the two agreed in February to go their separate ways.
Morgan Stanley also said it had promoted Narayan Ramachandran, head of investment management in India, to head its operations there and Aisha de Sequeira, a senior mergers and acquisitions banker at Morgan Stanley in New York, to head the investment banking operation there.
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