Morgan Stanley gets merchant bank status in India

Morgan Stanley has received an Indian merchant banking licence that will allow it to resume onshore investment banking advisory and underwriting services in this fast-growing country where companies are in constant need of capital to finance their expansions, according to a release issued yesterday.

The bank’s wholly owned securities company, Morgan Stanley India, had to apply for a new license as it previously conducted these businesses through its joint venture with JM Financial Group, which was dissolved in February this year.

In connection with the licence announcemen...