Morgan Stanley strengthens onshore India presence

Morgan Stanley yesterday undertook its first transaction as a primary dealer in India after receiving its license over the weekend and announced that Manoj Kumar Swain will lead its primary dealership PD effort.

India's banking regulator, the Reserve Bank of India, granted the PD license to Morgan Stanley India Primary Dealer Private Limited MSIPD on Saturday. Broadly, primary dealers are allowed to underwrite primary issues of government securities, to provide broking services and to deal in government securities. Other foreign banks who are active primary dealers in India include J.P. Morgan and Deutsche Bank.

Morgan Stanley's fixed income division established an onshore presence in India through its non-banking finance company NBFC, Morgan Stanley India...