Morgan Stanley has received approval for a Primary Dealership (PD) license from the Reserve Bank of India, a significant step in further building out the Firm's fixed income sales and trading platform and capabilities in India. The license, which has been awarded to the Firm's PD entity, Morgan Stanley India Primary Dealer Private Limited (MSIPD), will allow Morgan Stanley to participate in Government of India bond auctions, as well as to make markets and trade in Indian government bonds and other government liquidity instruments.
"We are delighted to have been awarded an approval for a Primary Dealership license," said Ranodeb Roy, Morgan Stanley's Head of Interest Rate, Credit and Currency (IRCC) division for Asia Pacific. "This new license, along with our established NBFC, provides us with a fully integrated onshore fixed income platform in India and enables us to offer a comprehensive suite of services and solutions to our local and global clients."
Morgan Stanley's Fixed Income Division established a presence onshore in India through its Non Banking Finance Company (NBFC), Morgan Stanley India Capital Private Limited (MSICPL), which became fully operational in July 2008. Since that time, MSICPL has been active in government bond trading, credit trading and lending to Private Wealth Management clients. In September 2008, the Firm's NBFC was assigned by FITCH the highest possible credit rating for its long-term and short-term debt.
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