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US-based investment bank Morgan Stanley has surrendered the trading membership of one of its arms, Morgan Stanley Financial Services, in the NSE.
An e-mail sent to the bank seeking comments on the development remained unanswered till press time. However, according to sources in the NSE, the surrender of the trading membership relates to a defunct arm of Morgan Stanley which was not trading.
“Morgan Stanley has not been trading through this arm, so it had applied for surrender of its trading membership through it. It has been trading with the NSE through either its subsidiary or directly and will continue to do so,” said a person close to the development.
The exchange has sought complaints from the constituents of Morgan Stanley Financial Services to lodge their complaints against it if any within the next two months.
Morgan Stanley has been operating in India for over 20 years, providing a range of services to domestic and international clients including investment banking, capital markets, equities, fixed income, commodities and derivative products, as well as research services through its institutional securities platform.
manisha.jha@thehindu.co.in
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