Mumbai: After the recent acquisition of an additional 50 per cent stake by Merrill Lynch, the firm has announced revised responsibilities and organisational structure for its 'global markets and investment banking' (GMI) business in India.
Amit Chandra, previously joint managing director, will now be the managing director of the firm and will become head of GMI for India. In this role, Chandra will be responsible for the firm's equity, debt, investment banking, and principal investment businesses in the country. Chandra will continue to serve as a member of the board of directors of DSP Merrill Lynch.
Nozer Shroff and Kaku Nakhate, executive vice presidents, DSP Merrill Lynch, will serve as co-heads of equities business in India, with expanded responsibilities for new business initiatives in that space.
Andrew Holland, who was previously CAO and EVP of Research at DSP Merrill Lynch, will now become head of the strategic risk group (SRG) in India where he will lead the equity proprietary trading activities of the group. In addition, Holland will also build a global research group for SRG's activities overseas.
Jayesh Mehta will continue as head of debt markets in India, with additional responsibilities for certain key new initiatives. Previously Mehta headed the debt trading business and was instrumental in building the firm's debt trading (rates) and sales \ structured solutions group in the country.
Rajiv Garg, Director, Merrill Lynch, Hong Kong, will move to DSP Merrill Lynch, to head global asset backed financing group in the country.
Kumar Shah, the firm's chief financial officer, will now take on additional responsibility as the chief administrative officer of the firm.
DSP Merrill Lynch Limited (DSPML) is a joint venture with Merrill Lynch & Co., which has a 90 per cent equity ownership in the Indian merchant bank.