Morgan Stanley names India co-heads

Ridham Desai and Sanjay Shah will be joint heads of JM Morgan Stanley, the institutional equities JV with JM Financial Group.

Morgan Stanley on Thursday named a pair of co-heads for its Indian securities joint venture to replace Mihir Doshi, who left the firm in January to join investment banking rival Credit Suisse.

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Ridham Desai and Sanjay Shah will be joint heads of JM Morgan Stanley Securities, the institutional equities joint venture with India's JM Financial Group.

Desai has worked for Morgan Stanley since 1997, most recently as JM Morgan Stanley's head of India research, while Shah joined JM Financial in 1996 and had been head of sales for JM Morgan Stanley Securities.

The pair replace Doshi, a high-profile 22-year veteran of Morgan Stanley who is the managing director of India business for Credit Suisse, which is ramping up its domestic operations and reviving its brokerage business, dormant since 2001.

Indian bankers have been jumping between rivals and making the move into private equity as the country's stock offering and M&A market takes off, making it one of Asia's hottest stories.