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Targeted at capitalizing on the accelerated expansion of the domestic securities business in India as the country's financial market opens up, this latest Indian setup will also complete BNP Paribas Securities Asia's regional research footprint, covering nine Asian countries.
The Research team will be based in Mumbai under the leadership of Praveen Chakravarty, Chief Operating Officer and Acting Head of Equity Research for BNP Paribas Securities in India, newly appointed as of December 3, 2007. In his new role as COO, Mr. Chakravarty will report locally to Abhijit Raha, Head of Institutional Equities and Corporate Finance for BNP Paribas in India, and globally to Philippe Ditisheim, Chief Operating Officer of BNP Paribas Securities Asia. As Acting Head of Equity Research, he will report to Abhijit Raha locally, and to Jon Harris, Securities Asia's Regional Head of Equity Research, on a regional basis.
With the new setup boasting 10 writing analysts and 13 research associates by the end of year, BNP Paribas Securities Asia will see its India's securities capabilities significantly boosted to initially cover 100 Indian stocks by October 2008. BNP Paribas Securities Asia is in the process of setting up a full-fledged securities house which covers multi-product research offerings and stocks as well as execution and trading capabilities on the Bombay Stock Exchange and National Stock Exchange.
"Establishing onshore Indian research capabilities for BNP Paribas Securities Asia reflects our commitment to strengthen our capabilities in the Indian market. We firmly believe that we will fully leverage this to our advantage to tap into vast emerging opportunities inherent in India, one of the world's fastest-growing economies," said Jon Harris, Regional Head of Equity Research, BNP Paribas Securities Asia.
"We are confident that with Praveen's depth of experience, extensive knowledge and understanding of the market, he will lead the team to markedly maximize our clients' portfolio returns by providing them with top-quality research and analysis," said Mr Abhijit Raha, Head of Institutional Equities and Corporate Finance for BNP Paribas, India.
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