Morgan Stanley, Global financial services provider headquartered in New York, declared on Saturday that the RBI has approved its primary dealership (PD) license.

According to the company, this will be an important measure in further building out the company’s fixed income sales and trading platform and capabilities in India.

The license issued will permit Morgan Stanley to take part in the auctions of Government of India (GoI) bonds and also to create markets and trade in Indian Government bonds and other Government liquidity tools.

Morgan Stanley India Primary Dealer Private Limited (MSIPD) will start business and attempt its first dealing on July 20.

The firm also proclaimed that it has appointed Mr. Manoj Kumar Swain as the CEO of Morgan Stanley India Primary Dealer Private Ltd.