GOLDMAN SACHS (INDIA) SECURITIES PRIVATE LIMITED

INTRODUCTION

Goldman Sachs (india) Securities Private Limited is a Private incorporated on 22 March 2006. It
is classified as Subsidiary of Foreign Company and is registered at Registrar of Companies,
Mumbai. Its authorized share capital is Rs. 5,000,000,000 and its paid up capital is Rs.
3,732,300,030. It is inolved in Legal, accounting, book-keeping and auditing activities; tax
consultancy; market research and public opinion polling; business and management consultancy
Goldman Sachs (india) Securities Private Limited's Annual General Meeting (AGM) was last
held on 19 September 2018 and as per records from Ministry of Corporate Affairs (MCA), its
balance sheet was last filed on 31 March 2018.

DIRECTORS OF GOLDMAN SACHS (INDIA) SECURITIES PRIVATE LIMITED

 Nikhilesh Kasi,
 Mitali Tewari,
 Noamaan Danyal Kazi,
 Srivathsan Parthasarathy, .

Goldman Sachs (india) Securities Private Limited's Corporate Identification Number is (CIN)
U74140MH2006FTC160634 and its registration number is 160634.Its Email address is gs-
[email protected] and its registered address is 951-A, Rational House Appasaheb
Marathe Marg, Prabhadevi Mumbai Mumbai City MH 400025 IN , - , .

ACTIVITY

 Legal
 Accounting,
 Book-keeping
 Auditing activities
 Tax consultancy
 Market research
 Public opinion polling
 Business and management consultancy
ABOUT GOLDMAN SACHS (INDIA) SECURITIES PRIVATE LIMITED

The bank is one of the largest investment banking enterprises in the world and is a primary
dealer in the United States Treasury security market and more generally, a prominent market
maker. The group also owns Goldman Sachs Bank USA, a direct bank. Goldman Sachs was
founded in 1869 and is headquartered at 200 West Street in Lower Manhattan with additional
offices in other international financial centers.

As a result of its involvement in securitization during the subprime mortgage crisis, Goldman

Sachs suffered during the financial crisis of 2007–2008, and received a $10 billion investment
from the United States Department of the Treasury as part of the Troubled Asset Relief Program,
a financial bailout created by the Emergency Economic Stabilization Act of 2008. The
investment was made in November 2008 and was repaid in June 2009. Former employees of
Goldman Sachs have moved on to government positions. Notable examples includes former U.S.
Secretaries of the Treasury Robert Rubin and Henry Paulson; current United States Secretary of
the Treasury Steven Mnuchin; former Under Secretary of State John C. Whitehead; former chief
economic advisor Gary Cohn; United States Senator; Governor of New Jersey Phil Murphy and
former Governor of New Jersey Jon Corzine; former Prime Minister of Italy Mario Monti;
European Central Bank President Mario Draghi; former Bank of Canada Governor and current
Governor of the Bank of England Mark Carney; and the former Prime Minister of
Australia Malcolm Turnbull. In addition, former Goldman employees have headed the New York
Stock Exchange, the World Bank, and competing banks such as Citigroup and Merrill Lynch.
The company is ranked 62nd on the Fortune 500 list of the largest United States corporations by
total revenue.

HISTORY

FOUNDING AND ESTABLISHMENT

Goldman Sachs was founded in New York in 1869 by Marcus Goldman In 1882, Goldman's son-
in-law Samuel Sachs joined the firm. In 1885, Goldman took his son Henry and his son-in-law
Ludwig Dreyfuss into the business and the firm adopted its present name, Goldman Sachs &
Co The company pioneered the use of commercial paper for entrepreneurs and joined the New
York Stock Exchange (NYSE) in 1896. By 1898, the firm's capital stood at $1.6 million.
Goldman entered the initial public offering market in 1906 when it took Sears, Roebuck and
Company public. The deal was facilitated by Henry Goldman's personal friendship with Julius
Rosenwald, an owner of Sears. Other IPOs followed, including F. W.
Woolworth and Continental Can. In 1912, Henry S. Bowers became the first non-member of the
founding family to become a partner of the company and share in its profits.

In 1917, under growing pressure from the other partners in the firm due to his pro-German
stance, Henry Goldman resigned. The Sachs family gained full control of the firm until Waddill
Catchings joined the company in 1918. By 1928, Catchings was the Goldman partner with the
single largest stake in the firmOn December 4, 1928, the firm launched the Goldman Sachs
Trading Corp, a closed-end fund. The fund failed during the Stock Market Crash of 1929, amid
accusations that Goldman had engaged in share price manipulation and insider trading.

MID-20TH CENTURY
 In 1930, the firm ousted Catchings, and Sidney Weinberg assumed the role of senior
partner and shifted Goldman's focus away from trading and toward investment banking.
Weinberg's actions helped to restore some of Goldman's tarnished reputation. Under
Weinberg's leadership, Goldman was lead advisor on the Ford Motor Company's IPO in
1956, a major coup on Wall Street at the time. Under Weinberg's reign, the firm started
an investment research division and a municipal bond department, and it became an early
innovator in risk arbitrage
 In the 1950's, Gus Levy joined the firm as a securities trader, where two powers fought
for supremacy, one from investment banking and one from securities trading. Levy was a
pioneer in block trading and the firm established this trend under his guidance. Due to
Weinberg's heavy influence, the firm formed an investment banking division in 1956 in
an attempt to shift focus off Weinberg.
 In 1969, Levy took over Weinberg's role as Senior Partner and built Goldman's trading
franchise once again Levy is credited with Goldman's famous philosophy of being "long-
term greedy," which implied that as long as money is made over the long term, short-term
 losses are bearable. At the same time, partners reinvested nearly all of their earnings in
the firm. That same year, Weinberg retired from the firm
Another financial crisis for the firm occurred in 1970, when the Penn Central Transportation
Company went bankrupt with over $80 million in commercial paper outstanding, most of it
issued through Goldman Sachs. The bankruptcy was large, and the resulting lawsuits, notably by
the SEC, threatened the partnership capital, life, and reputation of the firm. It was this
bankruptcy that resulted in credit ratings for every issuer of commercial paper today by several
credit rating services. Under the direction of Senior Partner Stanley R. Miller, the firm opened its
first international office in London in 1970 and created a private wealth division along with
a fixed income division in 1972. It pioneered the "white knight" strategy in 1974 during its
attempts to defend Electric Storage Battery against a hostile takeover bid from International
Nickel and Goldman's rival, Morgan Stanley.This action improved the firm's reputation as
an investment advisor because it pledged to no longer participate in hostile takeovers. John L.
Weinberg (the son of Sidney Weinberg), and John C. Whitehead assumed roles of co-senior
partners in 1976, once again emphasizing the co-leadership at the firm.
21ST CENTURY
Goldman Sachs purchased Spear, Leeds, & Kellogg, one of the largest specialist firms on the
New York Stock Exchange, for $6.3 billion in September 2000. In January 2000, Goldman,
along with Lehman Brothers, was the lead manager for the first internet bond offering for
the World Bank. In March 2003, the firm took a 45% stake in a joint venture with JBWere, the
Australian investment bank. April 2003, Goldman acquired The Ayco Company L.P., a fee-
based financial counseling service. In December 2005, four years after its report on the emerging
"BRIC" economies (Brazil, Russia, India, and China), Goldman Sachs named its "Next
Eleven" list of countries, using macroeconomic stability, political maturity, openness of trade
and investment policies
 In May 2006, Paulson left the firm to serve as United States Secretary of the Treasury,
and Lloyd C. Blankfein was promoted to Chairman and Chief Executive Officer. In
January 2007, Goldman, along with CanWest Global Communications, acquired Alliance
Atlantis, the company with the broadcast rights to the CSI franchise.
 On September 10, 2018, Goldman Sachs acquired Boyd Corporation for a Leveraged
Buyout of $3 billion.
  On May 16, 2019, Goldman Sachs acquired United Capital Financial Advisers, LLC for
$750 million cash
Goldman Sachs will, among others, rely on Core Card, a card management software owned by
the Fintech company Intelligent Systems Corporation.

GLOBAL MARKETS

In 2017, Global Markets accounted for 37% of revenues.

The segment is divided into four divisions and includes Fixed Income (the trading of interest rate
and credit products, mortgage-backed securities, insurance-linked securities and structured and
derivative products), Currency and Commodities (the trading of currencies and commodities),
Equities (the trading of equities, equity derivatives, structured products, options, and futures
contracts), and Principal Investments (merchant banking investments and funds). This segment
consists of the revenues and profit gained from the Bank's trading activities, both on behalf of its
clients (known as flow trading) and for its own account (known as proprietary trading).

PRODUCTS AND SERVICES

 Finance
We help local, state and national governments finance their operations so they can invest in
infrastructure, like schools, hospitals and roads.
 Transact
We transact for our clients in all key financial markets, including equities, bonds, currencies and
commodities, so that capital flows, jobs are created and economies can grow.
 Support
We help markets remain efficient and liquid, so investors and companies can meet their needs,
whether to invest, raise money or manage risk.
 Manage
We preserve and grow assets for institutions, including mutual funds, pension funds and
foundations, as well as individuals.
 Invest
We invest our capital alongside our clients’ capital to help businesses grow.
  Innovate
We develop ideas and analysis that drive new perspectives, new products and new paths to
growth.
 Mergers & Acquisitions
Our bankers provide mergers and acquisitions advice and services to our clients on some of their
most important strategic decisions and transactions.
 Financing
The Financing group structures and executes a variety of transactions, including equity offerings,
debt issuances, and derivative transactions.
 Industry Sectors
Our global structure allows us to better serve the strategic and financing needs of our clients
across all geographies and industries.

INVESTMENT BANKING SERVICES

We aspire to be the leading trusted advisor and financier to our clients, which include
corporations, financial institutions, financial sponsors, governments and public authorities and
boards of directors and special committees. The Investment Banking Division is at the front end
of Goldman Sachs’ client franchise. We strive to provide best-in-class advice and execution
excellence on the most complex transactions across products in order to help our clients grow.
 We are focused on being a significant financier and provider of capital-raising services,
which, in turn, enables our clients to achieve their strategic goals.
 We remain committed to a strategy of co-investing with clients.
MERGERS AND ACQUISITIONS

Our firm is a longstanding market leader in M&A advice, including sell-side advice, raid and
activism defenses, cross-border M&A, special committee assignments and complicated merger
transactions. Our clients are located across the globe and include businesses, private investors,
government agencies, private individuals and families. We provide advice on a full range of
transactions, including mergers, sales, acquisitions, leveraged buyouts, joint ventures, raid
defenses, spin-offs, divestitures and other restructurings.
Financing
The group structures and executes a variety of transactions, including equity offerings, debt
issuances, and derivative transactions.

Corporate Derivatives

The Corporate Derivatives team works with corporations to develop customized risk
management strategies.

Corporate Finance Solutions

The Corporate Finance Solutions team helps businesses structure complex transactions.
Equity Capital Markets
The Equity Capital Markets team works closely with public and private companies, governments
and financial sponsors to originate, structure and execute equity and equity-linked financings
such as initial public offerings, follow on offerings, convertibles and derivatives.
Investment Grade Capital Markets
The Investment Grade Capital Markets team provides guidance on capital structure across debt,
hybrid, derivative and equity-linked products for organizations with high credit-quality ratings.
The team’s syndicate desk is responsible for marketing, pricing and distributing new corporate
bond, hybrid and preferred stock US-dollar issues for companies around the world.

Latin America Financing Group

The Latin America Financing Group consists of professionals situated in regional offices across
Latin America as well as our New York headquarters. The team is responsible for covering
sovereigns, financial institutions and a broad range of corporate clients. Transactions the team
are involved in vary from leveraged loans and structured finance, including straight capital
markets debt issuance, to equity and equity linked issuance. The diversity of clients and products
we cover creates a highly entrepreneurial and creative environment.

Leveraged Finance Capital Markets

The Leveraged Finance Capital Markets team originates, structures and executes bank loans and
high yield bond financings for corporate clients and financial sponsors. Some transactions
include leveraged buyouts, refinancings and restructurings. The team’s syndicate desk is
responsible for underwriting and syndicating bank loans and high yield bonds.

Liability Management
The Liability Management team advises on and executes public and private debt transactions
including tenders, exchange offers, and consents. These transactions are often executed as part of
broader corporate restructurings, asset sales and refinancings.
Strats
The professionals in the group develop quantitative and technical solutions for IBD’s clients in
partnership with teams throughout the Financing Group, IBD Classic, and the Securities
Division.
Structured Finance
The Structured Finance team helps clients securitize assets, businesses and risks associated with
acquisition financing and balance sheet management. The team’s product suite includes
catastrophe bonds, film, entertainment and aircraft financing, and the securitization of franchise
royalties, intellectual property, infrastructure, auto loans, student loans, and life insurance.
Consumer Retail
Consumer Retail Group advises its clients on a wide spectrum of transactions, including mergers
& acquisitions, equity and debt offerings, derivatives and structured products, risk management,
etc. We cover such industries as apparel, food and beverages, pet food and services, beauty and
personal care products, restaurants, specialty and hardline retailers, department stores and
supermarkets. 

Financial Institutions
Our Financial Institutions group provides financing and advisory services to institutions
worldwide, including banks, insurance companies, asset management firms, financial technology
companies and specialty finance institutions.With nearly 300 employees across the globe—and
an expanding footprint in growth markets such as Latin America, Central Europe and China—
our specialists offer a wide suite of products, including M&A advisory, equity and debt
financing, structured finance and risk management/hedging.

The Financial and Strategic Investors

The Financial and Strategic Investors Group provides advisory and investment banking services
to a broad range of institutions including private equity firms, pension funds, sovereign wealth
funds, family offices and other investors.

Healthcare
The Healthcare group provides advice and services across a wide range of sub-sectors, including:
Biotechnology, Diagnostics / Life Sciences, Healthcare Information Technology, Healthcare
Services, Medical Devices, and Pharmaceuticals.With experts in offices around the world, our
team assists clients with a variety of transactions, including mergers and acquisitions,
divestitures, initial public offerings and other equity offerings, debt underwriting, and risk
management.

Industrials
Our Industrial group provides investment banking services and in-depth transaction expertise to a
wide range of industries globally.

These industries include aerospace and defense; automotive; building and construction; business
services; capital goods; diversified industrials; transportation and infrastructure; and paper, forest
products and packaging.With professionals in offices around the world, the group provides the
full range of Goldman Sachs’ investment banking services, including mergers and acquisitions,
divestitures, equity and debt financings, financial restructurings and risk management.

Municipal Finance
The Goldman Sachs Public Sector and Infrastructure group serves US municipal and not-for-
profit clients including state and local governments, not-for-profit healthcare systems, higher
education institutions, public power utilities, surface transportation and mass transit agencies,
airports and seaports, and sports franchises.Our group works with clients on a variety of
transactions, including tax-exempt and taxable bond underwriting, private placements, loans,
interest rate derivatives, and public private partnerships.

Whether it is upgrading public school facilities, maintaining bridges and roads or replacing water
systems, US cities and states require financing to address their most pressing needs. For over half
a century, Goldman Sachs has helped public sector clients get the funding they need to
strengthen their infrastructure and build projects that promote growth.

 Natural Resources

Our Natural Resources group works with clients in the energy, power, infrastructure, chemicals,
metals and mining and alternative energy fields.With offices in 14 cities around the world and in-
depth experience in cross-border transactions, our professionals can advise on a range of
complex transactions in this increasingly sensitive and crucial sector.

We serve over 1,500 clients internationally, working on a range of financial transactions,

including mergers and acquisitions, leveraged buyouts, equity and debt financings, commodity
hedging, joint venture restructurings and financial investments.

Real Estate
Our Real Estate group provides financing and advisory services to clients across a wide range of
real estate-related industries.

These include real estate investment trusts (REITs), hotel and gaming companies, retailers and
public-sector entities. The group has sector expertise in retail properties, hotels and golf courses,
shopping centers, office buildings, industrial properties, multifamily properties, development
projects and casinos and gaming technology.Our Real Estate Financing Group which includes
our commercial mortgage platform in Dallas, TX, is responsible for the pricing and distribution
of commercial real estate debt. This group focuses on the capital market execution, through loan
syndications and securitizations, of both Goldman Sachs’ originated loans and as placement
agent for commercial real estate borrowers.

In addition to helping our clients raise capital for their projects, our professionals assist with
mergers and acquisitions, IPOs and other equity offerings, leveraged financing, commercial-
mortgage-backed securities and more.

 Technology, Media and Telecommunications

Our Technology, Media and Telecommunications group provides insights and services covering
a wide range of industries, including electronics, software, Internet, media, wireless and cable
companies.With experts in offices around the world, our teams help clients with a variety of
transactions, including mergers and acquisitions, divestitures, initial public offerings and other
equity offerings, debt underwriting, hybrid instruments, risk management, credit advisory and
other financial services.

We assist our clients during the entire lifecycle of their investments starting with idea generation,
acquisition advisory and financing, through to the final sale or public market stock offering(s).

 CONSUMER & INVESTMENT MANAGEMENT

1. Consumer Banking
2. offers no-fee, unsecured personal loans; a high-yield Online Savings Account and
certificates of deposit; and Clarity Money, a personal financial management app acquired
in April 2018. 
3. Our vision is to create the leading platform for millions of consumers to take control of
their financial lives – through personalized products to save, borrow and spend that are
simple, transparent and always on the side of the customer.
Currently, Marcus by Goldman Sachs is offered in the US and the UK.

PRODUCTS
Deposits
We offer a high-yield Online Savings Account and certificates of deposit with competitive
interest rates in the US through Goldman Sachs Bank USA. Goldman Sachs Bank USA is a
member of the Federal Deposit Insurance Corporation (FDIC), which insures deposits up to
certain limits (see FDIC). We also offer a high-yield Online Savings Account in the UK through
Goldman Sachs International Bank. Deposits with Goldman Sachs International Bank are
protected up to a certain amount by the Financial Services Compensation Scheme (FSCS).
Lending
We help consumers better manage their debt by providing no-fee, fixed rate personal loans
ranging from $3,500-$40,000. Our loans can be used to pay off high interest credit cards, for
major purchases, for home improvements, or for special occasions.
VIEW SITE

Clarity Money
We help consumers improve their financial health by harnessing the power of machine learning
and intuitive design to provide actionable insights. Clarity Money, a personal financial
management app, features the ability to view linked financial accounts in one, simple-to-use
dashboard. The application is available in the United States via the Apple App store, Google
Play store and web.
ASSET MANAGEMENT

Our clients are at the center of everything we do. They are global, with complex challenges that
require deep investment expertise and dedicated client service to help them achieve their unique
investment goals. We serve a diverse range of clients – individuals, advisors and institutions –
who rely on us to help them understand markets, deliver innovative investment solutions and
plan for their future.

Asset Classes

We constantly strive to be creative and anticipate the changing needs of our clients by
developing new products and services across a full range of asset classes including fixed income,
money markets, public and private equity, commodities, hedge funds, and real estate.

Geographies

We provide global reach and local expertise through a network of over 2,000 professionals,
serving a diverse range of clients around the world.*

Solutions
Clients seek customized and holistic solutions. Based on our clients’ unique needs, we tailor
solutions across a broad spectrum of offerings – from portfolio design to asset allocation and
advisory solutions.

INVESTING AND LENDING

Direct private investing

Merchant Banking is the primary center for Goldman Sachs’ long term principal investing
activity, and Goldman Sachs has operated this business as an integral part of the firm for over 30
years. The group invests in equity, credit and real estate strategies.

GLOBAL MARKETS

SUSTAINABLE FINANCE
 MORGAN STANLEY INDIA PRIVATE LIMITED

INTRODUCTION

Morgan Stanley is an American multinational investment bank and financial services company

headquartered at 1585 Broadway in the Morgan Stanley Building, Midtown Manhattan, New
York City. With offices in more than 42 countries and more than 60,000 employees, the firm's
clients include corporations, governments, institutions, and individuals. Morgan Stanley ranked
No. 67 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.
The original Morgan Stanley, formed by J.P. Morgan & Co. partners Henry Sturgis
Morgan (grandson of J.P. Morgan), Harold Stanley, and others, came into existence on
September 16, 1935, in response to the Glass–Steagall Act that required the splitting of
commercial and investment banking businesses. In its first year, the company operated with a
24% market share (US$1.1 billion) in public offerings and private placements.

The current Morgan Stanley is the result of merger of the original Morgan Stanley
with Dean Witter Discover & Co. in 1997. Dean Witter's Chairman and CEO, Philip J. Purcell,
became the Chairman and CEO of the newly merged "Morgan Stanley Dean Witter Discover &
Co."  The new firm changed its name back to "Morgan Stanley" in 2001 The main areas of
business for the firm today are institutional securities, wealth management and investment
management.

OVERVIEW

Morgan Stanley is a financial services corporation that, through its affiliates and subsidiaries,
advises, and originates, trades, manages, and distributes capital for institutions, governments, and
individuals. The company operates in three business segments: Institutional Securities, Wealth
Management, and Investment Management.
HISTORY

Morgan Stanley traces its roots to J.P. Morgan & Co. Following the Glass–Steagall Act, it was
no longer possible for a corporation to have investment banking and commercial
banking businesses under a single holding entity. J.P. Morgan & Co. chose the commercial
banking business over the investment banking business. As a result, some of the employees of
J.P. Morgan & Co., most notably Henry S. Morgan and Harold Stanley, left J.P. Morgan & Co.
and joined others from the Drexel partners to form Morgan Stanley.  The firm formally opened
the doors for business on September 16, 1935, at 2 Wall Street, New York City, just down the
street from J.P Morgan. The firm was involved with the distribution of 1938 US$100 million
of debentures for the United States Steel Corporation as the lead underwriter .

The firm also obtained the distinction of being the lead syndicate in the 1939 U.S. rail
financing. The firm went through a reorganization in 1941 to allow for more activity in its
securities business. The firm was led by Perry Hall, the last founder to lead Morgan Stanley,
from 1951 until 1961. During this period, the firm co-managed the World Bank's triple-A-rated
bonds offering of 1952, as well as coming up with General Motors' US$300 million debt issue,
US$231 million IBM stock offering, and the US$250 million AT&T's debt offering.

Morgan Stanley credits itself with having created the first viable computer model for financial
analysis in 1962, thereby starting a new trend in the field of financial analysis. Future president
and chairman Dick Fisher contributed to the computer model as a young employee, learning the
FORTRAN and COBOL programming languages at IBM. In 1967, it established the Morgan &
Cie, International in Paris in an attempt to enter the European securities market. The firm
acquired Brooks, Harvey & Co., Inc. in 1967 and established a presence in the real estate
business. The sales and trading business is believed to be the brainchild of Bob Baldwin.
In 1996, Morgan Stanley acquired Van Kampen American Capital.

On February 5, 1997 the company merged with Dean Witter Discover & Co., the spun-off
financial services business of Sears Roebuck. Dean Witter's Chairman and CEO, Philip J.
Purcell, continued to hold the same roles in the newly merged "Morgan Stanley Dean Witter
Discover & Co." Morgan Stanley’s president John J. Mack became the firm’s president and chief
operating officer. In 1998, the name of the firm was changed to "Morgan Stanley Dean Witter &
Co." Originally, the name was chosen to be the combination of the two predecessor companies in
order to avoid tension between the two firms. Eventually in 2001 "Dean Witter" was further
dropped and the name became "Morgan Stanley" for unrevealed reasons.
Morgan Stanley had offices located on 24 floors across buildings 2 and 5 of the World Trade
Center in New York City. These offices had been inherited from Dean Witter which had
occupied the space since the mid-1980s. The firm lost 13 employees during the September 11
attacks in 2001 (Thomas F. Swift, Wesley Mercer, Jennifer de Jesus, Joseph DiPilato, Nolbert
Salomon, Godwin Forde, Steve R. Strauss, Lindsay C. Herkness, Albert Joseph, Jorge
Velazquez, Titus Davidson, Charles Laurencin and Security Director Rick Rescorla) in the
towers, while 2,687 were successfully evacuated by Rick Rescorla. The surviving employees
moved to temporary headquarters in the vicinity. In 2005 Morgan Stanley moved 2,300 of its
employees back to lower Manhattan, at that time the largest such move.
In 2003, NewYork–Presbyterian Hospital named the Morgan Stanley Children's Hospital in
recognition of the firm's sponsorship of the hospital, which largely funded its construction
through philanthropy. The initiative began under CEO Philip J. Purcell and was completed
under John Mack. Employees at the firm have been involved with the hospital since the 1990s
and personally donated to the construction of the current child-friendly building, which opened
in November 2003.
The company found itself in the midst of a management crisis starting in March 2005 that
resulted in a loss of the firm's staff. Purcell resigned as CEO of Morgan Stanley in June 2005
when a highly public campaign by former Morgan Stanley partners threatened to damage the
firm and challenged his refusal to aggressively increase leverage, increase risk, enter the sub-
prime mortgage business and make expensive acquisitions; the same strategies that forced
Morgan Stanley into massive write-downs, related to the subprime mortgage crisis, by 2007.
On December 19, 2006, Morgan Stanley announced the spin-off of its Discover Card unit. The
bank completed the spinoff of Discover Financial on June 30, 2007
In order to cope with the write-downs during the subprime mortgage crisis, Morgan Stanley
announced on December 19, 2007 that it would receive a US$5 billion capital infusion from
the China Investment Corporation in exchange for securities that would be convertible to 9.9%
of its shares in 2010.
The bank's Process Driven Trading unit was amongst several on Wall Street caught in a short
squeeze, reportedly losing nearly $300 million in one day. The bubble's subsequent collapse was
considered to be a central feature of the financial crisis of 2007–2010.
The bank was contracted by the United States Treasury in August 2008 to advise the government
on potential rescue strategies for Fannie Mae and Freddie Mac. Within days, Morgan Stanley
itself was at risk of failure, with rapidly changing prospects, regulatory model and ownership
stakes over the course of four weeks from mid-September to mid-October 2008.
To set the context: Morgan Stanley is said to have lost over 80% of its market value between
2007 and 2008 during the financial crisis. On September 17, 2008, the British evening-news
analysis program Newsnight reported that Morgan Stanley was facing difficulties after a 42%
slide in its share price in two days. CEO John J. Mack wrote in a memo to staff "we're in the
midst of a market controlled by fear and rumours and short-sellers are driving our stock down."
By September 19, 2008, the share price had slid 57% in four days, and the company was said to
have explored merger possibilities with CITIC, Wachovia, HSBC, Standard Chartered, Banco
Santander and Nomura. At one point, Hank Paulson offered Morgan Stanley to JPMorgan
Chase at no cost, but JPMorgan's Jamie Dimon refused the offer.
Morgan Stanley and Goldman Sachs, the last two major investment banks in the US, both
announced on September 22, 2008 that they would become traditional bank holding
companies regulated by the Federal Reserve. The Federal Reserve's approval of their bid to
become banks ended the ascendancy of securities firms, 75 years after Congress separated them
from deposit-taking lenders, and capped weeks of chaos that sent Lehman Brothers Holdings
Inc. into bankruptcy and led to the rushed sale of Merrill Lynch & Co. to Bank of America Corp.
Mitsubishi UFJ Financial Group, Japan's largest bank, invested $9 billion in a direct purchase of
a 21% ownership stake in Morgan Stanley on September 29, 2008. This may have been the
largest check ever written. Concerns over the completion of the Mitsubishi deal during the
October 2008 stock market volatility caused a dramatic fall in Morgan Stanley's stock price to
levels last seen in 1994. It recovered once Mitsubishi UFJ's 21% stake in Morgan Stanley was
completed on October 14, 2008.
Morgan Stanley borrowed $107.3 billion from the Fed during the 2008 crisis, the most of any
bank, according to data compiled by Bloomberg News Service and published August 22, 2011.
In 2009, Morgan Stanley purchased Smith Barney from Citigroup and the new broker-dealer
operates under the name Morgan Stanley Smith Barney, the largest wealth management business
in the world.
In November 2013, Morgan Stanley announced that it would invest $1 billion to help improve
affordable housing as part of a wider push to encourage investment in efforts that aid economic,
social and environmental sustainability.
In July 2014, Morgan Stanley's Asian private equity arm announced it had raised around $1.7
billion for its fourth fund in the area.
In December 2015, it was reported that Morgan Stanley would be cutting around 25 percent of
its fixed income jobs before month end. In January 2016, the company reported that it had
offices in more than 43 countries.
On February 20, 2020, Morgan Stanley announced that it would purchase E-Trade for about $13
billion. 

INSTITUTIONAL SECURITIES GROUP

Morgan Stanley's Institutional Securities has been the most profitable business segment for
Morgan Stanley in recent times. This business segment provides institutions with services such
as capital raising and financial advisory services including mergers and acquisitions advisory,
restructurings, real estate and project finance, and corporate lending. The segment also
encompasses the Equities and the Fixed Income divisions of the firm; trading is anticipated to
maintain its position as the "engine room" of the company. Among the major U.S. banks,
Morgan Stanley sources the highest portion of revenues from fixed income underwriting which
was reported at 6.0% of total revenue in FY12.

SERVICES
WEALTH MANAGEMENT
The Global Wealth Management Group provides stockbrokerage and investment advisory
services. As of 2014 Q2 this segment had reported an annual increase of 21 percent in pre-tax
income. This segment provides financial and wealth planning services to its clients, who are
primarily high-net-worth individuals.
On January 13, 2009, the Global Wealth Management Group was merged with Citi's Smith
Barney to form the joint venture Morgan Stanley Smith Barney. Morgan Stanley holds 51% of
the entity, and Citi holds 49%. As of May 31, 2012, Morgan Stanley planned to purchase an
additional 14% of the joint venture from Citi. In June 2013, Morgan Stanley stated it had secured
all regulatory approvals to buy Citigroup's remaining 35% stake in Smith Barney and would
proceed to finalize the deal.

INVESTMENT MANAGEMENT
Investment Management provides asset management products and services in equity, fixed
income, alternative investments, real estate investment, and private equity to institutional and
retail clients through third-party retail distribution channels, intermediaries and Morgan Stanley's
institutional distribution channel. Morgan Stanley's asset management activities were principally
conducted under the Morgan Stanley and Van Kampen brands until 2009.
On October 19, 2009, Morgan Stanley announced that it would sell Van Kampen to Invesco for
$1.5 billion, but would retain the Morgan Stanley brand. It provides asset management products
and services to institutional investors worldwide, including pension plans, corporations, private
funds, non-profit organizations, foundations, endowments, governmental agencies, insurance
companies and banks.
On September 29, 2013, Morgan Stanley announced a partnership with Longchamp Asset
Management, a French-based asset manager that specialises in the distribution of UCITS hedge
funds, and La Française AM, a multi-specialist asset manager with a 10-year track record in
alternative investments.
 HDFC

INTRODUCTION

COMPANY HISTORY: The Housing Development Finance Corporation Limited (HDFC)

was amongst the first to receive an 'in principle' approval from the Reserve Bank of India (RBI)
to set up a bank in the private sector, as part of the RBI's liberalization of the Indian Banking
Industry in 1994. The bank was incorporated in August 1994 in the name of 'HDFC Bank
Limited', with its registered office in Mumbai, India. HDFC Bank commenced operations as a
Scheduled Commercial Bank in January 1995.

PROMOTER

HDFC is India's premier housing finance company and enjoys an impeccable track record
in India as well as in international markets. Since its inception in 1977, the Corporation has
maintained a consistent and healthy growth in its operations to remain the market leader in
mortgages. Its outstanding loan portfolio covers well over a million dwelling units. HDFC has
developed significant expertise in retail mortgage loans to different market segments and also
has a large corporate client base for its housing related credit facilities. With its experience in the
financial markets, a strong market reputation, large shareholder base and unique consumer
franchise, HDFC was ideally positioned to promote a bank in the Indian environment.

BUSINESS FOCUS
 HDFC Bank's mission is to be a World-Class Indian Bank. The objective is to build
sound customer franchises across distinct businesses so as to be the preferred provider of
banking services for target retail and wholesale customer segments, and to achieve healthy
growth in profitability, consistent with the bank's risk appetite. The bank is committed to
maintain the highest level of ethical standards, professional integrity, corporate governance and
regulatory compliance. HDFC Bank's business philosophy is based on four core values -
Operational Excellence, Customer Focus, Product Leadership and People.

CAPITAL STRUCTURE

The authorized capital of HDFC Bank is Rs550 crore (Rs5.5 billion). The paid-up capital
is Rs424.6 crore (Rs.4.2 billion). The HDFC Group holds 19.4% of the bank's equity and about
17.6% of the equity is held by the ADS Depository (in respect of the bank's American
Depository Shares (ADS) Issue). Roughly 28% of the equity is held by Foreign Institutional
Investors (FIIs) and the bank has about 570,000 shareholders. The shares are listed on the Stock
Exchange, Mumbai and the National Stock Exchange. The bank's American Depository Shares
are listed on the New York Stock Exchange (NYSE) under the symbol 'HDB'.

DISTRIBUTION NETWORK

HDFC Bank headquartered is in Mumbai. The Bank at present has an enviable network
of over 1229 branches spread over 444 cities across India. All branches are linked on an online
real-time basis. Customers in over 120 locations are also serviced through Telephone Banking.
The Bank's expansion plans take into account the need to have a presence in all major industrial
and commercial centers where its corporate customers are located as well as the need to build a
strong retail customer base for both deposits and loan products. Being a clearing/settlement bank
to various leading stock exchanges, the Bank has branches in the centers where the NSE/BSE has
a strong and active member base. The Bank also has a network of about over 2526 networked
ATMs across these cities. Moreover, HDFC Bank's ATM network can be accessed by all
domestic and international Visa/MasterCard, Visa Electron/Maestro, Plus/Cirrus and American
Express Credit/Charge cardholders.

TECHNOLOGY

HDFC Bank operates in a highly automated environment in terms of information technology and
communication systems. All the bank's branches have online connectivity, which enables the
bank to offer speedy funds transfer facilities to its customers. Multi-branch access is also
provided to retail customers through the branch network and Automated Teller Machines
(ATMs). The Bank has made substantial efforts and investments in acquiring the best technology
available internationally, to build the infrastructure for a world class bank. The Bank's business
is supported by scalable and robust systems which ensure that our clients always get the finest
services we offer. The Bank has prioritized its engagement in technology and the internet as one
of its key goals and has already made significant progress in web-enabling its core businesses. In
each of its businesses, the Bank has succeeded in leveraging its market position, expertise and
technology to create a competitive advantage and build market share.

HDFC BANK business strategy emphasizes the following:

Increase market share in India’s expanding banking and financial services industry by
following a disciplined growth strategy focusing on quality and not on quantity and delivering
high quality customer service. Leverage our technology platform and open scaleable systems to
deliver more products to more customers and to control operating costs. Maintain current high
standards for asset quality through disciplined credit risk management.Develope innovative
products and services that attract the targeted customers and address inefficiencies in the Indian
financial sector. Continue to develop products and services that reduce bank’s cost of funds.
Focus on high earnings growth with low volatility.
PRODUCT SCOPE:

HDFC Bank offers a bunch of products and services to meet the every need of the people. The
company cares for both, individuals as well as corporate and small and medium enterprises. For
individuals, the company has a range accounts, investment, and pension scheme, different types
of loans and cards that assist the customers. The customers can choose the suitable one from a
range of products which will suit their life-stage and needs. For organizations the company has a
host of customized solutions that range from funded services, Non-funded services, Value
addition services, Mutual fund etc. These affordable plans apart from providing long term value
to the employees help in enhancing goodwill of the company. The products of the company are
categorized into various sections which are as follows:

 Accounts and deposits

 Loans
 Investments and Insurance
 Forex and payment services
 Cards
 Customer center

PRODUCTS AND SERVICES

1. PERSONAL BANKING SERVICES
A. Accounts & Deposits
Savings Account

 Regular Savings Account

 Savings Plus Account
 Savings Max Account
 Senior Citizens Account
  No Frills Account
 Institutional Savings Account
 Payroll Salary Account
 Classic Salary Account
 Regular Salary Account
 Premium Salary Account
 Defence Salary Account
 Kid's Advantage Account
 Pension Saving Bank Account
 Family Savings Account
 Kisan No Frills Savings Account
 Kisan Club Savings Account
Current Account
 Plus Current Account
 Trade Current Account
 Premium Current Account
 Regular Current Account
 Apex Current Account
 Max Current Account
 Reimbursement Current Account
Fixed Deposit
 Regular Fixed Deposit
 Super Saver Account
 Sweep-in Account
Recurring Deposit
Demat Account
Safe Deposit Locker
B. Loans
 Personal Loans
 Home Loans
  Two Wheeler Loans
 New Car Loans
 Used Car Loans
 Overdraft against Car
 Express Loans
 Loan against Securities
 Loan against Property
 Commercial Vehicle Finance
 Working Capital Finance
 Construction Equipment Finance

C. Investments & Insurance

 Mutual Funds
 Insurance
 Bonds
 Financial Planning
 Knowledge Centre
 Equities & Derivatives
 Mudra Gold Bar

D. Forex Services
 Trade Finance
 Traveler’s Cheques
 Foreign Currency Cash
 Foreign Currency Drafts
 Foreign Currency Cheque Deposits
 Foreign Currency Remittances
 Forex Plus Card

E. Payment Services
  Net Safe
 Prepaid Refill
 Bill Pay
 Direct Pay
 Visa Money Transfer
 E-Monies Electronic Funds Transfer
 Excise & Service Tax Payment

F. Access Your Bank - One View

 Insta Alerts
 Mobile Banking
 ATM
 Phone Banking
 Branch Network

G. Cards
 Silver Credit Card
 Gold Credit Card
 Woman's Gold Credit Card
 Platinum plus Credit Card
 Titanium Credit Card
 Value plus Credit Card
 Health plus Credit Card
 HDFC Bank Idea Silver Card
 HDFC Bank Idea Gold Card

2. WHOLESALE BANKING SERVICES

 Funded Services
 Non Funded Services
  Value Added Services
 Internet Banking
 Clearing Sub-Membership
 RTGS – sub membership
 Fund Transfer
 ATM Tie-ups
 Corporate Salary a/c
 Tax Collection
 Financial Institutions
 Mutual Funds
 Stock Brokers
 Insurance Companies
 Commodities Business
 Trusts

3. NRI BANKING SERVICES

 Rupee Saving a/c
 Rupee Current a/c
 Rupee Fixed Deposits
 Foreign Currency Deposits
 Accounts for Returning Indians
 Payment Services
 Net Safe
 Bill Pay
 Insta Pay
 Direct Pay
 Visa Money
 Online Donation
 Remittances
MILESTONES IN THE HISTORY

HDFC Bank began its operations in 1995 with a simple mission to be a "World-class Indian
Bank". They realized that only a single-minded focus on product quality and service excellence
would help us get there. Today, they are proud to say that they are well on our way towards that
goal. It is extremely gratifying that their efforts towards providing customer convenience have
been appreciated both nationally and internationally.

QUALITY POLICY

SECURITY: The bank provides long term financial security to their policy. The bank does this
by offering life insurance and pension products.

TRUST: The bank appreciates the trust placed by their policy holders in the bank. Hence, it will
aim to manage their investments very carefully and live up to this trust.

INNOVATION: Recognizing the different needs of our customers, the bank offers a range of
innovative products to meet these needs.
INTEGRITY CUSTOMER CENTRIC PEOPLE CARE “ONE FOR ALL AND ALL FOR
ONE” TEAM WORK JOY AND SIMPLICITY

OBJECTIVES

PRIMARY OBJECTIVES:

 To acquire new customer by convincing them and to promote the benefits of those which
are provided by the bank.
  To find the different way of convincing customers.
 To study brand image of the bank.
 To increase the business of the bank.

SECONDARY OBJECTIVES:

 To determine the need and purpose of a personal banker.

 To understand the deciding criteria for people to become a personal banker.
 To offer suggestions based upon the findings.

PRODUCT SCOPE:

Studying the increasing business scope of the bank. Market segmentation to find the potential
customers for the bank. To study how the various products are positioned in the market.
Corporate marketing of products. Customers’ perception on the various products of the bank.

CONCLUSIONS AND SUGGESTIONS

CONCLUSIONS:
HDFC Bank, the banking arm of HDFC is expected to go on stream. The bank already has good
number of employees on board and is recruiting personal banker heavily to take the headcount to
many more. It is on the brim of increasing its customers through its attractive schemes and offer.

So, at last the conclusion is that there is tough competition ahead for the company from its major
competitors in the banking sector. Last but not the least I would like to thank HDFC Bank for
giving me an opportunity to work in the field of Marketing and Operation. I hope the company
finds my analysis relevant.

SUGGESTIONS:

Finally some recommendations for the company are as follows:-

  To make people aware about the benefit of becoming a customer of HDFC Bank,
following activities of advertisement should be done through

1. Print Media. 2. Hoarding & Banners.

3. Stalls in Trade Fares 4. Distribution of leaflets containing details information.

Other facilities must be provide to the customer:

 The bank should provide life time valid ATM card to all its customers.
 Minimum balance for savings account should be reduced from Rs 10000 to Rs 1000, so
that people who are not financially strong enough can maintain their account properly.
 The company should provide a pass book to all its customers.
 Make people understand about the various benefits of its products.
 Company should organize the program in the society, so that people will be aware about
the company and different products of the bank.
 Company should open more branches in different cities.