Japanese investment banking major Daiwa Capital Markets has promoted Sriram Iyer to head of equity and Kartik Mehta as the new head of research India.

Iyer was earlier the head of sales trading and joined the company in June, 2011. Before joining Daiwa, Iyer was working at Antique Stock Broking and also worked with Kotak Securities for nearly a decade and headed sales trading and dealing there. He had also worked at UBS Securities and SG Securities Asia.

Kartik Mehta, who was an analyst in the research unit, will lead the research desk of Daiwa.

Hiroaki Kato, president and CEO of Daiwa Capital Markets India said, “We are confident that Sriram’s proven track record and extensive relationships will help in strengthening Daiwa’s Indian equities business. Similarly, Kartiks’s proven track record will help our clients to benefit from high quality research.”

These appointments come even as Daiwa has recently seen some top level departures. The investment bank reportedly asked over a dozen executives to move out from its domestic investment banking, research, trading and sales divisions.

The firm also saw a quick exit from Alok Vajpeyi, managing director and senior head of equities of Daiwa Capital Markets, after an eight-month stint. Vajpeyi, who sold his stake in financial services firm Dawnay Day AV, where he was the vice chairman and managing director, joined Daiwa last May.

Daiwa Capital Markets is the wholly owned investment banking arm of Daiwa Securities Group, one of the largest brokerage and banking groups in Japan and employs over 16,000 professionals worldwide.

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