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Morgan Stanley has named Aisha De Sequeira and Sanjay Shah as the new co-heads of its business in India, replacing Jayendra Nayak, the present Chief Executive Officer and Country Head for India.

According to reports, De Sequeira and Shah will maintain their current duties in India as head of investment banking and co-head of equities respectively. The pair will formally take on their new duties in May, when Nayak leaves his full-time role with the bank. Nayak, who joined the bank in 2010, would continue as a senior advisor.

Three years ago, the firm had roped in former chief of Axis Bank PJ Nayak to head India unit.

An alumnus of Yale School of Management, Aisha is at present the MD and Head of Investment Banking, India at Morgan Stanley.

During the course of her career, which began in 1995 with the bank, she spent 11 years in the mergers and acquisitions division at its New York office and was later sent to Mumbai to build Morgan Stanley's presence in India in 2007 at a time when the financial crisis threatened to upend the bank’s plan to built its independent business in India.

Following the split with Nimesh Kampani's JM Financial in 2007, the bank began building its team in India. In his previous role, Sanjay Shah was Head of Sales at JM Morgan Stanley Securities.

(Edited by Prem Udayabhanu)

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