Japan-based Nomura’s India head of equities business Prabhat Awasthi is taking over as country head with effect from 1 April 2017, the firm said in a statement.
Vikas Sharma, who is currently head of India, has been elevated as head of Asia - excluding Japan, also from April 1. Sharma relocated to Mumbai from Japan in 2007 to build the firm’s India business after starting with Nomura in 1999 as a telecom analyst in Hong Kong.
Awasthi, who will report to Sharma, would be based in Mumbai and will be responsible for running Nomura’s India franchise spanning fixed income, equities and investment banking.
Sharma would be taking over from Toshiyasu Iiyama, the firm said early this month. The firm has also named Rig Karkhanis as head of global markets, Asia - excluding Japan and chairperson of global emerging markets executive committee.
Awasthi has around two decades of experience in the Indian equity markets, and assumed his current role at Nomura in 2011. He joined Nomura in October 2008 as head of equity research, India, from Lehman Brothers, where he held the same position.
Prior to that, he was a founding member of Brics Securities’ institutional broking business which was acquired by Lehman Brothers in 2007. Previously, he also worked with JP Morgan, Morgan Stanley and CRISIL where he began his career in 1994.
Awasthi holds a bachelor’s in Electrical Engineering from Indian Institute of Technology Kanpur and has completed MBA from Indian Institute of Management Lucknow.
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