All Credit Suisse First Boston employees involved with issues under investigation by the Securities and Exchange Board of India are no longer with the firm, Paul Calello, CSFB chairman & CEO, Asia Pacific Region, told Business Standard on Thursday.
"We want to restore our good image in the market," he said. Calello and Eoin O'Shea, CSFB managing director and chief operating officer, Asia Pacific, are in India to meet senior government officials and regulators to press home their case for a licence to operate as a foreign institutional investor in the country.
CSFB's brokerage licence was suspended for two years from April 19, 2001 to April 18, 2003. It had subsequently applied for a FII licence, which is yet to be granted. "We have waited long enough. We are patient but it doesn't mean we aren't frustrated," Calello said.
According to Calello, who is also a member of the firm's operating committee and executive board, CSFB has taken concrete steps to ensure that the kind of events which led to the suspension of its brokerage licence in 2001 do not happen again. Letting go of staff in functions under the Sebi lens was a
"There is a new management in place in India, the Asia Pacific region and also globally. We have taken very urgent steps to strengthen our legal compliance department," Calello said.
Once CSFB is able to get a licence, Calello said the firm would offer a range of services in India ranging from mergers & acquisitions, including cross-border deals to fixed income and equities markets.
"We are patiently committed to India. It is an important market for several of our clients," he added.
According to Calello, CSFB is still bringing out research reports on India and Indian companies but these are being driven from its overseas offices. "We would like to do these reports onshore in India," he said.
During his current visit, Callelo is meeting several industry leaders. He met a number of companies in Bangalore and is planning to catch up with a few more in Delhi and Mumbai.
"Apart from foreign companies interested in a strategic stake in Indian companies, we find many Indian companies want to do acquisitions abroad.
These aren't small enough to be unattractive for CSFB," he said.
