Ravi Kapoor, executive vice president, and head of equity origination and capital markets business at DSP Merrill Lynch has quit.
Kapoor is joining Citigroup. He will head the bank's Indian arm's equity capital market business as managing director.
Sanjay Sharma, currently in charge of corporate finance at DSPML, will replace Kapoor as head of the capital market group. He has been with the investment bank for more than a decade now.
Also on the move is S Sriniwasan, executive director in charge of investment banking at Kotak Mahindra. He is now taking charge of the group's real estate initiative, which is being managed by Kotak Investments.
Chetan Shah who was heading the fixed income group in Deutsche Bank is taking up an overseas appointment and moving to the bank's headquarters. His assignments in India are being handed over to two senior executives from within the bank, one of whom is Piyush Gupta.
The shake-up in the financial services industry has gained momentum after a considerable period of stagnation. Recently Alok Vajpeyi, who headed DSPML's asset management company, quit to set up the Indian arm of Dawnaday.
Ashutosh Bishnoi, who was the head of marketing at UTI Mutual Fund, has also quit to join HSBC Mutual Fund as head of business development.
Sources said DSPML's Kapoor, serving out his notice period, will be responsible for the development of Citigroup's cross-border businesses, which include depository receipts issues and foreign currency convertible bonds floatations.
