A new kid in insurance arena

JM Financial has its mind set on its insurance venture. The firm holds 51 % stake in the investment-banking arm of JM Morgan Stanley. The foreign partner would be able to hold only 26% stake and a domestic firm that would be roped in will hold the remaining stake of 74%. JM Financial has been in talks with a couple of domestic firms for its venture. It is expected to kick off in a few months. An entry into the insurance business and a strong presence in asset management will help the company’s venture in insurance. JM Financial is one of India's fully integrated investment banks. The company consistently ranks in the top tier of Indian investment banks in terms of capital raising in the domestic markets.