Members only: to join the ranks of Bombay's elite clubs requires breeding and social status - not just cash

Article Abstract:

Bombay's elite clubs continue to be closed to outsiders. For example, one club only allows sons or unmarried daughters of current members to apply. Such clubs include Willingdon, Gymkhana and Breach Candy, where breeding and social status still hold sway. Most Indian institutions such as universities have been forced to open their doors to the lower classes, but the elite clubs remain immune, in part perhaps because they are tolerated by average people who, although excluded, still take pride in the existence of the exclusive clubs.

Membership sports & recreation clubs, Other Amusement and Recreation Industries, Civic and social associations, Civic and Social Organizations, Civic, Social & Fraternal Orgztns, Social aspects, Sports clubs, Clubs, Clubs (Associations), Upper classes, Upper class, Bombay, India

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Derring-do: Morgan Stanley takes Bombay by storm

Article Abstract:

US investment bank Morgan Stanley has moved boldly and successfully into India's financial sector, in three years seizing the leading position in several services. Despite a mutual-fund debacle in 1994 the 85-person office has gained control of $1.9 billion in Indian equities and become the largest foreign investor in India. Despite a surge of new competitors, Barry Hall, the head of local operations, is seeking business from the Unit Trust of India and expects Bombay to be the company's third-largest Asian office before 1997.

Investment Banking and Securities Dealing, Investment Banking, Security brokers and dealers, Foreign operations, Financial services industry, Financial services, Investment banks, Investments, Morgan Stanley Group Inc.

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Power of competition

Article Abstract:

India's massive infrastructure needs have helped propel the capital markets to new heights of significance and influence, and with them, foreign capital. An illiquid domestic debt market, government restrictions on foreign investments, and often unwise uses of the capital markets are colliding with the need for $200 billion in infrastructure projects over five years, leading the government to accept an increase in foreign direct investment from $2 billion per year to $10 billion.

Infrastructure (Economics), Foreign investments, Economic aspects, Capital market, Capital markets

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