Investment Dealers' Digest

True, only a handful of investment banks-J.P. Morgan Securities, Morgan Stanley, Deutsche Bank and Lehman Brothers-have begun the process of sending select stock-research services to India. But many more firms, including Goldman Sachs, are seriously examining the option. As the movement gathers momentum, it will no doubt raise thorny questions regarding regulatory oversight, the protection of intellectual capital and the ability to train new U.S. analysts. It may also result in a permanent shift in the way brokerage firms accomplish a wide range of research and related tasks.