Medallion signature guarantee in India

January 9, 2007 9:51 AM

Is is possible to get a Medallion Signature Guarantee in India?

I have a friend who is travelling around India for the next several weeks, but needs to have his signature medallion guaranteed in the next few days. Is this possible? Are there branch locations of major US/Canadian financial insititutions in the larger cities?

I don't know my friend's exact location, but will update this question when I do. For now, please assume that he would be willing to make it to a large city to get this done. Thanks!

For the curious, an explanation of the accepted medallion guarantee programs can be found here: http://www.sec.gov/answers/sigguar.htm

posted by dbolll to work & money (6 comments total)

Morgan Stanley has offices in Mumbai

Goldman Sachs has offices in Mumbai and Bangalore

Merrill Lynch has an office in Mumbai

Carrying stock certificates around while traveling on vacation is probably not a very good idea.
posted by b1tr0t at 10:21 AM on January 9, 2007

Also, your friend should make an appointment with the office they plan to visit. Beyond depositing checks at your bank, you can't typically just show up at a financial institution and expect service, particularly in a foreign country.
posted by b1tr0t at 10:27 AM on January 9, 2007

I wish I could be of help, but I can’t make heads or tails of that link—I’m not very good with that kind of stuff. I could try and find out for you (an uncle of mine works for Andhra Bank) if you’d like, provided you can explain it to me in a little bit of a simpler way than the article does;)
posted by hadjiboy at 12:06 PM on January 9, 2007

I would be surprised if an institution that your friend is not a customer of would do a medallion guarantee under any circumstances. You should start by figuring out what banks/investment firms he has a relationship with.
posted by Rock Steady at 1:06 PM on January 9, 2007

I would be surprised if an institution that your friend is not a customer of would do a medallion guarantee under any circumstances.

I agree, but the only way the question makes sense is if the friend needs the guarantee as part of a business transaction. Hopefully either the friend or the counterparty has an account with one of the big multinational banks.
posted by b1tr0t at 1:12 PM on January 9, 2007

Thanks for your responses. My friend indeed needs this guarantee as part of a business transaction and will be working with an Indian branch of a US brokerage (with which he has a relationship) to secure it.
posted by dbolll at 7:09 PM on January 9, 2007