Japan's largest brokerage house, Nomura Securities, is understood to have backed out of a deal to pick up a strategic stake in India’s leading brokerage, Enam Securtites. Nomura, which has been negotiating with the promoters of Enam for the last few months, seems to have had differences over valuations. “Nomura’s top management team came down from Tokyo to Mumbai last week and held final round negotiations with Enam officials. Nomura finally decided to withdraw,” a source close to the development said. Officials from both Nomura and Enam were unavailable for comment. With an eye on the booming Indian brokerage and investment banking industry, Nomura had earlier said it was in talks with Enam for a potential merger or a strategic stake. The Japanese firm's executive vice-president Hiromi Yamaji had told international news agencies that it was talking to Enam. […]