I applied through university. The process took 3 days. I interviewed at Morgan Stanley (Mumbai) in Jan 2012
Interview
One test on C++/Java. Quite Basic. Followed by 2 Technical interviews and a Professional Fit.
Professional Fit is HR interview. They see how well you can work in a team. Technical rounds are based on writing small code snippets(any language) to solve a problem.Be prepared to write code for Data Structures. Designing of Database Schema etc