PROSPECTUS Dated May 1, 1996                      Pricing Supplement No. 30 to
PROSPECTUS SUPPLEMENT                     Registration Statement No. 333-01655
Dated May 1, 1996                                               August 1, 1996
                                                                Rule 424(b)(3)


                           Morgan Stanley Group Inc.
                          MEDIUM-TERM NOTES, SERIES C
                          Senior Floating Rate Notes



     The Medium-Term Notes, Series C (Senior Floating Rate Notes) described in
this Pricing Supplement (the "Notes") will mature on the Maturity Date and
will not be redeemable at the option of Morgan Stanley Group Inc. prior to the
Maturity Date.  The Notes will be repayable in whole or in part in increments
of $1,000 at the option of the holder upon 15 to 30 calendar days notice on
each of July 15, 1997 and July 15, 1998, together with accrued interest to the
date of such repayment.

The Notes are further described under "Description of Notes -- Floating Rate
Notes" in the accompanying Prospectus Supplement, except that to the extent
the terms described below are inconsistent with such description, the terms
described below shall control.

Principal Amount:        $20,000,000

Maturity Date:           November 16, 1998; provided that if such day is
                         not a Business Day, the payment of principal and
                         interest will be made on the next succeeding
                         Business Day, and no interest on such payment
                         shall accrue for the period from and after the
                         Maturity Date.

Interest Accrual
 Date:                   August 6, 1996

Interest Payment
  Dates:                 The sixteenth day of November, February, May and
                         August, commencing November 16, 1996.  If any such
                         day (other than the Maturity Date) is not a
                         Business Day, such Interest Payment Date will be
                         the next succeeding Business Day, except that if
                         such Business Day is in the next succeeding
                         calendar month, such Interest Payment Date shall
                         be the immediately preceding day that is a
                         Business Day.

Initial Interest Rate:   5.75781%

Base Rate:               LIBOR

Index Maturity:          3 Months

Spread (Plus or
  Minus):                Plus 0.125% per annum

Minimum
  Denomination:          $1,000

Interest Payment
  Period:                Quarterly

Specified Currency:      U.S. Dollars

Issue Price:             100%

Optional Repayment
  Dates:                 July 15, 1997 and July 15, 1998; provided that if
                         any such day is not a Business Day, the payment of
                         principal and interest will be made on the next
                         succeeding Business Day, and no interest on such
                         payment shall accrue for the period from and after
                         the applicable Optional Repayment Date.

Optional Repayment
  Price:                 100%

Settlement Date
  (Original Issue
  Date):                 August 6, 1996

Initial Interest Reset
  Date:                  November 16, 1996, or if such day is not a
                         Business Day, the next succeeding Business Day

Interest Reset Dates:    Each Interest Payment Date

Interest Reset Period:   The first Interest Reset Period will be the period
                         from and including November 16, 1996 to but
                         excluding the immediately succeeding Interest
                         Payment Date.  Thereafter, the Interest Reset
                         Periods will be the periods from and including an
                         Interest Payment Date to but excluding the
                         immediately succeeding Interest Payment Date.

Interest Determination
  Dates:                 Two Business Days prior to each Interest Reset Date

Reporting Service:       Telerate 3750

Book Entry Note or
  Certificated Note:     Book Entry Note

Senior Note or
  Subordinated Note:     Senior Note

Calculation Agent:       The Chase Manhattan Bank

     Capitalized terms not defined above have the meanings given to such
terms in the accompanying Prospectus Supplement.

                           MORGAN STANLEY & CO.
                               Incorporated