NOVEL PROCESS FOR THE PREPARATION OF PASIREOTIDE The present invention relates to a novel process for the preparation of Pasireotide of formula 11 [Cyclo [Phe-{4-(OCO-NH-CH2-CH2-NH2)) Pro}-Phg-DTrp-Lys-Tyr(Bzl)]]. The invention also relates to a novel intermediate compound of formula 8 and process thereof which is used for preparation of compound of formula 11. Pasireotide (Compound 11) Compound 8