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Three more Banks authorised to undertake PD business

Written by: Staff

Mumbai, Aug 25 (UNI) Three more banks, namely Hongkong and Shanghai Banking Corporation Limited, Bank of America, N.A. and J.P.Morgan Chase Bank, N.A., have been authorised to undertake Primary Dealer business with effect from August 28, 2006, by the Reserve Bank of India (RBI) today.

Concomitantly, the authorisation given to HSBC Primary Dealership (India) Private Limited, Bank of America Securities (India) Private Limited and J.P.Morgan Securities India Private Limited, as Primary Dealer, stands withdrawn, the RBI press release said.

RBI had announced in its Annual Policy Statement for the year 2005-06 that the permitted structure of Primary Dealership business would be expanded to include banks, which fulfill certain minimum eligibility criteria. Accordingly, the RBI had issued guidelines on February 27, 2006 on eligibility conditions for banks to undertake Primary Dealership business departmentally.


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