The Reserve Bank of India has granted ‘in principle’ approval to four entities to be accredited as Primary Dealers in the Government Securities Market. These are:

1. Banc of America Securities (India) Pvt. Ltd.
2. Bank of Baroda (subsidiary to be established)
3. HSBC Primary Dealership (India) Pvt. Ltd.
4. Standard Chartered – UTI Securities India Pvt. Ltd.

The entities will be operational as primary dealers as soon as the terms and conditions are settled between the Reserve Bank and the entities to whom the ‘in-principle’ approval has been given by the Reserve Bank.

Currently there are 15 primary dealers functioning in the Government Securities market.