STCI Primary Dealer Ltd.

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COMPANY BACKGROUND

 

STCI Primary Dealer Limited (STCI PD) was set up as a wholly owned subsidiary of Securities Trading Corporation of India (STCI) in 2006. STCI was among one of the first Primary Dealers in the country set up in 1994 as a subsidiary of RBI. Subsequently, RBI’s stake was divested in 1998 and 2000 in favor of leading public Sector Banks and All-India Financial Institutions. STCI has since been renamed as STCI Finance Ltd. In 2006, the PD business was de-merged by STCI into a separate wholly owned subsidiary, STCI Primary Dealer Ltd (STCI PD). STCI PD has an authorized capital of Rs 300 Cr and paid up share capital of Rs 150 Cr.

In India, the Primary Dealer business model was established to develop an active, vibrant and liquid secondary market for Government Securities. STCI PD has continually endeavored to fulfill these objectives and aid in deepening the sovereign yield curve. STCI PD is an established player in the Fixed Income and money markets, catering to a diversified pool of investors across the Indian geography.

The core activities of STCI PD comprise of underwriting, bidding, market making and trading in Government Securities, Treasury Bills and other fixed income securities. Apart from the above, the Company is an active participant in the money market instruments. STCI PD plays an active role in all segments of the debt market i.e. in both the SLR and non-SLR segments. The Company runs a proprietary portfolio comprising of GoI dated securities (including Floating Rate Bonds, Inflation Indexed Bonds, etc.), GoI Special Bonds, State Development Loans, Treasury Bills, Corporate Bonds, Commercial Papers, Certificates of Deposits, etc. As a Primary Dealer the Company is also allowed to participate and trade in STRIPS, Interest Rate Derivatives, When Issued market and undertake short selling in G-Secs on NDS OM. We have recently diversified our activities and since May 2015, we have started dealing in Equity and Equity F&O markets on a proprietary basis.

STCI PD is a leading player in the retail and mid-segment of the debt market with a large and diversified client base having pan India presence. We have been actively facilitating clients in shaping strategies, assisting in achievement of investment objectives while ensuring efficient service aided by quality research. STCI PD has been at the forefront in adhering to sound business practices and transparency in all its business dealings. We strive to provide our clients a bouquet of investment solutions and flawless execution which help them plan and manage their investments better. To help our clients take well informed decisions, we publish daily market updates along with a host of other macro updates which impact market dynamics.

STCI PD is an active member of Primary Dealers’ Association of India (PDAI) and the Fixed Income and Money Market Derivatives Association (FIMMDA). STCI PD has continued association with several committees which interact with regulatory authorities to provide feedback for both product and market development.

 

Latest News

RBI MPC
In the second bi-monthly monetary policy for FY21, the RBI Monetary Policy Committee unanimously decided to maintain status quo on policy rates, given the current growth-inflation dynamics. The Repo rate is unchanged at 4%, the reverse repo rate at 3.35%.The bank rate and the Marginal Standing Facility rate remain unchanged at 4.25%.
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CPI
Consumer Price Index (Combined) for August 2020 printed below market expectations at 6.69% on a year on year basis as compared to 6.73% in July 2020.
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Index Of Industrial Production (IIP)
IIP growth for July 2020 printed better at -10.4% as against -15.8% recorded in June 2020, on a year on year basis.
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WPI
Headline WPI inflation for August 2020 printed higher than market expectations at 0.16% as compared to -0.58% in July 2020, on a year on year basis, mainly on the basis of price uptick in primary articles and manufactured products.
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Real gross domestic product for Q1 FY21 contracted sharply by 23.9%. A contraction was expected in light of the effects of the lockdown on economic activity.
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