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

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RBI slashed the Statutory Liquidity Ratio by 50 bps from 20.0% to 19.5% of banks NDTL. The ceiling on SLR security’s under HTM will also be reduced from 20.25% to 19.50% in a phased manner by March 31, 2018
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In its Fourth Bi-monthly policy, the MPC panel kept the policy rates unchanged at 6.00% while maintaining a neutral policy stance
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Consequently, the policy rates are as follows: Repo rate: 6%, Reverse Repo rate: 5.75%, MSF rate: 6.25%
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The panel revised its inflation projection upwards for the second half of FY18 to 4.2-4.6% from 4.0%-4.5% in the previous policy
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India’s eight-core sector growth came in at 4.9% compared to 2.6% observed in the previous month mainly aided by a sequential increase in output of coal, fertilizers, steel and electricity
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Real GVA growth has been revised downwards to 6.7% for FY18 from 7.3% previously
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Surprising on the downside, headline CPI for Sep-17 came in at 3.28% as food prices saw a sharp decline. Additionally, the print for Aug-17 was also revised downwards to 3.28% compared to 3.36% estimated previously.
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Core inflation, however, stood 11 bps higher at 4.61% compared to 4.50% as implementation of HRA under the 7th CPC continued to impact housing prices.
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IIP registered a 4.3% growth in Aug as compared to 1.2% observed in July led by broad based growth across all sectors, viz. Manufacturing at 3.5%, Electricity at 2.3% and Mining at 0.3%.
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