Nomura launches primary dealership in India

The Japanese investment bank receives approval to trade and underwrite government bonds in India.

Nomura on Friday received a licence from the banking regulator, the Reserve Bank of India, to operate a primary dealership in India. The Reserve Bank has granted the license to a Nomura subsidiary, Nomura Fixed Income Securities NFIS. NFIS will start operating as a primary dealer effective today.

Broadly, the licence permits Nomura to underwrite primary issues of government securities, provide broking services and deal in government securities. Primary dealership has been a large revenue-earner for both local and...

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