Nomura launches primary dealership 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 international investment banks operating in India. Other foreign banks that are active primary dealers in India include J.P. Morgan and Deutsche Bank. Most recently, Morgan Stanley received its primary dealership licence in July.

Nomura said...