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Mumbai, Sept. 4 Nomura Fixed Income Securities Pvt Ltd (NFIS) has received the Reserve Bank of India’s approval to undertake primary dealership (PD) business in Government securities with effect from September 7.

NFIS will be the seventh standalone PD to operate in the Government securities market. The other standalone PDs are: ICICI Securities Primary Dealership Ltd, Deutsche Securities (India) Pvt Ltd, STCI Primary Dealer Ltd, SBI DFHI, IDBI Gilts and PNB Gilts.

The main function of a PD is to underwrite primary issues (auction) of Government securities.

Following Nomura Holdings Inc’s acquisition of Lehman Brothers Holdings Inc’s Asian, European and West Asian units last year, the operations of the erstwhile Lehman Brothers Fixed Income Securities Pvt Ltd (a RBI licensed primary dealer) in India got integrated with Nomura.

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