Financial Daily from THE HINDU group of publications
Friday, Feb 07, 2003
Financial Daily from THE HINDU group of publications Friday, Feb 07, 2003 |
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Financial Services Corporate - Announcements Tata TD quits as primary dealer Our Bureau
MUMBAI, Feb. 6 TATA TD Waterhouse Securities Pvt Ltd, Mumbai, has requested cancellation of its primary dealership licence. With the Reserve Bank of India acceding to its request, Tata TD Waterhouse Securities ceases to be a primary dealer with effect from Thursday. "This is with the aim of allowing the company to focus on its other business activities," said the RBI circular. The company had a turnover of Rs 90 crore in the previous year. A joint venture between the Tatas with 50.1 per cent and TD Waterhouse with 49.9 per cent, the company ran two divisions, broking and primary dealership. While most PDs (market-makers in the Government securities market) have made good profits, with interest rates dropping over the last years, "Tata TD Waterhouse Securities did not leverage the trading opportunities available before them unlike other PDs," said a senior official in a PD.
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