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Kotak Mahindra Bank Limited authorised as Primary Dealer

Kotak Mahindra Bank Limited has been authorized by RBI to undertake Primary Dealer (PD) business with effect from March 20, 2007 and, concurrently, the authorization given to Kotak Mahindra Capital Company Limited, as Primary Dealer, stands withdrawn.

The Reserve Bank of India (RBI) had announced in its Annual Policy Statement for the year 2005-06 that the permitted structure of Primary Dealership business would be expanded to include banks, which fulfill certain minimum eligibility criteria. Accordingly Reserve Bank of India had issued guidelines on February 27, 2006 addressed to all Scheduled Commercial Banks (excluding RRBs), on eligibility conditions for undertaking Primary Dealership business departmentally.

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