All Heads of Schedule Banks/DFIs/Investment Banks

Listed Brokerage Houses

Dear Sirs/Madams,

CHANGE IN RULES GOVERNING PRIMARY DEALER SYSTEM

Please refer to DMMD Circular no. 26 dated November 15, 2019 in which holding limits have been specified for Primary Dealers(PDs) and Non-PDs for a particular issue with days to maturity greater than 1-year.

In this regard, it has been decided to withdraw holding limits specified in the above circular on existing as well as new issues. Accordingly, PDs and Non-PDs may hold a particular issue of a long term paper without any holding limit restriction.

The above instructions will be effective immediately. All other instructions on the subject will remain unchanged.