STCI Primary Dealer

Name

STCI Primary Dealer

Legal name

STCI Primary Dealer Limited

Website

https://stcipd.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Underwriting and Auction Participation: As a Primary Dealer, the company underwrites and bids in auctions of Government Securities and Treasury Bills, earning spreads and fees from these activities.
2. Market Making in Fixed Income: Trading and market making in Fixed Income instruments including Government Securities, Treasury Bills, Non-SLR securities including CPs, CDs, Special securities and bonds issued by PSUs, PFIs and other corporates. Revenue generated through bid-ask spreads and proprietary trading.
3. Interest Rate Derivatives Trading: Trading and market making in Interest Rate Derivatives including Swaps and Futures on proprietary basis.
4. Gilt Account Services: Maintenance of Constituent SGL (CSGL) accounts for clients to hold Government securities. Revenue model based on service fees.
5. Equity and Currency Derivatives Trading: Proprietary trading in Equity and Equity F&O markets (started May 2015) and currency derivatives.

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

STCI Primary Dealer Ltd. is an RBI-accredited Primary Dealer that underwrites and bids in auctions of Government Securities and Treasury Bills, provides two-way market making in fixed income instruments, and offers gilt account (CSGL) services. The company also trades in money market instruments, corporate bonds, interest rate derivatives, and conducts proprietary equity and currency derivatives trading.

Product overview

STCI Primary Dealer operates as a unified financial services platform offering a comprehensive suite of fixed income products and services centered around Primary Dealership operations. The core product portfolio comprises Government Securities (Dated G-Secs, State Development Loans, Treasury Bills), Corporate Bonds, and the full Money Market segment (Call/Notice/Term Money, Inter Corporate Deposits, Certificates of Deposit, Commercial Paper, Market Repo). Interest Rate Derivatives (Swaps and Futures) extend the product range for hedging. Supporting services include Gilt Account Services (CSGL account maintenance) and Debt Investment Services (underwriting, market making, research). Research publications including Daily Market Updates, Weekly Overviews, Macroeconomic Updates, and Occasional Notes/Papers provide market intelligence. Since May 2015, the company also conducts proprietary Equity and Equity F&O trading. The company connects to regulatory market infrastructure including NDS-OM, CROMS, NDS-Call, and exchange platforms for trading and settlement.

Differentiator

Problem solved

Functional benefit

Products and services

• Dated Government Securities (G-Secs) Long-term debt instruments issued by the Central Government with maturities ranging from 3 to 50 years, forming the core of government borrowing. STCI PD underwrites, bids in primary auctions, and makes markets in these instruments.
• State Development Loans (SDLs) Securities issued by State Governments to manage state finances, with maturities generally up to 10 years, similar to fixed rate Dated G-Secs.
• Treasury Bills Short-term money market instruments (91, 182, and 364 days) issued at a discount to par value to finance short-term debt obligations of the Government of India.
• Corporate Bonds Debt securities issued by Public Sector Enterprises, Public Sector Banks, Financial Institutions, and Private Sector Companies with tenors generally ranging from 1 to 15 years.
• Call/Notice/Term Money Uncollateralized short-term borrowing/lending between banks and Primary Dealers, categorized as call money (1 day), notice money (2-14 days), and term money (more than 14 days).
• Inter Corporate Deposits Unsecured short-term borrowing by corporates from other corporate entities registered under the Companies Act, with tenors ranging from 1 day to 1 year.
• Certificates of Deposit Negotiable money market instruments issued by Scheduled Commercial Banks and select Financial Institutions, issued in dematerialized form for specified time periods (7 days to 1 year).
• Commercial Paper Unsecured money market instrument in promissory note form issued by corporates, PDs, and FIs, enabling highly rated borrowers to diversify short-term borrowing sources.
• Market Repo Repurchase agreements for borrowing and lending funds on a collateralized basis using permitted securities (G-Secs, T-Bills, SDLs, Corporate Bonds), facilitating CRR and SLR position adjustments.
• Interest Rate Swaps Financial contracts exchanging streams of interest payments for a notional principal amount, involving exchange of fixed to floating or floating to floating rates of interest.
• Interest Rate Futures Agreements to buy or sell debt instruments at a specified future date at a price fixed today, with underlying securities being Government Securities or T-Bills, traded on NSE and BSE exchanges.
• Gilt Account Services Constituent SGL (CSGL) account maintenance services allowing clients (banks, corporates, mutual funds, foreign investors, individuals) to hold government securities with KYC compliance.
• Debt Investment Services Comprehensive fixed income services including underwriting and bidding in G-Sec and T-Bill auctions, trading and market making in fixed income instruments, and fixed income research tracking macroeconomic developments.
• Equity Market Trading Proprietary trading in equity and equity F&O markets, conducted only on proprietary basis through NSE and BSE.
• Foreign Exchange Trading Proprietary trading in OTC interbank and merchant forex markets and currency derivatives (USDINR, GBPINR, JPYINR, EURINR) on NSE, BSE, MSEI, USE, and CCIL platforms.

Quantifiable outcome

• One of the largest Primary Dealers for G-Sec underwriting and market making in India

Named customers13 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core.

• Primary Dealers' Association of India (PDAI)coreOthersSTCI PD is an active member of Primary Dealers' Association of India (PDAI). The company also serves on the Board of PDAI through its Managing Director. PDAI is the industry body representing Primary Dealers in India and interacts with regulatory authorities including RBI for product and market development.
• Fixed Income and Money Market Derivatives Association (FIMMDA)coreOthersSTCI PD is an active member of FIMMDA, the industry body for fixed income and money market derivatives. The company participates in FIMMDA committees and initiatives for development of Indian fixed income market. The Managing Director has previously served on FIMMDA Board.
• STCI Finance Limited (Parent Company)coreOthersSTCI Primary Dealer is a wholly owned subsidiary of STCI Finance Limited (formerly Securities Trading Corporation of India). STCI was among one of the first Primary Dealers in the country set up in 1994 as a subsidiary of RBI. The parent company is a systemically important NBFC.
• Reserve Bank of India (RBI)coreOthersSTCI PD is regulated by RBI as a Primary Dealer. The company maintains SGL accounts with RBI for securities settlement and participates in RBI-managed platforms like NDS-OM, NDS-Call, and E-Kuber for government securities auctions and money market operations.
• Clearing Corporation of India Limited (CCIL)coreTechnology or IntegrationSTCI PD uses CCIL's platforms for trading and settlement. CCIL provides anonymous trading platform (ASTROID) for Interest Rate Swaps, CROMS for Market Repo transactions, and guarantees settlement of all trades. The company also trades currency derivatives on platforms provided by CCIL.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• SBICAP Securities Ltd: SBICAP Securities is the primary dealer arm of the SBI Group, operating as an RBI-accredited PD for G-Sec underwriting, market making, and money market activities. It is one of the largest PDs by volume and a key direct competitor to STCI PD on RBI auction allotments.
• IDBI Capital Market Services Ltd: IDBI Capital Market Services operated an RBI-accredited Primary Dealership franchise and is a direct historical peer of STCI PD. A former STCI PD Managing Director (Mr. Pradeep Madhav) ran the IDBI Capital Primary Dealership business prior to joining STCI PD.
• PNB Gilts Ltd: PNB Gilts is an RBI-accredited Primary Dealer wholly owned by Punjab National Bank, operating in government securities underwriting, market making in fixed income, and money market instruments. It is the closest large-scale domestic peer to STCI Primary Dealer, sharing the same RBI PD license and product mandate.
• ICICI Securities PD: ICICI Securities operates an RBI-accredited Primary Dealership franchise within its broader securities business, underwriting and market making in G-Secs, T-Bills, and corporate bonds. It is one of the larger PDs by balance sheet and competes directly with STCI PD for institutional fixed income flow.

Broad incumbents

• Motilal Oswal Financial Services Ltd: Motilal Oswal operates an institutional broking and bond distribution franchise across equity, debt, and money markets. It is a relevant overlap with STCI PD's fixed income distribution and money market intermediation business.
• Goldman Sachs India Securities: Goldman Sachs India operates a fixed income sales & trading franchise in G-Secs, IRS, and FX, functioning as an active market maker and underwriter. It is a comparable broad incumbent competing with STCI PD for institutional flows and FPI intermediation.
• HDFC Securities Ltd: HDFC Securities is a large integrated brokerage with debt capital markets, fixed income distribution, and treasury operations. While not solely a PD, it competes with STCI PD on corporate bond distribution and institutional fixed income sales.
• Kotak Securities Ltd: Kotak Securities is an arm of the Kotak Mahindra Group offering institutional equities, derivatives, and fixed income distribution. It competes with STCI PD on the institutional fixed income sales and DCM distribution side.
• Nomura Fixed Income India: Nomura operates an RBI-licensed branch in India that is an accredited Primary Dealer, making markets in Indian government securities, IRS, and FX. It competes with STCI PD on the institutional client-facing bond/IRS market, particularly on FPI/RFP flow.

Regional players

• Reliance Securities Ltd: Reliance Securities is an Indian institutional and retail brokerage offering fixed income distribution and debt market intermediation. While not a PD, it overlaps with STCI PD's corporate bond and money market distribution side domestically.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/stcipd
• LinkedInlinkedin.com/company/stci-primary-dealer-ltd

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about STCI Primary Dealer