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Pnb Gilts

Full company profile

uuid003denk

Namestring
Pnb Gilts
Legal namestring
PNB Gilts Limited
Websiteurl
pnbgilts.com
Company typeenum
Public
Founded yearint
1996
Descriptiontext

PNB Gilts Limited is an RBI-designated Primary Dealer in India, established in 1996 as a wholly owned subsidiary of Punjab National Bank and listed on NSE (PNBGILTS) and BSE (532366). The company is the only listed primary dealer in the country, with public shareholding of 25.93%. PNB Gilts operates a fixed income and government securities trading platform, providing market-making, underwriting, and debt capital market services across a product suite that includes Central Government Securities (G-Secs), Treasury Bills, State Development Loans, Corporate Bonds, Money Market Instruments, and Floating Rate Bonds.

The firm serves institutional investors (banks, financial institutions, large institutional participants in the Indian debt market), retail investors (through the RBI Retail Direct Scheme launched November 12, 2021, and the Gilts Account / SGL facility), and government securities ecosystem participants. Ancillary services include Debt Capital Market advisory and retailing, complemented by in-house research output via daily market updates and newsletters. Net worth has grown from Rs 50 crore at inception to approximately Rs 1,700 crore, with long-term Net Owned Funds compounding at a 13% CAGR since FY97.

The business model is built on the Primary Dealer license, which confers privileged access to RBI auctions and underwriting obligations. Revenue is generated through bid-ask spreads, underwriting fees, DCM advisory mandates, and trading income on the proprietary fixed income book; pricing is quote-based and transaction-specific rather than productized. The firm operates from its registered head office at 5, Sansad Marg, New Delhi, with a small workforce (51-100 employees) consistent with financial market-making economics. The firm is regulated by SEBI (stock broker registration INZ000007831) and holds NSE Currency Derivatives Membership No. 90056.

Short descriptiontext

PNB Gilts Limited is India's only listed RBI-designated Primary Dealer, operating as a subsidiary of Punjab National Bank. It provides market-making, underwriting, and debt capital market services in government securities, treasury bills, state government securities, and corporate bonds for institutional and retail investors.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
51–100
akta.pro rankint
HeadquartersNew Delhi, India
HQ citystring
New Delhi
HQ countrystring
India
HQ regionstring
Asia
Markets served

Serves global market

Offices1 record

Each record includes

City, Country, Type, Description, Source

Keyword5 values
primary dealer services, government securities trading, debt capital market, fixed income products, treasury bills
Industry1 code
1Municipal Bonds
CodeFSACABAEPrimaryYes
NAICS code1 code
  • Other Financial Vehicles52599
SIC code1 code
  • Security Brokers, Dealers & Flotation Companies6211
Product category
Primary Dealer and Fixed Income Securities Trading
Social media profiles2 records
Marketing channels1 record

Each record includes

Title, Type, Stage, Description, Source

Distribution channels2 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
GTM typeB2B
B2B
Offering typeServices
Services
Core offering1 text field

PNB Gilts is a designated RBI Primary Dealer and wholly owned subsidiary of Punjab National Bank that deals in fixed income securities including Government Securities (G-Secs), Treasury Bills, State Development Loans, Corporate Bonds, and Money Market Instruments. The company provides market-making, underwriting, and debt capital market solutions for institutional and retail clients, supported by in-house research and electronic Gilts Account (SGL) services.

Differentiator
Functional benefit
Problem solved
Product overview1 text field

PNB Gilts operates as a standalone primary dealer and subsidiary of Punjab National Bank, established in 1996 when RBI introduced the Primary Dealer system to strengthen India's Government Securities market infrastructure. The company offers a comprehensive suite of fixed income products centered around government securities (G-Secs), including Treasury Bills, State Government Securities (SDLs), Corporate Bonds, and Money Market Instruments. As a designated Primary Dealer, the company provides market-making and underwriting services in the debt capital market, alongside retail investor access through RBI's Retail Direct Scheme. The product portfolio is complemented by Gilts Account services for SGL holdings, debt capital market advisory, and in-house research capabilities including daily market updates and newsletters.

Product and service1 record
1Government Securities (G-Sec)
Scale indicator6 records

Each record includes

Type, Value, Description, Source

Partnership2 partners
1Reserve Bank of India
Strategic tierCoreTypeOthers
Description

RBI introduced the Primary Dealer system in 1996, granting PNB Gilts a Primary Dealer license to strengthen institutional infrastructure of Government Securities market.

2NSE and BSE
Strategic tierCoreTypeChannel Partner/ Reseller/ Distributor
Description

Stock exchange listings for trading PNB Gilts shares; SEBI registered stock broker (INZ000007831); NSE Currency Derivatives Membership No. 90056

pnbgilts.com:443
Recent move6 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight4 records

Each record includes

Type, Description

Peers10 records
1Axis Bank
TypeBroad incumbent
Description

Large Indian private bank holding primary dealer authorization and active in DCM, G-Sec trading, and corporate bond distribution. Overlaps with PNB Gilts in primary dealer activities, but operates as a full-service commercial bank.

2HDFC Securities
TypeDirect peer
Description

HDFC group's securities arm, holding primary dealer status and providing market-making and broking in government and corporate debt. Directly competes with PNB Gilts in retail and institutional fixed income distribution.

3Kotak Mahindra Bank
TypeBroad incumbent
Description

Major Indian private sector bank with primary dealer status and a broad DCM franchise. Competes with PNB Gilts in underwriting, fixed income distribution, and treasury services, but as part of a much larger diversified banking platform.

4Bank of Baroda
TypeBroad incumbent
Description

Large Indian public sector bank with primary dealer authorization and significant G-Sec trading and DCM activity. Competes with PNB Gilts in auction underwriting and institutional fixed income, though as part of a full-service commercial banking franchise.

5Standard Chartered Bank India
TypeBroad incumbent
Description

Foreign bank with Indian primary dealer license, active in G-Sec market-making, repo, and DCM underwriting. Competes with PNB Gilts for institutional flow and large DCM mandates, but within a global banking franchise.

6ICICI Securities Primary Dealership
TypeDirect peer
Description

Primary dealer arm of ICICI Securities with market-making and underwriting capabilities across G-Secs and corporate bonds. Overlaps with PNB Gilts in DCM, fixed income trading, and institutional brokerage offerings.

7Deutsche Bank India
TypeBroad incumbent
Description

Foreign bank operating in Indian fixed income markets with primary dealer status, participating in government bond auctions and DCM underwriting. A broader incumbent competing with PNB Gilts for institutional mandates.

8LIC of India
TypeOthers
Description

India's largest institutional investor and a dominant buyer of government securities. While not a direct primary dealer competitor in market-making, LIC's scale of G-Sec holdings directly influences the demand environment in which PNB Gilts operates.

9SBI DFHI Limited
TypeDirect peer
Description

Wholly owned subsidiary of State Bank of India and one of India's longest-standing primary dealers in government securities, T-Bills, and other money market instruments. Directly comparable to PNB Gilts as a bank-affiliated standalone primary dealer franchise.

10Nomura Fixed Income Securities (India)
TypeDirect peer
Description

Foreign-affiliated primary dealer active in Indian government securities and money market instruments. A direct competitor to PNB Gilts in market-making, primary auctions, and underwriting mandates.

Market position
Strengths4 records

Each record includes

Headline, Details, Source

Weaknesses4 records

Each record includes

Headline, Details, Source

Competitive moat4 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights6 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Segment3 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile2 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles2 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

No data
No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

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

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

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

Pnb Gilts

Primary Dealer and Fixed Income Securities Tradingpnbgilts.com

PNB Gilts Limited is India's only listed RBI-designated Primary Dealer, operating as a subsidiary of Punjab National Bank. It provides market-making, underwriting, and debt capital market services in government securities, treasury bills, state government securities, and corporate bonds for institutional and retail investors.

What Pnb Gilts does

PNB Gilts Limited is an RBI-designated Primary Dealer in India, established in 1996 as a wholly owned subsidiary of Punjab National Bank and listed on NSE (PNBGILTS) and BSE (532366). The company is the only listed primary dealer in the country, with public shareholding of 25.93%. PNB Gilts operates a fixed income and government securities trading platform, providing market-making, underwriting, and debt capital market services across a product suite that includes Central Government Securities (G-Secs), Treasury Bills, State Development Loans, Corporate Bonds, Money Market Instruments, and Floating Rate Bonds.

The firm serves institutional investors (banks, financial institutions, large institutional participants in the Indian debt market), retail investors (through the RBI Retail Direct Scheme launched November 12, 2021, and the Gilts Account / SGL facility), and government securities ecosystem participants. Ancillary services include Debt Capital Market advisory and retailing, complemented by in-house research output via daily market updates and newsletters. Net worth has grown from Rs 50 crore at inception to approximately Rs 1,700 crore, with long-term Net Owned Funds compounding at a 13% CAGR since FY97.

The business model is built on the Primary Dealer license, which confers privileged access to RBI auctions and underwriting obligations. Revenue is generated through bid-ask spreads, underwriting fees, DCM advisory mandates, and trading income on the proprietary fixed income book; pricing is quote-based and transaction-specific rather than productized. The firm operates from its registered head office at 5, Sansad Marg, New Delhi, with a small workforce (51-100 employees) consistent with financial market-making economics. The firm is regulated by SEBI (stock broker registration INZ000007831) and holds NSE Currency Derivatives Membership No. 90056.

Pnb Gilts firmographics

Firmographics
Name
Pnb Gilts
Legal name
PNB Gilts Limited
Website
https://pnbgilts.com
Company type
Public
Founded year
1996
Operating status
Operating
Headcount range
51–100 employees
Short description
PNB Gilts Limited is India's only listed RBI-designated Primary Dealer, operating as a subsidiary of Punjab National Bank. It provides market-making, underwriting, and debt capital market services in government securities, treasury bills, state government securities, and corporate bonds for institutional and retail investors.
Ownership category
akta.pro rank

Pnb Gilts industry classification

Industry
Product category
Primary Dealer and Fixed Income Securities Trading
NAICS
Other Financial Vehicles (52599)
SIC
Security Brokers, Dealers & Flotation Companies (6211)
akta.pro primary industry
Municipal Bonds (FSACABAE)

Keywords

  • Primary dealer services
  • Government securities trading
  • Debt capital market
  • Fixed income products
  • Treasury bills

Where Pnb Gilts is headquartered

Location

Headquarters

HQ city
New Delhi
HQ country
India
HQ region
Asia

Offices1 record

Markets served

Pnb Gilts business model

Business model
GTM type
B2B
Offering type
Services
Cost components
Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Distribution channels2 records

Marketing channels1 record

Pnb Gilts product offering

Product offering

Core offering

PNB Gilts is a designated RBI Primary Dealer and wholly owned subsidiary of Punjab National Bank that deals in fixed income securities including Government Securities (G-Secs), Treasury Bills, State Development Loans, Corporate Bonds, and Money Market Instruments. The company provides market-making, underwriting, and debt capital market solutions for institutional and retail clients, supported by in-house research and electronic Gilts Account (SGL) services.

Product overview

PNB Gilts operates as a standalone primary dealer and subsidiary of Punjab National Bank, established in 1996 when RBI introduced the Primary Dealer system to strengthen India's Government Securities market infrastructure. The company offers a comprehensive suite of fixed income products centered around government securities (G-Secs), including Treasury Bills, State Government Securities (SDLs), Corporate Bonds, and Money Market Instruments. As a designated Primary Dealer, the company provides market-making and underwriting services in the debt capital market, alongside retail investor access through RBI's Retail Direct Scheme. The product portfolio is complemented by Gilts Account services for SGL holdings, debt capital market advisory, and in-house research capabilities including daily market updates and newsletters.

Differentiator

Problem solved

Functional benefit

Products and services

  • Government Securities (G-Sec)

Companies that use Pnb Gilts

Customer profile

Segments3 records

Ideal customer profiles2 records

Pnb Gilts technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Pnb Gilts partnerships and signals

Strategic signal

Partnerships

Two partnerships are on record, tiered core.

  • Reserve Bank of IndiacoreOthersRBI introduced the Primary Dealer system in 1996, granting PNB Gilts a Primary Dealer license to strengthen institutional infrastructure of Government Securities market.
  • NSE and BSEcoreChannel Partner/ Reseller/ DistributorStock exchange listings for trading PNB Gilts shares; SEBI registered stock broker (INZ000007831); NSE Currency Derivatives Membership No. 90056

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Pnb Gilts competitors and assessment

Company assessment

Broad incumbents

  • Axis Bank: Large Indian private bank holding primary dealer authorization and active in DCM, G-Sec trading, and corporate bond distribution. Overlaps with PNB Gilts in primary dealer activities, but operates as a full-service commercial bank.
  • Kotak Mahindra Bank: Major Indian private sector bank with primary dealer status and a broad DCM franchise. Competes with PNB Gilts in underwriting, fixed income distribution, and treasury services, but as part of a much larger diversified banking platform.
  • Bank of Baroda: Large Indian public sector bank with primary dealer authorization and significant G-Sec trading and DCM activity. Competes with PNB Gilts in auction underwriting and institutional fixed income, though as part of a full-service commercial banking franchise.
  • Standard Chartered Bank India: Foreign bank with Indian primary dealer license, active in G-Sec market-making, repo, and DCM underwriting. Competes with PNB Gilts for institutional flow and large DCM mandates, but within a global banking franchise.
  • Deutsche Bank India: Foreign bank operating in Indian fixed income markets with primary dealer status, participating in government bond auctions and DCM underwriting. A broader incumbent competing with PNB Gilts for institutional mandates.

Direct peers

  • HDFC Securities: HDFC group's securities arm, holding primary dealer status and providing market-making and broking in government and corporate debt. Directly competes with PNB Gilts in retail and institutional fixed income distribution.
  • ICICI Securities Primary Dealership: Primary dealer arm of ICICI Securities with market-making and underwriting capabilities across G-Secs and corporate bonds. Overlaps with PNB Gilts in DCM, fixed income trading, and institutional brokerage offerings.
  • SBI DFHI Limited: Wholly owned subsidiary of State Bank of India and one of India's longest-standing primary dealers in government securities, T-Bills, and other money market instruments. Directly comparable to PNB Gilts as a bank-affiliated standalone primary dealer franchise.
  • Nomura Fixed Income Securities (India): Foreign-affiliated primary dealer active in Indian government securities and money market instruments. A direct competitor to PNB Gilts in market-making, primary auctions, and underwriting mandates.

Others

  • LIC of India: India's largest institutional investor and a dominant buyer of government securities. While not a direct primary dealer competitor in market-making, LIC's scale of G-Sec holdings directly influences the demand environment in which PNB Gilts operates.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Pnb Gilts social profiles

Digital presence

Pnb Gilts financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Pnb Gilts leadership team

Management profile

Number of profiles

Profiles2 records

Pnb Gilts funding detail

Funding detail

Funding overview

Funding rounds

Investors

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

Pnb Gilts M&A and investment

M&A and investment

M&A

Investments

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

Frequently asked questions about Pnb Gilts

What does Pnb Gilts do?

PNB Gilts is a designated RBI Primary Dealer and wholly owned subsidiary of Punjab National Bank that deals in fixed income securities including Government Securities (G-Secs), Treasury Bills, State Development Loans, Corporate Bonds, and Money Market Instruments. The company provides market-making, underwriting, and debt capital market solutions for institutional and retail clients, supported by in-house research and electronic Gilts Account (SGL) services.

Is Pnb Gilts a public or private company?

Pnb Gilts is a public company. It is classified as public and is currently operating.

When was Pnb Gilts founded?

Pnb Gilts was founded in 1996. It employs 51 to 100 people.

Where is Pnb Gilts based?

Pnb Gilts is headquartered in New Delhi, India, in the Asia region.

Who are Pnb Gilts's main competitors?

Broad incumbents on record are Axis Bank, Kotak Mahindra Bank, Bank of Baroda, Standard Chartered Bank India and Deutsche Bank India. Direct peers are HDFC Securities, ICICI Securities Primary Dealership, SBI DFHI Limited and Nomura Fixed Income Securities (India). LIC of India is listed as an others.

Does Pnb Gilts have an API?

No public API is recorded for Pnb Gilts.

What industry is Pnb Gilts in?

Pnb Gilts's product category is Primary Dealer and Fixed Income Securities Trading. Its primary akta.pro industry code is FSACABAE, Municipal Bonds. Its NAICS code is 52599 and its SIC code is 6211.

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Live signals
Business StandardPNB Gilts stock zooms 12%; pares gains post Q2 resultsPNB Gilts reported a Q2 net profit of ₹44.84 crore, a year-on-year turnaround, but a 44% quarter-on-quarter decline. The stock rose 12.2% intraday to ₹79.15, then pared gains to ₹75.44. The company cited global uncertainties and yield volatility.ET NOWQ2 Results Today, October 13: Tata Elxsi, ICICI Prudential Life, PNB Gilts among 19 companies announcing FY27 earningsOn October 13, 2026, 19 listed companies including Tata Elxsi, ICICI Prudential Life, and PNB Gilts are scheduled to announce their Q2 FY27 earnings. Investors will focus on revenue growth, net profit, and operating margins for the July-September 2026 period.ScanXPNB Gilts appoints Raj Har Gopal and K Venkatachalam Aiyer as joint auditorsPNB Gilts appointed M/s Raj Har Gopal & Co and M/s K Venkatachalam Aiyer & Co as joint statutory auditors for FY27, effective September 7, 2026. The C&AG of India made the appointment under Section 139 of the Companies Act, 2013, and both firms submitted consent letters on September 8, 2026.ScanXPNB Gilts appoints Amit Kumar Srivastava as Non-Executive DirectorPNB Gilts Limited has appointed Amit Kumar Srivastava as a Non-Executive and Non-Independent Director, pending approval from the Reserve Bank of India and shareholders. The board also scheduled the 30th Annual General Meeting for September 28, 2026, and set the dividend record date for the fiscal year 2025-26.Business StandardNo plan to monetise subsidiaries, focus on enhancing their value: PNB MDPunjab National Bank's Managing Director Ashok Chandra said the bank has no immediate plans to monetize its subsidiaries, including PNB MetLife India Insurance, PNB Housing Finance, and PNB Gilts, and will instead focus on strengthening their operations to maximize value. The bank's capital adequacy ratio improved to 18.13% as of June 2026, well above the regulatory requirement of 11.5%, enabling it to retire Rs 5,000 crore of bonds and save Rs 300 crore in annual interest costs. Chandra expressed confidence that the bank's net profit would surpass the Rs 20,000 crore mark in the ongoing financial year, driven by focus on retail, agri, MSME, and self-help group lending with targeted loan growth of 12-13%.Business TodayNCDEX appoints veteran banker Vikas Goel as new MD and CEO from August 1Vikas Goel has been appointed Managing Director and CEO of NCDEX Ltd., effective August 1, 2026, succeeding Arun Raste whose term ended on June 6, 2026 and was extended through July 31 to facilitate the handover. Goel brings over 30 years of experience in treasury, global markets, fixed income, and financial operations, having most recently served as MD & CEO of PNB Gilts Limited from February 2019 to December 2024. The leadership change comes as NCDEX prepares to expand beyond its core agricultural commodities business into equity, equity derivatives, mutual fund transactions, and weather derivatives.Business News TodayPNB Gilts Standalone June 2026 Net Sales at Rs 454.56 crore, down 19.3% Y-o-Y- Moneycontrol.comPNB Gilts reported standalone net sales of Rs 454.56 crore for June 2026, representing a 19.3% decline compared to the same period last year. The stock was trading at Rs 84.35 on the NSE with a 0.55% gain at the time of reporting. This earnings report indicates a weakening financial performance for the company in the year-over-year comparison.Business StandardPNB Gilts standalone net profit declines 49.58% in the June 2026 quarterPNB Gilts reported a 49.58% decline in standalone net profit to Rs 80.70 crore for the quarter ended June 2026, compared to Rs 160.07 crore in the same quarter of the previous year. Sales also declined 19.30% year-on-year to Rs 454.56 crore, indicating a significant deterioration in the company's financial performance. Operating profit margin, however, improved marginally to 96.66% from 95.47%, suggesting cost efficiencies even as revenue fell substantially.Zee BusinessPNB Gilts celebrates 30 years of excellence in India's debt marketPNB Gilts Limited, a standalone primary dealer and subsidiary of Punjab National Bank, celebrated its 30th Foundation Day marking three decades of contribution to India's debt market and Government securities ecosystem. The company has grown its net worth to approximately Rs 1,700 crore, achieved a Top 10 ranking in Debt Capital Market business, and delivered around 13 per cent CAGR in long-term Net Owned Funds since FY97. The milestone event was attended by PNB's MD and CEO Ashok Chandra and PNB Gilts' MD and CEO Pareed Sunil along with the Board of Directors and senior management.Zee BusinessPNB Gilts celebrates 30 years of excellence in India's debt barketPNB Gilts Limited, a standalone primary dealer and subsidiary of Punjab National Bank, celebrated its 30th Foundation Day with attendance from senior leadership including Ashok Chandra (MD and CEO of PNB) and Pareed Sunil (MD and CEO of PNB Gilts). The company has grown its net worth to approximately Rs 1,700 crore, achieved a Top 10 ranking in Debt Capital Market business, and delivered around 13% CAGR in long-term Net Owned Funds over nearly three decades. PNB Gilts has played a key role in India's government securities market through market making, underwriting, and debt capital market services since its establishment in 1996.