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WER met with R.V. Joshi, managing director of Securities Trading Coporation of India (STCI), the country's primary dealer of government securities, and talked about the company's history and present situation. WER: Why was STCI founded? Joshi: In the last five years, the fixed income securities market (FISM) in India has experienced a tremendous amount of development. There was no securities market in India until 1994. There was no concept of primary dealers. The first such entity was STCI, which was backed up by the Reserve Bank of India and financed by the public sector-banks and financial institutions-in 1995. We were the first private dealer of fixed income securities. Earlier, market reforms had started in 1992. WER: How competitive is this market and how are you positioned within it? Joshi: It is very competitive, with 18 primary dealers in the game. STCI is by far the largest primary dealer - about 10 times the size of the next largest. We want to tie up with the local banking community, and we are also taking the initiative to create alliances with local banking institutions. Joshi: First, we are the largest primary dealer. Second, we give the best rates, and also have one of the most skilled management teams. The quality of our people stands head and shoulders above the rest. Our credibility is also solid, as we were backed by the Reserve Bank and India's most important commercial banks. We are open to talking to international institutions. We are also poised for the coming changes that government securities trading will undergo. We are definitely the preferred choice.
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