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Our Bureau

Mumbai, July 31

Standard Chartered Bank has been authorised to undertake primary dealer business in government securities with effect from August 1, according to an RBI press release. Consequently, the authorisation given to Standard Chartered-UTI Securities India Pvt Ltd (SCUTI) as primary dealer stands withdrawn. The fate of SCUTI came into question since UTI Securities was recently acquired by Securities Trading Corporation of India. UTI Securities previously had a 26 per cent stake in the primary dealership subsidiary, SCUTI.

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