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UPDATE 1-India cbank cancels PD licence for Deutsche Securities after request
July 23, 2014 / 4:22 PM / 3 years ago

UPDATE 1-India cbank cancels PD licence for Deutsche Securities after request

(Updates with Deutsche comments)

MUMBAI, July 23 (Reuters) - The Reserve Bank of India said on Wednesday that it cancelled the non-banking finance registration certificate of Deutsche Securities India, the primary dealership unit of Deutsche Bank.

The licence was cancelled after Deutsche Bank surrendered its primary dealership (PD) registration to the central bank, a spokesman at the lender in India told Reuters.

“Since regulations now permit banking entities to directly operate PD business, Deutsche Bank has started offering PD services to clients from April 2014,” he said.

“As a result, Deutsche Securities, its NBFC (non bank finance) arm, has surrendered the older PD licence to the RBI.”

The central bank had not provided a reason for cancelling the registration certificate in its announcement. (Reporting by Suvashree Dey Choudhury; Editing by Anupama Dwivedi and Rafael Nam)

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