Master Circular on Operational Guidelines to Primary Dealers

RBI/2011-12/92; IDMD.PDRD.01 /03.64.00/2011-12; July 1, 2011

All Primary Dealers

Master Circular Operational Guidelines to Primary Dealers

The Reserve Bank of India has, from time to time, issued a number of guidelines/instructions to the Primary Dealers (PDs) in regard to their operations in the Government Securities Market and other activities. To enable the PDs to have all the current instructions at one place, a Master Circular incorporating the guidelines/instructions/circulars on the subject issued up to June 30, 2011 is enclosed. A list of circulars finding reference in this master circular is enclosed as Annex-XII. The additional guidelines applicable to banks undertaking PD business departmentally have been incorporated under section II of the Master Circular.  The guidelines on Capital Adequacy Standards and Risk Management for the standalone PDs are being issued vide our Master Circular IDMD.PDRD.02/03.64.00/2011-12 dated July 1, 2011. The banks undertaking PD activities departmentally shall follow the extant guidelines applicable to the banks regarding their capital adequacy requirement and risk management. This Master Circular has also been placed on RBI website at

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