PNB Gilts receives license from SEBI for PMS

PNB Gilts has received license from Securities and Exchange Board of India (SEBI) to diversify its business operations into Portfolio Management Services (PMS). The SEBI had granted license in its letter dated May 24, 2012.

At present, the company is primarily engaged in trading of debt and money market instruments. In addition, the company provides underwriting services and mutual fund distribution. PNB Gilts, an RBI-approved public dealer, was incorporated in March 1996 as a wholly-owned subsidiary of the Punjab National Bank (PNB).