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| Sunday, 8 December 2002 |
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HSBC gets primary dealer licence HongKong Shanghai Banking Corporation (HSBC) has become the first foreign bank in Sri Lanka to obtain the licence to engage in primary dealing activities. Primary dealership started in 1992, but no specific requirements were laid down. Amendments were made in March 2000 which required all primary dealers to be separate entities handling only primary dealing activities. The capital requirement was laid down at Rs 150 million, which reduced the number of primary dealers from 18 to seven. In January 2002, further amendments were made to accommodate banks to have a separate department for primary dealing. The same capital requirement was applicable. No separate entity is required now. The capital requirement however, will be increased to Rs 200 million by March 2003 and will be two-tiered, consisting of Rs 150 million as equity and the rest as long-term debt. |
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