PNB Gilts Surrenders Its Merchant Banking Activities (14-Jul-2010)
PNB Gilts board in a meeting decided to discontinue merchant banking activities of the company and the company accordingly drafted an application to SEBI for surrender of its merchant banking registration.
Further, SEBI vide its letter dated July 14, 2010 has cancelled the company's Certificate of Registration as Merchant Banker.
The decision for surrender of merchant banking registration was taken by the board of directors in a meeting held on March 15, 2010.
PNB Gilts was established as a wholly owned subsidiary of Punjab National Bank. RBI, New Delhi, granted PNB Gilts a certificate of registration vide its letter dated 10th February 1998, to carry on the business of a non-banking finance company.
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