Retailing of Government Securities - Eligibility
Axis Bank offers the facility of non-competitive bidding for Dated Government Securities to individuals, HUFs, firms, companies, corporate bodies, institutions, provident funds, trusts and any other entity prescribed by the RBI. As the focus is on small investors lacking market expertise, the eligibility for participation in the bidding of government securities has been crafted carefully. The eligibility for retailing of government securities is listed below.
Participation in the Scheme of non-competitive bidding is open to individuals, HUFs, firms, companies, corporate bodies, institutions, provident funds, trusts and any other entity prescribed by RBI. As the focus is on the small investors lacking market expertise, the Scheme will be open to those who
- Do not have current account (CA) or Subsidiary General Ledger (SGL) account with the Reserve Bank of India.
- Do not require more than Rs.one crore (face value) of securities per auction.
As an exception, Regional Rural Banks (RRBs), Urban Cooperative Banks (UCBs) and Non-Banking Financial Companies (NBFCs) can also apply under this Scheme in view of their statutory obligations. However, the restriction in regarding the maximum amount of Rs. 1 crore per auction per investor will remain applicable.