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DEBT MARKET INTERMEDIARIES/ PARTICIPANTS

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PRIMARY DEALERS: Primary dealer (PDs) are important intermediaries in the government securities markets. They act as underwriters in the primary market, and as market makers in the secondary market. PDs underwrite a portion of the issue of government security that is floated for a pre – determined amount. 

BROKERS: Brokers play an important role in secondary debt market by bringing together counterparties and negotiating terms of the trade. It is through them that the trades are entered on the stock exchanges. The brokers are regulated by the stock exchanges and also by SEBI.

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