In the year 1996 Reserve Bank of India introduced the system of Primary Dealers with a view to strengthen the institutional infrastructure of Government Securities market. Six entities were granted licenses of which PNB Gilts was one. The Company was established as a wholly owned subsidiary of Punjab National Bank with an initial paid up capital of Rs 50 crs. The net-worth of the Company has increased from Rs 50 crs to Rs 731.22 crs. We are the only listed primary dealer in India and the public share holding in company is 25.93 %.