Fixed Income Brokers Association (FIBA) and its historical evolvement in Indian Wholesale Debt Market Space.

• In 1998 Pricewaterhouse - PLC advised us under USA Fire Projects to form an industry association of Debt Market brokers to have common voice in development of the Debt market in India.
   

• In 1999 Fixed Income Brokers Association was incorporated as a Non-profit company under Sec. 25 of the Companies Act. 1956 Almost all the active debt market brokers became the members of FIBA
   

• FIBA Pro-actively & successfully lobbied for cancellation of stamp duty of Govt. Securities secondary transaction with Govt. of Maharashtra..
   

• After 2004 RBI started trading platform of NDS which resulted into loss of business of Debt Market Brokers members in G. Sec. Between 2005 to 2008, the role of Brokers was marginalized.
   

• From 2009 the importance of brokers in the Debt Market has come in focus for price discovery, efficient & advisory input client servicing and expertise in derivatives. The role & contributions of Brokers in development of Debt Market is now well recognized.

FIBA has now new mandate as India races to become the 3rd largest world economy. India needs to develop global level infrastructure and thus require large financing in coming decades. The Central Govt., the State Govts., the expanding Corporate, the Banks & financial institutions will require expert intermediation of Securities Brokers to raise Debt at lowest cost & to activate secondary market to create liquidity.

At this critical juncture FIBA & its members are looking forward to play pro-active role in Debt Market. It is now well recognized that there is room for all to play their role in if India has to grow.