*  *  *  Mr Ramesh and friends, I am happy to be here with you today at the Second in the series of seminars conducted by the Primary Dealers Association of India. Since I delivered the inaugural address at the first seminar in Chennai last year, the number of Primary Dealers (PDs) has increased from six to fourteen.
So, let me welcome the new additions to the family at this Seminar. I participated in a Bank for International Settlements meeting last month in which one of the subjects related to debt markets. During the discussions, it became evident that after the recent Asian crises, the issue of development of domestic bond market has gained credence.