Addressing a press conference on Monday, SBI Gilts managing director N Gopalakrishnan said: "The market has not been showing favourable signs since December, as in the last six months securities prices have fallen, and the Reserve Bank of India is not giving enough support to primary dealers (PDs). Despite this, we are able to maintain high growth and profitability." He said the volume of underwriting commission has gone down substantially in 1997-98 as no acute support has been given to PDs by way of a proper fee structure.

The State Bank of India subsidiary was able to capture a 21.06 per cent market share of the underwriting bids accepted by the RBI for government dated securities in 1997-98.In the first two months of the current fiscal, the company has recorded a turnover of Rs 5,000 crore, compared with Rs 3,500 crore in the corresponding period last year.