ICMS managing director GV Nageshwara Rao told The Financial Express that the company is now focussing on retailing of government securities. To this effect, it has already started offering government securities in smaller quotes of Rs 10,000 - Rs 20,000 to retail customers.

In primary dealership, ICMS enjoys the massive resource pool of its IDBI parent as a competitive advantage over others.

In order to pursue retailing in an aggressive manner, ICMS plans to open offices in Chennai, Kolkata and Ahmedabad to have a good geographical spread. At present, besides Mumbai, it has a office at Delhi.

Besides primary dealership, ICMS is currently managing over Rs 20,000 crore of funds from pension and provident fund schemes.

According to Mr Rao, post-budget, interest rates have considerably fallen on public saving deposits. This has opened up lot of opportunities for fund-managers as individuals, on their own, find it difficult to manage funds. The company at present, manages pension and provident funds of large PSUs like Coal India, National Thermal Power corporation (NTPC), Bureau of Indian Standards etc. ICMA has focused on these huge PSUs, as they have a large employee base and thus a massive resource pool.

ICMA is also the largest non-custodial depository participant (DP) in India and the largest brokerage house.

ICMA is also looking forward to hoards of initial public offers, expected to hit the market in the next fiscal to act as lead manager. Mr Rao said that all these banks were awaiting RBI approval for the proposed IPOs, following which ICMS can look forward to managing the issues.