Promoted by M M Gandhi and G M Gandhi, the Bombay-based Pioneer Investcorp established itself as a niche player in financial services with a presence in a gamut of financial products in both fee and fund-based activities. It renders a range of financial services to a well-diversified corporate clientele._x000D_ _x000D_ Pioneer's investment banking operations include both primary and secondary market operations and are supported by a well-equipped in-house equity research division. Its merchant banking activities includes corporate advisory services on capital structuring of both equity and debt and issue management (which includes pre-issue management, private placement of securities and underwriting). A SEBI-authorised merchant banker, Pioneer has already established itself in issue management._x000D_ _x000D_ It obtained membership on the National Stock Exchange for the capital market segment. It proposes to acquire sponsor membership of the OTCEI. These would complement its present operations and contribute substantially to its income in the future._x000D_ _x000D_ Pioneer has also established itself as one of the largest lease syndicators in the country. It has regularly been doing lease syndication of more than Rs 100 cr every year. It has syndicated funds of more than Rs 2000 cr for its clients. _x000D_ _x000D_ It went public in Apr.'95 to strengthen and consolidate its capital base and augment long-term resources._x000D_ _x000D_ Pioneer plans to further expand its operations to tap its non-resident clientele and act as a link in providing a wide range of services in both the primary and secondary segments of the capital market. In this regard, its in-house research division will provide the necessary support in terms of qualitative and quantitative industry information. _x000D_ _x000D_ The company has two subsidiaries-Pioneer Credit Limited and Pioneer Intermediaries Limited._x000D_ _x000D_ During the financial year 1995-96 the company was assigned an A-(A-minus) rating by CARE(Credit Analysis and Research Limited) which is classified as anupper medium grade investment and is two grades higher than the minimum prescribed by the Reserve Bank of India._x000D_ _x000D_ With a view to entering into stock broking activities the company has promoted Pioneer Intermediaries Limited which will conduct Broking operations as member of National Stock Exchange as well as Mumbai Stock Exchange during the financial year 1995-96._x000D_