cdslCentral Depository Services (India) Limited, one of India’s two depositories, said the total number of active demat accounts opened with it as at the end of August, 2015 has crossed 1 crore, implying that the total in India would be over 2 crore (20 mln).

On this occasion, Shri. N. Rangachary – Chairman, CDSL said “The advent of CDSL in the capital market has done what precisely the competition was expected to deliver: Nil custody charges, Nil charges for incoming securities into demat account, Reduction in tariff per debit transaction from ad valorem basis to 1/12th of a dollar (Rs. 5.50 per transaction), product innovation and above all substantial improvement in quality of service delivered by the DPs and Depositories in the Capital Market.”

T”he next phase of development is to work with the Government and regulators in financial sector to make ‘single operational demat account for all financial assets’ a reality,” said the organization.

“This development will significantly reduce the cost to investors while improving the service levels in the financial sector. Under ‘Single Demat Account’ it is expected that assets such as fixed deposits of Banks and Corporates, Insurance Policies, Pension Products and Records, Warehouse Receipts, etc., will be kept in demat form.”

(Now you can get topic-based alerts via WhatsApp)
Read More On..