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CDSL Adds 1 Crore Demat Accounts In 1-Year
Central Depository Services (India) Limited (CDSL), becomes the first depository to open three crore plus (30 million) active demat accounts. Demat accounts in January 2020, which were 2-crore at the Central Depository have now crossed the 3 crores mark with the CDSL, thus adding 1 crore in just 1 year.
Of the new accounts, around 98.4% comes from the retail investor and with an outreach of 97% pin-codes. Demat accounts are opened with colossal efforts of all participants of the eco-system.
B V Chaubal, Chairman, CDSL said: "It is heartening to note that the focus of registration of new demat accounts is shifting from metros to tier II and tier III cities, which is indicative of the deepening and widening of the Indian Capital Market. In the 21st century, riding on financial technology, this crisis has brought opportunity to accelerate digital innovations. CDSL has been working towards strengthening its digital footprint and providing various digital solutions for the investors.
In conclusion, these 3 crore demat accounts are the testimony of the convenience offered by CDSL to its customers"
Commenting on the occasion, Mr. Nehal Vora, MD & CEO of CDSL stated: "We are proud to have crossed the 3-crore milestone within a year of reaching the 2 crore milestones. The trust bestowed upon us by the new investors, existing investors and all our partners inspires us to do better, every day.
CDSL will continue to provide services for the progress of the securities markets, for the valued investors in line of our vision of "Empowering the Atma-nirbhar Niveshak" through our digital services. I would also like to emphasize on the visionary leadership of SEBI to transform the securities market from a physical mode to a digital mode and the creation of a coordinated eco-system of Market Infrastructure Institutions comprising of Stock Exchanges, Clearing Corporations and Depositories which have collectively driven the ecosystem of digitisation forward. This landmark is a celebration of this coordinated effort of the MIIs under the able leadership of SEBI."
