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CDSL Becomes The First Depository To Open 4 Crore Active Demat Accounts: Check Report

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CDSL IFSC Limited (CDSL IL) is a corporation incorporated under the Companies Act of 2013. The International Financial Services Centres Authority (IFSCA) has allowed CDSL IL to serve as a "Foreign Depository" to administer the depository platform and any other associated operations as authorized by IFSCA. According to the notification issued on July 08, 2021, the Central Depository Services (India) Limited (CDSL) became the first depository to open four crore plus (40 million) active demat accounts in India. In respect of operational demat accounts, CDSL is now the top depository firm in the country.

 
CDSL Becomes The First Depository To Open 4 Crore Active Demat Accounts

Shri Nehal Vora expressed his delight and pride in the event that "I will firstly congratulate SEBI - the capital market regulator for being the visionary leader that guided us to this digital growth and safe ecosystem. It is their foresight that transited the long demat account opening procedure into an easy digital experience without compromising on the necessary controls. Our milestones are a result of the hard-work and coordination of all the market infrastructure institutions and the market intermediaries. I wish to thank the investors for choosing CDSL to be their depository. I would like to thank all the participants of the capital market for their contribution in accelerating the digital and financial growth of India."

According to the notification he also added that "This journey of financial inclusion has to enhance to engage with a higher number of persons to foray into the securities market to achieve the objective to make India a capital market hub that is highly focused on corporate governance, technology, investor protection, transparency and sustainability. Further, 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 Atmanirbhar Niveshak" through our digital services."

CDSL administers and supports 4 crore Demat accounts for Investors or Beneficial Owners (BOs) all across India. CDSL's 580+ Depository Participants (DPs) including over 20,600 locations handle these BOs.

Read more about: demat account
Story first published: Thursday, July 29, 2021, 12:29 [IST]
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