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CDSL IFSC Branch Recognized As Foreign Depository

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Central Depository Services (India) Limited ("CDSL"), Asia's first and only listed depository, is pleased to announce that the CDSL International Financial Services Centre ("IFSC") Branch, GIFT City, Gujarat, has been recognized as the First Foreign Depository in the IFSC by the International Financial Services Centres Authority ("IFSCA").

The CDSL IFSC Branch has become the first Foreign Depository in the IFSC, to obtain the said recognition and would facilitate holding and transfer of all the eligible securities which are permitted at the IFSC, GIFT City.

CDSL IFSC Branch Recognized As Foreign Depository
 

The objective of the CDSL IFSC Branch is to make the IFSC the 'go-to' location for global investors and be the preferred choice amongst the financial markets.

Commenting on the above, Mr. Nehal Vora, MD & CEO of CDSL stated: "This is a very prestigious moment for us. Adding to the list of our many firsts, CDSL besides being the first listed depository in India and the first depository to setup its branch at the IFSC Center at GIFT City, would now also be the First Depository to be recognized as a Foreign Depository in the IFSC.

Further, I am sure that this step will contribute to the growth of the financial eco-system, while providing a world class sophistication in terms of technology and services in the products as permitted at the IFSC, Gift City."

CDSL maintains and services over 2.61 crore Demat accounts of Investors or Beneficial Owners (BOs) spread across India. These BOs are serviced by CDSL's 593 Depository Participants (DPs) from over 20,500 locations.

Major shareholders of CDSL include BSE, Canara Bank, HDFC Bank, LIC and Standard Chartered Bank.

Story first published: Thursday, October 29, 2020, 9:36 [IST]
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