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Wednesday, Jan 23, 2002

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CDSL in talks to expand network

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MUMBAI, Jan. 22

CENTRAL Depository Services (India) Ltd is in talks with various private and public sectors banks for expanding the depository network.

The depository, which is promoted by Bombay Stock Exchange (BSE), is also set to offer value-added services such as inter-depository transfer (from CDSL to NSDL and vice-versa), shares transfer through the Internet and details of holdings in the demat account on the Net.

The CDSL Managing Director, Mr B.G. Daga, told newpersons: ``We have already tied up with Union Bank of India and United Western Bank as depository participants (DPs). We are also talking to other banks for similar tie-ups.''

He added that the banks had good branch network for offering depository services and the investors were also more comfortable while dealing with banks.

CDSL is also testing with NSDL for online inter-depository shares transfer. With this facility, the shares from one depository to other can be transferred online during office hours. Currently, inter-depository transfer can be done once a day. In addition, CDSL is developing Web-based services.

Under the first phase, information about the investors' demat accounts will be available and in the second phase, investors can directly transfer shares from their demat account to the brokers' account. ``This will help investors transfer shares without any time lag,'' Mr Daga said.

He added that the depository was also ready for T+3 rolling settlement, which begins from April 2.

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