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Central Depository Services Ltd announced today that the number of active investor accounts held by it had crossed one crore.
To commemorate this, Sudarsan Pattnaik, the renowned sand artist from Puri in Odisha, sculpted a sand art structure at Puri beach, which thanked all investors, highlighted the environment-friendly Green Initiative services of CDSL as well as the initiative of single demat account for all financial instruments.
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 (`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.”
As a market infrastructure institution with a vote of confidence from 1,00,00,000 investors, the next phase of development is to work with the Government and regulators in the financial sector to make ‘single operational demat account for all financial assets’ a reality. This development will significantly reduce the cost to investors while improving the service levels in the financial sector.
Under the ‘Single Demat Account’ it is expected that assets such as fixed deposits of banks and corporates, insurance policies, pension products/ records, and warehouse receipts, will be kept in demat form, the CDSL statement said.
P. S. Reddy – MD & CEO, CDSL, said: “We are confident that in the years to come the dominance in the industry will be redefined and will be determined only by quality of service rendered, aided by constant adoption and upgradation of technology, with a resilient infrastructure. CDSL will continue to play its role as a market infrastructure institution for greater financial inclusion driven by financial literacy across the country.”
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