The Central Depository Services Limited (CDSL) on Monday inaugurated its first IFSC Branch at the GIFT-International Financial Services Centre (IFSC) in GIFT City situated here.

The company became the first depository to launch its branch operations from the country's first IFSC at GIFT City. However, there have been two exchanges and two clearing corporations already functioning at the IFSC.

"This is an important initiative for us to ensure that more and more delivery-based transactions start taking place. Already, the average exchange-traded transactions have reached to about USD 2.5 to 3 billion daily with about 50 brokers. As a depository, our aim is to bring newer products like depository receipts, bonds - masala bonds, External Commercial Borrowings, delivery-based trading in derivatives among others," said Nehal Vora, Managing Director & CEO, CDSL ahead of the launch of the branch here.

Vora further stated that about two or three DP participants have expressed interests to start operations in IFSC providing DP services to the clients. In the local market, CDSL has about 600 DP participants across India. CDSL allows investors to deposit their securities holdings in a dematerialised account.

Commenting on the Offer-For-Sale (OFS) for the BSE stake, Vora stated that the OFS was oversubscribed by 6 times and had received interests from the investors from a wide spectrum.

"The allotment has already happened and the allotment is fairly diversified," he added.

On the Karvy-like cases, Vora hinted that the regulatory intent has been clear about transparency into entire system.

"There have been a significant amount of reforms in the system over the past one year. Those reforms have mostly been instrumental in bringing out episodes like Karvy in open. The regulator has been proactive in bringing newer policies and frameworks for transparent in the system and also act against players, where the action is warranted," he added.

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