Sebi approves CDSL proposal to set IFSC branch in Gujarat's GIFT City
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Central Depository Services (India) Ltd on Monday said it has received approval from markets regulator Sebi for setting up its IFSC (International Financial Services Centre) branch at the GIFT City in Gujarat.
CDSL will be the first depository to launch its branch operations from the precincts of IFSC in the GIFT city.
"Adding to the list of many firsts, CDSL besides being the first listed depository in India would also be the first depository to set-up its branch at the IFSC Center at GIFT City. We are fully committed to bring in the world class sophistication and services in the products as permitted from time to time.
"Additionally, I am sure that it would contribute to the development of the market with the introduction of delivery-based trading to the existing suite of the products traded on the exchanges at the IFSC Center. It would also enable issuers to list their issuances like bonds & depository receipts thereby enhancing the value proposition for the IFSC Center," Nehal Vora MD and CEO of CDSL said in a statement.
CDSL, which allows investors to deposit securities by opening an account in electronic form (dematerialised), gets its revenues from transaction charges, account maintenance and settlement levy paid by depository participants as well as annual fees, corporate action and e-voting charges paid by companies whose securities are admitted in the depository's systems.
It facilitates settlement of trades on stock exchanges and maintains and services 1.95 crore demat accounts of investors or beneficial owners (BOs) spread across India.
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