CDSL becomes the 1st custodian with 60 million active demat accounts

Central Depository Services (India) said on Tuesday that it now has over six crore plus (60 million) active demat accounts.

Central Depository Services (India) Limited (CDSL) is the only publicly listed depositary in India.

“It is reassuring to note that the focus of new demat account registration is shifting from metros to Tier II and Tier III cities, indicating the broadening of the Indian capital market,” said BV Chaubal , president of CDSL.

“While we are now at 6 crore demat accounts, our demat accounts are still only a fraction of the entire population and therefore, there is a huge opportunity for growth given that a large portion of the population of our country is still outside the Indian securities markets,” Chaubal said.

In an event marking this feat, Ananta Barua, full-time member of the Securities and Exchange Board of India: “Dematerialization is the product of the difficulties caused by physical actions. Access to the Indian securities market has become safe, convenient and easy and the new step is a representation of the same.”

In addition, Barua said there is a need to educate new investors about the Indian securities market, the role of market infrastructure institutions and investor protection to ensure they make informed decisions.

–IANS

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(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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