Gandhinagar: Central Depository Services (India) Limited [CDSL], received the approval from SEBI for setting up its branch at the IFSC Center at GIFT City as per the prescribed regulatory framework. CDSL will be the first depository to launch its branch operations from the precincts of the IFSC in the GIFT city.

Commenting on the above, Mr. Nehal Vora, MD & CEO of CDSL stated: “Adding to the list of many firsts, CDSL besides being the first listed depository in India would also be the first depository to setup 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,” he further added.

CDSL facilitates holding and transacting in securities in the electronic form and 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. These BOs are serviced by CDSL’s 599 Depository Participants (DPs) from over 19,500 locations.