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NSDL demerges Depository and E-Governance Businesses Gagan Rai takes over as the MD&CEO of NSDL E-Governance
National Securities Depository Limited (NSDL) is the first and the largest depository in India which holds the demat accounts of more than one crore investors in the Indian Capital Market. Assets held in the NSDL system are about USD 1.40 trillion (Rupees 80 lakh crore) which account for 88 per cent of the value of the securities held in dematerialised form in the country. Having played a key role in introducing dematerialised holding and settlement of securities in India, NSDL pioneered the setting up of several e-governance projects including the Tax Information Network, Issuance of Permanent Account Number Card, Central Recordkeeping Agency for the National Pension System, Registrar for the Unique Identification Number, etc.
In order to restructure various activities carried out by the Company, the depository undertaking has been demerged under a Scheme of Arrangement into a separate company. There are now two companies viz. National Securities Depository Limited carrying out depository business and NSDL e-Governance Infrastructure Limited undertaking activities other than depository viz. TIN, PAN, CRA, UID etc.
Mr. Gagan Rai who has been with NSDL since inception and since February 2008 as the Managing Director & CEO is now the Managing Director & CEO of NSDL e-Governance Infrastructure Limited. NSDL attained new heights under the leadership of Mr. Rai by setting up some of the premier e-governance solution in the country. “e-Governance has steadily evolved from computerization of Government Departments to initiatives that encapsulate the finer points of Governance, such as citizen centricity, service orientation and transparency. NSDL e-Gov has pioneered in this dynamic sphere and has partnered with various governmental and regulatory authorities to provide some of the finest e-Governance Infrastructures in the Country. Post demerger of the depository undertaking, NSDL e-Gov will focus on Information Technology enabled e-Governance projects in India / abroad,” said Mr. Gagan Rai.
About NSDL e-Governance Infrastructure Limited
NSDL e-Governance Infrastructure Limited (NSDL e-Gov) is now engaged in providing Information Technology (IT) enabled e-Governance services. NSDL e-Gov has set-up and is managing the Tax Information Network (TIN) on behalf of the Income Tax Department, Government of India and Electronic Accounting System in Excise and Service Tax (EASIEST) on behalf of Central Board of Excise and Customs. As a part of the TIN system, NSDL e-Gov also services the applicants for issuance of Permanent Account Number (PAN) cards on behalf of the Income Tax Department. It also hosts a system facilitating the deductors to submit Tax Deducted at Source (TDS) returns in electronic form and enabling banks to upload tax payment data. It is also the Central Recordkeeping Agency for the National Pension System of Govt. of India. NSDL e-Gov also acts as the Registrar for Unique Identification Authority of India (UIDAI) for issuance of AADHAR number to the residents of the Country.
About National Securities Depository Limited
NSDL maintains more than 1.25 crore demat accounts holding securities valued at about USD 1.40 trillion (Rupees 80 lakh crore). In terms of custody value, these accounts have more than 88% of securities held and settled in dematerialised form in India, indicating preference and trust the investors have in maintaining their assets with NSDL. These accountholders are serviced by 281 Depository Participants through more than 14,600 service centres across around 1,500 cities/towns in the country.
Place: Mumbai
Date : June 24, 2013