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NSDL Update News December 2012

With effect from January 1, 2013, the admission fees charged to Participants for availing SPEED-e facility is reduced from ` 2,00,000 to ` 50,000. Further, an annual fee of ` 25,000 for SPEED-e will continue to be levied on Participants every financial year.

Further details about this circular are posted on NSDL website

(Ref: Circular No. NSDL/POLICY/2012/0139 dated November 30, 2012)

To encourage the savings of the small investors in domestic capital market, Government of India, Ministry of Finance, Department of Revenue has notified the Rajiv Gandhi Equity Savings Scheme, 2012 vide its Notification dated November 23, 2012. This scheme is meant to attract new retail investors to participate in the capital market. A new retail investor with gross total income of upto ` 10 lac can invest in eligible securities. Deduction of 50% of amount invested is available for the purpose of income tax.

Further details about this circular are posted on NSDL website

(Ref: Circular No. NSDL/POLICY/2012/0138 dated November 29, 2012)

In the DPM System, a flag named Account for Rajiv Gandhi Equity Savings Scheme is incorporated to facilitate opening of depository accounts under RGESS.

(Ref: Circular No. NSDL/POLICY/2012/0142 dated December 6, 2012)

SEBI vide its Circular No. CIR/MRD/DP/32/2012 dated December 6, 2012 clarified that for RGESS eligible close-ended Mutual Funds schemes, advice given by AMCs to the depository for extinguishment of units of close-ended schemes upon maturity of the scheme shall be considered as settled through depository mechanism and therefore RGESS compliant. Further, AMCs shall disclose that the concerned RGESS eligible Exchange Traded Funds and Mutual Fund schemes are in compliance with the provisions of RGESS guidelines notified by Ministry of Finance in case of new fund offer, or by way of addendum, in case of existing RGESS eligible Exchange Traded Funds and Mutual Fund schemes.

(Ref: Circular No. NSDL/POLICY/2012/0143 dated December 7, 2012)

SEBI has vide its Circular No. CIR/MRD/DP/ 30 /2012 dated November 22, 2012 informed regarding the revised framework for SLB for Introduction of roll-over facility wherein any lender or borrower who wishes to extend an existing lent or borrow position shall be permitted to roll-over such positions may extend the period of lending. Similarly, a borrower who has to return borrowed securities in the pay-in of an SLB session, may, through the same SLB session, extend the period of borrowing. The roll-over shall be conducted as part of the SLB session.

(Ref: Circular No. NSDL/POLICY/2012/0136 dated November 26, 2012)

With effect from November 1, 2012, the facility for Account Closure/ Transmission module in DPM system has been enhanced whereby settlement fee for instructions generated by this module for transfer of securities in case of transmission for the type Account Transmission to Survivor(s) will not be billed.

(Ref: Circular No. NSDL/POLICY/2012/0140 dated December 4, 2012)

In case the client seeking to open the depository account has given a Power of Attorney to operate the depository account to a stock broker/Participant/Portfolio Manager, an option will be provided to Client to either receive the DIS at the time of account opening itself; or to receive the DIS at a later date as requested by the Client. No such option will be given to the Client in case the Participant desires to provide DIS at the time of account opening itself to all Clients or in case the Client opts for Basic Services Demat Account.

(Ref: Circular No. NSDL/POLICY/2012/0146 dated December 14, 2012)

  • NCDO/NISM training / certification programmes for Participants

NSDL has made arrangements with NISM to facilitate staff of Participants to get certified for NISM-Series VI Depository Operations Certification Examination (DOCE) as per SEBI requirements. A training programme is conducted by NSDL for Participants staff followed by NISM-Series VI-DOCE online test conducted by NISM. In November 2012, NSDL conducted five such training programmes at Mumbai and New Delhi which were attended by 182 persons nominated by various Participants.

  • KYC Training Programme for Participants

In light of the recent developments with respect to depository account opening viz., Introduction of KYC Registration Agency (KRA), Qualified Foreign Investors (QFI), Basic Services Demat Account (BSDA), Rajiv Gandhi Equity Savings Scheme (RGESS) etc., training programme on KYC requirements for Account Opening was organized which focused on latest developments as well as other requirements for opening various Depository Accounts, to facilitate efficient functioning of depository operations of Participants. In November 2012, NSDL conducted five such training programmes in Ahmedabad, Chennai, Kolkata, Mumbai and New Delhi which were attended by 234 officials of Participants.

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