NSDL News
Launch of SPEED-e - Geojit Securities is the first DP to offer this facility
NSDL formally launched its Internet based initiative "SPEED-e" on October 19th, 2001 at a function held in Bangalore. Geojit Securities Ltd. is the first depository participant to offer SPEED-e facility to its clients. All the clients of Geojit Securities Ltd. can now avail of this facility. SPEED-e breaks geographical and time barriers and enables the demat account-holder sitting at home/office or elsewhere to submit delivery instructions to the depository participant in a secure manner through Internet. By removing manual intervention, SPEED-e has made the depository transactions more convenient and efficient for both the investors and participants. A detailed presentation on the facility was made by NSDL. Over 200 clients of Geojit Securities attended the programme.
Banks and Financial Institutions to make fresh investments in debentures and bonds in demat form only.
In its mid-term review of the monetary and credit policy RBI has mentioned that Banks and Financial Institutions shall make investment in debentures and bonds only in demat form from October 31st, 2001.
Revised guidelines for exemption of NSDL transaction charges.
NSDL has been allowing waiver of transaction charges in cases of transmission of securities, closure of account etc. However in view of the efforts and costs involved in the waiver process, it has been decided that for claims for exemption of settlement fee amount to less than Rs.100/- per client account will not be entertained for transfers effected from November 1, 2001. However, no fees shall be levied on the transfers arising out of cases of death or on account of expulsion or suspension of a Participant.
Retail distribution of Government Securities.
Vysya Bank, IDBI Capital Market Services and Punjab National Bank have started retail distribution of government securities using NSDL depository system.
