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NATIONAL SECURITIES DEPOSITORY LIMITED

Electronic settlement facility established by NSDL helped not only in the removal of existing inefficiencies in the settlement system but also provided a basis for further reforms. On the strength of efficiency in settlement system brought about by NSDL, the seven day account period settlement was moved into T+5 settlement cycle and further to T+3. SEBI has already announced its plans for changing the settlement cycle to T+2 and further to T+1. It is necessary to automate the processing of contract notes and the communication between brokers, fund managers and custodians as a first step in the market's move to shorter settlement cycles. NSDL is the first service provider to set up such a facility. This facility is called STeADY (Securities Trading Information easy Access and DeliverY).

STeADY is a facility which enables the brokers to deliver/submit contract notes to custodians / fund managers electronically by transmitting digitally signed trade information with encryption. It further enables fund managers to enrich the contract note and convert it into instructions for the custodian.

STeADY facility of NSDL was inaugurated by Shri G.N. Bajpai, Chairman, SEBI at a function held at Oberoi Towers on November 30, 2002.

Need for straight through processing facility like STEADY is well demonstrated by the fact that at the time of inauguration 8 custodians, 11 mutual funds and 16 brokers have joined NSDL to avail the benefits of the STEADY facility.

Mumbai
November 30, 2002