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The dematerialisation on NSDL exceeded Rs. 1000 crores (US $300 million) today. The Indian Institutions have started dematerialising their holdings and the FIIs have also made a beginning by one FII putting its request for dematerialisation.

As against the total market capitalisation of Rs. 4,50,000 crores, the market capitalisation of the securities for which companies have signed agreements with NSDL is Rs. 96,590 crores. Out of this, the market capitalisation of securities available for dematerialisation is Rs. 47, 690 crores. The remaining companies which have signed agreements are in the pipeline for establishing connectivity with NSDL.

The dematerialisation requests of more than Rs. 1,000 crores on NSDL represent 8 crore (80 million) shares. Interestingly, requests from retail investors constitute 5 lakh shares. So far 2,037 beneficiary accounts have been opened by investors with different depository participants. This number is in addition to the 647 clearing member accounts opened by NSE member - brokers. The response from the centres other Mumbai has been equally encouraging.

The following five companies represent in descending order the highest dematerialisation of their shares in terms of percentage to the outstanding equity.

• L&T
• ACC
• Reliance Industries Ltd.
• HDFC
• Asian Paints

ITC Bhadrachalam Paperboards Ltd. has signed an agreement with NSDL to get its equity hares admitted for dematerialisation.

Equity shares of Rashtriya Chemicals and Fertilisers Ltd. (registrar and transfer agents : Spectrum Corporate Services Ltd.) and partly paid-up and fully paid-up equity shares of Bank of Baroda (registrar & transfer agents : Karvy Consultants Ltd.) have been accepted for dematerialisation on NSDL taking the total number of such securities to twenty-seven.

Mumbai
April 15, 1997

NEST = * National Electronic Settlement and Transfer