NSDL appointed as Registrar for UID
National Securities Depository Limited (NSDL), the first and the largest depository in India which serves more than one crore investors in Indian Capital Market and ranks amongst the top 10 depositories in the world in terms of assets in custody has been appointed as a Registrar by Unique Identification Authority of India (UIDAI) for implementation of UID mission in India. Registrars are departments or agencies of the Central Government/ State Government/Union territory, public sector undertakings and other agencies and organisations, who in normal course of implementation of some of their programs, activities or operations interact with residents. The Registrar is required to enroll residents following the protocols, standards, processes and guidelines laid down by UIDAI. A Memorandum of Understanding (MoU) was signed by NSDL and UIDAI today at New Delhi for appointment of NSDL as Registrar. Shri B.B. Nanawati, Deputy Director General, UIDAI and Shri Jayesh Sule, Executive Director, NSDL signed the MoU.
The Unique Identification Authority of India (UIDAI) has been created as an attached office under the Planning Commission, Government of India. Its role is to develop and implement the necessary institutional, technical and legal infrastructure to issue unique identity numbers to Indian residents that can be verified and authenticated in an online, cost-effective manner and which is robust enough to eliminate duplicate and fake identities. Over five years, the Authority plans to issue 600 million UIDs. The numbers will be issued through various 'Registrar' agencies across the country.
NSDL maintains 11.4 million demat accounts holding securities valued at about USD 1.3 trillion (Rupees 61 lakh crore). These accounts have more than 85% 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 292 Depository Participants through more than 12,500 service centres across around 1,400 cities/towns in the country. NSDL facilitates settlement of securities valued at around USD 2 billion daily. After the successful implementation of the depository system, NSDL has also set-up and is managing the Tax Information Network (TIN) on behalf of the Income Tax Department, Government of India. As a part of the TIN system, NSDL 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. NSDL is the Central Recordkeeping Agency for the National Pension System of Govt. of India. It has become operational for all citizens of the country, apart from Central and State Government employees.
Date : February 17, 2011
Place : Mumbai
