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NSDL appoints G. V. Nageswara Rao as MD & CEO

National Securities Depository Ltd (NSDL) has appointed Mr. G. V. Nageswara Rao as MD & CEO with effect from July 1, 2013. Mr. Rao's appointment has been approved by the Board and the Shareholders of NSDL as well as by the Securities and Exchange Board of India (SEBI).

NSDL is India's largest depository and has played a key role in transforming the Indian capital markets by introducing dematerialisation in holding and settlement of securities. Total value of securities held in the NSDL system are about USD 1.40 trillion (Rupees 80 lakh crore), which accounts for 88% of all securities dematerialised in the country. NSDL has been promoted by IDBI Bank, National Stock Exchange (NSE) and the Specified Undertaking of the Unit Trust of India (SUUTI). Several other public sector, private sector and foreign banks are shareholders of NSDL. NSDL has recently demerged its depository and e-governance businesses.

''NSDL is a showcase institution of the Indian Capital Market and I am honoured to be chosen to lead NSDL in its continuing efforts to introduce transformatory changes in the market,'' said Mr. Rao.

Mr. Rao has over 26 years' experience in various segments of financial services and has successfully built and managed several new businesses. Mr. Rao is a graduate from IIM, Ahmedabad, a Chartered Accountant and a Cost Accountant. Mr. Rao is presently the MD & CEO of IDBI Federal Life Insurance Company Ltd. Prior to that, he was the MD & CEO of IDBI Bank, a new generation private sector bank and later became the CEO of the Commercial Banking SBU after the bank's merger with its parent institution, Industrial Development Bank of India. Before that, Mr. Rao was MD & CEO of IDBI Capital Market Services Ltd.

Place: Mumbai
Date : June 24, 2013