NSDL hosts Asia-Pacific Depositories General Meeting
National Securities Depository Limited (NSDL), the first and the largest depository in India which ranks amongst the top 10 depositories in the world in terms of assets in custody is a member of the Asia-Pacific Central Securities Depository Group (ACG). Every year the General Meeting of ACG is hosted by one of the member organisations. This year, the 14th General Meeting of ACG is hosted by NSDL and is being held during December 2-3, 2010 at the JW Marriott, Juhu, Mumbai. This 14th General Meeting is being attended by more than 100 delegates from 24 Depositories / Clearing Corporations across the Asia-Pacific region. Hon'ble Chairman of SEBI, Shri C. B. Bhave inaugurated the General Meeting today in the presence of Dr. R. H. Patil, Chairman, NSDL, Shri Gagan Rai, Managing Director and CEO, NSDL and other dignitaries. NSDL had previously hosted the 2nd General Meeting of ACG in 1998.
Asia-Pacific Central Securities Depository Group (ACG) was formed in 1997 as an informal international organisation with the objective to facilitate the exchange of information and to promote mutual assistance among member securities depositories and clearing organisations in the Asia-Pacific region. Every year the General Meeting of ACG is hosted by one of the member organisations. This meeting is of immense help to all the member delegates and facilitates understanding of major changes taking place in the respective macro-infrastructures and regulatory environments. It also facilitates development of channels of communication for exchange of information in developing new services and establishment of operational, technological linkages for enhancing efficiency of custody & settlement systems and encourages local markets to adopt global best practices.
NSDL, first and the largest depository in India, maintains more than 11 million demat accounts holding securities valued at about USD 1.5 trillion (Rupees 64.45 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 290 Depository Participants through more than 12,300 service centres across more than 1,300 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 : December 02, 2010
Place : Mumbai
