NSDL crosses one crore demat accounts
National Securities Depository Limited (NSDL), India’s first and the largest depository has crossed 1,00,00,000 (one crore) demat accounts by August 2009. These accounts have more than 80% of securities held and settled in dematerialised form in India, indicating preference and trust the investors have in maintaining their assets with NSDL. Over the period of last two years, more than 40 lakh new demat accounts were opened with NSDL. These accountholders are serviced by 281 Depository Participants through more than 9,600 service centres across about 1,000 cities/towns in the country.
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 has also been appointed as Central Recordkeeping Agency for the New Pension System of Govt. of India, which has recently become operational for all citizens of the country, apart from Central and State Government employees.
This progress would not have been possible but for the market acceptance of NSDL’s technology, services and trust.