The scenario on the growth and reforms front has undergone a huge change. Its supporters occupies greater space than that of obstructers, said union finance minister Shri Arun Jaitely today in Mumbai.
He was speaking at the function organized by National Securities Depository Limited (NSDL) to celebrate historic milestone of crossing Rs. 100 lakh crore (US$ 1.5 trillion) in the value of securities held in its 1.4 crore demat accounts. Shri Jaitley further said that, If India can achieve the 7 to8 % growth even in globally adverse economic situation, the target of extra 2% would not be very difficult as the adversities may not continue. He emphasized that the individual savings through banking or capital market should get into economic activities as for economic growth bigger private sector is required.
Shri Jaitley also unveiled a logo at the function.
The value of securities held in NSDL, As on November 13, 2015, is Rs. 115 lakh crore (US$ 1.75 trillion). The market share of NSDL in value of demat assets is 89%.
Using innovative and flexible technology systems, NSDL works to support the investors and intermediaries in the Indian capital markets. It aims to ensure the safety and soundness of Indian markets by developing settlement solutions that increase efficiency, minimize risk and reduce costs. It plays a central role in developing products and services that nurture the growing needs of the financial services industry. NSDL services more than 1.4 crore investor accounts through its Participants from over 18,400 locations spread in 1,748 cities/towns across India. Demat account holders of NSDL are present in more than 87% of Pin codes in the country indicating its vast reach.
NSDL is amongst the largest depositories in the world both in the number of demat accounts as well as in the number of transactions processed. Apart from the basic services related to demat, it has been offering value added services to investors. It is contributing to the Digital India drive in a large way with its various internet and mobile based initiatives such as SPEED-e, IDEAS, STEADY, SPICE, SIMPLE, e-voting, tablet-based venue voting, Mobile Apps, etc. It has also started sending Consolidated Account Statements (CAS) which provides a single view to the investor of all investments in securities and insurance policies held in electronic form.
This is part of the overall path-breaking vision to enable all financial assets to be held electronically in a single operating demat account, articulated by the Hon’ble Finance Minister in his budget speech of July 2014.
Shri R.K. Agrawal, Whole Time Member-SEBI, Shri C.M. Vasudev, Chairman, NSDL and Shri G.V. Nageswara Rao, MD & CEO, NSDL were present at the function.