CDSL IFSC branch in Gujarat gets recognition as foreign depository

CDSL on Thursday said its branch at the International Financial Services Centre in Gift City, Gujarat has been recognised as a foreign depository by the International Financial Services Centres Authority (IFSCA).

The branch -- CDSL IFSC -- would facilitate holding and transfer of all the eligible securities which are permitted at the International Financial Services Centre (IFSC), Gujarat International Finance Tec (Gift) city, the leading depository said in a statement.

The objective of the branch is to make IFSC the 'go-to' location for global investors and be the preferred choice amongst the financial markets.

The branch was recognized by the IFSCA on Wednesday.

"I am sure that this step will contribute to the growth of the financial ecosystem, while providing a world class sophistication in terms of technology and services in the products as permitted at the IFSC, Gift City," said Nehal Vora, MD and CEO of CDSL.

Central Depository Services (India) Limited (CDSL) maintains and services over 2.61 crore demat accounts of investors or spread across the country.

Major shareholders of CDSL include BSE, Canara Bank, HDFC Bank, LIC and Standard Chartered Bank.