Cdsl Eyes 25% Of Depository Market

Brij Gopal Daga, managing director, Central Depository Services (India) Ltd (CDSL), today said the company has set a target of capturing one-fourth business of the country's depository services shortly.

Daga, who was in the city to attend a conference on financial markets, said during his tenure the company managed to increase its market share by 8-11 per cent.

The conference was held under the aegis of the Institute of Chartered Accountants of India. The second depository services provider -- the first being the National Securities Depositary Ltd -- has a network of 175 depository participants (DPs) operating from 369 branches.

Another 25 DPs will soon join the CDSL network. "As many as 25 applications for setting up DP operations are pending either with the Securities and Exchange Board of India or with us (CDSL)," he said.

He said the company would introduce an online depository transfer system in September. The system, which would be a part of the expansion of the existing web project, would also enable an investor to analyse his mark-to-market position as the valuation of his holding would be done automatically on the screen.