CDSL jumps on crossing 3-cr demat account mark

Central Depository Services (India) jumped 7.19% to Rs 576.75 after the company said it became the first depository to open three crore plus active demat accounts.

CDSL demat accounts crossed the one crore mark in August 2015, two crore mark in January 2020 and three crore mark last month.

"CDSL is currently the largest depository in the country in terms of active demat accounts, the company said in a statement.

G Mahalingam highlighted that of the new accounts, around 98.4% comes from the retail investor and with an outreach of 97% pin-codes.

B V Chaubal, Chairman, CDSL said: It is heartening to note that the focus of registration of new demat accounts is shifting from metros to tier II and tier III cities, which is indicative of the deepening and widening of the Indian Capital Market. In the 21st century, riding on financial technology, this crisis has brought opportunity to accelerate digital innovations.

CDSL reported 158% jump in consolidated net profit to Rs 53.69 crore on a 59.1% increase in net sales to Rs 86.13 crore in Q3 FY21 over Q3 FY20.

CDSL is India's leading and only listed depository, with an objective of providing convenient, dependable and secure depository services at affordable cost to all market participants.

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