Cdsl To Woo Promoters Of Companies For Dematerialisation

M G Damani, the Bombay Stock Exchange (BSE)-nominated director of CDSL, said: "If we manage to get the promoters of big companies to dematerialise their holdings with us, it will boost our business in a big way."

In order to achieve that, Damani has adopted a 90-day programme to meet promoters and marketmen all over the country.

"In addition, what would boost our business immensely is the support of the BSE brokers. I am sure, BSE being the promoter of CDSL, the members of the bourse would not look beyond CDSL when becoming a depository participant (DP)," Damani said.

Damani also indicated that in the long run, brokers would have to offer depository facilities to their clients as a value-added service. "For that, charges must come down, and CDSL is committed to reduce charges," Damani said.

"Maybe someday, the charges would be so nominal that brokers would not mind giving depository facilities for free or at nominal charges. The way we have been cutting costs, and reducing our charges, that day seems not far off," he said.