Dematerialisation: A digital revolution in Indian finance

Exactly 26 years ago, India embarked on a very ambitious path in digital finance leading to remarkable results. It is time for more such reforms

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Illustration: Binay Sinha

K P Krishnan
The number of dematerialised accounts in India recently crossed 100 million. Given India’s population, large numbers can be obtained in many fields — but each of these milestones is backed by a reforms programme of imagination and execution. The remarkable success of securities dematerialisation is a story of high quality legislation, thoughtful institution-building, leadership and risk-taking, and genuine co-operative federalism.

A depository is, simply, an abode for safe-keeping of valuables, where the ownership record of these valuables can change on a computer system. As with so much else about the early years of the Securities and Exchange Board of India (Sebi)
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First Published: Sep 19 2022 | 10:57 PM IST

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