 "financial reforms, NSDL, Ordinance")
September 20 marks the 30th anniversary of the Depositories Ordinance, 1995. Few imagined this quiet legislative initiative would trigger one of the boldest financial reforms in independent India. Over three decades, dematerialisation has evolved from a daring experiment to an everyday reality. Today, two depositories serve over 200 million investor accounts, holding securities of more than 100,000 companies, with a custody value exceeding ₹600 trillion. What began as a leap of faith in 1995 is now the backbone of India’s securities market.
Humans are fascinated by magic, the thrill of watching something vanish before our eyes — a train, a
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