India’s largest depository and database management company National Depository Services (NSDL) is getting bigger and bigger and has now split itself to form an associate company to take up more e-governance projects that government intends to roll out to get rid of corruption and cumbersome paperwork.
NSDL has been split with the formation of an associate company called NSDL e-Governance Infrastructure. NSDL e-Governance Infrastructure is promoted by same set of promoters that promote NSDL.
NSDL is also promoted by public sector banks and private sector financial institutions with public shareholding being 53 per cent and private being 47 per cent. The promoters include IDBI Bank, National Stock Exchange of India and adminstrator of the specified undertaking of the Unit Trust of India.
Other shareholders are State Bank of India, HDFC Bank, Deutsche Bank, Axis Bank, Citibank, Standard Chartered Bank, The Hong Kong and Shanghai Banking Corporation, Oriental Bank of Commerce, Union Bank of India, Dena Bank and Canara Bank.
NSDL e-Governance Infrastructure will manage Tax Information Network and Central Recordkeeping Agency for National Pension Scheme, so far being directly handled by NSDL.
With incorporation of an associate company, now there are three companies under NSDL wings – NSDL being the parent company and NSDL e-Governance Infrastructure as an associate company and another subsidiary NSDL Database Management (NDML).
NSDL had incorporated NDML as a wholly owned subsidiary in June 2004, which handles national skills registry for Nasscom and Sez Online as a part of the e-governance initiative of ministry of commerce to automate Sez transactions.
The decision to form a new associate company was taken by the NSDL board last month, said two persons familiar with the development.
“NSDL e-Governance Infrastructure was incorporated a month back, as an associate company of NSDL,” said one of the directors of NSDL.
NSDL’s managing director and CEO Gagan Rai couldn’t be contacted for further details on the board’s decision to form NSDL e-Governance Infrastructure.
NSDL has played a pioneering role in laying down the basic infrastructure for e-governance in the country such as fastest conversion of physical equity shares into a dematerialised form. It will now be used by the government agencies to roll out e-governance projects of huge size and scale such as digitisation of the land records, university certificates to get rid of corruption in the system.
Shailesh Haribhakti, chairman, BDO Consulting, who is also on the board of NSDL said, “NSDL e-Governance Infrastructure will take the task of dematerialisation of various assets,” while talking about crucial role that e-governance will play in future in a panel discussion on financial reforms.
“NSDL e-Governance Infrastructure will be vying for grand government projects that may come in the future like land registry, demating of gold assets, demating of life insurances policies,” Haribhakti said.
“In five years from today, you will be able to trade seamlessly across all asset classes, remember we did the fastest conversion of our equity assets in dematerialised form,” Haribhakti said.
Life insurance policies issued by insurance companies will soon be issued in dematerialised form with Insurance Regulatory Development Authority board approving the formation of National Insurance Repository.
National e-governance plan (NeGP) is a plan of the government of India to make all government services available to the citizens of India via electronic media. NeGP was an outcome of the recommendations of the second administrative reforms commission. It is under the administration of the department of information technology of the ministry of communications and information technology, government of India.
NSDL was set up as the first securities depository in India in 1996 by national institutions like Industrial Development Bank of India, Unit Trust of India (then largest mutual fund in India) and National Stock Exchange of India. Some of the prominent banks in the country have taken a stake in NSDL. NSDL handles over 80 per cent of the securities held and settled in dematerialised form in India through its nationwide network of electronic system infrastructure.
NSDL had more than 1.25 crore investor accounts as on December 31, 2012 and 14,435 depository participant service centres spread across the country.
NSDL also provides a number of e-governance solutions to the ministry of finance in the area of direct & indirect taxes and act as the central recordkeeping agency for the new pension system.
NSDL has also established Tax Information Network (TIN) as a repository of tax related information for central board of direct taxes. TIN is designed to make tax administration more effective, furnishing of returns convenient, reduce compliance cost and bring greater transparency.
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Autor(en)/Author(s): Ravi Ranjan Prasad
Quelle/Source: mydigitalfc, 27.01.2013
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