National Securities Depository Limited provides security depository services to facilitate trading in a computerized environment in India. Its services include account maintenance, dematerialization, rematerialization, distribution of non-cash corporate actions, and nomination/transmission; and settlement of trades through market transfers, off market transfers, and inter-depository transfers. The company also provides other services, such as pledge, hypothecation of securities, automatic delivery of securities to clearing corporations, distribution of cash and non-cash corporate benefits, stock lending, and dematerialization of NSC/KVP. In addition, its services include automatic delivery o...
Trade World, A wing
4th & 5th Floors
Kamala Mills Compound
Senapati Bapat Marg, Lower Parel
Founded in 1995
Companies Reportedly Eyeing Stakes In GST Tax Network Companies
Mar 12 13
ICICI Bank Ltd. and Housing Development Finance Corporation Limited have expressed interest in acquiring stakes in the companies that will set up the goods and services tax network, according to two finance ministry officials. HDFC Bank Ltd., LIC Housing Finance Ltd., National Stock Exchange of India Ltd. and IDFC Limited also intend to acquire those firms. A 51% stake is reserved for private firms in the company that will set up the technology backbone of the tax system. "While LIC Housing Finance and NSE have expressed willingness to hold 11% or more stake, the remaining four financial institutions have expressed willingness to hold up to a 10% stake," said a finance ministry official, who did not want to be identified. "A final decision on the shareholding pattern will be taken after the empowered committee of state finance ministers gives its nod." "We want National Securities Depository Ltd. to work for the network. If NSDL becomes a major shareholder, then there would be a conflict of interest," said a second finance ministry official, who, too, did not want to be identified. Mint added that Spokespersons for HDFC and LIC Housing confirmed their interest. The HDFC spokesperson termed the network as a development initiative. NSE declined comment and an email sent to ICICI Bank, HDFC and IDFC remained unanswered. Gagan Rai, Managing Director and Chief Executive Officer of NSDL, confirmed the company will not be a shareholder in the network. "Nothing is finalized as of now," he said.