CDSL International Financial Services Centre (IFSC) Branch, GIFT City, Gujarat, has been recognized as the first Foreign Depository in the IFSC by the International Financial Services Centres Authority (IFSCA).
The authority approved the recognition to CDSL IFSC at its meeting October 28.
The CDSL IFSC Branch has become the first Foreign Depository in the IFSC, to obtain the said recognition and would facilitate holding and transfer of all the eligible securities which are permitted at the IFSC, GIFT City.
The objective of the CDSL IFSC Branch is to make the IFSC the ‘go-to’ location for global investors and be the preferred choice amongst the financial markets.
Commenting on the development , Nehal Vora, MD & CEO of CDSL stated: “This is a very prestigious moment for us. Adding to the list of our many firsts, CDSL besides being the first listed depository in India and the first depository to setup its branch at the IFSC Centre at GIFT City, would now also be the first Depository to be recognized as a Foreign Depository in the IFSC.”
“Further, I am sure that this step will contribute to the growth of the financial eco-system, while providing a world class sophistication in terms of technology and services in the products as permitted at the IFSC, Gift City.”
Central Depository Services (India) Limited (CDSL) is India’s leading and only listed depository, with an objective of providing secure depository services to all market participants. CDSL received its certificate of commencement of business from SEBI in February 1999 and it facilitates holding and transacting in securities in the electronic form and facilitates settlement of trades on stock exchanges.