CDSL inaugurates its first branch at GIFT IFSC
Central Depository Services (India) Ltd, India's first listed depository, on Monday inaugurated its first branch at the GIFT City here, introducing delivery-based trading to the existing list of products traded at the IFSC, a senior official said.
By : migrator
Update: 2020-01-06 12:08 GMT
Gandhinagar
This is the first depository to start its operations in the Gujarat International Finance Tec-City (GIFT City), said Nehal Vora, managing director and chief executive officer, CDSL.
Vora said the operation of CDSL at the IFSC has been launched following requisite approval from markets regulator Sebi.
He said that to start with, 2-3 depository participants have expressed interest to start operations in GIFT City, India's first international financial services centre (IFSC).
"Being a regulator ourselves, we are subjecting ourselves to higher level of transparency in terms of disclosures for these kinds of institutions. Opening an IFSC branch is the first of the many initiatives we propose in taking the entire business of CDSL to the next level," Vora said.
He also said CDSL also plans to launch initiatives such as depository receipts, listing of bonds and a variety of hybrid or combination products.
Vora added that a unified regulator for all financial market investments in the GIFT City as proposed by the government will be a facilitating mechanism, but business will be usual for existing regulators here until that happens.
GIFT City MD and Group CEO Tapan Ray said the presence of CDSL as the first depository in the GIFT City will complete the capital markets eco-system in the GIFT IFSC.
In IFSC, Sebi is the single touch contact, which coordinates with all regulators. All three market segments -- commodities, currency, and securities -- are one in IFSC.
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