DUBAI -- Non-Resident Indians (NRIs) trading shares, debentures and bonds in the Indian financial market can now monitor their dematerialised accounts with National Securities and Depository Limited (NSDL) online, said C.V Bhave, chairman and managing director of NSDL in Dubai yesterday.
In addition to monitoring the accounts online, the depository account holders can also submit delivery instructions through Internet. "Secure transaction is ensured through password protected accounts and smart card based security verification. In the case of password based online delivery instructions, deliveries will be canalised only through those brokerages specified by the account holder," Bhave said.
NSDL, through Depository participants offers custody of services, dematerialisation, electronic settlement of trades, off market transfers, inter-depository transfers. Currently, NSDL has more than 215 depository participants.
The SPEED-e online delivery mechanism is now available through 30 depository participants. Password based users can submit delivery instructions only in favour of pre-notified clearing member accounts while smart card based users can submit delivery instructions in favour of any number of accounts.
"A large number of DPs have already subscribed to SPEED-e and the Internet-based demant account statements. These two services together remove the barriers of distance and time in operating the depository accounts," he said.
NSDL also provides value added services such as share pledging, hypothecation of securities, distribution of non-cash corporate benefits including bonus nad rights issues.
After accomplishing the demat process, the NSDL has embarked on establishing a nationwide tax information system (TIN). TIN will be a repository of tax related information on behalf of Income Tax Department (ITD). This project is being implemented in phases. Current phase comprises digitisation of TDS returns and setting up of Online Tax Accounting System (OLTAS). Once the process is completed, all income tax returns related information can be accessed online. "In addition to making the tax administration efficient, it will be convenient for tax payers to including NRIs to reclaim income tax deducted at source, wherever tax is not applicable," he said.
NSDL held its investor depository meet in association with Khaleej Times in Dubai yesterday and another session will be held in Abu Dhabi tomorrow.
BY BABU DAS AUGUSTINE
© Khaleej Times 2005
