Mumbai (Maharashtra) [India], May 7 (ANI): The National Securities Depository Limited (NSDL), which has 89 per cent market share in value of demat assets in India, on Saturday unveiled Distributed Ledger Technology (DLT) or blockchain platform for Debenture Covenant Monitoring.
Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch unveiled the blockchain technology platform to mark the silver jubilee celebration of the NSDL.
"Demat revolution was the very first step by which entire market adopted technology. This day will also be remembered as an important day as we are taking the first step in terms of the use of DLT in the markets," Buch said after unveiling the new technology platform.
Aimed at ensuring total transparency, the DLT blockchain is to bring issuers and debenture trustees on a common ground to record asset charges as well as monitor the asset cover ratio and various covenants of the issuance and transparency in the debenture market.
NSDL claims that the Depository will move one step ahead in adopting new technologies and building the critical market infrastructure for the security and covenant monitoring of bond issuances.
Addressing the function, Union Finance Minister Nirmala Sitharaman appreciated the rapid progress being made by the Depository, especially by adopting new technologies and also mentioned that NSDL stands true to its tagline 'Technology, Trust and Reach'.
"NSDL opened the first demat in India in 1996. NSDL has a pan-India presence through 57,000 service centres. There are more than 27 million demat accounts and the value of securities is more than $4 trillion; this will reach $5 trillion very soon," said NSDL Managing Director & CEO Padmaja Chundru. (ANI)