NSDL buys office premises from IDFC First Bank in Mumbai

National Securities Depository Ltd (NSDL), the country’s largest and oldest securities depository, on Monday announced the acquisition of office space from IDFC First Bank.

NSDL said it had entered an agreement for the purchase of office premises from IDFC First Bank.

The office premises are situated at Naman Chambers, G Block, Bandra Kurla Complex, Bandra (East), Mumbai 400051, according to the NSDL statement.

In afternoon deals, IDFC First Bank shares traded 0.4 per cent weaker for the day at Rs 89.7 apiece amid choppy trade on BSE, having reversed direction after rising to as high as Rs 91.1 apiece earlier in the day.

What is NSDL and what does it do?

NSDL is one of the largest securities depositories in the world. Set up in August 1996, NSDL handles much of the securities held and settled in demat form in the country’s capital market.

The depository offers an array of value-added services to investors.

Using innovative and flexible technology systems, NSDL works to support the investors and brokers in the capital market of the country. NSDL aims at ensuring the safety and soundness of Indian marketplaces by developing settlement solutions that increase efficiency, minimize risk and reduce costs. At NSDL, we play a central role in developing products and services that will continue to nurture the growing needs of the financial services industry.

What is a depository system?

A depository is like a bank where securities owned by shareholders are kept in special accounts, known as depository accounts.

NSDL provides a host of services to investors, stock brokers, custodians and issuer companies through its country-wide network of depository partners.

As of September 30, 2023, National Securities Depository held as many as 3,34,72,533 investor accounts with a total demat custory value of Rs 355.78 lakh crore, or $4,275 billion.

According to NSDL, an average 5,093 accounts have been opened per day since November 1996.

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