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In India, a Depository Participant (DP) is described as an Agent of the depository.They are the intermediaries between the depository and the investors. The relationship between the DPs and the depository is governed by an agreement made between the two under the Depositories Act.
In India, demat accounts are maintained by two depository organizations: the National Securities Depository Limited and the Central Depository Services Limited. A depository participant (DP), such as a bank, acts as an intermediary between the investor and the depository. In India, a DP is described as an agent of the depository.
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National Securities Depository Limited (NSDL) is an Indian central securities depository, based in Mumbai. It was established in August 1996 as the first electronic securities depository in India with national coverage. [2] It was established based on a suggestion by a national institution responsible for the economic development of India.
Depository Participant License: SEBI also issues licenses to depository participants in India. Depository participants are intermediaries that offer services related to holding and trading of securities in electronic form through a depository system. Depository participants can operate in different categories such as NSDL and CDSL.
Inter-connected Stock Exchange is a Depository Participant of Central Depository Service (India) Limited (CDSL) [9] and National Securities Depository Limited (NSDL). [10] ISE-DP has branches at Delhi, Kolkata, Patna, Guwahati, Ahmedabad, Hyderabad, Nagpur, Coimbatore, Tirunelveli and 155 Collection Centers across the country.
IDR's are based on the original American depositary receipts that were first introduced in 1927 in the US.. The Ministry of Corporate Affairs of the Government of India, using section 642 read with section 605A had prescribed the Companies (Issue of Indian Depository Receipts) Rules, 2004 (IDR Rules) vide notification number GSR 131(E) dated February 23, 2004.
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