Abhishek Tiwari, Tuesday 09th March 2010 
The National Stock Exchange, an Indian bourse, has raised its stake from 15.63 percent to slightly over 25 percent in NSDL (National Securities Depositor Ltd) by buying the SUUTI’s 9.2% stake in NSDL for $25 millions i.e. more than Rs. 1000 crore.
National Securities Depositories is the first and the largest depository in India handling settlement of most of the demat accounts in Indian capital market and SUUTI is a Specified Undertaking of Unit Trust of India. The deal took place as revenge by NSE against its rival BSE’s act of increasing its stake in CDSL (Central Depository Services Ltd.) from 36.56 per cent to 51 % for which the sole advertiser was ICICI bank.
Now NSE is the second highest stakeholder in NSDL while the one at the top is IDBI (Industrial Development Bank of India) with 30% stake and other stakeholders of NSDL include Canara Bank, HSBC, Oriental Bank of Commerce, HDFC Bank, Citibank, Standard Chartered Bank, Dena Bank, Union Bank of India and State Bank of India.
Both the leading Indian bourses are indulging in these developmental activities pertaining to the fact that a committee has been set up by SEBI under Bimal Jalan, former governor of RBI, to review on ownership structure and governance of infrastructure institutions of the market.
|