Central Depository Services (India) hit an upper circuit of 5% at Rs 1,321.45 after the company's subsidiary received the approval from The Controller of Certifying Authorities (CCA) to provide eSign services.
In an exchange filing post market hours on Wednesday, CDSL announced that its subsidiary CDSL Ventures (CVL) received approval from The Controller of Certifying Authorities (CCA) to provide eSign services to Application Service Providers, based on online Aadhaar eKYC.eSign or Electronic Signature Service can be integrated with various applications to facilitate digital signing of a document, by authenticating Aadhaar based eKYC of eSign user. eSign provides benefits which includes convenience and security to citizens, while organizations save on time, achieve streamlined processes and reduce the costs associated with handling and storage of paper.
CDSL Ventures has already been registered with UIDAI to offer Aadhaar based E-KYC services. The company has also launched an OnLine Account Opening (OLAO) software to facilitate intermediaries to perform online KYC and open demand and broking accounts of their clients.
Sunil Alvares, MD & CEO of CVL said The Government of India's initiatives towards transforming the digital infrastructure is taking constructive shape and CDSL Ventures Limited is honoured to be an eSign service provider in the country as part of this vision. Our eSign services will accelerate the pace of change in ushering a paperless revolution in India.
CVL is the first and largest KYC Registration Agency (KRA) in India with over 3.35 crore KYC records. The KRA enables a KYC compliant investor to avoid duplication of KYC process while opening an account for the purpose of trading / investment through multiple intermediaries in the securities market.
Central Depository Services (India) Limited (CDSL) is India's leading and only listed depository, with an objective of providing convenient, dependable and secure depository services at affordable cost to all market participants.
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The company posted a 38.4% rise in consolidated net profit to Rs 63.87 crore on a 79.7% rise in net sales to Rs 117.28 crore in Q1 FY22 over Q1 FY21.
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