National Securities Depository Ltd (NSDL) has appointed G V Nageswara Rao as managing director (MD) and chief executive officer (CEO) with effect from July 1. Further, the depository undertaking has been de-merged into two companies, NSDL and NSDL e-governance Infrastructure Limited. Gagan Rai, current MD & CEO of NSDL, has been appointed MD & CEO of the latter.
“In order to restructure various activities carried out by the company, the depository undertaking has been de-merged under a ‘scheme of arrangement’ into a separate company. There are now two companies viz. National Securities Depository Limited, carrying out depository business and NSDL e-governance Infrastructure Limited, undertaking activities other than depository,” said the company in a statement.
Rai said e-governance had steadily evolved from computerisation of government departments to initiatives that encapsulate the finer points of governance, such as citizen centricity, service orientation and transparency.
“NSDL e-gov has pioneered in this dynamic sphere and has partnered with various governmental and regulatory authorities to provide some of the finest e-governance infrastructures in the country. Post de-merger of the depository undertaking, NSDL e-gov will focus on information technology enabled e-governance projects in India / abroad,” he said.
NSDL said Rao's appointment has been approved by the board and the shareholders of NSDL as well as by the Securities and Exchange Board of India. Presently, Rao is the MD & CEO of private life insurance company IDBI Federal Life Insurance. “NSDL is a showcase institution of the Indian capital market and I am honoured to be chosen to lead NSDL in its continuing efforts to introduce transformatory changes in the market,” said Rao.
The total value of securities held in the NSDL system are about USD 1.40 trillion (Rs 80 lakh crore), which accounts for 88 per cent of all securities dematerialised in the country, according to the company release. NSDL has been promoted by IDBI Bank, National Stock Exchange and the Specified Undertaking of the Unit Trust of India. Several other public sector, private sector and foreign banks are shareholders of NSDL.
