The Depository Trust & Clearing Corporation (DTCC), the world's largest depository based in New York, has signed separate agreements with the National Securities Depository (NSDL) and the Central Depository Services (CDSL), India's two leading depositories, for information sharing and to exchange clearing and settlement data.
The deals signed by DTCC, which provides custody and asset servicing for 2.8 million security issues from the United States and 100 other countries and territories valued at $36 trillion, is the first of this sort by a global depository company in India.
The pacts also gains importance in view of the recent government regulations allowing foreign players to pick upto 26% in stock market infrastructure companies such as domestic depositories.
The financial sector, including stock exchanges and brokerages, are attracting huge foreign interest for strategic investment. Industry experts feel global players are already exploring opportunities to invest in depositories.
Read more in The Business Standard article.
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