CDS signs MoU with NSDL India
View(s):The Central Depository System (Pvt) Ltd (CDS), owned by the Colombo Stock Exchange (CSE) signed a Memorandum of Understanding (MoU) with the National Securities Depository (Pvt) Ltd of India (NSDL), for the purpose of knowledge sharing in the area of depsitory services, a CSE media release said.
The NDSL is the largest depository in India, responsible for the establishment of a national infrastructure of international standards that handles most of the securities held and settled in dematerialised form in the Indian capital market.
“NDSL is seen as the ideal partner for the CDS in its trajectory of growth for the future as a leading service provider for the financial services industry in Sri Lanka. The CDS hopes that by knowledge sharing with the NDSL it will strive to adopt industry best practices and reach its diversified goals of being a service provider to a series of stake holders in the capital market while face emerging market challenges,” the release said.
It further added that this MoU intends to explore opportunities for cooperation between the two depositories, establish a basis for cooperation in depositary and settlement related matters, and establish operational linkage between the two depositories.
“We anticipate developing a closer working relationship with the NDSL and other regional depositories in the future, to maintain channels of communication for exchange of information. We also hope to promote visits for knowledge sharing purposes by directors, officers and employees of regional depositories, in the hope of collectively improving industry standards,” Chairman of the CDS Vajira Kulatilaka said.