48 Lakh Demat Accounts Opened In July-September Quarter, Says CDSL

The rise in the number of new dematerialised accounts in India shows that the Indians are increasingly participating in stock markets

As many as 48 lakh Demat accounts were opened during the July-September quarter of the financial year 2022-23, Central Depository Services (India) (or CDSL) said recently, according to ANI. The rise in the number of new dematerialised accounts in India shows that the Indians are increasingly participating in stock markets. 

Central Depository Services (India) is Asia's first and only listed depository. Notably in August, 2022, CDSL became the first depository to register 7 crore Demat accounts.

Last week, the depository announced its audited consolidated and standalone financial results for the half-yearly year that ended September 30, 2022, reported ANI. 

According to the report, the consolidated total income of the depository rose 7 per cent year-on-year to Rs 316 crore, whereas net profit declined 8 per cent to Rs 138 crore during the first half of 2022-23 (April-September), data showed. During the July-September quarter, total consolidated income rose 3 per cent year-on-year to Rs 170 crore, whereas net profit declined 7 per cent to Rs 80 crore.

"We are happy to present the performance of CDSL for the second quarter of this financial year, on the auspicious occasion of Dhanteras, the first day that marks the celebration of Diwali," ANI quoted Nehal Vora, MD and CEO. "We at CDSL, in line with the spirit of Diwali, strive to empower the Niveshaks (ie., Investors) through our services to help them transcend into an #AtmanirbharNiveshak (Self-sufficient investor). With this belief, we at CDSL wish to renew our commitment to providing convenient, dependable and secured digital services."

Vora added that the financial performance during the second quarter continued to be strengthened by the firm's sustainable long-term strategy of investing in the digital eco-systems and robust technology to provide all market participants with an easy and secure platform.

"Today using CDSL's services, the investors have the power to hold, operate and monitor their investments safely, from the comfort of their homes. Additionally, our services like e-AGM, e-voting, etc. empower the shareholders to connect with the companies conveniently," Vora said.