From March 1, investors will have unified single statement for all dematerialised accounts across the capital market products, said the National Securities Depository Ltd (NSDL).
This means that an investor would get a unique ID number through which a comprehensive picture of all his/her market investments in one statement from the next month.
“The information of demat accounts for equity, debt, bond and mutual fund investments of one individual investor or entity will formally be clubbed in a single statement from next month. We have already established a digital connection for such an exercise. A multiple accounts holder across the product segments can now be able to generate a comprehensive statement for all the accounts,” said Prashant Vagal, Senior Vice-President of NSDL.
This is a first step towards achieving single demat account for all financial assets. Initially, the demat accounts synchronisation and unification of all SEBI-regulated capital market products have been taken up, he said. All other dematerialised products would gradually come under one umbrella account in future.
IRDA, PF too on radarIt is expected that insurance products, which are regulated by Insurance Regulatory and Development Authority of India, might be the next set to join the unification move. Provident funds are also targeted to come under the proposed unified information system, Vagal said.
The NSDL official, who was here to attend the annual ICC Mutual Fund Summit, said the depository’s “technological infrastructure was ready” to club the synchronised data of all investors across the different product category.
“NSDL has done a pilot project for National Saving Scheme and Kisan Vikas Patra for six years. We indeed synchronised subscription and redemption information of these products from 15 urban centres of the country. The experiment, though was discontinued, had proved effectiveness of our system,” Vagal explained.
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