NSDL to record TDS from April 1

Jan 11 2005, 00:36 IST
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Facilitating electronic filing of taxes, National Securities Depository Ltd (NSDL) would start maintaining details of tax deductions for each of its account holders from April 2005.

“We would start maintaining a PAN book for each NSDL account holder from the start of fiscal 2006. This would provide our account holders details of tax deductions on securities transactions during the year,” said CB Bhave, managing director of NSDL, on the sidelines of a conclave on second generation financial sector reforms on Saturday.

He pointed out that NSDL is planning to make the PAN book available to account holders on NSDL website so that it can be easily accessed through the internet. He, however, added that access though the internet may take some time but it would be done during the fiscal 2006, maybe in August. Account holders would be provided passwords to access their tax details which would be updated on a quarterly basis,” Mr Bhave said.

Addressing the session earlier, vice chairman and managing director of Kotak Mahindra Bank, Uday S Kotak talked about the challenges for the capital markets and the steps needed to be taken to improve the securities market infrastructure.

Pointing towards the slow transaction processing speed in the early part of the equities trading session every morning, Mr Kotak said there was a need to invest in IT and networking to handle high volumes.

He also called for an increase in the reach of broadband, the implementation of stock lending and borrowing, the making of margin trading investor friendly and an aggressive roll out of RTGS.

For the primary market Mr Kotak said that there is a need to reduce the period between book-building and listing of IPOs by eliminating multi-stage reconciliation. He also advocated making application forms simpler, the strengthening of registrars — to avoid situations like the ONGC public offer — and the facilitation of faster transfer of funds at the retail level.

Prithvi Haldea of PRIME Database, highlighted the low investor base in the equity market and suggested that the PSUs public issues may be sold only to retail investors to increase the base.

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