These DPs have responded to the suggestion of the National Securities Depository Ltd (NSDL) that certain charges should be done away with to make it more attractive for investors to flock to the depository ahead of the January 4 deadline when trading in 10 stocks will only be in the demat mode.

This will be the first step towards the entire market moving to the depository mode and hence it is imperative that more and more investors move to the depository system by opening accounts with depository participants.

The 25 DPs who have decided to offer all the four incentives are: HDFC Bank, ABN Amro Bank, IDBI Bank,Indian Overseas Bank, Janata Sahakari Bank, HongkongBank, United Western Bank, Geojit Securities, Alankit Assignments, Coimbatore Capital Market Services (P) Ltd, Dayco Securities, Frontline Capital Services Ltd, Gogia Capital Services, IDBI Capital Market Services Ltd, Indbank Merchant Banking Services Ltd, IL&FS, KK Securities, Karvy Consultants, Kotak Securities, Mafatlal Securities, Rajanarayan Financial Services Ltd, Shah Investors Home Ltd, SPFL Securities, Stock Holding Corporation of India Ltd (SHCIL) and UTI Securities Exchange Ltd.

According to NSDL sources, there were another 5-10 DPs who have agreed to offer only part of the incentives suggested by the depository but they are not likely to be included in the advertising campaign being launched by NSDL. NSDL had written to all its DPs saying that those DPs who agree to waive off these charges for investors will be featured in an ad-campaign to be launched by the depository shortly. "The response from DPs has been encouraging. We were targetingonly those DPs who offer retail services only but are surprised to find that a few custodians have also agreed to waive off charges," said a top depository official. The idea behind waiving the set of four charges was to ensure that an investor moving to the relatively new world of depositories should not be required to bear any financial burden till such time he does not get a first hand feel of the system and appreciate the benefits flowing from it.