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Our Market Bureau
MUMBAI, May 18: The Stock Holding Corporation of India Ltd (SHCIL), the country's largest custodian, plans shortly to implement its one-stop-shop service following the approval of its proposal from the Reserve Bank of India (RBI) and Securities and Exchange Board of India (Sebi). This will help SHCIL to interlink the various elements of the securities transaction chain such as the stockbroker, bank, depository participant, stock exchange and depository.
This system will involve the use of kiosk-based systems termed request transferring machines which will provide the investor a single window to operate and will initially be available at select bank branches. The chief executive officer of SHCIL BV Goud said, at a press conference in Mumbai, that the number of accounts in the depository services of SCHIL has crossed 1 lakh and the assets in electronic accounts has touched Rs 50,000 crore. "We plan to double the number of accounts in the depository services to 2 lakh promptly and the next target is to touch 5lakh accounts under the depository services", said Goud.
Shcil has also entered into an agreement with Computer Associates (CA) who are one of the world's largest developers of communications interface software. SHCIl will use, and market, CA's software `Enterprise Management Solution' to monitor and manage highly distributed and diversified IT network. "Cost effective management of IT resources will help SHCIL stay on top of the technology curve and vastly expand and improve services", said Goud. According to Goud, SCHIL's turnover is largely unaffected by the sharp decline in custodial income. "SCHIL's turnover has kept pace with rapid growth of DP segment and its profit margins continue to remain to steady. SCHIL's profits during the year will exceed that of the previous years", added Goud.
Goud said that SHCIL would provide world-class service through innovative use of technology and continuous product development. According to Goud, Shcil has been able to evoke tremendous interest from corporatebodies and banks with over 44 banks having signed up with it and the number of corporate clients exceeding 1,800.
Shcil is also increasing its focus on the NRI investors by entering into strategic alliances with market intermediaries in the middle east and far east. In order to service NRI customers, exclusive NRI cells have been established at Mumbai, Hyderabad, Calcutta, Chennai, New Delhi, Kochi and Ahmedabad, said the SHCIL chief.He added that the corporation would explore the possibility of opening a major centre in south Mumbai to cater to high net income investors. It added a second server to cater to individual investors in the country. This has made it possible for SHCIL to process on-line applications for account opening and also demat requests. Investors in Andhra Pradesh, Gujarat, Karnataka, West Bengal, Tamil Nadu and New Delhi will soon have the added advantage of a separate server to provide on-line connectivity with the NSDL system.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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