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CDSL launches TRUST

India Infoline News Service | Mumbai |

TRUST -TRansactions Using Secured Texting as an alternative channel to submit delivery instructions, for trades done on a stock exchange

Rajeev Kumar Agarwal, whole-time-member, SEBI inaugurated Central Depository Services (India) Limited (CDSL)’s “TRUST” (Transactions Using Secure Texting) facility at a function held at the BSE International Convention Hall last week in the presence of  P.K. Bindlish, CGM, SEBI.

Currently, due to the short period of time available to submit delivery instructions in a T+2 settlement, many investors sign blank slips, which could result in misuse. CDSL has, therefore, introduced TRUST -TRansactions Using Secured Texting as an alternative channel to submit delivery instructions, for trades done on a stock exchange. TRUST enables investors to give SMS confirmation of delivery instructions submitted by their brokers through their easiest login, CSDL said in a statement.

On this occasion, Rajeev Agarwal said “The TRUST facility is another step in the direction of promoting investor protection as it will rule out the possibility of any misuse of the delivery instructions. It will also help in reducing cost to the investor as he need not visit the DP office to obtain and lodge delivery instruction slips. The new system enables the investor to confirm necessary instructions for delivery from his demat account, from anywhere in the world.”

P.S.Reddy, MD & CEO, CDSL said “The mobile revolution has touched every sphere of our lives and the TRUST facility has leveraged mobile technology to enable investors to submit instructions using SMS. This obviates the need of the investor visit the DP to submit delivery instructions, thus resulting in saving on cost and time for the DP and investor.”

Ashish kumar Chauhan, MD & CEO, BSE Ltd. said “After experiencing the facility of trading using a mobile, investors expect a similar facility to settle their trades. CDSL’s TRUST facility will now enable them to do so seamlessly in a secure environment.”
 

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