CDSL stock gains 3% after CDSL IFSC receives recognition as the Bullion Depository

CDSL said that the Bullion Depository will now facilitate holding and transfer of Bullion viz.

Aug 20, 2021 10:08 IST India Infoline News Service

The  Central Depository Services (India) Limited (“CDSL”) has announced that its wholly-owned subsidiary CDSL IFSC Limited (CDSL IFSC) has been recognized as the Bullion Depository in IFSC by the International Financial Services Centres Authority (“IFSCA”).

Nehal Vora, MD & CEO of CDSL said, “This is a prominent moment for us and the entire IFSC ecosystem. I am certain that the Bullion depository will not only contribute to the growth of the financial eco-system but will also provide support to ensure that the IFSC becomes the epitome of world-class sophistication in terms of products and services .”

In its regulatory filing on NSE, CDSL said that the Bullion Depository will now facilitate holding and transfer of Bullion viz. Gold initially will be extended to Silver and any other commodities that are eligible to be held/traded by IFSCA at IFSC, GIFT City.

Further, the Depository will embark on achieving the objective of making IFSC the ‘goto’ location for all eligible investors and be the preferred choice amongst the financial and bullion markets.

At around 10.41 AM, CDSL is trading at Rs1,246.50 per piece surging by Rs35.90 or 2.97% on NSE. 

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