Robinhoods help CDSL reach 3 cr demat accounts in record time

Business


MUMBAI: Central Depository Services Ltd () on Saturday said it has become the first depository in the country to have 30 million active dematerialised accounts, helped by a surge in first-time investors in the stock market during the Covid-19 pandemic.

The company took five years to reach the 20 million active demat accounts from 10 million, but went on to hit the 30 million mark in just a year .

“It is heartening to note that the focus of registration of new demat accounts is shifting from metros to tier II and tier III cities, which is indicative of the deepening and widening of the Indian Capital Market,” said BV Chaubal, chairman of CDSL.

The stock market saw massive influx of new investors during the COVID-19 lockdown months of April-June as individuals with more time on hand and savings in banks chose to deploy them in the stock market.

The trend was in-line with a global phenomenon that saw first-time investors flock the equity market to capitalise on the upswing in the market after crash in March.

Nifty50 and BSE Sensex have nearly doubled after hitting their multi-year lows in the arch crash helped by ultra-lose monetary policy of global central banks, post-lockdown economic recovery and weakening US dollar.





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