Born to be part of an online securities trading system, for CDSL, CMC's software is its Veda – the very source of its existence

VeDAS for security

CMC's VeDAS enabled CDSL to be more responsive to its clients' needs, giving them more efficient, improved service delivery timelines through process automation. The final result was cost-effective and uninterrupted delivery of services to the investor

The product
VeDAS Versatile Depository and Accounting System

The client
Central Depository Services (India) Ltd (CDSL)
A securities depository service, offering dematerialization and rematerialization of shares, and other depository services

The Stock Exchange, Mumbai (BSE) and a few major Indian banks sponsored the Central Depository Services (India) Ltd (CDSL). CDSL operates according to the guidelines and directions of India's securities regulator, the Securities and Exchange Board of India (SEBI). CDSL's clients include the financial institutions (FIs) and depository participants dealing in shares and stocks from all over India.

Faced with competition from the National Stock Exchange (NSE), BSE - India's premier stock exchange - mooted the CDSL concept. CDSL was started to improve the overall functioning of the stock settlement process, eliminate the paperwork that impacts service delivery timelines, effect immediate payment on sale of shares by investors, shorten the book closure period, etc.

Transactions at CDSL started increasing, and so did demands from the investor public for a faster turnaround time and quicker settlement of trades. At this point of time, CDSL was handling around 10,000 inquiries and 100,000 transactions per day.

In response to this demand, BSE decided to install a state-of-the-art software application that could automate the entire functioning of the depository service. BSE performed an extensive review of the functioning of various major global depository systems and the solutions available in the marketplace for automation of central depositories. After careful evaluation and scrutiny, BSE chose CMC's VeDAS (Versatile Depository and Accounting System).

Using VeDAS, CDSL could offer various core and value-added services to investors and depository participants. These services, among others, include:

	Dematerialisation and rematerialization of shares and monitoring of associated activities
	Corporate actions, like cash and non-cash benefits, initial public offers (IPOs), rights issues, capital reorganisation through stock splits, mergers, acquisitions and conversions
	Exhaustive account management
	Securities lending and borrowing
	Pledging, unpledging and collateralisation of securities
	Legal / beneficial title transfers
	Billing and transfers
	Inquiries and reporting
	Inter-depository transfers

Deployment summary
More than 18,00,000 BO accounts, consisting of more than 7.4 million records.

Benefits

	Manages, synchronises and co-ordinates all investor and depository participants interactions from across the country.
	Provides optimal response time for transaction processing and problem resolution
	Eliminates paper-based activity
	Increase in transactions throughput of the central depository
	Reduction in the overall end-charges for the investor
	Provides uninterrupted services to the investor on all working days
	Supports any investor and user enquiries
	Extensive reporting capabilities - operational, statistical and user-customised