[ G C O N T H E G R O U N D | I N D I A ]
PARTICIPANTS
R. Anand Head of Custody, Stock Holding Corporation
Atul Badkar Institutional Client Group, Edelweiss
Viraj Kulkarni CEO, Pivot Management Consulting
David Jaegly SBI-SG Global Securities Services
Vivek Harlalka Head of Sales, India, BNP Paribas Securities Services
that was a trigger point. It’ s almost like BC and AD. We managed to dematerialise in the space of four or five years; it took almost two decades for some countries like the US to accomplish that. Progress is a result of the collaboration among the regulator, exchanges and the market participants. In the 25 years rom 1992 till 2017, there’ s been a huge shift; it’ s almost worthy of a Bollywood movie!
Vivek Harlalka: There are 1.66 billion demat accounts at NSDL and around 1.93 billion at CSDL [ the two central depositories ], so if you look at the pace of dematerialisation, it’ s significant. From a service provider point of view, the changes in technology and
“ A combination of collaboration, completion and government-driven policies that have encouraged the introduction of global best practices into the country.”
R. ANAND, STOCK HOLDING CORPORATION
Hans Prakash Chief Business Officer, IL & FS Securities
Sachin Samant Senior Executive Vice President, Kotak Mahindra
Richard Schwartz Global Custodian
Ravi Varanasi Chief Business Development Officer, National Stock Exchange of India infrastructure, the move to rolling settlement and the speed with which information now passes among participants in post-trade processes means we have to keep on our toes. Blockchain is going to be another thing that will affect the markets.
R. Anand: To add to what Vivek said, India moved to T + 2 in 2004, much before the European markets and the US. We had to learn how to handle that environment and it was a challenging time. All of us had to adapt to these changes. In fact we have been regularly collaborating with the regulators and with the other intermediaries so that the settlement cycle becomes even shorter
Spring 2018 globalcustodian. com 59