Central Depository Services said 48 lakh demat accounts opened in India during July-September quarter
Fastest growing stock market investors in the country: July-September quarter was better, with more than 48 lakh Demat accounts opened
People in India are increasingly participating in the stock market. This can be gauged from the fact that in the July-September quarter of the financial year 2022-23, more than 48 lakh new demat accounts were opened. Asia's first and only listed depository CDSL recently gave this information.
Central Depository Services (CDSL) became the first depository to register 7 crore Demat accounts in the month of August 2022. Last week, the Central Depository announced its financial results for the half-year ending September 30, 2022. During this period, CDSL's total income grew 7% on a year-on-year basis to Rs 316 crore. Whereas, net profit declined by 8% to Rs 138 crore.
At the same time, CDSL's total income during the July-September quarter grew by 3% to Rs 170 crore as compared to the same quarter last year. While the net profit was down 7% to Rs 80 crore. CDSL MD and CEO Nehal Vora said, "We are extremely pleased to announce the results for the second quarter of this financial year on the auspicious occasion of Dhanteras, the first day of Diwali celebrations."
CDSL is a depository in the country, which keeps investors' shares, bonds, debentures and securities in electronic form instead of paper. This depository works for the Bombay Stock Exchange (BSE). This is the second depository in India. Its headquarter is in Mumbai. This depository can also be called a bank of shares.
You can open it with two depositories. NSDL and CDSL. This is what we call Demat Account. After this, you have to open a trading account with a brokerage house. However, if you open a trading account with a brokerage house, that broker will do the demat work. To open a Demat account, you will need to submit documents like PAN, a bank account, your identity card and address proof.