India’s leading Depository National Securities Depository Limited (NSDL) has acquired 5.6% stake in Open Network for Digital Commerce (ONDC) i.e. 10,00,000 equity shares of Rs. 100 each. NSDL invested an amount of Rs.10 Crore in ONDC under the private placement route.
NSDL commands more than 89% of the market share in terms of custody value viz. 4 Trillion US$. NSDL demat account holders are serviced through the Depository Participants from 58000 service centres. NSDL’s investors are present in 99.2% of pincodes in India and spread across 189 countries.
ONDC is an initiative of Commerce Ministry to create an open public digital infrastructure. Experts believe, ONDC is primed to do what NSDL has demonstrated in the securities market, reach out to the common man at the grassroot level through technology.
“This strategic deal will further strengthen the digital ecosystem to take the digital e-commerce to the people of India”, said Ms.Padmaja Chunduru, MD & CEO, NSDL.
“We are glad to have NSDL as a stakeholder which would be of strategic benefit considering their experience in reach and technology“ commented Mr. T Koshy, MD & CEO, ONDC, who was part of the core NSDL Depository team in the initial days.