Main depository Nationwide Securities Depository Restricted (NSDL) on Wednesday introduced the acquisition of a 5.6% stake within the Open Community for Digital Commerce (ONDC) for Rs 10 crore. In accordance with a assertion, the transfer assists NSDL’s objective of strengthening the digital ecosystem and making digital e-commerce accessible to all.
NSDL managing director and CEO Padmaja Chunduru says, “This strategic deal will additional strengthen the digital ecosystem to take digital e-commerce to the folks of India.”
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ONDC is the commerce ministry’s initiative to create an open public digital infrastructure. In distinction, NSDL performs an important function in reworking the Indian securities market by holding, facilitating, and transferring securities in dematerialised type.
The Demat account holders at NSDL are serviced by way of the depository members from over 58,000 service centres. Its buyers are unfold throughout 189 international locations, along with having presence over 99 p.c of pincodes in India. “We’re glad to have NSDL as a stakeholder, which might be of strategic profit contemplating their expertise in attain and expertise,” says T Koshy, MD and CEO at ONDC.
In September, the Financial institution of India had acquired over 5.5 per cent stake in ONDC for Rs 10 crore, with numerous different banks additionally choosing up stakes within the authorities’s e-commerce undertaking.
ONDC was included with an preliminary funding from High quality Council of India and Protean eGov Applied sciences Restricted on 31 December, 2021. It goals to advertise open networks for exchanging items and companies over digital or digital networks in India. Thus, the framework permits e-commerce to be extra inclusive and accessible to customers and sellers.
