India’s CSD, National Securities Depository Limited (NSDL), has signed a Memorandum of Understanding (MoU) with Strate to build a close cooperative relationship between the central securities depositories.
The MoU aims at co-operation in securities depository and settlement related matters to help foster the prosperity of their financial markets, promote cross border investment, and explore opportunities for cooperation in both, depository and settlement. Both CSDs anticipate developing a closer working relationship in the future, and wish to maintain channels of communication for exchange of information, and to promote visits for reasons of friendship and other business purposes by directors, officers and employees of the parties.
The agreement includes
- regular meetings between senior management to increase mutual understanding of business developments;
- understanding their securities markets through exchange of staff and training; and
- conduct joint studies or discussion meetings on topics related to securities depository and settlement.
According to Monica Singer, Strate’s CEO, Strate continues to explore ways to ensure that South Africa is fully integrated into the global financial markets. “Our success has been built on collaboration, which is key to the future stability and sustainability of the financial market. We are always looking for ways to introduce efficiencies for the financial markets, while at the same time reducing their risk. Strate has had a long standing and valuable relationship with the National Securities Depository Limited and we can only look forward to the endless possibilities that this MoU brings.”
Mr. G.V.Nageswara Rao, MD & CEO of NSDL, said, “NSDL signing MoU with Strate enables both NSDL and Strate to develop association for closely working towards understanding the various means and processes undertaken to minimise risks and to promote equity investment culture amongst budding investors. It will also help share the best practices being used by both countries. Going forward, it will help create conducive atmosphere to increase cross border investments for both countries.”