The National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL), in collaboration with the Securities and Exchange Board of India (SEBI), launched unified investor apps on Thursday to help investors manage their portfolios.
Speaking at the launch of unified apps MyEasi by CDSL and SPEED-e by NSDL, the SEBI chairperson Madhabi Puri Buch said data directly from depositories will help investors avoid market frauds, who siphon off funds by claiming to have invested their money on investor’s behalf. These apps will help verify such claims and also simplify tracking of inheritance from years ago.
“The generation is now passing on and the heirs are inheriting securities. Issues which were not even an issue 20 years ago are today a problem, because heirs have lost track of where those investments are, how do you access them, how do I know where these things are just lying,” Buch said.
The platform is aimed at providing investors with a consolidated view of their financial data, including shareholdings, investments, and financial statements. It will also streamline the often fragmented financial information across various accounts, and enable users to monitor open positions and margin details across intermediaries.
Proxy Advisory services
Another feature would be the ability to use these apps to vote on various resolutions of listed companies. “In the future, proxy advisory services will also be integrated, democratising the process of passing resolutions in corporate operations,” said Kamlesh Varshney, wholetime member of SEBI.
An investor will also be able to get access to the information being sent to the Central Board of Direct Taxes (CBDT) by the depositories, Varshney said.
