National Securities Depository Limited (NSDL), India’s premier depository, has purchased a 5.6% stake in Open Network for Digital Commerce (ONDC), equating to 10,00,000 equity shares of Rs. 100 apiece.
Under the private placement option, NSDL invested Rs.10 crore in ONDC.
NSDL boasts a market share of more than 89% in custody value, i.e. 4 trillion US dollars. Depository Participants from 58000 service centres service NSDL demat account holders.
NSDL investors may be found in 99.2% of Indian pincodes and in 189 countries.
ONDC is a Commerce Ministry initiative to build an open public digital infrastructure.
Experts believe ONDC is well-positioned to achieve what NSDL has done in the securities market: reach out to the common man at the grassroot level via technology.
“This strategic partnership will help to develop the digital ecosystem and bring digital e-commerce to the people of India.”Ms. Padmaja Chunduru, NSDL’s MD and CEO
“We are glad to have NSDL as a stakeholder, which would be of strategic benefit considering their experience in reach and technology, “, who was part of the core NSDL Depository team in the initial days.commented Mr.T Koshy, MD & CEO, ONDC