CDSL IFSC gets recognition as bullion depository

Leading depository CDSL on Wednesday said its wholly-owned subsidiary CDSL IFSC has been recognized as the bullion depository in IFSC by the International Financial Services Centres Authority (IFSCA).

"I am certain that the bullion depository will not only contribute to the growth of the financial ecosystem, but will also provide support to ensure that the IFSC becomes the epitome of world class sophistication in terms of products and services," Nehal Vora, MD and CEO of CDSL, said.

The bullion depository will now facilitate holding and transfer of gold initially which will be extended to silver and any other commodities that are eligible to be traded by IFSCA

at IFSC, GIFT City, it said in a

statement. The depository will further embark towards achieving the objective of making IFSC the 'go-to' location for all eligible investors and be the preferred choice amongst the financial and bullion markets. Central Depository Services (India) Ltd or CDSL, the country's only listed depository, maintains and services 4 crore demat accounts of investors or Beneficial Owners (BOs) spread across India.