T. Koshy, 1997, “Depository in the Debt Market:The Unfinished Agenda”
Though the Indian capital market is over 100 years old, it continues mainly as a market for equity related products. Debt is more or less financed through banks and financial institutions, although in the recent past, financial markets are playing an increasingly significant role. Even the Government securities market essentially consists of primary issues and inter-institutional trades.However, due to a variety of institutional and regulatory reasons, the Indian debt market has not been able to achieve even a fraction of its true potential.Although an exemption in stamp duty may appear to be against the interests of State Governments – owing to a loss in revenue – the resultant increase in liquidity will go a long way in improving their fund raising efforts as also of their state financial institutions and municipalities for infrastructure projects. The National Securities Depository Limited (NSDL) has already taken up this matter with the State Governments. NSDL has requested for a revenue- neutral policy change which will imply the levying of a one-time charge at the time of issue and eliminating duty at the time of transfer.This research paper explain different advantages whichdebt market participants will enjoy if they join the NSDL
LC Gupta, Naveen Jain, 2003, “Indian Securities Depository system, what has Gone Wrong?”
Unknowingly and unintentionally’ the share depository system is adversely affecting million of small investors and hurting the equity market’s growth by causing such investors to gradually withdraw from the market. This paper attempts to explain how this has come about and what corrective action is needed
Trinath Tadakamalla, 2004, "Dematerialized Securities"
Dematerialized securities are securities that are not on paper and a certificate to that effect does not exist. They exist in the form of entries in the book of depositories. Essentially, unlike the traditional method of possessing a share certificate to the effect of ownership of shares, in the demat system, the shares are held in a dematerialized form. This system works through a depository who is registered with the Securities and Exchange Board of India (SEBI) to perform the functions of a depository as regulated by SEBI. Under Section 68 B of the Companies Act, inserted by the Companies (Amendment) Act, 2000, it is mandated that every initial public offer made by a listed company in the excess of Rs 10 Crores has to be issued in dematerialized form by complying with the requisite provisions of the Depositories Act, 1996. This article explains Dematerialized securities and Dematerialization process.
Iti Jain& Sudhanshu Roy, 2004, “Dematerialisation of Securities” This paper is mainly a study of the ‘dematerialisation’ process in the Indian capital market, which was introduced through the aforesaid enactment. The paper is divided into five parts. First part introduces the depository system in India and also looks at the need and objectives of the depository system in India. Second part introduces the process of dematerialisation looking at the players involved in dematerialisation. Third part further dissects the demat process and looks at the procedure involved in dematerialisation of securities. Second last part looks at the pros and cons of dematerialisation while the last part finally concludes the paper evaluating the success and failure of the dematerialisation in the Indian capital market.
Dr. M. T. Raju, Dr. Prabhakar R. Patil, 2005, “Dematerialisation of Equity Shares in India: Liquidity, Returns and Volatility” Dematerialisation of shares is an important milestone in the annals of Indian Capital Markets. Understanding and measuring the impact of it on various segments is necessary since it stirred the microstructure of Indian capital markets in general and stock exchanges in particular. Demand and Supply...