NSDL ropes in IIT to beef up systems

The National Securities and Depository is looking at increasing the number of demat accounts by restructuring its IT infrastructure. The depository has roped in IIT, Powai, as a consultant.

When NSDL started depository services a decade ago, it had not anticipated a surge in dematerialisation. The software, which was imported, has undergone many additions since. On Monday, 1.25 crore (12.5 million) messages were processed.

"We are looking at all growth probabilities in the demat process and have appointed IIT to advise on future requirements," said C B Bhave, chairman and managing director, NSDL.

Initially NSDL will do a pilot project and, if successful, will launch a project, which will involve rewriting the software. The project is expected to cost around Rs 30 crore (Rs 300 million).

The new project will dwell on messages that the depository will have to process during peak hours. Based on this, changes may be incorporated in the IT infrastructure to ensure that depository participants' operations are not affected.