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When IT Meets I-T

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DQI Bureau
New Update

NSDL is Indias first and largest security depository with over 80% market

share of custody. It has over 1.04 crore active accounts spread across 1,000

cities and 10,000 branches.

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NSDL has undertaken several projects with IT as a core for managing data like

Central Record Keeping Agency (CRA) for Pension Fund Regulatory Development

Authority, National Skills Registry (NSR) for Nasscom.

TIN



Elaborating on the features of TIN, Rajesh Doshi, executive director, IT,

NSDL says TIN has three key sub-systems: Online Tax Accounting System (OLTAS)

which enables thirty-three Scheduled banks authorized to collect tax from over

13,000 branches to upload tax payment information; the Electronic Return

Acceptance and Consolidation System (ERACS) which is an infrastructure for

interface with taxpayers with web based utility for uploading electronic returns

of Tax Reduction at Source; Tax Collection at Source and Annual Information

Return (AIR) to the central system for reporting high value transactions

information for purchase of property, bonds, mutual fund, credit card payments,

etc.

TIN system matches the TDS returns information received from deductor with

tax payment information received from banks and effects tax credit in the

accounts of assesses identified by PAN. TIN receives over 2.5 crore tax payment

challans every year and over 6 lakh TDS returns every quarter.

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Till date, NSDL has processed over 3

crore PAN applications and issued PAN cards
Rajesh Doshi, executive director, IT, NSDL

The TIN facilitation centers accept electronic and physical TDS/TCS returns.

"These centers are also involved with processing of new PAN, TAN issuance, and

change request applications apart from registration of PAN holder for viewing

the annual tax statement which is also available online. Till date, NSDL has

processed over 3 crore PAN applications and issued PAN cards," adds Doshi.

Going Online



NSDL has a number of services offered online, thus increasing efficiency of
settlement of trade in the capital market.

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Launched in September 2001, SPEED-e is a common Internet infrastructure based

software-as-a-service model, enabling the depository participants to provide

depository services to clients. The demat account holders can submit delivery

instructions directly online through the website. "A demat account holder will

have the option of accessing SPEED-e either as a password user or as a smart

card user (two factor authentication with digital signature).

Another Internet based service available to all demat users is Internet based

demat account statement (IDeAS) enabling demat account holders to get the latest

balance information and download digitally signed statement of transaction for

the last twelve months.

NDL has also set-up a post trade pre-settlement straight through processing

platform, STeADY, which enables brokers, fund managers to exchange digitally

signed contracts and settlement confirmation electronically in ISO 15022

standards based message format.

On the Anvil



The last one year has been hectic for Doshi as NSDL is upgrading its

thirteen year old Depository Application which will be platform agnostic and can

be hosted on mainframe, or Unix system. Looking ahead, Doshi intends to

strengthen the Active Disaster Recovery facility, wherein NSDL shifts operations

on intra-day basis and sustains the same for a period of one week.

Stuti Das



stutid@cybermedia.co.in

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