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