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Syndicate Bank unveils demat services

Syndicate Bank, in association with the Stock Holding Corporation of India, the largest depository participant in the country, launched demat services and online trading in Vijayawada on Thursday.

Addressing a media conference on the occasion, K S Murthy, assistant vice-president, SHCIL, Bombay, said that the SHCIL, which had 130 branches in the country proposed to offer these services from 200 cities, including 30 centres in association with the bank, by March 2001 to reach out to more than 1 million customers from the present 580,000 clients.

Allaying fears of the trading public about misuse of their holdings, he said that SHCIL was the only depository participant to have a mirror system, where the data was preserved before being executed on the depository. Moreover, the SHCIL had off-site back-ups, preventing any loss in the event of a system failure, he explained.

The value-added services offered by the SHCIL, included loans against demat shares through strategic tie-ups with various public, private, foreign and co-operative banks and ''sell-n-cash'' which enabled the account holder to realise proceeds from the sale of securities on the same day after deduction of nominal service charges, he said.

UNI

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