OREANDA-NEWS. April 9, 2008. The National Depository Center (NDC) and National Securities Depository Limited (NSDL) have signed today a Memorandum of Understanding (MoU) to build a close cooperative relationship between the central securities depositories.

The MoU aims at co-operation in securities clearing and settlement related matters to help foster the prosperity of the financial markets in Russia and India, promote access to each other's experiences on behalf of their respective participants, and explore opportunities for co-operation in both clearing/settlement operations and establishment of operation linkage.

The agreement includes:
regular meetings between senior management to increase mutual understanding of business developments;
understanding their securities markets through exchange of staff and training; and
conduct joint studies or discussion meetings on topics related to securities clearing and settlement operations.

Mr. Gagan Rai, MD & CEO of NSDL, commented: “The depth and breadth of NDC’s experience in both domestic and cross-border transactions is of interest to NSDL and our clients. We place great value in developing a cooperative relationship to further the growth and prosperity of our respective markets.”

Mr. Nikolay Egorov, Director of The National Depository Center, said: “We believe that closer cooperation of NDC, the biggest settlement depository in Russia, with NSDL, a critical infrastructure in one of the world’s fastest growing economies, will lead to great benefits and enriched knowledge for both parties. Together, we will discover ways to further improve our business operations and service offerings to clients interested in the Indian capital markets.”