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Introduction

CDSL Insurance Repository Limited (CDSL IR) is a company registered under the Companies Act, 1956. CDSL IR has received registration certificate from Insurance Regulatory and Development Authority of india(IRDAI) to act as an ‘Insurance Repository’ under the Guidelines on Insurance repositories and electronic issuance of insurance policies dated 29th May 2015.

CDSL IR has been promoted by Central Depository Services (India) Limited (CDSL) by subscribing to 51% of the CDSL IR's Paid-up Equity Capital of Rs.30-crores .Insurance Companies from Life and Non-Life sectors hold 45.75% of the CDSL IR's  Equity Capital and the balance 3.25% is held by CDSL’s wholly owned subsidiary company viz.CDSL Ventures Ltd.
 

The objective of setting up an Insurance Repository is to provide policyholders a facility to keep insurance policies in electronic form in ‘e-Insurance account’(eIA) and to undertake changes, modifications and revisions in the eIA account/ insurance policy with speed and accuracy in order to bring about efficiency, transparency and cost reduction in the issuance and maintenance of insurance policies.

Just as Capital Market investors are reaping the benefits and comforts of holding securities in dematerialized form since the last more than a decade, CDSL IR strives to provide its services to policyholders so as to enable them to reap the benefits and comforts of holding insurance policies in electronic form through eIA.

About CDSL

 A Depository facilitates holding of securities in the electronic form and enables securities transactions to be processed by book entry. The Depository Participant (DP), who as an agent of the depository, offers depository services to investors. According to SEBI guidelines, financial institutions, banks, custodians, stockbrokers, etc. are eligible to act as DPs. The investor who is known as beneficial owner (BO) has to open a demat account through any DP for dematerialisation of his holdings and transferring securities.

The balances in the investors account recorded and maintained with CDSL can be obtained through the DP. The DP is required to provide the investor, at regular intervals, a statement of account which gives the details of the securities holdings and transactions. The depository system has effectively eliminated paper-based certificates which were prone to be fake, forged, counterfeit resulting in bad deliveries. CDSL offers an efficient and instantaneous transfer of securities.

CDSL was promoted by BSE Ltd. jointly with leading banks such as State Bank of India, Bank of India, Bank of Baroda, HDFC Bank, Standard Chartered Bank and Union Bank of India.

CDSL was set up with the objective of providing convenient, dependable and secure depository services at affordable cost to all market participants.

www.cdslindia.com