It is India’s largest custodian and depository participant based in Mumbai, Maharashtra. It was established in 1986 under the Government of India as public limited company. It is owned by the India’s leading Banks and Financial Institutions such as, SU-UTI, IFCI Ltd., LIC, GIC, NIA, NIC, UIC, and TOICL. SHCIL is known for its online trading portal with investors and traders. It was intended to facilitate quicker share transfer among financial institutions, and their transfers with other investors, members of stock exchanges etc.
- It is offering its services to its own seven promoter institutions.
- It acts on the basis of Letter of Authority/Power of Authority issued by the financial institutions and render the following services
- Clearing services – It receives and/or delivers the securities on behalf of the institutions after each settlement of the Stock Exchange. Monitors the execution of the purchase/ sale orders of the institutions by the brokers.
- Depository services-including services related to the collection of dividend warrants, and interest cheques; it attends to the necessary consolidation or splitting of shares, redemption and collection of bonus and rights and other privileges attached to shares, debentures and other instruments.
- Support services-arranges to monitor interest/dividend payments due to the institutions and ensure that the warrant
- Management/Information services e.
- Development services