Under the terms of the MOU, CDSL and DTCC will establish a mechanism whereby senior management and staff of both sides can meet on a regular basis to increase mutual understanding and exchange market updates, improvement opportunities and information on business operating models.

The MOU also noted that "the parties anticipate developing a closer working relationship in the future and wish to maintain channels of communication for exchange of information and to promote visits for reasons of friendship and other business purposes."

"India is one of the fastest growing areas of the world, and CDSL is a major part of the securities infrastructure in the country," said Donald F. Donahue, DTCC Chairman-elect and Chief Executive Officer. "This agreement with CDSL will give us a structure to exchange ideas, share market insights and develop coordinated ways of working with each other in what is rapidly becoming a global trading environment."

"The MOU with DTCC is an extension of the good relations that CDSL shares with them. I see it as an initial formal handshake, the beginning of a long and mutually beneficial business relationship," said Vijay V. Raut, CDSL Managing Director & CEO. "We are sure that this event will result in significant, tangible benefits, not just to both organizations, but also to our stakeholders and to the securities markets at large."

He further added, "Although DTCC and CDSL have different legislative frameworks and settlement systems; it would be beneficial for both depositories to share their experiences to reduce risks and to enhance the efficiency of systems. We look forward to sharing our experience and tapping DTCC's expertise on global market practices."

Separately, The Depository Trust & Clearing Corporation (DTCC) in New York has signed a Memorandum of Understanding (MOU) with National Securities Depository Ltd. (NSDL) in Mumbai, India, designed to forge closer ties between the two organizations.

Under the terms of the MOU, NSDL and DTCC will establish a mechanism whereby senior management and staff of both sides could meet on a regular basis to increase mutual understanding and exchange market updates, improvement opportunities and information on business operating models.

The MOU also noted that "the parties anticipate developing a closer working relationship in the future and wish to maintain channels of communication for exchange of information and to promote visits for reasons of friendship and other business purposes."

"NSDL is a critical infrastructure organization in one of the fastest growing areas of the world, and so we are very pleased to formalize these ties and work more closely with them," said Donald F. Donahue, DTCC Chairman-elect and Chief Executive Officer. "This will give us a new structure to exchange ideas, share market insights and develop coordinated ways of working with each other in the new global environment, and ultimately benefiting investors through a safe and reliable global securities infrastructure."

"We believe that forging closer ties with DTCC will work towards the prosperity of our respective financial markets, and build understanding and cooperation between our organizations," said NSDL Chairman & Managing Director C. B. Bhave. "The mutual exchange of information on our business operating models and service offerings will bring enormous benefits to our customers and markets."