CDSL acquires 6.78% stake in Open Network for Digital Commerce; stock skids ~1%

28 Mar 2022 , 11:42 AM

Central Depository Services (India) Limited (CDSL), the first and only listed depository in India, has announced the acquisition of a 6.78% stake in Open Network for Digital Commerce (ONDC).

Over the past few years, CDSL has been progressing towards empowering investors in being self-reliant. The ONDC project, a section 8 company – a non-profit organization, is a project of national importance to create an Indian eco-system for the eCommerce network to make India — Atmanirbhar (i.e, self-sufficient). CDSL has invested in the project in line with its vision.

ONDC also strives to promote open networks developed on open-source methodology, with the use of open specifications and open network protocols independent of any specific platform.

“We are delighted to partner on the ONDC project, which is a great opportunity to be a driver in the progress of national initiatives towards digital growth,” commented Shri Nehal Vora, MD & CEO of CDSL.

CDSL is currently trading at Rs1,463.95 down by Rs9.2 or 0.62% from its previous closing of Rs1,473.15 on the BSE. The scrip opened at Rs1,475 and has touched day’s high and low of Rs1,480.35 and Rs1,450 respectively.