CDSL, NSDL come together to launch unified investor app

The two depositories CDSL and NSDL have come together to launch a unified investor app which will help track investments, shareholder resolutions, and tax data. Launching the new app here on Thursday, Kamlesh Varsheny, the whole-time member of the Securities and Exchange Board (Sebi), said it will help investors see details of all their stock market investments, from their holdings and margin requirements to profit and loss, across brokerages in one place.

It will also allow shareholders to vote on resolutions across companies and allow taxpayers to track the investment information that is being shared with the Central Board of Direct Taxes on a quarterly basis. Varshney, who was a joint secretary-tax policy and legislation-in the Union revenue department before coming to the Sebi, said the one of the biggest advantage of the app is that you as an investor can track the information being sent to the CBDT on a quarterly basis.

This is important as hardly anyone checks their annual information statement (AIS) regularly, which they check only at the end of the financial year. Therefore, if there is any mistake, it would be hard to correct it. But with this app, this information can now be tracked as and when it is sent to the CBDT, every quarter. If there is any mistake, the investor can get in touch with the depository and ask for the revision to be done.