The Central Depository & Settlement Corporation will suspend most of its services for one week starting Monday 7th to Friday 11th October,2019 as it completes the transfer of user data from the oracle based system to a new vendor. Services to be suspended include new user account creation and client account data update services. During this period new investors will not be able to open a new CDSC account and current investors will not be able to make changes to their CDSC data.
Since 2017, the depository has been working on on boarding the new online based system offered by Italian based Perago Group to take over from the Oracle based depository system that CDSC has been using for a decade.
The new system will be able to link central depository agents, custodian banks and registrars in one system and reduce the paperwork flow at the CDSC. The new system will also pave way for intra-day settlement which the NSE hopes to put in place before the end of the year. NSE had earlier indicated that it will be introducing the much awaited day-settlement before the end of the year. The NSE is also keen to upgrade their Active Trader System (ATS) form current vendor Chellsoft to Millennium Information & Technology (MIT) system before the end of the year.
On 23rd September, CDSC & NSE carried out the final series of tests on the new systems that the two firms have been undertaking under the supervision of the Capital Markets Authority and all issues pending were solved.