Whalesbook
Toh yaar, SEBI ek naya plan bana rahi hai. Yeh log soch rahe hain ki depositories, jaise CDSL, apne Investor Protection Fund (IPF) par jo income kamate hain, usme se 5% tak ka hissa apne operational aur administrative kharchon ke liye use kar sakein. Matlab, IPF trust ke employees ki salary, admin ka bill, audit fees, taxes wagera sab yeh fund se cover ho sakta hai. Current situation mein, depositories ko yeh sab kharcha apni jeb se karna padta tha. Yeh 5% wala rule na, bilkul waisa hi hai jaisa stock exchanges ke liye pehle se approved hai. Isse companies ko thodi financial flexibility mil jayegi.
Ab bhaiyo, iska CDSL par kya asar hoga? CDSL ke paas abhi IPF mein lagbhag ₹95.18 crore ka corpus hai. Aur company ki market cap toh ₹60,000 crore ke aas paas hai. Stock abhi ₹1650 ke level par hai aur P/E ratio 42x chal raha hai. Pichhle saal CDSL ka stock kaafi mast perform kiya hai, kyunki naye demat accounts aur trading volumes badh rahe hain. Analysts bhi mostly 'Buy' ya 'Hold' recommend kar rahe hain.
Agar world-wide dekhein toh yeh funda kaafi uncommon hai. Euroclear ya DTCC jaise bade depositories IPF ka paisa aise general kharchon mein use nahi karte. Woh log basically transaction fees se apna kharcha nikaalte hain. India mein yeh proposal aise time pe aaya hai jab market infrastructure companies naye tech aur compliance ke saath adapt kar rahi hain.
Lekin sabse bada tension yeh hai ki Investor Protection Fund ka asal maqsad kya hai? Yeh toh investors ki safety ke liye hai na. Agar isme se paisa nikalna shuru ho gaya toh iska core purpose hi kamzor ho jayega. CDSL jaise listed company ke liye profit banana priority hai, toh ho sakta hai woh IPF income par zyada depend karne lage, business efficiency ko optimize karne ke bajaye. Yeh investors ka trust thoda kam kar sakta hai.
Abhi yeh proposal public consultation ke liye khula hai, toh market participants apna feedback de sakte hain. Agar yeh approved ho gaya toh companies isme se kitna paisa use karti hain, is par sabki nazar rahegi. SEBI bhi tight watch rakhega ki investors ki safety mein koi kami na aaye.