CDSL begins hunt for new MD, CEO as Nehal Vora’s term ends this year

The depository’s current MD and CEO is Nehal Vora, who was appointed in 2019 for a term of five years till September 17, 2024

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Central Depository Services Ltd (CDSL) has invited applications for the post of managing director and chief executive officer to succeed Nehal Vora, when his term ends in September 2024.

“As part of the MD and CEO appointment process, CDSL seeks applications from qualified leaders who can take CDSL to greater heights and further its brand as a safe keeper of all digital assets,” said CDSL in an advertisement inviting the job applications.

Current MD and CEO Nehal Vora was appointed in 2019 for a term of five years till September 17, 2024. Previously, he was Chief Regulatory Officer of BSE Ltd; and before that, he headed broking and investment banking compliance at DSP Merrill Lynch.

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The depository firm said it requires over 20 years of professional experience, and domain knowledge in capital/ securities/ depository/ financial markets, in the desired candidate, with a minimum of 5 years in a leadership role. Also, the maximum age of the candidates applying for the role should be 60 years, said the firm.

During Vora’s term, CDSL saw the number of demat accounts cross the 10-crore mark. At the end of December 2023, CDSL operated close to 10.1 crore demat accounts.

While its December quarter results are yet to be announced, CDSL’s profit in the September quarter was up 35.4 percent year on year (YoY) at Rs 109 crore. Consolidated revenue from operations grew by 39.2 percent YoY to Rs 207.3 crore for the quarter.

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Founded in 1999, CDSL is the intermediary between exchanges, clearing houses, depository participants, issuers and investors. It holds securities such as stocks, bonds, and mutual fund units in electronic form.

On January 19, CDSL launched multi-lingual support for account statements and chatbots in a bid to reach out to a larger audience.

CDSL is the share depository for BSE while NSDL is the share depository for NSE. On January 24, CDSL stock closed at Rs 1,766.50 on the NSE, up 1.91 percent from the previous close.