UAE Exchange launches DP Service in India

Kochi, Dec 8: Gulf-based UAE Exchange and Finance Ltd. today announced that it has become a Depository Participant (DP) with the Central Depository Services (India) Ltd. and can now open Demat Accounts for its customers.

Addressing a press conference here, UAE Exchange Chief Operating Officer and General Manager Sudhir Kumar Shetty said the company, which was a member of the National Stock Exchange of India, had got accredited by the Central Depository recently.

Customers who open their Demat Accounts with UAE Exchange can trade in the NSE through online e-trading facility, X-trade, provided by the company.

The comapny would provide its customers periodic account statements, similar to bank pass books or statements, of their holdings and transactions, which can be downloaded from the UAE Exchange website.

He said this was the fourth verticle that the company was setting up after establishing itself as a leading player in the fields of money transfer, foreign exchange and travel and ticketing in India.

Its country-wide network extended upto 206 state-of-the-art branches, UAE Exchange Country Manager V George Antony said.

UAE Exchange presently had its operations in 16 countries in the world, he added.

UNI