In order to fully digitize demat account opening, Sharekhan partners with NeSL

 In order to fully digitize demat account opening, Sharekhan partners with NeSL.

India's Mumbai, Maharashtra Indian Business Wire

One of the most reputable full-service online brokerage firms in India, Sharekhan, announces a partnership with National E-Governance Services Limited (NeSL) to fully digitize the backend of the demat account opening process. Through this cooperation, Sharekhan will become the first and only broker in India to offer this digital transformation, which will help millions of new customers by speeding up the onboarding process.

In contrast to traditional methods of opening a demat account, which required the Demat Debit and Pledge Instruction (DDPI) to be physically signed and stamped (franked), entailing a significant amount of paperwork, Sharekhan's innovative method does not require the purchase or signing of physical stamp paper.

Currently, customers have two options for signing DDPI documents: either physically (with the broker arranging for stamp paper and attaching it) or partially (with customers signing a scanned copy and the broker continuing to handle stamp paper procurement and storage of print-outs). With NeSL on board, the backend procedure is now digital and will serve as the repository for the DDPI data.

The government of India's "Digital India" program and Sharekhan's digital endeavor are both in accordance with environmental sustainability goals.

"We are very excited to lead the way in creating an unmatched experience for our customers," Sharekhan by BNP Paribas CEO Jaideep Arora said. The paperless demat account opening process offered by Sharekhan improves convenience while also making a major contribution to environmental sustainability by doing away with the need for paper stamps and physical paperwork. This creative move perfectly complements our goal of offering an eco-friendly, customer-focused solution. It lessens our carbon footprint and makes the journey for our customers simple and uncomplicated. We feel that we are influencing the direction of financial services in India by fusing customer centricity and sustainability.

The unique digitalization project from Sharekhan completely transforms this procedure. In its stead, a smooth, digital experience takes the place of the laborious paperwork. Every stage of the process, from document signature to stamping, is now efficiently handled digitally. Numerous advantages will result from this alteration for Sharekhan's devoted clients. Investors may now open demat accounts quickly and easily without having to deal with any paperwork.

"NeSL's DDE (Digital Document Execution) is available 24/7 and the papers can be executed on the platform from the security of one's home or office," stated Debajyoti Ray Chaudhuri, MD&CEO of NeSL. It uses a real-time digital e-stamp certificate through APIs with the governments of states, execution of the document by digital signature, and is entirely digital and paperless. The digital signature can be created via the biometric mode, the dongle-based DSC, or the Aadhaar-based E-sign OTP. By enabling a fully digital credit process, NeSL's DDE has already altered the way bank loans given by organizations under the control of the RBI are documented. I'm overjoyed that a SEBI-regulated firm is now using it to execute documents for the first time. We appreciate Sharekhan Limited's confidence in us and offer our congratulations.

"eMudhra is proud to collaborate with Sharekhan in taking this innovative step into transforming operational contracts with the introduction of our cutting-edge emSigner system with NeSL Digital Document Execution services," stated Biju Varghese, Head - India & APAC, eMudhra. By eSigning digital documents, we are ushering in a new era of efficiency and openness through this strategic cooperation. This demonstrates our dedication to fostering innovation and providing value to our clients by streamlining complex procedures and ensuring secure, efficient contract execution by utilizing our extensive experience. Together, we are laying the foundation for a future in the financial sector that is more nimble and digitally enabled.

Since its launch in 2000, Sharekhan by BNP Paribas has led the way in the Indian stockbroking sector. The business is committed to provide millions of customers throughout India a wide variety of financial services, including trading and investment solutions. The partnership between Sharekhan and NeSL symbolizes a significant advance in India's financial services' digitization. This effort strengthens Sharekhan's dedication to sustainability and client happiness while streamlining and speeding up the Demat account opening procedure.

Sharekhan's a

Sharekhan, which was established in 2000 and has been a part of BNP Paribas since November 2016, was one of the first brokers to offer internet trading in India. Sharekhan is famous for its extensive variety of trading and investment products, including stocks, futures and options, portfolio management services, research, mutual funds, and investor education. Sharekhan has a clientele of over 28 lakhs, 130+ branches, and 4000+ business partners.

Regarding BNP Paribas

Since 1860, the BNP Paribas Group, a renowned global financial organization, has operated in India. It provides a comprehensive range of financial services, including corporate and institutional banking, as well as personal investment services for individuals, through branches in important metropolises. BNP Paribas is the second-oldest foreign bank in India and has won awards including Asiamoney's "Best International Corporate Bank for India" in 2022 and 2023.

Re: NeSL

The Insolvency and Bankruptcy Board of India (IBBI) regulates National E-Governance Services Limited as the country's first and only information utility in accordance with the requirements of the Insolvency and Bankruptcy Code (IBC). Banks and other financial entities have encouraged it. NeSL complies with ISO 27001:2013 standards, and NeSL's DDE complies with IBBI-established security standards.