通过数据协同重塑证券市场

ForewordbyCDSLForewordbyCDSL When SEBI was established in 1992, it was entrusted with a threefold mandate:market development, investorprotection, and regulation.At first glance, these objectives may appear independent, even disjointed. Yet SEBIhas been a visionary in weaving them together, allowing them to coexist thus maintaining balance in the securitiesmarket.Over the years, SEBI has reformed and modernised traditional frameworks, enhanced disclosures, deepenedsupervision, and enabled innovation while always keeping the investor at its centre. The sustained expansion ofIndia’s securities market stands as a proof that these three objectives can truly coexist.When SEBI was established in 1992, it was entrustedwith a threefold mandate: market development,investor protection, and regulation. At first glance,these objectives may appear independent, evendisjointed. Yet SEBI has been a visionary in weavingthem together, allowing them to coexist thusmaintaining balance in the securities market. showing that the next generation trusts thisecosystem with its savings •20 per cent of demat accounts belong to women, astrong signal of increasing financial inclusion, with asignificant potential for growth One of SEBI’s most consequential reforms was the creation of Market Infrastructure Institutions (MIIs). India’s•Participation is getting younger with the youngestdemat holder being just 21 days old securities market earlier followed a consolidated exchange model, under which trading, clearing, settlement, andrecord keeping were all carried out within a single institutional framework. SEBI correctly recognised the need tosegregate these activities, leading to the creation of three distinct entities - stock exchanges, depositories, andclearing corporations. What is remarkable is that although these institutions are separate and follow the naturalmarket competition, they remain connected by a single ;umbilical cord’ of regulatory alignment, prescribed by SEBItowards resiliency of the securities market. This balance ensures both co-ordination and efficiency, and it hasOver the years, SEBI has reformed and modernisedtraditional frameworks, enhanced disclosures,deepened supervision, and enabled innovation whilealways keeping the investors at its centre. Thesustained expansion of India’s securities marketstands as a proof that these three objectives can trulycoexist. •As of 31 December 2025, 1,547 demat accountsbelong to children under the age of one Across all MIIs and in our partnership with SEBI, a common thread binds our efforts:fiduciary responsibility to•Nearly 60 per cent of new accounts between April–December 2025 come from first-time investors,with 54 per cent of these accounts belonging toindividuals aged 26–50, and 57 per cent originatingfrom Tier III cities. served India exceptionally well.the investor and to the development of the market.These twin duties that are embedded in our regulatoryframework, adopted as the mantra advocated by SEBI, have shaped the stupendous growth we see today acrossthe ecosystem, including CDSL.At CDSL, we have witnessed significant milestones :•81 per cent of new demat accounts now originate from Tier II and Tier III cities,dispelling the belief thatgrowth is concentrated only inTier IIndia.•Demat account growth among 18–25 year olds has risen by 71 per cent over the last seven years,showing that the next generation trusts this ecosystem with its savings.•20 per cent of demat accounts belong to women,a strong signal of increasing financial inclusion, with asignificant potential for growth.One of SEBI’s most consequential reforms was thecreation of Market Infrastructure Institutions (MIIs).India’s securities market earlier followed aconsolidated exchange model, under which trading,clearing, settlement, and record keeping were allcarried out within a single institutional framework.SEBI correctly recognised the need to segregate theseactivities, leading to the creation of three distinctentities - stock exchanges, depositories, and clearingcorporations. What is remarkable is that althoughthese institutions are separate and follow the naturalmarket competition, they remain connected by a single‘umbilical cord’ of regulatory alignment, prescribed bySEBI towards resiliency of the securities market. Thisbalance ensures both co-ordination and efficiency, andit has served India exceptionally well. These figures are more than statistics. They reflectdeep, intergenerational trust - families bringing thenext generation into financial participation from thevery beginning. Such trust is sacred, and as custodiansof this ecosystem, it is our responsibility to honour andprotect it every single day. CDSL’s annual symposium exists because the marketdoesn’t stand still - and neither can we. As theecosystem grows in depth, diversity, and digitalintensity, Reimagine becomes the forum where newideas meet longstanding responsibility. •Participation is getting youngerwith the youngest demat holder