VOLUME NO. 1 (2011), ISSUE N O.

3 (J ULY)

ISSN 2231-4245

IIN NT TE ER RN NA AT TIIO ON NA AL L JJO OU UR RN NA AL LO OF FR RE ES SE EA AR RC CH H IIN NC CO OM MM ME ER RC CE E,, E EC CO ON NO OM MIIC CS SA AN ND DM MA AN NA AG GE EM ME EN NT T CONTENTS

Sr. No.

TITLE & NAME OF THE AUTHOR (S)

IMPACT OF CUSTOMER DEMOGRAPHICS ON THE CRM AWARENESS AND EFFICIENCY: AN EXPLORATORY STUDY OF THE FIVE SELECT PUBLIC SECTOR BANKS IN INDIA VUTLA PADMAJA RANI, DR. MOHAMMED ABBAS ALI & DR. VIJAYA KUMAR GUDEP A FRAMEWORK FOR LEADERSHIP DEVELOPMENT IN PUBLIC SECTOR BANKS K. V. S. RAJU, DR. S. SUMAN BABU & DR. D. MASTHAN THE EFFECTIVENESS OF LI UIDITY MANAGEMENT ON THE NIGERIAN ECONOMY OLOWE, OLUSEGUN MICROFINANCE IN CAPE COAST METROPOLIS: A BASELINE SURVEY JAMES ATTA PEPRAH CORPORATE SOLVENCY MANAGEMENT: HOW EFFECTIVE ARE CONTEMPORARY TOOLS" DR. ENYI PATRICK ENYI DEPOSITORY SYSTEM IN INDIA % A COMPARATIVE STUDY OF NSDL AND CDSL DR. SULTAN SINGH THE IMPACT OF INFORMATION AND COMMUNICATION TECHNOLOGY 'ICT( ON CUSTOMER SATISFACTION IN HDFC BANK OF INDIA VAHID RANGRIZ & DR. M. G. BASAVARAJA TESTING THE CAPITAL ASSET PRICING MODEL 'CAPM( * A STUDY OF INDIAN STOCK MARKET DR. G. SUDARSANA REDDY PANCHAYATS AND EMPOWERING THE RURAL POOR SPECIALLY THE WOMEN: THE WEST BENGAL EXPERIENCE NIRANJAN MANDAL & ASIT KUMAR BANERJEE MICRO%CREDIT: A STUDY OF MICRO%CREDIT USAGE BY SELF HELP GROUP MEMBERS IN GOA DR. ELIZABETH JOEY HENRIQUES & DR. REKHA RAMESH GAONKAR ROLE OF FDI IN INFRASTRUCTURE DEVELOPMENT IN INDIA DR. JIMMY M. KAPADI & DR. (MRS.) HEMLATA AGARWAL AN EMPIRICAL ANALYSIS ON BAD LOANS IN PERSONAL LOAN % WITH SPECIAL REFERENCE TO RURAL BANKS IN ODISHA DR. B. CHANDRA MOHAN PATNAIK, DR. IPSEETA SATPATHY & AROOP KUMAR MOHAPATRA MERGERS , AC UISITIONS: AN EMPIRICAL STUDY ON THE SHORT%TERM POST% MERGER PERFORMANCE OF CORPORATE FIRMS IN INDIA DR. RAMACHANDRAN AZHAGAIAH & T. SATHISH KUMAR AN EMPIRICAL ANALYSIS OF SEMI%MONTH AND TURN OF THE MONTH EFFECTS IN INDIAN STOCK MARKET P. NAGESWARI, DR. M. SELVAM & DR. J. GAYATHRI PHYSICAL INFRASTRUCTURE FACILITIES FOR AGRICULTURAL MARKETING IN HARYANA: A CASE STUDY OF SIRSA DISTRICT DR. ANITA DAGAR, SANDEEP KUMAR & MUKESH KUMAR AN EMPIRICAL STUDY OF ENTREPRENEURSHIP DEVELOPMENT IN SUB URBAN REGIONS: A CASE STUDY DR. S. K. SINHA & DR. JYOTI AGARWAL INTRODUCTION OF ISLAMIC BANKING IN INDIA: A SUGGESTED LEGAL FRAMEWORK A. PANDU & DR. MOHAMMED GALIB HUSSAIN MEASURING CORPORATE SUCCESS: STATISTICAL ANALYSIS OF FINANCIAL PERFORMANCE INDICATORS DR. HEMAL PANDYA & CHETANA PARMAR FACTORS INFLUENCING INVESTOR BEHAVIOUR: AN EMPERICAL STUDY IN PUNJAB GAURAV DAWAR & CHHAVI WADHWA TEXTING MANIA % A SOCIAL DILEMMA DR. SATEESHCHANDRA JOSHI & VINOD K. LALBEG CLIMATE CHANGE: A MAJOR ISSUE IN THE SUSTAINABLE DEVELOPMENT OF INDIA DR. PRERNA JAIN & DR. PRAGATI JAIN ADHERENCE OF CUSTOMER NEEDS THROUGH THE REDRESSAL MECHANISM OF BANKS DR. V. DARLING SELVI MEASURING ROI: A STUDY OF HURCONOMICS ON EMPLOYEES OF THE STEEL MANUFACTURING INDUSTRY IN KARNATAKA S. AMOLAK SINGH INDIA-S RECENT ECONOMIC PERFORMANCE AND FUTURE OUTLOOK * NEED FOR CAUTIOUS OPTIMISM C. BARATHI & S. PRAVEEN KUMAR MANAGEMENT OF STONE CRUSHING INDUSTRY AND ITS IMPACT ON EMPLOYEES AND ENVIRONMENT %A CASE STUDY DR. T. V. RAMANA & B. SRINIVASA RAO RE UEST FOR FEEDBACK

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CHIEF PATRON
PROF. K. K. AGGARWAL
)hancellor" 2in#aya3s 4niversity" Delhi !ounder 5ice-)hancellor" uru obind Sin#h Indraprastha 4niversity" Delhi 67% Pro 5ice-)hancellor" uru Ja0bheshwar 4niversity" +isar

PATRON
SH. RAM BHAJAN AGGARWAL
67% State Minister for +o0e 8 9ouris0" overn0ent of +aryana 5ice-President" Dadri 6ducation Society" )har:hi Dadri President" )hinar Synte7 2td% ;9e7tile Mills<" Bhiwani

COCO-ORDINATOR
DR. BHAVET
!aculty" M% M% Institute of Mana#e0ent" Maharishi Mar:andeshwar 4niversity" Mullana" A0bala" +aryana

ADVISORS
PROF. M. S. SENAM RAJU
Director A% )% D%" School of Mana#e0ent Studies" I% %$%O%4%" $ew Delhi

PROF. M. N. SHARMA
)hair0an" M%B%A%" +aryana )olle#e of 9echnolo#y 8 Mana#e0ent" =aithal

PROF. S. L. MAHANDRU
Principal ;Retd%<" Mahara1a A#rasen )olle#e" Ja#adhri

EDITOR
PROF. R. K. SHARMA
Dean ;Acade0ics<" 9ecnia Institute of Advanced Studies" Delhi

COCO-EDITOR
DR. SAMBHAV GARG
!aculty" M% M% Institute of Mana#e0ent" Maharishi Mar:andeshwar 4niversity" Mullana" A0bala" +aryana

EDITORIAL ADVISORY BOARD

DR. AMBIKA /UTSHI
!aculty" School of Mana#e0ent 8 Mar:etin#" Dea:in 4niversity" Australia

DR. VIVEK NATRAJAN

!aculty" 2o0ar 4niversity" 4%S%A%

DR. RAJESH MODI

!aculty" /anbu Industrial )olle#e" =in#do0 of Saudi Arabia

PROF. SIKANDER KUMAR

)hair0an" Depart0ent of 6cono0ics" +i0achal Pradesh 4niversity" Shi0la" +i0achal Pradesh

PROF. SANJIV MITTAL

4niversity School of Mana#e0ent Studies" uru obind Sin#h I% P% 4niversity" Delhi

PROF. RAJENDER GUPTA

)onvener" Board of Studies in 6cono0ics" 4niversity of Ja00u" Ja00u

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VOLUME NO: 1 (2011), ISSUE NO. 3 (J ULY)

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PROF. NAWAB ALI KHAN

Depart0ent of )o00erce" Ali#arh Musli0 4niversity" Ali#arh" 4%P%

PROF. S. P. TIWARI
Depart0ent of 6cono0ics 8 Rural Develop0ent" Dr% Ra0 Manohar 2ohia Avadh 4niversity" !ai*abad

DR. ASHOK KUMAR CHAUHAN

Reader" Depart0ent of 6cono0ics" =uru:shetra 4niversity" =uru:shetra

DR. SAMBHAVNA
!aculty" I%I%9%M%" Delhi

DR. MOHENDER KUMAR GUPTA

Associate Professor" P% J% 2% $% overn0ent )olle#e" !aridabad

DR. VIVEK CHAWLA

Associate Professor" =uru:shetra 4niversity" =uru:shetra

DR. SHIVAKUMAR DEENE

Asst% Professor" overn0ent !% % )olle#e )hit#uppa" Bidar" =arnata:a

ASSOCIATE EDITORS
PROF. ABHAY BANSAL
+ead" Depart0ent of Infor0ation 9echnolo#y" A0ity School of 6n#ineerin# 8 9echnolo#y" A0ity 4niversity" $oida

PARVEEN KHURANA
Associate Professor" Mu:and 2al $ational )olle#e" /a0una $a#ar

SHASHI KHURANA
Associate Professor" S% M% S% =halsa 2ubana irls )olle#e" Barara" A0bala

SUNIL KUMAR KARWASRA

5ice-Principal" Defence )olle#e of 6ducation" 9ohana" !atehabad

DR. VIKAS CHOUDHARY

Asst% Professor" $%I%9% ;4niversity<" =uru:shetra

TECHNICAL ADVISORS ADVISORS

AMITA
!aculty" 6%)%)%" Safidon" Jind

MOHITA
!aculty" /a0una Institute of 6n#ineerin# 8 9echnolo#y" 5illa#e adholi" P% O% adhola" /a0unana#ar

FINANCIAL ADVISORS
DICKIN GOYAL
Advocate 8 9a7 Adviser" Panch:ula

NEENA
Invest0ent )onsultant" )ha0ba#hat" Solan" +i0achal Pradesh

LEGAL ADVISORS
JITENDER S. CHAHAL
Advocate" Pun1ab 8 +aryana +i#h )ourt" )handi#arh 4%9%

CHANDER BHUSHAN SHARMA

Advocate 8 )onsultant" District )ourts" /a0unana#ar at Ja#adhri

SUPERINTENDENT
SURENDER KUMAR POONIA

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CALL FOR MANUSCRIPTS MANUSCRIPTS

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+un:er" +%2% and A%J% >ri#ht ;&JH-<" K!actors of Industrial 2ocation in Ohio"K Ohio State 4niversity% CONTRIBUTIONS TO BOOKS Shar0a 9%" =watra" % ;E''G< 6ffectiveness of Social Advertisin#B A Study of Selected )a0pai#ns" )orporate Social Responsibility" 6dited by David )rowther 8 $icholas )apaldi" Ash#ate Research )o0panion to )orporate Social Responsibility" )hapter &." pp EGI--'-% JOURNAL AND OTHER ARTICLES Sche0enner" R%>%" +uber" J%)% and )oo:" R%2% ;&JGI<" K eo#raphic Differences and the 2ocation of $ew Manufacturin# !acilities"K Journal of 4rban 6cono0ics" 5ol% E&" $o% &" pp% G--&'(% CONFERENCE PAPERS ar# Sa0bhav ;E'&&<B KBusiness 6thicsK Paper presented at the Annual International )onference for the All India Mana#e0ent Association" $ew Delhi" India" &J,EE June% UNPUBLISHED DISSERTATIONS AND THESES =u0ar S% ;E'&&<B K)usto0er 5alueB A )o0parative Study of Rural and 4rban )usto0ers"K 9hesis" =uru:shetra 4niversity" =uru:shetra% ONLINE RESOURCES Always indicate the date that the source was accessed" as online resources are fre?uently updated or re0oved% ar#" Bhavet ;E'&&<B 9owards a $ew $atural as Policy" 6cono0ic and Political >ee:ly" 5iewed on July '." E'&& httpBAAepw%inAuserAviewabstract%1sp WEBSITE

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DEPOSITORY SYSTEM IN INDIA % A COMPARATIVE STUDY OF NSDL AND CDSL

DR. SULTAN SINGH DEAN AND CHAIRPERSON DEPARTMENT OF BUSINESS ADMINISTRATION FACULTY OF COMMERCE AND MANAGEMENT CHAUDHARY DEVI LAL UNIVERSITY SIRSA - 125 055
ABSTRACT
Th !" # $% #%&'( )# *$ *%% +!% %, *$*-(. *$' /,+!*" %h ! "0,"+*$/ ,0 NSDL *$' CDSL 0," * ! "),' ,0 11 ( *"#, ). . 233342313. O$ %h 5*#)# ,0 " #&-%#, )% )# /,$/-&' ' %h*% *$ )$/" *# )$ %h % "+# ,0 $&+5 " ,0 /,+!*$) # *6*)-*5- 0," ' +*%, $&+5 " ,0 /,+!*$) # #)7$ ' 0," ' +*%, $&+5 " ,0 ' !,#)%,"( !*"%)/)!*$%, $&+5 " ,0 -,/*%),$#, 6*-& ,0 ' +*% ")*-). ' #%,/8 )# ,5# "6 ' '&")$7 %h ! "),' &$' " #%&'( )$ 5,%h %h ' !,#)%,") #, ). . NSDL *$' CDSL. Th " )# * #)7$)0)/*$% ')00 " $/ )$ %h ! "0,"+*$/ , ,$ *$ *6 "*7 , ,0 5,%h %h ' !,#)%,") # ,$ %h 5*#)# ,0 %h # - /% ' !*"*+ % "#. Th " )# *-#, * !,#)%)6 /,"" -*%),$ )$ %h ! "0,"+*$/ ,0 %h ' !,#)%,") # ,$ %h *5,6 !*"*+ % "#, 9h)/h )# *-#, 0,&$' #)7$)0)/*$%. O$ %h 5*#)# ,0 /,+!*"*%)6 0)$*$/)*- *$*-(#)#, )% )# /,$/-&' ' %h*% %h -):&)')%( !,#)%),$ *# + *#&" ' 5( /&"" $% "*%), )# 5 %% " )$ /*# ,0 CDSL *# /,+!*" ' %, NSDL. Th !",0)%*5)-)%( !,#)%),$ ,0 NSDL )# 5 %% " %h*$ %h*% ,0 CDSL *# + *#&" ' 5( " %&"$ ,$ $ % 9,"%h *$' " %&"$ ,$ /*!)%*- +!-,( '. H,9 6 ", " %&"$ ,$ :&)%( *$' EPS )# -,9 )$ NSDL *# /,+!*" ' %, CDSL.

KEYWORDS
Depository" Depository participants" Perfor0ance" Para0eters" 2i?uidity" Profitability" !inancial analysis%

INTRODUCTION
echnolo#y has chan#ed the face of the Indian stoc: 0ar:ets in the post-liberali*ation era% )o0petition a0on#st the stoc: e7chan#es" increase in the nu0ber of players and chan#es in the tradin# syste0 led to a tre0endous increase in the volu0e of activity% 9he traditional settle0ent and clearin# syste0 has been proved inade?uate due to operational inefficiencies" delay in transfer" re#istration" fa:e certificates and for#ery" non availability of depositories" i0pedin# the healthy #rowth of the capital 0ar:et% 9o overco0e the proble0s re#ardin# the stoc: 0ar:ets world over" 0any tas: forces were set up inducin# #roup of -' to su##est an alternative for the e7itin# settle0ent syste0" which involved physical 0ove0ent of scrips% 9he depository syste0 was initiated by Stoc: +oldin# )orporation of India 2i0ited ;S+)I2< in July &JJE" when it prepared a concept on paper on K$ational )learance and Depository Syste0K in collaboration with Price >ater +ouse under a pro#ra00e sponsored by the 4S A#ency for International Develop0ent% 9hereafter" overn0ent of India pro0ul#ated the Depositories Ordinance in Septe0ber &JJ." thus pavin# the way for settin# up of depositories in the country% S6BI notified re#ulations under the Ordinance in May &JJH in order to provide the re#ulatory fra0ewor: for the depositories% Accordin#ly" the overn0ent of India enacted the Depositories Act &JJH to start depository3s services in India% 9he depository syste0 revolves around the concept of paperless or scripless tradin# because the shares in a depository are held in the for0 of electronic accounts" i%e% de0ateriali*ed for0% Presently" there are two such depositories in India" vi*% $ational Securities Depository 2i0ited ;$SD2< and )entral Depository Services ;India< 2i0ited ;)DS2<% $SD2 was set up as the first depository co0pany in the country" which is sponsored by the 4nit 9rust of India" $S6" State Ban: of India" +D!) Ban: and )iti Ban:@ and 0ana#ed by Board of Directors as a public li0ited co0pany% 9he Mu0bai Stoc: 67chan#e ;BS6< in association with the Ban: of India" Ban: of Baroda" State Ban: of India and +D!) Ban: pro0oted )DS2 as the second depository in India for dealin# in the securities in the electronic for0" by the na0e of )entral Depository Services ;India< 2i0ited ;)DS2<% 9he 0a1or ob1ective of these depositories is the #rowth of scripless tradin#" protection to the individual investorLs participation in the depository and to enhance li?uidity%

REVIEW OF LITERATURE
9his section covers the review of literature of so0e of the i0portant studies" research papers and articles on the various aspects of depository syste0% Shah ;&JJH<& hi#hli#hted that resolution of the sin#le vs% 0ultiple depositories" i00obili*ation vs% de0ateriali*ation and role of capital ade?uacy nor0s for the custodians which is helpful in ?uic: i0ple0entation of depository syste0 in India% A##arwal and Di7it ;&JJH<E e7pressed their views about the le#al fra0ewor: for depository syste0 in India% 9hey also e7plained the benefits of the paperless tradin#" responsibilities of depository or participants and eli#ibility criteria" etc% Dias et% al ;&JJH<- pointed out the proble0s faced in the area of depository syste0 due to settin# up depositories by stoc: e7chan#es% A##arwal ;&JJH<( pointed out that the introduction of depository syste0 in India will eli0inate 0any proble0s li:e bac: office functionin#" post-trade" post-issue wor:" settle0ent and re#istration wor:% Sar:ar ;&JJH<. analy*ed the i0plications of the scripless tradin# and share transfer based on boo: entry 0erely due to the e7istence of the depository ordinance &JJ.% eor#e ;&JJH<H e7plained the role of the $SD2 in revolutioni*in# the paperless stoc: settle0ent syste0 of the country% +e also e7a0ined the steps ta:en by the depository to ensure that the scripless tradin# syste0 is a success and stressed on the i0portance of the role of the re#ulator in 0a:in# the depository syste0 successful% urusa0y ;&JJH<I e7plained that the introduction of depository syste0 would help in transfer of securities in the capital 0ar:et by a 0ere boo: entry% +e also pointed out the advanta#es of depository syste0 such as delay in transfer" re#istration" fa:e certificates" soarin# cost of transactions" 0ore paper wor:" non availability of depositories in when the transfer of securities ta:e place by physical delivery% Rao and Pra0anni: ;&JJG<G studied the functionin# of scripless tradin#" ri#hts and obli#ations of depository% 9hey have also shown the relationship between depository and other a#encies" relationship between depository and participant" between depository and beneficiary" depository and S6BI and relationship of depository with )o0panies Act% +ur:at and 5ed ;&JJJ< J discussed the role of depository syste0 in 0any advanced countries in the stoc: and capital 0ar:ets the world over% 9hey also analy*ed the services offered by $SD2" de0ateriali*ation" re-0ateriali*ation" tradin# and fee or char#es" co0parison of a ban: and a depository for the benefits of the depository% Burton ;E''E<&' revealed the redesi#n of the depository structure and procedures and said that this is a viable 0odel syste0 and is bein# 0onitored closely and i0proved on a continuin# basis% Mehla and 9uran ;E''E<&& e7plored the depository syste0 as a process" which eli0inates the paper wor: and 0aintains the electronic record of the ownership of securities% upta ;E''E<&E e7a0ined the role of S6BI which enables the investors to choose their depository and the DP to :eep their securities in the electronic for0 and to trade in the de0at se#0ent% Ravi Shah ;E''E<&- hi#hli#hted that $SD2 and )DS2 have chan#ed the face of the Indian capital 0ar:et% 9he 0ove fro0 an account period settle0ent in Cpaper for0 only3 to a 9M- settle0ent in pure electronic for0 has been achieved in a record span of few years" whereas it too: anywhere between &'-E' years in 0ost of the developed countries% =an:o ;E''(<&( discussed about Duopoly Model of security settle0ent" which shows how poolin# pay0ent can help in usin# li?uidity efficiently in relation to )SD ;)entral Securities Depositories< forei#n securities% Sch0iedel et% al ;E''H<&. analy*ed the e7istence and e7tent of econo0ies of scale in depository and settle0ent syste0s% 9he study indicated the e7istence of si#nificant econo0ies of scale but de#ree of such econo0ies differs by settle0ent" institution and re#ion% $ishanth and Mitra ;E''I<&H hi#hli#hted the trends in the #rowth of de0ateriali*ation in the Indian capital 0ar:et% 9hey analy*ed the total turnover and de0at se#0ent turnover volu0e-wise and stated that de0ateriali*ation of securities is one of the 0a1or step ai0ed at i0provin# and 0oderni*in# the levels of investor3s protection 0easures% Ra1u and Patil ;E''I<&I ?uantified and analy*ed the i0pact of de0ateriali*ation on li?uidity in the Indian stoc: 0ar:et% =anan ;E''G<&G hi#hli#hted that

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de0ateriali*ation has certainly brou#ht about lot of i0prove0ent in the invest0ent habits in our country and is bane for the co0panies and has created havoc in 0aintainin# the 0e0bers re#ister and in conductin# the 0e0bers 0eetin#%

OBJECTIVES OF THE STUDY

9he present study is conducted to achieve the followin# specific ob1ectivesB &% 9o evaluate the perfor0ance of depositories i%e% $SD2 and )DS2 on the para0eters li:e nu0ber of co0panies available for de0at" nu0ber of co0panies si#ned for de0at" nu0ber of clients" nu0ber of depository participants" nu0ber of locations served value of de0ateriali*ed stoc:" de0at custody" etc% 2. 9o analy*e the financial perfor0ance of $SD2 and )DS2 in ter0s of li?uidity" solvency and profitability%

RESEARCH HYPOTHESES
9o achieve the ob1ectives of the study" the followin# hypotheses are for0ulated and testedB H#1: 9here is no si#nificant difference between the avera#e nu0ber of co0panies available for de0at" si#ned for de0at" depository participants" de0at custody" nu0ber of clients" nu0ber of locations and value of stoc: of two depositories durin# the period under study% H#2: 9here is no correlation between the nu0ber of co0panies available for de0at" si#ned for de0at" depository participants" de0at custody" nu0ber of clients" nu0ber of locations and value of stoc: of two depositories durin# the period under study% H#3: 9here is no si#nificant difference in the li?uidity" solvency and profitability of two depositories durin# the period under study% H#!: 9here is no correlation in the li?uidity" solvency and profitability of two depositories durin# the period under study%

DATA COLLECTION AND ANALYSIS

9he present study is of analytical nature" therefore the use is 0ade of secondary data collected fro0 various websites" publications and brochures of depository participants" research papersAarticles published in various 1ournalsA0a#a*inesAnewspapers and annual reports of depositories" depositary participants and S6BI for a period of && years i%e% fro0 E'''-E'&'% 9he data collected have been analy*ed with the help of various statistical tools li:e )oefficient of )orrelation ;r< and t-test%

RESULTS AND DISCUSSIONS

9he conclusions drawn re#ardin# the perfor0ance of $SD2 and )DS2 are presented in the followin# sectionsB

ANALYSIS OF BUSINESS PERFORMANCE

In this section" the perfor0ance of $SD2 and )DS2 is analy*ed and co0pared on the para0eters li:e nu0ber of co0panies available for de0at" nu0ber of co0panies si#ned for de0at" nu0ber of clients" nu0ber of depository participants" nu0ber of locations served" value of de0ateriali*ed stoc:" de0at custody" etc% COMPANIES AVAILABLE FOR DEMAT 6very co0pany wants to reach its investors throu#h any depository% 9his is the 0a1or aspect for 0easurin# the perfor0ance of any depository% More nu0ber of co0panies available for de0at shows the e7ponential #rowth of the depository% 9herefore" every depository tries to add a lar#e nu0ber of securities to the list of securities to be settled only in de0at for0 by all cate#ories of investors% 9able-& shows the nu0ber of co0panies available for providin# de0ateriali*ation facilities to their shareholders% 9he securities available for de0ateriali*ation includes e?uity shares" debt instru0ents" #overn0ent securities" preference shares" certificates of deposit as well as the units of 0utual funds and e7chan#e traded funds% As is evident fro0 the 9able" the nu0ber of co0panies available for de0at observed an e7ponential #rowth in both $SD2 and )DS2 durin# the period under study% 9here is no si#nificant difference in the avera#e nu0ber of co0panies available for de0at in case of $SD2 and )DS2 as is evidenced by t-value% 9herefore" the null hypothesis can be accepted% But on the other hand" there is a hi#h de#ree of positive co-relation" which is also found hi#hly si#nificant% 9herefore" the null hypothesis cannot be accepted% 9he 0ain reason behind the #rowth of nu0ber of co0panies are low transaction char#es" centrali*ed database" low cost of set up and branch set up% NUMBER OF COMPANIES SIGNED FOR DEMAT 9his is also another i0portant aspect for 0easurin# the perfor0ance of any depository% enerally" this para0eter shows the acceptability of the depository by the investors and the reach in the 0ar:et% 9herefore" every depository tries to 0aintain their relationship with 0a7i0u0 nu0ber of investors% 9able-E reveals that the nu0ber of co0panies si#ned for de0at have increased in both $SD2 and )DS2% 9here is no si#nificant difference in the avera#e nu0ber of co0panies si#ned for de0at in case of )DS2 and $SD2% 9herefore" the null hypothesis can be accepted% +owever" there is a hi#h de#ree of positive correlation" which is also found hi#hly si#nificant% 9herefore" the null hypothesis cannot be accepted% 9he reason behind the increase in the nu0ber of co0panies is to brin# all the actively traded scrips under the purview of co0pulsory si#ned or settle0ent for0% NUMBER OF DEPOSITORY PARTICIPANTS A depository participant is an a#ent of the depository% If an investor wants to avail the services offered by the depository" the investor has to open an account with the depository participant% Depository participant functions as a brid#e between the depository and beneficial owner% $u0ber of participants help to increase the business of any depository% 9herefore every depository tries to increase the depository services across the country% As depicted in the 9able--" the avera#e nu0ber of depository participants has also increased durin# the period E'''-&' in case of both $SD2 and )DS2% A si#nificant difference is found in the avera#e nu0ber of depository participants in case of $SD2 and )DS2 at & per cent level of si#nificance% 9herefore" the null hypothesis cannot be accepted% On the other hand" there is a hi#h de#ree of positive correlation" which is also found si#nificant% 9herefore" the null hypothesis cannot be accepted% NUMBER OF LOCATIONS SERVED Depository offers the uni?ue facility for the depository participants to e7tend the services directly throu#h their branch networ: in order to reach investors even in the re0ote areas% =eepin# in view the shortenin# settle0ent cycles" S6BI has directed that depository participants to connect electronically all the branches and centre for the benefit of the investors which #ives faster settle0ents% As is evident fro0 9able-(" an increase in nu0ber of locations covered is observed durin# the period E'''-&' in both $SD2 and )DS2% 9here is a si#nificant difference in the avera#e nu0ber of co0panies" which is si#nificant at & per cent level% 9herefore" the null hypothesis cannot be accepted% On the other hand" there is also hi#h de#ree of positive correlation" which is also found si#nificant% 9herefore" the null hypothesis cannot be accepted% VALUE OF DEMATERIALI/ED STOCK 9he value of securities held in the custody of depository witnessed a tre0endous #rowth of any depository% +i#her value of de0at stoc: shows the hi#her #rowth of the depository% 9herefore" every depository wants to increase their value of de0ateriali*ation stoc: with the help of increase in the nu0ber of participants and increase the nu0ber of accounts of the investors% As is evident fro0 the 9able-." the value of de0ateriali*ed stoc: has increased in both $SD2 and )DS2 durin# the period under study% But there is si#nificant difference at . per cent level of si#nificance between the avera#e nu0ber of co0panies in case of $SD2 and )DS2% 9herefore" the null hypothesis cannot be accepted% On the other hand" there is also a hi#h de#ree of positive correlation" which is also found hi#hly si#nificant% 9herefore" the null hypothesis cannot be accepted% NUMBER OF CLIENTS 9his aspect shows the efforts of depository in several areas li:e up-#radation of the technolo#y" enhance0ent of operational efficiency throu#h I9" bench0ar:in# of ?uality process" cost reduction 0eans and a##ressive 0ar:etin# efforts% Inco0e of the depository is dependent on the nu0ber of clients% 9herefore" every depository tries to increase its nu0ber of clients in all the se#0ents of the 0ar:et% 9able-H shows the nu0ber of beneficial owner accounts

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opened with both the depositories reached a crucial 0ilestone in its life span% 9he focus is on buildin# up a nation-wide depository participant networ:" which has paid off as there is appreciable increase in nu0ber of beneficial owner accounts% 2i:e other para0eters" avera#e nu0ber of clients has also increased in both $SD2 and )DS2 durin# the period under study% But the difference between the avera#e nu0bers of clients is found si#nificant at . per cent level in case of $SD2 and )DS2% 9herefore" the null hypothesis cannot be accepted% 9his is the result of concerted efforts in several areas as up-#radation of technolo#y" enhance0ent of operational efficiency throu#h I9" bench0ar:in# of ?uality process" cost reduction 0eans and a##ressive 0ar:etin# efforts% All these states that de0at for0 of holdin# securities has now ac?uired wider acceptance of the Indian capital 0ar:et" as de0ateriali*ed stoc: will be 0ore li?uid than physical stoc: as it could be delivered in any se#0ent of the 0ar:et% On the other hand" there is also a hi#h de#ree of positive correlation" which is also found hi#hly si#nificant% 9herefore" the null hypothesis cannot be accepted% DEMAT CUSTODY 9his is also one of the i0portant criteria to 0easure the perfor0ance of any depository% A depository can increase their de0at custody by increasin# its clients and nu0ber of securities de0ateriali*ed% As is evident fro0 9able-I" the de0at custody held in both the depositories witnessed a tre0endous #rowth durin# the period under study% 9here is difference between the avera#e de0at custody of $SD2 and )DS2" which is found si#nificant at . per cent level% 9herefore" the null hypothesis cannot be accepted% 9his is 0ainly due to the hi#her valuation of shares of co0panies represented by the new sectors of the econo0y i%e% infor0ation technolo#y" co00unication and entertain0ent co0panies% On the other hand" there is a hi#h de#ree of positive correlation" which is also found si#nificant% 9herefore" the null hypothesis cannot be accepted%

ANALYSIS OF FINANCIAL PERFORMANCE

9his section includes the analysis of financial perfor0ance of $SD2 and )DS2 in ter0s of li?uidity" solvency and profitability% ANALYSIS OF LI UIDITY 2i?uidity refers to the ability of the fir0 to 0eet its short-ter0 obli#ations on due dates and #ives a #ood insi#ht into a fir03s ability to re0ain technically solvent in the event of adversities% 9he short-ter0 obli#ations are 0et by reali*in# a0ounts fro0 current" floatin# or circulatin# assets% If the current assets can pay off the current liabilities" then li?uidity position is assu0ed to be satisfactory and vice-versa% 9he current ratio is used to analy*e the li?uidity position of $SD2 and )DS2% CURRENT RATIO 9he current ratio is the ratio of total current assets to total current liabilities and is calculated by dividin# current assets by current liabilities% 9he current assets of a fir0 represents those assets which can be" in the ordinary course of business" converted into cash within a short period of ti0e" nor0ally not e7ceedin# one year and includes cash and ban: balances" interest accrued on invest0ents" sundry debtors" etc% 9he current liabilities are the liabilities" which are short-ter0 0aturin# obli#ations to be 0et within a year and consist of sundry creditors@ inco0e received in advance" deposits fro0 depository participants" etc% As a 0easure of short-ter0 financial li?uidity" it indicates the rupee of current assets available for each rupee of current liability% 9he hi#her the current ratio" the lar#er is the a0ount of rupees available per rupee of current liability" the 0ore is the fir03s ability to 0eet current obli#ations% As a convention" the 0ini0u0 of EB& is referred to as a ban:er3s rule of thu0b or arbitrary standard of li?uidity for a fir0% A ratio e?ual or near to the rule of thu0b is considered satisfactory% 9he idea of havin# doubled the current assets as co0pared to the current liabilities is to provide for delays and losses in the reali*ation of current assets% +owever" the rule of EB& should not be blindly followed while 0a:in# interpretation of the ratio" because fir0s havin# less than EB& ratio 0ay be havin# a better li?uidity than those fir0s havin# 0ore than EB& ratio% 9his is so because the current ratio 0easures only the ?uantity of current assets and not ?uality of current assets% 9he current ratio of $SD2 and )DS2 durin# the period under the study is #iven in table G% In case of $SD2" current ratio ran#es fro0 &%IH ;E''G< to &%(H ;E'''<" which is lower than the ideal ratio% It indicates that considerable deterioration has occurred in the li?uidity position and shorta#e of wor:in# capital% In case of )DS2" the ratio ran#es fro0 &%JI ;E''G< to &I%-' ;E'''<" which is hi#her than ideal ratio% A very hi#h ratio 0ay be an indicative of slac: 0ana#e0ent practices% 9he li?uidity position of )DS2" as 0easured by the current ratio" is better as co0pared to $SD2% 9here is a si#nificant difference in the avera#e current ratio of $SD2 and )DS2 at . per cent level of si#nificance% 9herefore" the null hypothesis cannot be accepted% On the other hand" there is a low ne#ative correlation and which is also found insi#nificant% 9herefore" the null hypothesis can be accepted% ANALYSIS OF SOLVENCY 9he ter0 Csolvency3 refers to the ability of a concern to 0eet its lon#-ter0 obli#ations% 9he lon#-ter0 indebtedness of a fir0 includes debenture holders and financial institutions providin# 0ediu0 and lon#-ter0 loans% 9he lon#-ter0 creditors of a fir0 are pri0arily interested in :nowin# the fir03s ability to pay re#ularly interest on lon#-ter0 borrowin#s and repay0ent of the principal a0ount at 0aturity% Accordin#ly" lon#-ter0 solvency ratios indicate a fir03s ability to 0eet the fi7ed interest and repay0ent schedules associated with its lon#-ter0 borrowin#s% FIXED ASSETS TO PROPRIETORS FUNDS RATIO 9his ratio establishes the relationship between fi7ed assets and proprietors funds% 9he ob1ective of the ratio is to find out what proportion of owners funds are invested in fi7ed assets% It can be calculated by dividin# the fi7ed assets by shareholders funds% !i7ed Assets are calculated after char#in# depreciation% enerally" the purchase of fi7ed assets should be financed by shareholder3s e?uity includin# reserve and surplus% If the ratio is less than one" it i0plies that owner3s funds are 0ore than total fi7ed assets and shareholders provide a part of the wor:in# capital% >hen the ratio is 0ore than one" it i0plies that owner3s funds are not sufficient and fir0 has to depend upon the outsiders to finance the fi7ed assets% 9he !i7ed Assets to Proprietors !unds Ratio of $SD2 and )DS2 durin# the period under the study is #iven in table J" which shows that it ran#es between &.%J ;E'''< and HI%& ;E''G< in $SD2" while in case of )DS2" it ran#es fro0 '%&J ;E''G< to E'%I ;E'''<% 9here is a difference in the avera#e fi7ed assets to proprietor3s fund ratio of $SD2 and )DS2 which is found si#nificant at & per cent level of si#nificance% 9herefore" the null hypothesis cannot be accepted% 9here is also a hi#h de#ree of ne#ative correlation in the ratio of fi7ed assets to proprietor3s funds of )DS2 and $SD2 and is found si#nificant% 9herefore" the null hypothesis cannot be accepted% CURRENT ASSETS TO PROPRIETORS FUNDS RATIO 9his ratio indicates the e7tent to which proprietor3s funds are invested in current assets and is calculated by dividin# the total of current assets by the a0ount of shareholders funds% 9he ratio of )urrent Assets to Proprietors !unds of $SD2 and )DS2 durin# the period under the study is #iven in table &'% It ran#es fro0 &J%& ;E''G< to E.%J ;E'''< in case of $SD2% On the other hand" the ratio in case of )DS2 ran#es fro0 EH%J ;E''G< to (-%H ;E'''<% 9here is si#nificant difference in the avera#e rate of current assets to proprietor3s funds of )DS2 and $SD2 at . per cent level of si#nificance% 9herefore" the null hypothesis cannot be accepted% +owever" there is a low de#ree of ne#ative correlation between the0 and is also found insi#nificant% 9herefore" the null hypothesis can be accepted% ANALYSIS OF PROFITABILITY Profits are the ulti0ate test of 0ana#e0ent efficiency% An or#ani*ation 0ust be able to earn ade?uate profits in relation to capital invested% Return on net worth" return on e?uity" return on capital e0ployed and earnin#s per share are used to analy*e the profitability% RETURN ON NET WORTH $et worth is also :nown as proprietor3s net capital e0ployed% 9he return is calculated with reference to profits belon#in# to shareholders and" therefore" profits shall be net profits after interest and ta7% It is calculated by dividin# the profits after interest and ta7es divided by shareholders funds% Shareholders3 funds include e?uity share capital and reserve and surplus% 9his ratio is one of the 0ost i0portant ratios used for 0easurin# the overall efficiency of a fir0% 9his ratio is of #reat i0portance to the present and prospective shareholders as well as the 0ana#e0ent of the co0pany% As this ratio reveals how well the resources of a fir0 are bein# used" therefore" hi#her the ratio" better are the results% 9he ratio of return on net worth of $SD2 and )DS2 durin# the period under the study is #iven in table &&% It ran#es fro0 '%&. ;E'''< to '%(. ;E'&'< in case of $SD2 and e7hibits a risin# trend up to E'''-'& and fluctuatin# thereafter% On the other hand" it ran#es fro0 -'%.& ;E''&< to E'%.G ;E'&'< in case of )DS2 and e7hibits a sudden loss in year E'''-'& and rise thereafter% 9he ratio in case of $SD2 is better than that of )DS2 because hi#her the ratio" the better the perfor0ance and prospect of the co0pany% 9here is a si#nificant difference between the

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avera#e return on net worth of )DS2 and $SD2" which is found insi#nificant% 9herefore" the null hypothesis can be accepted% 9here is a low de#ree of positive correlation in the ratio of return on net worth of )DS2 and $SD2" which is found insi#nificant% 9herefore" the null hypothesis can be accepted% RETURN ON E UITY In real sense" ordinarily shareholders are the real owners of the or#ani*ation% Preference shareholders have a preference over ordinary shareholders in the pay0ent of dividend as well as repay0ent of capital% Preference shareholders #et a fi7ed rate of dividend irrespective of the ?uantu0 of profits of the co0pany% 9he rate of dividend varies with the availability of profits in case of ordinary shares only% 9hus" ordinary shareholders are 0ore interested in the profitability of a co0pany and the perfor0ance of a co0pany should be 1ud#ed on the basis of return on e?uity capital of the co0pany% It is calculated by dividin# the net profit after interest and ta7es by e?uity capital% 9he ratio of Return on 6?uity of $SD2 and )DS2 durin# the period under the study is #iven in table &E" which ran#es fro0 '%&G ;E'''< to '%(& ;E'&'< in case of $SD2% 9his shows the fluctuatin# trend after the sudden decline in E''&-'E% On the other hand" the ratio in case of )DS2 ran#es fro0 '%'( ;E'''< to '%I( ;E''G<% 9he profitability position as 0easured by return on e?uity is better in case of $SD2 as co0pared to )DS2% 9here is no si#nificant difference between the avera#e return on e?uity of $SD2 and )DS2% 9herefore" the null hypothesis can be accepted% 9here is a ne#ative correlation in the avera#e return on e?uity )DS2 and $SD2 and is also found insi#nificant% 9herefore" the null hypothesis can be accepted% RETURN ON CAPITAL EMPLOYED Return on capital e0ployed establishes the relationship between profits and the capital e0ployed% It is pri0ary ratio and is 0ost widely used to 0easure the overall profitability and efficiency of an or#ani*ation% It is the ratio of net profits before interest and ta7es and capital e0ployed% 9he ter0 capital e0ployed refers to the lon#-ter0 funds supplied by the creditors and owners of the fir0% 9he ratio of Return on )apital 60ployed of $SD2 and )DS2 durin# the period under the study is #iven in table &-% It ran#es fro0 '%HG ;E'''< to &%'E ;E'&'< in $SD2 and shows the fluctuatin# trend after a sudden decline in E''&-'E% On the other hand" the return on capital e0ployed of )DS2 ran#es fro0 '%'I- ;E'''< to '%(E ;E''G<% 9he profitability position as 0easured by return on capital e0ployed is better in case of $SD2 as co0pared to )DS2% 9here is a si#nificant difference between avera#e return on capital e0ployed of $SD2 and )DS2 at & per cent level of si#nificance% 9herefore" the null hypothesis cannot be accepted% +owever" there is a ne#ative correlation in the avera#e return on capital e0ployed but the sa0e is found insi#nificant durin# the period under study% 9herefore" the null hypothesis can be accepted% EARNINGS PER SHARE 6PS 0easures the profit available to the e?uity shareholders on a per share basis i%e% the a0ount that they #et on every share held% It is calculated by dividin# the profits available to the shareholders by the nu0ber of the outstandin# shares% 9he earnin#s per share of $SD2 and )DS2 durin# the period under the study are #iven in table &( and ran#es fro0 &%GJ ;E'''< to J%&G ;E'&'< in $SD2 and fro0 '%(E ;E'''< to (%.. ;E'&'< in )DS2% 9here is a difference in the avera#e 6PS of $SD2 and )DS2" which is also found si#nificant at & per cent level of si#nificance% 9herefore" the null hypothesis cannot be accepted% On the other hand" there is a positive hi#h de#ree of correlation between the 6PS of $SD2 and )DS2 and is also found si#nificant% 9herefore" the null hypothesis cannot be accepted%

CONCLUSION
9o su0 up" there is an increase in the ter0s of nu0ber of co0panies available for de0at" nu0ber of co0panies si#ned for de0at" nu0ber of depository participant" nu0ber of locations and value of de0ateriali*ed stoc: is observed durin# the period E''' to E'&' in both the depositories" i%e% $SD2 and )DS2% 9here is a si#nificant difference in the perfor0ance" on an avera#e" of both the depositories on the basis of the selected para0eters% 9here is also a positive correlation in the perfor0ance of the depositories in the above para0eters" which is also found si#nificant% On the basis of co0parative financial analysis" it is concluded that the li?uidity position as 0easured by current ratio is better in case of )DS2 as co0pared to $SD2% 9he profitability position of $SD2 is better than that of )DS2 as 0easured by return on net worth and return on capital e0ployed% +owever" return on e?uity and 6PS is low in $SD2 as co0pared to )DS2%

REFERENCES
&% E% -% (% .% H% I% G% J% &'% &&% &E% &-% &(% &.% &H% &I% &G% Shah" Mahesh ;&JJH<" KA )are for Depositories in IndiaK" 9he Mana#e0ent Accountant" April" pp% E.J-EH&% A##arwal" 5% =% and Di7it" S% =% ;&JJH<" N9he Depositories 2e#islationB A )ritical 6valuation"K )hartered Secretary" April" pp% -HI--IH% Dias" Sandy and 5aidyanathan" Aruna ;&JJH<" K 9he Depositories Race +ots 4pF" Business >orld" July" pp%&'G-&'J% A##arwal" San1iv ;&JJH<" K)entral Depository Syste0F" the )hartered Accountant" June-July" pp%&J-E(% Sar:ar" A% =% ;&JJH<" KI0plications of Depositories Ordinance" &JJ."K 9he Mana#e0ent Accountant" June-July" pp% (I--(II% eor#e" Philip ;&JJH<" N9owards a Paperless Settle0ent Syste0F" Business >orld" October" pp% &-(-&-.% urusa0y" S% ;&JJH<" KDepository Syste0-+ow a 5iable AlternativeK" 9he Mana#e0ent Accountant" July" pp% (IG-(GE% Rao" D% M% and Pra0anni:" A% =% ;&JJG<" KDepository Syste0-An Atte0pt to Scripless 9radin#"K Indian Journal of Public 6nterprise" pp% .J-HG% +ur:at" Mano1 and 5ed" 40esh ;&JJJ<" NDepositary-An Inevitable InstitutionK" )hartered Secretary" Septe0ber" pp% JJ&-JJ-% Burton" Donna ;E''E<" N6valuation of the Previous State Depository Syste0 on $ew /or: State 2ibraryF" www%sciencedirect%co0% Mehla" Sunita and 9uran" M% S% ;E''E<" NDe0at-9he !uture of InvestorsF" !inancial Sector Refor0s@ An 4nfinished A#enda for 6cono0ic Develop0ent" pp%&-.-&('" 4BS" )handi#arh% upta" R% =% ;E''E<" NDepositoryB A Step 9owards 6fficient Stoc: Mar:etF" pp%&(E" !inancial Sector Refor0s@ An 4nfinished A#enda for 6cono0ic Develop0ent" Deep and Deep Publications Private 2i0ited" !-&.J" Ra1ouri arden" $ew Delhi-EI% Ravi" Shah ;E''E<" N4nderstandin# De0ateriali*ationF" 9he Mana#e0ent Accountant" pp% (-(% =an:o" =arlo ;E''(<" K9he 2in:s between Securities Settle0ent Syste0sB An Oli#opoly 9heoretic ApproachK" International Review of !inancial Analysis" 5ol%&-" Issue-." pp% .G.-H''% Sch0iedel" +ei=o" Mal:a0a:i" Mar::u and 9ar::a" Juha ;E''H<" N6cono0ies of Scale and 9echnolo#ical Develop0ent Securities Depositories and Settle0ent Syste0F" Journal of Ban:in# and !inance" 5ol% -'" Issue-H" pp%&IG--&G'H% $ishanth" P%5%" Mitra% Anindita ;E''I<" N9rends in the rowth of De0ateriali*ed in the Indian )apital Mar:etF" M%Phil% Scholor" Depart0ent of 6cono0ics Pondichery 4niversity% Ra1u" M% 9% and Patil ;E''I<" NDe0ateriali*ation of 6?uity Shares in IndiaF" 2i?uidity" Returns and 5olatility" 9he 0ana#e0ent Accountant" 5ol% (% S% =anan ;E''G<" NMar:et )o0parable ApproachF" Journal of !inancial Services Research" 5ol% E(" $o%E--" pp% &E&-&(G%

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TABLES
TABLE%1: NUMBER OF COMPANIES AVAILABLE FOR DEMAT Y60: NSDL &JJJ-'' GE& E'''-'& EIGH E''&-'E (&IE E''E-'(IH& E''--'( .E&E E''(-'. ..-H E''.-'H H'EE E''H-'I H(GE''I-'G I-.( E''G-'J IG'& E''J-&' G&E( 9-value O '%IE ;insi#nificant<" )oefficient of )orrelation ;r< O '%JG ;si#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<% TABLE%2: NUMBER OF COMPANIES SIGNED FOR DEMAT Y60: NSDL &JJJ-'' J&G E'''-'& EGE& E''&-'E (E&' E''E-'(IH& E''--'( .E&E E''(-'. ..-H E''.-'H H'EE E''H-'I H(GE''I-'G I-.( E''G-'J IG'& E''J-&' G&E( 9-value O '%IE ;insi#nificant<" )oefficient of )orrelation ;r< O '%JG ;si#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<% TABLE%3: NUMBER OF DEPOSITORY PARTICIPANTS NSDL &E( &GH E&E E&E&( E&H EEE(' E.& EI. EGH CDSL ..H EHI& (EG( (HEG (G&' .'-.(IJ ..GJ .J(HE-I'(J

CDSL IH. EIE(EJH (HEG (G&' .'-.(IJ ..GJ .J(HE-I'(J

Y60: &JJJ-'' E'''-'& E''&-'E E''E-'E''--'( E''(-'. E''.-'H E''H-'I E''I-'G E''G-'J E''J-&'

CDSL H& &(( &H& &GJ E&E EI& -&. -H. (E' (HG (JI

9-value O &%-( ;si#nificant at &'P level<" )oefficient of )orrelation ;r< O '%J- ;si#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<% TABLE%!: NUMBER OF LOCATIONS SERVED Y60: NSDL &JJJ-'' &(E. E'''-'& &GJH E''&-'E &H(G E''E-'&I&G E''--'( &I&J E''(-'. EG&J E''.-'H -'&I E''H-'I ..JJ E''I-'G IE'( E''G-'J GIII E''J-&' &&&I' 9-value O -%I& ;si#nificant at & per cent level<" )oefficient of )orrelation ;r< O '%JH ;si#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<%

CDSL &. E.H -(& (&( ((& .-E .GH H-( HJ' (HG H&.

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TABLE%5: VALUE OF DEMATERIALI/ED STOCK 'IN RUPEES( Y60: NSDL CDSL &JJJ-'' (H&-G. G&GG E'''-'& -EH&G( &'J'. E''&-'E ((E.G' E(-&J E''E-'..&-'( -H&H( E''--'( JHH&.&'H((E''(-'. &((IHH&E'J.J E''.-'H E(IGJ(& E&GE(E E''H-'I -&(EH(. EJ-GH. E''I-'G (-IHJ..JHH'I E''G-'J -&'HHE( (.J((G' E''J-&' .H&IG(E G-GJEG' 9-value O '%IJ ;insi#nificant<" )oefficient of )orrelation ;r< O '%I- ;si#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<% TABLE%$: NUMBER OF CLIENTS NSDL Y60: &JJJ-'' E(&(''' E'''-'& -I(G''' E''&-'E -I''''' E''E-'-IJ.H'( E''--'( (JGJI-( E''(-'. H-''IEE''.-'H I.H'EJJ E''H-'I IJ'--GJ E''I-'G J-IE--. E''G-'J JHG..HG E''J-&' &'.G.''' 9-value O -%&. ;si#nificant at & per cent level<" )oefficient of )orrelation ;r< O '%J- ;si#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<% TABLE%&: DEMAT CUSTODY 'RE. C:8:6( Y60: NSDL &JJJ-'' &..' E'''-'& -EI& E''&-'E .&HI E''E-'HGIH E''--'( G-HJ E''(-'. &EGHH E''.-'H &I(IE E''H-'I E'EI' E''I-'G E-HJ' E''G-'J EGEGI E''J-&' -.&&( 9-value O -%-J ;si#nificant at & per cent level<" )oefficient of )orrelation ;r< O '%G. ;si#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<% TABLE%): LI UIDITY RATIO '41 3456E( Y60: NSDL CDSL E''' &%(H &I%E''& &%'( H%I' E''E &%-H J%-J E''&%G. G%&H E''( &%H( -%I' E''. &%H( (%-& E''H '%JJ I%&. E''I &%H& (%EJ E''G &%IH &%JI E''J &%.G &%HE E'&' &%HI &%IG 9-value O -%EH ;si#nificant at & per cent level<" )oefficient of )orrelation ;r< O -'%-& ;insi#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<% CDSL EG.(. IH''&EGE.E E(I-HJ HEJ&.J &''.IIE &GH&EGG EGI-.'G .(G'E(. HI.(G(' G&EJ.II

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CDSL .I &JE (G&E GE& &('& &J'G EIEE -&E. (JGE I'G& IIJ.

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TABLE%+: FIXED ASSETS TO PROPRIETOR-S FUND RATIO 'P6:;613( Y60: NSDL CDSL E''' &.%J E'%I E''& -G%E'%. E''E -(%G &E%& E''EG%E J%E''( -E%G G%J E''. -I%J G%. E''H .&%& E%' E''I H&%I E%'& E''G HI%& '%&J E''J HJ%( E%I( E'&' H(%-%'& 9-value O H%-J ;si#nificant at & per cent level<" )oefficient of )orrelation ;r< O -'%G& ;si#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<% TABLE%1#: RATIO OF CURRENT ASSETS TO PROPRIETOR-S FUND 'PERCENT( Y60: NSDL CDSL E''' E.%J (-%H E''& E.%H (&%( E''E E.%. .E%. E''-(%J .-%. E''( EG%. E.%E''. -&%G -.%H E''H &G%( H'%I E''I EI%E ((%H E''G &J%& EH%J E''J EI%G -'%J E'&' EG%H -&%H 9-value O -%HH ;si#nificant at & per cent level<" )oefficient of )orrelation ;r< O -'%'J ;insi#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<% TABLE%11: RETURN ON NET WORTH 'P6:;613( Y60: NSDL CDSL E''' '%&. '%'( E''& '%E. -'%.& E''E '%'I '%'E E'''%J '%'& E''( '%E '%'J E''. '%&'%'G E''H '%&. '%&& E''I '%-E &%EE''G '%E& '%E& E''J '%-G '%&I E'&' '%(. '%E& 9-value O '%JJ ;insi#nificant<" )oefficient of )orrelation ;r< O '%'. ;insi#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<% TABLE%12: RETURN ON E UITY 'PERCENT( Y60: NSDL CDSL E''' '%&G '%'( E''& '%-J -'%.E E''E '%&& '%E E'''%&H '%'& E''( '%(& '%JI E''. '%EG '%J& E''H '%-I '%&( E''I '%EI '%EE E''G '%-I '%I( E''J '%E. '%HI E'&' '%(& '%It-value O '%.G ;insi#nificant<" )oefficient of )orrelation ;r< O '%EI ;insi#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<%

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TABLE%13: RETURN ON CAPITAL EMPLOYED '@6:;613( Y60: NSDL CDSL E''' '%HG '%'I E''& &%'& -'%'J E''E '%E. '%'E'''%-& '%E''( '%E( '%(E''. '%(& '%-' E''H '%.I '%EJ E''I '%(H '%-& E''G '%. '%(E E''J '%(G '%-I E'&' &%'E '%-J 9-value O E%JE ;si#nificant at & per cent level<" )oefficient of )orrelation ;r< O -'%-' ;insi#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<% TABLE: 1!: EARNING PER SHARE Y60: NSDL CDSL E''' &%GJ '%(E E''& -%GE '%E& E''E &%&. '%&(( E''&%HE '%'JG E''( (%&G '%JI E''. E%GJ '%J& E''H -%I& &%(. E''I E%'G '%&G E''G -%EJ '%-. E''J -%-( -%EH E'&' J%&G (%.. t-value O E%G( ;si#nificant at & per cent level<" )oefficient of )orrelation ;r< O '%G& ;si#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<%

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REQUEST FOR FEEDBACK

D60: R60G6:E At the very outset" International Journal of Research in )o00erce" 6cono0ics 8 Mana#e0ent ;IJR)M< ac:nowled#es 8 appreciates your efforts in showin# interest in our present issue under your :ind perusal% I would li:e to re?uest you to supply your critical co00ents and su##estions about the 0aterial published in this issue as well as on the 1ournal as a whole" on our 6-0ails i%e% 417849:;5<=504>.;85 or 4178<49:;5.8:=.41 for further i0prove0ents in the interest of research% If you have any ?ueries please feel free to contact us on our 6-0ail 417849:;5<=504>.;85% I a0 sure that your feedbac: and deliberations would 0a:e future issues better , a result of our 1oint effort% 2oo:in# forward an appropriate consideration% >ith sincere re#ards 9han:in# you profoundly A;0G654;0>>2 28A:E SdAC8%8:G41038:

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