LIC to buy BSE’s 10% stake in CDSL for Rs. 800 crore

BSE holds 54.2 per cent stake in CDSL and must pare its stake to 24 per cent, as per a SEBI directive.

Life Insurance Corporation of India (LIC) is close to picking up a 10 per cent stake in Central Depository Services Ltd. (CDSL) from BSE for Rs. 800-850 crore, reports a business daily.

BSE holds 54.2 per cent stake in CDSL and must pare its stake to 24 per cent, as per a SEBI directive.

The three-year deadline set by SEBI has expired and both BSE and NSE are looking for investors, reports the financial newspaper.

NSE holds 25.045 per cent in National Securities Depository Ltd (NSDL).

In its Board meeting on 2nd April, 2012, SEBI had accepted the recommendations of the Bimal Jalan Committee. 

The committee was set up to examine issues related to ownership and governance of stock exchanges, depositories and clearing corporations collectively called market infrastructure institutions (MIIs).

NSDL had a consolidated profit of INR 52 crore and revenue of Rs. 160 crore for the year ended March 2015. 

CDSL’s profit stood at INR 43 crore on revenues of Rs. 105 crore.