Central Depository Services Secures SEBI Approval for JV Partnership and MVP Development with Shoveltech
Central Depository Services (India) Limited, through its subsidiary, Centrico Insurance Repository Limited, has secured SEBI approval for a joint venture agreement with Shoveltech Solutions Private Limited. The partnership involves the development of a Minimum Viable Product (MVP) under a software development agreement.The agreement formalizes a strategic collaboration between Centrico Insurance Repository Limited and Shoveltech Solutions Private Limited. Centrico Insurance Repository Limited, which is a subsidiary of Central Depository Services (India) Limited (CDSL) and was formerly known as CDSL Insurance Repository Limited, will work with the technology partner to develop the MVP.
The transaction includes a disbursement amount of Rs 25,00,000 towards the partnership for the development of the Minimum Viable Product.
This joint venture is subject to the condition that Central Depository Services (CDSL) must maintain its net worth requirement at all times in accordance with Regulation 14(1) of SEBI (Depositories and Participants) Regulations, 2018 on a standalone basis.
CDSL Stock Price Movement
Central Depository Services (India) Limited shares edged higher today, concluding at ₹1345.10 after a 1.43% gain. The stock was traded hands in a volume of 984,104 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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