OREANDA-NEWS. The National Depository Center (NDC), Russia's only settlement depository servicing the full range of Russian securities, announced today that Mr. Nikolai Egorov, NDC's Director, and Mr. Vijay V Raut, Managing Director and CEO, Central Depository Services (India) Limited, signed a Memorandum of Understanding (MOU) at a meeting held in Mumbai on April 8, 2008. 

Among the key points of the memorandum are:
Provision for regular meetings of the two depositories’ Board members, senior managers and staff for mutual exchange of information/statistics/market updates/business operating models
To conduct joint studies or discussion meetings on topics related to securities depository, clearing and settlement operations
Cooperation in the field of personnel training.

Speaking on this occasion, Mr. Nikolay Egorov said, “Development of economic relations among the BRIC (Brazil-Russia-India-China) nations requires closer cooperation between depositories and settlement companies. Signing of a cooperation memorandum by the Indian and Russian depositories is the first step in this direction. The exchange of experience and technology expertise between NDC, which is Russia’s biggest depository and CDSL, will increase the momentum of integration of both parties into the global trade and economic environment."

“I see the MOU with NDC as a precursor to a mutually beneficial business relationship,” said Mr. Vijay V. Raut, CDSL Managing Director & CEO. “We are optimistic that the intellectual exchange, which this MoU will promote, will benefit both our organizations and the clients we serve.”

He further added, “The MOU will enable us to learn about the originality each of us has introduced into our products and processes, and the risk-management measures we employ. This could result in absorption of innovative practices that would enhance our product offerings and thereby benefit investors.” NDC and CDSL representatives participating in the signing ceremony agreed that the event will promote the development of the Indian and Russian securities markets.