T. Koshy, 1997, “Depository in the Debt Market:The Unfinished Agenda”
Though the Indian capital market is over 100 years old, it continues mainly as a market for equity related products. Debt is more or less financed through banks and financial institutions, although in the recent past, financial markets are playing an increasingly significant role. Even the Government securities market essentially consists of primary issues and inter-institutional trades.However, due to a variety of institutional and regulatory reasons, the Indian debt market has not been able to achieve even a fraction of its true potential.Although an exemption in stamp duty may appear to be against the interests of State Governments – owing to a loss in revenue – the resultant increase in liquidity will go a long way in improving their fund raising efforts as also of their state financial institutions and municipalities for infrastructure projects. The National Securities Depository Limited (NSDL) has already taken up this matter with the State Governments. NSDL has requested for a revenue- neutral policy change which will imply the levying of a one-time charge at the time of issue and eliminating duty at the time of transfer.This research paper explain different advantages whichdebt market participants will enjoy if they join the NSDL
LC Gupta, Naveen Jain, 2003, “Indian Securities Depository system, what has Gone Wrong?”
Unknowingly and unintentionally’ the share depository system is adversely affecting million of small investors and hurting the equity market’s growth by causing such investors to gradually withdraw from the market. This paper attempts to explain how this has come about and what corrective action is needed
Trinath Tadakamalla, 2004, "Dematerialized Securities"
Dematerialized securities are securities that are not on paper and a certificate to that effect does not exist. They exist in the form of entries in the book of depositories.