N Rangachary appointed CDSL chairman

MUMBAI: Central Depository Services Limited ( CDSL) on Monday appointed N Rangachary, the founding chief of insurance regulator IRDA, as its chairman.

Rangachary succeeds SS Thakur, who had chaired the securities depository firm since 2001, an official statement issued in Mumbai said.

Apart from chairing the Insurance Regulatory and Development Authority (IRDA), Rangachary has served as the chairman of the Central Board of Direct Taxes and has been on the Board of several companies, it added.

"We will endeavour to enter into new segments to expand the business of CDSL and grow with distinction," Rangachary said after his appointment, which is effective Monday.

CDSL, which is promoted by the Bombay Stock Exchange, currently has 68.51-lakh active accounts and has 521 agents or depository participants (DPs) offering depository services to investors, the statement said.