Infomatics Velox Compliance Now Allows Users to Import NSDL and CDSL Consolidated Account Statements

Introduction

SEBI’s Prohibition of Insider Trading regulations is perhaps the most comprehensive regulation when it comes to Insider Trading. It is onerous which makes adherence to it without any software intervention rather adventurous.

Our Velox Compliance solution for PIT has been the foremost solution that has been wholeheartedly embraced by Mutual Funds, Banks, Insurance companies, and Wealth management firms.

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Evolving with Regulatory Changes

Velox Compliance has evolved over the years in tandem with changing regulations and is today a tried and tested multi-scrip and multi-asset class solution that provides complete visibility over employee investment requests & reporting. It has over the years taken the drudgery of reporting to include automated trade request approvals/rejections based on pre-set rules. The system thus automatically processes trades from Registrars and even Stockbrokers thus solving the big pain area of timely reporting for employees or compliance officers.

Yet despite this level of automation, there remained the problems of manually uploading of initial holding through spreadsheets or ensuring the correctness of the current holding.

Well no longer. The latest release of the solution allows users to import the NSDL or CDSL Consolidated Account Statement.

As practitioners and participants in the securities market, we all know how the NSDL/CDSL Consolidated Account Statement (CAS) has ensured uniformity and consolidation of holdings across various instruments including investments in equity shares, preference shares, mutual funds units (statement or folio form), sovereign gold bonds, corporate bonds, debentures, securitized instruments, money market instruments and government securities held in Demat.

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New Feature: Import NSDL/CDSL Consolidated Account Statement

Velox Compliance now allows users to import their monthly NSDL/CDSL statements. Furthermore, it auto reconciles the holding basis of this CAS statement with the current holdings as reported in Velox thus throwing up mismatches in a simple table which can be corrected with the approval of the compliance team.

This ensures that the reporting is truly solid and sans any error with this added layer of check. New users can also use this feature to import initial holdings thus making it less tedious and cumbersome for first-time users.

This feature is one of the many that we are planning to introduce to achieve the dual objectives of higher usability and tighter compliance with regulations.