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CHIEF PATRON
PROF. K. K. AGGARWAL
)hancellor" 2in#aya3s 4niversity" Delhi !ounder 5ice-)hancellor" uru obind Sin#h Indraprastha 4niversity" Delhi 67% Pro 5ice-)hancellor" uru Ja0bheshwar 4niversity" +isar
PATRON
SH. RAM BHAJAN AGGARWAL
67% State Minister for +o0e 8 9ouris0" overn0ent of +aryana 5ice-President" Dadri 6ducation Society" )har:hi Dadri President" )hinar Synte7 2td% ;9e7tile Mills<" Bhiwani
COCO-ORDINATOR
DR. BHAVET
!aculty" M% M% Institute of Mana#e0ent" Maharishi Mar:andeshwar 4niversity" Mullana" A0bala" +aryana
ADVISORS
PROF. M. S. SENAM RAJU
Director A% )% D%" School of Mana#e0ent Studies" I% %$%O%4%" $ew Delhi
PROF. M. N. SHARMA
)hair0an" M%B%A%" +aryana )olle#e of 9echnolo#y 8 Mana#e0ent" =aithal
PROF. S. L. MAHANDRU
Principal ;Retd%<" Mahara1a A#rasen )olle#e" Ja#adhri
EDITOR
PROF. R. K. SHARMA
Dean ;Acade0ics<" 9ecnia Institute of Advanced Studies" Delhi
COCO-EDITOR
DR. SAMBHAV GARG
!aculty" M% M% Institute of Mana#e0ent" Maharishi Mar:andeshwar 4niversity" Mullana" A0bala" +aryana
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PROF. S. P. TIWARI
Depart0ent of 6cono0ics 8 Rural Develop0ent" Dr% Ra0 Manohar 2ohia Avadh 4niversity" !ai*abad
DR. SAMBHAVNA
!aculty" I%I%9%M%" Delhi
ASSOCIATE EDITORS
PROF. ABHAY BANSAL
+ead" Depart0ent of Infor0ation 9echnolo#y" A0ity School of 6n#ineerin# 8 9echnolo#y" A0ity 4niversity" $oida
PARVEEN KHURANA
Associate Professor" Mu:and 2al $ational )olle#e" /a0una $a#ar
SHASHI KHURANA
Associate Professor" S% M% S% =halsa 2ubana irls )olle#e" Barara" A0bala
MOHITA
!aculty" /a0una Institute of 6n#ineerin# 8 9echnolo#y" 5illa#e adholi" P% O% adhola" /a0unana#ar
FINANCIAL ADVISORS
DICKIN GOYAL
Advocate 8 9a7 Adviser" Panch:ula
NEENA
Invest0ent )onsultant" )ha0ba#hat" Solan" +i0achal Pradesh
LEGAL ADVISORS
JITENDER S. CHAHAL
Advocate" Pun1ab 8 +aryana +i#h )ourt" )handi#arh 4%9%
SUPERINTENDENT
SURENDER KUMAR POONIA
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BOOKS
Bowerso7" Donald J%" )loss" David J%" ;&JJH<" K2o#istical Mana#e0ent%K 9ata Mc raw" +ill" $ew Delhi%
+un:er" +%2% and A%J% >ri#ht ;&JH-<" K!actors of Industrial 2ocation in Ohio"K Ohio State 4niversity% CONTRIBUTIONS TO BOOKS Shar0a 9%" =watra" % ;E''G< 6ffectiveness of Social Advertisin#B A Study of Selected )a0pai#ns" )orporate Social Responsibility" 6dited by David )rowther 8 $icholas )apaldi" Ash#ate Research )o0panion to )orporate Social Responsibility" )hapter &." pp EGI--'-% JOURNAL AND OTHER ARTICLES Sche0enner" R%>%" +uber" J%)% and )oo:" R%2% ;&JGI<" K eo#raphic Differences and the 2ocation of $ew Manufacturin# !acilities"K Journal of 4rban 6cono0ics" 5ol% E&" $o% &" pp% G--&'(% CONFERENCE PAPERS ar# Sa0bhav ;E'&&<B KBusiness 6thicsK Paper presented at the Annual International )onference for the All India Mana#e0ent Association" $ew Delhi" India" &J,EE June% UNPUBLISHED DISSERTATIONS AND THESES =u0ar S% ;E'&&<B K)usto0er 5alueB A )o0parative Study of Rural and 4rban )usto0ers"K 9hesis" =uru:shetra 4niversity" =uru:shetra% ONLINE RESOURCES Always indicate the date that the source was accessed" as online resources are fre?uently updated or re0oved% ar#" Bhavet ;E'&&<B 9owards a $ew $atural as Policy" 6cono0ic and Political >ee:ly" 5iewed on July '." E'&& httpBAAepw%inAuserAviewabstract%1sp WEBSITE
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KEYWORDS
Depository" Depository participants" Perfor0ance" Para0eters" 2i?uidity" Profitability" !inancial analysis%
INTRODUCTION
echnolo#y has chan#ed the face of the Indian stoc: 0ar:ets in the post-liberali*ation era% )o0petition a0on#st the stoc: e7chan#es" increase in the nu0ber of players and chan#es in the tradin# syste0 led to a tre0endous increase in the volu0e of activity% 9he traditional settle0ent and clearin# syste0 has been proved inade?uate due to operational inefficiencies" delay in transfer" re#istration" fa:e certificates and for#ery" non availability of depositories" i0pedin# the healthy #rowth of the capital 0ar:et% 9o overco0e the proble0s re#ardin# the stoc: 0ar:ets world over" 0any tas: forces were set up inducin# #roup of -' to su##est an alternative for the e7itin# settle0ent syste0" which involved physical 0ove0ent of scrips% 9he depository syste0 was initiated by Stoc: +oldin# )orporation of India 2i0ited ;S+)I2< in July &JJE" when it prepared a concept on paper on K$ational )learance and Depository Syste0K in collaboration with Price >ater +ouse under a pro#ra00e sponsored by the 4S A#ency for International Develop0ent% 9hereafter" overn0ent of India pro0ul#ated the Depositories Ordinance in Septe0ber &JJ." thus pavin# the way for settin# up of depositories in the country% S6BI notified re#ulations under the Ordinance in May &JJH in order to provide the re#ulatory fra0ewor: for the depositories% Accordin#ly" the overn0ent of India enacted the Depositories Act &JJH to start depository3s services in India% 9he depository syste0 revolves around the concept of paperless or scripless tradin# because the shares in a depository are held in the for0 of electronic accounts" i%e% de0ateriali*ed for0% Presently" there are two such depositories in India" vi*% $ational Securities Depository 2i0ited ;$SD2< and )entral Depository Services ;India< 2i0ited ;)DS2<% $SD2 was set up as the first depository co0pany in the country" which is sponsored by the 4nit 9rust of India" $S6" State Ban: of India" +D!) Ban: and )iti Ban:@ and 0ana#ed by Board of Directors as a public li0ited co0pany% 9he Mu0bai Stoc: 67chan#e ;BS6< in association with the Ban: of India" Ban: of Baroda" State Ban: of India and +D!) Ban: pro0oted )DS2 as the second depository in India for dealin# in the securities in the electronic for0" by the na0e of )entral Depository Services ;India< 2i0ited ;)DS2<% 9he 0a1or ob1ective of these depositories is the #rowth of scripless tradin#" protection to the individual investorLs participation in the depository and to enhance li?uidity%
REVIEW OF LITERATURE
9his section covers the review of literature of so0e of the i0portant studies" research papers and articles on the various aspects of depository syste0% Shah ;&JJH<& hi#hli#hted that resolution of the sin#le vs% 0ultiple depositories" i00obili*ation vs% de0ateriali*ation and role of capital ade?uacy nor0s for the custodians which is helpful in ?uic: i0ple0entation of depository syste0 in India% A##arwal and Di7it ;&JJH<E e7pressed their views about the le#al fra0ewor: for depository syste0 in India% 9hey also e7plained the benefits of the paperless tradin#" responsibilities of depository or participants and eli#ibility criteria" etc% Dias et% al ;&JJH<- pointed out the proble0s faced in the area of depository syste0 due to settin# up depositories by stoc: e7chan#es% A##arwal ;&JJH<( pointed out that the introduction of depository syste0 in India will eli0inate 0any proble0s li:e bac: office functionin#" post-trade" post-issue wor:" settle0ent and re#istration wor:% Sar:ar ;&JJH<. analy*ed the i0plications of the scripless tradin# and share transfer based on boo: entry 0erely due to the e7istence of the depository ordinance &JJ.% eor#e ;&JJH<H e7plained the role of the $SD2 in revolutioni*in# the paperless stoc: settle0ent syste0 of the country% +e also e7a0ined the steps ta:en by the depository to ensure that the scripless tradin# syste0 is a success and stressed on the i0portance of the role of the re#ulator in 0a:in# the depository syste0 successful% urusa0y ;&JJH<I e7plained that the introduction of depository syste0 would help in transfer of securities in the capital 0ar:et by a 0ere boo: entry% +e also pointed out the advanta#es of depository syste0 such as delay in transfer" re#istration" fa:e certificates" soarin# cost of transactions" 0ore paper wor:" non availability of depositories in when the transfer of securities ta:e place by physical delivery% Rao and Pra0anni: ;&JJG<G studied the functionin# of scripless tradin#" ri#hts and obli#ations of depository% 9hey have also shown the relationship between depository and other a#encies" relationship between depository and participant" between depository and beneficiary" depository and S6BI and relationship of depository with )o0panies Act% +ur:at and 5ed ;&JJJ< J discussed the role of depository syste0 in 0any advanced countries in the stoc: and capital 0ar:ets the world over% 9hey also analy*ed the services offered by $SD2" de0ateriali*ation" re-0ateriali*ation" tradin# and fee or char#es" co0parison of a ban: and a depository for the benefits of the depository% Burton ;E''E<&' revealed the redesi#n of the depository structure and procedures and said that this is a viable 0odel syste0 and is bein# 0onitored closely and i0proved on a continuin# basis% Mehla and 9uran ;E''E<&& e7plored the depository syste0 as a process" which eli0inates the paper wor: and 0aintains the electronic record of the ownership of securities% upta ;E''E<&E e7a0ined the role of S6BI which enables the investors to choose their depository and the DP to :eep their securities in the electronic for0 and to trade in the de0at se#0ent% Ravi Shah ;E''E<&- hi#hli#hted that $SD2 and )DS2 have chan#ed the face of the Indian capital 0ar:et% 9he 0ove fro0 an account period settle0ent in Cpaper for0 only3 to a 9M- settle0ent in pure electronic for0 has been achieved in a record span of few years" whereas it too: anywhere between &'-E' years in 0ost of the developed countries% =an:o ;E''(<&( discussed about Duopoly Model of security settle0ent" which shows how poolin# pay0ent can help in usin# li?uidity efficiently in relation to )SD ;)entral Securities Depositories< forei#n securities% Sch0iedel et% al ;E''H<&. analy*ed the e7istence and e7tent of econo0ies of scale in depository and settle0ent syste0s% 9he study indicated the e7istence of si#nificant econo0ies of scale but de#ree of such econo0ies differs by settle0ent" institution and re#ion% $ishanth and Mitra ;E''I<&H hi#hli#hted the trends in the #rowth of de0ateriali*ation in the Indian capital 0ar:et% 9hey analy*ed the total turnover and de0at se#0ent turnover volu0e-wise and stated that de0ateriali*ation of securities is one of the 0a1or step ai0ed at i0provin# and 0oderni*in# the levels of investor3s protection 0easures% Ra1u and Patil ;E''I<&I ?uantified and analy*ed the i0pact of de0ateriali*ation on li?uidity in the Indian stoc: 0ar:et% =anan ;E''G<&G hi#hli#hted that
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de0ateriali*ation has certainly brou#ht about lot of i0prove0ent in the invest0ent habits in our country and is bane for the co0panies and has created havoc in 0aintainin# the 0e0bers re#ister and in conductin# the 0e0bers 0eetin#%
RESEARCH HYPOTHESES
9o achieve the ob1ectives of the study" the followin# hypotheses are for0ulated and testedB H#1: 9here is no si#nificant difference between the avera#e nu0ber of co0panies available for de0at" si#ned for de0at" depository participants" de0at custody" nu0ber of clients" nu0ber of locations and value of stoc: of two depositories durin# the period under study% H#2: 9here is no correlation between the nu0ber of co0panies available for de0at" si#ned for de0at" depository participants" de0at custody" nu0ber of clients" nu0ber of locations and value of stoc: of two depositories durin# the period under study% H#3: 9here is no si#nificant difference in the li?uidity" solvency and profitability of two depositories durin# the period under study% H#!: 9here is no correlation in the li?uidity" solvency and profitability of two depositories durin# the period under study%
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opened with both the depositories reached a crucial 0ilestone in its life span% 9he focus is on buildin# up a nation-wide depository participant networ:" which has paid off as there is appreciable increase in nu0ber of beneficial owner accounts% 2i:e other para0eters" avera#e nu0ber of clients has also increased in both $SD2 and )DS2 durin# the period under study% But the difference between the avera#e nu0bers of clients is found si#nificant at . per cent level in case of $SD2 and )DS2% 9herefore" the null hypothesis cannot be accepted% 9his is the result of concerted efforts in several areas as up-#radation of technolo#y" enhance0ent of operational efficiency throu#h I9" bench0ar:in# of ?uality process" cost reduction 0eans and a##ressive 0ar:etin# efforts% All these states that de0at for0 of holdin# securities has now ac?uired wider acceptance of the Indian capital 0ar:et" as de0ateriali*ed stoc: will be 0ore li?uid than physical stoc: as it could be delivered in any se#0ent of the 0ar:et% On the other hand" there is also a hi#h de#ree of positive correlation" which is also found hi#hly si#nificant% 9herefore" the null hypothesis cannot be accepted% DEMAT CUSTODY 9his is also one of the i0portant criteria to 0easure the perfor0ance of any depository% A depository can increase their de0at custody by increasin# its clients and nu0ber of securities de0ateriali*ed% As is evident fro0 9able-I" the de0at custody held in both the depositories witnessed a tre0endous #rowth durin# the period under study% 9here is difference between the avera#e de0at custody of $SD2 and )DS2" which is found si#nificant at . per cent level% 9herefore" the null hypothesis cannot be accepted% 9his is 0ainly due to the hi#her valuation of shares of co0panies represented by the new sectors of the econo0y i%e% infor0ation technolo#y" co00unication and entertain0ent co0panies% On the other hand" there is a hi#h de#ree of positive correlation" which is also found si#nificant% 9herefore" the null hypothesis cannot be accepted%
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avera#e return on net worth of )DS2 and $SD2" which is found insi#nificant% 9herefore" the null hypothesis can be accepted% 9here is a low de#ree of positive correlation in the ratio of return on net worth of )DS2 and $SD2" which is found insi#nificant% 9herefore" the null hypothesis can be accepted% RETURN ON E UITY In real sense" ordinarily shareholders are the real owners of the or#ani*ation% Preference shareholders have a preference over ordinary shareholders in the pay0ent of dividend as well as repay0ent of capital% Preference shareholders #et a fi7ed rate of dividend irrespective of the ?uantu0 of profits of the co0pany% 9he rate of dividend varies with the availability of profits in case of ordinary shares only% 9hus" ordinary shareholders are 0ore interested in the profitability of a co0pany and the perfor0ance of a co0pany should be 1ud#ed on the basis of return on e?uity capital of the co0pany% It is calculated by dividin# the net profit after interest and ta7es by e?uity capital% 9he ratio of Return on 6?uity of $SD2 and )DS2 durin# the period under the study is #iven in table &E" which ran#es fro0 '%&G ;E'''< to '%(& ;E'&'< in case of $SD2% 9his shows the fluctuatin# trend after the sudden decline in E''&-'E% On the other hand" the ratio in case of )DS2 ran#es fro0 '%'( ;E'''< to '%I( ;E''G<% 9he profitability position as 0easured by return on e?uity is better in case of $SD2 as co0pared to )DS2% 9here is no si#nificant difference between the avera#e return on e?uity of $SD2 and )DS2% 9herefore" the null hypothesis can be accepted% 9here is a ne#ative correlation in the avera#e return on e?uity )DS2 and $SD2 and is also found insi#nificant% 9herefore" the null hypothesis can be accepted% RETURN ON CAPITAL EMPLOYED Return on capital e0ployed establishes the relationship between profits and the capital e0ployed% It is pri0ary ratio and is 0ost widely used to 0easure the overall profitability and efficiency of an or#ani*ation% It is the ratio of net profits before interest and ta7es and capital e0ployed% 9he ter0 capital e0ployed refers to the lon#-ter0 funds supplied by the creditors and owners of the fir0% 9he ratio of Return on )apital 60ployed of $SD2 and )DS2 durin# the period under the study is #iven in table &-% It ran#es fro0 '%HG ;E'''< to &%'E ;E'&'< in $SD2 and shows the fluctuatin# trend after a sudden decline in E''&-'E% On the other hand" the return on capital e0ployed of )DS2 ran#es fro0 '%'I- ;E'''< to '%(E ;E''G<% 9he profitability position as 0easured by return on capital e0ployed is better in case of $SD2 as co0pared to )DS2% 9here is a si#nificant difference between avera#e return on capital e0ployed of $SD2 and )DS2 at & per cent level of si#nificance% 9herefore" the null hypothesis cannot be accepted% +owever" there is a ne#ative correlation in the avera#e return on capital e0ployed but the sa0e is found insi#nificant durin# the period under study% 9herefore" the null hypothesis can be accepted% EARNINGS PER SHARE 6PS 0easures the profit available to the e?uity shareholders on a per share basis i%e% the a0ount that they #et on every share held% It is calculated by dividin# the profits available to the shareholders by the nu0ber of the outstandin# shares% 9he earnin#s per share of $SD2 and )DS2 durin# the period under the study are #iven in table &( and ran#es fro0 &%GJ ;E'''< to J%&G ;E'&'< in $SD2 and fro0 '%(E ;E'''< to (%.. ;E'&'< in )DS2% 9here is a difference in the avera#e 6PS of $SD2 and )DS2" which is also found si#nificant at & per cent level of si#nificance% 9herefore" the null hypothesis cannot be accepted% On the other hand" there is a positive hi#h de#ree of correlation between the 6PS of $SD2 and )DS2 and is also found si#nificant% 9herefore" the null hypothesis cannot be accepted%
CONCLUSION
9o su0 up" there is an increase in the ter0s of nu0ber of co0panies available for de0at" nu0ber of co0panies si#ned for de0at" nu0ber of depository participant" nu0ber of locations and value of de0ateriali*ed stoc: is observed durin# the period E''' to E'&' in both the depositories" i%e% $SD2 and )DS2% 9here is a si#nificant difference in the perfor0ance" on an avera#e" of both the depositories on the basis of the selected para0eters% 9here is also a positive correlation in the perfor0ance of the depositories in the above para0eters" which is also found si#nificant% On the basis of co0parative financial analysis" it is concluded that the li?uidity position as 0easured by current ratio is better in case of )DS2 as co0pared to $SD2% 9he profitability position of $SD2 is better than that of )DS2 as 0easured by return on net worth and return on capital e0ployed% +owever" return on e?uity and 6PS is low in $SD2 as co0pared to )DS2%
REFERENCES
&% E% -% (% .% H% I% G% J% &'% &&% &E% &-% &(% &.% &H% &I% &G% Shah" Mahesh ;&JJH<" KA )are for Depositories in IndiaK" 9he Mana#e0ent Accountant" April" pp% E.J-EH&% A##arwal" 5% =% and Di7it" S% =% ;&JJH<" N9he Depositories 2e#islationB A )ritical 6valuation"K )hartered Secretary" April" pp% -HI--IH% Dias" Sandy and 5aidyanathan" Aruna ;&JJH<" K 9he Depositories Race +ots 4pF" Business >orld" July" pp%&'G-&'J% A##arwal" San1iv ;&JJH<" K)entral Depository Syste0F" the )hartered Accountant" June-July" pp%&J-E(% Sar:ar" A% =% ;&JJH<" KI0plications of Depositories Ordinance" &JJ."K 9he Mana#e0ent Accountant" June-July" pp% (I--(II% eor#e" Philip ;&JJH<" N9owards a Paperless Settle0ent Syste0F" Business >orld" October" pp% &-(-&-.% urusa0y" S% ;&JJH<" KDepository Syste0-+ow a 5iable AlternativeK" 9he Mana#e0ent Accountant" July" pp% (IG-(GE% Rao" D% M% and Pra0anni:" A% =% ;&JJG<" KDepository Syste0-An Atte0pt to Scripless 9radin#"K Indian Journal of Public 6nterprise" pp% .J-HG% +ur:at" Mano1 and 5ed" 40esh ;&JJJ<" NDepositary-An Inevitable InstitutionK" )hartered Secretary" Septe0ber" pp% JJ&-JJ-% Burton" Donna ;E''E<" N6valuation of the Previous State Depository Syste0 on $ew /or: State 2ibraryF" www%sciencedirect%co0% Mehla" Sunita and 9uran" M% S% ;E''E<" NDe0at-9he !uture of InvestorsF" !inancial Sector Refor0s@ An 4nfinished A#enda for 6cono0ic Develop0ent" pp%&-.-&('" 4BS" )handi#arh% upta" R% =% ;E''E<" NDepositoryB A Step 9owards 6fficient Stoc: Mar:etF" pp%&(E" !inancial Sector Refor0s@ An 4nfinished A#enda for 6cono0ic Develop0ent" Deep and Deep Publications Private 2i0ited" !-&.J" Ra1ouri arden" $ew Delhi-EI% Ravi" Shah ;E''E<" N4nderstandin# De0ateriali*ationF" 9he Mana#e0ent Accountant" pp% (-(% =an:o" =arlo ;E''(<" K9he 2in:s between Securities Settle0ent Syste0sB An Oli#opoly 9heoretic ApproachK" International Review of !inancial Analysis" 5ol%&-" Issue-." pp% .G.-H''% Sch0iedel" +ei=o" Mal:a0a:i" Mar::u and 9ar::a" Juha ;E''H<" N6cono0ies of Scale and 9echnolo#ical Develop0ent Securities Depositories and Settle0ent Syste0F" Journal of Ban:in# and !inance" 5ol% -'" Issue-H" pp%&IG--&G'H% $ishanth" P%5%" Mitra% Anindita ;E''I<" N9rends in the rowth of De0ateriali*ed in the Indian )apital Mar:etF" M%Phil% Scholor" Depart0ent of 6cono0ics Pondichery 4niversity% Ra1u" M% 9% and Patil ;E''I<" NDe0ateriali*ation of 6?uity Shares in IndiaF" 2i?uidity" Returns and 5olatility" 9he 0ana#e0ent Accountant" 5ol% (% S% =anan ;E''G<" NMar:et )o0parable ApproachF" Journal of !inancial Services Research" 5ol% E(" $o%E--" pp% &E&-&(G%
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TABLES
TABLE%1: NUMBER OF COMPANIES AVAILABLE FOR DEMAT Y60: NSDL &JJJ-'' GE& E'''-'& EIGH E''&-'E (&IE E''E-'(IH& E''--'( .E&E E''(-'. ..-H E''.-'H H'EE E''H-'I H(GE''I-'G I-.( E''G-'J IG'& E''J-&' G&E( 9-value O '%IE ;insi#nificant<" )oefficient of )orrelation ;r< O '%JG ;si#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<% TABLE%2: NUMBER OF COMPANIES SIGNED FOR DEMAT Y60: NSDL &JJJ-'' J&G E'''-'& EGE& E''&-'E (E&' E''E-'(IH& E''--'( .E&E E''(-'. ..-H E''.-'H H'EE E''H-'I H(GE''I-'G I-.( E''G-'J IG'& E''J-&' G&E( 9-value O '%IE ;insi#nificant<" )oefficient of )orrelation ;r< O '%JG ;si#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<% TABLE%3: NUMBER OF DEPOSITORY PARTICIPANTS NSDL &E( &GH E&E E&E&( E&H EEE(' E.& EI. EGH CDSL ..H EHI& (EG( (HEG (G&' .'-.(IJ ..GJ .J(HE-I'(J
Y60: &JJJ-'' E'''-'& E''&-'E E''E-'E''--'( E''(-'. E''.-'H E''H-'I E''I-'G E''G-'J E''J-&'
CDSL H& &(( &H& &GJ E&E EI& -&. -H. (E' (HG (JI
9-value O &%-( ;si#nificant at &'P level<" )oefficient of )orrelation ;r< O '%J- ;si#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<% TABLE%!: NUMBER OF LOCATIONS SERVED Y60: NSDL &JJJ-'' &(E. E'''-'& &GJH E''&-'E &H(G E''E-'&I&G E''--'( &I&J E''(-'. EG&J E''.-'H -'&I E''H-'I ..JJ E''I-'G IE'( E''G-'J GIII E''J-&' &&&I' 9-value O -%I& ;si#nificant at & per cent level<" )oefficient of )orrelation ;r< O '%JH ;si#nificant< S8A:;6: Annual Reports of $SD2 and )DS2 ;various issues<%
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