Alongside, UTI Bank is also set to become CDSL's depository participant, even as Standard Chartered Bank, Global Trust Bank and Centurion Bank are waiting to pick up stakes of Rs 7.5 crore each and Bank of Maharashtra and Union Bank of India are in the queue with Rs 2 crore worth of stake each in the depository, first conceptualised by the Bombay Stock Exchange.

BSE, on the other hand, has taken a decision not to let its stake get diluted to below 26 per cent.

The exchange has a 66 per cent stake in the depository at present. UTI, in fact, is picking up a part of BSE's stake by investing Rs 10 crore. The Trust is awaiting necessary clearances for this.

Speaking to The Financial Express, Madan Gopal Damani, chairman and managing director, CDSL, said the clear gameplan of the depository in the coming days would be to set a scorching growth pace for itself and take the marketshare of CDSL to a hefty 75 per cent by March 2001. "CDSL views this broadbased participation as an indicator of its wide acceptance and as a source of intellectual input for its continued development", Mr Damani added.

"We are going to set stiff targets and go about achieving them. Already, we have crossed the 100th depository participant mark, and have set ourselves the target of touching the 500 DPs mark by March next year", Mr Damani said.

CDSL is slated to hold its annual general meeting on October 13, where the move to increase its authorised capital to Rs 150 crore would be ratified by the shareholders. Currently, BSE apart, Bank of India, Bank of Baroda, State Bank of India (SBI) and HDFC Bank hold stakes in the depository.

Other institutions who are keen to take stakes in CDSL are Calcutta Stock Exchange, Delhi Stock Exchange, Canara Bank, Union Bank of India, United Western Bank and Jammu & Kashmir Bank.

Mr Damani pointed out that the depository had been setting monthwise targets in increasing depository participants.