What is NSDL SPEED-e facility: When and how can you use it?

National Securities Depository Limited (NSDL) has been rolling out various initiatives to facilitate internet and mobile application use for its services. STeADY allows brokers to deliver contract notes electronically while DAN is an online depository for account validation. With IDeAS, clients can get the updated balances of their Demat accounts. The SPEED-e electronic facility is featured as another such NSDL service for Demat account holders. If you have a Demat account with a depository participant of NSDL, you can use the SPEED-e mobile application.

Through SPEED-e, retail investors in the stock market may not only access Demat holdings but also carry out activities like confirming e-DIS and e-voting. They can avail the SPEED-e facility if their DP (Depository Participants) has registered with NSDL SPEED-e registration. How to access it? Use the SPEED-e login! You can find that out directly from your DP with your NSDL ID or log on to eservices.nsdl.com to find out the list of DPs registered to offer NSDL SPEED-e services. Besides, the mobile number of the sole holder or first/second/third holder must be registered with the Demat account for e NSDL related notifications.

Why use SPEED-e?
 

Being an online facility, NSDL SPEED-e is making life easier for retail investors in many ways, not to mention facilitating NSDL income tax payments. Here’s a look at the features of SPEED-e and its benefits -

• You can submit delivery instructions electronically through the NSDL SPEED-e website or app without submitting physical instructions to the DP.
• You get an update on the delivery instruction on SPEED-e as e-NSDL updates it. This saves you from the effort of obtaining and submitting delivery slips to the DP.
• You can submit margin pledge and mutual fund redemption and repurchase-related instructions through SPEED-e.
• You can also participate in e-voting via the e-NSDL platform.
• Submission of off-market instructions and pledge instructions can also be done with ease.
• With SPEED-e, you get the facility of multiple authorisations, i.e., authorisation of instruction by joint holders.
• You can issue various freeze instructions, including account level freeze, International Securities Identification Number (ISIN) level freeze, and freezing specific quantities of an ISIN. Do note that an account frozen by the SPEED-e user can be unfrozen by the SPEED-e user only.

Features of SPEED-e
 

NSDL SPEED-e, an initiative of the National Securities Depository Limited (NSDL) in India, offers an array of online services to Demat account holders. Its top features include -

• Real-time updates

SPEED-e users receive prompt updates on delivery instructions as e-NSDL updates them, streamlining financial processes.

• Electronic delivery

With SPEED-e, investors can submit delivery instructions online, eliminating the need for physical submission to DPs.

• Margin pledging

Submit margin pledge instructions easily through SPEED-e.

• E-voting

Participate in e-voting events, which simplifies shareholder involvement.

• Mutual fund services

Handle mutual fund redemptions and repurchases seamlessly.

• Off-market and pledge instructions

Submit both off-market and pledge-related instructions.

• Account management

Avail features like multiple authorisations and freezing options, ensuring account security.

• NSDL income tax payment

Efficiently manage and execute NSDL income tax payments.

Income tax online payment NSDL: Benefits
 

NSDL SPEED-e, also called E-NSDL has revolutionised the way India approaches income tax payments. These online platforms not only offer unmatched convenience but also ensure secure and transparent transactions. For taxpayers seeking efficiency and simplicity, NSDL's digital solutions are a boon. Here are some benefits –

• Timesaving

Avoid long queues and manual paperwork. This makes tax payments faster.

• Convenience

With e-NSDL, pay taxes without the need to visit banks or tax offices.

• Secure transactions

NSDL SPEED-e ensures all online transactions are encrypted and safe from threats.

• Real-time updates

It notifies users instantly about payment statuses and any updates.

• Transparency

Receive detailed receipts and payment confirmations immediately.

• Easy accessibility

Accessible from any device. The platform's user-friendly interface makes browsing and paying straightforward.

• Environmentally friendly

Reduce paper waste by eliminating the need for physical forms.

• Efficient record keeping

Maintain and retrieve payment histories effortlessly .

How to register for the SPEED-e facility?
 

To register for and avail of the NSDL speed-e facility, you can choose either password-based or e-token-based access. 

To register as a Password-based user, follow the below-mentioned steps:

• Visit the NSDL e-Services website https://eservices.nsdl.com
• Fill in your DP ID, client ID, and mobile number, and hit on the submit button.
• Fill in the necessary information on the next page that appears.
• Choose a user ID as per your choice.
• Add up to six Clearing Member BP ID(s) of your choice under a pre-notified account.
• You will receive an OTP on your mobile number and email ID linked to your Demat account.
• Validate your registration request by entering the OTP.
• Once validated, the registration request goes to the concerned DP and Clearing Member(s) for authorisation.

The DP authorises the registration request online and will notify you through e-mail. Clearing Member(s) will authorise the request for the addition of a pre-notified account through SPEED-e. If the CM has not subscribed to the SPEED-e facility, you will have to submit a consent letter in a prescribed format from CM to your DP. Once the DP authorises, you can access the NSDL SPEED-e facility. You can submit delivery instructions once CM authorises the addition of a pre-notified account.

Follow the below listed steps to register as an e-token user:

• Visit the NSDL e-Services website https://eservices.nsdl.com
• Fill up the ‘SPEED-e Application form’, which you will find on the website or from your DP.
• Submit the filled form to your DP.
• ·Your DP will assign you a user ID and register you as a smart card user. The DP will help you obtain a smart card kit, Digital Signature Certificate (DSC), and Personal Identification Number (PIN).
• You must install the e-token kit on your computer, and you can start using SPEED-e with your user ID, DSC, and PIN.

Joint Demat account holders can use SPEED-e service through one of the joint holders authorised by other holder(s) through a Power of Attorney. Smart card access allows multiple authorisations by joint holders. The entire NSDL speed e-registration process, be it password-based or e-token-based process, emphasises user accessibility while ensuring data protection. Furthermore, the SPEED-e login provides an intuitive user-friendly experience. It is worth noting that the platform’s inclusivity also extends to joint Demat account holders, showcasing NSDL's commitment to catering to a wide range of users.

SPEED-e password-based use vs e-token-based use
 

Password-based access is provided based on the credentials you know, viz., your user ID and password. Both the user ID and the password are alphanumeric; the user ID can be three to eight digits, while the password must be eight to sixteen digits.

E-token access is provided based on what you have and know, i.e., the e-token and the PIN, respectively. In e-token use, the DSC authenticates that the person possessing the e-token and the PIN is gaining access. Unlike password-based access, e-token users can enjoy additional benefits of SPEED-e. This includes -

• Transfer of securities to any account. Password-based access allows transfer to six pre-notified CM (broker) accounts only.
• You can use a single e-token to access multiple Demat accounts opened with the same DP.
• Multiple authorisations are allowed.
• E-token clients can freeze and unfreeze accounts/ISINs and/or a specified number of securities under an ISIN.

Converting password-based access to e-token-based access
 

To convert from password-based access to e-token-based access, you must discontinue password-based access. To do so, you can go to the SPEED-e menu and select the “Change Service” option. You must also click on the check box to disable any or all the services availed. The DP will process your request for revocation. After the revocation request is accepted, you must follow the registration steps as an e-token user.

To sum it up
 

NSDL was established in 1996 and is currently one of the largest depositories in the world. Its SPEED-e is beginning to make trading and services easy and convenient for the millions of Demat account-holding retail individual investors in India. If you don’t have a Demat account, you can open one with IDFC FIRST Bank. Its instant Demat account opening process is paperless, and there are no account opening charges as well. Enjoy an AMC-free first year with the IDFC FIRST Bank Demat account and start your stock market investor journey.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.