Investors having demat accounts with the National Securities Depository Ltd (NSDL) and Central Depository Services Ltd (CDSL) can now access their holdings across the two platforms in one place.
On 20 February, NSDL and CDSL, in collaboration with the Securities and Exchange Board of India (Sebi), launched apps that consolidate an investor’s financial data and offer a seamless and comprehensive view of their portfolios on a single interface.
These unified platforms are meant to offer significant convenience to India’s millions of demat account holders. According to Sebi’s annual report for 2024, CDSL had 115.6 million demat accounts and NSDL had 35.8 million on 31 March 2024.
However, CDSL’s MyEasi mobile app and NSDL’s SPEED-e face significant performance issues.
Users have reported frequent problems, including slow loading times and repeated “connection timeout” errors, which require them to reopen the apps multiple times just to log in. Several investors have also mentioned difficulty in accessing their accounts via the apps, particularly CDSL’s MyEasi app.
Registering for MyEasi and SPEED-e
The registration process for CDSL’s MyEasi app and NSDL’s SPEED-e are similar. Investors have to enter their depository participant identification number (DP ID), client ID or beneficial owner identification (BO ID), and PAN details on (for MyEasi) or (for SPEED-e).
Smoother on web
NSDL’s app has an overall rating of 3.9 out of 5 on Google’s Play Store and 3.3 on Apple’s App Store. CDSL’s app has a significantly lower rating of 1.5 on the Apple App Store and 2.3 stars on Google’s Play Store.
The web versions of MyEasi and SPEED-e offer a relatively smooth experience, allowing users to log in and access their investments without major lags. However, the issues investors face in accessing their holdings seamlessly through mobile apps defeat the aim of providing a consolidated view of investments on the go.
A spokesperson for CDSL said in an email reply on Wednesday that the unified web platform and mobile app democratised “investor access to crucial financial data across market infrastructure institutions. The new MyEasi app offers easier navigation and enhanced security empowering investors to stay in control of their investments”.
NSDL did not reply to Mint’s queries emailed on Monday regarding these technical issues and negative user feedback.
Another drawback
MyEasi and SPEED-e only display mutual fund holdings held in demat form. If your mutual funds are in Statement of Account (SOA) format, they will not be visible on these platforms.
One alternative for investors who want a consolidated view of all their holdings, including SOA-based mutual funds, is the eCAS statement.
However, while MyEasi and SPEED-e allow users to log in and view their holdings instantly, for an eCAS statement, an investor has to raise a request and the statement will be emailed within 24 business hours.
