How the Introduction of Demat Accounts in Indian Education System Could Be Revolutionary
Demat Account Indian Education System
National Security Depository Limited or NSDL recently introduced a process to dematerialize education certificates. Pretty soon, students won’t need to carry paper proofs of their academic accomplishments for admissions into institutions.
Many are calling this NSDL move a potentially game-changing decision that may just make paper-certificates obsolete. Let’s understand what it is that NSDL aims to do and how exactly the effects would ripple out.
A Demat Account for All Students
At present, Demat is considered a banking jargon. Banks offer Demat accounts to customers who then store their shares, mutual funds, bonds, and other investment products in electronic form.
NSDL has proposed a Demat account for educational certificates. They plan to upload examination performance data of students from all academic universities at national and central levels and all school boards as well.
Every student will have a Demat account in their name and linked to their Aadhar card or NSDL ID. This account will contain every academic qualification of the student with proper details, i.e. board of passing, year, course, board/university, score, and rank, etc.
Advantages of a National Academic Depository (NAD)
NSDL Database Management has been handed the responsibility to dematerialize educational records of Indian students into their Demat accounts. As per NSDL MD G V Nageswara Rao, the centralized system will be beneficial to the educational institutes as well as the students.
Once the NAD is functional, institutes, universities, and education boards will no longer face the hassle of maintaining a database of all exam records since their inception. Any verification regarding a student’s marks will be done easily by plugging into the NAD.
During admissions or recruitments, an institute or company will be able to directly peek into the student’s records on NAD to verify their performance. As per NSDL, certificate downloads will fall into disuse when Demat accounts and NAD prevails.
How Will the Process of Dematerialization Affect Students?
- A central database will offer non-redundant, integrated data
- Students will be able to obtain all their academic records using a phone or computer with least effort
- Recruiters will have a central, authentic, and reliable source for verifying the credentials of a candidate
- Paper verification won’t be an issue for an interviewee
- Students will be able to transfer their results, share and export the data in many formats
NSDL Has Initiated the Process for Dematerialization- So Far, so Good
An arm of National Securities Depository Limited has already passed out requests to all national and central universities, school board, and educational institutes. They are supposed to submit their results and all other data related to examination performance with NSDL.
CBSE, on the other hand, has caught the early train and become the first educational board to share the grades and performance details of about 27 lakh students with NSDL.
The majority of Indian educational setups are expected to register themselves for the service and offer their exam result data by next year.
Demat Account for Education Certificates- a Revolutionary Idea Instead
India saw a 103% increment in the total number of people who graduated per year between 2008 and 2016 from central, state, private, and deemed universities.
Almost every graduate can be seen carrying a folder with their life’s work tucked inside in the form of crisp, neat, and laminated paper certificates. NSDL’s initiative can help throw off the regime of paper certificates.
It will also make the entire system of tracking a person’s educational journey much easier for prospective employers and educational institutes looking for talent or hoping to verify credentials. The tons of papers it will save will be a bonus at the top of it.