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Protean eGov Technologies
FormerlyNSDL e-Governance Infrastructure Limited
Company typePublic
BSE: 544021
ISINISIN: INE004A01022
IndustryDigital Public Infrastructure, Cloud, IT services & consulting, Fintech, RegTech, SaaS, eCommerce
Founded1996
HeadquartersLower Parel, Mumbai, India
Area served
Worldwide
Key people
Suresh Sethi (Managing Director & CEO)
Services
  • Digital Public Infrastructure (DPI)
  • e-Governance Solutions
  • Permanent Account Number (PAN)
  • National Pension Scheme (NPS)
  • Tax Information Network (TIN)
ParentGovernment of India (Specified Undertaking Unit Trust of India) (former)
SubsidiariesProtean Account Aggregator Limited
Protean InfoSec Services Limited
WebsiteOfficial website

Protean eGov Technologies Limited (previously NSDL e-Governance Infrastructure Limited) is an Indian technology company headquartered in Mumbai.[1] The company focuses on developing digital public infrastructure (DPI) and e-governance initiatives for various governmental bodies in India.[2] It works with central and state governments across multiple sectors including Tax Services (PAN, TIN, eTDS), Social Security and Welfare (CRA for NPS & APY),[3] ID and Data Stack, Open Digital Ecosystem, and Cloud.[4][5][6] In 2011, the company was appointed as a registrar for the Unique Identification Authority of India (UIDAI) to issue Aadhaar numbers to residents of the country.[7][8]

History

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National Securities Depository Limited (NSDL)

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The company (now Protean eGov Technologies Limited) was originally incorporated on 27 December 1995 under The enactment of Depositories Act, December 1995 by Government of India, as NSDL e-Governance Infrastructure Limited, a depository registered with the Securities and Exchange Board of India (SEBI).[9] In 1996, the company received a certificate for the commencement of business from the Registrar of Companies (RoC). It was the first and largest depository in India and has been involved in the development and implementation of various technology infrastructure projects in the country.[10]

In 2004, the company launched initiatives such as the Tax Information Network (TIN), Pan Card Issuance, and Online Tax Accounting System (OLTAS).[9] In 2005, it launched the Electronic Accounting System in Excise and Service Tax (EASIEST) and began managing it on behalf of the Central Board of Excise and Customs.[11] The company also manages the Tax Information Network (TIN) for the Income Tax Department, Government of India.[12] As part of this system, Protean facilitates the issuance of Permanent Account Number (PAN) cards and enables electronic submission of Tax Deducted at Source (TDS) returns, along with assisting banks in uploading tax payment data.[13][14]

In 2008, the company was appointed by the Pension Fund Regulatory and Development Authority (PFRDA) as the Central Recordkeeping Agency (CRA) for the National Pension System of the Government of India.[9][15] The company has developed and implemented 19 projects across seven ministries in India. These projects included modernizing the direct tax infrastructure through initiatives such as Permanent Account Number (PAN) issuance and the Tax Information Network and enabling a universal social security system for all Indians under the Atal Pension Yojana.[16]

In 2011, the Unique Identification Authority of India (UIDAI) appointed the company as a Registrar for the implementation of the UID mission in India,[17] and in 2013, the company launched e-KYC services.[16]

Formation of NSDL e-Governance Infrastructure Ltd.

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In 2012, NSDL transferred its depository business, including services under the Depositories Act, to its former subsidiary, NSDL Depository Limited. Later that year, in December, NSDL rebranded as NSDL e-Governance Infrastructure Limited as part of this business restructuring.[18] The company was subsequently rebranded again as Protean eGov Technologies Limited to reflect its broader focus on IT services and expansion into new areas.[19][20] The company is backed by the National Stock Exchange (NSE), Industrial Development Bank of India (IDBI), and Unit Trust of India (UTI), with shareholders including banks like Canara Bank, HSBC, Citicorp Finance India, Standard Chartered Bank, Mauritius-based fund Soach Global, State Bank of India, Union Bank of India, and Deutsche Bank AG.[21][22]

In 2015, the company developed the education loan portal Vidyalakshmi, which listed 34 banks and 86 loan schemes by 2018.[22]

The company also diversified into e-sign service[23] and was shortlisted as the GSP (GST Suvidha Provider) by GSTN (GST Network) in 2017.[24] In 2018, IDBI Bank sold its entire 30% stake to IIFL Wealth Management.[25] In 2020, it expanded its operations by establishing a wholly-owned subsidiary, Protean Account Aggregator Limited.[26]

Rebranding to Protean eGov Technologies Limited

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In 2021, the company rebranded itself to Protean eGov Technologies Limited and launched its subsidiary, Protean InfoSec Services Limited. In 2023, Protean received approval from the Reserve Bank of India (RBI) to operate as an Account Aggregator (AA).[27]

The company expanded its operations into the digital commerce sector by joining the Open Network for Digital Commerce (ONDC) and launched a marketplace called Rise with Protean, which focuses on APIs, microservices, and related areas.[28] In April 2024, 360 One WAM (formerly IIFL Wealth Management) sold a 5.3% stake in Protean through open-market transactions.[29]

In July 2024, Protean launched eSignPro, a digital signature and stamping tool for digital transactions.[30]

In August 2024, Standard Chartered divested a 3.09% equity stake in the company through a block deal valued at ₹236 crore.[31] The company also formed a partnership with Grameen Foundation for Social Impact (GFSI) to enhance access to financial services for underserved communities, particularly women and marginalized groups.[32]

In September 2024, Protean announced its bid for the Income Tax Department of India's PAN 2.0 project. This initiative by the IT Department aimed to create, manage, and maintain the PAN database as well as consolidate PAN and Tax Deduction and Collection Account Number (TAN) services.[33]

In the same year, PayNearby entered into a partnership with Protean to develop a credit marketplace for borrowers, including small business owners, under the ONDC.[34]

Partnerships

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Protean was a founding member in establishing ONDC under the Department for Promotion of Industry and Internal Trade (DPIIT)'s leadership.[35][36] In 2023, Protean announced a collaboration with Google Cloud to deploy DPI across public and private sectors.[37] Protean teamed up with NPCI Bharat BillPay (NBBL) to develop a decentralized settlement system for participants in digital commerce.[38]

In 2024, Protean signed an agreement with ArcelorMittal Nippon Steel India (AM/NS India) to support the 'Beti Padhao' scholarship initiative across multiple states in India. This initiative, started in March 2022 by AM/NS India, focuses on supporting underprivileged young women.[39]

Initiatives

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In its 2015 Budget speech, then Finance Minister Arun Jaitley announced that the government would create a single-window electronic platform for providing education loans under the Pradhan Mantri Vidya Lakshmi Karyakram. VidyaLakshmi is an online platform for students seeking education loans.[40] It was developed by Protean in 2015 under the guidance of the Department of Financial Services (Ministry of Finance), the Department of Higher Education (Ministry of Education), and the Indian Banks Association (IBA). By 2018, the platform had 34 banks and 86 loan schemes listed.[40]

Protean also launched another portal called Vidyasaarathi, which is an education scholarship initiative allowing underprivileged students to receive financial assistance through corporate-funded scholarships. Vidyasaarathi announced its partnership with TATA Housing. In 2018, the company reported 28,000 registered students and nine participating companies, including ACC, Care Ratings, SNL Bearings, and Education Consultants of India.[41]

Awards

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2024

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  • Received the Best Digital Public Infrastructure (DPI) award at the Global Fintech Awards 2024[45]

2022

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  • Golden Peacock Award[46]
  • Aegis Graham Bell Awards[47]

2018

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  • Golden Peacock Award for Innovation Management[48]

References

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  1. ^ Bhalerao, Mayur (13 November 2023). "Protean IPO up 12.5% on day one, post muted debut". Livemint.
  2. ^ Parmar, Beena (2023-09-28). "Protean eGov Technologies eyes Rs 1,300-crore listing by end of October". The Economic Times. ISSN 0013-0389. Retrieved 2024-07-19.
  3. ^ "Analyst report" (PDF).
  4. ^ "Protean unleashes a digital renaissance". businessindia.co. Retrieved 2024-07-19.
  5. ^ "Protean eGov Technologies IPO". Livemint.
  6. ^ Rukhaiyar, Ashish (2018-05-05). "'NSDL e-Gov's services dwarf those of depository'". The Hindu. ISSN 0971-751X. Retrieved 2024-07-19.
  7. ^ "NSDL demerges e-governance, Rao is new CEO". The Times of India. 2013-06-25. ISSN 0971-8257. Retrieved 2024-07-19.
  8. ^ "Protean eGov Technologies Ltd (analyst report)" (PDF).
  9. ^ a b c Rukhaiyar, Ashish (2018-05-05). "'NSDL e-Gov's services dwarf those of depository'". The Hindu. ISSN 0971-751X. Retrieved 2024-07-19.
  10. ^ "Controversies in the life & time of ex-chairman of Sebi CB Bhave". The Economic Times. 2011-11-14. ISSN 0013-0389. Retrieved 2024-07-19.
  11. ^ "NSDL demerges e-governance, Rao is new CEO". The Times of India. 2013-06-25. ISSN 0971-8257. Retrieved 2024-07-19.
  12. ^ Motiani, Preeti (2022-12-05). "You cannot use accounts with these banks to pay income tax on TIN NSDL website anymore". The Economic Times. ISSN 0013-0389. Retrieved 2024-07-19.
  13. ^ Narayanan, KS Badri (2023-11-07). "IPO screener: Protean eGov Technologies fully subscribed on Day 1". BusinessLine. Retrieved 2024-07-19.
  14. ^ "Analyst report" (PDF). SBI securities.
  15. ^ "NSDL e-Governance Infrastructure rebranded as Protean eGov Technologies". Techcircle. 2021-12-10. Retrieved 2024-07-19.
  16. ^ a b "Protean unleashes a digital renaissance". businessindia.co. Retrieved 2024-07-19.
  17. ^ "NSDL appointed as Registrar for UID".
  18. ^ Rukhaiyar, Ashish (2018-05-05). "'NSDL e-Gov's services dwarf those of depository'". The Hindu. ISSN 0971-751X. Retrieved 2024-07-19.
  19. ^ Bhalerao, Mayur (13 November 2023). "Protean IPO up 12.5% on day one, post muted debut". Livemint.
  20. ^ "NSDL e-Governance Infrastructure rebranded as Protean eGov Technologies". Techcircle. 2021-12-10. Retrieved 2024-07-19.
  21. ^ Parmar, Beena (2023-09-28). "Protean eGov Technologies eyes Rs 1,300-crore listing by end of October". The Economic Times. ISSN 0013-0389. Retrieved 2024-07-19.
  22. ^ a b Rukhaiyar, Ashish (2018-05-05). "'NSDL e-Gov's services dwarf those of depository'". The Hindu. ISSN 0971-751X. Retrieved 2024-07-19.
  23. ^ "NSDL ends Aadhaar e-sign services". The Times of India. 2019-12-14. ISSN 0971-8257. Retrieved 2024-07-19.
  24. ^ Variyar, Mugdha (2017-06-12). "With NSDL rates out in open, GSPs gear up for a price war". The Economic Times. ISSN 0013-0389. Retrieved 2024-07-19.
  25. ^ Parmar, Beena (2023-09-28). "Protean eGov Technologies eyes Rs 1,300-crore listing by end of October". The Economic Times. ISSN 0013-0389. Retrieved 2024-07-19.
  26. ^ "NSDL e-Governance gets RBI's approval for account aggregator business". Techcircle. 2021-11-18. Retrieved 2024-07-19.
  27. ^ "NSDL e-Governance gets RBI's approval for account aggregator business". Techcircle. 2021-11-18. Retrieved 2024-07-19.
  28. ^ "Protean launches marketplace for APIs and microservices". Techcircle. 2023-12-13. Retrieved 2024-07-19.
  29. ^ "360 One acquires ET Money for Rs 366 crore to enter wealth tech space". The Economic Times. 2024-06-13. ISSN 0013-0389. Retrieved 2024-07-19.
  30. ^ Tech, NDTV Profit (2024-07-03). "Protean Launches Digital Signature, Stamping Product eSignPro". NDTV Profit. Retrieved 2024-10-17.
  31. ^ Pullokaran, Jomy Jos (2024-08-07). "Protean eGov Tech Block Deals | Standard Chartered Bank likley to sell 3% stake". CNBCTV18. Retrieved 2024-10-28.
  32. ^ "GFSI and Protean eGov Sign MoU for Financial Inclusion". smestreet.in. Retrieved 2024-10-17.
  33. ^ "Protean eGov Technologies eyes PAN 2.0 project amid expanding digital footprint - CNBC TV18". CNBCTV18. 2024-09-02. Retrieved 2024-10-17.
  34. ^ "PayNearby, Protean to enable credit access for last-mile small businesses via ONDC". Financialexpress. 2024-09-09. Retrieved 2024-10-17.
  35. ^ "Protean eGov and NPCI Bharat BillPay partner to offer decentralised settlement system on ONDC". The Times of India. 2023-06-29. ISSN 0971-8257. Retrieved 2024-07-19.
  36. ^ "Protean unleashes a digital renaissance". businessindia.co. Retrieved 2024-07-19.
  37. ^ "Protean joins forces with Google Cloud to develop DPI and Generative AI solutions". Financialexpress. 2023-08-23. Retrieved 2024-07-19.
  38. ^ "Protean eGov and NPCI Bharat BillPay partner to offer decentralised settlement system on ONDC". The Times of India. 2023-06-29. ISSN 0971-8257. Retrieved 2024-07-19.
  39. ^ "AM/NS, Protean continue 'beti padhao' scholarship pursuit - Construction Week India". Construction Week India. 2024-03-09. Retrieved 2024-07-19.
  40. ^ a b Rukhaiyar, Ashish (2018-05-05). "'NSDL e-Gov's services dwarf those of depository'". The Hindu. ISSN 0971-751X. Retrieved 2024-07-19.
  41. ^ Rukhaiyar, Ashish (2018-05-05). "'NSDL e-Gov's services dwarf those of depository'". The Hindu. ISSN 0971-751X. Retrieved 2024-07-15.
  42. ^ "Golden Peacock Innovative Product / Service Award (GPIPSA) - Winners". www.goldenpeacockaward.com. Retrieved 2024-07-19.
  43. ^ "Growing inclusion in India: The fintech way" (PDF).
  44. ^ "Finalists of 14th Aegis Graham Bell Awards, supported MeiTY". Aegis Graham Bell Awards. Retrieved 2024-07-19.
  45. ^ "Protean Recognized for Digital Public Infrastructure at Global Fintech". smestreet.in. Retrieved 2024-10-28.
  46. ^ "Golden Peacock Business Excellence Award (GPBEA) - Winners". www.goldenpeacockaward.com. Retrieved 2024-07-19.
  47. ^ "13th edition". Aegis Graham Bell Awards. Retrieved 2024-07-19.
  48. ^ "Golden Peacock Business Excellence Award" (PDF).
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