Participants of Depository Services:

Depository Participants (DPs):
- DPs are the intermediaries between the depository and investors.
- They offer depository services to investors such as dematerialization of securities, account maintenance, and settlement of trades.
- DPs can be banks, financial institutions, or stockbrokers who are registered with the depository.

Depository:
- The depository is the central agency that holds securities in electronic form on behalf of investors.
- It facilitates the transfer of securities without the need for physical certificates.
- NSDL (National Securities Depository Limited) and CDSL (Central Depository Services Limited) are the two depositories in India.

Issuing Companies:
- Companies that want to issue securities in the dematerialized form need to register with a depository.
- They provide the necessary information about the securities to the depository for dematerialization.

Registrars and Transfer Agents (RTAs):
- RTAs are responsible for maintaining the records of investors and their holdings in electronic form.
- They work closely with depository participants to ensure smooth transfer and settlement of securities.

Stock Exchanges:
- Stock exchanges play a crucial role in the depository system by providing a platform for trading securities.
- They work in coordination with depositories and DPs to ensure efficient settlement of trades.

Investors:
- Investors are individuals or entities who hold securities in electronic form through a depository.
- They can buy, sell, and transfer securities using the services provided by depository participants.

In conclusion, the participants of depository services work together to facilitate the smooth functioning of the securities market by enabling efficient and secure electronic trading and settlement of securities.