Established in 1996, NSDL is India's first and largest securities depository, playing a pivotal role in the dematerialization of securities and facilitating electronic settlement of trades. It offers a range of services including account maintenance, dematerialization, corporate action processing, e-voting, and consolidated account statements.
As of March 31, 2025, NSDL (National Securities Depository Limited) reported 39.45 million (3.945 crore) active demat accounts, marking a significant increase from the 31.46 million accounts recorded on March 31, 2023. These account holders are distributed across more than 99% of India's pin codes and in 186 countries worldwide, highlighting NSDL's extensive reach and its pivotal role in India's financial infrastructure.
The IPO is entirely an Offer for Sale by existing shareholders to comply with SEBI's 15% ownership cap in Market Infrastructure Institutions (MIIs). Key shareholders participating in the OFS include:
Profit After Tax (PAT)
Return on Equity (ROE)
Approximately 37.3% of the FY2024 revenue was derived from depository services, highlighting NSDL's core business strength .
Financial Overview (FY2024–25)
| Metric | NSDL | CDSL |
|---|---|---|
| Revenue | ₹1,268.24 crore | ₹1,199 crore |
| Profit After Tax (PAT) | ₹275.40 crore | ₹526 crore |
| Operating Margin | ~25% | ~57.5% |
| Return on Equity (ROE) | ~16.36% | 32.6% |
| Dividend Payout Ratio | ~7.3% |
54.8%
|
Market Share & Demat Accounts
| Metric | NSDL | CDSL |
|---|---|---|
| Active Demat Accounts | ~3.91 crore (as of Feb 2025) | 11.56 crore (as of FY2024) |
| Market Share (Accounts) | ~24% | ~76% |
| Assets Under Custody | ₹398 lakh crore | ₹64 lakh crore |
Note: NSDL holds a larger share in terms of asset value, while CDSL leads in the number of demat accounts.
Operational Highlights
| Feature | NSDL | CDSL |
|---|---|---|
| Promoter | National Stock Exchange (NSE) | Bombay Stock Exchange (BSE) |
| Year of Establishment | 1996 | 1999 |
| Listing Status | Unlisted (IPO expected in 2025) | Listed on NSE since 2017 |
| Technological Services | Advanced services for institutions | Retail-focused digital services |
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