Here’s a comprehensive overview of the National Securities Depository Limited (NSDL) IPO:
National Securities Depository Limited (NSDL) IPO Dates
- IPO Window: Likely July 21–25, 2025 (some sources mention July 24–28)
- Basis of Allotment: ~July 28, 2025
- Refund & Demat Credit: ~July 29, 2025
- Listing Date: Expected July 30–31, 2025
- SEBI Deadline: NSDL has until July 31, 2025 to complete listing
National Securities Depository Limited (NSDL) IPO Details
- IPO Type: 100% Offer for Sale (OFS) — existing shareholders are selling shares; NSDL will not receive any proceeds from the offering
- Issue Size: ~50.1 million equity shares (approx. ₹3,421–3,429 cr / ~$400 million)
- Face Value: ₹2 per share
- Issue Structure: Book-built; listing on BSE & NSE
- Total Shares: ~5.015 crore shares offered via OFS
- Issue Type: Bookbuilding IPO
- Listing At: BSE
- Share Holding Pre Issue: 20,00,00,000 shares
- Share Holding Post Issue: 20,00,00,000 shares
Promoters of National Securities Depository Limited (NSDL)
The promoters of National Securities Depository Limited (NSDL) are major financial institutions established to support India’s capital market infrastructure. According to official sources, NSDL was promoted by:
- Industrial Development Bank of India (IDBI)
- Unit Trust of India (UTI)
- National Stock Exchange (NSE)
In addition to these three core promoters, other prominent banks and financial entities hold significant stakes in NSDL as principal shareholders:
- State Bank of India (SBI)
- HDFC Bank
- Axis Bank
- Citibank
- Deutsche Bank
- HSBC
- Canara Bank
- Dena Bank
- Oriental Bank of Commerce
- Standard Chartered Bank
About National Securities Depository Limited (NSDL)
Incorporated: 1996
Headquarters: Mumbai, Maharashtra, India
Regulated By: Securities and Exchange Board of India (SEBI)
Business Type: Central Securities Depository
Core Services
| Service Area | Description |
|---|---|
| Demat Account Services | Holds securities (shares, bonds, ETFs, etc.) in electronic form |
| Trade Settlement | Settles trades executed on stock exchanges |
| Corporate Actions | Handles dividends, rights, bonus issues, etc. |
| KYC & e-KYC Services | Manages Know Your Customer compliance, Aadhaar-based e-KYC |
| e-Voting & e-Services | Allows shareholders to vote online, access holding statements |
| PAN & Aadhaar Verification | Trusted partner for government and institutional KYC validation |
| NSDL CAS | Provides Consolidated Account Statements of all securities holdings |
Subsidiaries
NSDL Database Management Ltd. (NDML)
- Provides e-Governance services (e.g., NSDL e-Gov, KYC, Aadhaar authentication)
NSDL Payments Bank
- Offers digital banking services
NSDL in Numbers (as of 2024)
- Investor Accounts: ~3.3 crore+
- Value of Securities Held: ₹400+ lakh crore
- Depository Participants (DPs): 275+
- Active ISINs (Securities): ~2,50,000
- Presence: Pan-India network through 57,000+ service centres
Key Institutional Shareholders
- IDBI Bank
- National Stock Exchange (NSE)
- State Bank of India (SBI)
- HDFC Bank
- Union Bank of India
- Axis Bank
- Standard Chartered Bank
- SUUTI (Govt. of India investment arm)
History & Importance
- Established to support India’s transition from paper-based to electronic securities.
- NSDL was the first depository in India, paving the way for safer and faster share transactions.
- NSDL plays a central role in India’s financial infrastructure, alongside the other depository — CDSL (Central Depository Services Ltd.).
Key Milestones
- 1996: Founded, first depository in India
- 2004: Crossed 1 crore demat accounts
- 2020s: Active in fintech, digital KYC, and e-governance
National Securities Depository Limited (NSDL) Financial Information
Here’s a detailed look at National Securities Depository Limited (NSDL) financial performance:
| Period Ended | 31 Mar 2023 | Mar 31 2022 | 31 Mar 2021 |
| Assets | ₹2,093.48 Crore | ₹1,692.75 Crore | ₹1,504.01 Crore |
| Revenue | ₹1,099.81 Crore | ₹821.29 Crore | ₹526.12 Crore |
| Profit After Tax | ₹234.81 Crore | ₹212.59 Crore | ₹188.57 Crore |
| Net Worth | ₹1,428.86 Crore | ₹1,211.62 Crore | ₹1,019.30 Crore |
| Reserves and Surplus | ₹1,388.86 Crore | ₹1,171.62 Crore | ₹979.30 Crore |
Financial Ratios (2024 vs 2023)
| Ratio | FY 2023 | FY 2024 |
|---|---|---|
| Current Ratio | 1.25 | 1.00 |
| Return on Equity (ROE) | 17.9% | 18.6% |
| Net Profit Margin | 51.5% | 54.6% |
| Return on Capital Employed (ROCE) | 21.4% | 21.7% |
| Return on Investment (ROI) | 5.9% | 7.2% |
| Trade Receivables Turnover | 5.17 | 7.21 |
| Trade Payables Turnover | 5.48 | 5.15 |
Highlights & Insights
- Top-line Momentum: Revenues surged 12.4% year-over-year in FY 2025 with strong growth across key segments — depository services (+33.2%) and banking services (+28.4%).
- Margin Expansion: EBITDA margin expanded from 28% to 32%, driven by controlled operating costs .
- Profitability Jump: Net profit rose by nearly 25% YoY, highlighting effective cost control and rising operating leverage .
- Improved Efficiency: Declines in current ratio are offset by higher ROE/ROCE and faster receivables turnover.
- Sound Fundamentals: NSDL remains virtually debt-free and highly cash-generative with stable margins.
Summary
NSDL’s latest financials show robust growth, expanding margins, and enhanced returns. With revenue near ₹1,535 cr and healthy net profit at ₹343 cr in FY 2025, along with improved profitability ratios and operational efficiency, the company demonstrates a strong and resilient business model.
Key Performance Indicator (KPI)
| KPI | Values |
|---|---|
| ROE | 16.43% |
| RoNW | 16.43% |
| PAT Margin | 21.35% |
Strengths of National Securities Depository Limited (NSDL) IPO
1. India’s Largest Depository by Value
- NSDL holds over ₹400 lakh crore worth of dematerialized securities, making it the backbone of India’s financial markets. This dominant position ensures steady transaction-based revenue and market leadership.
2. Strong Financial Performance
- The company has shown consistent revenue and profit growth. With EBITDA margins exceeding 30% and ROE over 18%, NSDL demonstrates strong operational efficiency and return potential.
3. Technology-Driven Infrastructure
- With robust digital infrastructure, NSDL handles billions of transactions securely. Its tech platforms power services like e-KYC, e-Voting, and consolidated account statements (CAS), driving future scalability.
4. Diversified Revenue Streams
- Beyond demat services, NSDL earns from KYC, e-governance (via NDML), and NSDL Payments Bank. This diversification reduces dependency on stock market volumes alone.
5. High Entry Barriers
- Due to strict regulatory requirements and deep infrastructure integration, NSDL faces limited direct competition (primarily CDSL), securing its competitive moat.
Risks of National Securities Depository Limited (NSDL) IPO
1. Offer for Sale (OFS) Only – No Fresh Capital
- This IPO is a 100% OFS. The company won’t receive any fresh funds, which limits its ability to directly invest in expansion or technology upgrades post-listing.
2. Regulatory Risk
- Being tightly regulated by SEBI and RBI, any policy changes—such as fee caps or structural reforms—can directly affect profitability and service models.
3. Cybersecurity Threats
- As a tech-driven depository, NSDL faces high cybersecurity risks. Any data breach or service disruption could damage reputation and investor trust.
4. Stiff Competition from CDSL
- While NSDL leads by value, CDSL dominates in account volume (more retail users). Intense price-based or tech-based competition may challenge growth.
National Securities Depository Limited (NSDL) Contact Details
Here are the official contact details for National Securities Depository Limited (NSDL) across various centers and services:
Headquarters — Mumbai
| Detail | Information |
|---|---|
| Address | National Securities Depository Limited3rd Floor, Naman Chamber, Plot C‑32, G‑Block, Bandra Kurla Complex, Bandra East, Mumbai – 400051 (CIN: U74120MH2012PLC230380) |
| General Depository Queries (PAN) | (020) 2721 8080 |
| NPS Queries | (022) 2499 3499 |
| Depository Services Helpline | 022‑48867000 |
| General Info Email | info@nsdl.com |
| Complaints / Grievances Email | relations@nsdl.com |
e‑Voting Support
- Contact (Helpline): 022‑48867000
- Email: evoting@nsdl.com
- Team Extensions:
- Prajakta Pawle: 022‑6948 9498
- Shruthi Shetty: 022‑6948 9309
- Shefali Jajoo: 022‑6948 9496
- Nihar Kudaskar: 022‑6948 9497
- Smith Gulve: 022‑6944 8475
Issuer Services
| Function | Contact |
|---|---|
| Address (Issuer Services) | Vice President, NSDL, 4th Floor, ‘A’ Wing, TradeWorld, Kamala Mills, Lower Parel, Mumbai – 400013 |
| Email (Issuer Portal Registration) | issuerprofile@nsdl.co.in |
| FII Limit Monitoring Email | film@nsdl.co.in & Tel: +91‑22‑2499 4508 / 4712 / 4200 |
| System Driven Disclosure Email | issuer.sdd@nsdl.co.in & Tel: 022‑2499 4379 / 4252 / 4699 |
| NSDL‑EBP Queries | nsdldep‑ebp@nsdl.co.in & Tel: (020) 2739 6087 |
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