National Securities Depository Ltd. (NSDL)

What National Securities Depository Ltd. (NSDL) does

National Securities Depository Limited (NSDL) is India's first and one of the world's largest securities depositories, established in 1996 and reincorporated as a public limited company in Mumbai in 2012. It operates the demat infrastructure for India's capital markets alongside CDSL as a statutory duopoly under SEBI regulation, serving 4.51 crore investor accounts holding ₹520.44 lakh crore (approximately US$5,456 billion) in custody value as of May 31, 2026. Beyond core dematerialisation, rematerialisation, inter-depository transfer, pledge, margin pledge, transmission, corporate actions and settlement, NSDL runs a broad digital value-added stack including SPEED-e, IDeAS, STeADY, SPICE, Consolidated Account Statement (CAS), e-Voting, e-DIS, Depository Account Validation (DAN), and the Speede mobile app.

NSDL is also the SEBI-authorised sole issuer of Foreign Portfolio Investor registration certificates and operates the FPI Monitor portal (CAF, FILM, Trade Repository), IndiaBondInfo for debt securities, Electronic Gold Receipt infrastructure for SEBI-regulated gold exchanges, and an Innovation Sandbox plus partner APIs. Adjacent businesses include the wholly-owned NSDL Payments Bank (Jiffy app) and majority-owned Protean eGov Tech. Revenue is generated through transaction fees on demat operations, recurring issuer/RTA service charges, SEBI-mandated FPI registration and monitoring fees, payments bank usage-based income, and database/IT services such as CVL KRA KYC fetch and IndiaBondInfo. Distribution is intermediated through Depository Participants, RTAs, clearing corporations, stock brokers and Designated Depository Participants, with direct retail onboarding via SPEED-e, the Speede app and the eservices portal.

NSDL listed on BSE and NSE in August 2025 (ticker NSDL) and reported FY26 consolidated revenue of ₹1,529.96 crore with consolidated net profit of ₹90.11 crore in Q4 FY26, up 8.18% year-on-year. It declared its second post-IPO dividend of ₹4 per share (~₹80 crore payout) and is navigating a SEBI settlement of ₹15.6 crore over legacy lapses and a February 2026 inter-depository transfer system glitch that prompted SEBI's root-cause review. The company is pursuing growth via the Women Demat Plan, fintech ecosystem build-out, payments bank scaling and international investor outreach.

Name

National Securities Depository Ltd. (NSDL)

Legal name

National Securities Depository Limited

Website

https://nsdl.co.in

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

251–500 employees

Short description

NSDL is India's first SEBI-regulated securities depository, operating the demat infrastructure for 4.51 crore investor accounts and ₹520.44 lakh crore in custody alongside CDSL. It also runs the FPI registration platform, payments bank (Jiffy), debt data services and e-governance subsidiary Protean.

Ownership category

akta.pro rank

Product category

Securities Depository Services

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Investment Banking and Securities Intermediation (523150)

SIC

Finance Services (6199), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Central Securities Depository (CSD) & ICSD SFT Services (FSACAIAL)

akta.pro secondary industries

IPO & New Issue Issuer Services (Listing/ISIN setup) (FSACAKAH), AML/KYC, Investor Onboarding & Compliance Services (FSAAAMAE)

Keywords

• Securities depository services
• Demat account services
• Foreign portfolio investor registration
• Electronic voting platform
• Debt securities trade repository

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Others

Revenue model

1. Depository Account Maintenance and Transaction Fees: Recurring and per-transaction charges on demat accounts (account maintenance, settlement, inter-depository transfers, demat/remat, pledge, margin pledge, market/off-market transfers, transmission). NSDL also reports a "Depository segment" with revenue ₹170.61 crore in Q4 FY26 standalone.
2. Issuer and RTA Services: Charges for onboarding issuers, corporate actions, dividend distribution, electronic Gold Receipts, and RTA connectivity; one-time and recurring fees billed to listed/unlisted issuers using NSDL as a depository.
3. FPI Registration and Monitoring Fees: SEBI-mandated registration, conversion, and renewal fees for FPIs (USD-based block-of-three-year fees), and related ongoing monitoring of FPI investment limits, breach/red-flag lists, and data services.
4. Payments Bank and Digital Banking Revenue: NSDL Payments Bank revenue from deposits (>₹521 crore), UPI processing, and other digital banking services; six-fold YoY growth in UPI volumes in FY26.
5. Database Management / IT Services: Technology-enabled services beyond core custody — database management, IndiaBondInfo (debt-information platform), KYC fetch (CVL KRA) and other value-added tech services.
6. Investment Income and One-off Gains: Investment income from treasury/IPF corpus; NSE booked a ₹1,075 crore one-off gain from selling a 9% stake in NSDL, illustrating that stake sales are an additional non-operating revenue lever.

Pricing tiers

Go-to-market motion4 records

Core offering

National Securities Depository Limited (NSDL) operates India's first and largest securities depository, providing electronic holding, transfer, settlement and safekeeping of securities in dematerialised form for retail and institutional investors through a network of Depository Participants. NSDL is additionally SEBI-authorised to register and monitor Foreign Portfolio Investors via its FPI Monitor platform, and runs dedicated platforms for electronic voting, debt-securities trade reporting (Trade Repository), debt-market information (IndiaBondInfo), and Electronic Gold Receipts infrastructure under the SEBI Gold Exchange Framework.

Product overview

NSDL (National Securities Depository Limited) operates a single core depository platform — centred on dematerialisation, rematerialisation, inter-depository transfer, pledge, margin pledge, transmission/nomination, corporate actions, market and off-market transfers — extended through a broad suite of value-added digital services (SPEED-e, IDeAS, STeADY, e-Voting, e-DIS, SPICE, CAS, DAN, SMS Alerts, Auto Delivery Out, Dividend Distribution, Lending & Borrowing, and the Speede mobile app). Layered on top of the core depository, NSDL runs several dedicated platforms for specific market segments: the FPI Registration Common Application Form (CAF) and Foreign Investment Limit Monitoring system for foreign investors, the Trade Repository and IndiaBondInfo for debt securities, Electronic Gold Receipts (EGR) infrastructure for the SEBI-regulated gold market, and an Innovation Sandbox for fintech partners. The platform is exposed to business partners (DPs, issuers, RTAs, clearing corporations, custodians) through its "API for Business Partners" offering, and NSDL also operates several sub-brands — NSDL Payments Bank (Jiffy), NSR, NAD and SEZ Online — that extend the company's identity-and-infrastructure capabilities beyond securities depository. Together these modules form a single regulated market-infrastructure platform built around the central demat account, supporting retail investors, intermediaries, foreign portfolio investors, issuers and regulators.

Differentiator

Problem solved

Functional benefit

Brands

• SPEED-e: NSDL's internet-based electronic transaction facility for depository participants and investors
• IDeAS
• STeADY
• SPICE
• Speede Mobile App
• IndiaBondInfo
• FPI Monitor
• Jiffy

Products and services

• Dematerialisation Core NSDL depository service converting physical share certificates into electronic (demat) form, enabling investors to hold securities electronically with NSDL through Depository Participants.
• Rematerialisation Service enabling investors to convert electronic (demat) securities held with NSDL back into physical certificates, complementing NSDL's dematerialisation offering.
• NSDL e-Voting Platform Electronic voting platform operated by NSDL on behalf of listed companies, enabling shareholders to cast votes on corporate resolutions remotely and securely through internet-based voting.
• FPI Registration via Common Application Form (CAF) SEBI-authorised single-window platform operated by NSDL enabling Foreign Portfolio Investors to apply for SEBI FPI registration, Income Tax PAN, KYC and bank/demat account opening through one electronic form submitted via Designated Depository Participants.
• Foreign Investment Limit Monitoring (FILM) NSDL platform publishing daily FPI/NRI/sectoral cap utilisation, breach lists and red-flag lists for listed Indian companies, enabling market participants to track foreign portfolio investment limits.
• Trade Repository NSDL-maintained database of primary issuance and secondary-market trades for privately placed listed debt securities, providing searchable reports by issuer, ISIN, credit rating and reporting period for compliance with SEBI Listing Regulations.
• IndiaBondInfo Information platform operated by NSDL providing data on Indian debt securities, including private placement details, secondary-market trades and compliance information for listed debt securities.
• API for Business Partners Partner-facing API published by NSDL enabling Depository Participants, issuers, RTAs and clearing corporations to programmatically integrate with NSDL depository services such as account maintenance, transaction processing and KYC.
• NSDL Innovation Sandbox Sandbox environment operated by NSDL allowing fintech firms, brokers and technology partners to test new products, integrations and use cases against NSDL's depository infrastructure under published operating guidelines.
• Women Demat Plan Retail product launched by NSDL offering a three-year waiver of settlement fees for new women account holders opening demat accounts between April 1, 2026 and March 31, 2027, aimed at boosting female participation in Indian capital markets.
• Electronic Gold Receipts (EGR) NSDL infrastructure supporting trading of Electronic Gold Receipts — SEBI-regulated digital certificates representing physical gold stored in accredited vaults — under SEBI's Gold Exchange Framework introduced in January 2022.
• NSDL Payments Bank / Jiffy App Payments banking subsidiary of NSDL offering digital banking services via the Jiffy mobile app, including savings accounts, deposits and UPI-based payments, regulated by the RBI.
• National Skills Registry (NSR) NSDL-operated registry maintaining skills, background and identity records of BPO/IT industry employees, providing a central database for background verification.
• NSDL Database Management (NAD) NSDL-operated database management service providing identity and demographic information services to participants via a dedicated portal.
• SEZ Online NSDL-operated online platform providing services to Special Economic Zone units and developers, including approval workflows and regulatory filings under SEZ rules.
• SPEED-e (Secure, Personal, Easy, Efficient Disposal of Evoting) Web-based electronic access facility allowing demat account holders to view balances and transaction statements online via NSDL's internet platform and to submit delivery instructions electronically, replacing physical DIS-based instructions.
• IDeAS (Internet-based Demat Account Statement) Internet-based single-window facility providing a consolidated view of demat holdings across multiple Depository Participants, including transaction history and holding statements accessible through NSDL's web platform.
• Consolidated Account Statement (CAS) Single periodic statement consolidating an investor's holdings and transactions across demat accounts, mutual fund units and other securities held with NSDL-participating DPs and AMCs.
• Speede Mobile App Mobile application for NSDL demat account holders providing on-the-go access to account information, alerts and service requests, complementing the SPEED-e and IDeAS web platforms.

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Central Depository Services (India) Limited (CDSL): India's second securities depository operating in duopoly with NSDL. Directly competes on demat accounts, settlement, issuer services and FPI onboarding, making it the closest comparable.

Broad incumbents

• Depository Trust & Clearing Corporation (DTCC): US-based central securities depository and clearing corporation. Comparable as a regulated CSD/settlement utility, but operates at much larger scale and within broader post-trade infrastructure.
• Euroclear: International central securities depository headquartered in Belgium. Comparable CSD with cross-border settlement, safekeeping and issuer services, but globally diversified vs. NSDL's domestic India focus.
• Clearstream (Deutsche Börse): ICSD owned by Deutsche Börse providing international settlement and custody. Comparable post-trade utility offering issuer, settlement and asset-servicing services analogous to NSDL.
• Japan Securities Depository Center (JASDEC): Japanese central securities depository. Comparable in providing dematerialisation, book-entry settlement and issuer services within a single domestic market framework.

Others

• BSE Limited: Indian stock exchange where NSDL is listed and which integrates with NSDL for settlement. Adjacent market infrastructure participant rather than a direct depository competitor.
• National Stock Exchange of India (NSE): Indian stock exchange that divested its 9% stake in NSDL for ₹1,075 crore in FY26. Adjacent market infrastructure participant with historical equity relationship but distinct core business.
• CVL KRA (CAMS Verification KYC Registration Agency): Centralised KYC registration agency serving as infrastructure partner for NSDL's KYC fetch service. Ecosystem participant linking depository onboarding to investor verification.

Emerging players

• Protean eGov Technologies: Formerly NSDL e-Governance Infrastructure Limited, now separately listed. Comparable as a former NSDL subsidiary operating in identity and e-governance data services, sharing technology lineage.
• Airtel Payments Bank: Indian payments bank competitor to NSDL Payments Bank. Comparable in offering RBI-licensed payments bank services including UPI and deposits to similar retail segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

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• Facebookfacebook.com/NSDL-National-Securities-Depository-Limited-101492279013266
• LinkedInlinkedin.com/company/national-securities-depository-limited

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Securities Depository Ltd. (NSDL)