National Securities Depository Limited

What National Securities Depository Limited does

National Securities Depository Limited (NSDL) is India's premier electronic securities depository, established in August 1996 and incorporated in 2012 as a Public Limited Company (CIN U74120MH2012PLC230380) headquartered in Mumbai. It operates under SEBI regulation (Registration IN-SD-NSDL-01-96) as one of only two depositories in India, providing dematerialization, electronic transfer, settlement, and custody of securities. NSDL serves four primary customer sets: Depository Participants (260+ banks, brokers, NBFCs, and custodians who interface with end-investors), issuers (listed and unlisted companies, mutual funds, AIFs, REITs, InvITs, and bond issuers), Foreign Portfolio Investors (10,000+ registered FPIs), and retail investors reached indirectly through DPs. The company's product portfolio spans core investor platforms (IDeAS, SPEED-e, NSDL CAS, mobile apps), participant back-office systems (e-DPM, Local DPM, Cloud DPM, DPM Plus, DMS), and issuer services (Corporate Actions, e-Voting, e-AGM, Tax Services, FILM, System Driven Disclosures, and a blockchain-based Security and Covenant Monitoring platform launched in April 2022 as India's first such implementation). Notable technical components include Cloud DPM on private cloud, tamper-proof DIS Maintenance System with digital signatures, and APIs for instant demat account opening, account validation (DAN), and Value Free Transfer of Government Securities (announced February 2026).

NSDL's business model combines recurring and transactional revenue streams. Annual custody fees are charged to issuers (both listed and unlisted) for maintaining securities in the depository, while transaction-based fees apply to services such as e-Voting, SPEED-e, IDeAS, DAN, and corporate actions. One-time joining fees apply to new DPs and issuers, and recurring subscriptions are charged for DPM software licensing (₹40,000/year or ₹2,50,000 perpetual), MPLS connectivity (₹65,000/year plus ₹11,000 installation), and Tax Services. Distribution operates through the DP network as the primary channel, supplemented by self-serve portals (IDeAS, SPEED-e), mobile apps, direct issuer services portals, and API integrations with bank net-banking platforms. Marketing emphasizes trust and security through nationwide investor awareness programmes, NSDL Pathshala (a 13-module financial literacy platform), and a weekly newsletter. NSDL also serves as SEBI's designated authority for FPI registration, foreign investment limit monitoring, and system-driven disclosures, with related government bond and sovereign gold bond processing on behalf of the Reserve Bank of India.

Name

National Securities Depository Limited

Legal name

National Securities Depository Limited

Website

https://nsdl.com

Company type

Private

Founded year

1996

Operating status

Operating

Short description

National Securities Depository Limited (NSDL) is India's premier SEBI-regulated electronic securities depository, established 1996, providing dematerialization, settlement, custody, and corporate action services to 260+ Depository Participants, thousands of issuers, 10,000+ FPIs, and millions of retail investors across India.

Ownership category

akta.pro rank

Product category

Securities Depository Services

NAICS

Miscellaneous Financial Investment Activities (523999)

SIC

Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Issuer Services & Securities Issuance/Immobilization Platforms (FSAFAGAG)

akta.pro secondary industry

Smart Contract & Token Operations Infrastructure (Lifecycle, Corporate Actions) (FSAGAMAH)

Keywords

• Securities depository services
• Dematerialization services
• Electronic voting platform
• Depository participant services
• Foreign portfolio investor registration

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Annual Custody Fees: Annual fees charged to Issuers (both listed and unlisted companies) for maintaining securities in the NSDL depository system. Fees vary based on whether the company is listed or unlisted.
2. Joining Fees: One-time fees charged to new Depository Participants, Issuers, and other users for onboarding to the NSDL system.
3. Transaction-based Services: Fees for various transaction services including e-Voting, SPEED-e, IDeAS, DAN (Depository Account Validation), Corporate Actions, and other value-added services.
4. DPM Application Software License: Annual charges of ₹40,000 or one-time charges of ₹2,50,000 for DPM Application Software license to Depository Participants.
5. MPLS Connectivity Charges: Annual MPLS charges of ₹65,000 plus installation charges of ₹11,000 for network connectivity required for NSDL operations.
6. FILM (Foreign Investment Limit Monitoring): Services related to monitoring foreign investment limits for listed companies as Designated Depository.
7. Tax Services: Subscription-based service for companies to calculate TDS rates on dividend payments and manage tax compliance documentation.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

NSDL operates India's premier electronic securities depository, providing dematerialization, rematerialization, and settlement of securities for issuers, investors, and intermediaries. The company delivers a comprehensive ecosystem of depository services through a network of 260+ Depository Participants, including investor-facing platforms (IDeAS, SPEED-e, CAS), back-office systems for participants (Local DPM, Cloud DPM, e-DPM, DPM Plus), issuer services (Corporate Actions, e-Voting, e-AGM, Tax, Cash Benefit, FILM, SDD), and a blockchain-based Security and Covenant Monitoring platform for corporate bonds.

Product overview

NSDL operates as India's premier securities depository infrastructure offering a comprehensive ecosystem of products and services. The core offerings include IDeAS (investor account viewing portal), NSDL SPEED-e (electronic delivery instruction system), NSDL CAS (consolidated account statements), and mobile applications for account access. For depository participants, NSDL provides e-DPM, Local DPM, Cloud DPM, and DPM Plus back-office systems for managing client accounts, transactions, and compliance. The issuer services portfolio encompasses Corporate Actions, e-Voting, e-AGM, Tax Services, Cash Benefit Services, Security and Covenant Monitoring (blockchain-based), Foreign Investment Limit Monitoring (FILM), System Driven Disclosures, and FPI registration through the FPI Monitor portal. NSDL also provides value-added services including nomination management, KYC updates, SMS alerts, and stamp duty payment. The education vertical includes NSDL Pathshala with 13 financial literacy modules and Investor Awareness Programmes conducted nationwide.

Differentiator

Problem solved

Functional benefit

Brands

• IDeAS: Online platform for investors to view their demat account details
• SPEED-e
• NSDL CAS
• NSDL Mobile APP
• NSDL Nomination Portal
• NSDL KYC Updation Portal
• DPM Plus
• DMS
• FILM
• e-Voting
• e-AGM
• NSDL Insta Demat Account
• IndiaBondInfo
• National Skills Registry (NSR)

Products and services

• NSDL IDeAS Online portal enabling investors to view their demat account holdings, access the Consolidated Account Statement (e-CAS), participate in e-Voting, and access other value-added services after authentication. For retail investors, DPs, and intermediaries.
• NSDL SPEED-e Electronic platform enabling investors to submit electronic Delivery Instruction Slips (e-DIS) for transferring securities from their demat accounts, eliminating the need for physical DIS submission. For retail investors and DPs.
• NSDL CAS (Consolidated Account Statement) Consolidated statement service that tracks all investments including shares, mutual funds, and bonds held in demat form across all depositories in a single view for retail investors.
• NSDL SPEED-e Mobile App Mobile application for Android and iOS enabling investors to view demat account balance, give e-DIS confirmation, participate in e-Voting, and register for IDeAS from anywhere.
• e-Voting Web-based electronic voting platform enabling shareholders to participate in company decision-making processes through postal ballots, AGMs, and EGMs regardless of geographic location. For shareholders of listed and unlisted companies.
• e-AGM Virtual platform for hosting Annual General Meetings (AGMs) and Extraordinary General Meetings (EGMs), enabling companies to conduct shareholder meetings electronically. For issuers (listed and unlisted companies).
• Corporate Actions Online issuer portal for managing corporate benefits including dividends, interest, bonuses, and rights issues with distribution to investors. For issuers (listed and unlisted companies).
• NSDL Tax Services Subscription-based service helping companies calculate TDS rates on dividend payments and upload PANs and registration certificates for insurance and mutual fund companies. For issuers (listed and unlisted companies).
• Cash Benefit Services End-to-end solution for issuers to make interest and redemption payments on bonds and non-convertible debentures. NSDL also processes Government Bonds (GSec) and Sovereign Gold Bonds (SGB) on behalf of RBI. For issuers and RBI.
• Security and Covenant Monitoring Platform Blockchain-based platform for debenture security and covenant monitoring, enabling issuers and debenture trustees to manage the complete life cycle of corporate bond issuance including asset creation, due diligence, charge recording, covenant monitoring, cashflow recording, periodic due diligence, credit rating actions, redemption and charge closure. For bond issuers, debenture trustees, and credit rating agencies.
• Foreign Investment Limit Monitoring (FILM) Centralized system for monitoring foreign investment limits in listed Indian companies, providing real-time alerts when FPI/NRI investments approach threshold limits. For listed companies as Designated Depository service.
• System Driven Disclosure (SDD) Automated mechanism ensuring timely and accurate reporting of promoter, director, and designated person transactions, with NSDL as designated depository for compliance. For listed companies and their promoters/directors.
• FPI Monitor Central platform for Foreign Portfolio Investor registration and certification, developed by NSDL when SEBI authorized depositories for the FPI regime in 2014. For Foreign Portfolio Investors (FPIs).
• DPM Plus Enhanced back-office system for Depository Participants providing single sign-on access to multiple systems, streamlined billing, KRA uploads, client creation, comprehensive reporting, and email-based report delivery. For Depository Participants (DPs).
• Cloud DPM System NSDL-hosted cloud version of the Local DPM System deployed on private cloud network, eliminating the need for participants to procure licenses and handle administrative work, with NSDL handling backups, security, and version updates. For Depository Participants (DPs).
• DIS Maintenance System (DMS) Tamper-proof storage facility for scanning, digitally signing, and storing Delivery Instruction Slip (DIS) images as per SEBI guidelines, with digital signature of NSDL and e-Mudhra DSC integration. For Depository Participants (DPs).
• Depository Account Validation (DAN) Secure internet-based facility allowing Book Running Lead Managers, Syndicate Members, and SEBI Registered Intermediaries to validate and verify DP ID, Client ID and PAN of investors through file upload. For SEBI-registered intermediaries.
• Account Opening API Technical interface between Participants and NSDL for opening instant demat accounts, initiated from Participant's application to NSDL Insta Interface System with support for single holding accounts. For Depository Participants.
• NSDL Insta Demat Account for Banks API integration interface between DP Banks and NSDL for opening instant Demat Account where clients are redirected from bank's net-banking portal to NSDL using existing bank login credentials. For Depository Participant Banks.
• NSDL Innovation Sandbox Sandbox environment for testing and developing API integrations and new technological innovations in the securities depository ecosystem. For Depository Participants, fintech developers, and technology integrators.
• NSDL Stamp Duty Calculator Online calculator enabling investors to estimate applicable stamp duty amounts for securities transactions, with online payment facility. For retail investors.
• NSDL Pathshala Comprehensive financial literacy platform offering 13 modules covering fundamentals of stock market, government securities, mutual funds, risk management, trading psychology, asset allocation, retirement planning, wealth creation, grievance redressal, and Do's & Don'ts of investing. For retail investors, students, and general public.
• Value Free Transfer (VFT) API for Government Securities API enhancement announced for enabling Value Free Transfer (VFT) of Government Securities (G-Secs). For Depository Participants, Clearing Corporations, and RBI.

Quantifiable outcome

• NSDL processes securities for millions of investors with assets valued at trillions of rupees
• +2 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability2 records

Feature7 records

Partnerships

Eight partnerships are on record, tiered core and major.

• SEBI (Securities and Exchange Board of India)coreOthersNSDL operates under SEBI regulation (Registration IN-SD-NSDL-01-96) as per SEBI (Depositories & Participants) Regulations. SEBI authorizes NSDL for FPI registration, system-driven disclosures, and foreign investment limit monitoring.
• RBI (Reserve Bank of India)coreOthersNSDL processes interest payments for Government Bonds (GSec) and Sovereign Gold Bonds (SGB) on behalf of RBI. Works with RBI under FEMA regulations for foreign investment monitoring.
• Stock Exchanges (NSE, BSE, MSE)coreStrategic or Co-development PartnerNSDL works with all major Indian stock exchanges for settlement, listing compliance, and investor services. Exchanges issue circulars on breach of foreign investment limits and facilitate trading.
• e-MudhramajorTechnology or IntegrationNSDL has made arrangements with e-Mudhra Consumer Services Limited for issuance of Digital Signature Certificates (DSC) along with e-token to Participants at no cost (up to five DSCs) for signing DIS in DMS.
• Depository Participants (Banks, Brokers, NBFCs)coreChannel Partner/ Reseller/ DistributorNetwork of over 260 DPs who serve as direct interface with investors for demat account services. DPs are registered with SEBI upon NSDL recommendation and provide account opening, securities holding, and transaction services.
• Registrar and Transfer Agents (RTAs)majorStrategic or Co-development PartnerRTAs work with NSDL for dematerialization, corporate actions processing, and securities transfer. They execute tripartite agreements with issuers and NSDL for operational connectivity.
• Debenture TrusteesmajorStrategic or Co-development PartnerDebenture Trustees register on NSDL's DLT system for Security and Covenant Monitoring of corporate bonds. They work with issuers and NSDL for charge creation, covenant recording, and periodic due diligence.
• Credit Rating AgenciesmajorStrategic or Co-development PartnerCredit Rating Agencies register on NSDL's DLT system for Security and Covenant Monitoring. They record credit rating actions on the blockchain platform as per SEBI guidelines.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Euroclear: International central securities depository (ICSD) operating cross-border settlement, safekeeping and asset servicing for bonds, equities and funds. Comparable to NSDL as a utility-style CSD generating recurring custody and transaction revenue at massive scale.
• Clearstream: Deutsche Börse-owned ICSD providing settlement, custody and collateral management for international securities. Operates a similar revenue model to NSDL (transaction fees, custody fees, asset servicing) and is a comparable global CSD benchmark.
• SIX SIS: Swiss CSD part of SIX Group providing settlement, custody and asset servicing across Swiss and international securities. Comparable CSD economics and infrastructure role to NSDL within a single domestic market.
• DTCC (Depository Trust & Clearing Corporation): The largest US securities market infrastructure operator, providing CSD, clearing and settlement services for equities, fixed income and other instruments. While broader in scope and geography, DTCC is the global benchmark for CSD economics and operating model that NSDL's domestic franchise parallels.

Others

• CAMS (Computer Age Management Services): India's largest mutual fund transfer agency and Registrar & Transfer Agent. Operates adjacent infrastructure to NSDL in the Indian capital markets stack (recordkeeping, investor servicing), making it thematically comparable as a domestic financial infrastructure business.
• NSE (National Stock Exchange of India): Primary Indian stock exchange and key settlement counterparty. NSE is an adjacent market infrastructure player that relies on NSDL/CDSL for settlement, making it a partner/ecosystem comparable rather than direct competitor.

Regional players

• Hong Kong Securities Clearing Company (HKSCC): Subsidiary of HKEX operating securities clearing and settlement infrastructure for Hong Kong markets. Comparable as an Asia-Pacific CSD with similar dematerialization, settlement and nominee services.
• Strate (South Africa): South Africa's licensed CSD providing settlement, custody and electronic trading infrastructure for equities and bonds. Comparable as a single-country emerging-market CSD with similar regulatory mandate and product scope.

Direct peers

• JASDEC (Japan Securities Depository Center): Japan's central securities depository handling dematerialization, settlement and issuer services for the Japanese capital markets. Closely comparable to NSDL in operating model: domestic-only CSD, regulated by local authority, serving DPs/issuers with similar product categories.
• Central Depository Services (India) Limited (CDSL): The only other SEBI-registered central securities depository in India and NSDL's direct domestic competitor. CDSL offers dematerialization, settlement, issuer services and DP infrastructure largely overlapping with NSDL's product set, making it the closest functional and regulatory comparable.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/NSDL_Depository
• YouTubeyoutube.com/channel/UCsPugSFDh7OWh7Lvm5SR7kA
• Facebookfacebook.com/nsdl.co.in
• LinkedInin.linkedin.com/company/national-securities-depository-limited
• Instagraminstagram.com/nsdl_india

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about National Securities Depository Limited