National Securities Depository Ltd (NSDL) IPO Overview

Company Background Incorporated in 2012, National Securities Depository Limited (NSDL) is a SEBI-registered Market Infrastructure Institution (MII). NSDL pioneered the dematerialisation of securities in India and is currently the largest depository in terms of:

• Number of issuers

• Number of active instruments

• Market share in demat value

• Value of assets under custody

Core Business Activities NSDL provides a wide range of services to the Indian financial and securities markets, including:

• Acting as a securities depository

• Maintaining electronic records of security allotment and ownership transfer

• Facilitating dematerialization, trade settlement, off-market transfers, pledging, and corporate actions

• Providing asset servicing for demat securities

• Offering additional services such as:

  • E-voting

  • Consolidated Account Statement (CAS)

  • Non-Disposal Undertakings (NDU)

Strengths

• India’s first and leading depository

• Strong focus on technology-led innovation

• Robust IT and cybersecurity infrastructure

• Stable revenue model with high recurring income

• Diversified asset base in demat accounts

• Multiple business verticals reducing concentration risk

Risks

• Dependence on transaction-based revenue linked to market activity

• Susceptibility to IT system failures and cybersecurity threats

• Reliance on depository participants for growth

• NDML subject to complex regulatory compliance

• Historical SEBI observations and potential for future compliance issues

• Pending legal matters involving the company, its directors, and subsidiaries

NSDL IPO Details

• IPO Dates: July 30 – August 1, 2025

• Price Band: ₹760 to ₹800 per share

• Lot Size: 18 shares

• Total Issue Size: ₹4,011.60 crore

• Retail Quota: 35%

• Grey Market Premium (GMP): ~15% (indicative)
  

Allotment Link

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