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India's largest depository, National Securities Depository Ltd (NSDL), is set to debut on the bourses, two years after it first filed its draft red herring prospectus (DRHP). Ahead of the much-anticipated initial public offering (IPO), NSDL Managing Director (MD) and Chief Executive Officer (CEO) Vijay Chandok shares insights on the regulatory drivers behind the listing and surge in retail investors. In an interview with Sundar Sethuraman in Mumbai, Chandok addresses questions around competitive pressures from Central Depository Services Ltd (CDSL), new revenue streams and technology challenges. Edited excerpts:

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What is the importance of the IPO for NSDL, and how will things change post-IPO for the company?

The IPO is crucial for NSDL primarily to meet regulatory shareholding requirements. Meeting these regulatory expectations is of utmost importance to us, and accomplishing this within the stipulated timeframe is something we are pleased about. Going forward, our focus will remain on our mission of nation-building, particularly in the growth of India's capital markets. NSDL has played a pioneering role over the past 30 years, emphasizing customer education, safety, trust-building, and inclusion in the capital markets. These continue to be our primary goals after the IPO.

Why were there multiple delays and extensions in the IPO process?