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NSDL IPO: Fair valuations, strong moat
Mint Chennai
|July 30, 2025
NSDL has maintained a dominant market share in terms of the value of shares held in demat accounts
National Securities Depository Ltd (NSDL), India's first depository and a vital pillar of capital market infrastructure, is set to launch its ₹4,012-crore initial public offering on Wednesday. The offer-for-sale (OFS), priced between ₹760 and ₹800 per share, marks a milestone for the 28-year-old institution.
Founded in 1996 and registered with the Securities and Exchange Board of India as a market infrastructure institution, NSDL provides core services, such as demat account maintenance, transaction settlements, record-keeping, and corporate actions. It also has two subsidiaries: NSDL Payments Bank and NSDL Database Management Ltd.
As of March, NSDL serviced 99.99% of foreign portfolio investor (FPI) assets in demat form and held 86.8% of the country's total demat value. Its reach spans 99.34% of Indian pin codes and 194 countries.
Yet, NSDL is confronted by a shifting landscape—marked by rapid retail participation, fintech disruption, and increasing competition from its younger rival, Central Depository Services (India) Ltd (CDSL).
This story is from the July 30, 2025 edition of Mint Chennai.
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