National Securities Depository
Mainboard₹4,011 Cr issue
+10.00%
Listing gain over issue price
Issue size
₹4,011 Cr
1 lot at cut-off
₹14,400
Lot size
18shares
Open
30 Jul 2025
Close
01 Aug 2025
Allotment
04 Aug 2025
Listing
06 Aug 2025
Listing performance
Issue price
₹800
Listed at
₹880
Listing-day close
₹936
Latest price
₹705.30
Close on 23 Oct 2026
Listing gain
+10.00%
Return since issue
-11.84%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Jul 2025 – 01 Aug 2025
- Listing date
- 06 Aug 2025
- Face value
- ₹2 per share
- Issue price
- ₹800 per share
- Lot size
- 18 shares
- Total issue size
- ₹4,011 Cr
- Market cap at offer price
- ₹16,000 Cr
- ISIN
- INE301O01023
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- 3rd Floor, Naman Chamber, Plot C-32, G-Block, Bandra Kurla Complex, Bandra East, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,50,17,999 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 18 shares per lot, in multiples, at ₹800
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 18 | ₹14,400 |
| Retail (max) | 13 | 234 | ₹1,87,200 |
| S-HNI (min) | 14 | 252 | ₹2,01,600 |
| S-HNI (max) | 69 | 1,242 | ₹9,93,600 |
| B-HNI (min) | 70 | 1,260 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
1,50,17,999
Anchor portion
₹1,201 Cr
at ₹800 per share
Valuation and performance
Valuation at offer price
₹800 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 17.16 | — |
| P/E (×) | 46.62 | — |
| Price to book (×) | 7.98 | — |
| Market cap | — | ₹16,000 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 17.11%
- ROCE
- 22.70%
- PAT margin
- 22.35%
- EBITDA margin
- 23.95%
- NAV per share
- ₹100.27
- Price to book
- 7.98
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About National Securities Depository
NSDL, incorporated in April 2012 and commenced operations in May 2012, is a SEBI-registered market infrastructure institution and the first securities depository in India. As of March 31, 2025, it is the largest depository in India by number of issuers, active instruments, demat settlement volume share, and assets under custody. The company operates through two main segments: its core depository business (handling dematerialized securities) and its subsidiaries NSDL Database Management Limited (NDML) and NSDL Payments Bank Limited (NPBL), which provide IT-enabled solutions including database management, e-governance, payments solutions, KYC services, insurance repositories, and digital banking. Revenue is generated through transaction fees, custody fees, annual fees, and service charges across these business verticals.
Company Analysis
from RHPNational Securities Depository Limited (NSDL) is India's largest securities depository offering dematerialization services, database management, and payments solutions across capital market and fintech verticals.
NSDL, incorporated in April 2012 and commenced operations in May 2012, is a SEBI-registered market infrastructure institution and the first securities depository in India. As of March 31, 2025, it is the largest depository in India by number of issuers, active instruments, demat settlement volume share, and assets under custody. The company operates through two main segments: its core depository business (handling dematerialized securities) and its subsidiaries NSDL Database Management Limited (NDML) and NSDL Payments Bank Limited (NPBL), which provide IT-enabled solutions including database management, e-governance, payments solutions, KYC services, insurance repositories, and digital banking. Revenue is generated through transaction fees, custody fees, annual fees, and service charges across these business verticals.
Securities depository and capital markets infrastructureDatabase management and IT servicesPayment banking and fintechInsurance repository servicesKYC and regulatory platformsE-governance solutions
Objects of the Issue
- Carry out the sale and transfer of up to 50,145,001 Equity Shares by the Selling Shareholders and achieve the benefits of listing the Equity Shares on BSE ₹[●] million (to be determined) p.26
- Offer for Sale by Selling Shareholders ₹[●] million (up to 50,145,001 Equity Shares) p.138
- Listing on BSE p.138
- Offer for Sale by Selling Shareholders ₹[●] million p.428
Issue Structure
- Total Issue
- Up to 50,145,001 Equity Shares of face value of ₹2 each aggregating to ₹[●] million
- Fresh Issue
- Not applicable (Offer for Sale only)
- Offer for Sale
- Up to 50,145,001 Equity Shares of face value of ₹2 each aggregating to ₹[●] million
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price) - to be finalized
- Lot Size
- [●] Equity Shares (minimum bid lot)
- Face Value
- ₹2 per Equity Share
Business Model
Transaction-based and service-fee based revenue model. Primary revenues from depository services including transaction fees (₹4,249.60 million in FY2025, 29.92% of total revenue) and custody/annual fees. Depository services contributed ₹6,186.04 million (43.56%) of total operating revenue in FY2025. Additional revenue from NDML and NPBL subsidiaries providing database management, payments, KYC, insurance repository and digital banking services.
Business Segments
Core depository business providing dematerialization of securities, custody services, and transaction processing for securities settlement
Provides database management services, e-governance solutions, collaborative industry solutions, regulatory platforms, and data platform for dissemination of information on debt instruments
Payment bank providing payment solutions, digital banking, KYC services, insurance repository services. Operates Aadhaar Enabled Payment System (AePS), micro-ATM services, and UPI services
Provides securities depository services enabling investors to hold and transact in securities in dematerialized form, with 39.45 million active demat accounts supported by 294 depository participants and 65,391 service centers as of March 31, 2025
NPBL operates as a payments bank providing digital financial services including savings accounts, demat accounts, trading accounts, Aadhaar-enabled payment services, prepaid cards, and third-party product distribution to underserved populations
NDML provides technology solutions including KYC registration agency services, registrar and transfer agent services for listed issuers, insurance repository operations, payment aggregator services, e-governance solutions (SEZ Online, National Skills Registry), and business automation services
Core securities depository services including dematerialization, custody, settlement, and registry services for securities. Provides annual custody fees, transaction charges, and e-voting services to depository participants and issuers.
Provides database management and transaction services through NSDL Database Management Limited subsidiary. Includes SEZ Online business for customs and administrative filings for SEZ units, and registry and transfer agent services.
Payment banking services through NSDL Payments Bank Limited subsidiary for digital payment solutions.
Electronic custody, dematerialization, and settlement of equities, debt instruments, mutual funds, government securities, and other financial instruments through a network of depository participants
Provides KYC registration agency services, insurance repository operations, payment aggregation, accreditation agency services, National Skills Registry, digital customer onboarding platforms, and SEZ Online e-governance solution
Provides digital banking services including zero-balance savings accounts, digital debit cards, remittance facilities, AePS, and micro-ATM services targeting financial inclusion
Operates India's largest securities depository providing dematerialization of securities, settlement of trades, custody services, corporate actions, e-voting, and ancillary services to investors, issuers, and market intermediaries through demat accounts.
Provides IT-enabled solutions including e-Governance solutions, KYC registration agency services, registrar and transfer agent services, insurance repository services, payment aggregator services, and digital customer onboarding through subsidiaries.
Operates payments bank business on B2B2C model offering digital banking solutions, inclusive banking products (domestic money transfers, savings accounts, micro-ATMs, AePS), prepaid cards, merchant acquisition services (UPI-payment services, point-of-sale solutions), cash management services, and distribution of third-party products (life insurance, health insurance, mutual funds).
Wholly owned subsidiary providing database management systems and software infrastructure
Wholly owned subsidiary providing banking services and payment infrastructure
Providing dematerialisation, rematerialisation, holding, transfer and pledge of securities in electronic form; facilitating Straight Through Processing (STP) for market intermediaries; providing e-voting services to companies.
Data management services including National Skills Registry for IT/ITeS industry; SEZ Online system for Ministry of Commerce & Industry; KYC registration agency (KRA) for securities market centralization; Repository of Insurance Policies operations.
Accepting demand deposits (savings and current accounts); providing payment/remittance/recharge services through mobile application; issuing debit cards; domestic money transfers through Business Correspondent; mutual fund investment services; bank verification services for corporate brokers; insurance and investment services through mobile app.
Provides depository services for dematerialization and settlement of securities, charges annual fees from depository participants and issuers, custody fees for admitting securities, registration fees, transaction fees for corporate actions and settlements, and software license fees for depository participant management systems
Operates as a payments bank providing AePS, micro-ATMs, domestic money transfer services, cash management services, prepaid card issuance, and account opening services with commission-based revenue model and high cost-to-income ratio
Provides KYC registration agency services, insurance repository services, RTA (Registrar and Transfer Agent) services, and database server management for securities and insurance industry
Securities settlement, custody, dematerialization, and registry services for equity and debt instruments
Payments bank services as part of broader financial infrastructure
SWOT Analysis
Strengths
- • Largest depository in India by multiple metrics as of March 31, 2025(p.25)
- • Pioneer and first depository in India with long operational history(p.25)
- • Professionally managed company without identifiable promoter conflicts(p.3)
- • Robust disaster recovery infrastructure in different seismic zones(p.37)
- • Strong revenue growth trajectory in depository services(p.35)
- • Diversified revenue streams through subsidiaries and multiple products(p.25)
- • High market share and significant customer base relative to competitor(p.44)
- • Large and growing active demat account base(p.45)
- • Extensive network of depository participants and service centers(p.45)
- • Diversified revenue streams across depository, banking, and database management segments(p.80)
- • Strong profitability in subsidiary NDML operations(p.47)
- • First and leading depository in India with largest market share(p.141)
- • Strong technology platform and early adoption of dematerialization(p.141)
- • Consistent technology-led product innovation(p.141)
- • Stable recurring revenue base from core depository services(p.142)
- • Highly skilled IT team with industry certifications(p.141)
- • High asset quality per demat account(p.142)
- • Dominant market position in Indian depository system(p.166)
- • Strong custody assets and higher revenue per account(p.183)
- • Largest depository with extensive network of DPs and service centres(p.176)
- • Leading position in unlisted company dematerialization(p.183)
- • Strong profitability and margin profile(p.193)
- • Technology leadership and innovation capabilities(p.173)
- • Pioneering role in depository system establishment(p.176)
- • Diversified revenue streams through subsidiaries(p.193)
- • India's largest depository with dominant market position(p.219)
- • Pioneered dematerialization and implemented cutting-edge T+0 settlement(p.219)
- • Extensive depository participant network and geographic reach(p.219)
- • Stable recurring revenue model with high margins(p.221)
- • Strong IT infrastructure and cybersecurity framework(p.220)
- • Experienced senior management with deep domain expertise(p.223)
- • Diversified business verticals through subsidiaries(p.216)
- • Professionally managed company with no identifiable promoter(p.262)
- • Experienced and qualified board composition with public interest directors(p.262)
- • Strong leadership with managing director having 31 years of financial services experience(p.264)
- • Compliance with corporate governance regulations(p.262)
- • Significant shareholding by major stock exchanges and depositories(p.284)
- • Diversified revenue streams across depository, banking, and database management(p.369)
- • Strong growth in depository business with 30.77% revenue increase(p.372)
- • Large and diverse customer base across multiple industries with no customer concentration risk(p.380)
- • Consistent profitability with 24.57% increase in profit after tax(p.374)
Weaknesses
- • Heavy dependence on depository services revenue which remains vulnerable to market shifts(p.35)
- • History of technical glitches with potential for SEBI financial penalties(p.41)
- • Significant ongoing regulatory compliance burden with SEBI oversight(p.43)
- • Failed product launches requiring significant capital expenditure with poor returns(p.36)
- • Ongoing technical glitches requiring costly remediation and impacting service(p.41)
- • Vulnerability to cyber-attacks with potential for data loss or system compromise(p.41)
- • Ongoing regulatory show cause notices and enforcement actions by SEBI(p.43)
- • Significant dependence on depository participants network(p.46)
- • Concentrated revenue from top depository participants(p.46)
- • High cost-to-income ratio in payments bank business(p.90)
- • Significant regulatory deficiencies and compliance delays across multiple business units(p.47)
- • Multiple outstanding SEBI observations and non-compliances(p.48)
- • High proportion of trade receivables outstanding beyond 180 days(p.92)
- • High employee attrition rate affecting operational continuity(p.96)
- • Dependence on key management personnel with past turnover(p.96)
- • Contingent liabilities from regulatory and client disputes(p.97)
- • Unsecured and below-market investments representing significant portion of portfolio(p.99)
- • Delays in statutory dues payment creating compliance risks(p.102)
- • Potential conflicts of interest from director involvement in competing enterprise(p.103)
- • Declining market share in total income and profitability(p.190)
- • Lower transaction revenue per account compared to asset base(p.192)
- • Higher employee costs relative to revenue(p.205)
- • Growing competition from CDSL in demat accounts(p.183)
- • NSDL Payments Bank early stage operations with minimal deposits(p.211)
- • Heavy dependence on depository business for core revenue(p.216)
- • Subsidiary payments bank remains unprofitable with low RoE(p.218)
- • Regulatory requirement to demerge insurance repository business(p.222)
- • Concentration of shareholding among two entities above regulatory threshold(p.284)
- • Dividend payments frozen on excess shareholding(p.285)
- • High provision for doubtful trade receivables(p.295)
- • Lease liability obligations creating fixed cost commitments(p.292)
- • High cost-to-income ratio in payments bank operations limiting profitability(p.370)
- • Thin operating margins in banking services segment(p.370)
- • Significant contingent tax liabilities totaling ₹1,252.72 million(p.379)
- • Litigation exposure including pending Supreme Court appeals and SEBI settlement matters(p.386)
Opportunities
- • Rapid growth in Indian capital markets and depository sector(p.25)
- • Expansion of IT-enabled solutions and innovative product offerings(p.35)
- • Growing adoption of digital services with increasing IDeAS user base(p.35)
- • Expansion of payments bank services with significant NPBL customer growth(p.44)
- • Strong position in emerging fintech segments including AePS and micro-ATM services(p.44)
- • Growing investor base and increasing market participation(p.45)
- • Expansion of subsidiary businesses in adjacent financial services(p.46)
- • Diversification into emerging technology-based financial services(p.94)
- • Expansion of payments bank services across customer segments(p.94)
- • Expanding unlisted securities market with high growth in issuers(p.146)
- • Growth in e-voting services with increasing corporate participation(p.146)
- • Expansion of depository participant network and service reach(p.146)
- • Growing demat account base and investor participation(p.146)
- • Expansion of technology-led services and digital solutions(p.141)
- • Rapid growth in demat account penetration(p.196)
- • Expansion opportunity in unlisted company dematerialization(p.183)
- • Growing investor participation and retail market expansion(p.163)
- • Rising capital market activity and IPO growth(p.164)
- • Expansion of insurance repository services(p.200)
- • Digital LAS and collateral management services growth(p.195)
- • IFSC and international expansion opportunities(p.196)
- • Payments Bank scale-up opportunity through BC network(p.207)
- • KYC and database management services expansion(p.201)
- • Massive growth in demat account penetration with only 13.4% current penetration(p.223)
- • Compulsory dematerialization mandate expanding addressable issuers(p.223)
- • Expansion into emerging asset classes and dematerialization(p.225)
- • Launch of YUva Plan targeting youth market segment(p.225)
- • Strong expected GDP growth supporting market expansion(p.224)
- • Growth in payments bank business aligned with financial inclusion(p.231)
- • Growth in revenue from operations year-over-year(p.293)
- • Increasing other income from investments(p.293)
- • Significant increase in current investments available for deployment(p.292)
- • Strong cash generation from operating activities(p.295)
- • Investment in technology infrastructure and digital initiatives(p.292)
- • Growth in initial public offerings driving transaction and custody fee revenue(p.372)
- • Expansion of banking services through increased partnerships with corporate business correspondents(p.373)
- • Growing database management services with increased transaction volumes(p.373)
- • Increased unlisted issuer participation expanding custody fee base(p.372)
Threats
- • Shift in investor preferences away from securities to alternative investment avenues(p.35)
- • Decline in trading volumes due to external economic factors beyond company control(p.36)
- • Competition from CDSL with potential for market share loss(p.44)
- • Regulatory changes and stringent compliance requirements from SEBI(p.43)
- • Volatility in securities markets affecting trading activity and revenues(p.35)
- • Risk of system disruptions impacting business continuity(p.41)
- • Intense competition in payments bank and fintech businesses(p.44)
- • Regulatory changes and increased regulatory scrutiny(p.82)
- • Mandatory shareholding dilution deadline compliance risk(p.83)
- • Technological disruption from government initiatives reducing payments bank revenue(p.89)
- • Potential regulatory mandate for NDML insurance repository separation(p.81)
- • Competition and erosion of KRA business revenue from regulatory rate reductions(p.94)
- • Potential risk of SEBI listing deadline non-compliance(p.82)
- • Government policy changes reducing core SEZ Online business revenue(p.95)
- • Proposed replacement of SEZ Act creating regulatory uncertainty(p.95)
- • Competition from CDSL with significantly higher demat account base(p.101)
- • Indian economy slowdown negatively impacting securities market activity(p.104)
- • Rising inflation increasing operational costs(p.105)
- • Global financial instability affecting Indian securities market(p.104)
- • Foreign investment restrictions limiting shareholder base(p.105)
- • Risk of operational disruption from cyber security regulatory requirements(p.95)
- • Intense competition from CDSL in revenue and account growth(p.190)
- • Regulatory pricing controls limiting revenue growth(p.176)
- • High barriers to entry protecting existing competition(p.176)
- • Market cyclicality affecting transaction volumes(p.168)
- • Global economic slowdown affecting Indian capital markets(p.161)
- • Foreign investor outflows impacting market volumes(p.171)
- • Technology disruption and fintech competition(p.163)
- • Regulatory changes impacting service levels and profitability(p.172)
- • Currency and commodity price volatility(p.162)
- • Payments Bank segment profitability challenges(p.209)
- • Intense competition from CDSL in depository services(p.240)
- • Highly competitive payments bank sector with multiple entrants(p.240)
- • Regulatory changes and evolving compliance requirements(p.244)
- • RBI's evolving payments bank and payment aggregator regulations(p.247)
- • Potential competition from fintech companies and banks in payments business(p.240)
- • Operating under stringent regulatory regime with compliance obligations(p.269)
- • Dependence on capital markets activity and cyclicality(p.296)
- • Uncertainty in dividend payment capability(p.107)
- • Finance costs and interest rate exposure(p.293)
- • Intensifying competition in depository and financial services industry(p.381)
- • Dependence on regulatory approvals and compliance with complex SEBI regulations(p.81)
- • Prior enforcement actions and ongoing regulatory scrutiny from SEBI(p.78)
- • Significant pending litigation including Karvy matter affecting market reputation(p.388)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| IDBI Bank Limited | Selling Shareholder/Investor Selling Shareholder | 26.10% | — |
| National Stock Exchange of India Limited | Selling Shareholder/Investor Selling Shareholder | 24.00% | — |
| HDFC Bank Limited (SS) | Selling Shareholder/Investor Selling Shareholder | 7.95% | — |
| Administrator of the Specified Undertaking of the Unit Trust of India | Selling Shareholder/Investor Selling Shareholder | 6.83% | — |
| State Bank of India | Selling Shareholder/Investor Selling Shareholder | 5.00% | — |
| Union Bank of India | Selling Shareholder/Investor Selling Shareholder | 2.81% | — |
| IDBI Bank Limited | Shareholder/Promoter | 26.10% | — |
| National Stock Exchange of India Limited | Shareholder/Promoter | 24.00% | — |
| IDBI Bank Limited | Selling Shareholder | 26.10% | — |
| National Stock Exchange of India Limited | Selling Shareholder | 24.00% | — |
| HDFC Bank Limited | Selling Shareholder | 7.95% | — |
| Administrator of the Specified Undertaking of the Unit Trust of India | Selling Shareholder | 6.83% | — |
| State Bank of India | Selling Shareholder | 5.00% | — |
| Union Bank of India | Selling Shareholder | 2.81% | — |
| HDFC Bank Limited | Selling Shareholder | — | — |
| IDBI Bank Limited | Principal Shareholder | 26.10% | — |
| National Stock Exchange of India Limited | Principal Shareholder | 24.00% | — |
| IDBI Bank Limited | Promoter/Substantial Interest Holder | 26.10% | — |
| National Stock Exchange of India Limited | Promoter/Substantial Interest Holder | 24.00% | — |
| HDFC Bank Limited | Substantial Interest Holder | 7.95% | — |
| Administrator of the Specified Undertaking of the Unit Trust of India - Unit Scheme 1964 | Substantial Interest Holder | 6.83% | — |
| IDBI Bank Limited | Promoter/Selling Shareholder | — | — |
| National Stock Exchange of India Limited | Promoter/Selling Shareholder | — | — |
| Union Bank of India | Selling Shareholder | — | — |
| State Bank of India | Selling Shareholder | — | — |
| HDFC Bank Limited | Selling Shareholder | — | — |
| Administrator of the Specified Undertaking of the Unit Trust of India | Selling Shareholder | — | — |
| National Stock Exchange of India Limited | Promoter | — | — |
| Multi Commodity Exchange of India Limited | Promoter | — | — |
| Central Depository Services (India) Limited | Promoter | — | — |
Leadership
Parveen Kumar Gupta · Chairman/Public Interest Director
Vijay Chandok · Managing Director and Chief Executive Officer
Jigar Harshad Shah · Chief Financial Officer
Alen Wilfred Ferns · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
National Securities Depository IPO FAQs
What is the lot size of National Securities Depository IPO?
The minimum lot size of National Securities Depository IPO is 18 shares. One lot costs ₹14,400 at the cut-off price.
When does National Securities Depository IPO open and close?
National Securities Depository IPO opened for subscription on 30 Jul 2025 and closed on 01 Aug 2025.
What is the listing date of National Securities Depository IPO?
National Securities Depository IPO listed on 06 Aug 2025.