National Securities Depository IPO

About the company

Incorporated in 2012, National Securities Depository Limited (NSDL) is a SEBI-registered market infrastructure institution that provides depository services through "Demat Accounts" held by investors through depository participants, covering various asset classes including equities, preference shares, warrants, funds, debt instruments, and electronic gold receipts. It operates a centralised digital bookkeeping system that facilitates security holders holding and transferring their securities in electronic form, enabling efficient and cost-effective settlement solutions. The company operates as the largest depository in India in terms of the number of issuers, the number of active instruments, the market share in demat value of settlement volume, and value of assets held under custody as of March 31, 2025. The main depository services bring in regular income mainly from yearly custody fees paid by security issuers and yearly maintenance fees paid by depository participants for managing corporate accounts on their platform. NSDL operates through 2 key subsidiaries - NSDL Database Management Limited (NDML) and NSDL Payments Bank Limited (NPBL). As of March 31, 2025, NSDL maintained over 3.95 crores of active demat accounts through 294 depository participants, with account holders located in more than 99.34% of pin codes in India and 194 countries worldwide. The company operates through a network of 65,391 depository participants' service centres compared to 18,918 centres with CDSL. The company holds a dominant market position, servicing 99.99% of the value of equity, debt, and other securities held by foreign portfolio investors in dematerialised form in India. NSDL held assets in custody aggregating to ₹70,167.65 Bn for individuals and HUFs, constituting 67.90% of the total value of such assets under custody across depositories as of March 31, 2025. It has demonstrated consistent growth, with the number of issuers increasing from 40,987 in FY23 to 79,773 in FY25, a significant expansion in its client base. During FY25, the company witnessed a net increase of 33,758 issuers, with an average of 15,320 new Demat Accounts opened per day. India’s market capitalisation reached ₹410.9 trillion as of March 31, 2025, growing at a 30% CAGR over FY20 to FY25. Demat accounts have surged at a CAGR of 21.94% during FY14 to FY25, reaching 19.24 crore accounts, showcasing increasing retail investor participation and financial literacy. Notably, new investor accounts opened surged to 4.1 crores in FY25, compared to just 0.5 crore in FY20, indicating accelerating demand for dematerialisation and custodian services. Further, the government's mandatory dematerialisation policy for unlisted public companies (excluding small ones) by June 30, 2025, and expansion of the T+0 settlement cycle place NSDL in a strategic position to expand its service base and infrastructure. The rise of fintech brokers, growing mutual fund SIPs (₹2.89 trillion in FY25), and increased digitisation have also supported higher volumes of secondary market trading and capital market participation, directly benefiting depositories. NSDL benefits from growing digital adoption, increased IPO activity, and higher retail participation. With initiatives like blockchain-powered monitoring platforms, API-based B2B2C models, and high-value-added services, NSDL is well-positioned to capitalise on the digital and regulatory tailwinds shaping the Indian capital markets. Now, National Securities Depository Limited is launching its initial public offering (IPO), which consists of an offer for sale worth up to ₹4011.60 crore.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   30 Jul 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   01 Aug 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   04 Aug 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   05 Aug 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   05 Aug 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   06 Aug 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.