Review of National Securities Depository Limited IPO (NSDL IPO): Lot Size, Check Issue Date, Price

NSDL IPO Price: ₹760 to ₹800 per share
IPO Dates: 30th July 2025 – 1st August 2025

Depository Services and Technology

NSDL provides a robust depository system that enables investors to hold securities in electronic form via Demat Accounts, which are opened through registered depository participants. It services a broad range of asset classes, including:

• Equities (listed and unlisted)
• Preference shares and warrants
• Funds (Mutual Funds, REITs, InvITs, AIFs)
• Debt instruments (Corporate Debt, Commercial Papers, Certificates of Deposit, PTCs, Government Securities, etc.)
• Electronic Gold Receipts (EGRs)

A centralized digital book-keeping system is operated by NSDL to maintain accurate ownership records and enable secure, efficient, and cost-effective settlement processes. The infrastructure is designed to ensure transparency, minimize operational risks, and enhance market efficiency.

Comprehensive Range of Services

Alongside core services such as dematerialization, trade settlement, and securities pledging/re-pledging, NSDL also offers:

• Corporate action processing
• Client unpaid securities pledgee accounts (CUSPA)
• E-voting services
• Consolidated Account Statements (CAS)
• Blockchain-based security and covenant monitoring
• Non-disposal undertakings (NDUs)

These services are integrated into NSDL’s technology framework, supporting various stakeholders across the capital markets ecosystem.

Subsidiary Services – NDML and NPBL

Through its subsidiaries—NSDL Database Management Limited (NDML) and NSDL Payments Bank Limited (NPBL)—NSDL broadens its service offerings:

NSDL Database Management Limited (NDML)

NDML delivers IT-enabled e-governance and compliance solutions, including:

• Automation of Special Economic Zones (SEZs) for the Ministry of Commerce and Industry
• National Skills Registry for employees in the IT/ITeS sector
• Insurance repository services
• KYC and regulatory platforms

NSDL Payments Bank Limited (NPBL)

NPBL, launched in October 2018, focuses on financial inclusion through a B2B2C model, offering:

• Distribution of third-party products such as insurance and mutual fund schemes
• Savings accounts and domestic remittances
• Micro-ATMs and Aadhaar-enabled Payment Systems (AePS)
• Prepaid, reloadable, and gift cards
• Merchant services via UPI and PoS terminals

Operational Highlights (as of March 31, 2025)

As of March 31, 2025, NSDL manages 39.45 million active Demat Accounts through 294 registered depository participants. Its reach spans 99.34% of India’s pin codes and extends to 194 countries, demonstrating wide accessibility and global integration.

During FY 2025, NSDL adds 33,758 issuers, bringing the total number of registered issuers to 79,773. On average, 15,320 Demat Accounts are opened daily, showcasing strong demand and user engagement.

Issuer Growth Over the Years:

• 2025: 6,287 listed and 73,486 unlisted issuers (Total: 79,773)
• 2024: 5,942 listed and 40,073 unlisted issuers (Total: 46,015)
• 2023: 5,804 listed and 35,183 unlisted issuers (Total: 40,987)

Market Leadership

NSDL holds a commanding position in India’s depository market. As of March 31, 2025, it manages 99.99% of the dematerialized securities held by Foreign Portfolio Investors (FPIs). Among individual investors and Hindu Undivided Families (HUFs), NSDL accounts for ₹70,167.65 billion in dematerialized assets, representing 67.90% of the market.

For Non-Resident Indians (NRIs), the depository handles ₹4,676.01 billion, comprising 85.56% of NRI assets held in dematerialized form. In the debt market segment, NSDL maintains a 96.98% share with assets worth ₹52,195.07 billion under custody.

Revenue Model

NSDL follows a stable, recurring revenue model driven by its core depository services. It collects annual custody fees from issuers and annual maintenance fees from depository participants, based on the month of account activation. In addition, standardized transaction-based fees are charged for all activities conducted through its platform, ensuring steady financial performance and operational resilience.

Competitive Strengths

• India’s First and Largest Depository: A market pioneer with unmatched reach and scale.
• Technology-Driven Innovation: Continuous focus on digital solutions and product enhancements.
• Robust Infrastructure: Reliable IT systems, cybersecurity protocols, and risk management frameworks.
• Recurring Revenue: Stable income stream built on recurring fees from issuers and participants.
• Diverse Asset Coverage: Comprehensive support for a wide array of financial instruments.
• Experienced Leadership: Guided by Managing Director & CEO Mr. Vijay Chandok and a seasoned management team with strong strategic capabilities.

Bidding Starts In

NSDL IPO Specifics:

NSDL IPO Timetable (Important Dates)

NSDL IPO Lot Size

Bidders have the opportunity to bid for a minimum of 18 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.

NSDL IPO Reservation

National Securities Depository Limited IPO Financial Information

Key Performance Indicator – NSDL IPO

Objects of the Issue:

The primary objective of the National Securities Depository Limited (NSDL) IPO is to facilitate an Offer for Sale (OFS) of up to 50,145,001 equity shares of face value ₹2 each. All the proceeds from this OFS will be received by the selling shareholders, and NSDL will not receive any proceeds from the offer.

In addition to enabling the share sale by existing stakeholders, the IPO also aims to achieve the benefits of listing the equity shares on the BSE, which is expected to enhance the company’s brand visibility, provide a public market for its equity shares, and improve corporate governance standards through greater public participation.

Prospectus Links:

Prospectus: Official documents that provide detailed information about the IPO and the company.