National Securities Depository Limited (NSDL) is India’s first and largest SEBI-registered Market Infrastructure Institution (MII). As the backbone of India’s capital markets, NSDL has transformed how securities are held, traded, and settled.
✅ What NSDL Does
- Maintains secure electronic records of ownership and transfer of securities
- Facilitates dematerialization, trade settlement, and off-market transfers
- Supports pledging of securities and handles corporate actions
- Offers value-added services like e-voting, Consolidated Account Statements (CAS), and Non-Disposal Undertakings (NDU)
📊 Key Figures (as of March 31, 2023)
- 31.46 million active demat accounts
- 283 registered depository participants
- 40,987 registered issuers
- Account holders across 186 countries, covering over 99% of India’s PIN codes
🏢 Subsidiaries at a Glance
- NDML: Offers e-governance solutions, KYC services, insurance repository, and specialized industry platforms like the National Skills Registry.
- NPBL: Provides digital banking, remittance services, AePS, prepaid cards, UPI, and distributes third-party products like insurance and mutual funds.
As of March 31, 2023, NSDL had 396 permanent full-time employees engaged in a range of business activities.
NSDL IPO – Details
| IPO Opening Date | 30 July 2025 |
| IPO Closing Date | 01 August 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 5,01,45,001 Shares Worth ₹4,011.60 Crore Offer For Sale: 5,01,45,001 Shares Worth ₹4,011.60 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹760 – ₹800 per share |
| Market Lot | 18 Shares |
| Min Order | 18 Shares [ 1 Lot ] |
| Employee Discount | ₹76 |
| Listing At | BSE |
| Register | MUFG Intime India Private Limited (Link Intime) |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
NSDL IPO – Date Schedule
| IPO Open Date | 30 July 2025 |
| IPO Close Date | 01 August 2025 |
| Basis of Allotment | 04 August 2025 |
| Initiation of Refund | 05 August 2025 |
| Credit of Shares to Demat Account | 05 August 2025 |
| IPO Listing Date | 06 August 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 01, 2025 |
NSDL IPO – Lots Size & Price
| 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 |
Competitive Strength
- India’s first and leading depository, operating a wide range of technology-driven businesses.
- Strong focus on technology-led product innovation.
- Robust IT infrastructure, risk management frameworks and cyber-security measures focused on ensuring the safety and integrity of the depository system.
- Stable revenue base with a significant proportion of recurring revenue.
- Large Variety of Asset Classes held in Demat Accounts and Well-diversified Business Verticals.
- Experienced senior management team.
Company Promoters
- NSDL is a professionally managed institution and does not have an identifiable promoter or promoter group—a detail clearly stated in its DRHP/RHP.
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹1,099.81 Cr | ₹789.94 Cr | ₹234.81 Cr | ₹199.08 Cr |
| 31 March 2024 | ₹1,365.71 Cr | ₹1,009.39 Cr | ₹275.45 Cr | ₹216.32 Cr |
| 31 March 2025 | ₹1,535.19 Cr | ₹1,084.14 Cr | ₹343.12 Cr | ₹232.31 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 17.11% |
| ROCE | 22.7% |
| RoNW | 17.11% |
| PAT Margin | 22.35% |
| EBITDA Margin | 23.95% |
| Price to Book Value | 7.98% |
| Pre IPO | Post IPO | |
| EPS (₹) | 17.16 | – |
| P/E (x) | 46.63 | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Carry out the Offer for Sale of up to 50,145,001 Equity Shares of face value of ₹ 2 each aggregating to ₹ [●] million by the Selling Shareholders; and | – |
| Achieve the benefits of listing the Equity Shares on BSE. | – |
NSDL IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Central Depository Services (India) Limited | 68.04 |
✅Strengths
- India’s largest depository by issuers and assets under custody.
- Diversified revenue from fees and digital services.
- Strong tech infrastructure and cybersecurity.
- Experienced management team.
- Broad national and global reach.
⚠️Risks
- Heavy reliance on Indian market volumes.
- Operational and cyber risks.
- Increasing competition from fintechs.
- Regulatory changes may affect business.
NSDL IPO Prospectus
Company Contact Information
| National Securities Depository Ltd. 3rd Floor, Naman Chamber, Plot C-32, G-Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra, 400051 Phone: +91 22 2499 4200 Email: cs_nsdl@nsdl.com Website: https://nsdl.co.in/ |
NSDL IPO Registrar
| MUFG Intime India Private Limited (Link Intime) Phone: +91-22-4918 6270 Email: nsdl.ipo@linkintime.co.in Website: https://linkintime.co.in/Initial_Offer/public-issues.html |
NSDL IPO Lead Manager(s)
| 1. Axis Capital Limited 2. ICICI Securities Limited 3. SBI Capital Markets Limited 4. IDBI Capital Markets & Securities Limited 5. Motilal Oswal Investment Advisors Limited 6. HSBC Securities and Capital Markets (India) Private Limited |
NSDL IPO FAQs
| What is NSDL IPO? NSDL IPO is a main-board IPO. The issue is priced at ₹760 to ₹800 per equity share. The IPO is to be listed on BSE. |
| When will NSDL IPO open? The IPO is to open on 30 July 2025 for QIB, NII, and Retail Investors. |
| What is NSDL IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the NSDL IPO? You can apply NSDL IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the NSDL IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “NSDL IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the NSDL IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “NSDL IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the NSDL IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “NSDL IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the NSDL IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “NSDL IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is NSDL IPO Size? NSDL IPO size is ₹4,011.60 Crore. |
| What is the NSDL IPO Price Band? NSDL IPO Price Band is ₹760 to ₹800. |
| What is NSDL IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 18 Shares with ₹14,400 while the maximum bid is 234 Shares with ₹1,87,200. |
| What is the NSDL IPO Allotment Date? NSDL IPO allotment date is 04 August 2025. |
| What is the NSDL IPO Listing Date? NSDL IPO listing date is 06 August 2025. The IPO is to be listed on the BSE. |
