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National Securities Depository Limited Unlisted Shares

National Securities Depository Limited – Company Profile, Financials, Fundamentals & Annual Reports

National Securities Depository Limited (NSDL) stands as India’s first and largest central securities depository, serving as the backbone of India’s capital markets infrastructure since 1996. NSDL has revolutionized the Indian securities market by facilitating the safe custody and seamless transfer of securities in dematerialized form, handling over ₹495 lakh crore ($5793 billion) in assets under custody as of September 2024.

Company Profile and Corporate Overview

National Securities Depository Limited was established on August 8, 1996, following the enactment of the Depositories Act, 1996. Headquartered in Mumbai, Maharashtra, NSDL was promoted by institutions of national stature to address the substantial problems associated with paper-based settlement of trades, including bad delivery and delayed transfer of title.

Corporate Structure and Registration Details

Corporate DetailInformation
Company NameNational Securities Depository Limited
Incorporation DateAugust 8, 1996
Registered Office4th Floor, ‘A’ Wing, Trade World, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai 400013
Company TypePublic Limited Company
Face Value₹2 per equity share
ISIN CodeINE148L01029
IndustryFinancial Services – Depository Services
Regulatory AuthoritySecurities and Exchange Board of India (SEBI)

NSDL operates as a market infrastructure institution registered with SEBI, providing comprehensive depository services through its extensive network of over 63,165 Depository Partners (DPs) across India and internationally.

Founders and Leadership

Establishment and Founding Vision

NSDL was established by a consortium of leading financial institutions to modernize India’s securities market infrastructure. The founding shareholders included National Stock Exchange of India (NSE), IDBI Bank, and other prominent financial institutions, creating a strong foundation for the depository’s operations.

Current Leadership Team

Following the recent appointment in November 2024, Vijay Chandok serves as Managing Director & CEO, bringing over 29 years of experience in the financial services industry. Prior to joining NSDL, Chandok served as Managing Director at ICICI Securities for more than five years.

The current management structure includes:

PositionName
Managing Director & CEOVijay Chandok
Interim Managing DirectorS. Gopalan
Executive Vice PresidentPrashant Vagal
Executive Vice PresidentKothandaraman Prabhakaran
Senior Vice PresidentVishal Gajjar
Senior Vice PresidentYash Kumar Gyanani
Chief Human Resource OfficerMeghna Kale
Company Secretary & Compliance OfficerAlen Ferns
Interim Chief Financial OfficerVaishali Vaidya

Business Operations and Market Position

NSDL maintains a dominant position in India’s depository landscape with approximately 86% market share in the value of dematerialized assets. The company provides a comprehensive suite of services including:

Core Services

  • Opening, maintaining, and transmitting demat accounts
  • Dematerialization and rematerialization of securities
  • Settlement of trades in T+1 cycle
  • Corporate actions processing
  • Investor protection fund management

Value-Added Services

  • NSDL SPEEDe mobile application
  • Consolidated Account Statement (CAS) services
  • e-Voting facilities
  • API and technology integrations for business partners

Market Statistics (As of March 2025)

MetricValue
Active Investor Accounts39.16 million
Demat Custody Value₹495 lakh crore (US$ 5793 billion)
Number of Issuers46,015+
DP Service Centers65,959
Geographic Reach99.3% of India’s pin codes
International Presence186 countries

Financial Performance

Latest Financial Highlights (FY 2024-25)

NSDL has demonstrated robust financial performance with consistent growth across key metrics:

Income Statement (₹ in Crore)

ParticularsFY 2024-25FY 2023-24Growth (%)
Total Income1,5351,36512.41%
Revenue from Operations1,4201,26812.01%
Other Income1159718.56%
Total Expenses1,1541,0905.87%
EBITDA37530224.17%
Profit Before Tax45335527.61%
Net Profit34327524.73%

Quarterly Performance (Q4 FY25)

ParticularsQ4 FY25Q4 FY24Growth (%)
Total Income₹394 crore₹358 crore9.94%
Net Profit₹83.3 crore₹79.5 crore4.77%
Final Dividend₹2 per equity share

Balance Sheet Highlights (₹ in Lakh)

Assets (As of March 31, 2025)

ParticularsFY 2024-25FY 2023-24
Non-Current Assets
Property, Plant & Equipment26,72925,484
Intangible Assets4,6532,233
Non-Current Investments1,31,2371,22,021
Other Financial Assets6,3218,686
Current Assets
Current Investments68,32227,329
Trade Receivables12,9868,314
Cash & Cash Equivalents14,51610,601
Bank Balances22,90713,446
Total Assets2,98,4832,28,757

Equity & Liabilities

ParticularsFY 2024-25FY 2023-24
Equity
Equity Share Capital4,0004,000
Other Equity1,96,5341,64,410
Non-Current Liabilities1,6952,206
Current Liabilities96,25458,141
Total Equity & Liabilities2,98,4832,28,757

Cash Flow Statement (₹ in Lakh)

ParticularsFY 2024-25FY 2023-24
Cash Flow from Operating Activities35,42028,650
Cash Flow from Investing Activities(31,505)(22,140)
Cash Flow from Financing Activities(56)(8,995)
Net Increase in Cash & Cash Equivalents3,859(2,485)

Key Financial Fundamentals

Performance Ratios

RatioFY 2024-25FY 2023-24Industry Avg
Profitability Ratios
Net Profit Margin22.34%20.15%18-25%
Return on Equity (ROE)17.12%16.75%15-20%
Return on Assets (ROA)13.65%14.20%12-18%
EBITDA Margin24.43%22.12%20-28%
Efficiency Ratios
Asset Turnover0.61x0.70x0.5-0.8x
Working Capital Turnover2.34x2.18x2.0-3.0x
Growth Ratios
Revenue Growth12.41%13.50%10-15%
Profit Growth24.73%32.60%15-25%
Per Share Metrics
Earnings Per Share (EPS)₹17.15₹13.75
Book Value Per Share₹1,002.67₹841.05

Operational Metrics

MetricCurrentPrevious YearGrowth
Revenue per Account₹362₹3474.3%
Custody Value Growth15.2%22.8%
New Account Additions3.62 million4.85 million-25.4%
Market Share (Value)86%85%+1%

Shareholding Pattern and Structure

NSDL operates without promoters, maintaining a diversified ownership structure among 76 public shareholders as of the latest filing:

Major Shareholders

ShareholderShareholding (%)
IDBI Bank Limited26.10%
National Stock Exchange of India24.00%
HDFC Bank Limited7.95%
SUUTI (Government of India)6.83%
State Bank of India5.00%
Union Bank of India2.81%
Deutsche Bank AG5.00%
Citibank N.A.3.13%
HSBC Limited3.13%
Standard Chartered Bank3.13%
Others12.92%

Subsidiary Companies

NSDL Database Management Limited (NDML)

Incorporated in June 2004, NDML is a wholly-owned subsidiary providing specialized services:

Financial Performance (FY 2023-24):

  • Total Income: ₹720 crore
  • Net Profit: ₹1.6 crore
  • Net Profit Margin: 0.2%

Key Services:

  • KRA (KYC Registration Agency) services
  • EasyFD (Fixed Deposit services)
  • PayGov (Government payment solutions)
  • RTA (Registrar and Transfer Agent) services
  • Instigo (Digital onboarding and KYC solutions)

NSDL Payments Bank Limited (NPBL)

Established in October 2018, NPBL provides simplified banking services:

Financial Performance (FY 2022-23):

  • Total Income: ₹541.20 crore
  • Net Profit: ₹8.09 crore
  • Net Worth: ₹131.97 crore

Key Services:

  • Digital savings accounts
  • Money transfer services
  • Bill payment solutions
  • Micro ATM services
  • AePS (Aadhaar enabled Payment System)

Annual Reports and Regulatory Compliance

NSDL maintains exemplary regulatory compliance and transparency standards. The company publishes comprehensive annual reports providing detailed insights into operations, financial performance, and strategic initiatives.

Recent Annual Reports Available

  • FY 2023-24: Comprehensive report covering consolidated financials and strategic initiatives
  • FY 2022-23: Detailed analysis of growth trajectory and market expansion
  • FY 2021-22: Post-pandemic recovery and technological advancement initiatives

The annual reports include audited standalone and consolidated financial statements, Board’s report, corporate governance disclosures, and sustainability initiatives.

IPO Preparations and Market Listing Plans

NSDL received SEBI approval for its Initial Public Offering (IPO) in October 2024, with an extended deadline until July 31, 2025. The IPO represents a significant milestone for India’s financial markets infrastructure.

IPO Structure

IPO DetailsSpecifications
Issue TypeOffer for Sale (OFS) only
Issue Size5.01 crore equity shares (revised from 5.72 crore)
Estimated Value₹3,000 crore
Selling ShareholdersNSE, IDBI Bank, HDFC Bank, SBI, SUUTI, Union Bank
Listing ExchangeBSE and NSE
Employee ReservationYes, for eligible employees

Current Unlisted Market Performance

NSDL unlisted shares have demonstrated strong momentum in the pre-IPO market:

  • Current trading range: ₹1,200-1,250 per share
  • 40% appreciation in two months (April-June 2025)
  • Enhanced liquidity following simplified transfer process
  • Strong institutional and retail demand

Why NSDL Unlisted Shares Present Compelling Investment Opportunities

Investing in NSDL unlisted shares offers unique advantages for sophisticated investors seeking exposure to India’s rapidly growing capital markets infrastructure:

Strategic Market Position

NSDL’s dominant 86% market share in India’s depository services creates significant competitive moats. As India’s capital markets continue expanding with increasing retail participation and foreign investment flows, NSDL benefits from natural operating leverage and pricing power.

Robust Financial Performance

The company’s consistent revenue growth of 12.41% in FY25 and impressive profit margins exceeding 22% demonstrate operational excellence. With minimal capital requirements and high asset turnover, NSDL generates substantial free cash flows, enabling attractive shareholder returns.

Regulatory Tailwinds

SEBI’s initiatives to enhance market infrastructure, implement shorter settlement cycles, and expand depository services create favorable regulatory momentum. NSDL’s technological capabilities position it to capitalize on these evolving requirements.

Digital Transformation Leadership

Through innovations like the SPEEDe mobile app, API integrations, and digital onboarding solutions, NSDL leads the industry’s digital transformation. These technological investments strengthen customer relationships and create additional revenue streams.

Pre-IPO Valuation Advantage

Current unlisted market valuations provide attractive entry points compared to listed peers and anticipated post-listing multiples. Early investors can potentially benefit from listing gains and subsequent price appreciation.

Similarly, investors exploring opportunities in unlisted shares might find valuable insights in our comprehensive guides on NSE unlisted shares, Sterlite Grid 5 Limited, and Apollo Green Energy Limited, which showcase diverse opportunities across India’s growth sectors.

10 FAQs – How to Buy or Sell NSDL Unlisted Shares

1. How can I purchase NSDL unlisted shares?

Contact a SEBI-registered unlisted share broker or use specialized digital platforms. Complete the KYC process by submitting PAN, Aadhaar, bank proof, and demat account details. Place your order through the broker who will facilitate the off-market transfer using a Delivery Instruction Slip (DIS).

2. What is the minimum lot size for NSDL unlisted shares?

NSDL unlisted shares typically trade in lots of 100 shares, though some brokers may accommodate smaller quantities depending on market liquidity and availability. The current trading range is ₹1,200-1,250 per share.

3. What documents are required for NSDL unlisted share transactions?

Essential documents include PAN card, Aadhaar card, Client Master Report (CMR), cancelled cheque, and an active demat account with NSDL or CDSL. Additionally, you’ll need to complete the KYC process with your chosen broker.

4. What is the current lock-in period for NSDL unlisted shares?

SEBI regulations mandate a six-month lock-in period for unlisted shares purchased before an IPO filing. This rule, introduced in August 2021, reduced the previous one-year lock-in period to encourage more pre-IPO investments.

5. How are NSDL unlisted shares transferred between accounts?

Shares are transferred through either offline DIS (paper-based form submission) or online DIS (if available through your broker). For NSDL accounts, use the traditional DIS method. For CDSL accounts, you can use the EASIEST platform for electronic transfers.

6. What makes NSDL unlisted shares attractive for investment?

NSDL’s dominant market position (86% market share), robust financial performance (22%+ profit margins), upcoming IPO potential, and India’s growing capital markets create compelling investment opportunities. The company’s technological leadership and regulatory advantages further enhance its prospects.

7. When is NSDL’s IPO expected to launch?

NSDL has received SEBI approval with an extended deadline until July 31, 2025. Market expectations suggest the IPO could launch as early as July 2025, given the company’s strong financial performance and favorable market conditions.

8. What are the tax implications of NSDL unlisted share transactions?

Long-term capital gains (holding period >24 months) are taxed at 20% with indexation benefits. Short-term capital gains (≤24 months) are taxed according to your applicable income tax slab rates. Dividend income is taxable as per your tax slab.

9. Can I pledge NSDL unlisted shares for loans?

Many NBFCs and fintech lenders accept quality unlisted shares as collateral for loans. The loan-to-value ratio varies by lender, typically ranging from 50-70% of the share value. Terms and conditions depend on the lender’s assessment of the company’s creditworthiness.

10. How do I stay updated on NSDL’s unlisted share price movements?

Follow specialized unlisted share platforms, connect with SEBI-registered brokers, monitor financial news, and track the company’s quarterly results and announcements. The recent simplification of the transfer process has increased market activity and price transparency.

For more insights into unlisted investment opportunities, explore our detailed analysis of Tata Capital Limited, Power Exchange India Limited, and other promising unlisted shares that offer similar growth potential across different sectors.

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