India’s National Securities Depository Limited (NSDL) is launching its Initial Public Offering (IPO) from July 30 to August 1. The ₹760–₹800 per share issue is fully an offer for sale (OFS), comprising over 5 crore shares. As India’s largest depository by assets under custody, NSDL’s listing opens a new chapter in capital markets infrastructure.
India-based National Securities Depository Limited (NSDL) has announced the launch of its much-anticipated IPO, set to open on July 30, 2025, and close on August 1, 2025. The offer comprises 5,01,45,001 equity shares, priced in a band of ₹760 to ₹800 per share. As an Offer for Sale (OFS), the proceeds will entirely benefit existing shareholders—NSDL will not raise fresh capital.
1. Who’s Selling the Shares?
The offer is led by NSDL’s significant shareholders:
- IDBI Bank: 2.22 crore shares
- National Stock Exchange (NSE): 1.8 crore shares
- State Bank of India (SBI): 40 lakh shares
- HDFC Bank: 20.1 lakh shares
- SUUTI: 3.4 lakh shares
These institutions are partially exiting to unlock value, highlighting growing investor confidence in the long-term viability of India’s capital markets infrastructure.
2. IPO Management and Governance
The IPO is professionally managed, with no designated promoter under SEBI’s ICDR regulations. This strengthens NSDL’s profile as a neutral and independent market infrastructure institution (MII). Major shareholders post-offer are capped at below 15%, aligning with regulatory norms for depositories.
Vijay Chandok, formerly associated with ICICI Bank and ICICI Securities, is the Managing Director and CEO of NSDL since November 2024.
3. India’s Largest Depository by Market Share
As of March 31, 2025, NSDL is India’s leading depository in:
- Number of listed issuers
- Active financial instruments
- Market share in demat settlement
- Value of assets under custody
NSDL operates with a nationwide network of over 65,000 service centers, significantly ahead of its peers, reinforcing its leadership position.
Also Read: What Happens When NSE, SBI, and HDFC Bank Sell NSDL Stakes?
4. Financial Performance: Solid and Consistent
NSDL’s financial metrics reflect robust business fundamentals:
- FY23 Revenue: ₹10,219.88 million
- FY24 Revenue: ₹12,682.44 million
- FY25 Revenue: ₹14,201.46 million
- FY25 PAT: ₹3,431.24 million (up from ₹2,348.10 million in FY23)
The consistent revenue growth, alongside improving profitability, positions NSDL as a strong player in India’s rapidly expanding financial infrastructure space.
5. Risks Highlighted in the RHP
Despite strong fundamentals, the Red Herring Prospectus (RHP) flags certain key risks:
- A shift in investor behavior away from demat-based securities may impact revenue streams.
- Failure to diversify services or maintain competitive edge could hurt growth.
- Cybersecurity and IT system disruptions pose operational threats. A breach or regulatory penalty could have material impact on financials.
Also Read: IPO Clock Ticking: Should You Trust NSDL or Bet on CDSL?
6. India’s Infrastructure-Led Market Evolution
As India accelerates financial inclusion and digital transformation, NSDL’s role in maintaining a secure, scalable depository system becomes even more pivotal. Its services facilitate:
- Dematerialization of securities
- E-voting and e-services
- Corporate action handling
- Data and analytics services
The IPO is thus not just a capital market event—it represents the broader formalization and modernization of India’s capital markets.
7. NSDL’s Group Companies
According to the RHP, NSDL’s group companies include IDBI Bank, NSE, and others such as India International Bullion Holding IFSC and GKM Global Services.
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