National Securities Depository

Operates India's securities depository, holding investors' demat accounts and the underlying custody records for equity, debt and other securities. The Depository segment earns fees from opening and maintaining demat accounts, transaction charges on settlements, custody charges, and issuer services for companies whose securities are held in electronic form. As of FY26, the platform carried 4.44 crore demat accounts served through 311 Depository Participants and 56,800+ service centres spread across 2,000+ cities, holding 86% of total custody value and ~80% equity market share. The Database Management services segment sells software, data and technology services including KYC records used by the securities market. The Banking services segment captures NSDL Payments Bank, which took deposits of ₹521 crore from 43.5 lakh customers at FY26 end, processes UPI acquiring transactions, and ranks 7th among payee PSPs. Costs are dominated by other operating expenses (59.8% of revenue) and employees (11.8%); technology was a peak spend area in FY26 with ₹106 crore of capex capitalised. Listed on BSE in August 2025 via an OFS that raised ₹4,010.95 crore; subsidiaries include NDML (insurance repository, KRA, RTA) and NSDL Payments Bank.