NSDL IPO: A Quick Comparison of NSDL and CDSL Across Key Metrics

Despite SEBI’s directive for NSDL to list by July 31, the company has yet to announce a confirmed IPO date. Unlisted shares of NSDL have declined nearly 20% from their 52-week highs, signalling some cautious repositioning in the grey market. Meanwhile, competitor CDSL has seen a stellar year on the stock exchange, with its stock surging 44% in the last 12 months, reflecting growing investor interest in the depository sector. 

As the IPO-bound NSDL gears up for its market debut, here’s a detailed look at how the two key players—NSDL and CDSL—stack up against each other across various performance metrics: 

Quick Comparison: NSDL vs CDSL 

Market Position: NSDL’s Dominance 

NSDL currently holds a commanding position as India’s largest depository. According to a CRISIL report, NSDL leads CDSL across several critical dimensions including number of issuers, active instruments, demat value share in settlement volumes, and total value of assets under custody.  

As of December 31, 2024, NSDL had 64,535 registered issuers, more than double CDSL’s 31,557. This strong issuer base reinforces NSDL’s position as the preferred platform for institutions and large corporates. 

Depository Participants 

CDSL has a broader network of registered depository participants (DPs), which suggests stronger penetration in the retail market. However, when it comes to the volume and value of securities held in demat form, NSDL continues to outperform. This reflects NSDL’s strength among high-value clients, including institutions and large investors. 

DP Service Centres: NSDL’s Wider Physical Reach 

In terms of infrastructure and service points, NSDL again leads by a wide margin. As of the first nine months of FY25, NSDL had 63,542 DP service centres (DPSCs), compared to 17,883 for CDSL. This broader physical footprint enhances NSDL’s service capabilities and accessibility across geographies. 

Demat Accounts: CDSL Leads in Retail Scale 

When it comes to the number of demat accounts, CDSL is the clear leader. It had 14.65 crore demat accounts as of December 31, 2024, nearly four times NSDL’s 3.88 crore accounts. This is indicative of CDSL’s appeal to individual investors, especially those participating in India’s growing retail trading ecosystem. 

Value of Assets in Custody 

NSDL’s average asset value per demat account stood at a substantial ₹1.25 crore, while CDSL’s was ₹5 lakh. This stark difference highlights NSDL’s positioning as the go-to platform for large-scale investors, mutual funds, and other institutional entities. 

Also Read: Upcoming IPO: Studds Accessories Received SEBI Approval to Launch IPO 

Unlisted Segment 

NSDL also enjoys a significant edge in the unlisted space. It had 53,169 unlisted companies registered as of December 2024, compared to 21,295 with CDSL. This segment includes startups, private firms, and SMEs, further expanding NSDL’s influence in India’s capital markets. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.