With its IPO set to open on July 30, National Securities Depository Limited (NSDL) is taking strategic steps to expand its reach, especially in the growing base of demat account holders. CEO Vijay Chandok has stated that the company is actively working to strengthen ties with new-age broking firms to address its relatively lower share in the number of demat accounts.
While NSDL enjoys a leadership position in many areas compared to rival CDSL, it currently holds just around 20% market share in terms of demat accounts, with approximately 3.94 crore accounts, far behind CDSL’s 15.9 crore.
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Engagement Strategy in Full Swing
Speaking to Moneycontrol, Vijay Chandok emphasized that NSDL is focused on listening closely to broking partners and co-creating solutions to improve adoption.
“We are continuously making efforts to engage. Our approach is: what can we do more, what can we do better, and how can we make things easier from the brokers’ point of view?”
He added that these initiatives are already showing results.
“In the last six months, there has been an improvement in our market share on a run-rate basis.”
This proactive engagement strategy is aimed at building stronger partnerships and expanding NSDL’s footprint, especially among digital-first and retail-focused brokerage platforms.
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Revenue Share Tells a Different Story
Despite its lower share in demat accounts, NSDL holds a substantial 43% market share in industry revenues. Chandok explained that NSDL serves a more evolved and higher-value customer base, resulting in better revenue per account.
“Even with a 20% share in demat accounts, we contribute nearly 43% to the industry’s total revenue.”
This highlights NSDL’s strength in servicing institutional and high-value clients, setting it apart in terms of profitability.
IPO Details: Price Band and Offer for Sale
NSDL’s IPO will be purely an offer-for-sale (OFS) by existing shareholders including NSE, IDBI Bank, and Union Bank. The price band has been set at ₹760 to ₹800 per share, with the subscription window open from July 30 to August 1.
As one of India’s largest and most trusted depositories, NSDL’s public issue has already generated strong investor interest. The company’s long-standing credibility, coupled with new growth initiatives, positions it well for the next phase of expansion.
