Drashti Chheda As the July 31 SEBI deadline approaches for NSDL’s much-awaited IPO, investors are buzzing with questions: When’s the launch date? Will NSDL outshine its listed rival CDSL? And most importantly—how do these two giants of India’s depository ecosystem actually stack up?
While the official IPO date for NSDL is still under wraps, anticipation is running high. But the mood in the unlisted space has shifted—NSDL’s share price has taken a 20% dip from its 52-week highs. Meanwhile, CDSL, the only listed depository so far, has had a blockbuster run on the stock exchange, delivering a handsome 44% return over the past year. The markets are clearly watching both with keen interest.
Let’s decode this battle of the depositories—not as a dry financial comparison, but as the gripping duel it really is.
NSDL, the OG of India’s depository system (founded in 1996), still wears the crown when it comes to total assets in custody and value per demat account. Think of it as the ‘private jet’ class of the depository world—fewer accounts, but each one flying high in value. On the flip side, CDSL is more like a fast-growing airline with economy seats—it boasts over 14.6 crore demat accounts, nearly four times NSDL’s 3.8 crore.
So, is CDSL the people’s depository while NSDL plays to the elite? Well, kind of.
In terms of market dominance, NSDL leads in sheer scale of custody value, number of issuers, and registered instruments. It even commands the unlisted market, holding records of over 53,000 unlisted companies—more than double CDSL’s tally. However, when it comes to reach and grassroots presence, CDSL clearly wins the popularity contest with more depository participants (DPs) and a wider investor base.
Another twist in the tale is NSDL’s average asset value per account—a staggering ₹1.25 crore—while CDSL sits at a modest ₹5 lakh. That’s not just a gap, it’s a gulf, showing where the high-net-worth investors park their portfolios.
But numbers aside, the real story is in the sentiment. NSDL’s IPO is not just about valuation, it’s about validation. After decades of staying private, the market wants to know whether NSDL’s legacy model can stand tall in the face of CDSL’s digital, fast-scaling retail machine. With pre-IPO pricing under pressure and investor expectations sky-high, this listing could be a defining moment—not just for NSDL, but for India’s capital market infrastructure.
So as July 31 nears, retail investors, fund managers, and the entire unlisted space are glued to one question: will NSDL’s IPO soar like CDSL’s listing once did, or will it land with tempered expectations?
One thing’s for sure—when depositories compete, the market wins.
