National Securities Depository (NSDL) Limited

National Securities Depository Limited (NSDL) is a SEBI-registered Market Infrastructure Institution and was India's first securities depository, established in 1996 to enable the dematerialisation and electronic holding of securities. It provides depository services such as demat account maintenance, settlement of trades, pledging of securities, and corporate action processing to investors across the country and abroad. As of March 2025, the company served over 39 million active demat accounts through a large network of depository participants and their service centres, and held assets across a wide range of instrument types under custody. Its operations are supported by subsidiaries engaged in database management and payments banking services. NSDL holds a leading position in India's depository industry, ranking ahead of its principal competitor by measures such as the number of issuers served, active instruments, and value of assets in custody. The company has no identifiable promoter and is held by a diversified set of financial institutions, with steady, largely recurring revenue tied to India's capital markets activity.

Ahead of the issue, the company raised about Rs 1,201.44 crore from 61 anchor investors at the upper price band of Rs 800 per share on 29 July 2025. Notable anchor investors included Life Insurance Corporation, SmallCap World Fund, Fidelity Funds India Focus Fund, Ashoka WhiteOak India Opportunities Fund, and sovereign and pension investors such as the Government Pension Fund Global and the Abu Dhabi Investment Authority, alongside domestic mutual funds accounting for over a third of the anchor allocation.