The National Securities Depository Limited (NSDL) has formally issued its highly-awaited initial public offering (IPO). The public issue will open on Wednesday, July 30, 2025, and close on Friday, August 1, 2025. Anchor investors can place their bids on July 29. NSDL has set the price band at ₹760–₹800 per share with the objective of raising around ₹4,011.6 crore through an offer‑for‑sale aggregating up to 5.01 crore equity shares.
Share allotment will occur on August 4 with a tentative listing date of August 6 on both NSE and BSE. Existing holders—IDBI Bank, SBI, Union Bank, HDFC Bank, NSE, and UTII (administrator)—will offer shares through the IPO; the firm will not raise any fresh capital.

5 Key Differences Between NSDL and CDSL Every Investor Should Know
- Year of Establishment
- NSDL was incorporated in 1995 and began operations in 1996 as India’s first electronic securities depository under the Depositories Act, 1996.
- CDSL was founded later, in 1999, and started its services as a second depository to broaden the electronic securities market in India.
- Promoter and Ownership Structure
- NSDL is promoted by institutional entities including IDBI Bank, Unit Trust of India (UTI), and the National Stock Exchange (NSE).
- CDSL is a public‑private partnership promoted by the Bombay Stock Exchange (BSE) along with other financial institutions.
- Client Base and Market Share
- As of June 30, 2025, NSDL managed around 4.04 crore active client accounts, with significant participation by institutional investors such as mutual funds and insurance companies.
- CDSL led in retail participation, holding over 15.86 crore active investor accounts across India, making it the largest depository by account numbers.
- Average Asset Value per Demat Account
- NSDL’s average asset value per demat account stood at about ₹1.25 crore, reflecting its strong tilt toward large‑ticket institutional and high‑net‑worth investors .
- CDSL’s average was roughly ₹5 lakh, indicating a broader base of small and retail investors.
- Demat Account Number Format
- NSDL demat accounts feature a 16‑character code beginning with ‘IN’ followed by 14 numeric digits (e.g., IN XXXXXXXXXXXXXX).
- CDSL accounts use a 16‑digit numeric format without any alphabetic prefix.
What This Means for Investors
NSDL’s IPO provides a unique opportunity to participate in a corner stone of India’s securities infrastructure with robust institutional use and extensive technology integration. Nevertheless, investors must balance the company’s seasoned growth profile and fully offer‑for‑sale structure with CDSL’s stronger retail reach and alternate promoter dynamics. Scrutiny of each depository’s market positioning, client base, and longer‑term regulatory opportunities will be important to an informed decision.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should consult certified financial advisors before subscribing to any IPO.