The shares of an Unlisted company, specializing in safekeeping and settlement services for securities in India, are in focus as they are trading at a discount of nearly 20 percent in the unlisted market from their all-time high.
With a market capitalization of 20,500 Crores on Tuesday, the shares of NSDL (National Securities Depository Ltd) are currently trading at Rs. 1,025.Get complete details about the NSDL IPO—including dates, price band, and lot size—on Zerodha. Stay updated with all the latest IPO info Click Here
As National Securities Depository Ltd. (NSDL) prepares to make its debut, trading activity in its unlisted shares has increased. However, the share price in the private market has dropped sharply to ₹1,025 per share, down from over ₹1,200–₹1,275 just a month ago.
This decline comes amid growing expectations that NSDL’s Initial Public Offering (IPO) will open soon, likely in July, as the company’s board is expected to give the final approval to proceed with the Offer For Sale (OFS).
The shares are expected to be priced significantly lower than their current unlisted market value once the IPO is launched. At the prevailing private market prices, NSDL’s valuation stands near Rs. 20,000 crore. In comparison, its competitor, Central Depository Services Ltd. (CDSL), is valued at around Rs. 36,400 crore.
NSDL IPO
On May 17, NSDL reduced the size of its Offer For Sale (OFS) to 5.04 crore shares. The sellers in this offer include major shareholders like IDBI Bank, NSE Ltd, HDFC Bank, and SUUTI.
As of the end of May 2025, about 9,296 retail investors collectively owned 5.4% of the company. These shares are actively traded in the private market.
What NSDL Unlisted Shareholders Should Know
- Shares are trading above the expected IPO price band, so the current value may drop post-listing.
- The shares bought in the unlisted market will face a 6-month lock-in after listing.
- NSDL’s valuation is lower than competitor CDSL, which may affect future price movemen.
- NSDL posted strong financials for FY25, but price volatility and liquidity risks remain for unlisted shares.
National Securities Depository Limited (NSDL) is one of the world’s largest depositories, established in August 1996 following the Depositories Act of 1996, which aimed to resolve the challenges of paper-based securities settlements in India.
NSDL introduced a state-of-the-art infrastructure for handling securities in dematerialized (electronic) form, fundamentally transforming the Indian capital market by eliminating the risks of theft, forgery, loss, and delays associated with physical certificates.
Functioning much like a bank, but for securities instead of money, NSDL holds securities in electronic accounts, allowing for straightforward and secure ownership transfers through account transfers rather than physical paperwork. This shift has made trading and settlement processes more efficient, cost-effective, and less risky for investors and market participants.
NSDL has a strong market presence, with over 3.57 crore active client accounts, up from 2.17 crore in 2021, demonstrating its vast customer base. It operates across 2,048 cities and towns, covering 99.31 percent of all pin codes in India.
It manages securities worth Rs. 423.44 lakh crore in demat custody, highlighting its major influence on the Indian capital market. The depository works with 281 Depository Participants (DPs) and has partnered with 46,015 companies, showing its extensive reach and integration across the industry. On average, NSDL has been opening 5,270 new accounts daily since November 1996.
In FY25, NSDL reported a total income of Rs. 731.40 crore, marking a good 28% increase compared to the previous year. The company’s net profit also saw significant growth, rising by 24.6% to reach Rs. 321.60 crore during the same period.
Written by Sridhar J
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