There is still no clarity about the tentative date for the NSDL IPO launch. While the most recent SEBI decision mandates a listing by July 31, investors are eagerly waiting for a date. While interest in the IPO plans continues, the price of unlisted shares of NSDL has corrected significantly from their 52-week highs, nearly 20%. At the same time, its listed competitor, CDSL, has had a dream run on the exchanges, up a whopping 44% in the last 1 year.

As we await further details from the IPO-bound NSDL, let’s take a look at how two of India’s best-known depositories—NSDL and CDSL—stack up against each other.

Here are 6 big factors to watch out for – 

NSDL Vs CDSL: Market position 

According to a CRISIL report, NSDL grabbed the title of being the largest depository in India. NSDL’s number of issuers, the number of active instruments, market share in demat value of settlement volume, and value of assets held under custody as of the first three quarters of FY25 stood way ahead of CDSL. 

NSDL’s issuers stood at 64,535, which was double compared of CDSL’s 31,557 as of December 31, 2024.

Before moving ahead, the issuer here means that it is a company or organisation that has issued securities and is registered with NSDL or CDSL. While the securities could be anything, like shares, bonds, etc. 

NSDL Vs CDSL: Who has more depository participants?

When it comes to depository participants (DPs), CDSL has more registered DPs than NSDL. However, NSDL, in terms of the quantity and value of securities held in demat form, holds a higher share compared to CDSL. 

NSDL Vs CDSL: DP Service Centres

The total number of DP Service Centres (DPSC) for NSDL is also higher. CDSL had 17,883 DPSC as of 9MFY25, as against 63,542 DPSC of NSDL. 

NSDL Vs CDSL: Demat accounts held

CDSL clinched the top spot when it comes to demat accounts. CDSL held a total of 14.65 crore demat accounts, while NSDL had 3.88 crore active demat accounts, as of December 31, 2024.

NSDL Vs CDSL: Value of assets in custody

NSDL continues to be the largest depository regarding the value of assets it holds in custody. The average asset value in demat accounts with NSDL was Rs 1.25 crore per account, whereas it was Rs 5 lakh for CDSL.

NSDL Vs CDSL: King of unlisted segment

In the unlisted segment as well, NSDL outperformed CDSL by a significant margin. As of December 2024, NSDL had 53,169 unlisted companies, while CDSL had 21,295.