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Latest filing: 2026-09-21 12:09
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11 announcements match the current filters (relevance ≥ 5).
NSDL Appoints Ankit Sharma as Executive Director (Vertical 2) for a 5-Year Term
National Securities Depository Limited (NSDL) has announced the appointment of Mr. Ankit Sharma as Executive Director - Vertical 2 on its Governing Board for a 5-year tenure effective September 21, 2026. Mr. Sharma will oversee Regulatory, Compliance, Risk Management & Investor Grievances, following SEBI approval received on May 25, 2026, and Board approval on June 03, 2026. He brings over 30 years of capital markets experience, previously serving as Chief Regulatory Officer at the NSE and Head of Compliance & Legal at ICICI Securities. This strengthens corporate governance and regulatory compliance across NSDL's operations.
Confidence: HIGH
What changedMr. Ankit Sharma has officially assumed charge as Executive Director - Vertical 2 (Regulatory, Compliance, Risk Management & Investor Grievances) for a 5-year tenure.
Why it mattersReinforces NSDL's regulatory, risk management, and compliance architecture under an experienced capital markets veteran as depository compliance scrutiny remains critical.
Tenure of appointment: 5 yearsEffective date: September 21, 2026Experience of appointee: 30 + Years
📅 Short termNeutral procedural appointment; negligible impact on immediate financial or stock performance.
📈 Long termEnhances compliance oversight and risk management capabilities, essential for maintaining NSDL's critical market infrastructure status.
Key Highlights
Appointment of Mr. Ankit Sharma as Executive Director (Vertical 2) effective September 21, 2026
Tenure fixed for a period of 5 years on the Governing Board
Approved by SEBI vide letter dated May 25, 2026, and Governing Board on June 03, 2026
Appointee brings over 30+ years of capital markets and compliance experience
👀 What to Watch
Track subsequent leadership updates and operational oversight execution; no immediate financial impact expected.
NSDL Sets Sept 12-21 Book Closure for 14th AGM; Proposes ₹4/Share Final Dividend
National Securities Depository Ltd (NSDL) has scheduled its 14th Annual General Meeting (AGM) for September 22, 2026, via video conferencing. The company has announced a book closure period from September 12, 2026, to September 21, 2026, for the purpose of the AGM and determining final dividend eligibility. Shareholders will vote on declaring a final dividend of ₹4 per equity share (face value ₹2 each) for FY26. Key special resolutions include the appointment of Subhash Kelkar as Executive Director (Critical Operations) for 5 years at an annual compensation of ₹3.25 crore and Ankit Sharma as Executive Director (Regulatory & Compliance).
Confidence: HIGH
What changedNSDL issued its 14th AGM notice, fixed book closure dates, and tabled shareholder approvals for a ₹4/share dividend and senior executive director appointments.
Why it mattersConfirms the timeline for dividend payout to shareholders and formalizes executive appointments in critical operations and regulatory oversight.
Proposed Final Dividend: ₹4/- per shareFace Value: ₹2/-Book Closure Start: September 12, 2026Book Closure End: September 21, 2026ED Subhash Kelkar CTC: ₹3.25 Cr p.a.
📅 Short termRoutine corporate action process; eligible shareholders will receive the ₹4 dividend post approval at the AGM.
📈 Long termLimited operational impact; strengthening leadership in core technology operations and compliance supports depository market infrastructure stability.
Key Highlights
Final dividend of ₹4 per equity share (face value ₹2) proposed for FY26 approval at the AGM
Book closure scheduled from September 12, 2026, to September 21, 2026 (both days inclusive)
AGM scheduled for September 22, 2026; cut-off date for e-voting set as September 15, 2026
Appointment of Subhash Kelkar as Executive Director (Critical Operations) for 5 years with ₹3.25 Cr annual compensation
👀 What to Watch
Track voting results of the 14th AGM on September 22, 2026, and note the book closure timeline (September 12-21, 2026) for dividend entitlement.
₹28.68 Cr GST Demand Notice Issued to NSDL for Brand Royalty
National Securities Depository Ltd (NSDL) has received a Show Cause-cum-Demand Notice (SCN) for ₹28.68 Cr from the GST Authority in Mumbai. The notice alleges non-payment of GST on royalties for the use of the NSDL brand name and logo by related entities, NSDL Payments Bank and NSDL Data Management, between FY 2020-21 and FY 2023-24. The demand amount represents approximately 7.6% of the company's TTM PAT of ₹379 Cr. NSDL is currently evaluating the notice and intends to file a detailed reply and pursue legal remedies.
Confidence: HIGH
What changedNSDL has been served a formal tax demand notice for ₹28.68 Cr regarding inter-company brand usage royalties.
Why it mattersWhile the amount is manageable relative to NSDL's ₹2370 Cr net worth, it represents a potential one-time hit to earnings and highlights tax risks in group branding arrangements.
Total GST Demand: ₹28,68,06,259Demand vs TTM PAT: ~7.6%Demand vs TTM Revenue: ~2.1%Period Covered: FY 2020-21 to FY 2023-24
📅 Short termThe news may cause minor negative sentiment as the company enters a legal dispute with tax authorities over a material amount.
📈 Long termLimited structural impact, though it may require the company to formalize and pay GST on brand royalties going forward.
⚠ Risk flags
- Tax litigation risk
- Potential interest and penalty charges
Key Highlights
Total demand of ₹28,68,06,259 raised by the Additional Commissioner of CGST & CX AUDIT-II Mumbai.
The demand covers a four-year period from FY 2020-21 to FY 2023-24.
Allegation involves non-payment of GST on brand name and logo usage by NSDL Payments Bank and NSDL Data Management.
The demand amount of ₹28.68 Cr is approximately 2.1% of the TTM Revenue of ₹1400 Cr.
The notice includes potential interest and penalties under Section 74(1) and Section 122(2)(b) of the CGST Act.
👀 What to Watch
Monitor the company's response to the tax authorities and any subsequent orders that confirm or reduce the demand amount.
NSDL Q1 FY27: Consolidated Revenue Surges 61.6% YoY; Incremental Demat Share Rises to 17.6%
NSDL reported a robust 61.6% YoY growth in consolidated revenue to ₹560.5 Cr for Q1 FY27, although consolidated PAT growth was more tempered at 9.7% (₹98.3 Cr). The company's standalone EBITDA margin stood at 57.8%, reflecting intentional moderation due to front-loaded investments in technology resilience and leadership talent. Operationally, NSDL saw a recovery in its incremental market share for demat account additions, rising to 17.6% from 14% in the previous quarter. The company maintains a dominant 86% market share in custody value, managing assets worth approximately $5.7 trillion.
Confidence: HIGH
What changedThe filing provides a detailed transcript of the Q1 FY27 earnings call, revealing a strategic shift toward front-loading technology investments and a recovery in retail demat market share.
Why it mattersThe results demonstrate NSDL's ability to maintain its massive custody moat (86% share) while successfully competing for new retail accounts and diversifying revenue through its Payments Bank and Database Management subsidiaries.
Consolidated Revenue Growth (YoY): 61.6%Incremental Demat Market Share: 17.6%Custody Value Market Share: 86%Standalone EBITDA Margin: 57.8%Total Demat Accounts: 4.56 croreConsolidated PAT vs TTM PAT: ~25.8%
📅 Short termThe market is likely to view the strong consolidated top-line growth and improving incremental market share positively, though standalone margin compression may be a point of scrutiny.
📈 Long termNSDL's structural position remains strong due to its dominant custody share and expansion into GIFT City and unlisted company dematerialization, which provides a long-term growth runway.
⚠ Risk flags
- Margin moderation due to high technology and manpower costs
- Dependence on capital market volumes for IPO and Corporate Action fees
- Intense competition in the retail demat segment
Key Highlights
Consolidated revenue grew 61.6% YoY to ₹560.5 Cr, significantly outpacing standalone growth of 13.2%.
Incremental market share in net demat account additions improved to 17.6% from 14% in Q4 FY26.
Total custody value reached $5.7 trillion (₹535 lakh crore), maintaining a dominant 86% market share.
E-voting market share increased to 64% in Q1 FY27 from 61% in the same period last year.
Standalone PAT grew 7.9% YoY to ₹89.1 Cr, with margins impacted by investments in cybersecurity and automation.
👀 What to Watch
Investors should monitor the stabilization of operating margins as front-loaded technology and manpower investments mature over the medium term. Additionally, track the profitability of the Payments Bank subsidiary, which is currently in a high-growth/customer-acquisition phase.
₹4 Dividend: NSDL Sets September 11, 2026, as Record Date for 200% Payout
National Securities Depository Ltd (NSDL) has announced a final dividend of ₹4 per equity share for the financial year ended March 31, 2026. The company has fixed September 11, 2026, as the record date to determine shareholder eligibility. This dividend represents a 200% payout on the face value of ₹4 per share. Based on the TTM EPS of ₹18.99, the dividend payout ratio stands at approximately 21%.
Confidence: HIGH
What changedThe company has finalized the administrative timeline for its annual dividend distribution and scheduled its 14th Annual General Meeting.
Why it mattersThe announcement confirms the distribution of profits to shareholders following a year where the company earned a PAT of ₹380 Cr. It reflects a disciplined payout policy relative to its ₹18.99 TTM EPS.
Dividend per share: ₹4Dividend % of Face Value: 200%Record Date: September 11, 2026Dividend Payout Ratio (vs TTM EPS): ~21%TTM PAT: ₹380 Cr
📅 Short termThe stock may experience minor price adjustments around the ex-dividend date in September as the ₹4 payout is factored in.
📈 Long termLimited; this is a routine annual corporate action and does not alter the structural growth thesis of the depository business.
Key Highlights
Dividend of ₹4 per equity share recommended for FY26, representing a 200% payout on face value
Record date for dividend eligibility fixed as Friday, September 11, 2026
14th Annual General Meeting (AGM) scheduled for September 22, 2026, via video conferencing
Dividend payment to be completed on or before October 22, 2026, subject to shareholder approval
M/s. Mihen Halani & Associates appointed as the Scrutinizer for the AGM e-voting process
👀 What to Watch
Investors interested in the dividend should ensure they hold the shares in their demat accounts before the ex-dividend date (typically one business day prior to the September 11 record date).
₹4 Dividend Announced; Record Date Set for Sept 11, 2026, for NSDL's 14th AGM
National Securities Depository Ltd (NSDL) has scheduled its 14th Annual General Meeting (AGM) for September 22, 2026. The company has fixed September 11, 2026, as the record date for a final dividend of ₹4 per equity share (200% of face value). Based on the FY26 EPS of ₹18.99, this represents a dividend payout ratio of approximately 21%. If approved at the AGM, the dividend will be paid to eligible shareholders on or before October 22, 2026.
Confidence: HIGH
What changedNSDL has formalized the timeline for its 14th AGM and the record date for the ₹4 per share dividend previously recommended by the Board in April 2026.
Why it mattersThis is a routine but significant cash return to shareholders, confirming a 21% payout ratio from the company's ₹380 Cr annual profit.
Dividend per share: ₹4Dividend % of Face Value: 200%Record Date: September 11, 2026Dividend Payout Ratio: ~21%TTM PAT: ₹380 Cr
📅 Short termThe stock may see minor price adjustments around the record date of September 11, 2026, as it trades ex-dividend.
📈 Long termLimited; this is a routine annual administrative and dividend announcement.
Key Highlights
Final dividend of ₹4 per equity share of face value ₹4 (200%) recommended for FY26
Record date for dividend eligibility fixed as Friday, September 11, 2026
14th Annual General Meeting (AGM) to be held on Tuesday, September 22, 2026
Dividend payment to be completed on or before October 22, 2026
Dividend payout ratio stands at approximately 21% based on FY26 PAT of ₹380 Cr and EPS of ₹18.99
👀 What to Watch
Investors should note the record date of September 11, 2026, for dividend eligibility and watch for the AGM proceedings on September 22 for updates on the company's 73% market share in the unlisted segment.
NSDL Q1 FY27: Consolidated Revenue Surges 61.6% to ₹560.5 Cr; PAT Up 9.7%
NSDL reported a strong 61.6% YoY growth in consolidated total income to ₹560.5 cr for Q1 FY27, significantly outpacing its standalone income growth of 15.3%. However, consolidated PAT growth was more tempered at 9.7% YoY, reaching ₹98.3 cr, suggesting higher operating costs or lower margins in subsidiary businesses. The company continues to dominate the custody value market with an 85.8% share and saw its retail Beneficiary Owner (BO) market share improve to 17.6%. The unlisted equity segment remains a stronghold with a 71.3% market share and 3,406 new companies added during the quarter.
Confidence: HIGH
What changedNSDL has shown a massive acceleration in consolidated revenue growth compared to previous quarters, alongside steady market share gains in the retail depository segment.
Why it mattersAs a critical market infrastructure institution, NSDL's growth reflects the deepening of Indian capital markets; the surge in consolidated revenue indicates that non-depository subsidiaries (Payments Bank and Database Management) are becoming significant contributors.
Consolidated Total Income (Q1): ₹560.5 crConsolidated PAT (Q1): ₹98.3 crQ1 Income vs FY26 Revenue: 36.6%Demat Custody Value Market Share: 85.8%Unlisted Equity Market Share: 71.3%
📅 Short termThe strong top-line growth and market share gains are likely to be viewed positively by the market in the coming weeks.
📈 Long termNSDL remains a structural play on Indian financialization, with a dominant moat in custody value and a growing footprint in the unlisted company dematerialization space.
⚠ Risk flags
- Consolidated PAT growth (9.7%) significantly lagging revenue growth (61.6%)
- Dependence on capital market volumes for corporate action and IPO fees
Key Highlights
Consolidated total income grew 61.6% YoY to ₹560.5 cr, representing ~36.6% of the entire FY26 TTM revenue in a single quarter.
Net Beneficiary Owner (BO) market share increased to 17.6% in Q1 FY27 from 15.5% in Q1 FY26.
Added 12.4 lakh net BO accounts during the quarter, bringing the total to 4.56 crore accounts.
Unlisted equity segment market share stands at 71.3% with 3,406 companies admitted to the platform in Q1.
NSDL Payments Bank CASA customers increased 1.7x YoY to 49.5 lakhs.
👀 What to Watch
Investors should monitor the margin profile of the consolidated entity, as the 61.6% revenue growth did not translate into proportional profit growth (9.7%). Watch for the successful transition of the insurance repository business to a separate subsidiary by December 2026.
14.7 Lakh Gross Demat Accounts Added in Q1 FY27; NSDL Maintains 85.8% Custody Market Share
NSDL demonstrated steady operational growth in Q1 FY27, adding 14.7 lakh gross demat accounts (12.4 lakh net), bringing its total base to 45.6 million accounts. The company maintains a dominant 85.8% market share in total demat custody value and a near-monopoly 99.9% share in FPI demat holdings. Growth is increasingly driven by the unlisted company segment, where NSDL holds a 72.4% market share by number of companies. Standalone operating margins remain robust at 52.8%, reflecting the high scalability of its digital infrastructure.
Confidence: HIGH
What changedRelease of Q1 FY27 operational KPIs showing sustained market leadership in high-value custody segments despite intense competition in retail account openings.
Why it mattersAs a critical market infrastructure institution, NSDL's 99.9% FPI market share and 85.8% custody value share provide a deep moat and stable revenue base compared to retail-heavy competitors.
Gross Demat Additions (Q1 FY27): 14.7 lakhTotal Beneficiary Owner Accounts: 45.6 millionCustody Value Market Share: 85.8%FPI Holding Market Share: 99.9%Unlisted Equity Market Share: 72.4%Total Depository Participants: 317
📅 Short termThe steady growth in accounts and dominant custody metrics should support positive sentiment in the weeks following the earnings call.
📈 Long termNSDL is well-positioned to benefit from the mandatory dematerialization of unlisted companies and the expansion of GIFT City operations, providing structural long-term growth.
⚠ Risk flags
- Sensitivity to primary market activity (IPOs) for corporate action fees
- Regulatory changes affecting unlisted company dematerialization rules
Key Highlights
Added 14.7 lakh gross demat accounts in Q1 FY27, representing a 12.7% YoY increase in net additions.
Maintains a dominant 85.8% market share in total demat custody value and 97.6% in listed debt securities.
Unlisted equity custody value reached ₹535.0 lakh crore with a 72.4% market share by number of companies.
Expanded Depository Participant (DP) network to 317 by onboarding 6 new DPs during the quarter.
Women investors accounted for approximately 24% of incremental demat additions in Q1 FY27.
👀 What to Watch
Watch for the execution of the 'SWAGAT-FI' framework for FPIs and the continued onboarding of unlisted companies, which are key high-margin growth drivers.
NSDL Approves Q1 FY27 Results; Sets Sept 11 Record Date; TTM Revenue at Rs 1530 Cr
NSDL has approved its unaudited financial results for the quarter ended June 30, 2026, and scheduled its 14th Annual General Meeting (AGM) for September 22, 2026. The company fixed September 11, 2026, as the record date for the AGM. While specific Q1 P&L figures were not detailed in the cover letter, NSDL maintains a dominant market position with a TTM revenue of Rs 1,530 Cr and a 28.2% operating margin. The company continues to leverage its 86.3% market share in custody value and 99.99% share in FPI demat holdings.
Confidence: HIGH
What changedApproval of the first quarter financial results for FY2026-27 and formalizing the timeline for the 14th Annual General Meeting.
Why it mattersAs a critical market infrastructure institution, NSDL's performance reflects the health of Indian capital markets and the success of mandatory dematerialization for unlisted companies.
Record Date: September 11, 2026AGM Date: September 22, 2026TTM Revenue: Rs 1530 CrTTM PAT: Rs 380 CrFPI Market Share: 99.99%Custody Value Market Share: 86.3%
📅 Short termThe market will likely focus on the specific revenue and profit growth compared to the Rs 312 Cr revenue and Rs 90 Cr PAT recorded in Q1 FY26.
📈 Long termNSDL's structural moat remains strong due to its high market share in FPI holdings and the network effect of its 270+ Depository Participants.
⚠ Risk flags
- Dependence on primary market volumes for IPO and Corporate Action fees
- Reliance on technology vendors for core depository infrastructure
Key Highlights
Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.
14th Annual General Meeting scheduled for September 22, 2026, at 11:30 A.M. IST.
Record date for the AGM fixed as September 11, 2026.
NSDL maintains a dominant 99.99% market share in FPI demat holdings and 86.3% in total custody value.
Board meeting commenced at 2:30 p.m. and concluded at 5:30 p.m. on July 30, 2026.
👀 What to Watch
Investors should review the detailed Q1 FY27 financial tables to check for growth in 'Annual Custody fees' and 'DLT ledger fees,' which were key revenue drivers in previous quarters.
NSDL Approves Q1 FY27 Results; Sets Sept 22 for 14th AGM and Sept 11 as Record Date
NSDL's board has approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company has scheduled its 14th Annual General Meeting (AGM) for September 22, 2026, to be held via video conferencing. September 11, 2026, has been fixed as the record date for the AGM. This follows a fiscal year (FY26) where the company reported a TTM revenue of Rs 1,530 Cr and a PAT of Rs 380 Cr.
Confidence: HIGH
What changedThe board has formally approved the Q1 FY27 performance results and established the timeline for the annual shareholder meeting and record date.
Why it mattersThis is a routine but essential regulatory filing that provides the first look at the company's performance for the new fiscal year and sets the stage for shareholder voting.
AGM Date: September 22, 2026Record Date: September 11, 2026TTM Revenue: Rs 1530 CrTTM PAT: Rs 380 CrPrevious Quarter Revenue (Mar 2026): Rs 458.0 Cr
📅 Short termThe stock may react to the specific Q1 earnings growth compared to the previous quarter's revenue of Rs 458 Cr.
📈 Long termNSDL's long-term value remains tied to its dominant 86.3% custody value market share and the expansion of blockchain-based services.
Key Highlights
Board approved unaudited financial results for the quarter ended June 30, 2026
14th Annual General Meeting (AGM) scheduled for September 22, 2026, at 11:30 A.M. IST
Record date for the AGM fixed as September 11, 2026
Board meeting duration was 3 hours, concluding at 5:30 p.m. IST
👀 What to Watch
Investors should examine the detailed Q1 FY27 financial statements to monitor growth in custody fees and the company's 73% market share in the unlisted segment.
₹20 Crore additional investment in India International Bullion Holding (IIBH) approved by SEBI
National Securities Depository Ltd (NSDL) has received SEBI approval to invest an additional ₹20 crore in India International Bullion Holding IFSC Limited (IIBH). This investment is part of a consortium effort including NSE, CDSL, and MCX to support IT infrastructure and maintain regulatory net worth requirements for the bullion exchange in GIFT City. NSDL will maintain its existing 20% stake by subscribing to 20 crore equity shares at a face value of ₹1 each. The first tranche of this cash investment is scheduled for completion by August 02, 2026.
Confidence: HIGH
What changedNSDL has secured formal SEBI approval to proceed with a ₹20 crore capital infusion into IIBH, following its board's initial approval on June 29, 2026.
Why it mattersThis ensures NSDL retains its strategic 20% stake in India's primary international bullion infrastructure, aligning with other major market infrastructure institutions (MIIs) in the GIFT City ecosystem.
Investment Amount: ₹20,00,00,000Shareholding Stake: 20%Target Turnover (FY26): ₹10,46,53,992Tranche 1 Completion Date: August 02, 2026Acquisition Price per Share: ₹1
📅 Short termThe announcement is unlikely to trigger significant price movement as the investment amount is relatively small and represents a pro-rata capital call.
📈 Long termProvides NSDL with a strategic foothold in the bullion depository and exchange space, though current turnover figures of the target suggest it is still in an early growth phase.
⚠ Risk flags
- Execution risk in the relatively new GIFT City bullion ecosystem
- Concentration of turnover in a single specialized holding entity
Key Highlights
Additional investment of up to ₹20,00,00,000 in IIBH at par value of ₹1 per share
NSDL maintains its 20% shareholding in the consortium-led bullion holding entity
Target entity IIBH reported a consolidated turnover of ₹10.47 crore for FY 2025-26
First tranche of the investment process to be completed by August 02, 2026
Investment aimed at supporting IT infrastructure and meeting IFSCA net worth stipulations
👀 What to Watch
Investors should monitor the operational scaling of the India International Bullion Exchange (IIBX) in GIFT City, as the long-term value of this investment depends on the exchange's ability to gain global liquidity.
