CDSL Vs NSDL: Analyzing Leading Depositories

What are Depositories?

The Institutions which holds the investors' securities (like shares, debentures, & mutual funds) in an electronic form in a Demat account.

Depositories Role

Offer Demat accounts facility. Hold & maintain a record of securities. Make online trading easy. Faster trade settlement.

Depositories in India

National Securities Depository Limited Central Depository Services (India) Limited

Comparison of CDSL & NSDL

Incorporated in 1996, NSDL is India's first depository institution, & In February 1999, CDSL was given the certificate of commencement of business.


CDSL: Zerodha, Groww, Upstox, AngelOne, etc.

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NSDL: Traditional brokers.


NSDL: 47.16% CDSL: 52.84% NSDL's revenues are stable, however, CDSL's revenue depends on market activity.

Custody Value

CDSL: 11.61% NSDL: 88.39% NSDL in those terms is 7.6x of CDSL.

Number of Demat Accounts (FY’23)

CDSL: 8.3 crores NSDL: 3.1 crores CDSL’s success depends on discount brokers, who need to innovate to retain traders.

The Regulations

Depositories can't increase the cost of services because of the regulated pricing. So they diversify by entering businesses like KRA, e-insurance repositories, etc.

The Golden Record

India recently set a new record in the World financial market by transitioning to T+1 settlement.