NSDL DRHP
Business Model of NSDL (National Securities Depository Limited)
1. Core Business Segments:
Depository Services (Main revenue contributor, ~37–48% of total revenue)
Subsidiaries:
NDML (NSDL Database Management Ltd.) – E-governance and digital services (e.g., insurance repository, KYC, eVoting, Tax Info)
NPBL (NSDL Payments Bank Ltd.) – AePS, micro-ATMs, and digital banking
. Revenue Streams:
Transaction Fees: Based on trading volume (approx. 24–33% of operational revenue)
Account Maintenance Fees
Service Fees from value-added services (IDeAS, eVoting, digital lending support)
Subsidiary Contributions:
NPBL: 51.24% of total revenue (9M FY24)
NDML: 5.97% of total revenue (9M FY24)
Technology Investments:
High dependency on IT systems and infrastructure
Significant spend on maintenance, upgrades, cybersecurity