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
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