CDSL

CDSL Ltd — Overview What is CDSL? Central Depository Services (India) Ltd (CDSL) is India’s largest depository by number of demat accounts. It holds investors’ securities in electronic form. Core Activities Demat account maintenance Trade settlement & corporate actions Annual maintenance & transaction fees e-Voting, e-KYC, e-sign services Business Model Revenue linked to: Number of demat accounts Market transaction volumes Asset-light, high operating leverage Strengths Duopoly with NSDL → strong regulatory moat Leader in retail investor accounts Massive beneficiary of equity financialization High margins, debt-free Risks Market activity slowdown SEBI fee caps Competition from NSDL One-liner: CDSL = Retail investor infrastructure