CDSL

🗂️ What is CDSL?

CDSL (Central Depository Services (India) Ltd) is India’s largest securities depository by number of demat accounts. It provides the digital infrastructure that holds investors’ securities (shares, bonds, ETFs) in electronic form. 👉 In simple words: your demat account exists because of CDSL (or NSDL). 📊 Core Businesses Depository services (demat accounts, settlement, corporate actions) Transaction charges (buy/sell settlement) Annual maintenance & account fees e-Voting & issuer services KYC & e-sign services 💰 Business Model Revenue linked to: Number of demat accounts Transaction volumes Corporate actions (dividends, bonus, splits) Asset-light, tech-driven, very high operating leverage 📈 Key Strengths Massive growth in retail investor accounts Duopoly with NSDL → strong entry barrier Beneficiary of financialization of savings High margins, strong cash generation Debt-free balance sheet