NSDL Unlisted Shares Buzzing In Grey Market, But Retail Investors Be Warned — Here's Why

Ahead of its Dalal Street debut, trading in the unlisted shares of National Securities Depository Ltd., has seen increased activity even as the price has fallen below Rs 1,000 (Rs 950-990 apiece) in the private market.

The unlisted shares of NSDL, which were trading at over Rs 1,200-1,250 apiece a month back, has suddenly collapsed as the chances of the initial public offering (IPO) opening seems imminent in July as the market infrastructure institution is likely to get a final nod from its board to proceed with the Offer For Sale.

The shares will likely be priced significantly lower than the current private market price. At the current private market price, NSDL is valued at close to Rs 20,000 crore in market value. It's rival CDSL is valued at around Rs 36,400 crore and it is notable that its shares prices has risen by 54% in the last one year.

NSDL reduced the offer for sale size of the issue to 5.04 crore shares on May 17 this year. The shareholders participating in the offer for sale include IDBI Bank, NSE Ltd., HDFC Bank, SUUTI.

Currently 9,296 retail investors, at the end of May 2025, owned 5.4% stake in the company. These shares are actively getting traded in the private market.

Retail investors should be aware that these stocks, which have been bought from the private market, will soon go into lock-in and will not be allowed to transfer or trade till six months after listing of the company.

The company will be soon be releasing a statement ahead of the filing of the red herring prospectus or RHP informing that the shares will be locked in ahead of the IPO, as per listing norms.

NSDL posted a total income of Rs 731.40 crore in FY25, a jump of 28% over previous year. Net profit rose 24.6% to Rs 321.60 crore during the same period.