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ICICI Securities Report
Depositories remain a structural play on India's capital markets, buoyed by higher retail participation and distinguished by a mix of annuity and transaction-based business. Central Depository Services Ltd. benefits from:
- its leadership (in a duopoly industry) in terms of number of demat accounts (market share at 80%, as of Feb'26 [calculated as per data on website]);
- steady non-market-linked revenue from annuity issuer charges, plus others like corporate actions; and
- traction from market-linked revenue segments like cash delivery, company listings and KYC.
However, continuous investments through costs have led to a decline in margins and rate cuts have led to likely lower earnings growth in the KYC subsidiary. Maintain Hold.
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