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ICICI Securities Initiates Coverage On NSDL With 'Hold' Rating — Check Details
ICICI Securities initiates coverage on NSDL with a Hold rating, based on 40x FY28E EPS which is similar to its CDSL’s target multiple.
19 Nov 2025, 03:33 PM IST 
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NSDL also has lower transactional revenue vs CDSL, which creates less sensitivity to market momentum. (Photo source: NDTV Profit)
As of Oct’25, NSDL had an aggregate of 103,916 issuers registered on its system, with an extensive network of 302 Depository Participants operating through 55,960 service centres across India. These service centres serve over 42.32 million active demat accounts, covering more than 99% of India's pin codes and 218 countries.
