| Depository | Dematerialization of securities, maintaining electronic ownership records, settlement services, pledge and corporate actions management. | Largest market share, regulatory permissions, established infrastructure, trusted brand, network effects, and technology leadership. | Investors, depository participants, issuers, financial intermediaries (B2B and B2C). | Custody and annual fees on large volumes of securities hold high margins due to operational leverage. | 619 | 44 | Recurring custody fees, transaction charges, annual fees from issuers and depository participants. | Fees based on volume of assets under custody, number of transactions, and service subscriptions. | Increase in demat accounts, market volumes, regulatory push for digitization and investor protection frameworks. | NSDL Core Depository Services |
| Database Management | E-governance services, KYC registration, insurance repository, payment aggregation, registrar and transfer agency, skill registry management. | Regulatory approvals, long-term contracts, and technology-driven service delivery. | Financial institutions, government bodies, insurance companies, corporates (B2B). | KYC registry and insurance repository services provide steady profit margins. | 82 | 6 | Service fees from government, financial institutions and SEBI-registered intermediaries. | Contractual service fees and subscription charges. | Government digitization initiatives, increased KYC compliance and Insurance digitization. | NSDL Database Management Limited services |
| Banking Services | Payments bank services including demand deposits, remittances, UPI, debit/prepaid cards, digital banking and micro ATM services. | Broad branchless banking network, regulatory license, and integrated service offerings with NSDL group. | Retail customers, small businesses, digital payments users (B2C and B2B). | Digital payment and remittance fees provide margins amid growing transaction volumes. | 720 | 50 | Interest income, transaction fees, card issuance fees, payment processing fees. | Transactional income and interest spread; low-cost banking model. | Growing digital payments adoption, financial inclusion, government initiatives, and expanded agent network. | NSDL Payments Bank Limited |
