CDSL recently completed 25 years of growth and humble service to investors. It continues to expand and contribute in making markets more inclusive and investors more empowered. In this Integrated Annual Report, while we take a look at our journey so far and examine the opportunities and challenges in the upcoming years, we deem it important to analyze the current global markets landscape including that of India. It is necessary to aptly evaluate the outlook of the Indian capital markets and consider CDSLs role within the prevalent dynamics.
Economic Overview
Global Economy Review
The global economy exhibited stable growth in 2024 despite many challenges. According to the World Economic Outlook (WEO), April 2025, released by the International Monetary Fund (IMF), global growth stood at 3.3% in 2024. Many large emerging market economies showed remarkable resilience during 2024 while governments across the globe reprioritised their policies.
Following the tightening of monetary policy by most central banks in the previous year, inflationary pressures have begun to ease from 2024. While several developed economies have started to loosen monetary policies, different central banks have been adopting varied paths towards easing depending on their respective inflationary conditions. The IMF, as per the WEO, April 2025, projects global headline inflation to decline to 4.3% in 2025 and further to 3.6% in 2026.
During 2024, the services sector remained strong though supply chain disruptions and muted demand, driven by high interest rates, slowed manufacturing, particularly in Europe and certain parts of Asia. 2024 was also a significant election year, with India, Indonesia, and the US holding general elections. The US saw a leadership change, with a new President taking office.
The IMF projects the world economic growth for 2025 at 2.8% and 3.0% for 2026, factoring in the tariff-related uncertainties brought by the new US administration. Easing of tariff tensions and apt new agreements may be expected to help global trade and growth to rise.
Indian Economy Review
The Indian economy remains on a steady growth trajectory and continues to be the fastest-growing large economy for the fourth consecutive year. As per the provisional estimates released by the Government, Indias GDP growth for FY 2024-25 stood at 6.5%, despite a large base of 9.2% growth of the previous fiscal.
Sector-wise estimates show a mixed picture in FY 2024-25. The agriculture and allied sectors registered 4.6% growth, a significant improvement over 2.7% in FY 2023-24. The construction sector and the financial, real estate, and professional services sectors grew at a robust 9.4% and 7.2%, respectively. On the contrary, manufacturing registered a meagre 4.5% growth for FY 2024-2 5 versus that of 12.3% in the previous fiscal. Similarly, the services sector, encompassing trade, hotels, transport, and communication, is anticipated to grow at 7.2%, lower than the 9% growth in FY 2023-24.
Gross fixed capital formation grew by 7.1% against 8.8% in the previous fiscal year while private final consumption expenditure rose by 7.2% against 5.6% in the previous fiscal.
Economic Indicators
The economic indicators have been mixed. Bank credit growth has slowed to nearly 11% for FY 2024-25 from above 20% in the previous fiscal. The IIP growth stood at 4% for FY 2024-25. The Purchasing Managers Index (PMI) shows factory activity levels through November and December were the worst since 2024. However, for March 2025, the PMI rose to 58.1, the highest level since July 2024. The services PMI for March 2025 stood at 58.5, marking the 44th consecutive month of growth in services activity. The GST collections for FY 2024-25 stood at 22,08,861 Crore, up 9.4% over the previous year. The collections for March 2025 were 1,96,000 Crore, up 9.9% over those of March 2024. The net direct tax collection in FY 2024-25 stood at 21,26,923 Crore, up 13% over the previous year.
About consumption, trends have reversed during this fiscal and rural consumption is seen outpacing urban consumption. For the quarter ended March 2025, as per NIQ (NielsenIQ), a customer intelligence firm, rural areas continued to surpass urban areas in volume growth across most regions of India. Rural markets showed a recovery in consumer demand. In 2024, growth in rural consumption was at 8.4% while urban market growth stood at 2.6% and has been picking up.
Budget FY 2025-26
The Honourable Finance Minister, Smt. Nirmala Sitharaman presented the union budget on February 1, 2025, continuing the commitment to "Reform-Perform-Transform". Indias economic growth strategy, as outlined in Budget 2025, is driven by four key enginesagriculture, MSMEs, investments, and exports. The most important announcement in the budget was zero tax for income up to 12 Lakh per annum. The government continued its commitment to infrastructure building with a budgetary allocation of 11.2 lakh Crore. The fiscal stimulus, along with government investments, is expected to incentivize consumption and growth. The fiscal deficit target for FY 2025-26 is set at 4.4% of GDP, down from 4.8% in FY 2024-25, reflecting fiscal prudence while fostering growth. The budgetary initiatives collectively aim to strengthen the economy, reduce the current account deficit, and promote sustainable growth over long term, thus providing impetus to investors.
RBI policy
After holding the repo rate steady for nearly five years, the RBI cut the rate by 25 bps in the February MPC meeting while maintaining a neutral stance. It further cut rates by 25 bps to take the repo rate to 6% in the April MPC meeting and changed its stance from neutral to accommodative. The new governor emphasized the effectiveness of the Flexible Inflation Targeting (FIT) mechanism. In June 2025, the RBI cut the policy repo rate further by 50 bps to 5.50%, marking a total of 100 bps cut in repo in three quick consecutive moves while it also changed the stance from accommodative to neutral.1 It reflects the RBIs confidence that gains in disinflation are durable and that it has a larger room to support growth while also staying committed to maintaining price stability. This is expected to bode well for growth.
To improve liquidity in the system, the RBI reduced the Cash Reserve Ratio (CRR) by 100 bps to 3% in June 2025. This followed its move in December 2024 when it cut CRR to 4% from 4.5%.
As a result of the tight monetary policy adopted by the central bank, the bank credit slowed slightly to 11% year-on-year (YoY) for FY 2024-25, down from 20% in the previous year. The high cost of credit impacted the NBFCs and retail lending, while the industrial sector witnessed muted growth during the year.
For FY 2025-26, the Central Board of the Reserve Bank of India (RBI) approved the highest-ever dividend of 2.56 Lakh Crore to be transferred to the Central government. This may help the government to reduce the fiscal deficit.
Indian Economic Outlook
As per the June 2025 RBI monetary policy, the central bank projects the Indian economy to grow at 6.5% in FY 2025-26. The reduction of income tax in the budget is expected to increase consumption and investment, while buoyant agricultural production is expected to aid strong rural growth.
The IMF (WEO, April 2025) projected that the Indian economy will grow by 6.2% in 2025 and 6.3% in 2026. It has emphasized that the growth outlook for 2025 is relatively stable at 6.2%, supported by private consumption, especially in rural areas. The IMF projects that India is expected to become the worlds fourth-largest economy in 2025, surpassing Japan. This growth is driven by strong export performance, particularly in services, and a rebound in rural demand.
Source: National Statistics Office (NSO), Ministry of Statistics & Programme Implementation (MoSPI), Government of India, FE = Final Estimates, FRE = First Revised Estimates, PE = Provisional Estimates
As per the RBI policy of June 2025, inflation is projected to stay at 3.7% for FY2025-26. According to it, global growth is below the historical average, even though high-frequency indicators suggest resilience amid continued expansion in trade. Domestically, benign inflation and moderate growth outlook prevails. The external sector continues to face headwinds in terms of a slower pace of disinflation, lingering geopolitical tensions and policy uncertainties, including tariff-induced trade imbalances.
Capital markets Global capital markets
The performance of global capital markets reflected the divergent economic growth across regions. Developed market equities, as represented by the MSCI World Index (which includes stocks from 23 developed markets), posted a robust 19% gain in 2024. This performance was largely driven by a strong rally in the US equities (S&P 500: +23%), amid economic strength and optimism about artificial intelligence (AI). In contrast, European and UK markets recorded modest mid-single-digit gains. Emerging markets, represented by the MSCI EM Index (which tracks stocks from 24 emerging economies), underperformed with a return of 8% in 2024 as the strengthening US dollar, trade policy uncertainties, and growth concerns in China dampened investor sentiment. Global debt markets experienced significant volatility and closed the year in the red, reflecting the impact of shifting policy expectations.
Indian capital markets
During FY 2024-25, the Indian capital market showed solid performance, contributing to capital formation and supporting wealth creation. Key indicators suggest a stable economy with growth across various sectors, including initial public offerings (IPOs) foreign investment, and capital expenditure. Indian markets outperformed the broader emerging market index but experienced a roller coaster ride in FY 2024-25. After reaching record highs in late September, the Nifty 50 Index closed the year with a return of approximately 9%. Some signs of economic taper and heavy FPI (Foreign Portfolio Investors) selling triggered a sell-off in Indian equities over the last few months of the year.
Indias capital market is now the fourth-largest in the world, with a market capitalization of US$ 5.23 Trillion (449.06 Lakh Crore).1 The Nifty 50s five-year CAGR stands at 22.3%, with the BSE Sensexs CAGR at approximately 22%.
Market participation includes FPIs, Domestic Institutional Investors (DIIs), and retail investors.
With increasing prosperity, awareness and increased financialization of savings, more and more retail investors have started investing in stock markets. Although FPIs were selling off equities, the retail flows remained strong for yet another year. For FY 2024-25, retail investors poured 1.25 Lakh Crore into Indian equity markets. The participation of retail investors in India is gradually increasing. Historically, Indian market returns were driven by FPI participation. However, the market reliance on FPIs is slowly decreasing. This fiscal, the FPI ownership in the Indian market declined to a decadal low of 18.8%. However, markets continued to perform well as domestic inflows through domestic institutional investors (DIIs) in the form of systematic investment plans of mutual funds and retail flows remained strong. Assets under management (AUM) in the mutual fund industry increased to 66 Lakh Crore. DII ownership of listed Indian companies in India stood at 19.2%, while retail holding stood at 12.4%.
Money raised through public issues
Despite the market volatility, fundraising through public issues stood at a record high for FY 2024-25. Overall public equity fund raising stood at 3.71 Lakh Crore against 1.9 Lakh Crore for FY 2023-24. Adding the rights issues of 16,167 Crore, including InvITs/REITs, the overall equity fundraising touched approximately 3.8 Lakh Crore in FY 2024-25. The Indian IPO market saw substantial growth with 78 issues raising 1.62 Lakh Crore in FY 2024-25 as compared to 76 issues raising 61,922 Crore in FY 2023 -24.
Key policy changes during the year
Direct payout of securities: Earlier, securities were first credited to the broker before they were transferred to the investor. As per the SEBI circular, SEBI/HO/MIRSD/MIRSD-PoD1/P/ CIR/2024/75, dated June 05, 2024, securities are now directly credited to an investors account instead of being transferred to the clearing member and then to the investor.
Choice of nomination pop-up: As per the SEBI circular, SEBI/ HO/MIRSD/POD-1/P/CIR/2024/81, dated June 10, 2024, from October 1, 2024, depositories and depository participants (DPs) are mandated to send a pop-up to encourage existing investors to provide a choice of nomination while logging into their demat accounts.
Faster trading of bonus shares: As per the SEBI Circular, CIR/ CFD/PoD/2024/122, dated September 16, 2024, all the bonus issues announced on or after October 1, 2024, must be credited to investor accounts a day after the record date and should be available for trading on the second working day after the record date.
Change in eligibility and charges structure for BSDA :
As per the SEBI Circular, SEBI/HO/MIRSD/MIRSD-PoD1/P/ CIR/2024/91, dated June 28, 2024, the eligibility criteria for individuals opting for BSDA have changed. The value of securities held in a demat account has been revised from 2 lakhs to 10 lakhs. Nil charges will apply if the value of holdings (debt and non-debt securities) is up to 4 lakhs. A fee of 100 will be charged for holdings exceeding 4 lakhs but up to 10 lakhs. Regular AMC may be levied if the value of holdings exceeds 10 lakhs.
The circular directed that DPs shall open only BSDA for Beneficial Owners (BOs), if such demat accounts are eligible for BSDA unless such BO specifically provide their consent by way of email from their email-id registered with the DP to avail the facility of a regular demat account.
Opening of Demat Account in the name of Association of Persons : As per SEBI circular SEBI/HO/MRD/PoD1/ CIR/P/2025/24, dated February 25, 2025, apart from opening a demat account by an AoP in the name of natural persons, an AoP may also open a demat account in its own name for holding units of mutual funds, corporate bonds, and government securities in dematerialized form, subject to the fulfillment of the conditions prescribed in the said circular.
Revise and Revamp Nomination Facilities: As per the SEBI circular SEBI/HO/OIAE/OIAE_IAD-3/P/ON/202, dated January 10, 2025, and its subsequent amendments under SEBI/ HO/OIAE/OIAE_IAD-3/P/ON/2025/002, dated February 28, 2025, the circular outlines various aspects of nomination while reinforcing existing norms to ensure uniformity across the securities market. It reiterates rules concerning survivorship, personal identifiers of nominee(s), transmission to nominee(s), and the transfer of assets to legal heir(s) or representatives from nominee(s)
Depository Industry in India: Overview and Outlook
With increased awareness about investing in stock markets, the demat accounts in India continue their healthy growth. In FY 2024-25, 4.1 Crore demat accounts were opened. With this highest-ever annual increase in demat accounts, the total number of demat accounts in India stood at 19.24 Crore on March 31, 2025, as against 15.14 Crore on March 31, 2024, marking a robust year-over-year increase of approximately 27.1%. Of these, 3.73 Crore demat accounts have been opened by CDSL alone.
On an average, nearly 3.4 Lakh new accounts were added each month throughout the fiscal year, representing the highest annual growth in demat account openings in the history of Indian capital markets. This surge reflects the growing trust, inclusion and innovation along with the security of digital platforms for access and operation of Indian capital markets. It also signifies a broader trend towards financial inclusion and the democratization of access to capital markets, aligning with our strategic focus on enhancing investor engagement and market penetration.
Total demat accounts in India (in Crore)
FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
4.09 | 5.51 | 8.96 | 11.45 | 15.14 | 19.24 |
Source: cdsl, nsdl
CDSL Market Positioning and Growth Initiatives
We have established a well-defined strategic roadmap (read more on page 34) to drive growth to stay ahead of the curve and create sustainable value for our stakeholders, while contributing to the development of the Indian securities market and creating investor confidence. At CDSL, we invest in state-of-the-art systems and tools to empower our clients to transact securely and seamlessly while enhancing our operational efficiency. We also explore emerging technologies to stay ahead of the curve.
Technology forms the backbone of the market infrastructure ecosystem. It plays a crucial role in maintaining market
operations. At CDSL, investments are made in advanced systems and tools to enable clients to transact securely and efficiently while enhancing operational effectiveness. Emerging technologies are also explored to ensure staying abreast of industry developments.
During FY 2024-25, CDSL implemented a host of technology initiatives. To list a few:
i) Unified Investor App - The App offers investors the following benefits:
A unified overview of clients securities across both CDSL and NSDL, thereby removing the necessity to access multiple platforms.
Transaction and holding statements are consolidated, facilitating portfolio management and improving convenience.
Monitoring open positions and margin details across multiple exchanges and clearing corporations facilitates efficient investment tracking and effective risk management.
ii) Several enhancements to the online portal for the registration of unlisted companies, viz.:
Online application tracking
Provision for uploading digitally signed documents
Facility for online payment
iii) Automated monitoring of shareholding pattern for listed companies
iv) I ntegration of common account statement (CAS) with digi-locker
v) Harmonization of file formats used by DPs
vi) Supporting T+0 settlement cycle for retail and institutional investors
vi) System Driven Disclosure (SDD) for listed entities
CDSL has deployed targeted investor awareness campaigns to reach emerging investor segments focusing on educating, enabling and empowering investors to be Atmanirbhar (self-reliant). By giving the utmost priority to investor interests, we seek to build long-term relationships with our DPs and other market participants including investors and become their preferred choice in the industry.
Focused on our growth objectives, we have been expanding our service portfolio. We have improved our market share in demat accounts to 79% in FY 2024-25 from 76% in FY 2023-24.
CDSL Total Demat Accounts and Market Share | |||||
FY21 | FY22 | FY23 | FY24 | FY25 | |
Demat accounts | 3.34 | 6.30 | 8.30 | 11.56 | 15.29 |
Market share | 61% | 70% | 72% | 76% | 79% |
More Insights into our Business
The depository industry in India is a duopoly, with CDSL being the leading player. It is currently the largest depository in India in terms of the number of demat accounts opened. In FY 2024-25, CDSL became the first depository in India to open more than 15 Crore active demat accounts. As on March 31, 2025, CDSL held assets worth 71 Lakh Crore, with over 35,922 issuers associated with it. The depository has in place a robust and resilient infrastructure system and cybersecurity practices. The Indian securities market has been expanding impressively over the years with a remarkable growth in the number of investors. Indias sustainable growth trajectory, favourable demographics with a rising investor base are expected to enhance market volumes, including foreign investments inflow, in the capital markets.
About CDSL
CDSL commenced business in 1999 with the goal of providing convenient, dependable, and secure depository services to investors and market participants, at an affordable cost. As a Market Infrastructure Institution (MII), it forms a crucial part of the capital market ecosystem, serving a diverse range of market participants, from exchanges, clearing corporations and DPs, to issuers and investors.
CDSL is regulated by the Securities and Exchange Board of India (SEBI). It is listed on the National Stock Exchange of India Limited (NSE) from June 2017, making it the first and the only listed depository in the Asia-Pacific region and the second depository in the world to be listed.
CDSL enables investors to securely hold diverse asset classes in dematerialized form, ensuring seamless access to the Indian capital markets. This includes investments in various securities such as equities, debentures, bonds, Exchange Traded Funds (ETFs), units of mutual funds, units of Alternative Investment Funds (AIFs), Certificates of Deposit (CDs), Commercial Papers (CPs), Government Securities (G-Secs), etc. Through its state-of- the-art technology platform and robust security protocols, CDSL plays a vital role in establishing a reliable depository system and building investor confidence. Its comprehensive depository system provides seamless and secure ecosystem for all the market participants, thereby enhancing trust in the Indian securities market.
Operational Performance Revenue Streams Operational Overview
The Company offers services to several sub-sectors of the Indian capital markets, including securities, mutual funds, and insurance companies. CDSL derives its operating income from fixed annual charges collected from the registered issuer companies and transaction-based fees collected from DPs. It offers dematerialization for a wide spectrum of securities, including equity shares, preference shares and bonds of public (listed and unlisted) and private companies, units of mutual funds, government securities, commercial papers, and certificates of deposits. CDSL also charges account maintenance charges from corporate account holders, and monthly maintenance charges from clearing members for the maintenance of settlement accounts. Other stable revenue streams for the Company include e-voting, email address update services for issuers and e-notice solutions for registered companies. These services allow shareholders to receive electronic notices and cast their votes remotely or at meeting venues.
Financial Performance - Standalone
Operational Revenue increased by 32% to 84,820.91 Lakh in FY 2024-25 as compared to 64,095.70 Lakh in FY 2023-24. Other Income increased by 34% to 13,636.84 Lakh in FY 202425 as against 10,193.31 Lakh in FY 2023-24. Total income for the year amounted to 98,457.75 Lakh against 74,289.01 Lakh for FY 2023-24.
CDSLs main costs are Employee Benefits and Computer Technology Related Expenses which are largely fixed in nature. Total expenditure increased by 45% to 39,104.47 Lakh in FY 2024-25 as compared to 27,009.60 Lakh in FY 2023-24. Employee benefit expenses increased by 27%, Computer Technology Related Expenses increased by 63%, Depreciation and amortisation expenses increased by 91% and Other Expense increased by 40% as compared to the previous year. EBITDA increased to 63,414.25 Lakh in FY 2024-25 as against 49,403.03 Lakh in FY 2023-24. PAT increased by 27% to 46,209.55 Lakh as compared to the previous year. The Net Worth of the Company stood at 1,39,128.46 Lakh as on March 31, 2025, as compared to 1,15,987.76 Lakh as on March 31, 2024.
Financial Performance - Consolidated
Revenue from operations includes transaction charges, account maintenance charges and settlement charges paid by DPs, annual issuer charges, corporate action charges and e-voting charges paid by companies and KYC charges paid by intermediaries.
Operational Revenue increased by 33% to 1,08,220.80 Lakh in FY 2024-25 as against 81,225.66 Lakh in FY 2023-24. As compared to the previous year Annual Issuer Charges increased by 28%, Transaction Charges increased by 20%, IPO Corporate Action Charges increased by 76% and Online Data Charges that is income from KYC increased by 30%.
Other Income increased by 23% to 11,707.43 Lakh in FY 2024-25 as against 9,504.73 Lakh in FY 2023-24 due to higher investment income as compared to previous year.
Total expenditure has increased by 45% to 50,701.98 Lakh in FY 2024-25 as compared to 35,020.92 Lakh in FY 2023-24. Employee cost has increased by 26%, Computer Technology
Related Expenses has increased by 79%, Depreciation and amortisation expenses has increased by 80% and Other Expense has increased by 37% as compared to previous year. The employee cost, computer technology related expenses which are largely fixed in nature.
EBITDA increased to 74,134.71 Lakh in FY 2024-25 as against 58,443.85 Lakh in FY 2023-24. Profit after tax increased by 25% to 52,632.64 lakh, over the previous year.
The Net Worth of the Company stood at 1,76,034.47 lakh as on March 31, 2025 as compared to 1,46,334.34 lakh as on March 31, 2024. The Net cash generated from operations stood at 54,268.47 lakh during FY 2024-25.
Change in key financial ratios
Particular | Consolidated | Standalone | |||||
Sr. No. Ratios | Formula | FY 2023-24 | FY 2024-251 | %Change FY 2023-24 | FY 2024-25 | %Change | |
i] Debtors Turnover ratio (times] | Turnover / Average Debtors | 15.55 | 18.09 | 16 | 23.67 | 27.36 | 16 |
ii] Current Ratio (times] | Current Assets/ Current Liabilities | 3.33 | 3.48 | 5 | 3.09 | 3.29 | 6 |
iii] Operating Profit Margin (%] | Operating Profit/ Turnover | 56.88 | 53.15 | (7] | 57.86 | 53.90 | (7] |
iv] Net Profit Margin (%] | Net Profit / Turnover | 51.65 | 48.63 | (6] | 56.68 | 54.48 | (4] |
v] Sector specified equivalent ratios, as applicable | - | - | - | - | - | - | - |
Note:
1] Considering theoperations of the company and no borrowings the Inventory Turnover ratio, Interest Coverage Ratio and Debt Equity Ratio is notapplicable.
2] The increase in Standalone Debtors Turnover ratio is due to increase in turnover and efficiency in collecting dues from debtors.
Change in Return on Net Worth (RONW) as compared to the immediately previous financial year
Ratio | Consolidated | Standalone | |||
FY 2024-25 | FY 2024-25 | ||||
RONW | PAT/Net worth | 28.67 | 29.90 | 31.32 | 33.21 |
Internal Financial Control System
The Company has aligned its current systems of internal financial control with the requirement of Companies Act, 2013, based on criteria established in Internal Control - Integrated Framework (2013] issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO]. The Internal Control - Integrated Framework (the 2013 framework] is intended to increase transparency and accountability in an organizations process of designing and implementing a system of internal control. The framework requires a company to identify and analyse risks and manage appropriate responses. Internal financial control systems include the design, implementation and maintenance of adequate internal financial controls that are operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to
companys policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companys Act.
In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well conceived and operated, can only provide reasonable assurance that the objectives of the disclosure controls and procedures are met. Based on their evaluation as of the end of the period covered by this Integrated Annual Report, the Management have concluded that the disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed in filings and submissions, is recorded, processed, summarized, and reported within the time periods specified.
S. R. Batliboi & Co. LLP, the statutory auditors, has audited the financial statements, and as part of their audit, has issued their report on the companys internal financial controls (as defined in Section 143 of Companies Act, 2013), on the effectiveness of the internal financial controls over consolidated financial statement as on March 31, 2025. The Company has appointed Mukund M. Chitale & Co., Chartered Accountants, to carry out internal audit. The audit is based on an internal and concurrent audit plan, which is reviewed each year in consultation with the statutory auditors and approved by the Audit Committee. The MD & CEO and CFO certification provided in the Integrated Annual Report discusses the adequacy of internal control systems and procedures.
Compliance and Risk Management
CDSL ensures compliance with all the applicable laws and regulations as mandated by SEBI, the Government of India, the RBI and other regulatory authorities. We utilize state-of-the-art compliance management software to streamline compliance processes, enabling effective monitoring and ensuring strict adherence to regulatory requirements.
CDSL has implemented robust risk management practices to safeguard the interests of market participants. The Risk Management at CDSL is governed by the Companys Enterprise Risk Management (ERM) framework that includes risk assessment, treatment, reporting & monitoring and remediation & oversight.
Risk Management Committee is a Board level Committee headed by Public Interest Director and is constituted to assist the Governing Board in its responsibility for ensuring that appropriate risk management and internal control systems are in place and are subject to regular review to ensure ongoing effectiveness.CDSL fosters a robust risk-aware culture through continuous risk assessments, monitoring of key risks, integration of advanced tools for risk management and conducting awareness sessions for stakeholders.
The Company periodically updates its Risk Policies and holds training sessions to ensure that risk awareness and management practices remain at the forefront of the Companys culture and priorities.
CDSL also has in place a special contingency insurance policy to cover risks associated with depository operations, which covers the Company and registered Depository Participants (DPs) against losses.
Furthermore, in recent years, rapid adoption of digital technologies, has increased reliance on digital infrastructure, amplifying exposure to cyber threats. In response, CDSL remains
persistent in its commitment towards integrating advanced technologies across its operations, supported by robust cybersecurity measures.
Recognizing that disruptions, from cyberattacks, data breaches, or human error can severely impact business continuity, CDSL proactively conducts rigorous security penetration testing. The organization dedicates significant resources to strengthening its cybersecurity framework and data protection standards.
Cyber resilience is further reinforced through regular audits and assessments by regulatory authorities and independent agencies. These evaluations cover technical infrastructure, secure operations, incident monitoring, disaster recovery, and specialized cybersecurity related areas.
The Companys Information Security and Business Continuity Management Systems are certified under ISO 27001 and ISO 22301 respectively, reflecting its adherence to global standards. CDSL also collaborates with industry peers and government bodies to share cybersecurity intelligence and stay ahead of emerging threats.
To foster a culture of cybersecurity, CDSL conducts regular training and awareness programmes for its stakeholders. Additionally, all registered DPs are mandated to perform Cyber and System Audits, along with Vulnerability Assessment and Penetration Testing (VAPT), with timely submission of reports to ensure ecosystem-wide resilience.
Read more about our risk management on page 38
Human Resources
As part of recruitment of Key Resources, following Key management Personnel have been appointed during FY 2024-25.
1. Shri Sachin Nayak, Vice President - Operations
2. Shri Nilesh Lodaya, Chief of Business Development & New Projects (Executive Vice President)
3. Shri Joy Banerjee, Head - Human Resource & Administration (Senior Vice President)
4. Shri Rajat Srivastav, General Counsel (Senior Vice President - Legal)
There were 403 employees on the payroll of the Company as on March 31, 2025.
Read more about our human resources and our inclusive policies on page 50.
Initiatives Beyond Business
As a responsible corporate citizen, we also strive to contribute to the society through various social initiatives and activities.
Investor Protection
CDSL utilizes the Investor Protection Fund to educate millions about responsible investing and to promote informed financial decision making. It conducts Investor Awareness Programmes (IAPs) nationwide, often in collaboration with SEBI and other institutions, to enhance financial literacy and empower investors.
To broaden investor awareness and engage a younger demographic, CDSL IPF also leveraged social media platforms to deliver impactful financial education content and foster meaningful digital engagement.
Read more about these programmes on page 57.
CSR Highlights
CDSL has touched every state and union territory of India through its CSR initiatives in the areas of Healthcare, Environment, Education, Rural Development & Livelihood and Others. In the Financial Year 2024-25, CDSL has partnered with 16 prominent CSR partners aiming to create positive and lasting change, helping 81,000+ beneficiaries. These initiatives are our earnest way of giving back to society and making a meaningful impact as a corporate citizen. Read more on our CSR programmes on page 58.
The Way Forward
At CDSL, our strategic framework guides us through a dynamic capital markets landscape and enables significant progress towards our long-term objectives. As a market infrastructure institution (MII), our core strategy will remain focused on technology infrastructure advancement, market expansion, investor education, service diversification and resiliency of the security markets towards building an Atmanirbhar Investor in Viksit Bharat.
For and on behalf of the Board of Directors Central Depository Services (India) Limited | |
Place: Darjeeling | Balkrishna V. Chaubal Chairperson (DIN: 06497832) |
Date: June 21, 2025 |
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.