Overview DPM (Depository Participant Module) BO Account Opening DDPI on NSDL SPEED-e / IDeAS NSDL CAS (Consolidated Account Statement) Non-Individual Entities Nomination Key Differences from CDSL (Comparison Table) Modernization Status Transaction Types Charges Recent Circulars (2024-2026) When to Use NSDL vs CDSL Edge Cases
Aspect Details Full Name National Securities Depository Limited Established November 8, 1996 Significance India’s first depository; pioneered electronic securities holding in India Promoters IDBI Bank, UTI, NSE (National Stock Exchange) Regulator SEBI (Securities and Exchange Board of India) Governing Law Depositories Act, 1996; SEBI (Depositories and Participants) Regulations, 2018 Website https://nsdl.co.in Listed NSE/BSE (ticker: NSDL) IPO Status Awaiting SEBI approval (as of Feb 2026)
Metric NSDL CDSL Demat Accounts ~4.23 crore (42.3M) ~16.77 crore (167.7M) Account Market Share ~20.5% ~79.5% Custody Value Rs. 464 lakh crore Rs. 70.5 lakh crore Custody Value Share ~86.8% ~13.2% Revenue per Account Rs. 91.69 Rs. 33.21 Primary Client Base Institutional, HNI, legacy retail Retail, new-age brokers Account Growth (2025) +11.4% YoY +17.9% YoY DPs Registered ~280 ~590+
Key Insight : NSDL has far fewer accounts but holds nearly 7x the custody value of CDSL, reflecting its dominance in institutional and high-value segments. CDSL dominates retail through partnerships with discount brokers (Zerodha, Groww, Angel One, etc.).
NSDL is our Phase 2 depository integration for the following reasons:
CDSL dominates retail : ~80% of new demat accounts open with CDSL. Our target market (retail onboarding) aligns with CDSL.CDSL has better API maturity : REST APIs, 1-2 hour account opening, online DDPI (24h activation).NSDL is slower : Legacy DPM system, historically ~15 working day account opening, offline DDPI at most DPs.But NSDL is required for : Clients with existing NSDL accounts, certain institutional clients, NRI clients with specific custodian preferences, and inter-depository transfers.
The DPM is NSDL’s core system for DP operations. Unlike CDSL’s centralized CDAS where DPs connect to a single server, NSDL’s architecture has a local component at the DP level that syncs with NSDL’s central CDS (Core Depository System).
┌─────────────────────────┐
│ Core Depository System │
└────────────┬────────────┘
┌───────────────────┼───────────────────┐
┌───────▼──────┐ ┌───────▼──────┐ ┌───────▼──────┐
│ eDPM System │ │ DPM Plus │ │ Insta │
│ (Central) │ │ (Cloud) │ │ Interface │
└───────┬──────┘ └───────┬──────┘ └───────┬──────┘
┌───────▼──────┐ ┌───────▼──────┐ │
│ Local DPM │ │ Cloud DPM │ │
│ (DP Office) │ │ (NSDL Host) │ │
└───────┬──────┘ └──────────────┘ │
┌───────▼──────────────────────────────────────▼──┐
│ DP Back-Office System │
│ (ODIN / Custom / Third-Party) │
└─────────────────────────────────────────────────┘
Component Purpose CDS NSDL’s Core Depository System - central ledger for all accounts and securities eDPM Central electronic DPM - allows DPs to submit instructions online to CDS Local DPM Installed at DP premises - account creation, modification, report downloads Cloud DPM NSDL-hosted version of Local DPM - eliminates on-premise infrastructure DPM Plus Enhanced limited-purpose back-office: single sign-on, billing, KRA integration, CML/SOH printing Insta Interface Instant account opening system - API/technical integration for real-time BO creation
GISMO is the NSDL-provided software that runs as the Local DPM at DP premises.
Aspect Details Full Form General Interface for System Management and Operations Purpose Local DPM client software for account management, report download, instruction processing Licensing Annual: Rs. 40,000/year OR One-time: Rs. 2,50,000 Server Requirements Windows Server 2008+ / SQL Server 2008+ / .NET Framework 3.5+ Deployment On-premise at DP office (requires dedicated hardware) Connectivity Syncs with NSDL CDS via leased line / MPLS / internet Alternative Cloud DPM (NSDL-hosted, eliminates on-premise infrastructure) Maintenance DP responsible for hardware, OS patches, SQL backups
NOTE : The server requirements above are the historically documented minimums. NSDL may have updated these for newer versions. Verify with NSDL before procurement. Cloud DPM is the recommended path for new DPs to avoid on-premise infrastructure overhead.
Aspect Local DPM (GISMO) Cloud DPM Hosting On-premise at DP office NSDL data center Infrastructure DP procures and maintains NSDL manages Cost License + hardware + maintenance Subscription-based Setup Time Weeks (hardware procurement + installation) Days (NSDL provisioning) Backup/DR DP responsibility NSDL responsibility API Integration Client Maintenance API hosted locally Client Maintenance API hosted on cloud Recommended For Large DPs with existing infrastructure New DPs, smaller operations
DPs have the option to build their own back-office system that integrates with NSDL via the Client Maintenance API rather than using GISMO. This is the path taken by large brokers (e.g., Zerodha, ICICI Securities) who use ODIN, TCS BaNCS, or custom systems.
Requirements for custom DPM integration:
Must support Client Maintenance API (NSDL Policy 2024-0012)
Must handle UDiFF file format generation and parsing
Must connect to NSDL CDS via eDPM or Insta Interface
Must maintain audit trail per SEBI requirements
Must pass NSDL technical audit before go-live
NSDL BO ID: "IN" + 6-digit DP ID + 8-digit Client ID = 16 characters total
┌────┬──────────────┬────────────────┐
│ IN │ DP ID (6) │ Client ID (8) │
│ IN │ 300394 │ 12345678 │
└────┴──────────────┴────────────────┘
Full BO ID: IN30039412345678
Component Details Total Length 16 characters (alphanumeric - always starts with “IN”) Prefix ”IN” - constant for all NSDL accounts DP ID 6 digits - unique identifier for the Depository Participant Client ID 8 digits - unique identifier for the BO within that DP DP ID Assignment Assigned by NSDL when DP is registered Client ID Assignment Generated by CDS during account activation; returned in “Out file” Permanence BO ID is fixed once created; cannot be changed
Critical difference from CDSL : CDSL BO IDs are 16-digit purely numeric (e.g., 1234567800012345). NSDL BO IDs always start with “IN” and are alphanumeric. Your system must handle both formats and identify depository from the prefix.
DP ID Depository Participant IN300394 HDFC Bank IN300183 ICICI Bank IN300484 Kotak Mahindra Bank IN300513 Axis Bank IN300214 State Bank of India
Note : Full DP list is published on NSDL website. Format shown with “IN” prefix for clarity.
Step 1: DP submits account data via Insta Interface API (UDiFF format)
Step 2: Data received at NSDL Insta Interface, transmitted to CDS
Step 3: CDS validates data, creates account, generates BO ID ("IN" + DP ID + Client ID)
↓ Status: ACCOUNT_CREATED
Step 4: "Out file" sent back to Local DPM / Cloud DPM with Client_IDs
Step 5: DP back-office (ODIN/custom) creates client master record
Step 6: PAN flag enablement in DPM after verification
↓ Status: ACTIVE (trading enabled)
Method Details Timeline Insta Interface API Real-time submission to CDS; fastest path Hours to 1-2 days (if all validations pass) DPM File Upload Batch file uploaded to Local/Cloud DPM, synced to CDS 2-5 working days DPM Plus Manual One-by-one entry via DPM Plus web interface 3-7 working days Legacy Full Cycle End-to-end including physical document verification Up to 15 working days
NOTE : The “~15 working days” timeline cited in older documentation reflects the legacy process including physical verification. With Insta Interface and digital KYC, timelines are significantly faster but still lag CDSL’s 1-2 hour API-based opening.
This is NSDL’s modernized API for BO account operations, introduced in 2024.
Aspect Details Circular NSDL/POLICY/2024/0012 Purpose API integration between DP back-office and Local DPM/Cloud DPM for account opening and modification Hosting API hosted on Local DPM or Cloud DPM (not directly on CDS) Initiation From DP back-office system to DPM Account Types Currently supports single-holding individual accounts via Insta Interface Operations Account opening + demographic detail modification Format UDiFF (ISO-tagged) for data exchange
Key Limitation : As of the 2024 circular, the Insta Interface API supports only single-holding demat accounts. Joint accounts and non-individual entities still require the traditional DPM file upload route.
UDiFF is the SEBI-mandated standardized file format that replaced the older proprietary formats used by both NSDL and CDSL. It is the primary format for all NSDL data exchange.
Aspect Details Full Form Unified Distilled File Formats Mandated By SEBI MDAC (Market Data Advisory Committee) Effective Date EOD March 30, 2024 Old Format Discontinued May 15, 2024 Standard ISO-tagged fields with standardized data types and lengths Coverage 23 standardized formats (reduced from 200+ disparate formats) Applies To NSDL, CDSL, NSE, BSE, MCX, and all clearing corporations
Unlike CDSL’s fixed-length positional format (Lines 01-07), UDiFF uses ISO-tagged fields.
CDSL Format (Fixed-Length Positional) :
01123456780001234501ABCDEFGH... (Line 01: Record type + DP ID + Client ID + data...)
02123456780001234560011 MG Road... (Line 02: Contact details...)
UDiFF Format (ISO-Tagged) :
<ClntId>12345678</ClntId>
<AcctNb>9876543210</AcctNb>
Key characteristics of UDiFF:
Tagged fields : Each data element wrapped in ISO-standard tagsFlexible ordering : Fields can appear in any order within a recordSelf-describing : Tags identify the data, unlike positional formats where position determines meaningExtensible : New fields can be added without breaking existing parsersStandardized data types : Dates, amounts, codes follow ISO standardsCross-MII : Same format used across NSDL, CDSL, exchanges, clearing corporations
Aspect CDSL Fixed-Length NSDL UDiFF Parsing Position-based substring extraction XML/tag-based parsing Field Order Strict positional - must match spec exactly Flexible - any order within record Padding Numeric: right-justified zero-padded; Alpha: left-justified space-padded No padding needed - tag delimited Empty Fields Must fill with spaces to maintain positions Omit tag or use empty tag Extensibility Adding fields requires shifting all subsequent positions Add new tag anywhere Validation Count characters, check positions Parse tags, validate values Error Debugging Difficult - must count character positions Easy - human-readable tags File Size Compact (no tag overhead) Larger (tag overhead) Implementation Effort Medium (strict positional mapping) Lower (standard XML parsing)
This is one of the most significant operational differences between NSDL and CDSL, and a key reason why new-age brokers prefer CDSL.
Aspect CDSL NSDL DDPI Submission Online (Aadhaar eSign) Primarily offline (physical/scanned form) Activation Time ~24 working hours 2-3 business days Process Digital end-to-end Physical form couriered to DP / scanned upload Client Experience Seamless - sign digitally during onboarding Friction - requires separate physical step
Impact on Our System : For clients with NSDL demat accounts, the DDPI flow cannot be completed inline during digital onboarding. The system must handle an asynchronous DDPI activation that completes days after account opening. Clients trade using SPEED-e (IPIN-based) authorization until DDPI is activated.
Step 1: BO requests DDPI via broker portal/app
Step 2: DP generates DDPI form with pre-filled BO details
Step 3: BO signs the form:
Option A: Aadhaar eSign (available at some DPs, not universal)
Option B: Physical signature on printed form
Option C: Wet-signed scanned copy uploaded
Step 4: DP submits signed DDPI to NSDL via DPM
Step 5: NSDL processes offline (manual verification at CDS)
↓ Processing: 2-3 business days
Step 6: DDPI flag activated on BO account in DPM
Status: DDPI Active - no per-trade authorization needed
Until DDPI is activated, every sell trade requires explicit authorization via SPEED-e:
1. DP/Broker portal initiates sell instruction
2. Client redirected to NSDL SPEED-e portal
3. Client enters IPIN (Internet Personal Identification Number)
4. OTP sent to registered mobile + email
6. Delivery instruction authorized
7. Shares debited from demat account
├─ If CDSL account: Offer DDPI inline (eSign), activates in 24h
├─ Inform client: "DDPI activation takes 2-3 business days"
├─ Generate pre-filled DDPI form (PDF)
├─ Option A: eSign (if DP supports it)
├─ Option B: Client prints, signs, uploads scanned copy
├─ Submit to NSDL via DPM
├─ Set status: DDPI_PENDING
└─ Poll DPM for activation confirmation
└─ On activation: Update status to DDPI_ACTIVE
└─ All sell trades routed through SPEED-e (IPIN + OTP)
SPEED-e is NSDL’s electronic delivery instruction system, analogous to CDSL’s eDIS. It allows demat account holders to submit delivery instructions online.
Aspect Details Purpose Online submission of delivery instructions (eliminates physical DIS) Portal https://eservices.nsdl.com Authorization IPIN (Internet Personal Identification Number) + OTP IPIN Password-based; set by BO during SPEED-e registration OTP Sent to registered mobile + email Registration Online via eservices.nsdl.com; authorized by DP Availability Weekdays + working Saturdays; special Sunday availability announced via circulars Mobile App NSDL Speede App (Android/iOS) Cost Free for BOs
Step 1: BO visits eservices.nsdl.com and initiates SPEED-e registration
Step 2: Enters BO ID + DP ID + PAN + personal details
Step 3: OTP sent to registered mobile + email for validation
Step 4: Registration request forwarded to DP for authorization
Step 5: DP authorizes electronically; BO notified via email
Step 6: BO sets IPIN (password) for future logins
Step 7: Clearing Member(s) authorize pre-notified account addition
Status: SPEED-e Active - BO can submit instructions online
Aspect CDSL eDIS NSDL SPEED-e Authorization Method TPIN (6-digit, CDSL-generated) + OTP IPIN (password, BO-set) + OTP TPIN/IPIN Source CDSL generates, sends to BO via SMS BO creates own IPIN during registration DP Involvement DP cannot see TPIN DP authorizes SPEED-e registration Lock Policy 3 wrong TPIN entries = invalidated Password reset available online Bulk Authorization Supported (bulk flag in TransDtls) Supported API Integration eDIS VerifyDIS API (POST to edis.cdslindia.com) SPEED-e facility via NSDL eservices Pre-trade Auth Yes (SEBI-mandated before T+1 settlement) Yes Revocation eDIS Revocation API Via SPEED-e portal
IDeAS is NSDL’s online portal for demat account holders to view their holdings and transaction history, analogous to CDSL’s easi.
Aspect Details Purpose View demat holdings, transaction history, CAS Portal https://eservices.nsdl.com (shared with SPEED-e)Access Type Read-only (view holdings + statements) Authentication Same credentials as SPEED-e (IPIN/password) Features Holdings view, transaction history, CAS download, ISIN details Cost Free Mobile Available via NSDL Speede App
Aspect CDSL easi CDSL EASIEST NSDL IDeAS NSDL SPEED-e View Holdings Yes Yes Yes Yes Transaction History Yes Yes Yes Yes Off-Market Transfer No Yes No Yes Inter-Depository No Yes No Yes Delivery Instructions No Yes No Yes Read/Write Read-only Read + Write Read-only Read + Write Portal web.cdslindia.com web.cdslindia.com eservices.nsdl.com eservices.nsdl.com
CDSL and NSDL, in collaboration with SEBI, launched the Unified Investor App (UIP) in February 2025:
Aspect Details Purpose Consolidated view of holdings across both CDSL and NSDL Integrates myEasi (CDSL) + SPEED-e/IDeAS (NSDL) Benefit Single dashboard for all demat securities regardless of depository Impact Eliminates need for multiple platform logins for investors with accounts at both depositories
Aspect Details Full Form Consolidated Account Statement Provider NSDL (for NSDL accounts) - combined with CDSL data for cross-depository view Frequency Monthly (if transactions during the month); Half-yearly (if no transactions) Content Holdings + transactions across all demat accounts at the depository Includes Equity, MF (demat form), bonds, government securities held in demat Format PDF emailed to registered email; also downloadable via IDeAS Delivery Automatic email to registered email ID Combined CAS Since SEBI mandate, CAS includes holdings from both NSDL and CDSL
Section Details Account Summary BO ID, name, PAN, DP name, account status Equity Holdings ISIN, company name, quantity, face value Mutual Fund Holdings Scheme name, folio, units, NAV (if held in demat) Transaction Summary Debits, credits, pledges during the period Valuation Market value of holdings (based on last available price)
For our system, CAS is an NSDL-generated report delivered directly to the BO. Our system does not need to generate CAS but should:
Ensure the BO’s email is correctly registered (CAS delivery depends on it)
Be aware that CAS data may differ from real-time holdings (CAS is periodic)
Use DPM reports (equivalent of CDSL’s DPM3/DP57) for real-time reconciliation
The entity types are the same as CDSL (SEBI mandates uniform categories), but NSDL uses its own form formats and processing flows through DPM rather than CDAS.
Entity Type NSDL Processing Key Difference from CDSL Individual (Resident) Insta Interface (single holding) or DPM file CDSL: API for single + joint Joint Holding DPM file upload only (Insta Interface does NOT support joint as of 2024) CDSL: API supports joint HUF DPM file upload Same entity requirements, different file format Body Corporate DPM file upload; Board resolution + CIN required Same requirements, UDiFF format Trust DPM file upload; Trust deed + trustee list Same requirements Partnership / LLP DPM file upload; Partnership deed + LLP agreement Same requirements FPI Through Designated DP (DDP); NSDL has strong institutional presence NSDL preferred by many FPIs historically
NRI demat account types are identical across both depositories (SEBI-mandated):
Account Type NSDL Sub-Status Repatriation Bank Account NRE (Non-Resident External)NRI Repatriable Fully repatriable NRE savings/current NRO (Non-Resident Ordinary)NRI Non-Repatriable Capped at USD 1M/year NRO savings/current SNRE (Special NRE)Specific sub-status Fully repatriable SNRE account SNRO (Special NRO)Specific sub-status Capped SNRO account
NRI processing notes for NSDL:
PIS (Portfolio Investment Scheme) approval required from AD bank, same as CDSL
FEMA compliance identical
NSDL historically preferred by some NRI custodian banks (HDFC Bank, ICICI Bank)
Processing time for NRI accounts may be longer on NSDL due to offline DDPI
Requirement NSDL CDSL CIN 21-character Corporate Identification Number Same Board Resolution Required, uploaded via DPM Required, uploaded via CDAS Authorized Signatories DSC mapping in DPM DSC mapping in CDAS Document Format UDiFF tagged format Fixed-length positional Processing Via DPM file upload Via BO Setup API or file upload
The nomination rules are identical for NSDL and CDSL, as they are SEBI-mandated:
Aspect Details Maximum Nominees 10 (increased from 3; effective Mar 1, 2025) Mandatory Nomination or opt-out required for all accounts Non-Compliance Demat account frozen for debits Eligible Nominees Individuals / natural persons only Opt-Out Requires video verification (VIPV) Distribution If percentages not specified, equal distribution Transmission Simplified (no affidavit/indemnity needed since Jan 2025)
Aspect NSDL CDSL Nomination Submission Via DPM file (UDiFF format) Via BO Setup file (Line 07) or API Opt-Out Video Uploaded to DPM, linked to BO record Uploaded to CDAS, linked to BO record Online Nomination Available via DPM Plus and IDeAS Available via easi/EASIEST Modification DPM file upload or DPM Plus BO Modify API or CDAS Insta Demat KYC Nomination eservices.nsdl.com/instademat-kyc-nomination/ Via easi portal
Field Required Description Nominee Name Y Full name Relationship Y Relationship to account holder Percentage Share Y Must total 100% across all nominees Address Y Full postal address Date of Birth N Nominee DOB Email Y (since 2025) Nominee email Mobile Y (since 2025) Nominee mobile Guardian Name Conditional Required if nominee is minor Guardian Relationship Conditional Guardian’s relationship to nominee
Aspect CDSL NSDL Established 1999 1996 (India’s first) Promoters BSE, SBI, HDFC Bank, Standard Chartered NSE, IDBI Bank, UTI Accounts ~16.77 crore (79.5%) ~4.23 crore (20.5%) Custody Value ~Rs. 70.5 lakh crore (13.2%) ~Rs. 464 lakh crore (86.8%) Primary Clients Retail investors, discount brokers Institutional, HNI, banks BO ID Format 16 digits (numeric): DP ID(8) + Client ID(8) “IN” + 14 chars: IN + DP ID(6) + Client ID(8) Core System CDAS (Central Depository Accounting System) DPM (Depository Participant Module) + CDS Architecture Centralized (DPs connect to CDAS server) Distributed (Local/Cloud DPM syncs with CDS) File Format Fixed-length positional (Lines 01-07) UDiFF (ISO-tagged, since Mar 2024) BO Opening API BO Setup & Modify Upload API (REST) Client Maintenance API (via DPM) + Insta Interface BO Opening Time 1-2 hours (API) Hours to days (Insta Interface) DDPI Online, Aadhaar eSign, 24 hours Offline at most DPs, 2-3 days eDIS Equivalent eDIS (TPIN + OTP) SPEED-e (IPIN + OTP) Account View easi (read) / EASIEST (read+write) / myEasi (mobile) IDeAS (read) / SPEED-e (read+write) / Speede App TPIN/IPIN TPIN: 6-digit, CDSL-generated, SMS delivery IPIN: Password, BO-created during registration Local Module N/A (centralized) GISMO (Local DPM) or Cloud DPM API Maturity Modern REST APIs, well-documented DPM-based, modernizing (Client Maintenance API 2024) DPs ~590+ ~280 Joint Account API Supported Not supported via Insta Interface (DPM file only) Transaction Charge Rs. 3.50/debit instruction Rs. 4.00/debit instruction Female Discount Rs. 0.25 discount Yuva Plan (youth) has free debits DSC Provider RA of TCS RA of TCS (same)
What CDSL (What We Built) NSDL (What Changes) BO ID Validation ^\d{16}$^IN\d{14}$ (or ^IN[A-Z0-9]{14}$)File Generation Fixed-length positional with padding UDiFF XML-tagged format API Endpoint api.cdslindia.com/APIServicesVia Local/Cloud DPM (Client Maintenance API) DDPI Flow Inline during onboarding (eSign) Async, separate step, 2-3 day wait Sell Authorization TPIN+OTP via eDIS API IPIN+OTP via SPEED-e portal Report Downloads DPM3/DP57 from CDAS Equivalent reports from DPM Account Status Polling Direct CDAS query DPM sync + “Out file” parsing
NSDL, as the older depository, built its systems in the late 1990s around a distributed architecture (DPM at each DP). CDSL, established later (1999), adopted a centralized architecture (CDAS) that proved more amenable to modern API-first approaches. This is why CDSL leads in API maturity and is preferred by new-age digital brokers.
Year Initiative Details 2022 DPM Plus Enhanced back-office: single sign-on, billing, KRA integration, online account transfer/closure 2024 Client Maintenance API NSDL/POLICY/2024/0012 - API for account opening and modification via DPM 2024 UDiFF Adoption ISO-tagged format mandatory from Mar 30, 2024 (SEBI mandate) 2024 Cloud DPM NSDL-hosted DPM eliminates on-premise infrastructure for DPs 2024 Standardized File Formats NSDL/POLICY/2024/0041 - Aligning with SEBI’s format standardization 2025 Master Circular Update Apr 2025 - Consolidated operational guidelines, streamlined procedures 2025 Online Account Closure DPM Plus enhanced for online closure including joint and NIL balance accounts 2025 UIP (Unified Investor Platform) Cross-depository consolidated view (with CDSL) 2026 Extended SPEED-e Availability Sunday availability for delivery instructions (Feb 2026 circular)
Area CDSL Status NSDL Status Gap Direct REST APIs Multiple documented REST APIs APIs routed through DPM layer NSDL adds DPM middleware Account Opening Speed 1-2 hours via API Hours to days via Insta Interface Significant for real-time onboarding DDPI Online, 24h Mostly offline, 2-3 days Major UX difference Joint Account API Supported Not supported via API Must use file upload API Documentation Public API page with specs NDA-based, less accessible Harder for developers DP Ecosystem 590+ DPs, strong discount broker presence 280 DPs, more bank-based Fewer integration partners
Area Details Institutional Depth 86.8% custody value - dominant for FPI, MF, insurance, banks Revenue per Account Rs. 91.69 vs CDSL’s Rs. 33.21 - higher value transactions Government Securities Strong in G-Sec demat (separate DPM operating manual) UDiFF Pioneer UDiFF originated from NSDL/SEBI standardization initiative Global Custodian Relations Preferred by many global custodians for FPI accounts
All transaction types are the same as CDSL (SEBI-mandated uniform operations), but protocols differ.
Transaction NSDL Protocol CDSL Protocol Notes Dematerialization DPM instruction to CDS + RTA CDAS instruction to RTA Physical certificate to electronic Rematerialization DPM instruction to CDS + RTA CDAS instruction to RTA Electronic to physical certificate Off-Market Transfer DPM instruction (between NSDL accounts) CDAS off-market module Transfer between same depository Inter-Depository Transfer OLIDT (NSDL <-> CDSL) OLIDT (CDSL <-> NSDL) Cross-depository; 6PM weekday / 2:30PM Saturday deadline On-Market Settlement Via clearing corporation + DPM Via clearing corporation + CDAS Pay-in / pay-out Pledge DPM pledge instruction CDAS pledge / eLAS / e-Margin OTP required from BO Un-pledge DPM un-pledge instruction CDAS un-pledge Release of pledged securities Freeze / Unfreeze DPM freeze instruction CDAS freeze (BO level / BO-ISIN level) Regulatory, DP, or BO-initiated Transmission DPM transmission instruction CDAS one-to-one / one-to-many On death of holder to nominee(s)
Aspect Details Module OLIDT (Online Inter-Depository Transfer) Direction NSDL -> CDSL or CDSL -> NSDL Weekday Deadline 6:00 PM for DPs to verify and release IDT instructions Saturday Deadline 2:30 PM (1st, 3rd, 5th working Saturdays) G-Sec IDT Batch mode: 3 batches on weekdays, 1 batch on working Saturdays Standing Instruction If not given, separate receipt instruction needed for each IDT Reason Code Mandatory for all IDT (same codes as off-market)
Reason codes are standardized across NSDL and CDSL per SEBI mandate. NSDL issued a circular in late 2025 regarding validation of reason codes during off-market execution.
Code Description 01 Off-Market Sale/Purchase 03 Margin Returned by Stock Broker/PCM 12 For Buy-Back 13 Open Offer for Acquisition 14 Redemption of Mutual Fund Units 16 Merger/Demerger of Corporate Entity 92 Gift 93 Donation 95 ESOP/Transfer to Employee 96 Implementation of Govt./Regulatory Direction/Orders
Full list same as CDSL (see /appendix/cdsl-extended Section 20). NSDL validates reason codes at execution time.
NSDL does not charge investors directly. It charges DPs, who set their own client-facing tariffs.
Service NSDL Charge to DP Comparable CDSL Charge Transaction (Debit) Rs. 4.00 per debit instruction Rs. 3.50 per debit instruction AMC (DP to NSDL) Rs. 500/year per DP Rs. 500/year (corporate accounts) Account Opening No separate charge from NSDL No separate charge from CDSL Custody Fee Based on value of securities held Based on value of securities held
Charge Type NSDL DPs (Typical Range) CDSL DPs (Typical Range) Account Opening Rs. 0 - Rs. 500 Rs. 0 - Rs. 500 AMC (Standard) Rs. 200 - Rs. 1,000/year Rs. 200 - Rs. 750/year AMC (BSDA) Rs. 0 - Rs. 100/year Rs. 0 - Rs. 100/year Transaction (Debit) Rs. 15 - Rs. 30 per transaction Rs. 13.50 - Rs. 25 per transaction Dematerialization Rs. 50 - Rs. 150 per request Rs. 50 - Rs. 150 per request Pledge Rs. 25 per ISIN Rs. 25 per ISIN Off-Market Transfer Rs. 25 - Rs. 50 Rs. 25 - Rs. 50 DDPI Rs. 100 + 18% GST Rs. 100 + 18% GST
Plan Details NSDL Yuva Plan Youth demat accounts with free debit transactions from NSDL (effective Oct 1, 2024) BSDA Basic Services Demat Account - reduced charges for holdings up to Rs. 10 lakh. Rs. 0 AMC for holdings up to Rs. 4 lakh; standard AMC for Rs. 4-10 lakh. Eligibility checked between NSDL and CDSL.
Circular Reference Date Subject NSDL/POLICY/2024/0012 2024 Client Maintenance API - API integration for account opening and modification NSDL/POLICY/2024/0026 2024 Standardization of File Formats (UDiFF) NSDL/POLICY/2024/0041 2024 Additional UDiFF standardization across all MIIs NSDL/POLICY/2024/0083 Jun 2024 Auditor details update on e-pass portal NSDL Master Circular Apr 30, 2025 Master Circular for Participants (DPs) - consolidated operational guidelines NSDL/POLICY/2025/0139 Jul 2025 Internal and Concurrent Audit of Depository Operations NSDL DPM Plus Enhancement Jul 2025 Online demat account closure for joint and NIL balance accounts NSDL/POLICY/2026/0001 Feb 2026 Availability of SPEED-e facility on Sunday, February 01, 2026 NSDL Account Closure Jan 2026 Processing of “To Be Closed” requests in Account Closure module of DPM (EOD Jan 2, 2026)
Circular Date Impact SEBI Master Circular for Depositories Dec 3, 2024 SEBI/HO/MRD/MRD-PoD-1/P/CIR/2024/168 - consolidated guidelines SEBI Nomination Rules Jan 10, 2025 Up to 10 nominees; simplified transmission SEBI Online Closure Jul 14, 2025 Mandatory online closure for DPs with online services SEBI BSDA Revised Criteria Jun 28, 2024 SEBI/HO/MIRSD/MIRSDPoD1/P/CIR/2024/91 SEBI DDPI Oct 6, 2022 DDPI replaces POA (uniform across both depositories)
Scenario Recommended Depository Reason New retail individual CDSL Faster onboarding (1-2h), online DDPI, better API Client has existing NSDL demat NSDL (keep existing) Avoid inter-depository transfer friction Institutional client NSDL Historically preferred, global custodian relationships FPI / Foreign investor NSDL Dominant in custody value, DDP relationships NRI with bank custodian Depends on bank Many major banks (HDFC, ICICI) have both NSDL and CDSL DP IDs Discount broker model CDSL All major discount brokers (Zerodha, Groww, etc.) are CDSL-primary HNI / Large portfolio Either NSDL has higher per-account revenue, but CDSL is equally capable Government securities NSDL Stronger G-Sec demat infrastructure IPO / primary market Either Both support IPO credit equally
Primary Path (Phase 1 - Live):
└─ CDSL: All new individual retail accounts
├─ BO Setup API (1-2 hours)
├─ Inline DDPI (eSign, 24h activation)
├─ eDIS (TPIN+OTP for non-DDPI)
Secondary Path (Phase 2 - This Integration):
└─ NSDL: Existing NSDL account holders + institutional
├─ Client Maintenance API via DPM (Insta Interface)
├─ Async DDPI (2-3 days, offline form process)
├─ SPEED-e (IPIN+OTP for non-DDPI)
└─ UDiFF file generation for batch operations
└─ Inter-Depository Transfer (OLIDT)
├─ Client requests NSDL -> CDSL transfer
├─ Deadline: 6PM weekdays / 2:30PM Saturdays
When a client with an existing NSDL demat account wants to move to CDSL (e.g., switching to our primary depository):
Step 1: Open new CDSL demat account (via our primary flow)
Step 2: Client initiates IDT from NSDL to CDSL
Option A: Via SPEED-e (online, IPIN+OTP)
Option B: Via DIS form to NSDL DP
Step 3: NSDL DP verifies and releases instruction
Step 4: OLIDT processes transfer (NSDL <-> CDSL messaging)
Step 5: Securities credited to CDSL account
Step 6: (Optional) Client can close NSDL account after transfer
Timeline: Same day (before 6PM weekday deadline)
Important Notes :
IDT is per-ISIN (each security transferred separately)
Fractional quantities cannot be transferred via IDT
Pledged securities must be un-pledged before IDT
Frozen securities cannot be transferred
Both DPs must be operational and connected
Some NRI clients have mandated custodian banks that only operate as NSDL DPs:
Scenario: NRI client's custodian bank (e.g., Standard Chartered) is NSDL-only DP
├─ Cannot open CDSL account with this custodian
├─ Must use NSDL for demat
├─ Trading account can still be with our broker
├─ DP services through custodian's NSDL DP
└─ Our system must support:
├─ Mapping external NSDL BO ID to our trading account
├─ SPEED-e authorization for sell trades
└─ PIS compliance verification with AD bank
Pre-UDiFF accounts (opened before Mar 2024) may have data in the old proprietary format:
Scenario: Client with legacy NSDL account migrates to our platform
├─ BO ID format is same ("IN" + 14 chars) regardless of era
├─ Data in DPM may still reference old field formats internally
├─ On modification: DPM automatically converts to UDiFF format
├─ No action needed from our side for format migration
└─ KYC attributes may need update (6 mandatory attributes since 2024)
├─ PAN (verified with ITD)
├─ Mobile (verified via OTP)
├─ Email (verified via OTP)
└─ Income Range (declared)
Clients who hold securities in both NSDL and CDSL:
Scenario: Client has NSDL demat (legacy) + opens CDSL demat (via our platform)
├─ Both accounts are valid and operational simultaneously
├─ Trading can be done from either account
├─ UCC (trading account) can be mapped to both BO IDs
├─ Settlement: broker must ensure correct depository for pay-in/pay-out
├─ CAS: Unified view available via UIP (Feb 2025)
├─ Store both BO IDs (NSDL + CDSL) in client master
├─ Allow client to select preferred depository for settlement
├─ Handle DDPI/eDIS differently per depository
└─ Reconcile holdings across both accounts
NSDL Account Closure (vs CDSL):
├─ CDSL: 2 working days from dues clearance
├─ NSDL: DPM Plus now supports online closure (Jul 2025 enhancement)
│ ├─ Joint accounts: Now supported for online closure
│ ├─ NIL balance accounts: Now supported for online closure
│ └─ "To Be Closed" processing: Batch at EOD
├─ Pre-conditions (both):
│ ├─ All free securities transferred out
│ ├─ No pending transactions
│ └─ No pledged securities
└─ SEBI mandate (Jul 14, 2025): Online closure must be available
DP Registration : Register as NSDL DP (or use existing DP partner)DPM Access : Choose Local DPM (GISMO) or Cloud DPMClient Maintenance API Specs : Request NSDL/POLICY/2024/0012 detailed specsInsta Interface Access : For real-time account opening APIUDiFF Catalogue : Download from https://nsdl.co.in/nsdlnews/udiff.php SPEED-e Integration Docs : For delivery instruction authorizationDSC Certificate : From RA of TCS (same provider as CDSL)Test Environment : Request sandbox/UAT DPM access from NSDLIP Whitelisting : Register production server IPsMaster Circular : Download from https://nsdl.co.in/business/circular.php
Priority Integration Reason P0 Client Maintenance API (via Insta Interface) Core BO account opening for NSDL clients P0 UDiFF File Generation Batch fallback + joint account support P1 SPEED-e Integration Sell authorization for clients without DDPI P1 DDPI Async Flow Handle offline DDPI process (2-3 day wait) P1 BO ID Validation Support “IN” + 14 char format alongside CDSL 16-digit P2 Inter-Depository Transfer NSDL-to-CDSL migration support P2 DPM Report Downloads Reconciliation and holdings verification P3 Non-Individual UDiFF Files Corporate, HUF, Trust account opening P3 NRI-Specific Flows NRE/NRO with custodian bank requirements