Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> is looking to raise around US$460m in its upcoming India IPO.</li>
<li>It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
<li>In this note, we talk about the updates from its RHP filing.</li>
</ul>



NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we talk about the updates from its RHP filing.


National Securities Depository Limited (NSDL) IPO - RHP Updates - Revenue Slowing, Margins Growing

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a>'s IPO is an OFS priced at INR 760-800 per share, targeting an issue size of INR 3,810-4,011 crore</li>
<li>As India's pioneering SEBI-registered MII, company is the largest depository, serving 79,773 issuers as of March 2025, driven by market growth and innovation.</li>
<li>Valuation indicators suggest a fair assessment relative to industry peers, underscored by a robust issuer base and inherent financial stability.</li>
</ul>



NSDL (NSDL IN)'s IPO is an OFS priced at INR 760-800 per share, targeting an issue size of INR 3,810-4,011 crore
As India's pioneering SEBI-registered MII, company is the largest depository, serving 79,773 issuers as of March 2025, driven by market growth and innovation.
Valuation indicators suggest a fair assessment relative to industry peers, underscored by a robust issuer base and inherent financial stability.


NSDL IPO Analysis: India's First & Largest Depository

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>NSDL has been gearing up for its IPO and is very likely to hit the markets shortly within the SEBI stipulated deadline of 31st July.</li>
<li>NSDL historically had the upper hand over CDSL as institutional clients led to strong outperformance. But the booming retail investment landscape since 2021 has turned the tables on the leader.</li>
<li>Given that the trend of retail participation inching is expected to continue, NSDL needs to rejuvenate its approach to plough back market share. Payments banking business cant offset the impact.</li>
</ul>


NSDL has been gearing up for its IPO and is very likely to hit the markets shortly within the SEBI stipulated deadline of 31st July.
NSDL historically had the upper hand over CDSL as institutional clients led to strong outperformance. But the booming retail investment landscape since 2021 has turned the tables on the leader.
Given that the trend of retail participation inching is expected to continue, NSDL needs to rejuvenate its approach to plough back market share. Payments banking business cant offset the impact.


Equity Derivatives

Bombay Stock Exchange / Equity Derivatives

<ul>
<li>BSE’s Option Premium ADTO in July MTD is down 25% MoM to INR 105bn amid lower market volatility and regulatory overhang from SEBI’s ban on Jane Street.</li>
<li>This weakness has triggered another 6–8% volume cut assumption in the market, on top of the 4–5% volume cut in June 2025.</li>
<li>BSE will face pressure in the near-term due to lower volume and valuation pressure, but long-term optimism tied to earnings if volumes normalize and reforms push investors toward cash equities.</li>
</ul>


BSE’s Option Premium ADTO in July MTD is down 25% MoM to INR 105bn amid lower market volatility and regulatory overhang from SEBI’s ban on Jane Street.
This weakness has triggered another 6–8% volume cut assumption in the market, on top of the 4–5% volume cut in June 2025.
BSE will face pressure in the near-term due to lower volume and valuation pressure, but long-term optimism tied to earnings if volumes normalize and reforms push investors toward cash equities.


BSE Derivative Volumes Hit by Jane Street Ban, Volatility Slump: EPS Cuts & Near-Term Downgrade

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>National Securities Depository Limited/<a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> is the largest depository in India. It is seeking to raise US$400 million.</li>
<li>In <a href="https://www.smartkarma.com/insights/nsdl-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:192801" rel="noopener">NSDL IPO: The Bull Case</a>, I highlighted the key elements of the bull case. In this note, I outline the bear case.</li>
<li>The bear case rests on the core business’s lower growth and margins compared to its key peer and the banking services’ weak performance.</li>
</ul>


National Securities Depository Limited/NSDL (NSDL IN) is the largest depository in India. It is seeking to raise US$400 million.
In NSDL IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
The bear case rests on the core business’s lower growth and margins compared to its key peer and the banking services’ weak performance.


India

Central Depository Services (India) Limited (CDSL) offers financial services. The Company provides transmission of securities, dematerialisation, processing delivery, account opening, receipt instructions, holding, pledging, educational initiatives, settlements, and depository services to investors. CDSL serves customers in India.

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Central Depository Services (CDSL IN)

National Securities Depository Limited (NSDL) IPO - RHP Updates - Revenue Slowing, Margins Growing

NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO. In this note, we look at the updates from its recent filings.

Sumeet Singh

NSDL IPO Analysis: India's First & Largest Depository

NSDL's IPO targets INR 3,810-4,011 crore, reflecting its leading position as India's largest depository with strong financial stability and market...

Sudarshan Bhandari

NSDL Vs CDSL: A Bottom-Up Comparison

NSDL IPO opens on 30-July (anchor bidding expected early next week) As expected, the issues is a 4,000cr offer for sale priced at 760-800 The deal...

Himanshu Dugar

BSE Derivative Volumes Hit by Jane Street Ban, Volatility Slump: EPS Cuts & Near-Term Downgrade

BSE's Option Premium ADTO in July down 25% MoM to INR 105bn, triggering volume cuts and near-term pressure, but long-term optimism if volumes...

Sudarshan Bhandari

NSDL IPO: The Bear Case

National Securities Depository Limited, the largest depository in India, is seeking to raise US$400 million. In this note, I discuss the bear case.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

National Securities Depository Limited (NSDL) IPO - RHP Updates - Revenue Slowing, Margins Growing

NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO. In this note, we look at the updates from its recent filings.

Sumeet Singh

NSDL IPO Analysis: India's First & Largest Depository

​NSDL's IPO targets INR 3,810-4,011 crore, reflecting its leading position as India's largest depository with strong financial stability and market...

Sudarshan Bhandari

NSDL Vs CDSL: A Bottom-Up Comparison

NSDL IPO opens on 30-July (anchor bidding expected early next week) As expected, the issues is a 4,000cr offer for sale priced at 760-800 The deal...

Himanshu Dugar

BSE Derivative Volumes Hit by Jane Street Ban, Volatility Slump: EPS Cuts & Near-Term Downgrade

​BSE's Option Premium ADTO in July down 25% MoM to INR 105bn, triggering volume cuts and near-term pressure, but long-term optimism if volumes...

Sudarshan Bhandari

NSDL IPO: The Bear Case

National Securities Depository Limited, the largest depository in India, is seeking to raise US$400 million. In this note, I discuss the bear case.

Arun George

NSDL's IPO targets INR 3,810-4,011 crore, reflecting its leading position as India's largest depository with strong financial stability and market...

BSE's Option Premium ADTO in July down 25% MoM to INR 105bn, triggering volume cuts and near-term pressure, but long-term optimism if volumes...