The emergence of NSDL as a publicly traded entity has brought the “CDSL valuation” into sharper focus. While CDSL has historically dominated the retail investor segment with a significantly higher number of demat accounts (15.3 crore vs. NSDL’s 3.95 crore as of March 2025), NSDL holds a substantially larger demat custody value (₹464.2 lakh crore vs. CDSL’s ₹70.5 lakh crore), reflecting its strong institutional client base.