Depositories & DPs

Your demat account doesn't sit with your broker. It sits with NSDL or CDSL. The broker is the Depository Participant (DP) that maintains your account. Knowing the difference matters for charges, recovery in disputes, and where your shares are legally held.

NSDL

National Securities Depository Limited

1996 (India's first depository)

Promoters: Promoted by IDBI Bank, UTI, NSE; partly owned by SBI, HDFC Bank, Standard Chartered.
Account prefix: IN<8-digit DP ID><8-digit client ID>
16-digit demat account starts with IN; first 8 digits identify the DP, last 8 identify the client.
Scale: ~4 crore demat accounts (FY25 disclosure)
~280 depository participants

Noteworthy

Bank-backed brokers (HDFC, Kotak, ICICI's older accounts) typically issue NSDL demats via the parent bank's DP arm.
Filed for IPO in early 2026. Once listed, financials become publicly auditable like CDSL.
Originally focused on institutional + bank-channel; retail growth has been slower than CDSL's discount-broker wave.

Website ↗Download CAS ↗Find a DP ↗

CDSL

Central Depository Services (India) Limited

1999

Promoters: Promoted by BSE; institutional shareholders include SBI, BoB, HDFC Bank, Canara Bank.
Account prefix: 16-digit numeric (no IN prefix)
Pure 16-digit number; no alphabetic prefix.
Scale: ~14 crore demat accounts (FY25 disclosure), larger than NSDL
~580 depository participants

Noteworthy

Most discount brokers (Zerodha, Groww, Angel One, Upstox, Dhan, FYERS, 5paisa) are CDSL DPs. That's why CDSL leads on retail account count.
Publicly listed (NSE: CDSL). Their quarterly results show DP charge income, depository transaction revenue, and IPO subscription fees broken out.
Pioneered SMS-based eDIS (electronic Delivery Instruction Slip) which simplified retail T+1 settlements.

Website ↗Download CAS ↗Find a DP ↗

DP terminology

What is a DP?: Depository Participant: a SEBI-registered agent acting on behalf of NSDL or CDSL. Your broker is usually your DP (Zerodha, Groww, Angel One are all CDSL DPs); bank-backed brokers tend to use their parent bank as the DP (HDFC Securities → HDFC Bank, Kotak Securities → Kotak Mahindra Bank).
DP charges: Levied per ISIN per debit (i.e. when you sell). Standard rate is ₹13.5 + GST per debit per ISIN, passed through from the depository. Some brokers add their own spread on top (check their pricing page). Buying does not trigger a DP charge.
BSDA: Basic Service Demat Account: SEBI-mandated free / discounted tier for retail holdings up to ₹10 lakh. ₹0 AMC up to ₹4 lakh portfolio; ₹100/yr thereafter. Eligible if you have only one demat account and value ≤ ₹10 L. Most DPs default new accounts to regular AMC. Explicitly opt into BSDA at opening if you qualify.
DDPI vs eDIS: Both let your broker move shares out of your demat to settle a sale. DDPI (Demat Debit and Pledge Instruction) is a one-time signed mandate: convenient but you delegate authority indefinitely. eDIS is per-transaction OTP authorisation: safer but you authenticate every sale. SEBI made POA (older blanket authority) obsolete in 2022.
CAS · Consolidated Account Statement: Monthly statement of all your demat holdings across BOTH depositories, plus mutual fund folios from CAMS / KFinTech. Generated automatically and emailed to the address registered with your DP. If you have accounts at both NSDL and CDSL, the CAS consolidates them based on PAN.
How to know which depository holds your shares: Look at your demat account number on any contract note or holdings statement. Starts with IN = NSDL; pure 16-digit numeric = CDSL. Your broker doesn't decide on a per-trade basis; the depository is fixed at account opening.

Verify & escalate

SEBI investor charter (depository) ↗
What NSDL / CDSL legally owe you and the timelines they must follow.
SCORES · file a depository complaint ↗
Tag complaint against your DP or directly against the depository.
NSDL DP search ↗
Find any NSDL DP by name, city, or DP ID.
CDSL DP search ↗
Find any CDSL DP by name, city, or DP ID.

AskNivesh does not maintain a depository or DP relationship. Account counts and DP counts are paraphrased from each depository's most recent public disclosures and may shift each quarter. For broker-by-broker depository mapping see /brokers.

Markets

Depositories & DPs

NSDL vs CDSL: where your shares are actually held.

Markets

Depositories & DPs

NSDL

National Securities Depository Limited

1996 (India's first depository)

Promoters: Promoted by IDBI Bank, UTI, NSE; partly owned by SBI, HDFC Bank, Standard Chartered.
Account prefix: IN<8-digit DP ID><8-digit client ID>
16-digit demat account starts with IN; first 8 digits identify the DP, last 8 identify the client.
Scale: ~4 crore demat accounts (FY25 disclosure)
~280 depository participants

Noteworthy

Bank-backed brokers (HDFC, Kotak, ICICI's older accounts) typically issue NSDL demats via the parent bank's DP arm.
Filed for IPO in early 2026. Once listed, financials become publicly auditable like CDSL.
Originally focused on institutional + bank-channel; retail growth has been slower than CDSL's discount-broker wave.

Website ↗Download CAS ↗Find a DP ↗

CDSL

Central Depository Services (India) Limited

1999

Promoters: Promoted by BSE; institutional shareholders include SBI, BoB, HDFC Bank, Canara Bank.
Account prefix: 16-digit numeric (no IN prefix)
Pure 16-digit number; no alphabetic prefix.
Scale: ~14 crore demat accounts (FY25 disclosure), larger than NSDL
~580 depository participants

Noteworthy

Most discount brokers (Zerodha, Groww, Angel One, Upstox, Dhan, FYERS, 5paisa) are CDSL DPs. That's why CDSL leads on retail account count.
Publicly listed (NSE: CDSL). Their quarterly results show DP charge income, depository transaction revenue, and IPO subscription fees broken out.
Pioneered SMS-based eDIS (electronic Delivery Instruction Slip) which simplified retail T+1 settlements.

Website ↗Download CAS ↗Find a DP ↗

DP terminology

What is a DP?: Depository Participant: a SEBI-registered agent acting on behalf of NSDL or CDSL. Your broker is usually your DP (Zerodha, Groww, Angel One are all CDSL DPs); bank-backed brokers tend to use their parent bank as the DP (HDFC Securities → HDFC Bank, Kotak Securities → Kotak Mahindra Bank).
DP charges: Levied per ISIN per debit (i.e. when you sell). Standard rate is ₹13.5 + GST per debit per ISIN, passed through from the depository. Some brokers add their own spread on top (check their pricing page). Buying does not trigger a DP charge.
BSDA: Basic Service Demat Account: SEBI-mandated free / discounted tier for retail holdings up to ₹10 lakh. ₹0 AMC up to ₹4 lakh portfolio; ₹100/yr thereafter. Eligible if you have only one demat account and value ≤ ₹10 L. Most DPs default new accounts to regular AMC. Explicitly opt into BSDA at opening if you qualify.
DDPI vs eDIS: Both let your broker move shares out of your demat to settle a sale. DDPI (Demat Debit and Pledge Instruction) is a one-time signed mandate: convenient but you delegate authority indefinitely. eDIS is per-transaction OTP authorisation: safer but you authenticate every sale. SEBI made POA (older blanket authority) obsolete in 2022.
CAS · Consolidated Account Statement: Monthly statement of all your demat holdings across BOTH depositories, plus mutual fund folios from CAMS / KFinTech. Generated automatically and emailed to the address registered with your DP. If you have accounts at both NSDL and CDSL, the CAS consolidates them based on PAN.
How to know which depository holds your shares: Look at your demat account number on any contract note or holdings statement. Starts with IN = NSDL; pure 16-digit numeric = CDSL. Your broker doesn't decide on a per-trade basis; the depository is fixed at account opening.

Verify & escalate

SEBI investor charter (depository) ↗
What NSDL / CDSL legally owe you and the timelines they must follow.
SCORES · file a depository complaint ↗
Tag complaint against your DP or directly against the depository.
NSDL DP search ↗
Find any NSDL DP by name, city, or DP ID.
CDSL DP search ↗
Find any CDSL DP by name, city, or DP ID.