NSDL Shares Skip NSE Listing Due to Regulatory Constraints and Promoter Conflicts

National Securities Depository Ltd (NSDL) shares debuted exclusively on the Bombay Stock Exchange (BSE) at a 10% premium, bypassing the National Stock Exchange (NSE) entirely. The omission stems from NSE's dual role as both a promoter and selling shareholder in NSDL's IPO—a conflict that violates SEBI's 15% ownership cap for market infrastructure institutions. NSE previously held 24% of NSDL and participated in the ₹4,011-crore Offer-for-Sale to reduce its stake.

The IPO saw frenzied demand, oversubscribed 41 times with anchor investors committing ₹1,201 crore. Shares opened at ₹880 against an issue price of ₹800, later climbing to ₹906. Analysts like Shivani Nyati of Swastika Investmart recommend partial profit-taking NEAR listing levels while maintaining exposure with ₹850 as a stop-loss threshold.

This mirrors the listing dynamics of Central Depository Services Ltd (CDSL), which trades solely on NSE. Such bifurcated listings highlight structural tensions in India's financial infrastructure, where depository institutions balance commercial ambitions against regulatory guardrails designed to prevent monopoly control.