NSDL Adds 59 Lakh Demat Accounts In FY26, Records Highest-Ever Annual Expansion

National Securities Depository (NSDL) added 59.3 lakh gross demat accounts in FY26, marking the highest annual account addition in its history.

The depository said net additions stood at 49.4 lakh accounts during the year. As of May 2026, NSDL serviced 4.51 crore demat accounts through a network of 315 depository participants (DPs) and 57,065 service centres, with a presence across 99.38 per cent of India's PIN codes.

The strong growth came at a time when fresh account additions across the industry fell 21.9 per cent, says NSDL. The depository said incremental account openings across the industry declined 21.9 per cent during the year, while it registered 34.1 per cent growth, aided by technology upgrades and the addition of new DPs.

The depository added 21 new DPs during FY26, including 13 in the March quarter. It also rolled out more than 40 application programming interfaces (APIs) to improve integration and streamline operations for market intermediaries.

Apart from the demat account growth, NSDL's assets under custody (AUC) also crossed Rs 520 lakh crore. The depository said the milestone reflects “the rapid financialisation of India's economy and its progress toward the national vision of a developed India ('Viksit Bharat').”

NSDL also said its newly launched “Women and YUVA Demat Plan” offers a three-year settlement fee waiver for women opening new demat accounts. The initiative follows its YUVA Plan, which provides similar benefits to investors below 24 years of age.

NSDL vs CDSL Market Share

The two depositories dominate different parts of the market. While CDSL has a much larger number of demat accounts, NSDL holds most of the assets kept in demat form.

CDSL added over 2.72 crore demat accounts in FY26, taking its total account base to 18.01 crore as of March 31, 2026. The number increased further to 18.38 crore by May-end.

NSDL, on the other hand, remains far ahead in terms of AUC. Its custody value has crossed Rs 520 lakh crore, compared with Rs 77 lakh crore for CDSL as of March 31, 2026.

This means NSDL accounts for nearly 87 per cent of the industry's custody value, while CDSL's share stands at about 13 per cent.

The difference reflects the customer base of the two depositories. CDSL has a stronger presence among retail investors and therefore leads in account numbers. NSDL, meanwhile, services a larger share of institutional investors, foreign portfolio investors and corporates, helping it maintain a much bigger share of AUC.