Central Depository Services (India) Management Guidance Tracker

15 forward-looking guidance items tracked across 11 quarters.

Expansion

Q2 FY24Private company dematerialization by September 2024Tracked

MCA regulation mandates dematerialization of shares for private companies above certain thresholds by September 2024; CDSL is technologically ready.

Q3 FY24Faster settlement cycles (T+0/instantaneous) under regulatory consultationTracked

SEBI has released a consultation paper; CDSL is investing in technology and people to support optional T+0 and instantaneous settlement.

Other

Q2 FY24No specific revenue or earnings guidanceTracked

Management explicitly stated they do not provide specific revenue or earnings guidance, citing market-driven variability.

Q2 FY26No specific revenue or earnings guidanceTracked

Management reiterated that CDSL does not provide specific revenue or earnings guidance, as per standard practice.

Q3 FY26No specific revenue or earnings guidance providedTracked

CDSL does not provide specific revenue or earnings guidance, as stated at the start of the call.

Growth

Q3 FY24Compulsory demat for private companies effective September 2024Tracked

Private companies with share capital >INR 4 crore or turnover >INR 40 crore must dematerialize shares before any transfer or capital raise.

Q1 FY25Insurance repository awaits IRDA mandateTracked

CDSL's insurance repository expects IRDA to make repository services mandatory, which could significantly scale the business.

Q2 FY25Insurance repository strategy shift to direct policyholder onboardingActive

CDSL Insurance Repository opened a portal for policyholders to directly create accounts, aiming to boost policy additions beyond the current ~1 lakh per quarter.

Revenue

Q1 FY25True-to-label pricing revision under processActive

CDSL is working on revising transaction charges to comply with SEBI's true-to-label circular, pending board and SEBI approval.

Q2 FY25Transaction charge reduced to INR 3.5 per debit from October 1, 2024Active

CDSL implemented a single transaction charge of INR 3.5 per debit instruction from October 1, 2024, as per SEBI circular, replacing the earlier slab-based structure.

Q2 FY25No further pricing cuts planned, but competitive positioning maintainedTracked

Management stated they do not provide future guidance on pricing but aim to remain compliant and competitive, implying no immediate further cuts.

Q2 FY26Annual issuer charges may increase subject to SEBI approvalTracked

Management indicated that discussions with SEBI regarding a potential increase in annual issuer charges are ongoing, but no timeline was provided.

Q3 FY26Issuer fee hike pending with regulatorTracked

Management indicated that a proposal for an issuer fee hike (first in 10 years) is with the regulator and may be approved at an appropriate time.

Capex

Q1 FY25Continuous technology investmentTracked

Management plans to maintain elevated technology spending to build world-class platforms, with no specific cap on percentage of revenue.

Q2 FY26Continued technology and talent investmentsActive

Management expects elevated technology and employee costs to persist as CDSL invests in scalability and regulatory initiatives.