Regulatory changes could reduce KYC fetch volumes
An analyst raised concerns that a potential SEBI circular might reduce the number of KYC fetches required from KRAs, impacting CVL's revenue. Management advised waiting for the circular.
CDSL / Q2-FY26 / risks
Keep the risk register visible.
Central Depository Services (India) · Material risks, their source context, and severity in the latest available quarter.
Research layer active
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Risk intelligence
Material risks this quarter
medium
Declining incremental demat market share
CDSL's share of new demat account additions fell to 82% in Q2 from 93% in Q3FY25, suggesting competitive pressure from NSDL.
Elevated technology costs may pressure margins
Management acknowledged that technology and employee costs are rising and will continue, potentially compressing EBITDA margins.