Regulatory interventions in subsidiaries
The payments bank and insurance repository businesses face frequent regulatory changes that could impact growth and profitability.
NATIONALSECURITIESDEPOSI / Q4-FY26 / risks
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National Securities Depository · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Market slowdown impacting account additions
Weak capital market conditions and geopolitical uncertainty could further moderate demat account growth and transaction volumes.
Competition from CDSL in fintech DP onboarding
Despite recent wins, NSDL still lags in overall market share; large new-age brokers may choose CDSL, limiting incremental gains.