Central Depository Services (India) Limited

NSEI:CDSL Stock Report

Market Cap: ₹339.2b

Central Depository Services (India) Management

Management criteria checks 2/4

We currently do not have sufficient information about the CEO.

Key information

Nehal Vora

Chief executive officer

₹53.5m

Total compensation

CEO salary percentage65.36%
CEO tenure6.2yrs
CEO ownershipn/a
Management average tenure4.3yrs
Board average tenure1.8yrs

Recent management updates

We Take A Look At Whether Central Depository Services (India) Limited's (NSE:CDSL) CEO May Be Underpaid

Aug 08
We Take A Look At Whether Central Depository Services (India) Limited's (NSE:CDSL) CEO May Be Underpaid

Recent updates

We Take A Look At Whether Central Depository Services (India) Limited's (NSE:CDSL) CEO May Be Underpaid

Aug 08
We Take A Look At Whether Central Depository Services (India) Limited's (NSE:CDSL) CEO May Be Underpaid

Does Central Depository Services (India) (NSE:CDSL) Deserve A Spot On Your Watchlist?

Jul 26
Does Central Depository Services (India) (NSE:CDSL) Deserve A Spot On Your Watchlist?

What Central Depository Services (India) Limited's (NSE:CDSL) 27% Share Price Gain Is Not Telling You

Jun 03
What Central Depository Services (India) Limited's (NSE:CDSL) 27% Share Price Gain Is Not Telling You

Here's Why Central Depository Services (India) (NSE:CDSL) Has Caught The Eye Of Investors

Apr 08
Here's Why Central Depository Services (India) (NSE:CDSL) Has Caught The Eye Of Investors

Some Central Depository Services (India) Limited (NSE:CDSL) Shareholders Look For Exit As Shares Take 29% Pounding

Jan 29
Some Central Depository Services (India) Limited (NSE:CDSL) Shareholders Look For Exit As Shares Take 29% Pounding

Here's Why Central Depository Services (India) (NSE:CDSL) Has Caught The Eye Of Investors

Jan 06
Here's Why Central Depository Services (India) (NSE:CDSL) Has Caught The Eye Of Investors
User avatar

Competitive Pressures And Rising Costs May Compress Margins, Yet Demat Growth And Digital Innovation Signal Potential Upside

Reduced transaction charges and rising employee expenses could pressure CDSL's margins if revenue growth doesn't keep pace with costs.

Central Depository Services (India) Limited's (NSE:CDSL) Popularity With Investors Is Under Threat From Overpricing

Dec 02
Central Depository Services (India) Limited's (NSE:CDSL) Popularity With Investors Is Under Threat From Overpricing

Subdued Growth No Barrier To Central Depository Services (India) Limited (NSE:CDSL) With Shares Advancing 26%

Aug 20
Subdued Growth No Barrier To Central Depository Services (India) Limited (NSE:CDSL) With Shares Advancing 26%

Here's Why We Think Central Depository Services (India) (NSE:CDSL) Might Deserve Your Attention Today

Jul 12
Here's Why We Think Central Depository Services (India) (NSE:CDSL) Might Deserve Your Attention Today

Earnings Not Telling The Story For Central Depository Services (India) Limited (NSE:CDSL) After Shares Rise 26%

Apr 27
Earnings Not Telling The Story For Central Depository Services (India) Limited (NSE:CDSL) After Shares Rise 26%

With EPS Growth And More, Central Depository Services (India) (NSE:CDSL) Makes An Interesting Case

Apr 13
With EPS Growth And More, Central Depository Services (India) (NSE:CDSL) Makes An Interesting Case

New Forecasts: Here's What Analysts Think The Future Holds For Central Depository Services (India) Limited (NSE:CDSL)

Feb 09
New Forecasts: Here's What Analysts Think The Future Holds For Central Depository Services (India) Limited (NSE:CDSL)

Unpleasant Surprises Could Be In Store For Central Depository Services (India) Limited's (NSE:CDSL) Shares

Jan 07
Unpleasant Surprises Could Be In Store For Central Depository Services (India) Limited's (NSE:CDSL) Shares

Does Central Depository Services (India) (NSE:CDSL) Deserve A Spot On Your Watchlist?

Nov 07
Does Central Depository Services (India) (NSE:CDSL) Deserve A Spot On Your Watchlist?

Central Depository Services (India) (NSE:CDSL) Has Announced That It Will Be Increasing Its Dividend To ₹16.00

Aug 25
Central Depository Services (India) (NSE:CDSL) Has Announced That It Will Be Increasing Its Dividend To ₹16.00

Central Depository Services (India)'s (NSE:CDSL) Shareholders Will Receive A Bigger Dividend Than Last Year

Aug 11
Central Depository Services (India)'s (NSE:CDSL) Shareholders Will Receive A Bigger Dividend Than Last Year

Central Depository Services (India)'s (NSE:CDSL) Shareholders Will Receive A Bigger Dividend Than Last Year

Aug 18
Central Depository Services (India)'s (NSE:CDSL) Shareholders Will Receive A Bigger Dividend Than Last Year

With EPS Growth And More, Central Depository Services (India) (NSE:CDSL) Makes An Interesting Case

Jul 23
With EPS Growth And More, Central Depository Services (India) (NSE:CDSL) Makes An Interesting Case

With EPS Growth And More, Central Depository Services (India) (NSE:CDSL) Is Interesting

Apr 09
With EPS Growth And More, Central Depository Services (India) (NSE:CDSL) Is Interesting

Here's Why I Think Central Depository Services (India) (NSE:CDSL) Might Deserve Your Attention Today

Jan 07
Here's Why I Think Central Depository Services (India) (NSE:CDSL) Might Deserve Your Attention Today

Here's Why We Think Central Depository Services (India) (NSE:CDSL) Is Well Worth Watching

Oct 08
Here's Why We Think Central Depository Services (India) (NSE:CDSL) Is Well Worth Watching

Central Depository Services (India) (NSE:CDSL) Is Increasing Its Dividend To ₹9.00

Aug 27
Central Depository Services (India) (NSE:CDSL) Is Increasing Its Dividend To ₹9.00

CEO Compensation Analysis

How has Nehal Vora's remuneration changed compared to Central Depository Services (India)'s earnings?
DateTotal CompensationSalaryCompany Earnings
Sep 30 2025n/an/a

₹5b

Jun 30 2025n/an/a

₹5b

Mar 31 2025₹54m₹35m

₹5b

Dec 31 2024n/an/a

₹6b

Sep 30 2024n/an/a

₹5b

Jun 30 2024n/an/a

₹5b

Mar 31 2024₹44m₹31m

₹4b

Dec 31 2023n/an/a

₹4b

Sep 30 2023n/an/a

₹3b

Jun 30 2023n/an/a

₹3b

Mar 31 2023₹37m₹28m

₹3b

Dec 31 2022n/an/a

₹3b

Sep 30 2022n/an/a

₹3b

Jun 30 2022n/an/a

₹3b

Mar 31 2022₹29m₹23m

₹3b

Dec 31 2021n/an/a

₹3b

Sep 30 2021n/an/a

₹3b

Jun 30 2021n/an/a

₹2b

Mar 31 2021₹22m₹19m

₹2b

Dec 31 2020n/an/a

₹2b

Sep 30 2020n/an/a

₹1b

Jun 30 2020n/an/a

₹1b

Mar 31 2020₹22m₹11m

₹1b

Dec 31 2019n/an/a

₹1b

Sep 30 2019n/an/a

₹1b

Jun 30 2019n/an/a

₹1b

Mar 31 2019₹275kn/a

₹1b

Compensation vs Market: Nehal's total compensation ($USD604.54K) is about average for companies of similar size in the Indian market ($USD732.77K).

Compensation vs Earnings: Nehal's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.

CEO

Nehal Vora (52 yo)

6.2yrs
Tenure
₹53,532,626
Compensation

Mr. Nehal Naleen Vora serves as Chief Executive Officer and Managing Director at Central Depository Services (India) Limited since September 24, 2019. Mr. Vora had been the Chief Regulatory Officer at BSE...

Leadership Team

NamePositionTenureCompensationOwnership
Nehal Vora
CEO, MD & Director6.2yrs₹53.53mno data
Girish Amesara
Chief Financial Officer5.8yrs₹20.57mno data
Rajesh Saraf
Chief Data & Operations Officer3.1yrs₹16.33mno data
Amit Mahajan
Executive VP & CTOno data₹20.80mno data
Nilay Shah
Compliance Officer & Company Secretary4.3yrs₹8.48mno data
Rajat Srivastav
Senior Vice President & General Counselless than a year₹1.46mno data
Nayana Ovalekar
Executive VP & Chief Regulatory Officerno data₹22.22mno data
Jitendra Chad
Senior Vice President of Information Technologyno data₹8.03mno data
Vishwas Nagle
Senior Vice President of Information Technologyno data₹8.58mno data
Farokh Patel
Senior Vice President of Auditno data₹9.55mno data
Vinay Madan
Chief Risk Officer4.3yrs₹18.52mno data
Akhil Wadhavkar
Chief Information Security Officer2.5yrs₹7.90mno data
4.3yrs
Average Tenure
52yo
Average Age

Experienced Management: CDSL's management team is considered experienced (4.3 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Nehal Vora
CEO, MD & Director10.3yrs₹53.53mno data
Nilesh Lodaya
Chief of Business Development & New Projects and Additional Directorless than a year₹9.42mno data
Swaroopkumar Gothi
Financial Controller & Additional Directorless than a yearno datano data
Gurumoorthy Mahalingam
Chairperson & Independent Public Interest Director2.7yrs₹5.08mno data
Umesh Bellur
Independent Public Interest Director6yrs₹3.85mno data
Sidhartha Pradhan
Independent Public Interest Director6yrs₹4.60mno data
Sushri Kantharaj
Non- Independent Director2.3yrs₹2.33mno data
Rajeshree Sabnavis
Independent Public Interest Director3yrs₹4.75mno data
Varsha Apte
Independent Public Interest Director1.4yrs₹3.00mno data
Bharat Vasani
Independent Public Interest Director1yr₹1.33mno data
Rajesh Kumar
Non- Independent Directorless than a yearno datano data
Bandu Meshram
Additional Director1.3yrsno datano data
1.8yrs
Average Tenure
59yo
Average Age

Experienced Board: CDSL's board of directors are not considered experienced ( 1.8 years average tenure), which suggests a new board.

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/11/19 01:09
End of Day Share Price 2025/11/19 00:00
Earnings2025/09/30
Annual Earnings2025/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Central Depository Services (India) Limited is covered by 26 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ashwin MehtaAmbit Capital
Supratim DattaAmbit Capital
Nitin BhasinAmbit Capital