HDB Financial Services — GMP & Market Sentiment (as of 25 June)

 HDB Financial Services — GMP & Market Sentiment 
(as of 25 June)

Factor	Details
Today’s GMP (Grey Market Premium)	₹74
IPO Price / Expected Listing Price (Unofficial)	₹740 + ₹74 = ~₹814 (expected on GMP basis)
Market Expectation Before	30% premium on listing — i.e. ₹950+
Reality Now (Market Sentiment)	GMP down → listing gain expectation ~10% (₹810-820 range)
Market Fear	Investors worried ki listing pe returns muted ho sakte hain, ya volatility ho sakti hai
Possible Reason for Fear	GMP lagataar soft ho raha haiSentiment cautious hai due to valuation concernsLarge IPO size — supply-demand mismatch ho sakta hai

💡 Market Logic

➡ GMP ₹74 on ₹740 price = ~10% premium
➡ Market me pehle 30%+ listing gain ki ummeed thi (₹950 tak)
➡ Ab reality me log cautious ho rahe hain — ho sakta hai listing day pe selling pressure aaye

🔑 Kya dekhna chahiye before listing date?

✅ GMP daily track karo (agar ₹50-₹70 tak aur girta hai, listing pe pressure badhega)
✅ QIB/HNI subscription data dekho
✅ Market sentiment (Banking & NBFC stocks pe pressure ho toh impact ho sakta hai)

🧾 Brokerage Snapshot

Brokerage Firm	Viewpoint
SBI Securities	Strong governance, AAA credit, brand support → Subscribe
Centrum Broking	“Strong brand, diversified model, AAA rating” → Subscribe
Arihant Capital	Emphasizes long‑term structural growth and ~3.87x P/B valuation → Subscribe for long‑term

⚠️ Caution Points Raised

·        Valuation is premium; price-band (740) already reflects hefty multiples.

·        Competition in NBFC space could limit near-term upside.

·        RBI may later ask HDFC to reduce stake below 20% (governance risk)

📊 Key Analyst Takeaways

·        SBI Securities, Arihant Capital, Centrum Broking – sab ne “Subscribe” (ya long‑term) rating di Hai, citing:

o   Strong fundamentals, HDFC Bank backing

o   Attractive P/B ratio (~3.2–3.9x) compared to peers

·        SEBI‑registered analyst Mayank Singh Chandel:

“…better suited for long‑term investors given strong fundamentals, premium valuations and HDFC Bank’s credibility. …IPO is not cheap, which makes it more suitable for long‑term investors.”

·        Mint / Highbrow Securities:

o   Called it pivotal for NBFC sector — “test case for how public markets value diversified lenders in an era of tightening regulations”

2. Strengths & Growth Potential

·        Backed by HDFC Bank, offering credibility, robust governance, and AAA credit rating.

·        Grown AUM to Rs 1.07 lakh Cr, ~24% CAGR since FY23; focus on secured retail lending and underbanked Tier 2–4 geography.

·        Well-diversified business verticals: Enterprise lending, asset finance, consumer finance; tech-driven underwriting.

·        Profitable since FY23; FY25 PAT of ₹2,176 Cr, though down 11.6% YoY; ROE at ~14.7%.

3. Risks & Concerns

·        Asset quality: Gross NPA rose to ~2.26%, net NPA ~1% — higher compared to rivals like Bajaj Finance (0.44%)

·        Borrowing cost: ~7.9%, exceeds peers; may compress margins.

·        Regulatory risks: RBI’s proposed norms could force HDFC Bank to reduce stake, raising conflict-of-interest concerns

·        Market risk: Large IPO (~₹12,500 Cr) with hefty OFS; oversupply might weigh on listing dynamics

📌 Final Take:

If you’re a long-term investor, HDB Financials’ robust platform, strong HDFC backing, and retail-focused growth make it compelling despite premium pricing.

For listing-day speculators, risk-reward looks muted (7–10% expected), especially with price already baked in and macro/regulatory uncertainties. 

HDB Financial Services upcomeing

 

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HDB Financial Services – Company Overview

Established in 2007, HDB Financial Services is a fast-growing, diversified, retail-focused non-banking financial company (NBFC-UL) in India. It operates as an Upper-Layer NBFC under RBI’s regulatory framework.

The company offers a broad portfolio of lending products across three key segments:

• Enterprise Lending
• Asset Finance
• Consumer Finance

HDB Financial primarily serves salaried individuals, self-employed professionals, business owners, and emerging entrepreneurs, focusing especially on underserved and underbanked customers from low to middle-income backgrounds with limited or no credit history.

Key Highlights:

• Customer Base: 17.5 million+
• Branch Network: 1,772 branches
• Presence: 1,162 towns across 31 States and Union Territories
• Core Values: Inclusive financing, customer-centricity, and tech-driven service delivery

The company is committed to delivering seamless financial services through innovation and operational excellence, ensuring easy access to credit for millions of Indians.

Here’s a refined and professional version of your updated content — ideal for corporate profiles, investor decks, or blog summaries:

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HDB Financial Services – Detailed Company Profile

Founded in 2007, HDB Financial Services Ltd. is a wholly owned subsidiary of HDFC Bank and operates as a non-banking financial company (NBFC) regulated by the Reserve Bank of India. The company delivers a blend of secured and unsecured lending solutions across a wide customer base.

HDB Financial’s product offerings are structured into three core business segments:

1. Enterprise Lending (39.85%)

Provides secured and unsecured loans to micro, small, and medium enterprises (MSMEs) to support their business expansion and working capital needs.

2. Asset Finance (37.36%)

Offers secured loans for income-generating assets such as:

·        Commercial vehicles

·        Construction equipment

·        Tractors
Primarily caters to customers in the transportation and infrastructure sectors.

3. Consumer Finance (22.79%)

Provides loans—both secured and unsecured—for:

·        Consumer durables and electronics

·        Personal vehicles

·        Digital products and personal expenses
Targets the financial and lifestyle needs of individuals.

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Operational Reach and Distribution Network

As of September 30, 2024, HDB Financial Services has:

·        1,772 branches across 31 states and union territories

·        Over 80% of branches are located outside major metropolitan areas, emphasizing its rural and semi-urban outreach

The company’s extensive distribution network is powered by:

·        Partnerships with 80+ brands and OEMs

·        Over 140,000 retail and dealer touchpoints across India

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Positioning and Vision

HDB Financial is committed to bridging the credit gap in India by offering inclusive financial solutions. Its scalable infrastructure, customer-centric approach, and strong parentage from HDFC Bank have helped it become one of India’s leading NBFCs in terms of growth, reach, and product diversity.

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Here’s a refined and structured summary of HDB Financial Services' Vision, Mission, and Core Values—perfect for your website, investor materials, internal presentations, or brand documentation:

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HDB Financial Services Limited

Vision

To be India’s most admired NBFC through great execution, driving simplicity, and developing humility.

Mission

To deliver innovative products and services that cater to the growing needs of an aspirational India—serving both individual and business clients.

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Our Core Values

At HDB Financial Services, our values are more than just words—they define our culture and guide every action. These six principles form the foundation of how we work, serve, and grow:

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1. Integrity

We uphold the highest standards of ethical conduct in every aspect of our business.

·        We act with honesty, transparency, and fairness.

·        Our decisions are grounded in facts and accountability.

·        We take full responsibility for our actions, ensuring trust in all relationships.

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2. Respect

We embrace diversity and treat every individual with dignity and empathy.

·        We value each person’s uniqueness and contribution.

·        We foster an inclusive and humble work environment.

·        Respect is extended to all—customers, employees, and stakeholders alike.

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3. Excellence

We pursue excellence by setting high standards and exceeding expectations.

·        We aim for flawless execution and superior service delivery.

·        Continuous improvement and innovation drive our journey.

·        We consistently challenge ourselves to deliver value and quality.

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4. Simplicity

We make things easy to understand, use, and experience.

·        Our processes, communication, and offerings are straightforward.

·        We eliminate complexity to enhance customer and employee experience.

·        Relevance and clarity are at the core of everything we do.

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5. Collaboration

We believe teamwork is the key to sustained success.

·        We work together with openness and trust.

·        Collective problem-solving is encouraged across teams.

·        Silos are broken through shared ownership and mutual respect.

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6. Agility

We stay ahead by adapting swiftly to change.

·        We embrace speed, flexibility, and responsiveness.

·        Innovation and adaptability guide our operational decisions.

·        We seek continuous improvement in a fast-evolving marketplace.

Here is a refined, professional version of your content titled “Budget Reforms and Their Influence on Lending”—suitable for use in blogs, business reports, newsletters, or marketing collateral:

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Budget Reforms and Their Influence on Lending

Boost to Manufacturing and MSMEs

In a significant move to support India’s MSME sector, the government has revised the investment and turnover limits for enterprises across all three categories—Micro, Small, and Medium:

Category	Investment Limit	Turnover Limit
Micro Enterprises	₹1 Cr → ₹2.5 Cr	₹5 Cr → ₹10 Cr
Small Enterprises	₹10 Cr → ₹25 Cr	₹50 Cr → ₹100 Cr
Medium Enterprises	₹50 Cr → ₹125 Cr	₹250 Cr → ₹500 Cr

✅ These changes are designed to help MSMEs scale without losing their official classification and access to government-backed benefits.

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Credit Guarantee Expansion for Small Businesses

To make credit more accessible and affordable, the government has enhanced several key credit guarantee programs:

·        Micro & Small Enterprises: Credit guarantee cover doubled from ₹5 Cr to ₹10 Cr, unlocking ₹1.5 lakh crore in additional credit over five years.

·        Startups: Guarantee cover raised from ₹10 Cr to ₹20 Cr, with reduced guarantee fee (1%) for loans in 27 priority sectors.

·        Exporter MSMEs: Eligible for term loans up to ₹20 Cr with higher guarantee support.

💡 Lower risk exposure for lenders means easier access to loans for high-potential businesses.

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Infrastructure and Capital Expenditure Boost

The government has increased capital expenditure to ₹11.2 trillion for FY 2025–26, up from ₹10.18 trillion in the previous year. This surge in public investment will:

·        Drive demand for business loans

·        Support financing for commercial vehicles, construction equipment, and infrastructure development

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Policy Support for Green Financing

The Budget introduces green finance initiatives to reward eco-conscious businesses:

·        Lending institutions are expected to launch green loan products with preferential interest rates

·        Incentives will promote adoption of sustainable practices and clean technologies

🌱 Businesses adopting environmentally friendly models may soon benefit from tailored financing and lower costs.

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Macroeconomic Impact on Loan Interest Rates

Fiscal and monetary coordination is expected to positively impact borrowing costs:

·        Deficit management could keep interest rates stable or declining

·        Priority sector lending (PSL) incentives may reduce interest rates for MSMEs and startups

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What This Means for Businesses Seeking Loans

With favorable reforms and funding support, businesses across India stand to gain:

✅ Lower Borrowing Costs
✅ Easier Loan Approvals
✅ Industry-Specific Loan Schemes

Whether you're expanding operations, upgrading technology, or scaling up production, this is the right time to capitalize on the lending ecosystem.

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Why Choose HDB Business Loans?

At HDB Financial Services, we understand the unique financing needs of businesses. Our solutions offer:

·        Competitive interest rates

·        Flexible repayment options

·        Quick and transparent approval process

Let us help you unlock growth with customized working capital, equipment finance, or expansion loans tailored to your industry.

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Seize the momentum of Budget 2025.
Grow with HDB Business Loans.

📞 Contact us today or visit your nearest HDB branch to get started.

Indian Railway Finance Corporation (IRFC)

 Indian Railway Finance Corporation (IRFC)

 was set up on 12th December, 1986 as the dedicated financing arm of the Indian Railways for mobilizing funds from domestic as well as overseas Capital Markets.

IRFC is a Navratna Public Sector Enterprise under the administrative control of the Ministry of Railways, Govt. of India. It is also registered as Systemically Important Non–Deposit taking Non Banking Financial Company (NBFC – ND-SI) and Infrastructure Finance Company (NBFC- IFC) with Reserve Bank of India (RBI).

In more than 30 years of existence, IRFC has played a significant role in supporting the expansion of the Indian Railways and related entities by financing a significant proportion of its annual plan outlay.

PROFILE

The primary objective of IRFC is to meet the predominant portion of ‘Extra Budgetary Resources’ (EBR) requirement of the Indian Railways through market borrowings at the most competitive rates and terms. The Company’s principal business therefore is to borrow funds from the financial markets to finance the acquisition / creation of assets which are then leased out to the Indian Railways.

IRFC’s cumulative funding to rail sector has crossed Rs.5.04 lakh crore as of 31st March, 2022. The funds are utilized for acquiring rolling stock assets and also building up infrastructure, constituting significant part of annual capital expenditure of Indian Railways. So far, it has funded acquisition of 13764 locomotives, 76735 passenger coaches, 265815 wagons, which constitute around 75% of the total rolling stock fleet of Indian Railways. From 2011-12 onwards, IRFC has forayed into funding of railway projects and capacity enhancement works.

IRFC has also been lending to various entities in Railway sector like Rail Vikas Nigam Limited (RVNL), Railtel, Konkan Railway Corporation Limited (KRCL), Pipavav Railway Corporation Limited (PRCL) etc.

IRFC’s constant endeavor has been to diversify its borrowing portfolio in terms of instruments, markets and investors which has led to the Company meeting the targeted borrowings year after year, through issue of both taxable and tax-free bonds, term loan from banks/financial institutions besides off shore borrowings, at competitive market rate.

Hindustan Zinc located in 5 districts

 Hindustan Zinc

is the World’s largest and India’s only integrated zinc producer. With more than 50 years of operational experience, we give highest priority to safety of our people and conservation of scarce natural resources through technology and innovation. With a total R&R base of 453.2 million tonnes and an average zinc-lead grade of 6.5%, our mine life is over 25 years. Our fully integrated zinc operations currently hold around 77% market share in India’s primary zinc market. We are amongst the top 5 silver producers globally with an annual capacity of 800 MT.

We are a subsidiary of Vedanta Limited which owns 63.42% stake in the Company while the Government of India retains a 27.92% stake. We are listed on the NSE and BSE.

Hindustan Zinc’s operations comprise lead-zinc mines, hydrometallurgical zinc smelters, lead smelter, pyro metallurgical lead-zinc smelter as well as sulphuric acid and captive power plants in northwest India. Total metal production capacity is 1.123 Mt. We have facilities located in 5 districts of Rajasthan which includes Udaipur, Chittorgarh, Bhilwara, Rajsamand and Ajmer along with 1 district of Uttarakhand. The facilities include Zawar Group of Mines, Rajpura Dariba Mine, Sindesar Khurd Mine, Rampura Agucha Mine and Kayad Mine along with zinc-lead processing facilities which include smelters at Debari, Chanderiya and Dariba and a silver refinery at Pantnagar in Uttarakhand.

Ms. Priya Agarwal Hebbar

Chairperson, Hindustan Zinc

Priya Agarwal Hebbar is the Chairperson of Hindustan Zinc Limited, India’s largest and world’s 2nd largest integrated Zinc producer and is also the Non-Executive Director at Vedanta Ltd, world’s leading natural resources conglomerate.

She holds a Bachelors in Psychology and Business Management from the University of Warwick in the UK. She is deeply passionate about the environment & sustainability and has been playing an instrumental role in the ESG transformation at Vedanta. She also steers best-in-class people practices across the Group.

Priya is passionate about nature conservation, animal welfare, child nutrition and gender parity which has driven her to lead a variety of CSR initiatives. Under Priya’s leadership, the Anil Agarwal Foundation (AAF), the philanthropic arm of Vedanta, has invested around USD 240 million towards socio-economic development in India touching the lives of around fifty million people across 1300 villages in India and has pledged USD 600 million over the next 5 years towards social impact projects. Vedanta has modernized over 4000 anganwadis across the country through its flagship project Nand Ghar which aims to ensure opportunities for seven crore children and 2 crore women even in the remotest parts of the country. Nand Ghar reimagines the anganwadi network with state-of-the-art infrastructure powered with 24×7 solar electricity, clean hygienic toilets, water purifiers and provides best in class services for e-learning based pre-school education, wholesome nutrition, health, hygiene, and women empowerment.

Following her love for animals, in 2010, Priya founded YODA – Youth Organization in Defence of Animals, today the largest animal welfare organization in Maharashtra with focus on rehabilitation of injured, sick, and abandoned stray animals, rehabilitating over 3000 animals each month. It partners with the local municipality to vaccinate and sterilize around 600 animals each month. YODA ensures the adoption of over 4000 shelter animals every year, providing 24/7 ambulance services across the city of Mumbai with fully equipped ambulances to conduct emergency treatments on spot. It aims to reduce rabies, ensure stray population control in Maharashtra, and promotes community awareness and education through school outreach to instill sensitivity towards animals in young children.

Priya is also leading India’s first state-of-the-art animal welfare project TACO – The Animal Care Organization, under AAF which will bring leading academicians, veterinary professionals, and communities together to create a more holistic approach to animal care in India. TACO also supports tiger conservation efforts and provides infrastructural support to the Ranthambore National Park in collaboration with the Government of Rajasthan.

With focused action plans on decarbonization, water positivity, workplace safety, community welfare and workforce diversity, Priya’s leadership is driving Vedanta on a transformative journey to emerge as an industry leader in ESG

Mission

Enhance stakeholder value through exploration, innovation, operational excellence, safety and sustainability.

Be a globally lowest cost producer

Maintain market leadership and customer delight

Values

Entrepreneurship

Our people are our most important assets. We actively encourage their development and support them in pursuing their goals.

Excellence

Our primary focus is delivering value of the highest standard to our stakeholders. We are constantly motivated on improving our costs and improving our quality of production in each of our businesses through a culture of best practice benchmarking.

Trust

We actively foster a culture of mutual trust in our interactions with our stakeholders and encourage an open dialogue which ensures mutual respect.

Innovation

We embrace a conducive environment for encouraging innovation that leads to a Zero harm environment and exemplifying optimal utilization of natural resources, improved efficiencies and recoveries of by-products.

Integrity

We place utmost importance to engaging ethically and transparently with all our stakeholders, taking accountability of our actions to maintain the highest standards of professionalism and complying with international policies and procedures.

Respect

We lay consistent emphasis on Human Rights, respect the principle of free, prior, informed consent, while our engagements with stakeholders give local communities the opportunity to voice their opinions and concerns.

Care

As we continue to grow, we are committed to the triple bottom line of People, Planet and Prosperity to create a sustainable future in a zero harm environment for our communities.

United Spirits

 United Spirits

We are among the country’s leading beverage alcohol companies with an outstanding portfolio of premium brands. We are a high performing business that is sensitive to consumer, community, and societal needs. We are proud of being a responsible producer and marketer of beverage alcohol, and we champion responsible consumption as part of a balanced lifestyle. 

A subsidiary of global leader, Diageo, our world class portfolio includes premium brands such as Johnnie Walker, Black Dog, Black & White, Vat 69, Antiquity, Signature, Singleton, Royal Challenge, McDowell’s No 1, Smirnoff, Ketel One, Tanqueray and Captain Morgan.

Our strength lies in our scale, the geographical diversity of our business and our desire to continuously improve our performance. We have 36 manufacturing facilities across states and union territories in India, a strong distribution network and a state-of-the-art Technical Centre. And our dedicated team of talented people are passionate about providing the best possible experience from every single one of our products.

Incorporated in India as United Spirits Limited (USL), Diageo India is listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

Ambition

Our ambition is to create the best performing, most trusted and respected consumer products company in India. Read our Annual Report to find out how we are doing this.

Values

Passionate about consumers and customers

We are passionate about consumers and customers. Our curiosity, and consumer and customer insights drive growth. We care for our brands and are committed to pursuing their fullest potential

Value each other

We value each other and build real relationships. We seek to leverage diverse people and perspectives. We trust and empower each other to win. We speak and challenge openly to grow people and the business.

Be better

We strive to be better. We are restless, always learning, always improving. We are innovative and courageous. We experiment and take risks, and we learn quickly from successes and failures.

Proud of what we do

We are proud of what we do and how we do it. We take accountability and act sensitively with the highest standards of integrity and social responsibility. We celebrate inclusion and diversity.

Responsibility

We are proud to produce and market some of the world’s best brands – and we want them to be enjoyed responsibly. Our goal is for people to drink better, not more - which is why we are committed to promoting moderation and tackling misuse. United Spirits, a Diageo subsidiary, leads India's premium alcohol market with iconic brands, innovation, and a commitment to responsible consumption.

Through our collaborations with government and other like minded partners, we champion responsible drinking and are working to reduce drinking and driving as well as harmful drinking, by raising awareness and promoting rigorous industry standards for responsible consumption. 

What Drives Us

We are a company built and sustained through innovation, which gives us the drive to create new products, new categories and new experiences for consumers, to invent strong brands today and in the future for others to take further. As present day custodians of some of the world’s most iconic brands, it is our responsibility to ensure that they remain as relevant today as they have done in the past, and to pass them on to the next generation in even better shape.

Our business :

is built on the principles and foundations laid by the giants of the industry. Angus McDowell, Alexander Walker, Arthur Guinness, and all those who followed in their footsteps, cared deeply about the people and businesses they fostered. They were driven to produce the best beverage alcohol brands, working hard to be successful, delivering the best performance possible and creating opportunities for people and their communities. Today we stand on the shoulders of these giants and act with the same entrepreneurial spirit and determination.

Central Depository Services Limited

 Central Depository Services Limited

Central Depository Services Limited (“CDSL”) was found in 1999 to fulfil one goal: Convenient, Dependable and secured depository services. Over two decades later, everything we have done – the values we have built on, dematerialisation of various asset classes, e-services – have all been in support of that singular goal, at an affordable cost.

We are a Market Infrastructure Institution (MII) and a crucial part of the Capital market structure, providing services to all Market participants - Exchanges, Clearing Corporations, Depository Participants (DPs), Issuers and Investors.

A Depository is a facilitator for holding of securities in the dematerialised form and an enabler for securities transactions.

Technology landscape:

Recent years have yielded significant advances in computing and communication technologies, with profound impacts on society. Technology is transforming the way we work, operate, and interact with others.The financial services industry has always been in the forefront of adopting technology earlier than most other industries. Moreover, being a highly regulated industry, it is also imperative that compliance and risk management areas are addressed in the process of technology adoption. Our organizations are faced with tremendous business challenges including constantly changing business dynamics, regulatory changes, risk and compliance matters as well as cost pressures. With financial information at the core of our systems, it is imperative to safeguard and protect the data of our financial intermediary partners and end customers by adopting best practices in information security. The core depository application has been built and been continuously enhanced and enriched adopting new technologies as and when they are available and are relevant to the platform. Introducing new products, features and functionality into the system is a continuous process wherein products / services enhancements, customer convenience, revenue earnings potential, cost savings potential and regulatory policies decide the priorities of such enhancements being taken up for implementation.

Business continuity :

CDSL is committed to ensure an effective Business Continuity Management System (BCMS) as a mechanism to restore and deliver seamless services at an acceptable level, in the event of any disruption. CDSL is one of the few depository institutions in the world to be awarded ISO 22301 certification for Business Continuity Management Systems in June 2013. CDSL applies suitable methods to monitor the BCMS implemented within the organization. The organization continually strives to improve the effectiveness of its BCMS by adopting system control processes.

Central Depository Services Limited (CDSL), established in 1999, is a key Market Infrastructure Institution in India's capital market. CDSL offers secure, dependable, and technology-driven depository services with strong business continuity practices, including ISO 22301 certification, ensuring uninterrupted financial infrastructure operations.