The two depositories
- CDSL — Central Depository Services Ltd. Promoted by BSE. Larger retail base (Zerodha, Groww, Upstox route here).
- NSDL — National Securities Depository Ltd. Promoted by NSE. Historically dominant with institutional investors.
Both hold equity, debt, and mutual funds in dematerialised form. For an unlisted-share buyer the practical differences are minor, but they matter at three points:
How to tell which one you have
Look at your BO ID (Beneficial Owner ID) on any statement or your CMR:
- CDSL: 16-digit number starting with
12... - NSDL: 8-digit alphanumeric prefix + 8-digit number (format: DPIDXXXXXXXX)
Your broker's contract note always shows the depository explicitly.
When the choice matters for unlisted shares
- Transfer speed: Both T+1 standard. NSDL has slightly faster inter-DP transfers in our experience.
- Fee structure: Broker-dependent; usually the same since brokers pass through.
- Dual-listing: Some companies list their unlisted shares on *only one* depository. Check the ISIN on CDSL's and NSDL's lookups — whichever one shows the company, that's where it's held.
Opening a new demat
If you don't have one:
- Fastest: Zerodha / Groww / Upstox / ICICI Direct → CDSL, 15-minute online open.
- Institutional broker: Kotak, HDFC, Axis → NSDL typically.
Either works for Polemarch. Make sure to upload the matching CMR during KYC so shares transfer to the right demat.