National Securities Depository Ltd (BSE: 544467) Q3 2026 Earnings Call dated Jan. 29, 2026
Corporate Participants:
Unidentified Speaker
Anshuman Dev
Vijay Chandok. — Managing Director and Chief Executive Officer
Analysts:
Unidentified Participant
Ravi Kumar — Analyst
Amit Chandra — Analyst
Sanik — Analyst
Praveen — Analyst
Divesh Advani — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to National Securities Depository Limited NSDL Q3FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then 0 on your Touchstone 4. Please note that this conference is being recorded. I now hand the conference over to Mr. Anshuman Dev for ICICI Securities. Thank you. And over to you Mr. Dev.
Anshuman Dev
Good morning ladies and gentlemen.
It’s a deep honor to be hosting the Q3FY26 results conference call of National Securities Deposit Ltd. We have with us the senior management of the company. I now hand over the call to Managing Director and CEO Mr. Vijay Chandok. Over to you sir.
Vijay Chandok. — Managing Director and Chief Executive Officer
Thank you. Thank you very much. A very good morning to everyone and a warm welcome to all our shareholders, investors and analysts who are joining us today. I truly appreciate the continued Trust that over 8 lakh shareholders now 8.77 to be precise, as we share business and quarter end update for the quarter ended 12-31-2025. So let me quickly give a overview of the market. Market sentiment in India as you all would appreciate has been cautiously optimistic when it comes to the more medium to long term, but it remains very subdued and weak in the near term.
And this we believe is primarily due to global geopolitical uncertainties which has been coupled with weaker than expected earnings for the recent quarter and then weaker rupee versus US dollar due to various reasons. All this leading to persistent FII outflows. And this for the calendar year 2025 has now aggregated a very high number of about 18.9 billion US dollars. Well, during this uncertainty period domestic investors emerged as the key stabilizer of the markets and have recorded a net inflow of about 6.7.8 lakh crore largely supported by robust SIP flows. The about divergence that I just highlighted between the behavior of the FIIs and the domestic institutional investors has led to relative market resilience and it’s important to underscore this point.
In quarter three of the financial year FY26 cash market experienced flat volumes compared to the previous year comparable period and this is clearly attributed to subdued investor interest, particularly in the mid cap and small cap segments and volatility in the broader market in the large parts of quarter three. Two key trends during this period have been observed as far as our MII ecosystem is concerned. Specifically the Depository ecosystem We saw a deceleration in the demat account growth in the quarter three of this fiscal year Market added the total market, this I’m talking about added about 89 lakh demat accounts and this was lower than what was added in the quarter three of the last fiscal which was about 99 lakh demat accounts.
The total number of demat accounts however increased obviously because of this addition and stood at about 21.59 crore for the entire industry and the NSE unique investor base has now reached about 12.47 crore investors as at December 31. The second trend so the first trend as I mentioned was filtration in demat account growth. The second trend is the primary market and the primary market continued to show strong investor participation. The markets have raised about US$10.8 billion through a combination of 125 IPO during this quarter three so while there has been deceleration in growth of demat accounts, we believe there is still a lot of room left to bring household into the market.
This untapped majority which are individuals who are yet to participate in security markets products represents a vast opportunity for players like us. And as per a recent SEBI Investor survey of 2025, only 9.5% which is approximately 3.21 crore households actively participate in the markets. So there is clearly a significant conversion gap that is there for us to harness and NSDL as a key market infrastructure institution has continued to play an important and a central role in this transformation. Specifically in the quarter we introduced several initiatives and I’ll highlight a few of them aimed at enhancing security efficiency, investor awareness and accessibility.
So effective Dec 15, 2025 NSDL enabled to open DEMAT accounts digitally for HUF joint accounts. So this is something that improves and simplifies access, gets better efficiency, ease of investments and doing business. To promote that we enhance the facility of the bsda, the basic service DMAT account. We successfully completed the allotment of the first sif. You would all recollect sometime back SEBI introduced this concept of specialized investment funds. So we started now getting business from that. So the first one was done. Enhancement for enabling the API to facilitate value free transfer of government securities, the GSEX which is again growing interest among the retail investors.
So some API facilities have been introduced which makes it seamless and real time for investors to access GSecs. Enhancement to streamline the margin pledge system which facilitates our counterparties DPs to offer MTF facilities. We also remain deeply committed to the investor protection and Financial literacy, which is what we believe will add to the attraction with respect to new investors coming into the market. And our joint campaigns with SEBI under the AG’s Rahul digitally Chokana reached close to about 80 million investors across India in multiple languages and formats. And NSDL continues to conduct about 2,500 investor awareness programs annually.
This is something that we do on an approximate annual basis reaching over 1.5 lakh participants across tier 1, tier 2, tier 3, tier 4 and tier 5 cities actually. So in the medium term, while you know there are these short term measures, recent measures that we have taken in the medium term, SEBI has laid out a plan to expand investor participation to bring another 10 crore more investors into the market in the next three to five years. That’s the aim that SEBI has laid out. The idea is to make the investment process simpler, safer and more transparent with an obviously extensive use of technology.
And NSDL continues to be aligned to this vision of sebi objectives of the regulator and our focus is to use technology and process innovation to further this objective. Now coming to the business of the quarter. During the quarter the total number of demat accounts for NSDL reached 4.32 crore. And we also reached 300 depository participants now who provide service to these 4.32 crore investors through 56,000 plus 56,800 plus service centers and branches in more than 2,000 cities and small towns. And we hold 86% of the value of custody managing about $527 trillion of securities of which about 81% is in equity and the rest is non equity instruments.
Our incremental market share in net demat accounts for the nine month period now in the current fiscal standard stands at 15.89%. An increase in the similar period last year. Compared to where we were last year in quarter three. Market share specifically stood at 14.65% and you compare that with last year quarter three, we were at about little under 7% in the same period. So there has been some improvement in market share. But we continue to put our focus and attention in trying to improve market share of DMAT accounts in the retail side even as the mca, the Ministry of Corporate affairs recently revised the minimum threshold for dematerializing non small companies to promote ease of business.
We are pleased to announce that NSDL has achieved an important milestone of crossing 1 lakh issuers within the NSDL fold. Coming to our E voting platform, we have helped number of leading companies to offer E voting services to their shareholders empowering them to exercise investors to exercise voting rights electronically. We also launched an integrated feature in the Investor app called Speedy to display proxy advisory recommendations to enhance corporate governance through higher participation and transparency. And in the E Voting business, we have clearly now emerged as a market leader in the country. Now let me take you through the key financials which we have already put up on our website.
In this regard I would just like to highlight an important point that it would be relevant to examine our financial outcomes on a yomi basis and not restrict it to sequential basis. This is because when you look at the NSDL’s business model there are specific elements of seasonality which are embedded in our business. Elements like E voting, then dividend receipts that comes from our subsidiaries and these as you would all appreciate are concentrated in specific quarters. So doing sequential comparison may not give you Apple to Apple comparison. So I would request everyone to please keep in mind this factor and evaluate our performance in the context on a y o y basis.
Keeping this in mind, I’m highlighting the YOY comparison of NSDL on a standalone as well as consolidated basis. Total income for the quarter three stood at about 198.7 crore. This compared against 172.2 crore last year. Same period 15.4% up pat came in at about 77.9 crore, broadly unchanged. You could say however there was a one time non recurring tax item which has come in this specific quarter. Just for the information it would be important to just bring out that without that the profit would have been higher by about 10.3%. So in apples to apples comparison that’s what it comes out.
On a consolidated basis total income stood at about 394 crore compared to 391 crore last year, broadly flat and profit after its tax stood at about 89.7 crore roughly 4.5% up compared to the previous year. This is without any exclusions here, but if I were to give the benefit of that one time impact that NSDL took on a tax item then the profit would have been up by about 13.3%. With this brief update I would also like to highlight an important development that happened with our subsidiary which is the NSDL Payments Bank. Protean E Governance has acquired a 4.95% stake in the payments bank for about 30 crore, valuing the bank at approximately 580 crore.
This is with an aim to boost its digital services distribution enhancement, you know, and strengthen its role in the digital public infrastructure space. The bank as at December 2025 has crossed 475 crores of deposit balances and the number of investors. Rather I would say account holders have now crossed 37 lakhs, 37.5 lakh account holders and depositors as on date. With these I will just hand it over to the cfo. But before that I would once again express my gratitude to all our shareholders, regulators, employees for their continued commitment and support in our journey. I’ll now swing this call to Jigar rcfo.
Unidentified Speaker
Good morning. Thank you Vijay. Let me now take you through a slightly deeper update on standalone consolidated financial highlights for the quarter ended 12-31-2025. To begin with standalone basis, revenue from operations for quarter three stood at 169 crores, a growth of 14% on a YoY basis and sequentially it declined by 17% as which I mentioned due to seasonality particularly on account of e voting and dividend income that occurs in quarter 2 FY26 on total income basis we have registered a growth of 15.4% on yoy basis from 172.2 crore a year ago to 198.7 crore. On margin front.
As far as EBITDA margins are concerned, our EBITDA margin for the quarter ended stood at 60.5%. Our EBITDA for Q3FY26 on absolute basis stands at 120.2 crore. As far as net profit after tax is concerned, our profit grew by half a percentage point on year on year basis by from 77 to 77.9 crore. However excluding one time tax impact the profit would have been at 85.4 crores up by 10.3%. That’s like to like comparison without stripping out the tax impact. As far as our PAT margins are concerned, our PAT margins stand at 39.2%. However excluding that one time impact the PAT margins continues to be at about 43%.
I would like to share a brief update for nine month performance. FY26 standalone basis total income on nine months stood at 639.7 crores, a growth of 18% on a yoy basis. Profit after tax for nine months stood at 280.9 crore up by 14.3%. Excluding the tax impact the profit would have been for 9 months 289 crores. Net worth on standalone basis stands at 2,048 crores. NSDL standalone profits forms 90% of total consolidated profit. Moving on to consolidated highlights for quarter three our total income stands at 394.3 crore, marginally up by 0.8% on a YoY basis sequentially it has declined by 8.8%.
Profit after tax for the quarter stood at 89.7 crores. Excluding the tax impact, the profit for the quarter on Consolidated stands at 97.2 crores up by 13.3%. On nine month basis, our total income stood at 1,173.4 crores up by 2.8%. As far as pat is concerned, our PAT stands at 289.7 crore up by 11.5%. In the nine months and excluding one time impact, the profit stands at 297.3 crore up by 14.4%. Our margins have improved on a consolidated basis from 22% to 24% for the quarter ended December 31. To the that’s the update on the financial front.
Thank you all of us for joining us today and I will now open up the floor for questions.
Questions and Answers:
operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on a touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes on the line of Ravi Kumar, a research analyst. Please go ahead.
Ravi Kumar
Good morning team. I am audible.
Unidentified Speaker
Yes, you are audible.
Ravi Kumar
Yes, sir. Sir, I am consistently watching. There is a change in revenue mix. All majority revenue come from Payment bank but the contribution of Payment bank in the profit is very low. So what are your views on the business of Payment Bank?
Unidentified Speaker
Yeah, thank you.
Unidentified Speaker
Yeah.
Unidentified Speaker
The Payment bank tends to have a high revenue principally because the way this Payments bank business model is structured is that this income includes the commissions that are payable to the business correspondent.
Unidentified Speaker
So.
Unidentified Speaker
So when you net that out, the contribution is what really is attributable to the bottom line. So you have to view it in that context. You would notice that Payment bank has been in the process of figuring out its business model, profitable business model. While we are not specifically sharing the numbers, I can tell you that on.
Unidentified Speaker
A.
Unidentified Speaker
Basis there has been a very considerable growth in the profit after tax of the Payments bank compared to the last year period. So there are specific businesses that the Payment bank has identified which is float, which is coming from deposit holders in form of CASA which is now. I mentioned the numbers in my in my talk and also the UPI acquisition income which is now started coming. As a result of that we are seeing much better profit in the current Year compared to last year. So as the company has also raised 30 crores of equity which will strengthen their capital base to do more investments into particularly technologies upgradation of technologies which will also help in improving the business.
So we do believe that this is a more medium term prospect. But what is sort of interesting to note about the payments bank, it’s a strong operating leverage business model. So the multiple on growth is what this business tends to offer rather than percentage growth on a yoy basis. And that’s what we have also seen in the current year.
Ravi Kumar
Okay sir, I have one follow up.
Ravi Kumar
Sir, our majority of revenue come from banking service.
Ravi Kumar
And so how you view the banking.
Ravi Kumar
Service revenue in the coming one to.
Ravi Kumar
Two year like how much percentage of.
Ravi Kumar
Revenue come from banking service and how much from depositary business.
Unidentified Speaker
So as. Yeah, so as Vijay rightly mentioned, our request is if you are looking at the payment bank from a contribution basis. So you have to look at the gross revenue and strip out the expenses because there’s a commission. And if you can see from the last nine months we have reported the segment numbers. The last nine months the segment revenue coming out of banking services was about 2 crores. This time it has gone to 14 crores. So a lot of activities that has been undertaken by the payments bank with regards to the UPI acquiring business, with regard to the CASA business, we see the momentum to continue.
Having said that, how we look at next one or two years, we are not giving a specific guidance but we are very confident they will continue the current momentum.
operator
Mr. Kumar, are you done with the question?
Ravi Kumar
Yes sir.
operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes on the line of Amit Chandra with HDFC Securities. Please go ahead.
Amit Chandra
Yes sir. Thanks for the opportunity. So my first question is on the know annual annual custody fees. Obviously we are seeing healthy growth there on y terms. But the recent change in regulations, you know how do you see that impacting the pace of addition of unlisted companies? Because unlisted was a know higher proportion of our issuer revenues.
Amit Chandra
So.
Amit Chandra
And it was a major growth driver for us also. And in terms of how the time has reduced with the change in regulations. If you can explain that.
Unidentified Speaker
Yeah. So certainly with this change in regulations we have seen the run rate of growth come down because the eligible universe has become much lower now compared to the earlier one. Data is not specifically available in a formal sense. Only approximate sense data is available. But there is a definite reduction in the custody fee. But the expectation Is that the people who have come already into the demat because the deadline had already crossed on June 30 last year, the expectation is that they would continue to provide the sort of continuing fee. And in any case, just to, you know, sort of highlight one point comment which you nuance one comment which you made, that majority is coming from custody fees, not an accurate number of unlisted companies.
It is broadly balanced. Actually it is not in favor of unlisted. It is almost equal between the two. So the growth drivers for custody fee will continue to be the increase in, you know, the custody fee coming from new companies getting dematted, which is coming at a slower rate than the past year. But the growth that can come through the listed space, that momentum through improvement in number of demat accounts is something that we are targeting to or you know, working towards to keep increasing to add to our custody fee.
Amit Chandra
So thanks for the clarification. And so just in continuation on this, we were also eyeing for an issuer fee hike from the regulator side and because we are seeing, you know, increased investments in technology and obviously in the overall the cost structure for us is like increasing at a faster rate and there are planned investments that are also there in terms of technology. So is it a strong point in terms of the regulator to consider and hike in terms of the issuer because it has been pending for almost 10 years now?
Unidentified Speaker
No. So I don’t know what is your source of information about this conversation with regulator? Because we are not aware of any such sort of plan that is there. Having said that, you are right in saying that for about 10 or now 11 years there has been no change in the fees. But that prerogative of any change in fees is left to the regulator. I don’t think we can make any observation or comment on that at all.
Amit Chandra
Okay, answer. In terms of the incremental market share gain, obviously we mentioned in the last calls that we have been trying to gain the incremental share. But we have seen some improvement till September. But post September again the incremental share has started to come down. So any update on where we are in terms of journey in terms of having a better incremental share?
Unidentified Speaker
Yeah, I think that’s a great question, an important question because that’s an area of principal focus of the management team. Specifically quarter three to quarter four, sorry rather quarter two to quarter three. The change that you’ve seen in the demand in the demat account market share is to our mind an analysis is actually more, I would say episodic and linked with certain very highly sought after and high profile IPOs that came which led to a which always leads to a little bit of surge of business and that business tends to come more for some of the discount brokers as compared to the bank based brokers which has led to a slight skewness however in that quarter compared to the previous quarter.
However with market now becoming more sort of benign with respect to the IPOs in particularly recent time. Structurally I don’t see any sort of difference between what happened in quarter two and and quarter three. We continued we’ve added I think we’ve given out the data about six new DPs and these some of these DPs are FinTech DPs. Many of them have started now scaling up numbers are materially important. Recently we got a switchover of also important Pune based, you know fintech player which is started adding demat accounts and we are in talks with many, I would say meaningfully large demat players.
Some of them have actually I would say demat providers, demat account providers who have already started the integration. But their scale up is expected to take place over the next few quarters because they are putting their teams together and their various technology testing etc. Together. So you just have to appreciate that the journey is underway. But the impact of onboarding does not come in the immediate quarter of onboarding. It typically takes at least 2, 3/4 before the scale up numbers are coming. So some of these scale up that we have started seeing is something that we have started early part of the calendar year.
So whatever we are doing in the current few months will start being visible from the second half of the calendar year. 26.
Amit Chandra
Okay, okay sir, answer no. One last question from my side. It’s more related to more you know what’s happening at the macro level in terms from the company side. So seeing know the standalone numbers more from an revenue per demand. Okay so quarter three annualized number is around 156 rupees per bo account and if I split it between the old and the new additions maybe because the in last 34 years we have seen a lot of new additions that has been there in terms of the base. So how do you see this 156 number or 160 number order in terms of the contribution from the older clients versus the newer clients.
So is it significantly lower than the newer accounts that are getting added? Their contribution is significantly less and maybe that becomes a trigger as these accounts grow and become old. Maybe the contribution from there Maybe you know will increase and that will fuel the growth for the next four, five years for the company. So is it the right way to see.
Unidentified Speaker
So see Amit, this is a very good question. You know, we keep debating this about the new and the old, but it’s very hard to right now pinpoint. You know, how we look at the next of couple, couple of years from ballpark number of 156 or 160. Essentially this is also augured by the number of activity that an investor does in the market. So the number of activity increases, you get a more churn in terms of revenue. Typically we have seen the retail. There are two sets of retailers. One retailers which are very, very active in the one retailer which are a little passive.
So it’s very hard to even pinpoint the new age TMAT account which we have added in the last couple of years how this activity or behavior will look at. Just to give you one color, we had a YUVA scheme that we had rolled out a year ago. Initially the YUA scheme was garnering about 10% of our demat account. Now it is getting 20%. But again the transaction from that has not been so material in terms of how many churns there are because these are more driven to the market link activities. So very hard to predict this ballpark number.
Unidentified Speaker
Yeah, but if you look at the trend of what we’ve seen, I think it’s fair to say that that is the direction one can aspire for what you just highlighted in your question, that it will go down and then over a period of few years it will start improving because that’s the way economic progress will happen.
Amit Chandra
Okay sir, thank you and all the best.
Unidentified Speaker
Thank you Amit. Thank you very much.
operator
Thank you.
operator
A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Sanik with Evan Daspark. Please go ahead.
Sanik
Thank you. Sir, this is Sanket from Avenders Park. Sir, just a couple of questions. The other transaction income which fell 26% quarter on quarter and 8% year on year, is it fair to say this this is largely because of the lower joining fees coming from unlisted company because of the regulatory change.
Unidentified Speaker
Sorry Sanket, can you just please.
Unidentified Speaker
There’s some little bit more noise in the background. There’s some construction work going on. So can you just repeat it again?
Sanik
Sir, the question which I was asking was that the, the other transaction income which you give the revenue split there we have seen 8% year on year decline and around 26%, sorry, 8% year on year decline and 26% quarter on quarter decline. Is it too fair to say that this decline is predominantly because of the lower joining fees coming from unlisted companies because of the regulatory change?
Unidentified Speaker
Yeah. So this quarter. Yes. Just because of the lower joining fee that has come. You know, as far as the quarter on quarter sequential quarters concerns also the year on year. So broadly, you know there are few other elements also in year on year but it’s about 8%. But this basically major quarter of 25% decline is on the back of the joining. If you see the joining fee, in the previous sequential quarter we added about 11,000 plus companies. This quarter we’ve added 4,400 companies. So that is where the bigger drop is coming.
Sanik
Understood. So this 4,500 or crores 500 odd companies, do you think this run rate will further decelerate or you expect this 4000 companies run rate with the regulatory change in the mind we will continue.
Unidentified Speaker
So we are right now experiencing that there is some momentum but we are taking very cautious approach and we can’t predict right now a real number. So we wait and watch because the update has come very recently how this will unfold in the ecosystem. We are also looking at the behavior of the ecosystem. So give us some a quarter and then we’ll probably have more clarity on how do we look at this number.
Sanik
Understood, Understood. And maybe if you are okay to share in the other transaction income from a data keeping point of view. What is the pledge revenue earned in the quarter and in nine months FY26.
Unidentified Speaker
You know I thank you for asking this question. You know I get this question all the time. We are also looking you know what kind of information we can sort of put it across in line with our IPOs we have done. But yeah, surely we look into it and try to look at giving more information, whatever that’s possible. Noted.
Sanik
Okay, that’s fine. And and, and and my next question is is on payment bank. Again. See I agree with, with, with Vijay. You, you saying that the profitability of the business has increased. So when I do the analysis the contribution margin which was 0.5 percentage third quarter FY25 improved to 2.4 in second quarter. Now it is closer to 5 percentage in third quarter. So how do we see this number to play out? This 5 percentage has further scope to improve with the business model change and whatever pruning you are doing with the business. How much maybe declining trend in the payment bank will continue and to what extent that the Contribution margins can improve for the payment bank from the current levels.
Unidentified Speaker
So Sanket, as we’ve been saying in the last two to three quarters in our call also that effort is there in order to push multiple business of Payment bank and what you mentioned that is the outcome of the effort. We cannot, you know, we are not looking at a business where we say that know, let us take this number to X to Y. We are hopeful and we are very cautious, you know, right now that you know, whatever effort that we are taking, we maintain the momentum. That’s the call that we have internally within amongst our management and also with the payment bank and let a couple of more quarters come out and then we’ll get a visibility because if you see from 2 to from 0.5 it’s gone to 2 and a half and it’s gone to 4.
So you want to maintain this momentum across CASA. That is one focus area. Second area is the UPI acquiring and that will continue to to give us this range bound as far as the payment business concerned.
Sanik
So the last part of the delta improvement happened because of CASA or UPI services.
Unidentified Speaker
Yeah. So I would not be able to give a split but it’s a combination of both. A UPI acquiring that has gone up and we have given that number that volume has gone up to 30,000 crore plus in our debt as far as the acquiring volumes are concerned. And the Casa, Casa has gone to 475 crores plus. So the margin on CASA is also helping us to make you know, the retail income on that front.
Sanik
Understood, understood. And a few data keeping questions or rather one more question. See you alluded to the point that we have a market share gain in E voting. But if I look at on sequential basis E voting still declined, is it because it got lumped up in second quarter because nine months numbers look okay but in third quarter it looks weak. So is it fair to say that the business got lumped up in 2Q and therefore 3Q optically looks lower on year on year basis?
Unidentified Speaker
No, no, bang on. In fact I mentioned it in my opening comments itself that there is a seasonality impact that we typically observe particularly because of E voting. As you know most of these results get declared. Then there is an AGM which happens in the quarter three rather quarter two and quarter three becomes less and quarter four becomes even lesser. So there is a seasonality impact of E voting. The other impact that you will see is dividend which we receive from subsidiary that typically comes in Q2. So Q2 to Q3 if you compare sequentially. These optics have to be be adjusted.
Sanik
I understand that sir, but I was more referring from year on year basis.
Unidentified Speaker
Despite that there has been actually a gain in market share quarter two to sequentially also we’ve gained market share.
Sanik
Understood, Understood.
Sanik
No, but.
Sanik
But third quarter to third quarter there is a decline. So. So despite we gaining market share there is a decline. So. So anything to read There is is the point I was trying to check. I understand that the two is really very strong. Yeah.
Unidentified Speaker
So the third quarter what you’re looking at 6.8. The number of events have remained the same. But at times what happened the event mix changes. Sometimes the number of shareholders are slightly higher in one of the event and the number of shareholders slightly lower. So these are again very event specific. So while even if I have to give a number of events, because we have given in our anchor, I mean in our IP also we had done about. We have done about 4400 events this year. And last year we did about 4200 events. So sometimes when the mix changes, that’s where you have some marginal contribution going off here and there.
But otherwise we maintain the steady state with regards to the market share.
Sanik
Understood. And lastly last one question. Can you spell out the number of folio count you have at the current juncture which you spelled out in the last quarter too. Any. Any update on that number will be useful. And. And second is that if payment bank needs any any capital incrementally to. To run the show or they are self sufficient.
Unidentified Speaker
Yeah. So first question I will answer and I hope this is your last question. Otherwise we will keep continue to keep asking more data points. Very fairly asked. We had given this data point last time. In terms of our folio counts we are roughly about 50 15.5 crore folios as we stand as of 31st December. So that’s where our folio count is. And as far as the adequacy of capital and the capitalization is concerned, maybe the fact is that we have done, you know, the investment with regards to 30 crores 4.95%. We continue to look at if there is any opportunity.
But at this point in time our focus is more on building what we have got from the protein and build this part partnership more meaningful and formidable in the next one year.
Sanik
Understood. Thanks for all the answers.
Unidentified Speaker
Thank you. Thank you. And if there are more questions, we can take it additionally later.
operator
Thank you.
Unidentified Speaker
Thank you.
operator
To ask a question. Next question comes from the line of finest Gentlemen Financial Services Ltd. Please go ahead
operator
yeah, yeah.
Unidentified Participant
Hi everyone. Am I audible?
Unidentified Speaker
Yeah, hi. Good.
Unidentified Participant
Yeah. Hi. Hi. You know. Well, most of the questions have been answered. Just, you know, extending the question on your. So if you look at DMAT accounts, right. What is the potential that you guys have to kind of extract more volumes out of the existing brokers? Right. So you know, we were talking about the hook of three in one accounts with these bank based brokers. Any traction there that has kind of brought the moment can bring some momentum back into the game. Right. So Q3’s episodic, I understand, wherein there were a lot of IPOs and there were.
But structurally, do you think that the bank based brokers are working towards getting more three in one accounts? And is there any data to kind of support that thesis?
Unidentified Speaker
I think that’s a great question. And actually in one of the slides we had given out that data on the deck. If you notice, in the quarter three we’ve given nine month data, right. If you can refer to that data. You know the nine month period last year the entire industry added about 339 lakh demat accounts, right. That number has come down to 234. But there has been a deceleration during this period our demat accounts went from 29.982 lakhs to 37.33 lakhs. How is this possible? This is possible only because we have, you know, while the industry has shown a degrowth, we have shown an actual absolute growth in the number of accounts.
This is because of more digitization and efforts to increase penetration with our existing DPs. In addition, few DPs that were added earlier, I have now started scaling up. So it’s a combination of both these things. So some traction is visible in the nine month number. If you see through the, you know, the existing brokers itself where we are able to improve greater conversion of savings account into three in one accounts. You know, it’s almost an 8, 9 lakh increase in base when actually the market has come down.
Unidentified Participant
Right, right. And the 6DP that you’ve added recently, are they already operational? And what is. If you can indicate the total number of NSE active clients that they would have currently not the demand account, but at least the NSE active client which is there in the public domain that could give us good, a good understanding on the size, which you can see incremental volumes coming through.
Unidentified Speaker
No, currently we are not giving any, you know, subset sort of a data at this point in time.
Unidentified Participant
Okay, okay, okay, okay, got that, got that.
Unidentified Speaker
You Know we’ve seen that the bank based guys tend to be you know, heavier on demand and that is again available in the, you know our deck data is available on how the DMAT balances are played out.
Unidentified Participant
And just the last question on the, you know the transaction charges, I think this was asked earlier but again just repeating the drops in sequential basis on the other act the transaction charges is because of joining fees only or and because you said the implication is still yet to come. So the joining fee should further kind of go down from the current levels if we, if we look at Q3 numbers.
Unidentified Speaker
Yeah. So right now you know when you look at numbers it’s primarily, you know the quarter on quarter is because of the joining fee as well as you know, year on year it’s primarily driven by the joining fee rest of the elements which are part of the other transaction which are like pledge, you know, other transactional charges that we charge remains, you know flat dish or unchanged in that. So right now we are looking at how this next quarter comes in terms of joining fee, how much we have a market share and how many companies gets onboarded.
So too early for us to say how this theme will work out in the next especially previous quarter. But yeah, just wait and watch for us. But for now the commentary is because of the joining fee has seen a change and that has led to declining the other transactional charges.
Unidentified Participant
The impact of regulation is already seen in Q3. Is that the right way to think?
Unidentified Speaker
Yeah, but the regulation I think came in December, you know the official commentary from. So it’s sort of not a full impact. So we see how the next quarter sort of looks at and we continue to monitor this situation closely.
Unidentified Participant
Okay. Can I slip in one more question?
Unidentified Speaker
Sure, yeah, please.
Unidentified Participant
Yeah. Just on this, you know, if you look at the corporate actions and IPO activity, you know we saw 3Q as a very strong month for IPOs. But in spite understanding the drop in revenues is more because corporate actions. And is there any booking of revenue spending on IPOs that can slow down in Q4?
Unidentified Speaker
No. So on the booking side, the accounting side, whatever IPOs has come, that is the income has been taken care of in terms of you know, the year on year. We are like flattish. We are you know, 25 odd crores. We’ve got did this quarter on the Q2 we had slightly better pipeline with regards to the IPOs. And Vijay mentioned in earlier commentary that you know sometimes, especially in quarter three there were two, three big players, you know that sort of had more applications that demat account favored the competition than the U.S. and that’s where you see a slight episodic reduction in the corporate action fee at otherwise it’s been steady state.
Unidentified Participant
Okay, thank you. All the best.
Unidentified Speaker
Thank you very much. Praise and have a good day. Thank you.
operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Praveen and research analyst.
Praveen
I have one suggestion that our majority.
Praveen
Revenue come from banking system but we provide very less information about our payment bank business. So it would be very grateful if we provide more information about our payment bank business system from upcoming quarters.
Unidentified Speaker
Yeah. So I think once again I would request you while there is a large number, the relevance of that revenue is to be seen in the context of a net number. So please net it off. It’s all available. And what is going to be the value driver is the depository on the bank. So there is that much information that we are giving about our subsidiary.
Praveen
Okay. Sir.
Unidentified Speaker
Yeah.
Unidentified Speaker
Thank you.
Unidentified Speaker
Thank you.
Praveen
Thank you.
operator
Thank you. A reminder to all the participants that you must star and one to ask a question. Once again, a reminder to all all the participants. I think I press star and one to ask a question. Ladies and gentlemen, we have a question that is on the line of Divesh Advani with the Reliance General Insurance. Please go ahead.
Divesh Advani
Yes, please.
operator
Mr. Advani, please go ahead.
operator
Mr. Advani, please unmute yourself and go ahead with the question. Since there is no reply from the line of Mr. Advani, a reminder to all the participants that you may press star and one to ask a question. Once again, a reminder to all the participants that you must star and one to ask a question. Next question comes from the line of Divesh Advani Reliance. Sherilyn Jones, please go ahead.
Unidentified Speaker
I think he seems to be having some difficulty in.
operator
Mr. Advani, please unmute yourself and go ahead with the question. We have no reply coming from the line office. That one. Ladies and gentlemen, as there are no further questions, we have reached the end of question and answer session. I would now like to hand the conference over to the management for closing over.
Unidentified Speaker
Thank you very much. Really appreciate all the questions that have come and know for patiently hearing our, you know, entire update on the business performance in case there are after thoughts, after questions or even anyone who could not ask questions and couldn’t participate because they wanted to do some more study before asking, don’t hesitate. Please feel free. Jiggar is available and we would be able to take this offline. You can reach out directly to Jigar and his team. And we’ll be very happy to respond to all your questions. So please, this is a request from my side.
Thank you very much.
Unidentified Speaker
Once again.
operator
Thank you. On behalf of National Securities Depository limited concludes this conference. Thank you for joining us. You may now disconcert.