Central Depository Services (India) Ltd (NSE: CDSL) Q4 2026 Earnings Call dated May. 04, 2026
Corporate Participants:
Nehal Vora — Managing Director & Chief Executive Officer
Girish Amesara — Chief Financial Officer
Unidentified Speaker
Analysts:
Amit Chandra — Analyst
Supritim Dutta — Analyst
Madhukar Ladha — Analyst
Unidentified Participant
Sanket Goda — Analyst
Mitesh Goel — Analyst
Harshit Toshnival — Analyst
Neeraj Toshnival — Analyst
Prayesh Jain — Analyst
Rohan Nagpal — Analyst
Mehul Pathak — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the CDSL Q4FY26 conference call hosted by HDFC Securities. As a reminder, all participant lines will be on 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 zero on your touchstone phone. Please note that this conference is being recorded. Ladies and gentlemen, please note that CDSL does not provide specific revenue or earnings guidance.
Anything said on this call which reflects CDSL’s outlook for the future or which could be constituted as forward looking statements must be reviewed in conjunction with the risk that the company faces. I would now like to hand the conference over to Mr. Amit Chandra from HDFC Securities. Thank you. And over to you.
Amit Chandra — Analyst
Yeah. Thank you operator. Good afternoon everyone. On behalf of SDFC securities, we welcome you all to the CDSL Quarter 4 FY26 earnings call. Today we have with us the management team of CDSL represented by Mr. Nehal Vora, M.D. CEO, Mr. Greece Amesera, CFO and other senior leaders from the management team. We will start with a brief overview of the quarter by Mr. Nehal Vora and then we will open up the floor for the question answer session. Thank you. And over to you, Mahal sir.
Nehal Vora — Managing Director & Chief Executive Officer
I’d like to thank you Amit for the kind introduction. A very good afternoon and welcome everyone. I hope each of you and your loved ones are safe and healthy. Thank you for joining us today to discuss CDS financial results for the fourth quarter and financial year 2526 which ended on March 31, 2026. We posted a detailed investor presentation on our website for your reference. I am joined by the CDSL’s leadership team. Let us start with the industry highlights and I would like to take you some of the key aspects of our performance.
The recent geopolitical developments have added some uncertainty to the global environment influencing energy prices, capital flows and short term market sentiment. While India’s fundamentals continue to remain extremely strong, these global cross currents have led to phases of volatility including in Indian markets. In such periods, the role of trusted market infrastructure becomes even more important. Our priority has remained to ensure the market operation, depository processes and investor facing systems continue to function smoothly securely.
For CDSL that the system performance is not only about managing peak volumes but it is also about being prepared for evolving market structures, regulatory developments and a continuously expanding investor base. Against the backdrop, the quarter has been one of steady participation and continued broad based growth. Even as market activity moderated from last year’s highs, our focus remains on strengthening the underlying value proposition of the platform through technology, service standards, ease of integration and trust.
The combined average daily turnover at BSE and NSE for March was around 1 lakh crores. At the same time, investor participation continued to broaden. I am happy to report that we have crossed 22.4 crore demat accounts as a depository industry. CDSL saw more than 2.7 crore accounts opened this financial year bringing our total to 18.01 crore demat accounts as on March 31, 2026 maintaining our 80% plus market share with a consistently incremental market share of 85 to 90% supported by the continuous trust of investors and depository participants on our platform.
We are encouraged further by the key recognition CDS has received during the quarter including the Golden Peacock Innovative Product Service Award for the year 2026 and a golden Peacock Award for Corporate social responsibility for 2025. For our CSR activities, we were recognized as the best institution in Asia for Diversity, Equity and Inclusion by Asia Asset Management Awards 2026. I’m also humbled to share that business today recognized me on behalf of the entire CDSL team and the ecosystem that has placed its trust in us in the Market Infrastructure Institutions category as India’s best CEO of 2026among many others, CDSL IPF also received multiple awards at the IAMAI Awards for various Investor education campaigns.
These recognitions continue to motivate us in strengthening our focus towards innovation, inclusion and trust along across the Indian securities market in the entire year. We continue to strengthen our presence across adjacent areas of market infrastructure. CDSL ventures are wholly owned subsidiary and the largest KYC Registration Agency received SEBI’s no objection to set up a separate business Unit@Gift. IFSC proposed to be registered with IFCA as the first KYC registrant agency. The setting up of CDSL IFSC in Gibbs cities an important step to support international issuers investors at India’s International Financial Center.
Both CDSL and its subsidiaries spanning kyc Insurance, Commodities and Gibbsity are positioned to extend the principle of dematerialization and online onboarding infrastructure further into the financial ecosystem, opening fresh avenues of long term value creation. I would like to add one interesting product which has been launched amongst the many key market reforms which have happened in this quarter, the one which I would like to Highlight is the Form 15 G15H now Form 121 in terms of the next phase of the DMAT Account Portability Automating investor transfer smooth transmission of securities from nominee to legal areas 15G 15H now can be accepted by both depositories as a measure of ease of doing business.
The securities Market Code 2025 tabled in the Honorable Parliament in December 2025 is a significant development in India’s securities market rules and regulations since Sebi’s creation in 1992. The code aims to consolidate India securities market framework into a single statute governing primary and secondary markets, market intermediaries, depositories and other market infrastructure institutions. We are cognizant of the scope of this regulation and look forward to the next phase of the statute as and when it is passed by the Honorable Parliament.
We will continue to study the developments closely and engage constructively as the framework in line with the evolving nature of our ecosystem this quarter we hosted the third edition of our REIMAGINED Symposium on the theme of REIMAGINED Securities Market to Synergy held in Mumbai on 7th February 2026. The event was graced by eminent leaders including the Honorable SEBI Chairman Sri Tuinkanta Pandey, SEBI full time member Sri Sandeep Pradhan, Sri Mistry, former Vice Chairman and Chief Executive Officer of hdfc Sri Avnish Pandey Executive Director Sebi Sri Sunil Kadam Executive Sebi among other key leaders of the Indian securities market and the Symposium CDS IPF team launched its own investor education comic book in collaboration with Amar Chitra Katha.
This initiative reflects our efforts to make investor education simpler, more accessible and more engaging, especially for the first time investors who would like to enter the securities markets from across India. It is another step in helping investors stay aware, alert and protected. I would really encourage all of you to look at the comics on the CDSL IPF website and the interesting thing is it’s in 12 languages so you can read these comics in your vernacular language also and would really encourage you to share with the near and dear ones from all the age groups as the participation deepens across metros and beyond metros, including younger investors and women investors.
Our responsibility is to make access, education and protection move together as a single unit. Our priorities remain centered on strengthening market infrastructure, improving process efficiency and supporting the evolving needs of a growing investor ecosystem. Now coming to our financial results, I’m glad to share that the quarter for 2526 we’ve reported a standalone total income of 1096 crores and a standalone net profit of 468 crores. The CFO will take you through the detailed number shortly.
Really moving forward into the financial year we remain focused on enabling every Indian investor to remain truly Atma Nerbhar to become a truly Atma Nerbhar investor. Through continuous innovation and investor education, we aim to deliver consistent and sustainable financial and business performance while upholding our investor centric culture. As always, our role is to enable the markets to function efficiently across cycles. And we remain focused to do this objective with sharp focus that has been possible because of the strong ecosystem of all market infrastructure institutions.
So I’d like to extend my sincere appreciation gratitude to all our stakeholders. Basically Sebi, the depository participants, investors, issuers, other market participants, other market participants, shareholders and employees. Thank you. Over to you, Girish.
Girish Amesara — Chief Financial Officer
Thank you, Nehal. Good morning everyone. First, I’ll speak on stand. On the full financial year, the total income on standalone basis Is achieved at10.96 crore as against 985 crore for the previous year. The standalone net profit for financial year 2526 is achieved at 468 crore as against 462 crore. Speaking on the fourth quarter of this financial year on standalone basis the income Is achieved at 215 crore as against 205 crore for the corresponding quarter of the previous year. The standalone net profit for the quarter Is achieved at 69 crore is against 81 crore for the corresponding of the previous year.
In terms of consolidated numbers for the financial year 2526 the total income is achieved at 1239 crore as against 1199 crore for the previous year. The consolidated net profit Is achieved at 455 crore as against 526 crore for the previous year. For the fourth quarter on consolidated basis, the income is achieved at 268 crore against 256 crore for the corresponding quarter of the previous year. The standalone net profit. The consolidated net Profit for the fourth quarter is achieved at 80 crore is against 100 crore for the corresponding quarter of the previous year.
With this I will request Sunil to take us through CBL numbers. Thank you. And over to you, Sunil. Thank you, Girish. So far as CVL was concerned, the revenue from operations for FY26 was 182 crores as compared to 231 crores for the previous year. Other income was 15 crores as against 23 crores for the previous year. Total income for FY26 was 198.17 crores as against 254.94 crores. Total expenditure in FY26 was 124.09 crores as against 108.44 crores for the previous financial year. Profit before tax for this year was 74.07 crores as again 146.50 crores.
And profit after tax was 55.36 crores as against 109.95 crores. With this I would open the floor for your questions. Thank you.
Questions and Answers:
Operator
Thank you very much. We Will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We’ll take our first question from the line of Supratin Dutta from Jefferies. Please go ahead.
Supritim Dutta
Hi, thanks a lot for taking my question. My first question is on the technology cost. You have highlighted previously that you have been investing for the future. This line item has been growing at somewhere around 30% for the last two years. Just wanted to understand over the last two years what kind of capacity have you already created versus when you started two years back? If you could give us some color and versus two years back now, how much more folios or how much more PMAT accounts can you now handle versus when you started two, three years back?
If you could give us some color on how this technology spend has actually translated into capacity creation that would be very helpful. That’s the first part. Secondly, typically your business has been in an operating leverage business. So wanted to understand while we do. I do understand you don’t give forward looking guidance but how much further would you need to invest in technology, you know from here does do you need to invest at the same pace or you know should be. Should the pace slow down now that you have created the capacity, if you could give some color on that, that also will be very helpful.
Lastly, you know, could you give us the sense around how many folios did you end FY26 with and what is your ECAs and E voting revenue? You know that those are the three data keeping questions. Thank you.
Nehal Vora
So thank you for your questions. I think one needs to see this business and I have been talking about this technology is the DNA of our business. It’s kind of the raw material, working progress and finished goods. What we have done over the years is creating the scalability, both horizontal and vertical scalability. And you would have seen that in September 2019 we were INR1.8 crore. Today we are about 10 times more, 10 times plus more in a short period of 6 years. So technology has to cope with the scale both in terms of infrastructure, application security and the linkages which form this.
All these four components have to be invested in. Second is the products change, the ecosystems, platforms are also changing. So we need to create that value proposition of the same value of a large fintech player who may have its entire infrastructure of technology within itself versus a mid sized player who may have taken a product versus a small player which may outsource a lot more to an outside product. Now the value proposition for all these three components have to remain high for them to remain continuously invested and committed to the CDSE platform.
And therefore the scalability of volumes is one aspect, but the scalability of access across depository participants having different scales themselves, it has to be up to speed and ahead of the curve to kind of ensure that this connectivity remains. The value proposition of this connectivity remains extremely high. If you see the number of application protocol interfaces which CDSL has moved about has grown significantly, it’s exponentially grown. Now this is to ensure that the entire account opening, transactions to pledging, etc.
Becomes extremely seamless when it’s an API based protocol. Because that respects the scale at which each DP is without kind of constraining it with focusing more on the lower end or on the higher end. It gives that flexibility of that infrastructure to customize the access to the scale at which I would like to analogy, which I’ve done in the past is the coastal road or the recently launched Metro line at Mumbai. If you see the scale, the roads are built to give a value proposition and you can have a small car also being driven on the coastal road and a large car also being driven.
The requirements from an infrastructure point of view for both these cars are very different, but they both need to feel the value proposition when they drive on these roads to get mass scale in. And this has been the same foundation on which CDSL infrastructure has been built. And therefore there’s been a consistent growth of investors wanting to access the CDSL platform. The market share of new account openings always in the range of 85% plus. Now to maintain that kind of market share, one needs to continuously invest in the technology and the people so that the value proposition, the commitment, loyalty towards CDSL platform continues to remain high.
High. Your second question was in terms of how much do you think this will continue? See, as markets evolve, the ecosystem evolves, the players evolve and when hat is not constant, it’s difficult for me to Commit on what would be the constant at serious because our commitment is to remain constant as a partner to the entire we want to deepen our partnership with every part of the ecosystem so that they continue to remain committed to the platform. Whatever it takes to ensure that this commitment remains high is what we are committed to in ensuring that our technology platform is really ahead of the curve.
So it’s a process. It’s like saying the coastal road is built from point A to point B. Now the second phase is getting built, the third phase is getting built and the value proposition of the first phase will enhance when second and third phase also grow. So that’s the same philosophy with which CDSL is continuing to grow on this technology platform. The second component to that is on the there are newer products and newer asset classes which are slowly coming into the ecosystem and each of these will require its own nuances on what is the expectation of technology now, whether current technology is able to handle that or it requires certain tweaks to ensure that the facilitation and the customization necessary for such products is also taken into play is something which needs to be built upon.
Your third question is how long do you see this? I would see there’s a huge potential the TEVI survey itself talks about 9 to 10% of the population of a growing population, a growing and young population continuing to get only 9 to 10%. And this can easily grow to 25%, 30%. In the Western world it is as high as 40 to 50%. So that’s the kind of headroom which is available of a population which is growing. And the last nuance is that there is a paradigm shift which is happening where the age of the investor opening the DMAT account, which was intuitively understood to be 18 plus, has now moved to a few days as soon as so there’s a cultural shift which is happening where a lot of new bonds are, the newborn demat accounts are getting opened and that enhances obviously the expectation which this platform has in ensuring a wide basing and a broad basing of what the needs are.
So today a newly born investor will have different needs from a matured investor to a frequent trader. So as I said, there are participants of different shapes and sizes. They’re investors of different shapes and sizes. They are assets of different shapes and sizes. Now the culmination and the permutation combination of all this will need to be effectively addressed by the technology rollouts which CDSA will continue to do. And hence it is very difficult to give a firm answer whether this is good or this is not good because goal posts are all moving on a very rapidly, rapidly moving basis.
I hope I have answered your question.
Girish Amesara
The folio question on the folio of your question Question on folio financial year 2526 we had disclosed folio 33.26 crore folio is on the 31st March 26th. We will be disclosing in the earnings call for June quarter 2627.
Operator
Supratim. Supratim. You are done with your questions, right? Thank you. We’ll take our next question from the line of Manit Chandra from HDC Securities. Please go ahead.
Amit Chandra
Yeah, thanks for the opportunity. My question is also on the technology cost and I know you have answered it in quite detail but just to get some numbers around it because the rise in the cost has been pretty steep. It has been 4x over the last three years and now the technology cost is higher than the employee cost for the full year on a console basis. So if you can provide some like numbers around how much of this cost of 162 crores is like regulatory led or not related to the upgrades of the existing systems or is it a catch up in terms of versus what the competition is investing?
And if you can provide some numbers, what is the opex here, what is the number and how much you are investing in the tangibles and the intangibles related to technology?
Nehal Vora
So thank you Amit for your question. I would first like to start off it is that technology cost and you have rightly pointed out that the technology cost on a consolidated basis has overtaken the human resource cost. This kind of demonstrates my vision which I have been articulating in various investor calls in the past that we are a tech based and applied technology based company. Our intent is to ensure that the efficiency and the leverage effect of technology rollouts will kind of overtake the employee cost.
So it’s becoming a more tech based company supported by able humans is how CDSL is restructuring itself as compared to people as to how we see ourselves as participating in the wider ecosystem. In terms of your second question, whether it is growth or regulatory driven or competition catch up, I think the numbers between me and my competition would speak for itself as to where we are and where they are. I would not like to comment on the competition because I think as a market infrastructure institution our core focus and intent is to support the ecosystem and to make it as seamless for investors to access the platform, the depository participants to access the platform and numbers speak for themselves.
But our Focus is not numbers. Our focus is value proposition and that’s what I have been talking for all these years. On your third question, whether we are any tangibles or intangibles, I think tangibles is that the number of APIs which have been rolled out, the ease in which the depository participants have seen speed and scale even when there are larger volumes is something which is the tangible. The intangible is the loyalty which we continue to enjoy. The commitment we continue to enjoy the market share of new account openings.
We continue to enjoy the age bracket which I mentioned about lower age people entering the ecosystem and trusting us with their hard earned savings and money for the is. These are the core intangible which we are really enjoying and hope to continue to enjoy.
Amit Chandra
Okay, so thank you for the answer. And also on the annual issuer charges, how many folios we would be having right now and with the flurry of IPOs that we have seen in FY26 and what kind of folio additions are we expecting because we see a reset in the first quarter. So if you can give some color on that in terms of how strong the folio addition has been with the data that we have currently and also in terms of the sharp fall that we have seen in the IPO and the corporate action revenue, I know there has been pretty less IPOs in quarter four and that is a known number.
But the extent of fall has been pretty sharp and I think if you can give some breakup between the IPO revenue and the corporate action revenue and whether it is largely led by only fall in the IPO or there is a part of sharp fall in the corporate action as well.
Nehal Vora
So we don’t give the numbers between IPO and corporate action, but they are correlated. That’s the reason we don’t give it. But I think it’s overall the industry has seen less IPOs. Both the depositories have seen a significant fall in the IPO and corporate action income in terms of large IPOs. Yes, there are large IPOs expected in this financial year. And this is exactly the point which I was making that we need to be platform ready, infrastructure ready, connect ready and speed ready when these large platforms, many large IPOs come.
So it’s really building for the future, also building for the present and building for the future and remaining that scalability factor that as and when large IPOs come, we are able to support that in terms of folio increase. We will be disclosing this as per our practice in the as the CFO mentioned earlier in the first quarter call of the next offer basically this financial year after the June quarter end. So at that time you will able to see what has been our folio situation as compared to the previous year.
I hope I have answered it.
Amit Chandra
Okay, sir, answer some like you know, bookkeeping questions. What has been the reason for the sharp fall in the other income and if you can provide the ecash revenue, the pledge revenue and another revenue from the unlisted companies.
Nehal Vora
Yeah, I’ll ask the CFO to answer this.
Girish Amesara
So Amit, the investment income is subject to market mark to market as on the 31st of March. And there is the main reason for falling investment income. In terms of consolidated account statement revenue it is 12.08 crore for March quarter e voting is 5.58 crore and other operating income of 3.23 crore. This is the breakup of the other income that we have in the investor presentation.
Amit Chandra
Okay so the one so the one time processing fees the revenue from listed companies. If you can repeat that sir.
Girish Amesara
Unlisted you are talking about.
Amit Chandra
Yeah, unlisted.
Girish Amesara
Okay. So the application processing fees for the March quarter had been at 3 crore.
Amit Chandra
Okay. And the issuer revenues from the unlisted
Girish Amesara
It is INR3.5crore.
Amit Chandra
Okay. Okay. So thank you. That answers my question. Thank you.
Operator
Thank you. We’ll take our next question from the line of Madhukar Lada from JP Morgan. Please go ahead.
Madhukar Ladha
Hi. Morning. Just you know one question on online data charges can you provide me with some breakup between you know fetch and new record creation even like sort of proportion what percentages from fetch and data creation record creation that will be helpful I think. In the previous question I think you did not mention the pledge revenue. So it’ll also be helpful if you could give me the pledge revenue. Yeah, that’s it. From my side. Thanks.
Nehal Vora
Yeah. So the first question asks Sunil to answer second one the CFO girish tones.
Girish Amesara
Typically the breakup between creation and Fetch is about 80 20%. The pledge income for March quarter is 6.30.
Madhukar Ladha
Thank you. And all the best.
Amit Chandra
Thank you.
Operator
Thank you. Next question is from the line of Veterville an individual investor. Please go ahead.
Girish Amesara
There’s a correlation on the quarter. My first question is the expense and margin technology and the employee related expense have increased refinery during the year. Should we the expert to the continuing over the next few years was a large large investment lead future growth natives. And my second question unidentified investor and app strategy could management on the long term strategy of the unidentified the investor app. How do you see the engagement the monitoring evolution of the overtime.
My third question is data at App business opportunity. Do you see the data service, app API, the infrastructure and verification related service becoming a meaningful revenue the contribution of the next few years.
Nehal Vora
Okay, thank you for your questions. The first question was the employee and technology costs. See we don’t give any futuristic statements and I have I think given a very detailed explanation on how the technology spend is being planned as a AS or as a foundation for cdsf. If you see we are in a business where technology and human resource are the only costs. There is no other cost which is there to this business and it has to be state of the art to ensure that the value proposition remains extremely strong.
But unfortunately I’m not able to give you futuristic statements because we don’t give any future outlook as. Second question, if I understood your line was not very clear but what I understood is on the investor app, is it right?
Unidentified Participant
Yeah.
Nehal Vora
So on the investor engagement as I put it rather than only the app one is on ECAAS. I’m sorry, we’ve launched it in 23 Indian languages to ensure that the inclusion, financial inclusion and social inclusion is extremely high. Similarly the investor apps also are in multiple vernacular languages.
We are obviously it’s a continuous process of evolution and we are improving on the UI UX also of this but will get basically rolled out in the next few months or so. The intent is obviously to ensure engagement and information flow which is happening seamlessly for the ultimate beneficial owner also. So this is to ensure that their foundation and the value proposition increases as we move forward and the loyalty and the commitment of the investors towards cds. Your last question is on information and as a business.
Data as a business. There is a new act which has come in the DPDP act which kind of gives the foundation on how data needs to be protected and used in terms of whether data can be leveraged as a business will be driven by semi rules on what is to be provided free and what can be charged for. So as and when that framework comes out we will be able to take that forward.
Sanket Goda
Okay sir, okay, thank you.
Operator
Thank You. Next question is from the line of Sanket Goda from Avendus Park. Please go ahead.
Sanket Goda
Thank you for the opportunity. So one data keeping question is on the impairment cost for the quarter and second question sir is with respect to one of the DPs migrating fully to the competition. Just wanted to understand whether we are seeing any incremental trends because the reason why I asked this question is that our incremental market share though our outstanding market Share is still staying on demand accounts but incremental market share is seeing a bit of pressure. Not big way but small bit.
So are you seeing any competitive pressure from the any existing BP either trying to be more open architecture, giving for two companies or even migrating from one to another in the sense. So that’s one question. Second is the data keeping impairment cost
Nehal Vora
CFO to answer the first question, but before that I’ll answer your second question. I think your information is slightly misplaced. There is no DP which is completely moved. It continues to remain on both the platforms in terms of competition is the way of life and that’s why we have two depositories and I think that is to ensure that the best value proposition continues to remain driven to the ecosystem, to the intermediaries and to investors. So that is basically the. And I, I would like to welcome that.
That’s how we have always functioned as India has always functioned with two depositories. I think the exact reason why we are investing in technology and people is for this very reason is to ensure that the value proposition not only remains high, it remains really ahead of the curve and gives the entire ecosystem what it really aspires for. And that’s our constant endeavor to ensure that the product, services and platform remains robust but at the same time nimble to the changing needs of the markets.
So whilst competition will do what it has to do, we will do what we have to do. But I think as a collective ecosystem the intent is that more and more the participation of the Indian securities markets grow. So I would see it as a collective effort in getting more and more people into the Indian securities markets.
Sanket Goda
Understood sir. And maybe on the impairment cost,
Girish Amesara
The impairment cost is 7.62 crore for the March 1.
Sanket Goda
And lastly sir, on the unlisted revenue opportunity which got moderated a bit so incrementally, do you think this run rate of 3 crores per quarter or 3.5 crores per quarter will continue? Because the opportunity now has been largely addressed and second with the related unlisted companies only because their joining fees plays a significant role. And somehow though we have managed to crack the market share in the DEMAT account in a big way. But in some somehow in unlisted companies we did not do as much how much we did it in the DMAT account.
So any additional efforts or BD which is required to be done to to make sure that we gain market share in unlisted.
Nehal Vora
So on your. So the unlisted revenue I think is something which as the markets evolve, as the economy Grows as a GDP growth, the level of these private limited companies are also going to grow. And I think that’s the reason why there has been so I see it as a positive that more and more larger companies will come into the fold. And obviously that regulation is also not cast in stone. These numbers are not cast in stone as they see the participation grow and the inclusion grow. I think the intent is to bring more and more companies into this fold.
In respect to your second question, the market share as compared to a competition. So there was basically the ISIN issuance which has been exclusively given to our competition for many years. The intent is now it’s going to be done by both in the near future. So therefore that additional advantage, perceived additional advantage which is there would now be with both the depositories that I think we will continue to focus on our service and the ease of doing business and the service standards to ensure that more and more people choose our platform.
But on the overall picture I think it’s a very yet small ecosystem. There is a large untapped demand which is waiting to get tapped. So I think I would see it as maybe early days in terms of coming to a conclusion. Who has won, who has not won Overall, the more and more companies come into the ecosystem. That is where the intent is
Sanket Goda
Understood. Sir, icing thing is already went live that both the depositories can give or it will become effective in a couple of quarters.
Nehal Vora
I’m sorry, could you repeat that?
Sanket Goda
No. So you said in unlisted companies the icing number issuance is today available.
Nehal Vora
It has to yet go live. It will be done in future.
Sanket Goda
Okay, but any expectation
Nehal Vora
Again timelines. We don’t give any futuristic outlook. You’ll wait and watch. We are continuously on it to ensure that it would go live as soon as possible.
Sanket Goda
Understood. Thank you.
Operator
Thank you. Ladies and gentlemen. In order to ensure management is able to answer queries from all participants, kindly restrict your question to one at a time. You may join back the queue for follow up questions. We’ll take our next question from the line of Harshit Toshnival from Premji Invest. Please go ahead.
Mitesh Goel
Hi sir, I just had two questions. Am I audible?
Operator
Harshit? Your volume is very low.
Mitesh Goel
Hi. Is this better?
Nehal Vora
Yeah, it’s better.
Harshit Toshnival
Yes sir. The first one was on the KYC. So for example I think from the 1st of April onwards that fetch rate has reduced from 35 to 28 and probably creation fees also to some extent. So on a like to like basis, if you can help us with what exactly would be the rate Impact is it a 20% rate impact which we should build assuming volumes remain same. And so the second question was Sir, I think on the technology people have asked you a lot already but I just want to say that obviously 24 crore demat accounts which we have right now is a number which has grown 5x in the last 56 years and which hence justifies our increase in technology till date.
But if I look at our today’s number of run rate, 160 crore is the cost and another 120100 crore we keep spending on the on the fixed asset accretion. So roughly 250, 240 crore is what we are effectively investing in technology on an annual basis. My only question is that say suppose from here on if the demat accounts obviously 5x is a large number but if it starts growing at a moderate 10 15% rate then you should be at least as investors assume that our technology spends will also track that because what you are seeing saying is not giving that clarity as to what will be the rate versus even the demat account growth.
So these are the two questions would be helpful and if you can be more specific about that these questions
Nehal Vora
I have been specific to the extent as per our policy and I’ve been I think fairly elaborate also on the thinking which goes behind. One is your number is slightly misplaced. It’s 10 times 1.8 crores in September 2019. It has grown to 18 crores as we speak in 2026. So it’s a 10x growth and not a 5x growth number. Two, as in any technology rollout there are certain foundational costs and there are incremental costs as we add the volume of grow. But the road and the foundation has to be such that it can support this additional server assets which has to be built.
And therefore this is a transformational change in that sense to allow that scalability to take place both on vertical basis as well as horizontal basis. Second is the software and the applications also is going through with the newer modern changes to bring in speed and efficiency and flexibility for participants also. So the way I would like you to see this is that what is needed is being done and therefore we have been consistent for the last six and a half years of seeing consistent growth happening.
Had we not invested, the question could have been asked in 2019 the rate of demat account growth on a monthly basis was similar to today’s times. But when Covid hit us there was a sudden spike which happened. Are we prepared for that? And the answer Is we should be because when the opportunity comes, infrastructure takes time to build. You need to be future ready for these kind of spikes to take place. And we have seen those kind of consistent spikes happening in the past. And we do not want to be saddled with losing the trust and faith of the ecosystem.
We should be belief that this is one system that will continue to give us that value proposition at whatever scale we are able to grow.
Harshit Toshnival
Okay
Operator
Harshit,I request you to join back the queue please.
Unidentified Participant
Yeah, I think the first question is what was done?
Girish Amesara
Yeah. So for with effect from 1st of April, the KYC charges. For the KYC charges the fetch charges have been reduced by 20% from 35 rupees to 28 rupees. And declaration charges have been reduced by 75% from 20 rupees to 5 rupees,
Harshit Toshnival
20 rupees to 5 rupees.
Unidentified Speaker
So it is not
Unidentified Speaker
80% of our KY right now. KYC charges we get is creation. You said the mix of creation and fetch. 80% is creation.
Harshit Toshnival
80% will fetch and 20% is great.
Unidentified Participant
Okay sir. Okay, thanks a lot.
Operator
Thank you. Next question is from the line of Neeraj Toshnival from UBS Security. Please go ahead.
Neeraj Toshnival
Yeah, hi, just continue with this question on kyc. Just wanted to get some sense on what are the counter levers. We have to kind of, you know, recoup some of the lower revenues now from the kyc.
Nehal Vora
Yeah, so I’ll ask Sunil to answer that. What the intent is that as markets will deepen, more investors will come into play. This is an incentivization with the regulator believes with a lower cost more people will want to join the ecosystem. So the entire population of people investing in securities market will grow further which will lead to a higher amount of people within the ecosystem.
Operator
Thank you. Next question is from the line of praise Jain from Motilal Oswal. Please go ahead.
Prayesh Jain
Yeah. Hi. Sorry to harp on this KYC thing again. So you know one is the implementation of one India, one one nation, one kyc theoretically how does that change the business, business model and approach? Does the fetches increase and creation go down or how does that really kind of work? That would be one. And second is from a competitive dynamics perspective with quite a few players now wanting to get into the discount broking model. We’ve heard quite a few. How is the kind of negotiations or competitive environment there with respect to getting on board onto the new players that are coming?
Yeah, those would be my two questions. Thanks.
Nehal Vora
The first question is it’s about one KYC and I think KRAs are well positioned. Not only CVL but all KRAs are well positioned because there’s a validation process which is done. It will ensure that the expectations out of us one KYC becomes much sharper or more influenced by. There’ll be an intermediary layer of kra. That’s the way we see it. But we’ll have to wait for the formal, the formal announcements to happen to see what the impact is in terms of new discount brokers wanting our platform, etc.
Again, going back to my earlier reply that foundationally, if we are providing value proposition, speed and our investment in technology is what differentiates us as a technology product or as a platform product is what will drive people coming to us. So it’s not only about speaking to them, reaching out to them, but even the look and feel of the experience which they go through, once they go through the platform would be the main driver on whether they will want us versus our competition.
Neeraj Toshnival
Thank you.
Operator
Next question is from the line of Rohan Nagpal from Helios Capital Management. Please go ahead.
Rohan Nagpal
Just a couple questions on my end. So just wanted clarity. You said the split between creation and fetch was 8020 or was it the other way around
Girish Amesara
Was 20? Fetch is 80.
Rohan Nagpal
Okay. Fetch is 80. And I think you mentioned on last quarter’s call that there was that there is a shift in volume in the revenue mix towards fetch. Is that continuing or is it in steady state?
Girish Amesara
It was always that.
Rohan Nagpal
Okay. It was always that. Okay, thank you. That’s it for mine.
Operator
Thank you. Next question is from the line of Mitesh Goel from Access Capital. Please go ahead.
Mitesh Goel
Yes sir. Thanks for taking the question. Most of the question has been answered just one question on the online data stories. So SSN Rupees 35. What is our blended Fed charge as of 31st March? And as on today, what is that blended press charge? Post the negotiation with the client. Have you taken an entire 20 price cut?
Nehal Vora
So there is no question of a blended cost as you are mentioning, each one has its own cost and has been driven by what Sebi has prescribed.
Mitesh Goel
Okay. Okay,
Operator
Thank you. Next question is from the line of Prajay Soni, an individual investor. Please go ahead.
Unidentified Participant
Hi, good afternoon to everyone and congratulations for the year. Thank you for taking my question. I have just one quick question. How are we billing our customers for the depository segment? Like basically we are core revenue drivers and how are we recognizing those revenue for this segment and if we have any key matrices which we can measure to see it translate to our top line.
Nehal Vora
So I think the key revenue drivers is I think put down. It’s part of our investor presentation. It’s a market based transaction charges and also folio based charges which are charged to the issuer companies. You can do a trend analysis of the past to see as the demat accounts grow what has been the increase in the portfolio based issuer charges versus the transaction based charges which is a function of the market volumes also. So I think it’s fairly clearly identified in the presentation which is put out on our website so you could have a look at it.
If you have any further queries you can send us a mail.
Operator
Thank you. Next question is from the line of Mehul Pathak, an individual investor. Please go ahead.
Mehul Pathak
Hello. Thanks for this opportunity to all. Yeah, am I audible sir?
Nehal Vora
Yes, yes. Please
Operator
Go ahead. Yeah,
Mehul Pathak
Yeah. Okay. I only one question sir. Congratulations on the good set of numbers sir. I would if you can explain some principles on pricing last two years. If you see at an economy level there is inflation of 5 to 6% now when number of accounts increase and the transactions increase, you know, operational leverage kicks in and therefore you know there is always this sense that you know prices should reduce. Therefore now when would you consider a change of an upward change in prices? Could you at a explain the principles and you know how these decisions are taken and how much is the regulatory interface as far as increasing prices is concerned?
Nehal Vora
Yes, I think it’s a very good question. I think the intent is that inclusion and as we’ve seen in the phone market, in the mobile phone market, what were the charges when it started off it’s kind of become 1 20th or 1 25th of that. As scale grows, the charges go down so that there is more usage, more inclusive. The same fundamental principle on which it is based, CDSL has always been very fair in terms of ensuring that we are cheaper than a competition giving that value proposition also. So it’s giving a lower cost for inclusivity for more and more players to come into the fold but also not compromising on the quality which is getting given to such people at a lower cost.
So it’s the best of both worlds is where I would want to really look at this. We have not changed our charges for many many years. But in terms of the structure the study approves charges where depositories are concerned. So there it needs a prior approval for any change upward or downward obviously after due deliberation by the honorable CDSL board. But it has to be then proposed to SEBI for it to be approved before this gets rolled out. So I hope I’ve answered
Mehul Pathak
The inflation of the last two years and all that. Does it not necessitate some change? Now
Nehal Vora
They are saying the scale is going up, so that’s a play. Which they keep in mind. What would be the role of the increase in scale versus the inflation? They are also very fair in terms of things. All these factors are taken into account before any charges are changed.
Supritim Dutta
Thank you. Thank
Operator
You, ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to Mr. Nehal Vora for closing comments. Over to you.
Nehal Vora
I would just like to thank everybody for your participation and continue to remain safe and healthy. Thank you, everyone.
Operator
Thank you. On behalf of HDFC securities. That concludes this conference. Thank you for joining us. And you may now disconnect your line.