Event Date: September 4, 2025
The document is an independent auditor's report from K C Mehta & Co LLP, Chartered Accountants, regarding the audit of the consolidated and standalone interim financial results of National Securities Depository Limited (NSDL) for the quarter and nine months ended December 31, 2024. The report addresses the Board of Directors of NSDL.
Opinion
The auditors have audited the Consolidated Interim Financial Results of NSDL (the "Holding Company" or "the Company") and its subsidiaries (collectively, "the Group") and its share of the net profit after tax and total comprehensive income of its associate company. The statement is submitted by the Holding Company according to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
In the auditor's opinion, the statement includes the financial information of the following entities: National Securities Depository Limited (Parent), NSDL Database Management Limited (Subsidiary), NSDL Payments Bank Limited (Subsidiary), and India International Bullion Holding IFSC Limited (Associate); it is presented in accordance with Regulation 33 of the Listing Regulations; and it gives a true and fair view in accordance with Indian Accounting Standard 34.
Basis for Opinion
The audit was conducted in accordance with Standards on Auditing (SAs) prescribed under Section 143(10) of the Companies Act, 2013. The auditors believe that the audit evidence they have obtained is sufficient and appropriate to provide a basis for their opinion.
Responsibilities of Management
The Board of Directors is responsible for the preparation of the Statement that gives a true and fair view of the net profit and other comprehensive income and other financial information of the Group, including its associate company, in accordance with accounting principles generally accepted in India, including Ind AS specified under Section 133 of the Act and in compliance with Regulation 33 of the Listing Regulations.
The Board is also responsible for maintaining adequate accounting records, safeguarding assets, preventing fraud, selecting appropriate accounting policies, making reasonable judgments and estimates, and designing, implementing, and maintaining adequate internal financial controls.
Auditors' Responsibilities
The auditors' objectives are to obtain reasonable assurance about whether the Statement is free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes their opinion. The auditors also identify and assess the risks of material misstatement of the Statement, whether due to fraud or error. They obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. They evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Other Matters
The auditors did not audit the interim financial results of two subsidiaries, whose financial results reflect total assets of Rs. 78,152.17 Lakhs as at December 31, 2024, and total revenues of Rs. 21,458.42 Lakhs and Rs. 60,533.17 Lakhs for the quarter and nine months ended December 31, 2024 respectively. The Statement also includes the Group's share of net profit of Rs. 67.47 Lakhs and Rs. 161.75 Lakhs for the quarter and nine months ended December 31, 2024 respectively in associate company whose financial results have not been audited by them. The auditor's opinion is not modified in respect of these matters.
Consolidated Financial Results
The consolidated statement of audited financial results for the quarter and nine months ended December 31, 2024, includes the following key figures:
Segment Information
The Group has three reportable segments: Depository, Database Management Services, and Banking Services. Key segment revenues and results are detailed for the quarter and year ended December 31, 2024.
Supreme Court Matter
The company has preferred two civil appeals before the Hon'ble Supreme Court challenging the Order of SAT dated December 20, 2023 in the matter of Karvy Stock Broking Ltd. The Hon'ble Supreme Court vide its order dated January 18, 2024, has granted an interim relief to the appellants i.e. SEBI, NSE and NSDL.
Standalone Financial Results
The statement of audited standalone financial results for the quarter and nine months ended December 31, 2024, includes the following key figures:
Shripal Shah, Partner, signed the report for K C Mehta & Co LLP on April 9, 2025, in Mumbai. Vijay Chandok, Managing Director & CEO of National Securities Depository Limited, also signed the statement.
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