National Securities Depository Limited has received approval from the Securities and Exchange Board of India (SEBI) to invest an additional ₹20 crore in India International Bullion Holding IFSC Limited (IIBH). This strategic investment will support the IT infrastructure development and networth requirements of the bullion holding company. The approval was granted based on the Governing Board's decision on June 29, 2026, and formalized via SEBI's letter dated July 08, 2026.

The investment involves the subscription of 20,00,00,000 equity shares at a face value of ₹1 each, amounting to a total consideration of ₹20 crore. Following this transaction, National Securities Depository Limited will maintain its shareholding percentage at 20%. The consideration will be paid through banking channels using the Overseas Direct Investment (ODI) route.

Transaction Details

The acquisition falls under the purview of related party transactions but is conducted at arm's length. The company confirmed it does not have any promoter or promoter group. The tentative timeline for the completion of the first tranche of investment is set for August 02, 2026, subject to the assent of existing shareholders. Subsequently, the Board of IIBH may proceed with a second tranche of investment.

Target Entity Profile

IIBH acts as a holding company for the Bullion Project, funding its subsidiaries: India International Bullion Exchange IFSC Limited and India International Depository IFSC Limited. Incorporated on June 04, 2021, and registered as a Finance Company by the International Financial Services Centres Authority (IFSCA), IIBH is located in GIFT IFSC, Gandhinagar. The entity was established by a consortium including National Securities Depository Limited, CDSL, NSE, and MCX to operationalize bullion exchange and depository functions in India.

Financial Performance

The consolidated turnover of IIBH has fluctuated over the past three financial years.

National Securities Depository Limited has appointed Subhash Kelkar as Executive Director - Vertical 1 (Critical Operations) on its Governing Board for a period of five years effective July 02, 2026. The appointment strengthens the depository's leadership in critical operations, leveraging Kelkar's extensive experience in market infrastructure and technology.

The appointment follows the approval of the Nomination and Remuneration Committee and the Governing Board at their meeting held on June 03, 2026. The Securities and Exchange Board of India (SEBI) granted its approval via letter no. HO/47/22/16(3)2026-MRD-RAC2-I/12348/2026 dated May 25, 2026. The disclosure was made to the exchange in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Profile of Subhash Kelkar

Subhash Kelkar holds a Post Graduate Diploma in Software Technology from the National Centre for Software Technology (1992) and a Bachelor of Engineering in Mechanical from Sardar Patel College of Engineering (1989). He brings nearly 33 years of experience to the role, with deep expertise in mission-critical market infrastructure, including stock exchange operations, clearing and settlement ecosystems, and large-scale, low-latency platforms.

Prior to joining NSDL, Kelkar served as Chief Technology Officer at BSE, where he led the technology transformation of one of India's oldest and most systemically important financial institutions. He also served as a Director across multiple BSE subsidiaries. Before his tenure at BSE, he was the Chief Technology & Digital Officer at ICICI Securities, where he defined and executed the digital transformation strategy.

Appointment Details

There are no disclosed relationships between Kelkar and other directors of the company.