NSDL receives ₹28.68 crore GST demand over royalty tax issue

1 min read Updated on 14 Aug 2026, 02:21 PM

Reviewed by

Jubin VScanX News Team

AI Summary

NSDL faces a ₹28.68 crore GST demand regarding royalty taxes for FY21-FY24. The notice cites unpaid GST on brand usage by associate entities NSDL Payment Bank and NSDL Data Management. The company is preparing a legal response.

*this image is generated using AI for illustrative purposes only.

National Securities Depository Ltd has received a show cause cum demand notice from the Additional Commissioner of CGST & CX AUDIT-II Mumbai for ₹28.68 crore. The notice, issued under Section 74(1) of the CGST Act, 2017, alleges non-payment of goods and services tax on royalty payments made by the company’s related entities.

The GST authority raised the demand after identifying that NSDL Payment Bank Limited and NSDL Data Management Limited had utilized the parent company’s brand name and logo without paying the requisite GST. The notice covers the period from FY21 to FY24 and includes provisions for interest and penalty in addition to the principal tax demand.

Demand Breakdown

The total quantum of the claim is split equally between central and state taxes. The company must also address potential interest and penalties as per the relevant sections of the CGST and Maharashtra Goods and Services Tax Acts.

Component	Amount
CGST	₹14.34 crore
SGST	₹14.34 crore
Total Principal Demand	₹28.68 crore

Company Response

NSDL stated that it is currently evaluating the notice with advice from its tax advisors. The company plans to file a detailed reply with the adjudicating authority within the prescribed timelines. It further noted that it will pursue all available legal remedies.

As of now, the company has indicated no immediate financial impact on its operations. The matter remains subject to adjudication, with potential additional liabilities arising from interest and penalties if the authority confirms the demand.

Historical Stock Returns for National Securities Depository (NSDL)

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.02%	-0.95%	-3.77%	-14.82%	-32.59%	-13.14%

How might this GST demand impact NSDL's net profit margins if the full principal amount along with interest and penalties is eventually enforced?

Could this ruling set a precedent for other financial infrastructure entities regarding GST liabilities on brand usage by related entities?

What is the likelihood of NSDL successfully contesting the notice in tribunal, and how long might the adjudication process delay any final financial outflow?

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NSDL schedules investor meet for August 19 in Mumbai

0 min read Updated on 13 Aug 2026, 07:33 PM

Reviewed by

Shriram SScanX News Team

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National Securities Depository Limited announced an investor meet on August 19, 2026, in Mumbai. The meeting is part of the Motilal Oswal conference and complies with SEBI Regulation 30 disclosures.

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National Securities Depository Limited has scheduled an in-person meeting with analysts and institutional investors for Wednesday, August 19, 2026. The session is organized as part of the Motilal Oswal 22nd Annual Global Investor Conference and will take place in Mumbai.

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015. The company informed the Listing Compliance Department of BSE Limited regarding the scheduled engagement.

Meeting Details

Date	Event	Location	Mode
August 19, 2026	Motilal Oswal 22nd Annual Global Investor Conference	Mumbai	In person

The schedule remains subject to change due to exigencies on the part of the analysts, investors, or the company. Any revisions to the schedule will be communicated to the stock exchange subsequently.

Alen Ferns, Company Secretary and Compliance Officer of National Securities Depository Limited, signed the intimation letter dated August 13, 2026. The information is also available on the company’s website.

Historical Stock Returns for National Securities Depository (NSDL)

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.02%	-0.95%	-3.77%	-14.82%	-32.59%	-13.14%

What strategic initiatives or operational updates is National Securities Depository Limited likely to unveil at the Motilal Oswal conference to attract institutional capital?

How might the outcomes of this investor engagement influence NSDL's stock valuation in the immediate weeks following the August 19 meeting?

Are there indications that NSDL plans to expand its digital infrastructure or international partnerships, which could be discussed during this session?