1. KYC fetch and creation charge reduction - effective April 1, 2026 Delivered - At the Q4 FY26 call, management stated that with effect from 1st April 2026, KYC fetch charges would be reduced by 20% from ₹35 to ₹28 and creation charges by 75% from ₹20 to ₹5, applying across the industry. In Q1 FY27, the SEBI pricing reset was confirmed as implemented on the stated date, with KRAs also allowed ₹0.25 per Search API query.
2. Tariff revision - October 1, 2024 uniform ₹3.50 charge Delivered - In September 2024, CDSL announced a revised tariff effective October 01, 2024: a uniform ₹3.50 per debit transaction, retaining the ₹0.25 discounts for female first-holders and on Mutual Fund and Bond ISIN debits. The single ₹3.5 charge took effect on 1st October per the SEBI circular, set about ₹0.50 below competition.
3. Tariff revision - June 1, 2024 reduction Delivered - In May 2024, CDSL announced a revised tariff effective June 01, 2024: a 50 paise cut per debit transaction across all slabs, plus 25 paise additional discounts each for female first-holders and on Mutual Fund and Bond ISIN debits. The reduction took effect on 1st June 2024, moving slabs from 4.5 to 4 and then 3.5, so Q1 FY25 carried only one month of impact.
4. CDSL 2.0 technology transformation project - completion in less than 1 year Delivered - In the FY23 annual report, the CDSL 2.0 technology transformation project (₹138.93 lakh of intangible assets under development as at March 31, 2022) was estimated to be completed in less than 1 year. Software under development stood at ₹113.1 lakh as at March 31, 2023 with no overdue projects pending, and the \~₹10 crores new platform was completed by Q1 FY24.
5. Quarterly average tax rate - 22% to 25% Delivered - At the Q2 FY26 call, the CFO guided that the quarterly average tax rate would range from 22% to 25% depending on deferred tax impacts. The Q2 FY26 rate was 25.17% (22% base plus surcharge and cess) and Q1 FY27 was again 25.17%, with Q2 FY25 at 25.12%.
6. Bonus issue - 1:1 for 25th anniversary Delivered - At the Q3 FY24 call, management said feedback on a bonus/split/special dividend had been taken and the Board would take it up at an appropriate time. In Q1 FY25 the Board approved a 1:1 bonus issue for CDSL's 25th anniversary, and by Q2 FY25 it was delivered, with the FY25 annual report adjusting CAGRs for the bonus.
7. T+1 hour / T+0 settlement readiness - SEBI timelines Delivered - At the Q2 FY24 call, management committed that CDSL's technical team would satisfy SEBI's prescribed timelines for T+1 hour settlement, with each market infrastructure institution bearing its own cost. T+0 settlement (optional) went live in beta for selected securities in March 2024, with both T+0 and T+1 systems live from the depository standpoint.
8. Private company demat readiness - MCA rule by September 2024 Delivered - At the Q2 FY24 call, management noted the MCA rule requiring demat of private-company shares had timelines "given by September, '24" and said CDSL was "ready to go" on technology. The rule kicked in after 30th September 2024; CDSL admitted 3,486 unlisted companies in Q1 FY26 with cumulative admissions above 20,000 and unlisted revenue of ₹35.95 crores in FY25.
9. BSE shareholding reduction to 15% - around October 2023 Delivered - At the Q4 FY22 call, management noted BSE's shareholding must be reduced to 15% by around October 2023 under a SEBI mandate, with BSE deciding the execution. The Q4 FY25, Q3 FY26 and Q4 FY26 PPTs each show BSE Limited holding at 15.00%.
10. Technology cost escalation - 10-15% inflationary plus regulatory pushes Missed - At the Q2 FY22 call, the CFO guided technological costs would rise 10% to 15% inflationarily plus regulatory-push costs, saying "whatever cost we are incurring is going to stay". Tech cost rose \~65% YoY to ₹63.3 crores in FY24 and reached ₹162 crores in FY26 - 4x over three years, 14% of revenue versus about 7% earlier.
11. Employee cost growth - inflationary 10-15% annually Delivered - At the Q2 FY22 call, the CFO guided employee cost would generally carry inflationary expenditure of roughly 10% to 15%. At Q1 FY24 management set \~₹22 crores per quarter as the number to expect; employee cost moved from 8% of revenue in FY22 to 13% in FY23, with no disclosed quarter showing a sustained breach of the guide.
12. Dividend payout - 60% of net profits, standing policy Delivered - At the Q1 FY22 call, the CFO stated the dividend payout policy is around 60% of profits post-DDT abolition, versus 40% earlier - "that's our policy as of now". FY22 paid ₹15 per share, FY24 ₹22 per share including the ₹3 special, and FY25 ₹12.50 per share bonus-adjusted, with FY25 payout at about 61.3% of standalone operating profits.