NSDL shares have surged 62% from their IPO price, lifting its market cap above ₹ 28,000 crore. SEBI RA Saurabh Sahu cited a valuation edge over CDSL, monopoly-like market dominance, and growth drivers including rising retail participation, digitisation, and capital market expansion. The ₹4,011 crore IPO was subscribed 41 times.