BSE vs CDSL: Which Stock Should You Track

BSE MCap Rs 1,45,609 Cr, PE 58.54x, ROE 37.42%, zero debt. CDSL MCap Rs 27,634 Cr, PE 58.76x, ROE 23.27%, zero debt.

Updated: 5 Aug 2026 • 10:20 am

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BSE vs CDSL: Which Stock Should You Track

BSE vs CDSL is a comparison financial market infrastructure investors look up when evaluating two listed exchange and depository companies. BSE (Bombay Stock Exchange) is India's oldest stock exchange now earning significant revenue from its growing derivatives market, clearing, listing fees and technology services, while CDSL (Central Depository Services India Ltd) is a depository holding dematerialised securities of retail and institutional investors.

This BSE vs CDSL article covers reach and market position, key products, latest declared results and stock valuation. The BSE vs CDSL data below is sourced from Groww and public company filings and reflects the most recently available information at the time of writing.

Table of Contents

BSE vs CDSL: Reach and Market Position

On the BSE side of the BSE vs CDSL comparison, BSE operates India's oldest stock exchange and now hosts a growing derivatives market, a commodity derivatives segment through India International Exchange (INX) and significant listing fee and technology revenues. Market capitalisation is Rs 1,45,609 Cr.

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On the CDSL side of the BSE vs CDSL comparison, CDSL is India's leading depository by number of active demat accounts, holding securities for retail investors across the country. Market capitalisation is Rs 27,634 Cr.

BSE vs CDSL: Key Products and Business Mix

In the BSE vs CDSL product comparison, BSE offers: BSE earns from transaction charges, listing fees, subscription services, BSE Indices licensing and technology services. P/E is 58.54x, ROE 37.42 percent, zero debt.

For CDSL in this BSE vs CDSL breakdown: CDSL earns account maintenance charges from depository participants, annual charges from investors and transaction fees on each settlement. P/E is 58.76x, ROE 23.27 percent, zero debt.

BSE vs CDSL: Latest Results

The BSE vs CDSL results for BSE: BSE has a market cap of Rs 1,45,609 Cr and P/E of 58.54x. ROE is 37.42 percent. EPS is Rs 61.07. BSE is more than 5 times larger than CDSL by market cap.

The BSE vs CDSL results for CDSL: CDSL has a market cap of Rs 27,634 Cr and P/E of 58.76x. ROE is 23.27 percent with zero debt. Dividend yield is 0.96 percent. EPS is Rs 22.50.

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BSE vs CDSL: Stock and Valuation

The BSE vs CDSL stock comparison uses the latest available market data from Groww. Investors tracking BSE vs CDSL should verify current prices on NSE or BSE before trading.

BSE trades at a market cap of Rs 1,45,609 Cr and P/E of 58.54x with a higher ROE of 37.42 percent. CDSL trades at Rs 27,634 Cr market cap and P/E of 58.76x, at virtually the same P/E as BSE. Both carry zero debt. BSE delivers a higher ROE at essentially the same valuation multiple.

BSE vs CDSL: Quick Comparison Table

The BSE vs CDSL comparison table below summarises the key metrics covered in this article side by side.

Parameter	BSE	CDSL
Sector	Stock exchange	Depository services
Market Cap	Rs 1,45,609 Cr	Rs 27,634 Cr
P/E Ratio	58.54x	58.76x
ROE	37.42%	23.27%
Debt to Equity	0.00	0.00
Dividend Yield	0.28%	0.96%
Revenue driver	Transaction fees, listing, derivatives	Account maintenance, settlement fees
Regulatory body	SEBI	SEBI

Conclusion

The BSE vs CDSL comparison above covers the key data points on reach, products, results and valuation. BSE vs CDSL are both financial market infrastructure companies with zero debt and high ROEs, but BSE is far larger and growing its derivatives market revenues. Both trade at virtually identical P/E multiples. BSE delivers a higher ROE. Investors should review trading volumes and demat account growth and consult a SEBI-registered advisor before investing.

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Disclaimer: Data and figures in this article are sourced from publicly available information, including company results filings and exchange data, and are current as of the time of writing. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

Frequently Asked Questions

What is the main difference between BSE and CDSL?

Ans. BSE is a stock exchange earning from transaction charges, listing fees and derivatives market volumes. CDSL is a depository holding investor securities and earning maintenance and settlement fees.

Which company has the higher ROE?

Ans. BSE has an ROE of 37.42 percent, higher than CDSL at 23.27 percent.

Which stock pays a higher dividend?

Ans. CDSL pays a dividend yield of 0.96 percent, higher than BSE at 0.28 percent.

Do both companies carry debt?

Ans. No. Both BSE and CDSL carry zero financial debt.

Are BSE and CDSL connected?

Ans. Yes. BSE is the promoter of CDSL, holding a significant stake in the depository.

What risks apply to exchange and depository companies?

Ans. Both face risk from declining market volumes in bear market phases and potential regulatory changes to fee structures. CDSL also faces competition from NSDL.

Should I invest in BSE or CDSL?

Ans. Both trade at similar P/E multiples. BSE delivers a higher ROE. CDSL benefits from demat account growth. Review volume trends and consult a SEBI-registered advisor before investing.