Case Study: National Securities Depository Limited enhances bond transparency with Cognizant’s blockchain platform

NSDL maps 6,368 secured ISINs with Cognizant’s DLT platform

National Securities Depository Limited (NSDL), one of the world's largest central securities depositories, faced a challenge in bringing more discipline, standardization, and transparency to India's corporate bond market. They needed to develop a blockchain-based platform to enhance the monitoring, security, and governance of corporate bonds to better protect investor interests. They engaged Cognizant to develop this first-of-its-kind distributed ledger technology (DLT) platform.

Cognizant designed and developed a permissioned blockchain platform that created a verifiable and immutable audit trail for transactions between debenture issuers and trustees. The solution successfully onboarded 4,291 issuers and mapped over 6,366 secured ISINs with assets, covering nearly 90% of the outstanding secured ISINs and bringing greater transparency to the debenture issuance process.

National Securities Depository Limited (nsdl)