Capital Markets
The plumbing of Indian markets — depositories, RTAs, and how India’s market infrastructure stacks up globally. The full Market Infrastructure series, in order.
Capital Markets · Part 1 of 4
The Map: Understanding India's Financial Plumbing
Four companies process every demat account, every SIP, every IPO in India.
Capital Markets · Part 2 of 4The Two Vaults: CDSL vs NSDL
One owns 82% of the accounts. The other holds 86% of the value.
Capital Markets · Part 3 of 4The Record Keepers: Why RTAs Are the Better Business Right Now
THE INVISIBLE ENGINES — PART 3 OF 4
Capital Markets · Part 4 of 4Global Peers, Final Rankings, and the One Question That Changes Everything
The Invisible Engines — PART 4 OF 4