National Securities Depository Limited (NSDL) (now Protean eGov Technologies Limited) was originally incorporated on 27 December 1995 under The enactment of
Depositories Act, December 1995 by
Government of India, as
NSDL e-Governance Infrastructure Limited, a depository registered with the
Securities and Exchange Board of India (SEBI). In 1996, the company received a certificate for the commencement of business from the
Registrar of Companies (RoC). It was the first and largest depository in India and has been involved in the development and implementation of various technology infrastructure projects in the country. In 2004, the company launched initiatives such as the Tax Information Network (TIN), Pan Card Issuance, and Online Tax Accounting System (OLTAS). The company also manages the Tax Information Network (TIN) for the
Income Tax Department,
Government of India. As part of this system, Protean facilitates the issuance of
Permanent Account Number (PAN) cards and enables electronic submission of
Tax Deducted at Source (TDS) returns, along with assisting banks in uploading tax payment data. In 2008, the company was appointed by the
Pension Fund Regulatory and Development Authority (PFRDA) as the Central Recordkeeping Agency (CRA) for the
National Pension System of the Government of India. The company has developed and implemented 19 projects across seven ministries in India. These projects included modernizing the direct tax infrastructure through initiatives such as
Permanent Account Number (PAN) issuance and the Tax Information Network and enabling a universal social security system for all Indians under the
Atal Pension Yojana. In 2011, the
Unique Identification Authority of India (UIDAI) appointed the company as a Registrar for the implementation of the UID mission in India, and in 2013, the company launched
e-KYC services. The company was subsequently rebranded again as Protean eGov Technologies Limited to reflect its broader focus on IT services and expansion into new areas. The company is backed by the
National Stock Exchange (NSE),
Industrial Development Bank of India (IDBI), and
Unit Trust of India (UTI), with shareholders including banks like
Canara Bank,
HSBC,
Citicorp Finance India,
Standard Chartered Bank,
Mauritius-based fund Soach Global,
State Bank of India,
Union Bank of India, and
Deutsche Bank AG.
Rebranding to Protean eGov Technologies Limited In 2021, the company rebranded itself to Protean eGov Technologies Limited and launched its subsidiary, Protean InfoSec Services Limited. In 2023, Protean received approval from the
Reserve Bank of India (RBI) to operate as an Account Aggregator (AA). The company expanded its operations into the digital commerce sector by joining the
Open Network for Digital Commerce (ONDC) and launched a marketplace called
Rise with Protean, which focuses on
APIs,
microservices, and related areas. In April 2024, 360 One WAM (formerly IIFL Wealth Management) sold a 5.3% stake in Protean through open-market transactions. Protean finished its initial public offering (IPO) in November 2023 and was added to the BSE and NSE. == Partnerships ==