Is Central Depository Services (India) (CDSL.NS) stock halal?
Screened against AAOIFI Shari’ah Standard 21
No. Central Depository Services (India) (CDSL.NS) does not pass the AAOIFI Shari’ah Standard 21 screen. Its main business is futures and options trading (Yahoo industry “Capital Markets”), which AAOIFI Shari’ah Standard 21 excludes (3/4/1). Last checked 2 October 2026.
Central Depository Services (India) is not compliant under Halal / Islamic guidelines
AAOIFI Shari’ah Standard 21 Financial Audit
Figures from the latest annual report (the SEC filing or, for European companies, the ESEF annual report, where one exists, checked against Yahoo Finance) and a 36-month average market value.
| Test | Standard Limit | Actual Figure | Status |
|---|---|---|---|
| Main business | — | — | Fail |
| Interest-bearing debt | 30% | 0.01% | Pass |
| Cash and interest-bearing investments | 30% | 3.17% | Pass |
| Prohibited income | 5% | 4.28% | Pass |
| Not just cash and debts | 90% | 36.97% | Pass |
Key Findings & Observations
- Its main business is futures and options trading (Yahoo industry “Capital Markets”), which AAOIFI Shari’ah Standard 21 excludes (3/4/1).Source: Business check
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Frequently Asked Questions about Central Depository Services (India) Limited (CDSL.NS)
Is Central Depository Services (India) (CDSL.NS) stock halal?▾
No. Central Depository Services (India) (CDSL.NS) does not pass the AAOIFI Shari’ah Standard 21 screen. Its main business is futures and options trading (Yahoo industry “Capital Markets”), which AAOIFI Shari’ah Standard 21 excludes (3/4/1). Last checked 2 October 2026.
What is Central Depository Services (India)'s debt ratio under Islamic finance standards?▾
Under AAOIFI Shari’ah Standard 21, interest-bearing debt must stay under 30% of a company's 36-month average market value. Central Depository Services (India)'s ratio is about under 0.1%.
How much dividend purification is required for Central Depository Services (India) (CDSL.NS) stock?▾
Central Depository Services (India) does not pass the screen, so purification does not apply: the standard does not permit holding it.
Does Central Depository Services (India) operate in prohibited business activities?▾
AAOIFI Shari’ah Standard 21 excludes companies whose main business is prohibited, such as alcohol, pork, gambling, conventional interest-based finance and adult entertainment. Central Depository Services (India)'s main business is checked against these. For companies that file with the US SEC, revenue by division is also read from the filing, so a division in a prohibited business is counted. Where the check cannot be settled, the result is shown as Needs Review rather than guessed.
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