Abstract: A Depository is an organization where the securities of share holders are held in the electronic format the request of the share holder through the medium of a depository participant. A depository interfaces with its investors through its agents called Depository Participants (DPs). The main objective of a depository is to reduce settlement risk by minimizing the paperwork involved in trading, settlement and transfer of securities. At present the two Depository Organisations are working in India - National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The present study is an attempt to know the role and growth of NSDL and CDSL in Indian Capital Market for 16 years i.e. period ending 31st March 2001 to March 2016. On the basis of results, it is concluded that number of beneficiary accounts, number of companies available for DEMAT, number of depository participants, number of depository participants service centers, Quantity of DEMAT Shares/Securities (No. of Dematerialized Securities) and DEMAT Custody in NSDL & CDSL (Value of Dematerialized Securities).