Protean eGov Technologies Limited was originally incorporated as National Securities Depository Limited' on December 27, 1995 by RoC at Mumbai. The name of Company changed from National Securities Depository Limited' to NSDL e-Governance Infrastructure Limited' on December 19, 2012. Further, the name was changed to Protean eGov Technologies Limited' on October 28, 2021 and a fresh Certificate of Incorporation was granted by the RoC on December 8, 2021.

The Company is one of the key IT-enabled solution companies in India engaged in digital public infrastructure and citizen-centric e-governance solutions. Born out of a vision to modernize and secure the nation's critical databases, Protean has evolved into a cornerstone of Digital Public Infrastructure (DPI), empowering billions with innovative solutions across sectors such as taxation, social
security, and digital identity.

The Company has been positioned as one of the key catalyzing agents to developing government related IT solutions. In fact some of the major e-Governance projects of the government have been designed, planned and executed by Protean eGov Technologies. It has created strong e-governance interventions impacting multiple sectors of the Indian economy and touching various aspects of a citizen's life-modernizing the direct tax infrastructure, providing a tax identity to citizens and corporates (issuance of PAN card), strengthening the old-age social security infrastructure (National Pension System NPS & Atal Pension Yojna APY), promoting financial inclusion by contributing to the India Stack by enrolling citizens for National Identity and enabling the BFSI sector by providing Aadhaar-based identity authentication and e-Sign services.

The Company was originally setup as a depository in the year 1995. It was responsible for creating a systemically important national infrastructure for capital market development in India, which includes the all-depository, broker backbone. Subsequently, it was separated as a technology enabling company. It has been the chief architect and implementer for some of the most critical and large scale technology infrastructure projects. It implemented and managed 18 projects spread across seven ministries and autonomous bodies ushering change in public delivery of services like Ministry of Finance, Ministry of Information and Broadcasting, Ministry of Education, Ministry of Skill Development and Entrepreneurship, Ministry of Communications and Ministry of Electronics and Information Technology.

In 2004, the Company implemented Tax Information Network. It introduced Online Tax Accounting System. It launched PAN card services in 2005. In 2007, it signed a Memorandum of Understanding with the Income Tax Department for establishing an internet-based service for verification of PAN by authorised entities. It introduced Central Record keeping Agency System in 2008.

In 2009, the Company launched New Pension System (NPS) to all citizens except government employees covered by NPS. It executed an agreement with the Income Tax Department for extension of services pertaining to TIN for a period of three years.

In 2011, the Company was appointed as Registrar for Unique Identification Authority of India.

In year 2012, NSDL Depository Limited, an erstwhile wholly-owned subsidiary of Company and the Company filed a Scheme of Arrangement before the High Court of Judicature at Bombay to demerge the depository business and undertaking of the Company (Transferor Company), and vest in NSDL Depository Limited (Transferee Company). Pursuant to Scheme of Arrangement, the depository undertaking, i.e., the business of Transferor Company engaged in providing depository services, transferred and vested in the Transferee Company, as a going concern. The Scheme was approved by the High Court of Judicature at Bombay dated November 2, 2012. The Transferee Company, in consideration of demerger, issued and allotted fully paid-up equity shares on a proportionate basis to all the shareholders of Transferor Company on the following basis: 'for every 2 fully paid-up equity shares of Rs 10 each held by the equity shareholders of the Transferor Company on the effective date, 1 fully paid-up equity share of Rs. 10 each of the Transferee Company'. Further, investment made by the Transferor Company in the Transferee Company stood cancelled. The Scheme of Arrangement came into effect from December 7, 2012 and became operative from the Appointed Date, April 1, 2012.

The Company launched e-KYC services for ICICI Prudential Life Insurance in year, 2014. It introduced an online platform for students, 'Vidya Lakshmi Electronic Platform' to avail education loan.

In 2018, the Company launched 'Vidya Kaushal', which facilitate skill development loans to students pursuing courses run by NSDC approved training partners. It launched the iKar application for Android and iOS users. It constructed a Modified Data Centre facility at Bangalore. In 2019, an agreement was executed with Income Tax Department to continue the business process of receipt of PAN applications and issuance of PAN cards.

Protean Account Aggregator Limited was incorporated as subsidiary of the Company in 2020; Protean InfoSec Services Limited incorporated as a subsidiary in 2021. The Company launched Protean Cloud Technology an AI-powered private cloud offering in 2022.

In November 2023, the Company made an IPO by raising capital from public of issuing 6,191,000 Equity Shares aggregating to Rs 489.2 Crore through Offer for Sale. eSign Pro was launched in July, 2024. It launched account aggregator service known as Protean SurakshAA and also launched an AIpowered CKYC solution and other intelligent engines to minimize manual intervention while processing millions of records and syncing them with CERSAI's CKYC database.