BSE Limited — Q4 FY26

BSE Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=oFtTyg4SUuE Published: 6 days ago

0:01 1 second Ladies and gentlemen, good day and welcome to the BSC Limited Q4 FI26 in Wester call. As a reminder, all 0:09 9 seconds participant lines will be in the listenon mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:16 16 seconds Should you need assistance during the conference call, please signal an operator by pressing start and seed on the touchstone phone. I now hand the 0:24 24 seconds conference over to Mr. Amun Shetu Raman, head of investor relations BSC Limited. Thank you and over to you sir. 0:32 32 seconds Thank you so much Satuja. Good evening everyone. 0:36 36 seconds Welcome to BAC's Q4 and FI 2026 earnings call. 0:42 42 seconds Joining us today is our leadership team including our MD and CEO Mr. Sundar Rahman Ram Morti Mr. Deepak Goyel CFO 0:52 52 seconds Chimati Kamak Chief Regulatory Officer Mr. Sunil Ramakyani, Chief Business Officer, 0:59 59 seconds Dr. Dr. Vive Jane, Chief of Staff and HR strategy, MD and CEO of our subsidiary companies 1:06 1 minute, 6 seconds of ICCL and BC Index Services Private Limited, Shrimati Vashali Babu and Ashto Singh respectively. We also have other 1:14 1 minute, 14 seconds members of our finance, business, investor relations and secretarial teams present here. 1:21 1 minute, 21 seconds Our latest results and investor presentation are now available on the BAC website. We will start with remarks 1:28 1 minute, 28 seconds from our MD and CEO on our performance followed by a Q&A session. 1:34 1 minute, 34 seconds There will be an opportunity for you to ask questions after the management remarks. 1:39 1 minute, 39 seconds Please note that some of the statements made in today's call may be forward-looking in nature and are subject to risks and uncertaintities. 1:47 1 minute, 47 seconds The company does not undertake to update these forward-looking statements publicly. 1:53 1 minute, 53 seconds With this, I would now invite the BAS MD and CEO to share his views. Thank you and over to you, sir. 2:01 2 minutes, 1 second Thank you Anan. 2:03 2 minutes, 3 seconds Good evening everyone and thank you for joining us today. 2:09 2 minutes, 9 seconds Let me begin by welcoming our shareholders, analysts, investors, members, and all other stakeholders on this call. 2:22 2 minutes, 22 seconds FY26 has been a landmark year for BSC in many ways. 2:30 2 minutes, 30 seconds This year marked my third full year as MD and CEO of BSC and it is particularly gratifying to 2:38 2 minutes, 38 seconds share that FY2026 was a record year of achievements for the BSE 2:45 2 minutes, 45 seconds marked by important strategic milestones and new listings and trading records 2:55 2 minutes, 55 seconds along with the celebration of BSC's 150th anniversary. 3:02 3 minutes, 2 seconds I am happy to state that in FY2026 3:07 3 minutes, 7 seconds DS's total revenues crossed rupees 5,000 crores 3:14 3 minutes, 14 seconds for the first time ever in its 150 year history to reach rupees 5,148 crores. 3:26 3 minutes, 26 seconds Our record financial performance reflected the continued resilience 3:33 3 minutes, 33 seconds and strength of our business, reinforcing our competitiveness, 3:41 3 minutes, 41 seconds relevance and leadership at the heart of the global financial community. 3:49 3 minutes, 49 seconds We are confident that our focused strategy together with the series of 3:55 3 minutes, 55 seconds pivotal initiatives we accomplished or initiated during the year will 4:02 4 minutes, 2 seconds underpin our continued success and shape the future financial landscape of India and beyond. 4:13 4 minutes, 13 seconds Let me first take sorry let me first talk a little bit about the macroeconomic environment. 4:22 4 minutes, 22 seconds The global macroeconomic backdrop over the past year and especially in the last 4:30 4 minutes, 30 seconds quarter has been challenging and complex. 4:35 4 minutes, 35 seconds Markets across the world have had to contend with heightened geopolitical 4:41 4 minutes, 41 seconds tensions, ongoing conflicts, uncertain interest rate trajectories, 4:48 4 minutes, 48 seconds commodity price volatility and shifting global capital flows. 4:56 4 minutes, 56 seconds Against this backdrop, India's performance stands out for its resilience and balance. 5:04 5 minutes, 4 seconds While India like all major economies is not immune to global uncertaintity, 5:11 5 minutes, 11 seconds it is noteworthy how the country has managed external developments with maturity and restraint. 5:21 5 minutes, 21 seconds India's approach has been measured and pragmatic focused on safeguarding macroeconomic 5:31 5 minutes, 31 seconds stability, ensuring continuity of policy and maintaining confidence in the financial system. 5:40 5 minutes, 40 seconds Moving to Indian capital markets, one of the defining features of FY26 5:48 5 minutes, 48 seconds was that despite periods of global uncertaintity and geopolitical turbulence in the year, 5:56 5 minutes, 56 seconds foreign portfolios turned episodic and selective. 6:02 6 minutes, 2 seconds However, this was more than offset by the strength of domestic institutional participation. 6:10 6 minutes, 10 seconds Domestic institutional investors including mutual funds, insurance companies, banks and other long-term 6:19 6 minutes, 19 seconds pools of capital deployed close to rupees 8.5 lakh crores during FY26 6:27 6 minutes, 27 seconds representing a sharp step up over previous years. 6:33 6 minutes, 33 seconds Equally encouraging has been the continued commitment of India's retail investors whose SIP flows reached a 6:43 6 minutes, 43 seconds record rupees 3.5 lakh crores for the year. 6:48 6 minutes, 48 seconds This reflects the deepening culture of disciplined long-term investment across the country and reinforces the growing 6:57 6 minutes, 57 seconds role of households as stable providers of capital to Indian markets. 7:04 7 minutes, 4 seconds This resilience was particularly visible in March. 7:09 7 minutes, 9 seconds Against this backdrop, I am pleased to share that DSC delivered its 13th 7:16 7 minutes, 16 seconds consecutive quarter of record revenues for the quarter ending March 2026. 7:24 7 minutes, 24 seconds Consolidated revenues stood at rupees,630 crores 7:32 7 minutes, 32 seconds surpassing the previous quarter's record of rupees,334 crores, a growth of 22%. 7:44 7 minutes, 44 seconds On a fullear basis, FY26 revenues reached rupees 5148 7:53 7 minutes, 53 seconds crores, 5,148 crores as compared to rups 3,236 8:01 8 minutes, 1 second crores in FY25 translating into a yearon-year growth of 59%. 8:10 8 minutes, 10 seconds This makes FY26 the best financial year in BSC's 150 8:18 8 minutes, 18 seconds year history till now underscoring the durability and breadth of our strategy. 8:27 8 minutes, 27 seconds I will now share some of the key financial numbers on a consolidated basis for the year ended March 31st, 8:36 8 minutes, 36 seconds 2026 as compared to the previous year. 8:41 8 minutes, 41 seconds Operational revenues have grown by 63% to 4,834 8:48 8 minutes, 48 seconds crores from rupees 2,957 crores. 8:54 8 minutes, 54 seconds Transaction charges comprising revenues from the equity cash, equity derivatives, 9:02 9 minutes, 2 seconds mutual fund and clearing house segments have registered 9:10 9 minutes, 10 seconds substantial increase of 87% rising to rupees 3,795 9:17 9 minutes, 17 seconds crores from rupees 230 crores reflecting robust growth in core trade. trading and settlement related activities. 9:28 9 minutes, 28 seconds Other operating income which includes enhanced data dissemination fees, 9:34 9 minutes, 34 seconds collocation, index services etc. has increased by 59% 9:42 9 minutes, 42 seconds to rupees 349 crores from rupees 220 crores. 9:48 9 minutes, 48 seconds Operating expenses increased by 20% to rupees,755 crores from rupees,458 crores. 9:59 9 minutes, 59 seconds It may be noted that 53% of the total operating expenses 10:07 10 minutes, 7 seconds are attributable to regulatory fees and clearing and settlement expenses. 10:13 10 minutes, 13 seconds All of which is directly correlated to increasing transaction volumes. 10:22 10 minutes, 22 seconds The operating EBIT including contribution to core SGF has more than doubled to rupees 3,79 10:31 10 minutes, 31 seconds crores as compared to,400 crores with margins expanding to 64% from 51%. 10:45 10 minutes, 45 seconds The net profit attributable to the shareholders of the company has demonstrated 10:53 10 minutes, 53 seconds a significant acceleration to reach rupees 2,497 11:00 11 minutes crores from rupees,326 crores representing a robust year-on-year growth of 88%. 11:12 11 minutes, 12 seconds The profit margins have expanded to 49% from 41%. 11:20 11 minutes, 20 seconds And back of these financial results, it is my pleasure to inform you that the 11:27 11 minutes, 27 seconds board of directors of BSC limited has recommended a dividend of rupees 11:36 11 minutes, 36 seconds 10 per equity share having face value of rupees 2 for the financial year 2026 subject to the approval of shareholder. 11:49 11 minutes, 49 seconds ers in the ensuing annual general meeting. 11:55 11 minutes, 55 seconds The total payout for the year would be rupees 412 crores which is an increase 12:03 12 minutes, 3 seconds of 30% from last year on an overall basis and 67% 12:12 12 minutes, 12 seconds excluding the special dividend that was announced on account of 150 years of BST last year. 12:22 12 minutes, 22 seconds The improvement across both the top line and bottom line highlights the company's 12:29 12 minutes, 29 seconds strengthened operational resilience, disciplined execution and sustained financial momentum. 12:40 12 minutes, 40 seconds It also reflects the broadbased engagement across our platforms, the effectiveness of our strategic 12:49 12 minutes, 49 seconds initiatives, the steadily rising confidence that India's capital market ecosystem places in DSC. 13:00 13 minutes Let me now highlight a few of the many business milestones in FY26. 13:09 13 minutes, 9 seconds FY26 marked an exceptional year for mainboard fundraising 13:17 13 minutes, 17 seconds and reflected strong issuer and investor confidence. 13:23 13 minutes, 23 seconds The BLC IPO market was ranked first globally for IPO listings in FY2026, 13:33 13 minutes, 33 seconds welcoming 255 new listings across mainboard and SNE markets and raising a total of rupees 1.8 lakh crores. 13:46 13 minutes, 46 seconds This represents a continuation of the strong momentum seen in the recent years. But FY26 stands out as the 13:55 13 minutes, 55 seconds highest ever both in terms of number of issues and funds mobilized. 14:03 14 minutes, 3 seconds As we enter FY27, the IPO pipeline remains robust with 14:10 14 minutes, 10 seconds more than 250 active applications to raise rupees 1.75 lakh crores 14:18 14 minutes, 18 seconds reinforcing our position as a leading global fundraising venue. 14:27 14 minutes, 27 seconds Overall business fundraising platforms remain the preferred choice by Indian 14:35 14 minutes, 35 seconds companies to raise capital by enabling issues to raise rupees 26.9 lakh crores 14:43 14 minutes, 43 seconds in FY26 by means of equity debt bonds commercial 14:51 14 minutes, 51 seconds papers reads init and municipal bonds The total number of investor accounts 15:00 15 minutes registered on BSC has now crossed 25 crores 15:07 15 minutes, 7 seconds reflecting the continued deepening of retail participation across the country. 15:14 15 minutes, 14 seconds Over the past year alone, DSC has added 3.53 15:20 15 minutes, 20 seconds cr new investor accounts with 10 states each contributing more than one lakh cr 15:28 15 minutes, 28 seconds registered investors underscoring the broad-based expansion of India's capital markets across regional demographics. 15:41 15 minutes, 41 seconds On the investor education front, BSC conducted 16,663 15:49 15 minutes, 49 seconds investor awareness programs covering over 8.5 lakh investors in FY26. 15:59 15 minutes, 59 seconds These initiatives were aimed at enhancing financial literacy, 16:05 16 minutes, 5 seconds strengthening informed decision making and furthering the protection of investor interest within the capital market ecosystem. 16:16 16 minutes, 16 seconds Moving to our trading segment, new records are set across our cash and derivatives market in FY26 16:26 16 minutes, 26 seconds on account of our product offerings, growing client and platform adoption. 16:33 16 minutes, 33 seconds Our technology capabilities and expansion of collocation services are also delivering greater values to clients. 16:44 16 minutes, 44 seconds While cash market volumes remained at long-term normalized levels throughout 16:50 16 minutes, 50 seconds the year, FY26 marked a milestone with BSC recording 16:57 16 minutes, 57 seconds its highest ever ADTV of rupees 7,950 crores. 17:04 17 minutes, 4 seconds The BSC index derivative segment continued to demonstrate strong momentum 17:11 17 minutes, 11 seconds in FI26 with average daily premium turnover reaching a record of Rs 19,523 17:21 17 minutes, 21 seconds crores compared to Rs 8,978 crores in FI25 17:29 17 minutes, 29 seconds translating into a robust yearon-year growth of approxim approximately 118%. 17:38 17 minutes, 38 seconds This sustained expansion reflects deeper market participation and improving liquidity 17:48 17 minutes, 48 seconds following the transition to a Thursday expiry cycle. 17:53 17 minutes, 53 seconds We have seen broadening of the liquidity profile including buildup in nonexpir 18:00 18 minutes day volumes and open interest. Our flagship Sensex index options 18:08 18 minutes, 8 seconds ranks among the most actively traded contracts globally with the momentum continuing into FY27. 18:18 18 minutes, 18 seconds On the new products front, PSC has received approvals for three new monthly index derivatives. 18:29 18 minutes, 29 seconds BSC focused it focused midcap and Sensex next 30 18:37 18 minutes, 37 seconds based on market feedback derivatives on the BSE focused IT index 18:44 18 minutes, 44 seconds will be launched from 11th May 2026 further expanding and strengthening our monthly derivatives suite. 18:56 18 minutes, 56 seconds The launch of derivatives on focused ID index will provide participants an additional hedging tool to manage their portfolio risk effectively. 19:09 19 minutes, 9 seconds We remain focused on further enhancing market depth by expanding participation, 19:17 19 minutes, 17 seconds evolving our product, particularly through the promotion of longer tenor contracts and strengthening 19:26 19 minutes, 26 seconds our technology infrastructure through systematic upgrades to data center capabilities and connectivity framework. 19:36 19 minutes, 36 seconds Collocation remains a strategically important part of our diversification agenda 19:44 19 minutes, 44 seconds supporting low latency market access and providing stable long-term revenues for FY26. 19:56 19 minutes, 56 seconds Collocation revenues increased to rupees 171 crores compared 20:02 20 minutes, 2 seconds rupees 74 crores in FY25 reflecting strong growth 20:09 20 minutes, 9 seconds healthy utilization levels the continued benefit of the revised throttle charges framework introduced in July 2025. 20:22 20 minutes, 22 seconds Turning to our mutual fund distribution business, BC StarMF continues to serve as a strategically 20:31 20 minutes, 31 seconds important pillar of our market infrastructure ecosystem. 20:37 20 minutes, 37 seconds In FY26, the platform delivered yet another period of record performance 20:45 20 minutes, 45 seconds with revenues increasing 24% yearonear to rupees 285 crores. 20:53 20 minutes, 53 seconds Total transactions recorded on the platform grew to 84 crores, a 27% 21:00 21 minutes increase that highlights our strong performance. 21:05 21 minutes, 5 seconds Notably, the platform achieved a new monthly peak of 8.2 crore transaction in 21:14 21 minutes, 14 seconds March 2026, further reinforcing its position as a high growth systemically critical 21:23 21 minutes, 23 seconds distribution channel within India's mutual fund landscape. 21:30 21 minutes, 30 seconds the landmark achievement of financial inclusion. 21:34 21 minutes, 34 seconds BSC became the first Indian exchange to signu with the department of post government 21:43 21 minutes, 43 seconds of India. As mentioned in my previous earnings speech, we have successfully 21:51 21 minutes, 51 seconds onboarded the DOP as a member on our BSC star of platform in Jan 2026. 22:00 22 minutes I am happy to update that the star MF has become the first platform to go live 22:07 22 minutes, 7 seconds for dark sav who have executed over,500 transactions till date. 22:15 22 minutes, 15 seconds This partnership leverages the vast postal network to democratize 22:24 22 minutes, 24 seconds investment across India. 22:28 22 minutes, 28 seconds expanding our platform's reach. BSE Technologies launched Star NPS on April 22, 2026. 22:41 22 minutes, 41 seconds This platform aims to simplify and streamline retirement planning for millions of 22:49 22 minutes, 49 seconds Indians by providing a unified architecture for the national pension system nationwide. 22:58 22 minutes, 58 seconds We are evolving from India's premier mutual fund distributor into the country's definitive super gateway for long-term wealth. 23:10 23 minutes, 10 seconds With Star NPS, we now capture the entire financial life cycle of the Indian 23:18 23 minutes, 18 seconds investor from their first SIP to their final pension. Our key subsidiaries such 23:27 23 minutes, 27 seconds as the India Indian Clearing Corporation Limited, ICCL and BSC Index Services 23:35 23 minutes, 35 seconds continue to scale through new client acquisition, product innovation and enhanced technology adoption. 23:45 23 minutes, 45 seconds While these businesses remain relatively smaller in size, they have grown at a significantly 23:53 23 minutes, 53 seconds faster pace over the past 3 years with ICL's revenues having more than doubled while 24:02 24 minutes, 2 seconds BSC index services revenues have increased nearly fourfold. 24:09 24 minutes, 9 seconds Overall, it was a year of significant momentum and transformation for BSC. 24:18 24 minutes, 18 seconds By expanding our product ecosystem, we successfully aligned our offerings with the evolving investor trends. 24:29 24 minutes, 29 seconds We continue to explore and develop businesses that are adjacent and complimentary to our core business. 24:38 24 minutes, 38 seconds demonstrated notable achievements in market diversification and product innovation and implemented initiatives 24:47 24 minutes, 47 seconds that broaden market accessibility and support greater efficiencies in the 24:55 24 minutes, 55 seconds trading clearing and settlement processes of the Indian securities market. 25:03 25 minutes, 3 seconds These initiatives not only strengthened our visibility but also enhanced the competitiveness of our 25:13 25 minutes, 13 seconds markets to ensure their long-term resilience and sustainability. 25:20 25 minutes, 20 seconds Enhancing shareholder returns while pursuing sustainable long-term growth remains a key priority for BSE group. 25:31 25 minutes, 31 seconds We'll continue to take a disciplined and proactive approach to capital allocation, investing in its core 25:38 25 minutes, 38 seconds businesses, pursuing strategic growth opportunities, and consistently returning capital to shareholders. 25:48 25 minutes, 48 seconds While we expect volatility in the macro landscape to persist, we also see costs 25:57 25 minutes, 57 seconds for optimism in capital markets as investors adjust to the ongoing uncertaintity 26:05 26 minutes, 5 seconds by seeking diversification and riskmanagement opportunities. 26:12 26 minutes, 12 seconds as critical financial market infrastructure. 26:16 26 minutes, 16 seconds Exchanges have an important role to play in ensuring that capital and opportunities continue to connect as efficiently as possible. 26:28 26 minutes, 28 seconds At BSC, we are confident that our efforts and investments in recent years will ensure our business remains 26:37 26 minutes, 37 seconds competitive in this global landscape. I will and we will continue to leverage our unique advantages, 26:46 26 minutes, 46 seconds meet the evolving demands of investors and ensure our markets are accessible and competitive. 26:53 26 minutes, 53 seconds Thank you all for your continued trust and support. With these updates, I now hand over the call back to Anand. 27:07 27 minutes, 7 seconds Thank you so much, sir, for these updates. 27:10 27 minutes, 10 seconds Uh with this we will open the floor for Q&A. Uh I will request all our uh uh stakeholders to please limit their 27:18 27 minutes, 18 seconds question to one per participant so that everyone may benefit from the Q&A session. Thank you. Over to you. 27:27 27 minutes, 27 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone 27:35 27 minutes, 35 seconds telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a 27:44 27 minutes, 44 seconds question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. 28:00 28 minutes The first question is from the line of Swarnab Mukharji from 361 Capital. Please go ahead. 28:06 28 minutes, 6 seconds Hi sir, thank you for the opportunity and congrats on a great set of numbers. 28:10 28 minutes, 10 seconds Uh so I just wanted to understand uh in terms of ICCL uh member additions etc. 28:17 28 minutes, 17 seconds How should we think about this? what is uh how are the trends playing out and in terms of our core SGF uh how how does 28:25 28 minutes, 25 seconds this manifest into the core SGF uh contribution in terms of you know how the open interest positions are adding if you could give some color and one 28:34 28 minutes, 34 seconds data keeping question on uh I mean on the on the other expenses side if you could highlight this out to be slightly higher this quarter some color on that would be helpful sir how should the 28:43 28 minutes, 43 seconds trend be going forwards thank you unclear to As far as the first of all, thank you 28:50 28 minutes, 50 seconds for uh your kind patience and attending this call and thanks for all the good words. Uh as far as ICCL, uh ICCL has been adding members both big and small. 29:02 29 minutes, 2 seconds As you would recall in the earlier earnings call also I have stated that ICCL has significantly increased this 29:08 29 minutes, 8 seconds technological capability to handle around 29,000 trades per second per broker and a peak of 69,000 with some 29:17 29 minutes, 17 seconds small latency of 1 second which is a big number and therefore it has attracted some significantly large market 29:24 29 minutes, 24 seconds participants and also significantly smaller participants as well. So this journey continues. The addition of 29:32 29 minutes, 32 seconds members alone does not directly contribute to the growth or requirement of SGF. SGF is SGF is a function of a 29:40 29 minutes, 40 seconds stress test conducted with the largest market participants and based on multiple factors it evolves. So simple 29:47 29 minutes, 47 seconds addition of members does not directly correlate with the increase in the SGF requirements. At this point of time, the 29:56 29 minutes, 56 seconds SGF maintenance by ICCL and BSC are at a very comfortable situation and it has 30:03 30 minutes, 3 seconds added strength even more to the balance sheet and situation of ICCL. Hope I have 30:10 30 minutes, 10 seconds answered your questions right sir. Some forwardlooking view on SDA could be very helpful sir. uh if you 30:16 30 minutes, 16 seconds see some discontinued like a 20 cr kind of a contribution of water some color will be 30:23 30 minutes, 23 seconds I wish that I am in a position to give you an answer on this. If you may recall since we are not able to project what will be the future SGF because it is 30:32 30 minutes, 32 seconds based on a complex set of parameters. We had initially decided that as DSC in order to prevent any sudden jerks in the 30:41 30 minutes, 41 seconds P&LN we will voluntarily contribute a specified stipulated percentage of our profits in today's G of every quarter 30:49 30 minutes, 49 seconds and we put a threshold of maximum up to which we will contribute that is if you are vis if you are reaching more than 30:57 30 minutes, 57 seconds say 150% of the total required amount of HGF by this consistent contribution we will review the percentage of contribution ution which was at the 31:05 31 minutes, 5 seconds point of time set as 5% of profits. This point of time when we review we have already touched the threshold of more 31:13 31 minutes, 13 seconds than 150 crores. We have crossed it and in that situation we are reducing the contribution requirement per quarter from 5% to 3.5%. 31:23 31 minutes, 23 seconds Other than that a forwardlooking number cannot be put as I said the is if computation is based on a complex set of parameters. 31:34 31 minutes, 34 seconds Understood. Very helpful. If you could comment on the other expenses part also very thank you. 31:40 31 minutes, 40 seconds I would request everybody to retain only one question per person because there are quite a few people on the queue. Uh 31:48 31 minutes, 48 seconds I as as we talked about other expenses most of it is based on regulatory expense that is either to say I hope you 31:56 31 minutes, 56 seconds are talking about other expenses in our balance sheet or something else. I don't know. Yes. Okay. you want to explain? Yeah. 32:05 32 minutes, 5 seconds Um thank you Sarna Gib. Uh Swarnab G uh as you are aware and you talked about our group's clearing company ICCL provides services to both BSC and NFC. 32:15 32 minutes, 15 seconds There is an outstanding of 80 cr rupes which is an old outstanding from NSC. So we have provided the uh no we have taken 32:23 32 minutes, 23 seconds some ECL provision that is in line with our ECL policy and as accounting standard requirement which has led to this increase in part current quarter. 32:35 32 minutes, 35 seconds Thank you. We request participants to please limit your questions to one per participant. The next question is from the line of supratim data from Jeff. 32:44 32 minutes, 44 seconds Please go ahead. 32:47 32 minutes, 47 seconds Hi Shiva. Thanks a lot for the opportunity. My question is on the pricing side. Um you know your option contracts are still quite lower than 32:55 32 minutes, 55 seconds competition and recently we saw that you know competition increase the realization for contract as well. So could you give us some color around how 33:03 33 minutes, 3 seconds are you thinking about pricing going into FY27 given you have a lever to increase pricing there or you know if 33:10 33 minutes, 10 seconds you could reduce the investor protection fund contribution like your competition has also done. So if you could give us some color around here that would be very helpful. Thank you. 33:21 33 minutes, 21 seconds Uh thanks uh Gupta for participating in the call and asking this question. 33:28 33 minutes, 28 seconds Contributions to ITF and other statutory things are governed by CD rules. So there will be no intention to reduce any 33:35 33 minutes, 35 seconds of them and we will continue to be supporting all those noble causes stipulated [clears throat] by the regulators in the normal fashion as what we have been doing all along. 33:45 33 minutes, 45 seconds As far as the cost is concerned, uh as I have been clarifying in my previous uh 33:52 33 minutes, 52 seconds um calls, we always believe in charging appropriate amounts at appropriate points of time considering multiple 33:58 33 minutes, 58 seconds factors including the volumes that we are making and the the cost of trading and the affordability and what will be 34:07 34 minutes, 7 seconds easy for the members etc. So at this point of time we have priced based on our studies whatever cost we should 34:14 34 minutes, 14 seconds charge for the options and these are subject to revisions and review and as and when we feel the appropriate time has come for either an upward or 34:22 34 minutes, 22 seconds downward revision we will consider doing it. It will be totally driven by our own estimate and not by any other external factors. 34:37 34 minutes, 37 seconds Thank you. The next question is from the line of Amit Chandra from HDSC securities. Please go ahead. 34:44 34 minutes, 44 seconds Yeah, thanks for the opportunity and for congratulations on a very strong set of members. So my first question is on the strong growth that we seeing on the 34:51 34 minutes, 51 seconds option side. Obviously you know we have been you know gaining share there but uh know over the uh past few months we have 35:00 35 minutes also experienced that the share of our monthly contracts have also been rising and you have been talking about that that you know uh we have been trying to 35:09 35 minutes, 9 seconds do that but still uh the share in the monthly side is still only at 5 to 6%. 35:15 35 minutes, 15 seconds So how do we see this uh know panning out maybe in the next uh like one or two quarters and also uh in the uh know 35:24 35 minutes, 24 seconds incremental volume that you're seeing in the option side if you can quantify whether you know how much of that is coming from existing vendors and new 35:32 35 minutes, 32 seconds vendors that would be helpful and s also on the I know secondly on the like you know on the cost side uh we have seen 35:40 35 minutes, 40 seconds know drop in the you know expenses in terms of clearing expenses so if I just you know take the expenses based on you 35:47 35 minutes, 47 seconds know the number of contracts traed also for a full year it is down by 12 point around 12 13% on a full year basis 35:55 35 minutes, 55 seconds despite the options revenue going up 113%. So how do you see the clearing expenses panning out? Maybe if if we are gaining share maybe you know we can see 36:04 36 minutes, 4 seconds further reduction in the clearing expenses. Thank you Amit G. Thanks a lot. Uh I think you 36:12 36 minutes, 12 seconds have packed the three questions into one question because there was a stipulation that you can ask only one question. Let me try and do justice to all the three 36:20 36 minutes, 20 seconds questions you have asked us. Uh first is on monthly contracts. As you rightly observed Amit G the percentage of 36:27 36 minutes, 27 seconds monthly contracts for us is going up but that is not the destination where we would like to be we would like to further proceed. It is a strong belief 36:36 36 minutes, 36 seconds that the market has to be deeper and broader that could one of the ways of achieving it or one of the parameters for that for us is the greater 36:43 36 minutes, 43 seconds participation of monthly contracts. uh since BSE's derivative segment is fairly new even now with only 3 years that have 36:51 36 minutes, 51 seconds gone some of the market participants who are well established in Indian markets are still yet to be present in BSC's 36:58 36 minutes, 58 seconds market and we are working with them to bring them in they are in various stages of implementation in the coming months 37:05 37 minutes, 5 seconds and years we feel that more and more such participants who have long-term view on the market will be participating even in a in a bigger way with Sensex 37:14 37 minutes, 14 seconds contracts which will bring in the type of monthly volumes which we are looking forward. One of the recent contracts 37:21 37 minutes, 21 seconds into your bank as you would be seeing is showing some traction in respect of monthly contracts proving the fact that monthly contracts do have their own 37:30 37 minutes, 30 seconds advantages and therefore we are very confident that we'll be able to bring those type of people here. uh honestly I 37:37 37 minutes, 37 seconds do not know how much of volume is coming from new people and how much is coming from existing people because we don't measure it as participant wise to see 37:45 37 minutes, 45 seconds because that is not a fair way of looking at the markets our intention has always been in terms of broadening and 37:52 37 minutes, 52 seconds uh deepening to bring more members as you would know the last one year the member count has increased from 446 to 37:59 37 minutes, 59 seconds 587 spis have increased from 100 to 520 cols have increased from 300 00 to 500. 38:07 38 minutes, 7 seconds Monthly contract volumes have gone up by 5x. Index futures has gone up by 3x. Of course, they all are on a smaller base. 38:15 38 minutes, 15 seconds That is what we are keeping track of and we are working for and we will continue to work to deepen it in this fashion. As 38:22 38 minutes, 22 seconds far as clearing expenses are concerned, as you would know, the city turnover fee is based on the notional trading. The 38:31 38 minutes, 31 seconds clearing expense is based on the number of contracts and we earn revenue based on premium. In times of volatility when 38:39 38 minutes, 39 seconds the premium is higher naturally because volatility being one of the factors of pricing an option and therefore the premium you get more premium but the 38:47 38 minutes, 47 seconds contract is only one. So the clearing expense comes down and the the premium and therefore the revenue goes up. 38:55 38 minutes, 55 seconds Whether we can predict this trend it is of course not predictable. Why? Global volatility is as unpredictable as it is 39:02 39 minutes, 2 seconds and therefore what would be the premium revenue growth because of volatility cannot be predicted. Therefore the correlation between the clearing and 39:11 39 minutes, 11 seconds settlement expenses versus the premium cannot be predicted. Hope I have explained all the questions that you 39:18 39 minutes, 18 seconds have asked before and also one more point what you should understand is the contract size has doubled over last year. So these are some of the points 39:27 39 minutes, 27 seconds which I thought I should place before you. Thank you so much for your patient listening. 39:33 39 minutes, 33 seconds Thank you. Ladies and gentlemen, we would request you to please limit your question to one per participant. The next question is from the line of Deep 39:41 39 minutes, 41 seconds Vmera from IG India. Please go ahead. 39:51 39 minutes, 51 seconds Hello, thanks for the opportunity and uh congratulation on good set of numbers and uh uh very commendable leadership. 40:00 40 minutes Um my question is only um other than equity like uh electricity derivative 40:07 40 minutes, 7 seconds and commodity derivative how um like uh because of the different day expiring 40:14 40 minutes, 14 seconds the fortune of BC changed all together similarly any innovative thought there that will be helpful. Thank you 40:24 40 minutes, 24 seconds uh Ashira G. Thanks for participating in the call and asking this question and thank you for your kind words. Uh indeed 40:31 40 minutes, 31 seconds BS uh stipulated the strategy is to explore commodity derivatives as early as possible. 40:40 40 minutes, 40 seconds uh as you would recall BSE was not able to have any opening in equity derivatives with a very poor volume in equities for a very long time and just 40:49 40 minutes, 49 seconds in last 3 years our entire attention span has been uh is has been totally gobbled up by bringing in level playing 40:58 40 minutes, 58 seconds field to whatever extent we can through regulatory uh requests and advocacies and bringing in a new segment and build 41:05 41 minutes, 5 seconds volume. So we are concentrating we were concentrating on that by and large. Now that we feel that we have made some headway though there is a long way to go 41:14 41 minutes, 14 seconds further we will be starting to think on commodity derivatives. Here we have a few thoughts. We do not want to have the 41:22 41 minutes, 22 seconds the the sense of being left out and therefore me too type of a syndrome where we also start something because others are starting it. We want to 41:30 41 minutes, 30 seconds create a value proposition for the market by thinking about some unique selling proposition just not the expiry day alone as a differentiator. Do we 41:39 41 minutes, 39 seconds have anything immediately on our mind and on the cost to implement? No. But some thought processes are wrong and our sincere wish is that very soon we should 41:47 41 minutes, 47 seconds be able to come out with consolidated views taking up with the regulators and taking the commodity agenda forward. 41:55 41 minutes, 55 seconds Thanks once again for your patient listening and the question. 41:59 41 minutes, 59 seconds Thank you. The next question is from the line of preen from Motila. Please go ahead. 42:06 42 minutes, 6 seconds Yeah, congratulations members. Uh just the question is on the collocation part 42:16 42 minutes, 16 seconds from I'm sorry to interrupt you Mr. Jen. We are unable to hear you sir. Your voice is breaking a lot. 42:23 42 minutes, 23 seconds Is it? 42:27 42 minutes, 27 seconds Your voice is not audible. May we request you to please rejoin the queue and uh by with the proper 42:33 42 minutes, 33 seconds Hello. Is this It's still breaking. We will request to please rejoin the queue sir. We move to 42:41 42 minutes, 41 seconds the next participant which is and with the question which is from the line of Yash Parik an individual investor. Please go ahead. 42:48 42 minutes, 48 seconds Yeah. Uh good evening sir and congratulations on the good side of number wanted uh on uh review of 42:56 42 minutes, 56 seconds investor presentation in the transaction charges income. Uh there are two headers one is spatial rate income and another 43:05 43 minutes, 5 seconds is a normal rate income. So s wanted to understand the difference between the two and if you see year on year that spatial rate income has uh somewhat 43:13 43 minutes, 13 seconds reduced. So wanted to understand uh that part. 43:18 43 minutes, 18 seconds See the first one uh thanks first of all for asking this question and thanks for your congratulatory message much 43:26 43 minutes, 26 seconds appreciated. Uh see the the special one is for exclusive stocks and the first one is the other one is for commonly traded stocks across. 43:37 43 minutes, 37 seconds We have been conducting as you will recall lot of investor programs where we are telling people that in terms of in 43:44 43 minutes, 44 seconds times of volatility large cap uh equity stocks generally are a safer bet for new 43:51 43 minutes, 51 seconds investors. As you would appreciate more and more new investors are coming into the market as markets are becoming more democratic with good amount of access 44:00 44 minutes and democratic access to the news as well. When new investors come, when we feel that because of all the good investor protection measures and 44:08 44 minutes, 8 seconds investor awareness creation that we along with the regulators are doing, they are more migrating towards the 44:14 44 minutes, 14 seconds commonly traded large cap or slot of midcap stocks. Therefore, that income is going compared to the income on the 44:23 44 minutes, 23 seconds other side. This is how we understand it. As you know, stock trading is a is a question of market preference. our 44:30 44 minutes, 30 seconds insights will be limited to whatever extent of analysis we are able to see without uh without getting into the uh 44:39 44 minutes, 39 seconds the privacy of a client. So when we look at it from the economic parameters, this is what we are able to confirm. 44:47 44 minutes, 47 seconds Thank you so much. 44:49 44 minutes, 49 seconds Thank you. The next question is from the line of Satam Chosia, an individual investor. Please go ahead. 44:57 44 minutes, 57 seconds Uh hi sir, good evening. Uh first of all congratulations for making a 12 consecutive quarter record in the top 45:04 45 minutes, 4 seconds line and bottom line. Uh my question is just uh about the MS uh how do you look at M as an emerging competitor and 45:13 45 minutes, 13 seconds please give me a number that what's your current market share in the cash segment. 45:20 45 minutes, 20 seconds Thank you uh sir for participating and thanks for the congratulatory message. 45:26 45 minutes, 26 seconds Um actually just a small correction this is the 13th consecutive quarter where BCS has seen new hands I joined in Jan 45:35 45 minutes, 35 seconds and uh by the end of March that's the first quarter that started so 13th consecutive quarter uh as far as any 45:43 45 minutes, 43 seconds specific exchange which you are uh naming as a competitor our stand has always been we should be the competitor 45:50 45 minutes, 50 seconds with ourselves all the other participants are trying to help in the uh the capital market expansion of the 45:57 45 minutes, 57 seconds country given the size of the Indian markets and given the size of uh the investor population that is available I 46:06 46 minutes, 6 seconds feel that the number of exchanges can be whatever it is and they can cater to the society by creating niche products for 46:14 46 minutes, 14 seconds themselves that's how we look at the MSEI part of it I'm trying to recollect what was the next question from you an 46:22 46 minutes, 22 seconds do you remember market share market share in a Yes, market share in equities has been hovering around 7 to 8% 46:28 46 minutes, 28 seconds compared to 5 to 6% when I joined. Uh this is far away from what we wanted it to be. We wanted it to be at least 46:36 46 minutes, 36 seconds double digit. As you may recall with lot of great efforts, we brought in common contract nodes. Uh we thought with that 46:44 46 minutes, 44 seconds there will be and also the closing auction with what we thought was both institutional and retail participants will become exchange agnostic and trade 46:53 46 minutes, 53 seconds where the prices are suitable for them is the same order could be split across multiple venues and they could get the 47:00 47 minutes best price execution. But unfortunately what we are understanding is the applications of SOR smart order routing 47:09 47 minutes, 9 seconds which people sent to both the exchanges while we have cleared are still pending for more than 6 months at the other exchange because of which the smart 47:17 47 minutes, 17 seconds order routing has not taken off and because of which the clients are not able to be exchange agnostic and take 47:25 47 minutes, 25 seconds the best prices available at BSC. This has probably impeded that's what our inference is this is probably impeding 47:33 47 minutes, 33 seconds the growth in the market share and contribution of BSE to the generation of capital and economic development of India. 47:42 47 minutes, 42 seconds Thank you. Okay sir that was helpful. Thank you. 47:47 47 minutes, 47 seconds Thank you. The next question is from the line of Maduk Lada from JP Morgan. Please go ahead. 47:53 47 minutes, 53 seconds Uh hi sir. uh congratulations on a great uh set of numbers. Now I want to uh get a sense uh of uh you know uh in terms of 48:03 48 minutes, 3 seconds participants on uh BSC derivatives platform uh how are there any brokers 48:11 48 minutes, 11 seconds who are still yet to uh get embarled on uh the derivatives platform? So on the 48:17 48 minutes, 17 seconds institutional side also in terms of you know large HFTs uh NFC was always ahead of DFC uh is 48:26 48 minutes, 26 seconds that gap closing uh on right now? Uh what is the runway still available? How 48:33 48 minutes, 33 seconds how many more HS and how much some sense on you know what more additional volumes could come uh onto BC. 48:43 48 minutes, 43 seconds Uh Maduk G thanks for this question and thanks for the congratulatory message. 48:49 48 minutes, 49 seconds Uh as you would recall our our goal in derivatives is deepening and broadening of markets. At this point of time we 48:59 48 minutes, 59 seconds have around 587 brokers of India who are with us and who are trading Sensex options. 49:07 49 minutes, 7 seconds In terms of brokers, if we see while our stated goal for this year is we should go at least to 600 700 600 appears to 49:15 49 minutes, 15 seconds have been achieved by now already. So at least to 700 is what is the goal. Will this add greater uh runway as you called 49:24 49 minutes, 24 seconds uh in terms of volume? I don't think so because know these are all small members. Then why are we wanting to increase more members? We feel it is not 49:32 49 minutes, 32 seconds big or small that matters. It is deepening and broadening that matters. 49:36 49 minutes, 36 seconds So that is that what positation with regard to the number of brokers with regard to HFTs. Some of the HFTs are FBA 49:43 49 minutes, 43 seconds as you would know our FBI count has grown from 100 to 520 which is commendable but we have put for ourselves a target of around 800 FPIs. 49:54 49 minutes, 54 seconds The reason why we are putting this number is there are quite a few HFTs or quite a few funds I would say I will 50:01 50 minutes, 1 second not say HFTs who typically look into long-term option products because that is their strategy. Some of them are 50:08 50 minutes, 8 seconds slowly walking in because till now till very recently the liquidity for us in monthly contracts were lesser. Today 50:15 50 minutes, 15 seconds with lot of efforts we are finding that it is meaningfully liquid. So more and more people are coming in. So we feel that the runway is more there in that 50:24 50 minutes, 24 seconds place. In terms of the big unknown HFTs, most of them are already there. It is these type of bigger funds who get into 50:32 50 minutes, 32 seconds longerterm situation we are looking in for. Uh these would be what I would call as the areas where we are looking 50:41 50 minutes, 41 seconds forward to grow. And if I were to put a forward-looking number, sorry, I will not be able to put any forward-looking number in terms of volumes or market 50:50 50 minutes, 50 seconds share because that is not where we are strategizing and putting our targets. 50:55 50 minutes, 55 seconds Our targets for ourselves as KAS and for our employees is on how many members, how many STI, how much of colo 51:02 51 minutes, 2 seconds utilization, how much of monthly contracts building up, what is the percentage of contribution of FPIs to the total volumes of ours not to anybody else. we have already at around 5 to 6%. 51:15 51 minutes, 15 seconds While in the market generally we find the participation is around 9%. So that is a target for us to go to around 9% of 51:22 51 minutes, 22 seconds FBI participation. Hope I have clarified your doubts. Thank you. 51:29 51 minutes, 29 seconds Thank you. The next question is from the line of Dishadval from Capital. Please go ahead. 51:36 51 minutes, 36 seconds Thank you sir and uh many congratulations on a strong performance. Uh so I wanted to understand it's fast. 51:50 51 minutes, 50 seconds Mr. Gwal, sorry to interrupt. We cannot hear you sir. Uh is it any better? 51:57 51 minutes, 57 seconds Yes, now it is. Please go ahead. 52:00 52 minutes Sure. Uh so my question is uh basically if you see the premium to notional ratio for sensex and when you compare to the 52:07 52 minutes, 7 seconds other uh large index there's a gap uh that is there and it's been 8 months that we have shifted the expiry to 52:15 52 minutes, 15 seconds Thursday. So there was some expectation that this gap could get converged as the non-expir volumes kind of go up. So I 52:24 52 minutes, 24 seconds wanted to understand one what can be done to converge this clean to no ratios and can that happen. 52:34 52 minutes, 34 seconds Thanks once again uh Deves G for uh participating in the call and congratulating us and asking your question. Uh yes indeed you are right 52:43 52 minutes, 43 seconds the premium to uh notal ratio of sensex with visav comparable indexes in the 52:52 52 minutes, 52 seconds market the ratio at sensex is lower. 52:57 52 minutes, 57 seconds uh this is mainly because the still the uh monthly contracts are yet to develop 53:05 53 minutes, 5 seconds and grow in a big way at BSC from a situation where that ratio used 53:11 53 minutes, 11 seconds to be abysmally very very small because most of the volumes were uh uh most of the volumes were mainly only on the 53:21 53 minutes, 21 seconds expiry day the situation I'm talking when we had Friday as expiry compared to that Today the concentration of volumes 53:28 53 minutes, 28 seconds on the expiry day has significantly fallen down and it has gotten distributed but still if you talk about monthly volumes maximum what we trade is 53:36 53 minutes, 36 seconds the one month volumes we don't have openings in second month and third month ahead uh can it be closed yes that's 53:44 53 minutes, 44 seconds exactly what we are working in for and as I stated in the previous replies to my various questions uh we are working on such types of participants who are 53:53 53 minutes, 53 seconds having strategies in trading longerterm contracts What I would like to emphasize which is of course very well known to you is 54:00 54 minutes Sensex is just a three-year-old product whereas the other comparable products are 26 year old in the market. So it is 54:09 54 minutes, 9 seconds just that Sensex has been fortunate with the support of all the market participants and people like you has grown so big in three years. Typically 54:18 54 minutes, 18 seconds product growth takes lot of time. While the time has been crunched a lot for Sensex, still there will be some more time required for the larger longer term contracts should develop and sustain. 54:29 54 minutes, 29 seconds That's what we see. 54:32 54 minutes, 32 seconds Thank you. The next question is from the line of Rashad Doshi from Nirmati Investment Advisors. Please go ahead. 54:39 54 minutes, 39 seconds Yeah, thank you for the opportunity and congrats on a great set of uh numbers. 54:45 54 minutes, 45 seconds uh my question is uh basically on uh returning you know wealth to shareholders uh in terms of dividend and 54:53 54 minutes, 53 seconds buyback. So if you refer to side 30 of your deck uh initially like in 20 till 55:00 55 minutes 2023 the payout ratio has been close to 99%. 55:04 55 minutes, 4 seconds And uh over the last 2 years uh it's fallen now it's currently around 28%. So generally you know our understanding is 55:12 55 minutes, 12 seconds that this business doesn't require a lot of cash uh you know apart from the capex which you're doing uh although I agree 55:21 55 minutes, 21 seconds that it's been going up uh uh on a yearon-year basis but it's still uh not 55:28 55 minutes, 28 seconds uh close to the amount of free cash flow surplus which the company has and also compared to other exchanges let's say 55:37 55 minutes, 37 seconds like IEX or NSE the payout ratio is much lower. So like if you would just spell 55:44 55 minutes, 44 seconds out uh what could be the reasons that you are holding on to excess cash on the balance sheet uh and you know uh it also 55:54 55 minutes, 54 seconds like uh you might be just generating around over 4 and a half% cash back returns on the excess cash. So that's my question. 56:04 56 minutes, 4 seconds So thank you once again for the congratulatory message and a very good question that you have asked. Uh a 100% 56:12 56 minutes, 12 seconds dividend payout or a significantly large payout may may indicate 56:20 56 minutes, 20 seconds a situation where the company is not having any growth idea at all. 56:29 56 minutes, 29 seconds If you look at BSC the points of what you're talking about as 97% 98% payout BSC never had any 56:39 56 minutes, 39 seconds growth prospects in its mind and while in terms of percentage it looks so big what was the amount paid also we should 56:47 56 minutes, 47 seconds see and when you looked at it the entire amount generated was paid back because there was apparently it did not have any 56:54 56 minutes, 54 seconds growth targets in its line but things are different now if you look at the share price growth that is also one way of returning money to the shareholders. 57:03 57 minutes, 3 seconds it is just not dividend and the uh buy back which are uh ways of returning back 57:11 57 minutes, 11 seconds when I tried to buy back the shares most of the investors were so supportive of BST they didn't want to even offer one 57:18 57 minutes, 18 seconds share for buyback as far as the share price is concerned which is also one way of improving the wealth of the 57:24 57 minutes, 24 seconds shareholders please note that the market capitalization of BC was 5,000 crores when I joined and today we are talking 57:33 57 minutes, 33 seconds about the market capitalization of one around 1.56 lakh crores. Therefore to say to holding on cash which is not 57:42 57 minutes, 42 seconds required and not returning it back to the shareholders may not be a correct and absolutely good statement. So what 57:51 57 minutes, 51 seconds are we doing with the cash and why are we retaining it? First of all let us see whether we are paying good dividend or bad dividend. We are talking about a 58:00 58 minutes dividend that what we paid last year was around 23 rupees per share of the five rupees for the 150th year. The remaining 58:09 58 minutes, 9 seconds 18 rupees if we look at it in current share scenario because there was a 162 bonus which is again a way of returning 58:16 58 minutes, 16 seconds capital to the uh to the investors to make it more liquid by giving more shares in the market. Today that will 58:25 58 minutes, 25 seconds translate to 6 rupees per share. As 6 rupees per share as dividend today as again 6 rupees per share we are giving a 58:33 58 minutes, 33 seconds 10 rupees dividend which is around 66% more than what we paid last year. If you look at the total outgo compared to 58:41 58 minutes, 41 seconds around 230 plus crores in the last year without considering the extra dividend of 5 rupees we are paying around 414 58:50 58 minutes, 50 seconds crores or something this year which is again a 67% increase. So what is the purpose of the cash that is accumulated? 58:58 58 minutes, 58 seconds how it is being utilized. In the last two years, we have built around 500 crores as gross block which has gone for 59:07 59 minutes, 7 seconds capacity increase. BSC is a rapidly growing company which requires lot of technology investment. 59:14 59 minutes, 14 seconds The current year's technology budget already appears to be underpriced. We put around 300 crores. But with the 59:21 59 minutes, 21 seconds global situation today for the memory increase the price of the memory increasing and the price of hardware 59:28 59 minutes, 28 seconds increasing this is almost going to be doubling as an investment requirement for keeping the lights on and growing further to achieve all the ambitious 59:36 59 minutes, 36 seconds targets that we have in place. And secondly, as you will know, we have also invested in technology in a big way, not 59:46 59 minutes, 46 seconds only with BSC but also with all the sister companies to provide seamless service. Also, a stronger balance sheet 59:54 59 minutes, 54 seconds of an exchange is very essential to showcase to the world that the clearing corporation is strong enough. Not last 1:00:02 1 hour, 2 seconds but not the least as you will know we have been increasing our capacity in terms of colo which requires a lot of 1:00:09 1 hour, 9 seconds outlay and also there are already efforts on to see whether we should acquire a plot of land in the heart of 1:00:17 1 hour, 17 seconds Mumbai whereby the ambitious dreams of expanding BS further can materialize. So the money is not earning 4.5 and lying 1:00:26 1 hour, 26 seconds idle. It is earning much more than that even in terms of treasury which is very much available in the balance sheet and profit and loss for you to see but also 1:00:35 1 hour, 35 seconds it is being put on to protect his use for further enhancing the shareholder value as the market truly reflects the 1:00:44 1 hour, 44 seconds growth in share price the all the things that we are talking about and as I would repeat a 5,000 crores market 1:00:51 1 hour, 51 seconds capitalization in three and a quarter year has become 1.5 56 lakh crores. The the proof is in 1:01:00 1 hour, 1 minute the these numbers of the growth trajectory and the strategy being followed by BSC. Hope this clarifies. 1:01:08 1 hour, 1 minute, 8 seconds Thanks for your patient listening. 1:01:12 1 hour, 1 minute, 12 seconds Thank you very much ladies and gentlemen. That was the last question for today. With that I now hand the conference over to Mr. Anan Su Raman for closing comments. 1:01:23 1 hour, 1 minute, 23 seconds Thank you sir for this uh remarks. Uh and thank you all for joining us today. 1:01:28 1 hour, 1 minute, 28 seconds Uh if you have any further questions, please feel free to reach out to us at bac.irbs.com. Thank you. 1:01:37 1 hour, 1 minute, 37 seconds Thank you ladies and gentlemen. On behalf of BC Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.