Moderation in IPO-driven KYC income
KYC income is correlated with IPO activity; a slowdown in IPOs could reduce KYC revenue, though management declined to quantify the impact.
CDSL / Q2-FY24 / risks
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Central Depository Services (India) · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
medium
Rising technology costs
Technology costs have steadily increased (from ~INR 9-10 crore to INR 15 crore run rate) and are expected to remain elevated due to infrastructure investments for T+0 settlement and growth.
Regulatory cost volatility
SEBI fees are based on collections rather than revenue, leading to lumpy expenses; Q2 saw a 50% increase in SEBI charges despite 33% revenue growth.