CDSL / Q3-FY24 / claim-ledger

Audit the questions that mattered.

Central Depository Services (India) · Analyst questions, management answers, and the quality of the response where the ledger is available.

Research layer active

ConCallIQ research layer

Signal, with the source still visible.

Use the controls below to narrow the view, then follow the evidence into the next layer of context.

PositiveQ3-FY24 · 2024-01-24Back to quarter ↗

Questions audited

Answered directly

20%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Prakash Kapadia · Anived Portfolio Managers Private Limited

partial

Asked about year-to-date CapEx on technology, one-offs in other expenditure, and subsidiary growth drivers.

We have incurred around INR 20 crore towards the capital expenditure on technology. With respect to the breakup of the other income, CAS is around INR 10 crore in this quarter. e-Voting income has achieved at INR 3 crore in this quarter.

Siddhant Dand · Goodwill

direct

Asked about MD term limits and possibility of sharing unique PAN holders.

The rule is that one term can be of five years and maximum of 10 years. So I am currently eligible for another term. So we'll see how the process goes.

Siddhant Dand · Goodwill

declined

Asked if CDSL can share number of unique PAN holders.

We don't share that as part of our public domain.

Amit Chandra · HDFC Securities

evasive

Asked about progress on unlisted opportunity and potential revenue timeline.

The law has that if there are any changes in the promoter holding or any raising, any transfer of holding or raising of capital for private companies, which are INR 40 crores in turnover or INR 4 crores in share capital, to be put out there. And that is going to come in by September of 2024. So only we'll have to see how it pans out.

Amit Chandra · HDFC Securities

evasive

Asked about expense per employee being higher than competition and if investments are behind.

We are like an infrastructure company. We're building like a road. So ensuring that the right kind of technology and people, these are kind of the specialized on both accounts are required. So we'll have to continue to invest in both to ensure that we get a good value proposition.

Amit Chandra · HDFC Securities

evasive

Asked about other big revenue opportunities besides insurance.

It's a forward-looking statement, so we kind of not give a firm reply. But the overall intent is to ensure that India remains a securities market in infrastructure sophisticated and really top-notch.

Amit Chandra · HDFC Securities

partial

Asked about flat fee vs slab for Online Data Charges and discount range.

We have a flat fee, but so far as discounts are concerned, we don't discuss it in the public domain.

Santosh Kesari · Kesari Finance

evasive

Asked about stagnant insurance repository business and lack of push.

It's not really mandatory for insurance policies to be converted into a demat. So, it's on a voluntary basis, so only as and when people feel the need, they would do it.

Santosh Kesari · Kesari Finance

evasive

Asked about cash balance and any consideration for bonus, split, or special dividend.

The feedback is taken. It has come through various forums. So the board will take it up at an appropriate time.

Supratim Datta · Ambit Capital

evasive

Asked about timeline and investment needed for faster settlement (T+0).

SEBI has released a public consultation paper on faster settlements. So once the comments are received, they will be deliberating internally. CDSL as part of the ecosystem is working very closely on how the entire processing will have to be done.

Swarnabh Mukherjee · B&K Securities

evasive

Asked about opportunity size for private company demat and timing of revenue.

It is difficult to assess because the eligibility comes in by September 2024. So it could range from a few thousands to a few lakhs companies. But out of that, only those which indulge in any raising of capital or transfer of holding will be required to demat.

Hiten Jain · Invesco

partial

Asked why other revenue (ex-annual issuer, transaction, etc.) declined sequentially and grew only 5% YoY.

e-voting income would accrue majority in second quarter. So if you compare nine months to nine months, more or less, it is almost same. CAS charges: in current nine months, we have earned an income from CAS at around INR 25 crore, and in the previous nine months, INR 17 crore.