Supratim Datta · Jefferies
evasiveWhy have technology costs grown 4x since FY23 while volumes only 1.82x?
As we grow in business, it's like... as we increase capacity, the costs have to grow to ensure that the latest technology is used. There are newer products also... we are trying to ensure that the latest products are put into play. And that's the capacity building process.
Supratim Datta · Jefferies
evasiveIs the technology ramp-up mostly done or will it continue at this level?
As newer technology comes into play, there is, as we all know, very artificial intelligence also is coming into play. We would like to ensure that our infrastructure has the latest in sync technology... It depends on the kind of innovations, which are happening...
Amit Chandra · HDFC Securities
partialWhat is the exact number of folios and impact of unlisted company regulation change?
Amit, the folio remains what we had disclosed in first quarter. It is INR 33.76 crore. ...on the unlisted piece, again, it's not... we will have to wait and watch. We don't give a futuristic outlook...
Amit Chandra · HDFC Securities
directCan you give breakup of e-voting and e-CAS income and explain cost decline?
The cash income that we have generated in this quarter is INR 12.78 crore. And e-voting income is at INR 5.23 crore... when you compare current quarter income with YoY income of previous quarter, previous year, same quarter, we had achieved income of INR 4.71 crore in that quarter.
Amit Chandra · HDFC Securities
evasiveCan we expect an issuer price hike given rising costs?
I think, really, Amit, as I have told earlier, we don't generally disclose the correspondence we have with regulator. But I am sure, they are also seeing this. Probably at the appropriate time, the increase will come.
Siddarth S · Vittae.Money
evasiveHow is the insurance repository business performing and what are projections?
From the insurance repository point of view, the operating revenue has been steady. And as you typically see, JFM period is the crucial period, so we are trying to capitalize on this. And largely, we are in sync with the insurance industry growth.
Shreya Kejriwal · Moneyvesta Capital
directHow will the hike in security transaction charges impact CDSL revenue?
On the first one, there is no direct impact on the depository business. It's more on trading side. And as futures and options is not a security, which is normally kept in these accounts, demat accounts. So I don't see any perceived impact on CDSL line of business as of now.
Lalit Deo · Equirus Securities
evasiveDo you foresee any changes in KYC charges due to TER cuts?
No, in case, like, they just said that in case there is any reduction in charges, we will inform the market accordingly. So yes, we will all have to give it a note.
Sanket Godha · Avendus Spark
evasiveHave you seen mass migration of DPs to other depositories?
I think the number of demat accounts open in each month on month is disclosed across both the depositories... Finally, it is each DPs choice... And I think the numbers is something, which really speak for itself.
Sanket Godha · Avendus Spark
directDo you expect any regulatory capping on KYC fetch income?
So currently, there is no capping for the same KYC record, primarily because there are different intermediaries fetching that record, and they pay separately. So far as fetch is considered, an intermediary fetches the record only once, and we charge him INR 35 for the lifetime.
Rohal Nagpal · Helios Capital Management
evasiveCan you provide KPIs on success rate or capacity enabled by technology spend?
The number of demat accounts growing quarter-on-quarter... the number of transactions grow, the margin pledge transactions grow, the number of securities, new IPOs come... So it's a function of all this...
Rohal Nagpal · Helios Capital Management
evasiveIs the current technology spend the floor or will it increase?
There is no simple answer to this... It's a function of all this, whether the technology cost will remain what it is, or it will grow. It is not a simple line... So there is no simple answer to this, whether it will remain same, whether this is a floor, etc.