Good evening, ladies and gentlemen. You are connected to the NSDL conference call. Please stay connected. This conference will begin shortly. Participants, good evening. You are connected to the NSDL earnings conference call. Please stay connected. This conference will begin shortly. We thank you for your patience. Ladies and gentlemen, good day and welcome to the Q2 FY 2026 results of National Securities Depository Limited, or NSDL, hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star and then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Anshuman Deb from ICICI Securities Limited. Thank you, and over to you, sir. Good evening, ladies and gentlemen. It's a privilege to host the senior management of National Securities Depository Limited. From the management, we have Mr. Vijay Chandok, Managing Director and Chief Executive Officer. Jigar Shah, Chief Financial Officer. Prashant Vagai, Chief Operating Officer. Sameer Patil, Chief Business Officer. Kothandaraman Prabhakaran, Chief Technology Officer. Vishal Gupta, Deputy Chief Technology Officer. Yash Gyanani, Chief Regulatory Officer. Abhijeet Kshirsagar, MD and CEO, NSDL Payments Bank. Sameer Gupte, MD and CEO, NSDL Database Management. I now hand over the call to Mr. Vijay Chandok, MD and CEO. Over to you, sir. Thank you very much, Anshuman. A very good evening to everyone and a warm welcome to all the shareholders, investors, and analysts who are joining this call today. I truly appreciate the continued trust and support that all of you, along with now 8.31 lakh valued shareholders, have placed with us. Today, I'm going to take you through the progress of our business for the quarter ended 30th September 2024. Let me start what happened in this quarter, talking a little bit about the market trends. Markets saw some very interesting divergent trends. When it comes to incremental demat accounts, which is an important input to our business, the industry actually saw a degrowth of almost 40%, 39% to be precise, with additions on an incremental run rate basis, with additions coming in at 14.62 million in the half year ended 2025. This compared with 24.05 million in half year 2025. When we talk about ADTO in cash segment, we saw that the momentum was, or growth was there, but it was quite moderate. It was moderated about 8.9% and stood at INR 66.3 trillion in the quarter ended FY 2026. This is after experiencing a slowdown in the first quarter. However, divergent to this, the primary market showed a robust growth in terms of total capital raised in H1, and the total amount of capital raised in H1 FY 2026 was INR 710.9 billion through 188 IPOs, as compared to INR 561.2 billion in the corresponding half year last year through about 186 IPOs. So while there was some moderation and slowdown when it comes to demat accounts and when it comes to the ADTOs in cash segment, the primary market growth was quite robust. The financial services ecosystem in India continues to deepen with strong domestic participation, increasing investor awareness, and increasing formalization and savings. And NSDL, as a key market infrastructure institution, has continued to play a central role in this transformation, and we are proud to serve as India's largest depository, a position built on trust, tech resilience, and transparency. Now, coming to specifically NSDL, I will talk about our operational performance first. During the quarter, our operational performance remained strong. The total number of demat accounts for NSDL crossed four crores and stood at 4.19 as at September 30th, 2024, with an incremental run rate of 4.9%. And this contrasted with the industry, which showed a degrowth of about 39% on incremental run rate. As a result of this, our incremental market share in demat account additions during quarter two stands at 17.6%, which is a sharp rise from 9.9% in the same period last year. We've seen an improvement of 770 basis points in the retail demat account market share, incremental market share in the current quarter. In the unlisted issuer equity segment, our leadership strengthened further with a market share of 73%, and over 11,500 companies were admitted on the NSDL network during that quarter. A milestone that we crossed as at September 30th, 2024, is that we had more than 1 lakh issuers onboarded on us. This reflects the trust placed by issuers on our platform and the deep engagement that we have established across the corporate ecosystem. Our focus on technology and process innovation continues to be the cornerstone of our growth, and several key digital initiatives were rolled out in the recent past, and I'll talk only about a few of them. We successfully migrated to the common contract note regime on our platform called Steady. We also integrated the proxy advisory recommendations within the e-voting system, specifically targeted at the retail investors. We launched the enhanced Speedy application, which offers a consolidated view across the securities on the app. We also did a successful implementation of the direct payout settlement of securities earlier in the year. We also remain deeply committed to investor protection and financial literacy, and in this connection, our joint awareness campaign with SEBI under the hashtag #RahoDigitallyChokanna theme reached more than 79 million investors across India and in multiple formats and multiple languages. We continue to conduct over 2,500 investor awareness programs annually, reaching out to about 1.56 lakh participants across Tier 1, Tier 2, Tier 3, Tier 4, and Tier 5 cities. We continue to service our investors with our monthly newsletters called Financial Kaleidoscope. We also roll out our digital outreach programs like regular WhatsApp targeted campaigns, helping investors reclaim their unclaimed dividend shares, appoint nominees, update KYCs for frozen accounts, and so on and so forth. Basically, all aimed at building trust, improving customer experience, and improving participation in the market in the right way. The monthly campaigns that we did were done in eight regional languages, which also broadened our reach. Now, I'll come to the financial side of our output. On the financial front, NSDL delivered another quarter of strong and consistent performance, and I'll talk now about quarter two FY 2026 on a standalone basis first and then a console. On a standalone basis, total income for the NSDL Depository stood at INR 250.6 crore compared to INR 210.8 crore last year in the corresponding quarter two of FY 2025. This increased by 18.9% on a year-over-year basis and on a sequential basis, 31.6%. Coming to profit after tax, profit after tax stood at INR 120.4 crore for quarter two, up by about 18.3% on a year-over-year basis, and on a sequential basis, it increased by 45.7%. This included, however, dividend that we received from our subsidiary. On ex-dividend, it grew by 23.6%. Now I'll talk about the console numbers of NSDL, which includes our two subsidiaries added or three subsidiaries added. The total income for quarter two stood at INR 432.2 crore compared to INR 385.3 crore last year in the same period, increasing by 12.2% on a YoY basis. The profit after tax stood at INR 110.3 crore, increasing by 14.7% on a YoY basis, and on a sequential basis by 23%. I'll now talk very briefly about the numbers for the half year. For the half year ending September 30th, 2025, the total income stood at INR 779 crore, reflecting the scale and sustainability, and our profit stood at INR 200 crore for the half year ended September, increasing by 14.9% on a YoY basis. Coming now to technology, our spend on technology revolves around improvement in cybersecurity and technology resilience as the first area of focus, capacity enhancement as the second, improving customer experience as the third, and increasing automation in our processes and systems as the fourth. Looking ahead, we also see four key areas of focus for the company to drive strategy. One is deepening retail investor participation through improving digital onboarding experiences, investor awareness, and also focusing on acquiring new-age brokers as our depository participants. Second is to leverage technology for operational excellence, improve customer service, customer experience, and build trust through cybersecurity and tech resilience. Supporting the third one being supporting new and ongoing regulatory initiatives of SEBI and some of the ongoing ones that I'll talk about, a couple of them, is the nomination options, which is now coming for up to 10 nominations per demat account, which is getting operationalized shortly. Also, introduction of systematic transfer plan and systematic withdrawal plan in demat form for mutual funds, which is also expected to come soon. The unified investor app phase two, where mutual fund folios in the account statement and information of open position and margin details are available, is also something that is there shortly. Under ease of business, we have recently launched a CAF Platform, which is a unified platform for registering both FPI and FBCI. The whole idea is to simplify and speed up the whole process of onboarding. Lastly, it is driving value through our subsidiaries, particularly through the payments bank. Our business model, as you all know, is inherently a capital-light business model, cash-generating strong cash-generating ability with strong operating margin and kind of a leverage position with strong operating margin leverage and well-positioned to benefit from the structural expansion of Indian capital markets. We are seeing strong tailwinds of domestic participation as we move forward. We see macroeconomic stability, and we see continued digital transformation providing a very strong foundation for sustainable long-term growth. Before I hand over the call now to our CFO, I would once again like to express my gratitude to all our esteemed stakeholders, regulators, and our dear staff and employees for their continued commitment and support in our journey of nation building. Thank you from my side, and I'll hand it over to Jigar Shah, CFO. Good evening, everyone, and thank you, Vijay. Let me now take you through the standalone consolidated financial highlights briefly for the quarter ended 30th September 2024 and the first half year FY 2025. On a standalone basis, revenue from operations for quarter two FY 2025 stood at INR 204.2 crore, a growth of 20.7% on a year-on-year basis and 26.8% sequentially. Total income, we have registered a growth of 18.9% on year-on-year basis from INR 210.8 crore to INR 250.6 crore. On a sequential basis, we have registered a growth of 31.6%. Excluding dividend, which we have received from our subsidiary NDML, our growth stands on sequential basis at 22%. Our EBITDA margin for the current quarter stands at 64.1%, and excluding dividend, it stands at 61.3%. Our EBITDA for quarter two FY 2026 is at INR 160.7 crore. Our net profit after tax for quarter two FY 2026 grew by 18.3% on a year-on-year basis and 45.7% sequentially to INR 120.4 crore. Excluding dividend, sequentially it stands at 23.6% respectively. Our PAT margins remain stable at 44% excluding dividend for the current quarter. I would like to share a brief update for the first half of FY 2026 on standalone highlights. Total income stood at INR 441.0 crore at a growth of 20.1% on YoY basis. Profit after tax for H1 stood at INR 203 crore, up by 20.6%. Net worth on standalone basis stands at INR 1,970.9 crore. I am pleased to update we have crossed three million customers in one of our subsidiaries, NSDL Payments Bank, with customer deposit crossing INR 400 crore. Furthermore, the inclusion of NSDL Payments Bank in the second schedule of RBI Act marks a significant milestone elevating its operational capabilities and regulatory stature. The bank was officially accorded the status of scheduled payment bank in July 2024. Both subsidiaries are profitable as of H1 FY 2025, and we continue to focus on building a strong franchise. I will now brief on consolidated highlights for quarter two FY 2025. Our total income grew by 12.2% from INR 385.3 crore to INR 432.2 crore on a year-over-year basis and 24.6% sequentially. Our PAT profit after tax stood at INR 110.3 crore, representing 14.7% growth on year-over-year basis and 23% sequentially. For the first half year FY 2026 consolidated highlights, total income stood at INR 779 crore, up by 3.8% H1 FY 2026, and our PAT stood at INR 200 crore, up by 14.9% in first half year, 30th September 2025. With the financial updates, I will conclude my opening remarks. Thank you for joining us today, and I will now open up the floor for Q&A session. Thank you. 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 their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Swarnabha Mukherjee from B&K Securities. Please go ahead. Hi sir, thank you for the opportunity. A couple of questions. So I wanted to understand that your annual custody fee, there has been a sharp jump from last quarter to this quarter. I just wanted to understand what led to this and how do we actually account for that? Is this revenue kind of provisioned over the four quarters equally? If you could show some color on that. That is the first question. And if you can also talk about the expense base, because I think all your three major expenses that you have reported, the employee side, the technology, and the other expense side, there has been a quarter-on-quarter increase. So what is driving that? How could we think about this cost structure for the rest of the year and next year if you could explain? And one bookkeeping question in the corporate action and IPO, if you could give us a breakup of how it was in this quarter between corporate action and IPO and same breakup last quarter, that is for one queue. Thank you, sir. Thank you for asking this question. So for the first question with regards to the custody fee, essentially these are the custody fee that we charge from our onboarding the customers. And in the past, you would have seen that for the example, this quarter we have onboarded 11,000 companies on our depository platform. So bulk of the custody fee, now we have an equal share with regards to the listed custody fee and unlisted custody fee. So bulk of the fees, if you see the growth on quarter-on-quarter basis, it's emanating from the growth that is happening in the unlisted space, and we continue to have a higher market share of 73% on a month-on-month basis. So that's part one of on the custody fee. The second part of the question with regards to the expenditure, which is going up on a quarterly basis as well as yearly basis. As you would have heard, Vijay, our focus is to strengthen our technology. So there are a lot of exercises we are doing in order to build our capacity as also at the same time trying to strengthen our core depository. And with that regards, there are a lot of activities we are doing within the company with regards to something like clean air gap solutions. There are a lot of core depository work that we are doing, and that is getting front-loaded. One data point which I would like to share in this first half year, we have spent about 30 odd crores as a capital investment, which is part of our disclosures as well. Compared to previous year, before full year, we had spent 35 odd crores. So technology remains a core focus for us to do large investments, and that's where you will see the continued investment to augur in the next couple of quarters. And at the same time, we continue to invest in people as well. Our employee strength has grown from March to now in terms of size and in terms of volume and in terms of skill sets. So that's where the area of investments as far as our focus is concerned. With regards to the corporate action, the third question that you asked, we typically don't share the split between the corporate action and how much of the corporate action is contributed by the IPO. But second quarters are typically good quarters in the depository spectrum where bulk of the IPOs and the flow of pipeline is seen especially, and that's where we tend to make higher fees with regards to the IPO chunk. Right, sir. Understood. Very helpful. Just one follow-up on the first response. So if I got you right, you were saying that in your custody fees, the contribution from listed and unlisted are almost equal. Would that be right understanding? Yeah. Yeah. So also one more point that has come in custody fee, just to follow up on that as well, that we started charging, and we've been saying that we have a blockchain technology or a platform, DLT, distributed ledger technology, that we have started charging from June and onwards. So that's where in this quarter, some of the income in custody fee has gone in because we charge annual fees to 600 corporates. So that is also you would see in the second quarter, and this will continue to be in the next couple of quarters and as far as the future years are concerned. Okay. Sir, could you give any color? I mean, how much of this would be discharged? How much of the custody fees? We are not giving split how much the breakup of the custody at this point as and when we move ahead and progress into multiple quarters because this is just an activity that we started off. Once this revenue becomes significant, we will definitely circle back. Sure, sir. And also one thing that for listed companies, I mean, is there a processing fee component that you charge when they come first time for dematerialization? And if yes, is that significant in that overall custody fee mix? Yeah. So we charge something called joining fees. So if it's an unlisted company, we charge 15,000 for unlisted companies, and for listed companies, we charge 20,000. So it's not included in part of custody. That is a separate fee item. That is part of the non-recurring fee. Okay, sir. Understood. Very helpful. Thank you so much, sir, and all the best. Thank you. Thank you. Our next question comes from the line of Prakash Jain from Motilal Oswal. Please go ahead. Yeah. Hi, Jigar and Vijay. Congrats on great set of numbers. Firstly, again, just extending that custody question, pretty surprising that sequentially the growth has been almost like 14 crores. So could you give some data points behind this with respect to the number of unlisted companies that would have gone up? And second would be on the number of folios that would have gone up on the listed side? So hey, hi, Prakash. See, the broad breakup I can share is one element, as I mentioned, is the DLT annual fee that we started off from June onwards. So some of this is contributed through the growth that we have seen or we started charging the DLT ledger platform. The second part of that, the folios have gone up as well, as you rightly said. We had 11 and a half crore folios in the month of March ending on early April, which has gone to 14 crores folios. So folios have also gone up. Between the first two quarters, if you see, we have onboarded roughly 22,000 companies as well. So when we are onboarding companies, that time also we charge annual custody fee, and then we charge at the same time the processing fee or the joining fee. So it's a collective effort of all three lines of services, which is looking at our sequential growth with regards to 14 odd crores. Got that. Got that. And the question on the other question is on demat accounts. While in the second quarter, we really saw an improvement in terms of incremental demat accounts. October data seems to be otherwise, and there has been a fall. Anything to read into it? How should we think about incremental demat account market share from here on? Yeah. So actually, October has been a month of, I would say, a lot of festivals and holidays, which have impacted our DPs probably a little more because there has been a sort of a drop in attributed to that. That is what it appears prima facie at this stage. Nothing abnormal other than that. However, like I said, we are not giving any guidance on how things will shape up. Our strategy and our efforts are very, very aligned to put our heads down and try and win more new-age customers, old-age customers, whatever. We basically look at market opportunities for expanding new DPs and also talk to our existing DPs to try and solve their problems so that their run rates improve, their ability to sell to a larger number of customers improves. So we'll continue to do that. There could be certain seasonality effects in a specific segment of DPs, which could get impacted, and that is something beyond our control. But beyond that, at least as of now, I don't see anything abnormal which would have led to that kind of a situation. Last time, we had mentioned about one Bangalore-based discount broker starting to incrementally give accounts to us. Is there any such more in the pipeline or anything that you can highlight right now? So actually, the Bangalore-based is actually a tech broker. It's a fintech broker. I don't want to use the word discount broker. So it's a fintech broker. And yeah, so he continues to scale up. We've also onboarded Gurgaon-based, in this case, a fintech discount broker who's also scaled up. These are some new additions that will be visible in a larger number in quarter two. And also, I mean, while it's not available in the numbers yet, but a very large Bombay-based new company has also sort of submitted their application, and all necessary integration is underway, which whose numbers are yet to be visible in the outcome that you've seen in quarter two. Got that. And last question is on the banking services part, where we have seen a very strong traction in terms of revenue sequential basis. Last time, we had mentioned that some of the elements we had gone slow on and focus on more core activities. So could you elaborate more on that as to what has driven this growth, and how should we think about this from a foliar perspective? Are you talking about the Payments Bank? Yeah, Payments Bank. Yeah. Okay. Yeah. So Payments Bank has shown traction on two fronts, fundamentally. One, which has been sort of a part of our strategic focus. One, it has shown traction on quality customer increase. So our quality customer increase has crossed 3 million. This was at the same time last year, approximately half that number. And also, we've seen more than 100% increase in Kassa because quality pay focus there. So combination of quality customer coming along with Kassa has been one factor, which has led to better financial outcomes. The second is we've started this UPI acquisition business, which has again found traction, and a lot of work was being done to onboard quality partners for that last year, particularly later part of last year. I think those efforts have all been completed, and now more partners are onboarded, and more volumes of UPI acquisition is now coming to our bank, and that is leading to the second reason for growth. So as things stand, I think both these feeders of revenue seem to be sustainable, and we continue to believe that the kind of growth we've seen in quarter one and quarter two should momentum continue. Got that. Thank you so much, Mr. Chandok. Thank you. Thank you. Our next question comes from the line of Amit Chandra from HDFC Securities. Please go ahead. Yes, sir. Thanks for the opportunity. So my question is on the annual custody fees. Sorry for hopping on that, but the major part of the growth that is coming in annual custody is from the unlisted opportunity. So where we are in terms of the unlisted opportunity, do you see more structure and continuing for the three, four quarters, or is it in the next three, four quarters, we can see some dip there? And also, in terms of market share for the unlisted, how do you see the market share moving? Because earlier, we were only issuing the ISINs. Now, the ISIN issuance has also gone to the competitor. So can we see some market share loss there in the unlisted part? And also, second question, sir, is on the overall cost. Obviously, there has been increasing cost. I mentioned that you're investing in the platform and technology. So where we are in terms of the investment journey, because the increase has been sharp, and also for this quarter, how much of the increase sequential has been because of e-voting? Because e-voting is more seasonal, so we have to exit off the cost related to e-voting. So what is the sustainable cost, and how do you see the investment going on? Thank you. Yeah. So I think there are a bunch of questions here. We'll go one by one. Let me start with your cost question first. So we've been saying this in the past also, that as far as cost is concerned, we do believe that historically, we have underinvested in technology and certain types of skills that are required, particularly in the field of technology, data, and some of the areas where automation and new-age techs can be used. So we are clearly articulated in the past, and we continue to pursue that path of improving skills and infusing new technology, both hardware and software and other partners that have come up in this space to get onboarded with us. We'll continue to do that because the business we believe needs it. We also anticipated growth in market opportunity translating into numbers, which, as you can see in the half year, has played out. But for whatever seasonality of these factors or transient pullbacks that markets can unpredictably demonstrate, I think those things we will take it in our stride. We remain resolute on increasing our spends in the right areas, and that is right people and technology. So while we are not giving any guidance on how the costs are going up, I think it's a little bit of discretion. You should give it to the management team that they will manage; they will spend the money in the right areas with medium to long-term benefits coming out. Because in any case, we strongly believe and we have confidence this is an operating leverage business. So there could be potential, what should I say, front-loading of costs, which could have impact on margins. But if the business is concomitantly coming due to good market, then that operating disadvantage, that little bit of margin disadvantage will not be very sharp, which is what you would have seen in H1. Despite our increase in spend, you would have seen margins are still not too impacted. But if the second half in terms of market opportunity plays out on the other side, then we'll continue to do our spends. There could be impact on margins. So I don't know how the market will play out, but on cost, we remain resolute. On your customer custody question, I think, as probably Jigar also alluded to, there is an element of DLT, which is included in that annual fee, which you have to segregate. So actually, there's a custody component there, and there's also a DLT, which is our distributed ledger technology component, which was not being charged in the past, which has started getting charged in Q2. So that is giving a little bit of a bump up. Both these charges are here to continue. The future scale-up of custody fee is clearly a function of two things. One is how onboarding of demat accounts in the listed space—sorry, how onboarding of customer accounts happen—as well as how onboarding of unlisted companies happen. So I don't want to give any guidance of how the demat account scale-up will happen. As I already mentioned, we will continue to focus on growing the numbers, and we are doing a lot of effort in trying to increase run rates there. As far as the unlisted customers are concerned, issuers are concerned, I think we are clearly seeing from a market point of view, things are sort of peaked out, and it is slowing down. The reason is because we have now, I think, close to 1.4 lakh issuers who have already onboarded, so as taken license and dematerialized their shares. So going forward, the run rates are definitely expected to slow down. As far as market share is concerned, again, giving no guidance, we are broadly in the ballpark of that 70, 72 percent kind of a range, which is where it is. I think our effort will be to remain ± 2 percent range may share range. That's what we'll try to do. I don't think we don't see that as a very big point of change. Having said that, there was a third question, I think. Can you just remind me what? So you have almost covered. So the next thing that I want to ask is on the incremental market share. Obviously, we are seeing some improvements there in terms of the incremental share that we see on a monthly basis. But onboarding some of the smaller brokers or some small brokers will not move the middle because a lot of concentration is there with the top three, four discount brokers. So what is the necessity for a discount broker to shift or to de-risk themselves from one depository? Is it a necessity, or they are happy with working with one depository itself because they are very comfortable with working with them? So what's the thought process there? Yeah. So singularly, depending on shifting a depository from Depository A to NSDL, our strategy is not completely predicated on that, right? Our strategy is predicated on finding—see, even today, there are some very, very large, potentially very, very large new-age brokers who are getting started. We have engaged, and we have started the process of onboarding them. Their numbers are yet to play out. I think if these people in the next few quarters complete their integration and start onboarding and gain momentum, there could be very, very meaningful numbers coming to our kitty. But that is, of course, contingent on their own scale-up and the pace of their scale-up, etc., and how successfully they scale up. But the names are very, very promising. So it is not just predicated on winning the existing players getting transferred because winning existing players transferred would require some value to be offered. We are seeing out of the top few brokers, one of them promising, but it is still till they don't happen and they don't start showing numbers, I don't want to give any commitment. Conversations are definitely on. So we'll have to wait and see whether that happens. So our market share, we feel optimistic will do well because of the efforts that we are doing. But obviously, it is to be seen. Okay. So thank you and all the best, sir. Thank you. Our next question comes from the line of Sanil Desai from ICICI Securities. Please go ahead. Yeah. Good evening. Thank you for the opportunity. So my first question would be more on the breakup of the revenue which you have given. So I see there has been some change in reporting, like the numbers from last quarter which you had reported in the PPT and this quarter. So can you just tell what has been the general changes? There were some figures, some different over here. And if possible, can you give the revenue for FY 2025 in the same breakup? So it just helps to connect with that. So we have not changed the reporting. The only thing that we have done is that the classification of DLT has got added. But however, having said that, the FY 2025 breakup is there. If you want H1, we can share the H1 separately to you with regards to ensuring you can have like-to-like comparison. So right now, we have all annual fee or the custody fee sitting as part of recurring fee, which is 43%, corporate action, e-voting settlement, and the other transaction charges. The other includes pledge fee, joining fees, cash, and other data charges. That's how we are putting across our revenue breakups. Yeah. No, I just meant that last time you had just given transaction fee, I think, which included corporate action as well. Now, I think you have split it. So there was some, I think. Yeah. So that's why we've got the Q1. If you want the priors, we will definitely share the similar breakers to build into your model. Yeah. That That would be helpful. And secondly, I think just touching upon the last question, right? I think you alluded to the fact that the run rate for the unlisted companies has slowed down. So if my understanding is correct, so going ahead, maybe, as you said right now, the annual custody fees, 50% is more of 50% is from joining and 50% is from the recurring that part. So maybe going ahead, the joining fees would come down, and the recurring fee portion would increase. So overall, the growth for that particular revenue item would be more of flattish on this base, is my understanding would be correct in this part? So I think there are a couple of interventions I need to make here. So first of all, it was not I mentioned unlisted companies' run rates are going down, issuers, right? So just to clarify, if you look at our total revenue, and I'm giving you broad approximations here, so bear with me. We have two types of revenues: recurring and non-recurring. Okay? Recurring is approximately 43% of our total revenue. 57% of our total revenue is non-recurring. Out of our recurring, you have recurring fee coming from listed and unlisted. And in the current quarter, you would have added a third dimension, which is DLT fees, which is recurring. This together is in the ballpark of about 43%. While the DLT fees is very new and raw, so it will be a small amount. The recurring fee arising out of custody of listed and unlisted is broadly equal. 58% has got six line items. One of the line items is joining fees. Okay. Yeah. So okay. Good. You'll have that context. Yeah. Yeah. That's clear. Thank you. Thank you for that. Thank you. We have no further questions, ladies and gentlemen. I would now like to hand the conference over to the management for closing comments. Over to you, gentlemen. Thank you very much. Thank you, all of you, for having taken the efforts and joining us rather late. We had to shift the call to manage logistics. So thank you for bearing with us. Thank you for all the questions you've asked. We really value your questions. And in case there are any afterthoughts or questions after you do detailed analysis of our financials, please do not hesitate. We'll be very, very eager and happy to help. We have the whole team led by Jigar raring to go and answer your questions. And wish you all a good late evening, I should say, because I know you guys work late. And a good weekend coming ahead. Thank you very much from the NSDL team. Thank you. Thank you. On behalf of ICICI Securities Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.