Ladies and gentlemen, good day, and welcome to National Securities Depository Limited, NSDL Q3 FY 2026 Earnings Conference Call. 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 the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ansuman Deb for ICICI Securities. Thank you, and over to you, Mr. Deb. Good morning, ladies and gentlemen. It's a deep honor to be hosting the Q3 FY 2026 results conference call of National Securities Depository Limited. We have with us the senior management of the company. I now hand over the call to Managing Director and CEO, Mr. Vijay Chandok. Over to you, sir. Thank you. Thank you very much. A very good morning to everyone, and a warm welcome to all our shareholders, investors, and analysts who are joining us today. I truly appreciate the continued trust that over 800,000 shareholders now, 877,000 to be precise, as we share our business and quarter-end update for the quarter ending December 31, 2025. Let me quickly give an overview of the market. Market sentiment in India, as you all would appreciate, has been cautiously optimistic when it comes to the more medium- to long-term, but it remains very subdued and weak in the near term. This, we believe, is primarily due to global geopolitical uncertainties, which has been coupled with weaker than expected earnings for the recent quarter of reporting, and then weaker rupee versus U.S. dollar due to various reasons. All this leading to persistent FII outflows, and this, for the calendar year 2025, has now aggregated a very high number of about $18.9 billion. Well, during this uncertainty period, domestic investors emerged as the key stabilizer of the markets and have recorded a net inflow of about INR 780,000 crore, largely supported by robust SIP flows. The above divergence that I just highlighted between the behavior of the FIIs and the domestic institutional investors has led to relative market resilience, and it's important to underscore this point. In quarter three of the financial year FY 2026, cash market experienced flat volumes compared to the previous year comparable period. This is clearly attributed to subdued investor interest, particularly in the mid-cap and small-cap segments, and volatility in the broader market in the large parts of quarter three. Two key trends during this period have been observed as far as our MII ecosystem is concerned, specifically the depository ecosystem. We saw a deceleration in the demat account growth. In the quarter three of this fiscal year, market added, the total market this I'm talking about, added about 89 lakh demat accounts. And this was lower than what was added in the quarter three of the last fiscal, which was about 99 lakh demat accounts. The total number of demat accounts, however, increased obviously because of this addition, and stood at about 21.59 crore for the entire industry. And the NSE unique investor base has now reached about 12.47 crore investors as at December 31st. The second trend. So the first trend, as I mentioned, was deceleration in demat account growth. The second trend was is the primary market, and the primary market continued to show strong investor participation. The markets have raised about $10.8 billion through a combination of 125 IPO during this quarter three. So while there has been deceleration in growth of demat accounts, we believe there is still a lot of room left to bring household into the market. This untapped majority, which are individuals who are yet to participate in security markets products, represents a vast opportunity for players like us. And as for a recent SEBI investor survey of 2025, only 9.5%, which is approximately 3.21 crore households, actively participate in the markets. So there is clearly a significant conversion gap that is there for us to harness. NSDL, as a key market infrastructure institution, has continued to play an important and a central role in this transformation. Specifically, in the quarter, we introduced several initiatives, and I'll highlight a few of them aimed at enhancing security, efficiency, investor awareness, and accessibility. Effective December 15, 2025, NSDL enabled to open demat accounts digitally for HUF joint accounts. So this is something that improves and simplifies access, gets better efficiency. Ease of investments and doing business, to promote that, we enhanced the facility of the BSDA, the Basic Service Demat Account. We successfully completed the allotment of the first SIF. You would all recollect sometime back, SEBI introduced this concept of Specialized Investment Funds. So we've started now getting business from that, so the first one was done. Enhancement for enabling the API to facilitate value-free transfer of government securities, the G-Sec, which is again growing interest among the retail investors. So some API facilities have been introduced, which makes it seamless and real time for investors to access G-Sec. Enhancement to streamline the margin pledge system, which facilitates our counterparties', DPs, to offer MTF facilities. We also remain deeply committed to the investor protection and financial literacy, which is what we believe will add to the attraction with respect to new investors coming into the market. Our joint campaigns with SEBI under the aegis, Raho Digitally Chaukanna, reached close to about 80 million investors across India, in multiple languages and formats. And NSDL continues to conduct about 2,500 investor awareness programs annually. This is something that we do on an approximate annual basis, reaching over 1.5 lakh participants across Tier 1, Tier 2, Tier 3, Tier 4, and Tier 5 cities, actually. So in the medium term, while you know there are these short-term measures, recent measures that we have taken, in the medium term, SEBI has laid out a plan to expand investor participation to bring another 10 crore more investors into the market in the next three to five years. That's the aim that SEBI has laid out. The idea is to make the investment process simpler, safer, and more transparent with and obviously extensive use of technology. NSDL continues to be aligned to this vision of SEBI, objectives of the regulator, and our focus is to use technology and process innovation to further this objective. Now, coming to the business of the quarter. During the quarter, the total number of demat accounts for NSDL reached 4.32 crore. And we also reached 300 depository participants now, who provide service to these 4.32 crore investors through 56,000+, 56,800+ service centers and branches in more than 2,000 cities and small towns. We hold 86% of the value of custody, managing about $527 trillion of securities, which is, of which about 81% is in equity and the rest is in non-equity instruments. Our incremental market share in net demat accounts for the nine-month period now in the current fiscal stands at 15.89%, an increase in the similar period last year compared to where we were last year. In quarter three, our market share specifically stood at 14.65%, and you compare that with last year, quarter three, we were at about a little under 7% in the same period. There has been some improvement in market share, but we continue to put our focus and attention in trying to improve market share of demat accounts in the retail side. Even as the MCA, the Ministry of Corporate Affairs, recently revised the minimum threshold for dematerializing non-small companies to promote ease of business, we are pleased to announce that NSDL has achieved an important milestone of crossing 1 lakh issuers within the NSDL fold. Coming to our e-voting platform, we have helped number of leading companies to offer e-voting services to their shareholders, empowering them to exercise, the investors to exercise voting rights electronically. We also launched an integrated feature in the investor app called SPEED-e to display proxy advisory recommendations to enhance corporate governance through higher participation and transparency. And in the e-voting business, we have clearly now emerged as a market leader in the country. Now, let me take you through the key financials, which we have already put up on our website. In this regard, I would just like to highlight an important point, that it would be relevant to examine our financial outcomes on a Y-o-Y basis and not restricted to sequential basis. This is because when you look at the NSDL's business model, there are specific elements of seasonality which are embedded in our business. You know, elements like e-voting, then dividend receipts that comes from our subsidiaries. And these, as you would all appreciate, are concentrated in specific quarters. So doing sequential comparison may not give you a you know, apple-to-apple comparison. So I would request everyone to please keep in mind this factor and evaluate our performance in the context on a Y-o-Y basis. Keeping this in mind, I'm highlighting the Y-o-Y comparison of NSDL on a standalone as well as consolidated basis. Total income for quarter three stood at about INR 198.7 crore. This compared against INR 172.2 crore last year, same period, 15.4% up. PAT came in at about INR 77.9 crore, broadly unchanged, you could say. However, there was a one-time non-recurring tax item which has come in this specific quarter. Just for the information, it would be important to just bring out that without that, the profit would have been higher by about 10.3%. So an apples-to-apples comparison, that's what it comes out. On a consolidated basis, total income stood at about INR 394 crore, compared to INR 391 crore last year, broadly flat. And profit after tax stood at about INR 89.7 crore, roughly 4.5% up compared to the, you know, previous year. This is without any exclusions here. But if I were to give the benefit of that one-time impact that NSDL took on a tax item, then the profit would have been up by about 13.3%. With this brief update, I would also like to highlight an important development that happened with our subsidiary, which is the NSDL Payments Bank. Protean eGovernance has acquired a 4.95% stake in the payments bank for about INR 30 crore, valuing the bank at approximately INR 580 crore. This is with an aim to boost its digital services distribution, enhance, you know, and strengthen its role in the digital public infrastructure space. The bank, as at December 2025, has crossed INR 475 crore of deposit balances, and the number of investors, rather, I would say account holders, have now crossed 37 lakh, 37.5 lakh account holders and depositors as on date. With these, I will just, you know, hand it over to the CFO. But before that, I would once again express my gratitude to all our shareholders, regulators, employees, for their continued commitment and support in our journey. I'll now swing this call to Jigar, our CFO. Good morning. Thank you, Vijay. Let me now take you through a slightly deeper update on standalone consolidated financial highlights for the quarter ended December 31, 2025. To begin with standalone basis, revenue from operations for quarter three stood at INR 169 crore, a growth of 14% on a Y-o-Y basis, and sequentially it declined by 17%, as Vijay mentioned, due to seasonality, particularly on account of e-voting and dividend income that occurs in quarter two, FY 2026. On total income basis, we have registered a growth of 15.4% on Y-o-Y basis from INR 172.2 crore a year ago to INR 198.7 crore. On margin front, as far as EBITDA margins are concerned, our EBITDA margin for the quarter ended stood at 60.5%. The PAT for Q3 FY 2026 on absolute basis stands at INR 120.2 crore. As far as net profit after tax is concerned, our profit grew by half a percentage point on year-on-year basis from INR 77.2 crore to INR 77.9 crore. However, excluding one-time tax impact, the profit would have been at INR 85.4 crore, up by 10.3%. That's like-to-like comparison without stripping out the tax impact. As far as our PAT margins are concerned, our PAT margins stand at 39.2%. However, excluding that one-time impact, the PAT margins continues to be at about 43%. I would like to share a brief update for nine-month performance. FY 2026 standalone basis. Total income on nine months stood at INR 639.7 crore, a growth of 18%, on a Y-o-Y basis. Profit after tax for nine months stood at INR 280.9 crore, up by 14.3%. Excluding the tax impact, the profit would have been for nine-month, INR 289 crores. Net worth on standalone basis stands at INR 2,048 crores. NSDL standalone profits forms 90% of total consolidated profit. Moving on to consolidated highlights for quarter three, our total income stands at INR 394.3 crore, marginally up by 0.8% on a Y-o-Y basis. Sequentially, it has declined by 8.8%. Profit after tax for the quarter stood at INR 89.7 crores. Excluding the tax impact, the profit for the quarter on consolidated stands at INR 97.2 crore, up by 13.3%. On nine-month basis, our total income stood at INR 1,173.4 crore, up by 2.8%. As far as PAT is concerned, our PAT stands at INR 289.7 crore, up by 11.5% in the nine months, and excluding one-time impact, the profit stands at INR 297.3 crore, up by 14.4%. Our margins have improved on a consolidated basis from 22% to 24% on, for the quarter ended December 31, 2025. That's the update on the financial front. Thank you, all of us for joining us today, and I will now open up the floor for questions. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touchtone 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 question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Ravi Kumar, a Research Analyst. Please go ahead. Good morning, team. I am audible? Yes, you're audible. Yes, sir. Sir, I am consistently watching there is a change in revenue mix. Our majority revenue come from payment bank, but the contribution of payment bank in the profit is very low. So what are your views on the business of payment bank? Yeah. Thank you. Yeah, the payment bank tends to have a high revenue, principally because the way this payments bank business model is structured is that this income includes the commissions that are payable to the business correspondent. So when you net that out, the contribution is what really is attributable to the bottom line. So you have to view it in that context. You would notice that, you know, payment bank has been in the process of figuring out its business model, profitable business model. While we are not specifically sharing the numbers, I can tell you that on a Y-o-Y basis, there has been a very considerable growth in the profit after tax of the payments bank compared to the last year period. So there are specific businesses that the payments bank has identified, which is float, which is coming from deposit holders in form of CASA, now I mentioned the numbers in my talk. And also the UPI acquisition income, which has now started coming. As a result of that, we are seeing much better profit in the current year compared to last year. So the company has also raised INR 30 crore of equity, which will strengthen their capital base to do more investments into particularly technologies, upgradation of technologies, which will also help in improving the business. So, we do believe that this is a more medium-term prospect, but what is very, you know, sort of interesting to note about the payments bank, it's a strong operating leverage business model. So, the multiple on growth is what this business tends to offer, rather than percentage growth on a Y-o-Y basis, and that's what we have also seen in the current year. Okay, sir. I have one follow-up. Sir, our majority of revenue come from banking service. And so how you view the banking service revenue in the coming one to two year? Like, how much percentage of revenue come from banking service and how much from depository business? So, as Vijay rightly mentioned, our request is if you are looking at the payment bank from a contribution basis. So you have to look at the gross revenue and strip out the expenses because these are commission. And if you can see from the last nine months, we have reported the segment numbers. The last nine months, the segment revenue coming out of banking services was about INR 2 crore. This time it has gone to INR 14 crore. So a lot of activities that has been undertaken by the payments bank with regards to the UPI acquiring business, with regard to the CASA business, we see the momentum to continue. Having said that, how we look at next one or two years, we are not giving a specific guidance, but we are very confident that we'll continue the current momentum. Mr. Kumar, are you done with the question? Yes, sir. Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Amit Chandra with HDFC Securities. Please go ahead. Yes, sir. Thanks for the opportunity. So my first question is on the, you know, annual custody fees. Obviously, we are seeing healthy growth there on Y-o-Y terms, but the recent change in regulations, you know, how do you see that impacting the pace of addition of unlisted companies? Because unlisted was, you know, a higher proportion of our issuer revenues. So, and it was a major growth driver for us also. And in terms of how the time has reduced with the change in regulations, if you can explain that. Yeah. So, certainly with this change in regulations, we have seen the run rate of growth come down because the eligible universe has become much lower now compared to the earlier one. Data is not specifically available in a formal sense; only approximate sense data is available. But there is a definite reduction in the custody fee. But the expectation is that the people who have come already into the demat, because the deadline had already crossed on June 30th last year, the expectation is that they would continue to provide the sort of continuing fee. In any case, just to, you know, sort of, highlight one point, nuance one comment which you made, that majority is coming from custody fee is not an accurate number of unlisted companies. It is broadly balanced. Actually, it is not in favor of unlisted. It is almost equal between the two. So the growth drivers for custody fee will continue to be the increase in, you know, the custody fee coming from new companies getting dematted, whereas which is coming at a slower rate than the past year. The great growth that can come through the listed space, that momentum through improvement in number of demat accounts is something that we are targeting to, or, you know, working towards to keep increasing to add to our custody fee. Okay. So thanks for the clarification. And sir, you know, just in continuation on this, we were also eyeing for an issuer, fee hike from the regulator side, because we are seeing, you know, increased investments, in technology and obviously, in the overall the cost structure for us is, like, increasing at a faster rate. And there are, you know, planned investments that are also there, in terms of technology. So, is it a strong, point in terms of the regulator to consider, you know, and hike in terms of the issuer? Because it has been, pending for almost 10 years now. No. So I don't know what is your source of information about this conversation with regulator, because we are not aware of any such sort of plan that is there. Having said that, you are right in saying that for about 10 or now 11 years, there has been no change in the fees, but that prerogative of any change in fees is left to the regulator. I don't think we can make any observation or comment on that at all. Okay. And, sir, in terms of you, you know, the incremental market share gain, obviously, I know we mentioned, in the last calls that we have been trying to gain the incremental share, but, we have seen some improvement in September. But post-September, again, the incremental share has started to come down. So any update on, where we are in terms of journey, in terms of having a better incremental share? Yeah. Well, I think that's a great question and important question, because that's an area of principal focus of the management team. Specifically, quarter three to quarter four—sorry, rather, quarter two to quarter three, the change that you've seen in the demat account market share is, to our mind, and analysis is actually more, I would say, episodic and linked with certain very highly sought after and high-profile IPOs that came, which led to a little bit of surge of business. And that business tends to come more for some of the discount brokers as compared to the bank-based brokers, which has led to a slight skewness. However, in that quarter, compared to the previous quarter, however, with, you know, market now becoming more, sort of, benign with respect to the IPOs, in particularly recent time, structurally, I don't see any, sort of difference between what happened in quarter two and quarter three. We continued. We've added. I think we've given out the data about six new DPs. And, these, some of these DPs are fintech DPs. Many of them have started now scaling up. Numbers are materially important. Recently we got a switchover of also, important, Pune-based, you know, fintech, player, which is started adding demat accounts. And we are in talks with many, I would say, meaningfully large demat players. Some of them have actually, I would say, demat providers, demat account providers, who have already started the integration, but their scale-up is expected to take place over the next few quarters because they are putting their teams together and their you know, various technology testing, et cetera, together. So you just have to appreciate that the journey is underway, but the impact of onboarding does not come in the immediate quarter of onboarding. It typically takes at least two, three quarters before the scale-up numbers are coming. So some of these scale-up that we have started seeing is something that we had started early part of the calendar year. Whatever we are doing in the current few months will start being visible from the second half of the calendar year 2026. Okay, sir. And, sir, now, one last question from my side, and it's more related to more, you know, what's happening at the macro level in terms of from the company side. So, seeing, you know, the standalone numbers more from a revenue per demat. Okay, so quarter three annualized number is around INR 156 per BO account. And, if I split it between the old and the new additions, maybe because we, in last three, four years, we have seen a lot of new additions that has been there in terms of the base. So, how do you see this, INR 156 number or INR 160 number order in terms of the contribution from the older clients versus the newer clients? So is it significantly lower than the newer accounts that are getting added, their contribution is significantly less, and maybe that becomes a trigger as these accounts grow and become old, maybe the contribution from there, maybe, you know, will increase, and that will fuel the growth for the next four-five years for the company. So is that the right way to see? So, Amit, this is, that's very good question, you know. We keep debating this about the new and the old, but it's very hard to right now pinpoint, you know, how we look at the next couple of years from ballpark number of INR 156 or INR 160. Essentially, this is also governed by the number of activity that an investor does in the market. So the number of activity increases, you get more churn in terms of, revenue. Typically, we have seen the retail. There are two sets of retailers, one retailers which are very, very active, and the one retailers which are a little passive. So it's very hard to even, you know, pinpoint, you know, the new age, you know, demat accounts, which we have added in the last couple of years, how this activity or behavior will look at. Just to give you one color, we had a YUva scheme that we had rolled out a year ago. Initially, the YUva scheme was garnering about 10% of our demat account. Now it is getting 20%. But again, the transactions from that has not been so material in terms of how many churn there are, because these are more driven to the marketing activities. So very hard to predict this ballpark number. Yeah, but if you look at the trend of what we've seen, I think it's fair to say that that is the direction one can aspire for, what you just highlighted in your question. That it will go down, and then over a period of few years, it will start improving, because that's the way economic progress will happen. Okay, sir. Thank you and all the best. Thank you, Amit. Thank you very much. Thank you. A reminder to all the participants that you must press star and one to ask a question. Next question comes from the line of Sanket with Avendus Spark. Please go ahead. Thank you, sir. This is Sanket from Avendus Spark. Sir, just a couple of questions. The other transaction income, which fell 26% quarter-on-quarter and 8% year-on-year. Is it fair to say this, this is largely because of the lower joining fees coming from unlisted company because of the regulatory change? No, okay. Sorry, Sanket, can you just please-- There's some little bit more noise in the background. There's some construction work going on, so can you just repeat it again? Sir, the question which I was asking was that, the other transaction income which you give, the revenue split, there we have seen, 8% year-on-year decline and around 26%. Sorry, 8% year-on-year decline and 26% quarter-on-quarter decline. Is it too fair to say that this decline is predominantly because of the lower joining fees coming from unlisted companies because of the regulatory change? Yeah. So, this quarter, yes, just because of the lower joining fee that has come, you know, as far as the quarter-on-quarter, sequential quarters concerned, also the year-on-year. So broadly, you know, there are a few other elements also in year-on-year, but it's about 8%. But this major quarter of 25% decline is on the back of the joining business. You see, the joining fee in the previous sequential quarter, we added about 11,000+ companies. This quarter, we've added 4,400 companies, so that is where the bigger drop is coming. Understood. Sir, Jigar, this 4,500 -odd companies, do you think this run rate will further decelerate? Or you expect this 4,000 companies run rate, with the regulatory change in mind, will continue? So we are right now experiencing that there is, you know, some momentum, but we are taking very cautious approach, and we can't predict right now a real number. So we wait and watch, because the update has come very recently. How this will unfold in the ecosystem, we are also looking at the behavior of the ecosystem. So give us some, a quarter, and then we'll probably have more clarity on how do we look at this number. Understood. Maybe if you are okay to share, in the other transaction income, from a data keeping point of view, what is the pledge revenue earned in the quarter and in nine months FY 2026? You know, I thank you for asking this question. You know, I get this question all the time. We are also looking, you know, what kind of information we can sort of put it across in line with our IPOs we have done. But, yeah, surely we'll look into it and try to look at giving more information, whatever that's possible. Noted. Oh, okay, Jigar. That's fine. Sure. My next question is on payment bank again. I agree with Vijay you saying that the profitability of the business has increased. So when I do the analysis, the contribution margin, which was 0.5%, third quarter FY 2025, improved to 2.4% in second quarter. Now it is closer to 5% in third quarter. So how do we see this number to play out? This 5% has further scope to improve with the business model change? Whatever pruning you are doing with the business, maybe declining trend in the payments bank will continue, and to what extent that the contribution margins can improve for the payments bank from the current levels? So, Sanket, as we've been saying in the last two to three quarters in our call also, that effort is there in order to push multiple business of payment bank. And what you mentioned, that is the outcome of the effort. We cannot--y ou know, we are not looking at a business where we say that, you know, "Let us take this number to X to Y." We are hopeful, and we are very cautious, you know, right now that, you know, whatever effort that we are taking, we maintain the momentum. That's the call that we have internally with amongst our management and also with the payment bank. And, let a couple of more quarters come out, and then we'll get a visibility. Because if you see from 2% to, from 0.5%, it has gone to 2.5%, and it's gone to 4%. So we want to maintain this momentum across CASA. That is one focus area. Second area is the UPI acquiring, and that will continue to give us this range bound as far as the payment business is concerned. So, the large part of the delta improvement happened because of CASA or UPI services? Means if you can give a little- Yeah. So, I would not be able to give a split, but it's a combination of both. A, UPI acquiring that has gone up, and we have given that number, that volume has gone up to INR 30,000 crore+, in our, in our deck, as far as the acquiring volumes are concerned. And the CASA. CASA has gone to INR 475 crore+. So the margin on CASA is also helping us to, make, you know, you know, the, the retail income on that front. Understood. And a few data keeping questions, or rather one more question. See, you alluded to the point that we have a market share gain in e-voting, but if I look at on sequential basis, e-voting still declined. Is it because it got lumped up in second quarter? Because nine months numbers look okay, but in third quarter it looks weak. So is it fair to say that the business got lumped up in 2 Q and therefore 3 Q optically looks lower on year-on-year basis? No, no, bang on. In fact, I mentioned it in my opening comments itself, that there is a seasonality impact that we typically observe, particularly because of e-voting. As you would know, most of these results get declared, then there is an AGM, which happens in the quarter three, rather quarter two, and quarter three becomes less, and quarter four becomes even lesser. So there is a seasonality impact of e-voting. The other impact that you will see is a dividend, which we receive from subsidiary that typically comes in Q2. So Q2 to Q3, if you compare sequentially, these optics have to be adjusted. I understand that, sir, but I was more referring from year-on-year basis. Despite that, there has been actually a gain in market share. Quarter two to sequentially also, we've gained market share. Understood, understood. No, but, third quarter to third quarter, there is a decline. So, despite we gaining market share, there is a decline. So, anything to read there is, is the point I was trying to check. I understand that the book is essentially very strong. Yeah. So the third quarter, what you're looking at, 6.8%, you know, the number of events have remained the same. But at times what happened, you know, the event mix changes. You know, sometimes the number of shareholders are slightly higher in one of the event, and the number of shareholders are slightly lower. So these are again, very event specific. So if-- so while-- even if I have to give a number of events, you know, because we have given in our anchor, I mean, in our IP also, we had done about-- we have done about 4,400 events this year, and last year we did about 4,200 events. So sometimes when the mix changes, that's where you have some marginal contribution going off here and there. But otherwise, we maintain the steady state with regards to the market share. Understood. And lastly, last one question, can you spell out the number of folio count you have at the current juncture, which you spelled out in the last quarter, too? Any update on that number will be useful. And second, is that if Payments Bank needs any capital incrementally to run the show or they are self-sufficient? Yeah. So first question I will answer, and I hope this is your last question, otherwise we will keep continue to, keep asking more data points. Yeah, yeah, this is the last one. So very fairly, no, very fairly asked. We had given this data point last time in terms of our folio counts. We are roughly about 15.5 crore folios as we stand as of 31st December. So that's where our folio count is. And as far as the adequacy of capital and the capitalization is concerned, maybe the fact is that we have done, you know, the investment with regards to INR 30 crore, 4.95%. We continue to look at if there is any opportunity, but at this point in time, our focus is more on building what we have got from the Protean and build this partnership more meaningful and formidable in the next one year. Understood. Thanks, Jigar, for all the answers. Thank you. Thank you. If there are more questions, you can, we can take it some, additionally later. Thank you. Thank you. Star one to ask a question. Next question comes from the line of Prayesh Jain, Motilal Oswal Financial Services. Please Please go ahead. Yeah. Hi, everyone. Am I audible? Yeah, Prayesh, hi. hi. Good. Yeah. Hi, hi. You know, well, most of the questions have been answered. Just, you know, extending the question on your--s o if you look at demat accounts, right, what is the potential that you guys have to kind of extract more volumes out of the existing brokers, right? So, you know, we were talking about the hook of three-in-one accounts with these bank-based brokers. Any traction there that has kind of brought the moment, can bring some momentum back into the game, right? For Q3's episodic, I understand, wherein there were a lot of IPOs and there were. But structurally, do you think that the bank-based brokers are working towards getting more three-in-one accounts? And is there any data to kind of support that thesis? I think that's a great question, and actually, in one of the slides, we had given out that data on the day. If you notice, in the quarter three, we give nine-month data, right? If you can refer to that data, you know, the nine-month period, last year, the entire industry added about 339 lakh demat accounts, right? That number has come down to 234 lakh. Very good. So there has been a deceleration. During this period, our demat accounts went from 29.982 lakhs to 37.33 lakhs. How is this possible? This is possible only because we have, you know, while the industry has shown a degrowth, we have shown an actual absolute growth in the number of accounts. This is because of more digitization and efforts to increase penetration with our existing DPs. In addition, few DPs that were added earlier have now started scaling up. So it's a combination of both these things. So some traction is visible in the nine-month number, if you see, through the, you know, the existing brokers itself, where we are, we are able to improve greater conversion of three, sorry, savings account into three-in-one accounts. You know, it's almost an 8.9 lakh increase in base when actually the market has come down. Yes. Right, right. And the six DPs that you've added recently, are they already operational? And, what is, if you can indicate the total number of NSE active clients that they would have currently, not the demat account, but at least the NSE active clients, which is there in the public domain, that could give us good, good understanding on the size, which you can see incremental volumes coming through. No, currently we are not giving any, you know, subset sort of a data, at this point in time. Okay. Got that, got that. By and large, you know, we've seen that the bank-based guys tend to be, you know, heavier on demat, and that is, again, available in the, you know, our deck data is available on how the demat balances are played out. Sure, sure. And just the last question on the, you know, the transaction charges, I think this was asked earlier, but again, just repeating. The drops in sequential basis on the other transaction charges is because of joining fees only, or - and because you said the implication is still yet to come, so the joining fee should further kind of go down from the current levels if we look at Q3 numbers? Yeah. So right now, you know, when you look at numbers, it's primarily, you know, the quarter-on-quarter is because of the joining fee as well as year-on-year, it's primarily driven by the joining fee. The rest of the elements which are part of the other transaction, which are like pledge, you know, other transactional charges that we charge, remains, you know, flat-ish or unchanged in that. So right now we are looking at how this next quarter comes in terms of joining fee, how much we have a market share, and how many companies gets onboarded. So too early for us to say how this theme will work out in the next, especially this quarter. But, yeah, it's just wait and watch for us. But for now, the commentary is because of the joining fee has seen a change, and that has led to decline in the other transactional charges. Impact of regulation is already seen in Q3. Is that the right way to think? Yeah, but the regulation, I think, came in, December, you know, the official c ommentary from it. So it's sort of not a full impact. We see how the next quarter sort of looks at, and then we continue to monitor the situation closely. Okay. Can I slip in one more question? Sure. Yeah, please. Yeah, just, on this, you know, if you look at the corporate actions and IPO activity, you know, we saw 3Q as a very strong month for IPOs. But in spite, I am understanding the drop in revenues is more because of corporate actions. And is there any booking of revenue spending on IPOs that can slow down, in Q4? No. So on the booking side, we've, the accounting side, whatever IPOs has come, that is the income has been taken care of. In terms of, you know, the year-on-year, we are like flat-ish. We are, you know, INR 25 odd crores, we earned in this quarter. On the Q2, we had slightly better pipeline with regards to the IPOs. And Vijay mentioned in earlier commentary that, you know, sometimes, especially in quarter three, there were two, three big players, you know, that sort of had more application, the demat account favored the competition than us, and that's where you see a slight episodic reduction in the corporate action fee. Otherwise, it's been steady state. Okay. Thank you. All the best. Thank you very much, Prayesh, and have a good day. Thank you. Thank you. A reminder to participants that you must press star and one to ask a question. Next question comes on the line of Ravi Kumar and Research Analyst. Please go ahead. Sir, I have one suggestion, that is, our majority revenue come from banking system, but we provide very less information about our payment bank business. So it would be very grateful if we provide more information about our payment bank business system from upcoming quarters. Yeah. So I think, once again, I would request you, while there is a large number, the relevance of that revenue is, to be seen in the context of our net number. So please net it off. It's all available. And, what is going to be the value driver is the depository, not the bank. So there is, that much information that we are giving about our subsidiary. Okay, sir. Yeah. Thank you. Thank you. Thank you. A reminder to all the participants that you must press star and one to ask a question. Once again, a reminder to all the participants that you must press star and one to ask a question. Ladies and gentlemen, as there are no--w e have a question that is on the line of Devesh Advani, Reliance General Insurance. Please go ahead. Yes, please. Mr. Advani, please go ahead. Mr. Advani, please unmute yourself and go ahead with the question. Since there's no reply from the line of Mr. Advani, a reminder to all the participants that you must press star and one to ask a question. Once again, a reminder to all the participants that you must press star and one to ask a question. Next question comes from the line of Devesh Advani from Reliance General Insurance. Please go ahead. Mr. Advani, please go ahead. I think he seems to be having some difficulty in his phone. Mr. Advani, please, unmute yourself and go ahead with your question. We have no reply coming from the line of Mr. Advani. I think. Ladies and gentlemen, as there are no further questions, we have reached the end of question and answer session. I would now like to hand over to management. Go ahead. Thank you very much. I really appreciate all the questions that have come and, you know, for patiently hearing our, you know, entire update on the business performance. In case there are afterthoughts, after questions, or, even anyone who could not ask questions and couldn't participate, because they wanted to do some more study before asking, don't hesitate. Please feel free. Jigar is available, and we would be able to take this offline. You can reach out directly to Jigar and his team, and we'll be very happy to respond to all your questions. So please, this is a request from my side. Thank you very much once again. Thank you. On behalf of National Securities Depository Limited, thank you for joining us. You may You may now disconnect.