Ladies and gentlemen, good day and welcome to the Q2 FY 2027 earnings conference call hosted by National Stock Exchange of India 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 the call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Shri Ian Desouza, CFO of NSEIL. Thank you, and over to you, sir. Thank you, Rio. Good evening, everyone, and welcome to NSE's earnings call to discuss the results for the quarter and half year ended 30th September 2026. Please note that this conference call is being recorded, and a transcript of the same will be available on the BSE Exchange website and also NSE website. The financial results and investor presentation are also available on our website and BSE website. Joining us today on this earnings call is the NSE leadership team consisting of our MD and CEO, Ashish Chauhan, Viral Mody, Executive Director Vertical 1, Critical Operations, Sanjay Shorey, Executive Director Vertical 2, Regulatory Compliance Risk Management. Sriram Krishnan, Chief Business Development Officer, Shharad Dhakkate, Human Resources Officer, Piyush Chourasia, Chief Regulatory Officer, Somasundaram, Chief Enterprise Risk Officer, Mayur Sindhwad, Chief Technology Officer Operations, Sampath Manickam, Chief Technology Officer Technology Infrastructure, Rajesh Thapar, Chief Information Security Officer, Vikram Kothari, MD and CEO NSE Clearing Limited, Aniruddha Chatterjee, Managing Director NSE Indices and NSE Data & Analytics Limited, Balasubramaniam, Managing Director and CEO NSE International Exchange, Neeraj Kulshrestha, Managing Director NSE IFSC Clearing, Ashish Krishna, Managing Director NSE Investments, Tirthankar Patnaik, Chief Economist, Amber Gupta, Head Legal, Krunal Patel, Head Marketing and Corporate Communication, Prajakta Powle, Company Secretary and Compliance Officer. We also have other colleagues from Finance, Investor Relations, Secretarial, and Corporate Communications on the call. Please note that the statements made on this call may reflect the company's outlook for the future, which may be construed as forward-looking statements. Such forward-looking statements must be reviewed in conjunction with the risks that the group faces. The actual performance or events may differ from those in forward-looking statements as a result of various uncertainties and factors which may be beyond the company's control. With that, I would now like to hand over the call to Ashish Chauhan, MD and CEO of NSEIL, for his remarks. Over to you, sir. Thank you, Ian. Good evening, everyone. I would like to begin by expressing my gratitude to our shareholders and investors for the trust they have placed in NSE during our recent initial public offering, in which more than 34 lakh retail investors were allotted shares. I am deeply grateful to the Securities and Exchange Board of India, its Chairman, Shri Tuhin Kanta Pandey ji, for enabling the listing of one of the world's largest and most technologically advanced market infrastructure institutions. I also extend my sincere thanks to the Government of India, NSE Board members, employees, investors, issuers, intermediaries, member stockbrokers, advisors, and all of those who have supported NSE on its journey to listing. Let me begin with an overview of the macroeconomic environment. India remains resilient despite the challenging global environment. The Reserve Bank of India projects GDP growth of 7.1% for fiscal 2027, supported by domestic consumption, investment, and services. Equity markets remain volatile amid geopolitical tensions, fluctuated in crude oil prices, and tighter financial conditions. Nevertheless, the long-term structural outlook for Indian equities markets remain intact. India remains the world's fourth-largest equity market, with a market capitalization of approximately $4.9 trillion as of September 30th, 2026. Investor accounts crossed 27 crore in September 2026. Unique registered investors reached 13.7 crore. Domestic institutional investors remain net buyers for the 22nd consecutive quarter. Their investment of INR 1.7 lakh crore, $ 17.8 billion in the September quarter, helped cushion volatility in global flows. Within this operating context, NSE's performance continues to be resilient. I will now cover the key business initiatives for the first half of fiscal 2027. NSE commenced live trading in Electronic Gold Receipts on May 18, 2026. EGRs are transparent, standardized exchange trade instruments backed by physical gold. We have also empaneled Augmont as a strategic partner to promote EGRs and facilitate conversion between physical gold and EGRs. We signed memorandum of understanding with the Steel Users Federation of India and Bharat Metal Exchange to develop steel and non-ferrous metal derivatives. We received a no-objection certificate from SEBI for futures contract on corporate bond index, subject to approval from the Reserve Bank of India. These contracts will help participants manage risk in the corporate bond market. In the area of technology, we remain committed to building market infrastructure that is trusted, resilient, and transparent. Under SEBI's regulatory sandbox, we implemented the tokenization of corporate bonds on the NSE Electronic Bidding Platform. This enabled India's first tokenized bond issuance by REC and L&T, which raised INR 1,000 crore. We launched Market Lens, an in-house stock screening and analytics platform covering more than 2,000 stocks on beta basis. We also launched the NSE EGR, Electronic Gold Receipts mobile app, a first-of-its-kind application that digitizes investors' journey to convert their physical gold to exchange-traded financial instruments, thereby enhancing liquidity and accessibility for retail investors. NSE remains focused on strengthening investor protections and market integrity while continuing to build a capital market framework that is transparent, robust, and inclusive. The corpus of the NSE Investor Protection Fund remains adequate at INR 2,973 crore as of September 30, 2026. During the first half, we also conducted more than 10,500 investor awareness programs, reaching over 5.2 lakh participants. As we commence our next phase as a listed company, NSE, being a first-line regulator, remains highly compliant and committed to playing an enabling role in fund mobilization, capital formation, wealth creation, and job creation, as well to empowering every Indian to participate in the nation's growth story with trust and confidence. I now hand over to my colleagues, our Chief Financial Officer, Shri Ian Desouza, and our Chief Business Development Officer, Shri Sriram Krishnan. Over to Ian. Thank you, sir. I will now take you through NSE's consolidated financial performance for the quarter and six months ended September 30th, 2026, and share some perspectives on revenue quality, operating leverage, capital strength, and long-term value creation. NSE's performance during the period was supported by continued investor participation, higher trading volumes across asset classes, and sustained capital market activity. For Q2 FY 2027, consolidated total income increased by 9% YoY to report at INR 4,554 crore. Revenue from operations, which constitutes 89% of total income, increased 11% YoY to report at INR 4,067 crore in Q2 FY 2027. Profit before tax from continuing operations increased 13% YoY to report at INR 3,425 crore. Normalized for one-offs in the corresponding period of the previous financial year, profit before tax from continuing operations increased 9% YoY. Profit after tax for Q2 FY 2027 stood at INR 2,538 crore, a growth of 23% YoY, and earnings per share was INR 10.41 paise on a non-annualized basis, reflecting the strength of NSE's underlying operating metrics. In terms of performance in H1 FY 2027, consolidated total income increased by 9% YoY to report at INR 9,807 crore, while revenue from operations increased 12% YoY to report at INR 8,627 crore for H1 FY 2027. Profit after tax increased 13% YoY to report at INR 5,698 crore, and earnings per share was INR 23.02 on a non-annualized basis. When it comes to revenue quality and diversification, growth in revenue from operations in Q2 FY 2027 was driven by growth in transaction charges, listing revenues, our data-related segments such as rack charges, data feed and terminal services charges, index licensing and data subscription fees, clearing and settlement-related revenues, and operating investment income. Coming to transaction charges, in Q2 FY 2027, transaction charges increased by 9% year- on- year to INR 3,035 crore, driven by higher volumes in cash market and equity options segments. The key contributors in Q2 FY 2027 broadly were as follows: Transaction charges from options increased by 6% YoY to INR 2,216 crore, of which revenue from weekly expiries, i.e., Nifty index options, was INR 1,699 crore, accounting for 38% of total income in Q2 FY 2027. The revenue mix with the charges is gradually broadening, with other products such as cash equities, futures, and mutual funds growing fast. Transaction charges from cash market segments increased by 30% YoY to report at INR 474 crore, led by healthy growth in investor participation. Transaction charges from equity futures was INR 328 crore, of which contribution from NSE IX, our global exchange, was INR 32 crore. Mutual fund segment continued to scale up and record a strong growth of 3.5x to report at INR 13 crore in Q2 FY 2027, up from INR 4 crore in Q2 FY 2026. While transaction charges constitute 75% of NSE's operating revenue in Q2 FY 2027, non-transaction revenue streams such as listing, data center, connectivity charges, data feed and terminal services, and clearing settlement-related income continue to strengthen, thereby diversifying NSE's revenue base. These revenue streams complement the core exchange franchise, i.e., trading services, and continue to build momentum in Q2 FY 2027. Listing services revenues increased by 70% YoY to report at INR 150 crore, largely on account of increase in book-building fees during the quarter, reflecting in higher number of main board listings. There were 62 main board listings in the quarter and rise in issuing sizes. Total equity raised during the quarter was INR 2.4 trillion, up 93% YoY. Data-related services contributed close to 30% of operating income and increased 8% YoY to report at INR 531 crore in Q2 FY 2027. This comprises data center rack charges, data connectivity charges, data feed and terminal services, and licensing services. Revenue from non-transaction businesses benefit from structural trends, including increasing market participation, growth in passive investing, greater demand for market intelligence, growing consumption of data products, and increased use of market infrastructure services. When it comes to operating investments, expenses, consolidated expenditure decreased 51% YoY to report at INR 1,161 crore in Q2 FY 2027, largely due to one-time provision for SEBI settlement fees in the same quarter in the year-ago period. Excluding the impact of provision towards these settlement fees, consolidated expenditure in Q2 FY 2027 would increase 10% YoY, largely driven by continued investment in people, technology, resilience, and regulatory capabilities. Consolidated expenditure decreased 31% YoY to INR 2,333 crore during H1 FY 2027. In terms of the composition of consolidated expenditure, 18% of the expenses in H1 FY 2027 is volume-linked expenditure, such as regulatory expenses and clearing and settlement expenses. Technology expenses contributed to 32% of the total expenditure, followed by employee expenses, which attributed to 20% of the total expenditure in H1 FY 2027. Employee expenses in Q2 FY 2027 were up 18% YoY, driven by usual annual increments, increase in employee base, and actuarial assumptions related to wage growth. We have added 104 employees year-on-year, primarily in critical functions related to technology and regulatory functions across the group. For the half year FY 2027, employee expenses were INR 463 crore and accounted for 5.4% of revenue from operations. Technology expenses. NSE continues to operate and enhance one of the most advanced market infrastructure technology platforms. Technology expenses increased in Q2 of FY 2027 by 22% year-on-year, driven by investments in resilience, modernization of platforms, and cybersecurity. We continue to make investments across strategic initiatives such as data warehouse, modernization of regulatory applications, and our testing center of excellence. NSE has also enhanced its mobile application and website for investors to provide them with data analytics capability through Market Lens and launch of MCP, Model Context Protocol-based connectivity for external agents, AI agents to get market data. For H1 FY 2027, technology expenses were INR 751 crore and represented 8.7% of revenue from operations, demonstrating a stable level of investment despite increasing scale and complexity of operations. When it comes to operating leverage, NSE's operating model continues to demonstrate strong operating leverage with continued investments in its people, technology, and infrastructure. This combination of growth, scale, and disciplined investment continues to support strong profitability and margin performance, as reflected in H1 FY 2027's operating EBITDA margin of 77% and normalized profit before tax margin of 76% and a net profit margin of 58%. Now, coming to NSE's balance sheet strength and risk management. NSE maintains one of the strongest balance sheets among market infrastructure institutions. Our strong balance sheet supports technology investment, growth initiatives, financial safeguards, and shareholder returns. As of September 30th, 2026, NSE's net worth stood at INR 28,907 crore. Total treasury investments stood at INR 52,613 crore, out of which corporate treasury investments stood at INR 34,699 crore. Return on equity for H1 FY 2027 was 19% on a non-annualized basis. Risk management remains central to our operating framework. These safeguards, along with our integrated clearing, surveillance, and risk management framework, continue to support market integrity and financial stability. As of September 30th, 2026, the post-settlement guarantee fund of the group stood at INR 13,665 crore. The Investor Protection Fund corpus stood at INR 2,973 crore, and our risk reserve stood at INR 4,805 crore. I will now briefly turn to the performance of our key subsidiaries that broaden the group's participation across the capital market value chain. NSE Clearing reported a total income of INR 1,153 crore, up 16% YoY, driven by an increase in clearing and settlement revenue and high investment income. NSE's profit after tax also increased 11% YoY to report at INR 597 crore in H1 FY 2027. NSE Data & Analytics reported a total income of INR 278 crore, up 45% YoY, largely on account of increase in online data feed services. Profit after tax increased 61% YoY to report at INR 123 crore in H1 FY 2027. NSE Indices, that provides services such as creation and maintenance of all Nifty-branded indices, reported a total income of INR 104 crore in H1 FY 2027, up 10% YoY. Profit after tax for NSE Indices increased 9% up YoY to INR 63 crore. NSE IX, our wholly owned subsidiary in GIFT City, reported an increase of 17% YoY in total income to report at INR 79 crore for H1 FY 2027. Profit after tax increased 4.3x to report at INR 15 crore. Overall, given our market participation, balance sheet strength, technology capabilities, and vertically integrated infrastructure, we believe NSE remains well-positioned to participate in the next phase of India's capital market development. With that, I will now hand over to my colleague, Sriram Krishnan, who will discuss our business and operational performance in greater detail. Thank you, Ian. Good evening, everyone. I will walk you through the key developments across our business segments. NSE continues to strengthen its role as a central engine of capital formation, effectively and efficiently channeling household savings into productive investments, and remains the exchange of choice for Indian corporates across equity and debt markets. During the September quarter, a total of INR 7.4 lakh crore was raised via equity, debt, and business trusts on the NSE platform, which was 64% higher than the funds raised by companies in the corresponding quarter of the previous fiscal FY 2026. Equity markets witnessed robust primary market activity in Q2 of FY 2027. A total of 87 companies were listed across the main board and SME platforms, raising INR 66,447 crore, up nearly 12 times on a quarter-over-quarter basis and 35% on year-on-year basis. Notably, the month of September alone saw a total of 31 listings, marking the highest number of listings in a single month. The average main board IPO size increased by over 79% quarter-on-quarter to INR 1,050 crore in Q2 of FY 2027. NSE Emerge continued to support capital formation among smaller enterprises, facilitating INR 1,329 crore in fundraising through the listing of 25 companies in Q2 of FY 2027. Debt markets remained robust, with INR 5 lakh crore mobilized through commercial papers and NCDs in Q2 of FY 2027. This took cumulative mobilization during H1 of FY 2027, which is April to September, to INR 9.9 lakh crore, marking a 30.8% increase from INR 7.6 lakh crore in the corresponding period last year. Our electronic bidding platform facilitated primary market bond issuances worth INR 1.3 lakh crore in Q2 of FY 2027 across 76 issuers, more than double the amount raised in the same quarter last year. During the quarter, NSE's electronic bond platform, a bidding platform, facilitated India's first tokenized bond issuances by REC Limited and Larsen & Toubro, raising INR 500 crore each. This marks an important milestone in the adoption of technology-led innovations in India's corporate bond market. Let me now turn to NSE's domestic rankings and market leadership. Across product segments, NSE continues to retain its leadership position. In Q2 of FY 2027, NSE's market share stood at close to 92% in the equity cash market, 99.8% in equity futures, and 68% in equity options based on premium turnover. In the debt secondary market, NSE maintained strong leadership in Q2 FY 2027, with market share of 96% in the RFQ segment, 80% in CBRICS, and nearly 100% in the Tri-Party Repo segment. Now turning to trading activity and new product launches. Trading activity in Q2 of FY 2027 across cash market and equity options segments improved on a year-on-year basis, while commodity derivatives recorded strong growth. Average daily turnover, ADT, in the equities cash market increased 23.7% YoY to INR 1.18 lakh crore in Q2 of FY 2027. In the equity options segment, ADT based on premium value in Q2 of FY 2027 increased by 3.3% year-on-year. Equity futures ADT declined 7.7% year-on-year to INR 1.25 lakh crore in Q2 of FY 2027, partly on account of changes in taxation implemented earlier this year. Activity in the debt segment continues to witness steady traction. The RFQ platform witnessed a 10% year-on-year increase in ADT to INR 6,508 crore in Q2 of FY 2027. Tri-Party Repo activity remained strong in Q2 of FY 2027, with ADT rising 5.4% QoQ and 152.8% year-on-year to INR 6,825 crore. July 2026 also recorded the highest-ever monthly traded value of INR 1.56 lakh crore on the platform. Online bond platform providers also gained further traction, registering a record of over 17.18 lakh gross trades in Q2 of FY 2027 and 30.45 lakh gross trades in H1 of FY 2027. The mutual fund segment witnessed strong growth in transactions. Total MF orders increased 155% year-on-year from 2.64 crore in Q2 of FY 2026 to 6.72 crore in Q2 of FY 2027. The market share at the end of Q2 FY 2027 stood close to 22%, up from 12% in the corresponding quarter of the last fiscal year. We strategically diversified our product suite across multiple segments in the last few years. Activity in commodity derivatives strengthened considerably in Q2 of FY 2027. Commodity futures ADT increased nearly 38% quarter-on-quarter to INR 137.6 crore, while commodity options average daily premium turnover surged by 116% quarter-on-quarter to INR 296.8 crore, reaching eight times its Q2 FY 2026 level. Crude oil and electricity contracts remained the principal drivers of commodity futures activity, while crude oil options accounted for the overwhelming majority of commodity options premium turnover. Following the expiry day revision from two to seven business days prior to the futures expiry, the crude oil options contracts have continued to gain market traction. Average daily traded quantity rose from about 7.7 million barrels in FY 2025 to 9.4 million barrels in FY 2026, and further to about 27.4 million barrels in the first half of FY 2027. The daily premium turnover increased by over 180x from December 2025 expiry, that is about INR 22 crore, to October 2026 expiry, that is about INR 4,003 crore. On October 8th alone, which was the latest expiry day, volume of over 1,047 million barrels was traded. Gold 10 g futures were launched on March 16th, 2026, with smaller and affordable lot size to democratize access for retail participants. As of the September 30th, 2026, the contract recorded a turnover of INR 988 crore and a trading volume of 65,372 contracts. Since its launch on July 14th, 2025, monthly electricity futures have clocked a cumulative turnover of INR 16,864 crore across 871,988 contracts, representing 43,599 million units of electricity. NSE's market share has been close to 64% for July 2025 to September 2026 period, underscoring the contract's acceptance as a hedging and price discovery instrument in India's power markets. EGR segment that was launched May 2026 has seen strong interest from the investor community and other ecosystem players. During the quarter, we continued to focus on strengthening the EGR ecosystem as we empaneled Augmont as a key strategic partner. We have also developed an EGR mobile app to digitize the investor's journey from physical gold to EGRs. NSE continues to strengthen the Social Stock Exchange, SSE, ecosystem, accounting for 94% of funds raised and 82% of unique projects across exchanges. So far, 209 not-for-profit organizations have registered on NSE SSE, of which 98 are active. Sixteen projects, including two listed on both exchanges, have raised over INR 44.5 crore across sectors such as healthcare, education, water, sanitization, skilling, agriculture, and poverty alleviation. The pipeline remains encouraging with 23 projects targeting mobilization of more than INR 113 crore. Further, NSE SSE facilitated its first blended financing project by the National Skill Development Corporation on October 22nd, 2026, with a total outlay of INR 11.26 crore. The project combined candidate contributions, zero coupon, zero principal funding, and outcome-based financing by the Government of Madhya Pradesh, marking an important step towards outcome-linked social financing. Over the past three decades, NSE has played an important role in transforming India's capital markets through technology, transparency, and efficiency. Looking ahead, we will continue to work closely with regulators, issuers, and market participants to deepen markets, broaden investor participation, and facilitate capital formation. With this, let me hand over the call back to the operator for the Q&A session. Rio, you may open the line for questions, please. Sure, thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask questions may press star and one on their 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 questions. Also, a request to participants to please limit your questions to one per participant. For follow-up questions, we request you to rejoin the queue. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from Sameet Sinha from Macquarie. Please go ahead. Yes, thank you very much, and congratulations on the first earnings call as a listed company, and all the best for this new journey. I guess since we are restricted to just one question, I am going to just ask. I had multiple. Obviously, this was a pretty tumultuous quarter between CAS and bank guarantee and effective volumes. Can you help us think about what should we expect after December 7 when SEBI changes the way it has deployed CAS, and if you have seen any sort of impact from bank guarantee, and how should we think about it going forward? Thank you. Thank you for that question. If you look at the cash market average daily turnover between April, May, and June 2026, it was INR 135,949 crore. If you look at what the number was in Q2, it was INR 118,377 crore, which is a drop of 13% quarter-on-quarter. However, when you compare Q2 of 2026 with Q2 of the previous fiscal year, we are up 24% year-on-year basis. What it means is that the cash market and the implementation of the Closing Auction Session have both performed in an expected way. If any, the impact of CAS was more on determination of settlement price for expiring index options than for the cash market activity itself as such. Therefore, with the changes which are going to go live very soon in December, we think that the cash market activity will expand further, and there will also be greater clarity in terms of how the expiring index options are going to be dealt with. Therefore, market participants have up to one year to understand the system better, and eventually, if there are further changes that may be considered, they will be better prepared for any oncoming changes. Got it. Have you seen any impact from the bank guarantee regulation by the RBI? Any way to split that apart? Yeah, the Reserve Bank of India circular of February 2026 was to go live initially from April 1st, but there was a three month extension given by the Reserve Bank of India, which meant that it eventually went live from July 1st. So in those three months, we know that a number of market participants, particularly the brokers who were getting impacted potentially, they have extended their prevailing bank guarantees by another several months as much as they could. Some of them have also raised money through other ways, for example, by issuing corporate bonds, et c, in the last few months. So I think the market participants have their own way of coping with any new changes imposed by regulators, and that is what is happening here also. Therefore, there is no striking impact as such that can be attributed to this one particular change that has been brought in during this time. There have been a number of reasons that can be pointed out with respect to what has changed in last many months, including geopolitics and other factors. Therefore, it is very difficult to highlight the specific impact from this particular change as such. Thank you. Before we take the next question, a request to participants to please limit your questions to one per participant. The next question is from Swarna Mukherjee from 360 ONE Capital. Please go ahead. Sir, thank you for the opportunity, and congrats on a good set of numbers. I just wanted to understand about the co-location business. If I look at over the last few quarters, I think we are broadly doing about, say, INR 320 crore, INR 330 crore, taking rack charges and connectivity charges together. Wanted to know your views on how we should see this evolving going forward over, say, the next couple of years. If you could also highlight, you know, your plans related to rack addition and optimization regarding that. Thank you. Yeah, there has been steady demand in terms of the number of racks that market participants require from time to time. Since January 2025, we've added close to 800 full rack equivalents for members, and the total racks now stand at close to 1,870 or so. We've been phase by phase adding new racks based on the market demand that we can perceive from time to time. We have a surplus rack situation right now, and we have also enough capacity and space to expand the number of racks in quick time if need be. As things stand, I think, more and more racks continue to be built, and the number of members having co-location racks is nearly 300. We are also contemplating an upgrade of the existing full rack infrastructure. Right, sir. Any visibility or color on how we should see the revenue number evolving? When new racks are taken up by members, typically they take some time to deploy those racks, because the infrastructure also takes a few months to come. But once they go live, obviously they want to make full use of the rack space and pump in millions of orders every second. If the number of messages and number of orders are going to increase, naturally the number of transactions will also increase. You should look at it not only from the data and connectivity charges line, but also you should take into consideration the transaction charges that we make. It is very difficult to attribute the increase in transaction charges to the additional racks that members have consumed. However, it's a good signal if there is a demand for additional racks from members, which means that more and more people are constantly looking at coming to India to trade on the products available on the NSE platform. Thank you. Before we take the next question, a reminder to participants to please limit your questions to one per participant so that the management is able to address questions from all participants in the conference. For follow-up questions, we request you to rejoin the queue. The next question is from Supratim from Jefferies. Please go ahead. Thanks a lot for the opportunity, and congrats on a great IPO. My first question is on the recent SEBI ruling wherein they have eased the EPI margin rules. Just wanted to understand how does this impact NSE's clearing business? If you could give us some color on that would be very helpful. The objective of the regulator is to consider a reduction in margins, particularly for the cash market, in order to augment the activity levels which are seen in the cash market. In fact, if you look at the statements of the SEBI chairperson, he has consistently said that the focus of SEBI is to simplify business, simplify and increase the ease of doing business quotient, plus do whatever possible to bring structural reforms to expand the cash market. So, the Closing Auction Session was one example of structural reform. There is also a working group which has been looking at the securities lending and borrowing rules. The EPI margin requirements are one more initiative of the regulators. We are quite sure that all these initiatives will deliver very good results and outcomes for market participants. Thank you. The next question is from Devesh Agarwal from IIFL Capital. Please go ahead. Thank you for the opportunity. Congratulations on this one. I wanted to know, we have seen a very good increase in the commodity volumes over the last six months, especially. In addition to the change in expiry date, which we have kind of advanced by seven days, what else changes, and what other changes have helped us to gain this volumes and market share? That is one. Secondly, can we extrapolate or extend this to other commodities also to have a similar kind of a volume increase in other contracts? Thank you for your kind words. The commodity options premium turnover in January 2026 was roughly INR 880 crore, and the corresponding number for October 2026 is close to INR 8,200 crore. So, we have grown about 10 times in nine months, as you rightly pointed out. The growth has become possible because a large number of market participants are now connected to NSE commodities. As you know, co-location is not allowed yet in commodities, and therefore members took some time to build their leased line connectivity and get ready with their front office, back office, et c. So, for the last three and a half years, we have been working at deepening the market and expanding the number of members who are able to trade NSE commodities. I think now, you are seeing the result of all the work. And obviously, there has to be some product differentiation as well, which is why, based on market participant feedback, we changed the expiry date in crude oil options first, and then also for natural gas subsequently. I think these changes have enabled market participants to participate more than what they used to, and that's why you're seeing the increase in the volumes. Hopefully, we will see the similar ripple effect in other commodity contracts of NSE as well, which we introduce from time to time. Thank you. Thank you. The next question is from Uday Polishetty from Dalmus Capital Management. Please go ahead. Hi, team. Thanks for the opportunity. I just have one question. We have very good market share in cash market and equity futures. Why do you think we have 68% market share in options? I know it is good, but still, how do you see it evolving over time? Is there any particular customer segments in which we might have lower market share? Do we plan to do any product feature changes that can help us gain market share? When you look at the market share, and particularly for index options, conclude that it is 68%, I just want to highlight that there is an impact on account of holidays, particularly when it happens to be the expiry day of NSE. If you normalize the market share based on the impact from these holidays, the effective market share for Q2 of FY 2027 is almost 70%, as per our analysis. Of course, we'll be very happy to discuss this with you offline. But the fact is that options is not about just index options. There is also something called single stock options. Within index options also, you have weekly expiry and monthly expiry. If you look at NSE market share in monthly expiry, I think we are close to 100%. If you look at NSE market share in single stock options, there also we are 100%. It is only in weekly index options that we have lost a bit of market share for various reasons. But I think market share has now stabilized. Market share has stabilized over the last two, three quarters, and we see it anywhere between 70% and 72%. Got it. Thank you. Thank you. The next question is from Vinod Rajamani from Nirmal Bang. Please go ahead. Yeah. Thank you for taking my question, and congrats on the IPO. The question I have is, hello? Am I audible? Yes, please. Yeah. Congrats on the IPO, and thank you for taking my question. The question I have is, when you see weekly options are almost, say, 42% of revenue from operations, we just wanted to know what share of revenue comes from the expiry day. You mentioned that there is a one-year window before any further changes are possible. Say, for example, if SEBI moved, say, weekly expiry to fortnightly or monthly, after that, I just wanted to understand how much of the options revenue do you think will get impacted, given that the future tax change has already cut the futures ADTV by around 12%. That is the only question I have. Thank you. Okay, the revenue attributable to just the expiry day, et c, is an analysis we will have to conduct, but we can share it with you offline. But the more important question that you have raised is, it is answered already by SEBI chairperson in multiple interviews in the last many months. He has repeatedly reiterated that there are no current plans to bring any more regulations around equity derivatives with respect to the expiry day frequency. He has, time and time again, stated that the current format will continue, and there is no plan to either move to fortnightly or to monthly expiry, et c. I think we can definitely have full confidence in his statements because he has always delivered in line with what he has shared in terms of his thoughts from time to time. Thank you for taking my question. Thank you. The next question is from Prayesh Jain from Motilal Oswal Financial Services. Please go ahead. Yeah. Hi. Actually, I dropped off, and I do not know whether the question has been answered, but my question is on the cost trends, both employee and technology. How do you see the cost kind of panning out in the remainder of this fiscal? Particularly technology, how do you see the spend going ahead? It has been kind of on a rising trend for us. We have been investing, but are we reaching at that level where we will sustain at the current run rate, or how should we think about both employee and technology expenses? Let me take that question, Prayesh. Thank you for that. From an employee standpoint, I think from a run rate perspective, you should see it in the first quarter and the second quarter, it has been elevated. Last year account, if you are aware that last year, in quarter three, we had the new Code on Wages come in. That was not baked into the year-ago quarter, that impact. You are seeing some inflation on account of that. This quarter, we have reported around 18% year-on-year for the quarter, and 21%, thereabout, for the half year. We expect that to moderate. It will not be at that elevated level once the Code on Wages impact gets baked into the year-ago period. In terms of technology, we are continuously investing in modernization and cybersecurity and building resilience. We could also look at it as a percentage of operating revenue. Currently, it is around 8.7% of operating revenue. We could look at it at that level going forward. From a growth rate perspective, it will probably be in the mid-teens. Thank you. The next question is from Abhijeet Sakhare from Kotak Securities. Please go ahead. Hi, good evening everyone, and congratulations on the listing. My question was on the data revenues. Just wanted to check if there are possibilities to increase the prices here. Are there any pricing levers going forward? Not immediately, but over the next couple of years. Thank you for your question. As you might have seen in recent weeks, we have, on a beta testing mode, launched a new feature called Market Lens on the NSE app and on the NSE website. This is an attempt to deliver data, all kinds of data to investors in order to strengthen them, in order to equip them better, and in order to help them make the right investment decisions. I think, it's important for an investor today to understand data, understand the trends and themes that are panning out in the market, and also see how efficiently he has been trading. So, this is the attempt from NSE to simplify all of the data and to make it easily understandable for investors. We are going to be welcoming feedback from market participants very soon, and we are going to add newer and newer data sets to NSE's Market Lens in the next few weeks and months. So, as you can imagine, the cost of accessing all of the data that we have in mind, and we have about 10,000 data sets in mind. The cost of accessing all of these 10,000 data sets for a reasonable investor today, if you look at the other options available in the market, is anywhere between INR 6,000 per year to INR 10,000 per year. However, NSE is going to give all of this free to start with. So, this could be a space where we might be able to charge a small fee, just to cover the basic costs for making this available and for simplifying it to investors. That's one thought. Other than that, of course, the growth in the number of racks that we have for those professional investors who want to enjoy low latency and the number of messages that they pump in, that could account for increase in connectivity charges and rack rentals and so on. But more importantly, we have to start thinking like some of the other exchanges of the world when it comes to data and how to simplify data for investors, for different types of investors in different ways. Thank you. The next question is from Madhukar Ladha from JPM. Please go ahead. Hi, good evening, everyone. Congratulations on the new listing. Sir, just one, any guidance on CapEx? So first half, you've done about INR 490-odd crore for the full year, and then for the next couple of years, if you could give some guidance on CapEx. We don't typically give guidance, Madhukar, but I think you can estimate that the second half will broadly be in line with the first half. Largely, our CapEx is on technology, so that's where and this first half, some part of our CapEx was related to expansion of our co-location and adding racks in our co-location. So, we spent around INR 50 crore in the first half, which is baked into the number you mentioned, relating to CapEx on colo. So, that is more episodic. If we plan to do a colo data center expansion in the next quarter, then perhaps you'll see some of that repeated. But typically, in that range of around INR 450 crore is what we would be looking at in the range. Got it, sir. Thank you. Thank you. The next question is from Rahul Jain from MFS. Please go ahead. Yeah, hi. Good evening. Just two sets of questions. One is, based on the current level of activity in the F&O market and the cash market, can you share your thoughts about the next few quarters, the way you see it? Number two, can you also give an update on the new activity that you've been undertaking, especially you talked about the EGR and some of the new initiatives. So, what's happening there, and when do you think it'll start to kind of fructify in terms of revenue recognition? Thank you so much. Thank you. In terms of cash market activity, we look forward to reforms in SLB, which are being worked out by the working group of SEBI. That could be exciting for market participants, and that could help expand the cash market. We also are looking at the new changes that go live in December, the amendment of the CAS regime. That can also help investors trade more. We are expecting approval from the Reserve Bank of India to go live and launch the corporate bond index futures product, which has already been approved by SEBI. This could be an exciting product on the fixed income side for market participants, particularly for specialized investment funds. Obviously, geopolitics will play an important role in upcoming weeks and months, and therefore, that could have an impact on both the cash and the futures and options market activity. In terms of EGR, Electronic Gold Receipts, I think on Dhanteras Day, there is a lot of excitement from the investors, and we are trying to make EGRs very popular by encouraging investors to buy EGR this year instead of the actual physical gold. This resonates well with the Prime Minister's appeal, because EGRs are, at the moment, only created from recycled domestic supply of gold, and not through any new imported gold as such. Therefore, we think NSE EGR is the way forward as far as investing in gold is concerned, and we don't have the risk of keeping the physical gold at home. Plus, of course, whenever we want the physical gold, we can always extinguish the EGR and get back the physical gold with the original certificate of authenticity and purity. We are going to make EGR much easier to access, both in terms of trading and in terms of creation. In the next few months, you will see announcements from NSE in terms of collection centers, which are the authorized collection points for the domestic gold, which can then be converted into EGR. There are also other products that we have in mind, which we will announce when we have the regulatory approvals and when we are about to launch. Thank you. Thank you. The next question is from Mahek from Emkay Global. Please go ahead. Yeah. Hi. Thank you. Good evening. Thank you for the opportunity, and congratulations on the listing. I had just one question on the deployment of AI, and how do you see AI driving productivity gains going forward? Thanks. Thank you for that. We currently are working with GenAI in four key areas: compliance, customer support, operational efficiency, and around software engineering. Since most of our data that the exchange is dealing with is private in nature, all this work is being done within the exchange's data center, without using any of the public LLM models. There are multiple initiatives which are underway in each of these areas, and we've noted initial success both in operational efficiency and software engineering areas. We are continuously using and expanding its usage in that particular area. We do see some amount of gains coming out over there at this particular point in time. Thank you. The next question is from Andrey Purushottam from Cogito Advisors. Please go ahead. Thank you for taking my question. I just had managed to look at your results very quickly, so please correct me if I have observed something incorrectly. I saw two things. One is that your other expenses this year were much lower than last year, and could you give us an indication as to which is the more typical amount of expenses that you will book under other expenses? Also, you had the sale of the National Coal Exchange this year, right? If you take out these two effects, how would you see the performance of this year vis-à-vis last year? If you could give some kind of indication as to what trends should we see going forward? I'll take the first question first. Okay. Other expenses include technology, CSR, and a residual component. Essentially, in the year-ago period, the same quarter of the previous financial year, you had a one-time impact of SEBI settlement fees amounting to INR 1,297 crore. If you exclude the impact of that, our total expenses would have gone up year-on-year by 10%. Okay. If you look at it, overall expenses, excluding a one-time impact in the previous financial year, would have increased by 10%. Right. The proposed divestment in the Coal Exchange will not have any impact on our performance because it is yet to fructify, and it is just a nascent exchange. It is yet to be fully set up, so it is more getting strategic partners in the exchange rather than anything. There is no impact on this quarter's financials. Okay. Basically, the other expenses that you have recorded this year should be considered as the base level of expenses on which you can take a certain inflation figure year-on-year. Yes, correct. Okay. Thank you. Thank you. Thank you. Thank you. We will be able to take one last question. We take the last question from Sameet Sinha from Macquarie. Please go ahead. Yes. Thank you very much for the follow-up. I guess my question was kind of answered, but if you can You spoke about SEBI, the regulator, talking about how they want to expand the cash market. Can you talk about what other initiatives are they looking at to develop this, and this and other sort of market-linked instruments, and what should we expect, if you have any insights into what we should expect in the next few months? The SEBI chairperson has consistently spoken about the four Ts: trust, teamwork, transparency, and technology. He has also spoken time and time again about optimal regulations, not excessive regulations. He has spoken about four initiatives, like structural reforms to expand the cash market, and he has spoken about strengthening the investor. They have run two campaigns so far, one is still in progress. The first campaign was SEBI vs SCAM, where SEBI has invested considerable time and efforts by jointly working in partnership with the market infrastructure institutions on cautioning investors on the pitfalls that they might get caught up with in the process of investing. SEBI has also now recently launched another initiative called Project Jagrook and continues to be very focused on empowering the investors and making them more knowledgeable about the risks associated with the process of investments. SEBI's focus has been on strengthening the investor and on making the ease of doing business quotient get better and better. If you look at the ease of doing business for foreign portfolio investors, they've made several announcements, particularly the recent announcement around KYC refresh being required at a lesser frequency than earlier. That's a very welcome announcement. Also, they have made efforts to meet with FPIs around the world, and they are taking every step possible to incorporate the feedback that is distilling from all these meetings to make life easier for FPIs in particular. I think overall, what you can expect is a wave of further focus on strengthening investors, number one, making easier to do business, number two, and core initiatives, structural reforms, as the SEBI chairperson often puts it as, to expand the cash market and to lead to the other interesting product ideas, particularly longer-dated instruments, longer-dated options. That's one area which they have spelt out. The focus of the regulator is very clear. It is a time for us to stabilize the entire market. It is a time for us to bring fresh thoughts in terms of new product ideation. Got it. Thank you very much. Thank you. We'll take that as the last question. I would now like to hand the conference over to Shri Ian Desouza for closing comments. Thank you, everyone, for attending this call, and it's good to have a post-listing first conference call with all of you. If you need any further follow-ups, please reach out to us at the IR team, and we'll be happy to have further calls with you and take you through any extra that you would like. Thank you very much, and wish you a very good evening. Thank you very much. On behalf of the National Stock Exchange of India Limited, that concludes this conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.