Ladies and gentlemen, good day and welcome to BSE Limited Q3 FY 2025 Investor 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Alendal. Thank you, and over to you, sir. Good evening, everyone, and thank you so much, Sagar. Hi, this is Jostein Alendal from Investor Relations at BSE, and welcome to the earnings call to discuss Q3 FY 2025 performance. Joining us on this call is BSE's leadership team, consisting of Mr. Sundararaman Ramamurthy, Managing Director and CEO; Mr. Deepak Goel, Chief Financial Officer; Ms. Kamala K, Chief Regulatory Officer, and we have some other KMPs also of BSE, and MD and CEO of its subsidiaries, Ms. Vaishali Babu of ICCL, and Mr. Ashutosh Singh of Asia Index Private Limited. Do note that this conference is being recorded, and the transcript of this call, along with the earnings release and presentation, can be found in the Investor Relations sections of the BSE India website. Before we get started, I once again remind you that our remarks today may include forward-looking statements. Any actual results may differ materially from those contemplated by these forward-looking statements, and any forward-looking statements that we make today on this call are based on assumptions and basically assume no obligation to update these statements as a result of new information or future events. With this, I will now request Mr. Sundararaman Ramamurthy, Managing Director and CEO, to give a brief overview of the company's financial and business performance. Thank you, sir. Thanks, Arun. Good evening, everybody, and a warm welcome to all our esteemed stakeholders for joining the call today. Two years have already passed since I took on the privilege of leading this prestigious institution. I am happy to state that in these two years, BSE has made significant progress across all key parameters, driven by a shared vision and the tireless efforts of the entire BSE family, BSE board, regulators, as well as the support of our partners. When I first stepped into this role, our focus was clear: to make the BSE vibrant. We embarked on a journey of revitalization across the exchange, focusing on enhancing our technology and processes. Our second year was dedicated to deepening and broadening of the market, where we recognized the importance of expanding our reach and attracting new participants. Now, as we embark on our third year together, our focus shifts to customer delight. We will strive for seamless experiences at every touchpoint, listen attentively to the feedback, and continuously improve. Before we delve into our quarterly performance, I want to briefly address the recent market dynamics. The last quarter of 2024 saw signs of increased market volatility, with market sentiment remaining cautiously optimistic amidst global fragility and ongoing uncertainty over the continuing geopolitical tensions and other macro challenges. Set against this backdrop, the Honorable Finance Minister presented a comprehensive budget that has touched all the critical areas that needed attention for our economy: employment generation, consumption, energy, mobility, skill building, tourism, health, exports, MSME, and fiscal stability have been given ample attention. Considering the widespread expectations, the Finance Minister announced major tax reliefs for the middle class, with a total tax exemption for income up to Rs. 12 lakhs per annum. This substantial enhancement may put more disposable income in the hands of taxpayers, leading to increased savings and, importantly, a significant boost to consumption and financial savings that potentially bodes well for the Indian capital markets. We anticipate that the increased spending power can have a positive ripple effect across various sectors, contributing to economic growth and benefiting companies listed and to be listed on BSE. Against this backdrop, I'm happy to share that BSE once again recorded its highest-ever quarterly revenues of INR 835.4 crores on a consolidated basis, up 94% as compared to the corresponding quarter previous year. I will now share some of the key financial numbers on a consolidated basis for the quarter ended December 31, 2024, as compared to the corresponding quarter previous year. The growth in revenues is led by strong performance in transaction-related income, treasury income from clearing and settlement services, and investment-related income. On year-on-year basis, BSE's operational revenues have grown by 108% to Rs. 773.5 crores from Rs. 371.5 crores. Transaction charges, which include equity cash, equity derivatives, mutual fund, and clearing house income, have increased by 157% to Rs. 511.1 crores from 199 crores. Similarly, operating expenses for the quarter grew by 86% to 567 crores, attributable to higher contribution to the Core Settlement Guarantee Fund, to the tune of Rs. 199 crores, accounting for 35% of the total operating expenses. The higher contribution is on account of new methodology for computation, as per SEBI Circular dated October 3, 2024, for minimum required corpus, MRC, for the equity derivative segment and onboarding of new members at the clearing corporation. Further, 52% of the total operating expenses are attributable to Core SGF and regulatory fees, whereas 15% was attributable to clearing and settlement expenses, all of which is directly correlated to increasing derivatives volumes. Treasury incomes from clearing and settlement funds have increased by 3% to Rs. 48.5 crores from Rs. 46.9 crores. Other operating income, which includes data dissemination fees, training income, and software income, has increased by 77% to Rs. 64 crores from 36.2 crores. Income from investments increased by 7% to Rs. 58.2 crores from 54.6 crores. The operating EBITDA has increased to Rs. 236.5 crores, as compared to 91.9 crores, with margins expanding to 31% from 25%. Excluding contribution to Core SGF, the EBITDA stands at Rs. 435.7 crores, with a margin of 56%. The net profit attributable to shareholders of the company stands at Rs. 219.7 crores, up from 108.2 crores, a growth of 103%. I would now like to share updates pertaining to business. For specific numbers pertaining to turnover, kindly refer to the BSE website and the investor presentation. Let me start by covering our primary market segment. BSE platforms continue to remain the preferred choice by Indian companies to raise capital by enabling issuers to raise INR 20.9 lakh crores by means of equity, debt, bonds, commercial papers, mutual funds, etc. In Q3 2024, BSE welcomed 30 new listings, raising a record INR 95,512 crores, up 261% on a year-on-year basis. The IPO market continues to show signs of growth, and the IPO pipeline remains healthy, with 108 active applications. On the listing front, we continue our efforts to promote high standards of corporate governance and disclosure practices among listed issuers and ensure the competitiveness of our listing framework. Moving on to our trading segment. Despite the challenging macroeconomic backdrop, as stated earlier, the BSE cash market continued to demonstrate resilience. The average daily turnover of INR 6,800 crores for the quarter, as compared to INR 6,643 crores in the same quarter last year, a marginal increase. The BSE derivatives segment sustained its growth trajectory in the quarter, with the highest-ever average daily premium turnover of INR 8,758 crores for the quarter. As stated by me in the previous earnings call updates, we worked closely with our regulatory committee to implement the measures to strengthen the index derivatives framework that promotes the quality and attractiveness of our markets. While at least one more recommendation, intraday monitoring of position limits, remains to be implemented, the other five regulations that have already been rolled out have made a significant impact on the trading patterns. The number of contracts traded, notional turnover, have declined, as seen from the numbers stated in our investor presentation and website, the premium turnover remaining stable so far. Further, as you may be aware, BSE also changed the expiry date of its Sensex and Bankex contracts from Friday and Monday, respectively, to Tuesday, with effect from January 4, 2025. While these are all still early days, we remain committed to further improve market efficiency and trading dynamics for the benefit of all market participants. While Sensex contracts continue to remain liquid, BSE is committed to rebuilding liquidity in its Bankex contracts. BSE's single stock derivatives segment is yet to pick up volumes in a meaningful way, as members are still developing connectivity. So far, 174 members have participated in single stock futures and 139 in single stock options. The total turnover since relaunch is Rs. 564 crores in futures and INR 498 crores in options. As part of our commitment to driving innovation and efficiency in our markets, to process the increase in number of orders and trades handled in the derivatives segment, we plan to continuously upgrade our trading systems to adopt the best-in-class future-ready technology. This is aimed at enhancing trading experience, clearing and risk management capabilities, adding colocation racks for client requirements, etc. Moving on to our mutual fund distribution business. BSE StAR MF delivered yet another quarter of record revenues and performance, up 92% year-on-year to reach INR 63.5 crores. The total number of transactions processed by BSE StAR MF grew by 39% to reach 17.99 crore transactions in Q3 FY 2025 from 10.99 crores in the corresponding quarter previous year. On an average, the platform processed 5.37 crores transactions per month in the current financial year, as compared to 3.21 crores last year. The platform also processed a new high of 6.15 crore transactions in December 2024. Given the growth, we are continuously investing in StAR MF to improve it in terms of scalability, functionality, and order processing. Moving on to our subsidiary business now, Asia Index Private Limited, AIPL, BSE's index company, continues to launch innovative indices, which are very relevant for the asset management industry and the investors at large. The company has launched 15 indices in the ongoing financial year and is focusing on launching more indices before the year-end, towards expanding the Sector family of indices and broad market family of indices. I am happy to announce that AIPL has won the Index Provider of the Year award at Futures and Options World, FOW. India INX, BSE's subsidiary exchange at GIFT City, continues to expand its product offerings with the launch of Sensex contracts on February 3, 2025. The launch of Sensex derivatives contracts at India INX represents a key step in broadening access to India's benchmark index for global investors. As India's most recognized index, representing the equity market, Sensex futures and options will offer international investors an efficient avenue to participate in India's growth story. With the launch at India INX, we reinforce our commitment to deepening liquidity, enhancing market access, and positioning GIFT IFSC as a premier global financial center in line with the dreams of our Honorable Prime Minister. The BSE Group, directly or via subsidiaries, also has its presence in other related areas, including BSE Ebix Insurance Distribution, Hindustan Power Exchange, BSE e-Agricultural Markets, the Spot Platform for Trading in Commodities, and BSE Administration and Services Limited. BSE is committed to these new areas and is constantly working with partners for the growth of these businesses. Before I conclude, I am happy to note that throughout 2024, BSE demonstrated focus and resilience amidst challenges on the business, regulatory, and geopolitical front by introducing new products and market enhancements and expanding our strategic footprint. These included expansion of our offerings at AIPL and India INX, modification of index derivatives contracts, and introduction of single stock derivatives. BSE also continues to remain India's premier capital-raising venue, with positive sentiment returning to the IPO market, culminating in a record year. BSE derivative market also had another record year, resulting in closing the year strongly, with the growth group reporting record fourth-quarter financials. While the road ahead will not be, actually, it is third-quarter financials, I must say, while the road ahead will not be without challenges, we are optimistic about 2025, and we look forward to continuing to execute on our vision to lead and shape the development of India's capital markets, supporting our vision to build the preferred marketplace for the benefit of our customers. With these updates, I now hand over the call back to Alendal. Thank you so much, sir, for these updates. With this, we will be now open for questions and answers. Over to you, Sagar. 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 touch-tone phones. 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. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please restrict your questions to two each per participant. If you have any follow-up questions, you may rejoin the queue. Our first question comes from the line of Vivek Patel from Sacom Family Office. Please go ahead. Very good evening, sir. Thanks for the opportunity. I have two questions. First, post-implementation of SEBI recommendation, what has been the loss in the trading volume of Bankex and increase in the trading volume of Sensex? And secondly, could you please expand on the nature of the Core SGF contribution and what will they be going ahead as a percentage of revenue or in absolute terms? Thank you. I will take the second question first, and on the loss of Bankex volumes, I will talk subsequently. As far as core SGF is concerned, as you would be aware, SEBI came out with a recent circular dated October 1, 2024. Basically, it enhances the stress testing framework for equity derivatives. Under that, it defines a minimum required corpus. This computation methodology has actually three stress test models: factor model, stressed VAR, and filtered historical simulation. When we apply this along with the price shocks as stipulated, the minimum required corpus has significantly increased. SEBI was also kind enough to permit one-time inter-segment transfer of funds. So considering that, the net core SGF requirement which we needed to provide for this quarter came to around INR 199 crores, of which INR 147 crores was to be contributed by ICCL and INR 53 crores was to be contributed by BSE. That is the impact and reason of SGF increase. As far as the number of contracts reduced is concerned, what we find is the overall volumes in Bankex have significantly fallen down, almost by around 95%. Sensex national volumes have fallen down marginally, and premium volumes have almost remained stable for most of the part, underscoring an increasing tendency because of the activity we see on non-expiry days owing to the change in the expiry date. We are trying to rebuild the Bankex liquidity by encouraging people to consider strategies which suit the monthly cycle and helps them to take a long-term view. The market is used to such views because of existing such contracts from the past in Indian exchanges. So we are very confident we will rebuild the monthly contract of Bankex. Vivek, further, you may also refer to our website. It does give the product-wise breakup of Bankex, Sensex, all this of notional premium, and so on. Thank you. Thank you. Thank you. The next question comes from the line of Tushar Narwal from Ambit. Please go ahead. Tushar, your line is unmuted. Please proceed with your question. As there is no response from the line of the current participant, we'll move on to the next question. The next question comes from Prayesh Jain from Motilal Oswal. Please go ahead. Yeah. Hi. Good evening, everyone. A couple of questions. Firstly, on this continuing on the SGF part, you mentioned what has caused the contribution in this quarter, but how should we look at it from a going ahead perspective? Do we, with volumes, if they continue to increase, whether that will be a regular contribution, or is there any strategy that the board has decided to kind of incrementally contribute on a regular basis, or it would depend upon SEBI giving out circulars and then you contribute, which will be kind of sporadic in nature? That is my first question. Second question is on the clearing and settlement side of the business, where the clearing, there have been talks about, or there have been consultation paper on the clearing corporations getting de-merged, and that income stream could be at risk, or how do we see that eventually panning out, and what could be the measures there? Yeah. Those would be my two questions. Thanks. Thank you. Thank you for these questions. In terms of core SGF, you may recall we have always been telling that the core SGF computation is dependent on a multiple number of factors, making itself unamenable to a linear extrapolation. Also, it has various price shocks, volatility shocks, multiple models, which I mentioned. So given that, periodically to forecast what it could be next quarter becomes very difficult. Hence, that's the reason why we are not able to continuously provide for the number every quarter. Will it increase? Will it increase? If so, what will be the factor that causes increase, and what is your strategy with regard to that was other part of the question that you were asking. Yeah. The way I look at it, I may be proved right, I may be proved wrong, to be very honest. The way I look at it is the method that has been stipulated on October 1, 2024, is significantly different and highly enhanced in terms of the requirements, that type of a method. That is why, if you look at it, the numbers have jumped from around 74 crores to somewhere around 550 crores. When this type of a jump happens, it is mainly because the system which is being used to compute is new. And if this continues, there is a greater probability the incremental increase that will happen over a period of time would be marginally much lower than the initial jump that has happened. Multiple factors, including acquisition of new members, increased open interest amongst the existing members, could be a very important reason for increased Core SGF. But if you look at it, they are all good problems to have because if the volumes are increasing, and if you are getting more and more members, and because of which you are putting more money into the Core SGF, that's good because you are creating a permanent revenue stream with a marginal increase in the contribution to the Core SGF. I hope that answers, by and large, the question that you raised on the Core SGF. Yes, sir, it does. Thanks. On clearing and settlement business, it is very early days. There is a consultation paper available. If you look at the principle which is guiding the regulatory thought process in respect of clearing and settlement, I understand it as clearing and settlement is a very, very, very important part of the MII framework in handling the transactions and therefore an integral part of market efficiency. Such type of an important organization, institution, should it be a subsidiary, or should it be an independent organization fully capable of managing itself in its thought process, totally oriented towards its job of clearing and settlement, and not dependent upon a parent for its policy formulation? The answer looks very evident. It has to be very independent. That is the direction in which the regulators are thinking. So when you say independent, the shareholdings should be such a fashion that it makes it independent. The revenue stream should be such that it makes it independent. How to achieve it? From a current 100% model to a diversified model, how do we achieve? The Indian regulatory thought process has always been clear. We cannot have monopoly structures. We cannot have concentration risk. We cannot put all this into one basket and have a risk of failure. So if you have to achieve two exchanges, two clearing corporations, have a diversified shareholding, and thus result in an independent entity, nevertheless, it's not a very easy task. I'm sure it will get achieved by the great brains of our country, but it is a process slightly away. Given that, it will be very difficult today to project what will be the impact, whether it will impact our revenues. For all you know, the diversified shareholding pattern may result in increased revenue for an exchange like BSE. So it's too early to predict. So I'm not able to clearly give a direction in that. Therefore, my apologies. Thank you so much for those elaborate answers, sir. Thank you. The next question comes from the line of Sudarshan from an individual investor. Please go ahead. Hello, sir. Am I audible? Yes, you are audible, sir. Okay. Good evening, sir. Our equity cash market share has been lagging a lot in the recent days. What is our basic strategy to improve this market share? Can we differentiate this with our offering to an execution-based order rather than a collection based on equity turnover? Because that can give a good differentiation. I'm sorry that I did not hear your second part of the question clearly. Sorry to interrupt. Can we have a different? May I request you use the hands-up mode, please? Yeah, yeah. Right. So I just wanted to know how can we increase our market share in the equity cash segment, sir? Can we do a different strategy rather than the traditional model of collecting money after the turnover? Instead of that, can we have a money collection based on the execution-based order for the equity cash segment, sir? Thank you, Sudarshan. My apologies for making you to repeat the question. The equity cash segment market share had initially shown a good growth trajectory when the markets were on an upward trend. First, due to the global headwinds that we are seeing, and the market volumes have started diminishing, though in terms of the ADTV, we have done better than year-on-year quarter, if you look at the market share percentage, it has not shown any great improvement. We have been trying a lot to bring in greater traction. For us, one of the most important requirements from an institutional front is common contract note. With the help of the guidance from regulators, we have been working with all partners, and we are trying to make them understand the importance for market efficiency through a common contract note. It should have been implemented in October 2024, if you may recall. Many of the stakeholders, for various good reasons of themselves, wanted the timelines to be extended to January. Now, they have further extended it to March. In our opinion, common contract note is very important for getting the secondary market volumes in the best place of execution, which we feel BSE has a chance of 50/50. The second is the retail volumes. Today, notwithstanding all the regulatory directives and intentions to ensure a level playing field and the capability of the client to choose the best place for execution, the software provided by the systems and front-ends provided by many of the market participants are far from being satisfactory. We are working with every one of them. We are talking to them to ensure that it provides a fair play and a level play and good access for a best price execution. Already, the regulators have made it very clear through multiple communications to the exchanges and also to market participants. It is a necessity. The timeline that has been prescribed is October 2024 for the qualified business stockbrokers and for others by January. The timelines are over, but still some people are languishing. I am sure the regulatory directive will take effect, and at some point of time, everybody will be providing a level playing field. With these two things happening, we feel equity market segment will see better light for BSE. In respect of the differentiation in the charging structure, I will certainly consider this. It is a good suggestion for us to consider and think about. And if you could be kind enough to write a detailed note on what you meant by this and how you feel it will help and forward it to us, we are more than happy to analyze it. As you know, we always go and take the voice of customers, and we go by what the customers tell us. We work here for customers' delight, and we will certainly factor it in our decision-making. Thank you, sir. My second question is, how are we going to improve the quality of the premiums, sir? Have we onboarded more FPIs as we intended to? We wanted to improve from 200-500. And what is the status of that, and what is the capacity utilization of these data racks? Sudarshan, I will answer this question with a request to you. No further questions from you will be allowed. You have to stand in the queue because there are many other aspiring people who are asking the question. I'm sure you will appreciate that. As far as this question is concerned, the premium quality increase improves if participation is for longer dated and also on all days of expiry. As you would see, all of our efforts have been in that direction, and it has already started showing proper fruits. Today, the percentage of volume traded of Sensex derivatives on expiry day has consistently fallen down, and the other days, including the next day of expiry, that is E minus four days if I were to call, has significantly increased. In fact, on many days from what the past numbers were, I find it four to five times more. So these are the things we are doing to improve the quality of premiums. Thank you, sir. Thank you very much, sir. Thank you. The next question comes from Devesh Agarwal from IIFL Securities. Please go ahead. Good evening, sir, and thank you for the opportunity. So my first question is a clarification question. You said on the colo side, the new methodology has led to an increase in the requirement from INR 75 crore to INR 540 crore. Now, what we have provided in this quarter is INR 200 crore. So is the balance likely to come up in the coming quarters? No. There is one set of numbers which was told to you. There are other sets of numbers you need to consider. The new MRC difference came for us to INR 481 crores. And in that, we have already been permitted a one-time transfer of excess funds from equity cash segment to the equity derivative segment, as I mentioned to you. After doing that, the resultant balance which we needed to provide for was around INR 199 crores. Roughly, you can take it as INR 200 crores. Of that, INR 150 crores was to come from ICCL, and INR 50 crores has to come from BSE, which we have done. Understood, sir. And my second question, sir, is on what are your plans for colocation facilities now that SEBI is also talking about retail to benefit from the colo services? So what exactly are the plans in terms of putting up new colo facilities, and when will we start monetizing the same? Three parts are there to your question, my dear friend. One is about retail algo. Retailers are permitted to have algo. Whether that will increase the colo demand is one thing which we have to wait and watch. That is one part. Already, as you know, we have started monetizing the colo to the extent of rack rent, which is competitive rent now. So there's a second part. Well, for the order flow, we are not charging anything in a meaningful way. Very, very small token of a charge is what we have introduced. At the right time, when we feel, as I always say, when the market is in a position to take extra cost, that's the point when we burden the market, we will do that. As far as the colo plan is concerned, if you may recall, we started with almost no colo facility with hardly any number of racks with us. Subsequently, we added significantly a large number of racks. Almost the total racks totaled out which we have crossing somewhere around 200-220 racks is what we currently have. Is that a good number or a sufficient number? No. We do have a big waiting list. As you know, we are working on providing extra colo space, and we are in the process of implementation. We do clearly understand the need of colo racks for the market and the importance of colo racks for the market participants. We are in the process of providing in the days to come. As and when we complete our colo, we will be releasing it so that the market benefits from that. All right, sir. Thank you so much. Thank you. The next question comes from Sanit Dheer from Unicorn Assets. Please go ahead. Hi, sir. Good evening. So my first question on the Colo usage, so you were saying the figure came to around 481 crore if I'm not wrong. Your voice is not clear. My apologies. I'm not able to hear you properly. Is it better now? Slightly better. Okay. That's good. Okay. Now it would be clear now. Hello? Yeah? Yes. Is it better? Slightly better. Okay. So my first question would be on the colo expansion. So you were saying the figure that came for us was INR 481 crores. So there was one-time setup that we gained from transfer from one fund to another. So can we assume for the next year if we see some growth as well, it would be more than INR 500 crores for the entire year if I do any sales? See, I think I answered this question in great detail when the first or second question was asked. I have given a lengthy explanation as to how it's non-linear, it cannot be predicted, and how when a new methodology gets introduced, the delta increase is always very high, and subsequently, the deltas become small. Here, I do not mean the option delta. I mean by delta, the difference between the old number and the new number. And I also said that how when the volumes and open interest increases, which is bound to increase because we are working on better premium quality, we are asking people to trade next month and next to next month. So open interest will increase, and we are in the position of acquiring new members to come into our clearing market. So clearly, these are good growth standards for Colo exchange. If we by some delta increase the colo exchange there, we are going to get a perennial source of revenue. I have also explained in the previous question how any number cannot be put at this point of time, and that is the reason why many of these computations cannot be regularly provided for because it is very difficult to extrapolate. Okay, sir. Got it. And second, if we see the overall premium for the last quarter versus the previous quarter, it has kind of remained same, whereas the number of contracts have significantly decreased. As well, as we see for the month of January, premium turnover, net net has increased, and the number of contracts has been lower than the last quarter. So can we assume of getting more operating leverage in that sense? And could you quantify what number is variable for us, whereas how much it could be benefited? We could be benefited from increasing the premium? So it's like this. As you rightly observed, if you look at the total number of contracts and the average notional daily turnover, they have fallen down compared to the previous quarter. If you look at it in Q2 FY 2025, my average daily notional turnover was around 128 lakh crores, basically. It has come down to 105 lakh crores in the last quarter. Whereas the average daily premium has marginally gone up from INR 82,000 crores- INR 88,000 crores. Right? 8,200 crores. 8,200 crores. Sorry. Sorry. INR 8,200 crores. Sorry. My bad. Because it was a million, I made a mistake. I'm reading it from the investor presentation. From INR 8,203 crores, to be precise, to INR 8,758 crores, it has gone up. So in this process of premium improvement, what happens is, one is the quality of premium is going up with lesser number of contracts. Second is, therefore, the clearing and settlement charges and the regulatory fee which are based on number of contracts traded, they come down. That is the way it is benefiting us. And if we improve our next month and next to next month contracts with more and more long-term participants coming in, with the market reorienting itself towards trading longer-term contracts, reintroducing more colo racks into the system, we feel that we will be able to continue to grow in the coming months. Sure, sir. So just to confirm the numbers. So you were highlighting on the 8,020 is the average. So if we see a particular date that is January 21, it was more than INR 40,000 crores in terms of option premium turnover. So is it rightly understood that this may be due to the rollovers in terms of the last week to previous week? Hi. So I'm not sure where you're getting the numbers from. So you can please check on our website. INR 50,000 crores was our all-time high, I think, that you are referring to, which happened somewhere in September or October. But on an average basis, the numbers are given in the investor presentation. Yes, yes, yes. I was just highlighting on the January 21 derivatives turnover, the option premium turnover on the website. So for 21st of January, it's like INR 41,716 crores. So is the understanding right that this is due to rollovers taking place on that particular expiry date? See, we will not be able to comment on whether it is because of rollovers or whatever it is. Because see, rollover means we have to go to our individual client to see whether he rolled over or not. That will not be the right way of looking at it. What we will certainly see is whether on the expiry day, there is a significant number of contracts as open interest in the next week, next to next week, and in the monthly contract, and whether it is consistently growing. That is the way we will look at it. We may not give a technical jargon called rollover because that will be client-specific in our opinion. I hope this answers your question. Yes. Thank you so much. All the best. Thank you. Thank you. The next question comes from Shalini Gupta from East India Securities. Please go ahead. Good evening, sir. I have one or two questions. One is that the BSE transaction charges for F&O are lower than NSE. So what steps are you taking to increase institutional participation on the exchange? I don't know why the transaction charges are related to incentivizing participants. It's like this. BSE charges are INR 3,250. You are right. NSE charges are more INR 3,500. It is around INR 250 per crore of premium, which is more there. The reason why we put the number that we have is not to incentivize anybody or disincentivize anybody. If you may recall, we fixed the charges based on what realization we had at that point of time when we wanted to bring in true to label. You will appreciate that we are a very young and new exchange as far as derivatives are concerned. We are not, therefore, knowing any equal pedestal to a fully matured, nicely grown long-term exchange. We are a very young exchange. So our intentions of pricing is to bring in the uniform charges. So whatever realizations are based on that, we fixed it. It's not as easy creating competitive advantage. We have fixed this number. Then, sir, how do you increase your market share? If you don't get an institutional participation, how will you increase your market share? In which segment you are talking about, sir? F&O. F&O. In F&O, I do have sufficient good amount of institutional participation, and it is consistently increasing. At this point of time, FPI participation is 5%. Many of the FPIs who have converted themselves as brokers in India, one by one, they are also taking registration with BSE, and they are also able to trade more with us, and I have repeatedly told in all my investor calls, market share is a result. It is not the goal. The goal is to provide a good, viable, nicely complementing product to the market. We feel Sensex fits that bill, so more and more participants should get the benefit of it, so what do we do? We go ahead and bring in more participants in terms of members, FPIs, etc., so the market share will become a result. It is not the goal to pursue for us. The goal is to provide a good, viable, complementary contract. Yes. So this point is well taken. But. Shalini, two questions per person is a very good number. You should also ask all of others because you asked questions and they have been replied, as I said. Yes, sir. Okay. Thank you. Yeah. Thank you. Ladies and gentlemen, we will take that as our last question for today. I now hand the conference over to the management for closing comments. Thank you so much, Sagar, for hosting this call. And thank you, everyone, for joining us in this call. If you have any questions, please feel free to reach out to us at bse.ir@bse.com. Thank you so much. Thank you. On behalf of BSE Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.