Ladies and gentlemen, good day, and welcome to BSE Limited Q2 FY 2026 earnings conference call. As a reminder, all participant lines will be in a listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please dial an operator by pressing star and then zero on your telephone phone. Please note that the conference is being recorded. I'll now hand the conference over to Mr. Anand Sethuraman, Head of Investor Relations at BSE. Thank you, and over to you, sir. Good evening, everyone, and thank you, Dominic. Thank you all for participating in the Q2 FY 2026 earnings call for BSE. My name is Anand Sethuraman, and I'll be the host for the call. Today, we are joined by the BSE's leadership team, consisting of Mr. Sundararaman Ramamurthy, Managing Director and CEO, Mr. Deepak Goel, Chief Financial Officer, Mr. Sunil Ramrakhiani, Chief Business Officer, Mr. Viral Dalal, Chief Information Officer, Mr. Ramesh Gurram, CISO, Srimati Radha Kirthivasan, Chief Listing and SME. We are also joined by MD & CEO of our subsidiary companies, Vaishali Babu, MD & CEO of ICCL, Mr. Ashutosh Singh, MD & CEO of BSE Index Services. Also present here today are members of our business and the investor relations team. The results for the quarter ending 30 September 2025 have been announced, and the deck consisting of financials and investor presentation is available on the BSE website. We will begin today's call with remarks from the BSE's MD & CEO on the financial and business performance. During this time, all participant lines will be on mute, and there will be an opportunity for you to ask questions after the, after these remarks. Some of these statements today may be forward-looking in nature and are subject to risks and uncertainties. The company does not undertake to update these forward-looking statements. With these remarks, I would now like to invite the BSE MD & CEO, Mr. Sundararaman Ramamurthy, to share his views. Thank you, and over to you, sir. Thank you, Anand. Good evening, everybody, and a warm welcome to all of our esteemed stakeholders joining the call today to discuss Q2 FY 2026 earnings. India's economic progress continues to gain momentum, with our Q2 FY 2026 reflecting resilient growth despite global headwinds. The Finance Ministry's latest review highlights robust demand across both rural and urban sectors, even in the face of elevated U.S. tariffs. This resilience is underpinned by structural reforms such as GST rationalization and strong domestic fundamentals. The Reserve Bank of India's decision to maintain the repo rate unchanged further reinforces macroeconomic stability, supporting consumption and investment while keeping inflation well anchored. Foreign institutional investors have been on a selling spree this year. While Q1 FY 2026 saw a brief respite with FIIs turning net buyers, the trend reversed sharply in Q2, when they offloaded stocks worth INR 129,000 crore. So far in this calendar year, FIIs have sold nearly INR 250,000 crore, compared to INR 300,000 crore in the entire previous year. However, domestic institutional investors have consistently demonstrated confidence, acting as a strong counterbalance by being net buyers every month in 2025 and infusing over INR 630,000 crore into the market, thereby cushioning volatility and reinforcing stability. Amid global uncertainties and FII selling pressure, one of the most encouraging trends has been the unwavering confidence of retail investors. The Systematic Investment Plan, SIP, inflows through the mutual funds touched a record INR 29,361 crore in September 2025 and declined 19% to INR 24,691 crore in October 2025. This sustained participation underscores the strength of India's capital markets and the trust investors place in our economy. Despite the ongoing macroeconomic volatility and dynamic geopolitical landscape, your unwavering commitment to fostering innovation, dynamism and resilience has significantly bolstered the competitiveness and allure of our markets. During the first six months, we continued our efforts to review our listing policies to ensure they remain fit for purpose as our markets evolve, expand our product range, and widen the scope of our offerings across the spectrum. With this backdrop, I am happy to inform you that BSE has once again achieved a record quarterly revenue for the tenth consecutive quarter, posting its highest ever top line of INR 1,139 crore. This surpasses the previous record of INR 1,045 crore set last quarter, up 40% year-on-year, underscoring the strength of our strategy, our commitment to creating investment opportunities for stakeholders in India and globally, and our focus on delivering differentiated services that drive sustainable growth. The strong revenue growth was driven by transaction-related income, mainly from derivatives, listing-related income, which was supported by record fundraising activity in Q2, and co-location services, which continue to develop rapidly. Building on our strong foundation, BSE continued to capture momentum, resulting in record results for the quarter and for the first six months of FY 2025-2026. At the end of Q2, we maintained our position as one of the leading venues for equity listings, with a solid pipeline spanning the technology and other exciting sectors, while averaged daily volumes across our cash market, derivatives market, and mutual fund distribution platform remained very robust. Meanwhile, steps taken by our subsidiary companies further enhanced the vibrancy of our offerings. Let me now highlight a few of the many milestones in Q2 FY 2026. BSE SME Platform continues to grow steadily, reinforcing its role in empowering India's entrepreneurial landscape. After crossing the landmark of 600 SME listings in July 2025, momentum has remained strong. As of October 2025, the platform hosts 657 listed companies which have collectively raised over INR 13,083 crore since launch. Notably, October 2025 was a record month, with 31 companies listed, raising a total of INR 1,242 crore. This growth reflects the increasing confidence of investors on the SMEs raising capital on this platform. Beyond capital raising, the money raised through the capital markets has got channelized into productive environment in the Indian economy, with the highest standards of infrastructure development, global servicing, and employment generation. SME entrepreneurs can use this facility to achieve next level of growth, helping achieve the dream of Viksit Bharat. BSE's index business continues to grow at a rapid pace, fueled by strong client adoption and product innovation. As of September 2025, active products tracking our indices have accumulated INR 2.54 lakh crore in asset under management. We are actively expanding our customer base by catering to insurance companies, marketing influencer issuers, and foreign clients, further strengthening our reach across domestic and global markets. The total number of investors in which accounts registered with BSE crossed 23 crore in Q2 FY 2026, with 10 states registering more than one crore investors, a sign of deepening retail participation across regions. Empowering investors through education and awareness is of paramount importance to BSE. In the Q2 FY 2026, BSE IPF undertook around 4,096 investor awareness programs to promote financial literacy, bring about awareness in the securities market for their financial well-being, and protect the interest of investors. BSE India has joined hands with market regulator SEBI in its campaign against financial frauds to protect investors. Through hashtag SEBI versus Scam, we aim to empower every investor with the right knowledge and tools to make informed decisions, avoid digital traps, and invest securely. Through our social media channels, BSE also continues to issue multiple investor advisories, emphasizing the importance of avoiding schemes that claim assured or guaranteed returns. I will now share some of the key financial numbers on a consolidated basis for the quarter ended September 30, 2025, as compared to the corresponding quarter previous year. BSE's operational revenues have grown by 44%, INR 1,068 crore from INR 740 crore. Transaction charges, which include equity, cash, equity derivatives, mutual fund, and clearing house income, has increased by 57% to INR 794 crore from INR 507 crore. Treasury income from clearing and settlement funds has decreased by 32% to INR 42 crore from INR 63 crore. Other operating income, which includes enhanced data dissemination fees, colocation, index services, etc., has increased by 82% to INR 93 crore from INR 51 crore. Income from investments stands at INR 65 crore, similar to last year. Operating expenses increased by just 7%, INR 410 crore from INR 381 crore. It may be noted that 51% of the total operating expenses are attributable to regulatory fees and clearing and settlement expenses, all of which is directly correlated to increasing transaction volumes. The operating EBITDA, including contribution to core SGF, has increased to INR 680 crore as compared to INR 388 crore, with margins expanding to 64% from 52%. The net profit attributable to shareholders of the company stands at INR 558 crore, up from INR 346 crore, a growth of 61%. I would also like to highlight that the HGF contributions made this quarter is because of a BSE-introduced policy to contribute 8% of transaction-related revenue to the Core SGF on a monthly basis, with a cap to ensure financial prudence while maintaining adequate risk coverage. As HGF contributions are a result of market activity which may or may not align with the revenue, BSE has decided to make voluntary Core SGF contributions in line with the revenue, as long as overall HGF is not exceeding 150% of the minimum requirement. As of October 2025, BSE's Core SGF stood at INR 1,159 crores. This includes ICCL numbers as well. You should add only BSE numbers with an additional INR 10.6 crores contributed during the quarter, which is due to the new policy. 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. As highlighted earlier, despite the challenging global economic and geopolitical environment, BSE has maintained its position one of the world's leading capital raising platforms. With positive sentiment returning to the IPO market, we have strengthened capital formation and showcased robust market fundamentals. It has laid a strong foundation for stability and growth while diversifying the investor base and enhancing overall market liquidity. BSE platforms continue to remain the preferred choice for Indian companies to raise capital by enabling issuers to raise INR 1,591,000 crore in FY 2026, by means of equity, debt, bonds, commercial papers, mutual funds, et cetera. In Q2 FY 2026, BSE welcomed 97 new equity listings across both the main and semi boards, raising a total of INR 53,548 crore. The IPO market continued to remain exceptionally vibrant in October 2025 as well, with 45 companies collectively raising INR 41,846 crore and is expected to stay strong, driven by robust economic growth and sustained investor confidence. Notable growth in the IPO pipeline since the start of 2025 has demonstrated the continued vibrancy of India's IPO market, reinforcing BSE as a listing venue of choice for issuers seeking to raise funds in both main board and SME markets. On the listing compliance front, we continue to focus on promoting high standards of governance and disclosure practices among listed issuers, while ensuring the competitiveness and resilience of our listing framework. Moving on to our trading segment, it continues to maintain strong momentum, supported by healthy volumes and increased client participation across key business lines. Cash market trading volumes remained at long-term normalized levels of INR 7,968 crore in Q2 FY 2026, against INR 9,768 crore in the same period last year. We are pleased to share that the common contract note was successfully implemented in India effective 27th June 2025, addressing a long-standing request from BSE and marking a significant market reform. The initiative enables institutional investors to enjoy a seamless trading experience across venues. BSE has engaged stakeholders to adopt smart order routing for multi-venue trading, lowering costs and improving execution. Early signs are positive, with SOR's share of BSE volumes rising among both DII and FIIs. BSE index derivative segment sustained its growth trajectory in the quarter, with average daily premium turnover of over INR 15,000 crore. Coming year, we will continue to move ahead with our efforts to increase market participation, product development, and adoption of longer-dated contracts, as well as investments in data center and enhanced connectivity operations. In our last quarterly earnings call, I had highlighted Co-location as a key strategic initiative for diversifying revenue streams. During the quarter under review, revenue from Co-location rose to INR 46 crores compared to INR 27 crores in the previous quarter. This increase was primarily driven by the revision in Throttle Charges, that is messages per second, effectively, effective from July 1. Moving on to our mutual fund distribution business, BSE StAR MF delivered yet another quarter of record revenues and performance, up 18% year-on-year to reach INR 69.7 crores. Total number of transactions processed in BSE StAR MF grew by 24% to reach 20.1 crore transactions in Q2 FY2026, from 16.2 crores in the previous year. The platform also processed a new high of 7.13 crore transactions in October 2025. BSE also remained committed to strengthening the SME and social stock exchange platform by fostering an enabling ecosystem for entrepreneurship and social impact fundraising. Moving on to our subsidiary business now, BSE Clearing House, Indian Clearing Corporation Limited, ICCL, delivered strong growth in first half of FY 2026, between April 2025, September 2025. Its monthly equity settlement turnover tripling to INR 291,000 crore, and equity derivatives premium turnover nearly doubling to INR 431,000 crore. Meanwhile, number of equity derivatives contracts settled surged sixfold to 126 crore. This was enabled by major tech upgrades, including reengineering of our real-time risk management system and scaling trades per second per member from 3,000 to 27,000. BSE Index Services, a wholly-owned subsidiary of BSE, offers a comprehensive portfolio of 180+ indices, spanning broad-based, thematic, factor, and strategic equity categories, serving over 300 unique clients, both domestically and globally. As of September 2025, passive products tracking our indices has surpassed INR 250,000 crore in AUM, with 72 passive schemes and smart beta indices. Since the acquisition of 50% stake from SPDJI, the company has launched 32 new indices in just 16 months, significantly accelerating innovation. Additionally, the company has obtained RBI approval for two different indices, expanding our product suite beyond equities. BSE Group, directly or by our subsidiaries, also has its presence in other related business, including India INX, Hindustan Power Exchange, HPX, BSE E-Agricultural Markets, BEAM, spot platform for trading in commodities. BSE is committed to these new areas and is constantly working with partners for the growth of these businesses. While the road ahead may not be without challenges, our resilience and commitment to innovation give us confidence in capturing significant opportunities, driving the next chapter of growth. We are encouraged by the strong IPO pipeline, steady retail participation, and growing adoption of our trading and clearing services. These trends position us well for the year ahead. Our strategy remains customer-centric, focused on expanding markets and products, while maintaining the highest standards of governance, operational simplicity, and resilience. Thank you for your continued trust and support. With these updates, I now hand over the call back to Anand. Thank you so much, sir, for all these updates. We can now open the floor for Q&A. 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 the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handset while asking a question. We also request participants to restrict the questions to one per participant. In case of more questions, you can come back in the queue. Ladies and gentlemen, we will now wait for a moment while the questions queue is handled. The first question comes from the line of Mohit Sethi from Centrum. Please go ahead. Yeah, thanks for the opportunity and congratulations on a good set of numbers. So just one question, you know, I mean, we have seen our the market share increase in the option derivatives segment. What also we have seen is that, you know, the competition, you know, reducing lot sizes and we've also introduced premium expiries in the GIFT City. So are we going to follow the suit? Thank you, Mohit, for your kind words in congratulating us and for this question. BSE has always been following the principle of looking at the voice of customers and then going ahead and implementing changes. The questions which you have raised about whether we will be making any changes to the product suite as far as Indian weekly derivatives are concerned, we will be consulting the market, and based on whatever the market, the feedback is, and subject to the lot size rules stipulated by SEBI, we will be doing from time to time, whatever changes are required. As far as 0DTE in GIFT City is concerned, for us, we are working towards creating better liquidity in the existing SENSEX, which is contract and GIFT City. At the right point of time, with the right support from market participants, we will consider bringing in more features and more products. Right. This is helpful. Thanks, and wish you all the best. The next question comes from the line of Amit Chandra from HDFC Securities. Please go ahead. Thank you for the opportunity, and sir, congratulations on a very strong set of numbers. ... So my first question is, and obviously the market share gain that we have seen in the post, the change in expiry. So, like, what is driving this? Because we have seen market share gains in, you know, almost all days, from expiry to 10 minus four. So, any number that you can give us in terms of what is, like, driving this and what exactly can be the number? And also, you know, we have seen the rise in premium to notional, like, was there till September. Was that the rise in the notional has been higher, so that has impacted our margins as well. So your views on that, and where we are in the journey of increasing the, you know, institutional participation or changing the mix in terms of the index options, where we wanted to, you know, see a rise in terms of the monthly volumes. Thank you. Thank you so much, Amit, for this question. There are three questions packed into one question, so in case I miss answering any one of them, you may have to remind me. If I recap the question, the first part is on the market share increase, and related to that is the institutional participation in options. And the second question was with regard to the notional rise due to rising... What is the notional rise vis-a-vis the premium? The question was that. So let me answer all the three of them. As far as the market share part of it, as you would recall, BSE's stand has always been in a lighter vein, we always say that our market share is 100% because our product is unique. Notwithstanding that, we have never been tracking the market share part of it with regard to the derivatives. Our intention and our work continues to be in deepening and broadening of markets. We have been taking multiple steps in including more number of participants, more number of members, and more STIs. Our journey there continues. Whatever were the goals that we placed in front of us or the timelines, we are in line with our expectations and we are progressing. We are planning to add more institutional participants there. As you rightly pointed out in your third question, efforts are on for us to bring in more institutional participants who can help in building even more the growth trend that we are seeing with regard to the other than current week options, monthly options, et cetera, and also increase the liquidity in respective index. At this point of time, it's an ongoing effort for us, and we are very confident. While it is slow, it is steady, and therefore it is moving in a positive model. With regard to the margins of premium versus notional, as you would appreciate, the receiving, the receipt of premium by us, the revenue for us comes from the premium, whereas the regulatory charges are based on contracts traded. The premium that is received is a function of multiple things, including volatility. The volatility behavior is based on both internal and external events. As you would appreciate, the internal events in the first quarter made the volatility to show higher tones, while events of the second quarter made the volatility subdued, making the premium realization per contract different from what it was for the first quarter and thus compressing the margins. These events, being uncontrollable and unpredictable, no future trend in this regard could be predicted by us. Okay, thank you. Thank you. The next question comes from the line of Bhavya Sanghi from AT Capital. Please go ahead. Congratulations on a great performance. So my question is on the change in monetary contribution for SGF. So, you said that 5% of the transaction revenue would be transferred to core SGF. I I have one question was that, what is the, you know, target? So is it 1% the minimum requirement was, have I heard it correctly or no? Thank you. Sanghi ji, thank you so much for your congratulatory message. Yes, indeed, you heard it right. Leave alone the percentage, I'll just first explain the principles, so the percentages will become more sensible. As you know, it is very difficult to predict the behavior of core SGF requirement, as the variables involved in the computation of SGF is more complex, and it is not a simple, direct relationship with any single factor. This, of course, as we have seen, has been leading to lot of sudden spurts in the requirement of core SGF, and therefore having sudden impact on the quarterly earnings. In order to smoothen it, as a matter of financial prudence, what we thought was some minimum amount on a quarterly basis out of our revenue should be contributed to the SGF. So that is where the 5% comes in. When we start contributing, if over a period of time we have over-contributed and the trend in SGF's requirement has not kept in line with the simulated model, what we have followed to predict the probable requirement, will we be contributing SGF without any actual need? So to put it there, a 150% requirement has been put in place. If more than 150% of the requirement we have, or if we have touched the 150% requirement, we wanted to halt this voluntary contribution till the, till such time when the amount contributed by us is actually consumed by the requirement and further fresh requirement we can make. Basically, in simple English, it is to ensure that no single quarter suddenly has jerks in the earnings because of new emergence of additional requirement of core SGF to be contributed by BSE. Understood, sir. Sir, just one follow up on this. Since you have disclosed the data on clearing operation of BSE. So, just one, you know, kind of update where we have reached, on, you know, the, you know, decoupling of the charges, clearing charges. Thank you. That's all from my end. I'm not sure whether I'm understanding the question of decoupling of charges, what you mean. If you mean that we should- Unbundle the charges, unbundling of charges at this point of time, under the regulatory ambit, because the original charges that are being paid come under the regulatory ambit of the agreement between Clearing Corporation under the oversight of the regulators. So unless and until that regulatory clarity emerges by way of the normally used co-creative consultative process, unilaterally, we will not be able to unbundle. So once that happens, unbundling will happen. Understood, sir. Thank you. Thank you. Our next question is from the line of Madhukar Ladha from Nuvama Wealth. Please go ahead. Hi, congratulations on a great set of numbers. Just wanting to get a better understanding of the SGF contribution that we are going through. So the 5% of transaction charges, this is basically GSC's contribution in rights, sir. ICCL's contribution can be in addition to that. So in our consolidated numbers, the actual sort of contribution to SGF can be larger than 5% of transaction charges. Is my understanding correct on this? Second, you mentioned 150% of, again, sort of per minimum requirement right now. So I wanted to understand what is the current minimum requirement and how far are we from that 150%? Just to get a sense of, you know, how much could we... I know that this is a moving goalpost, so maybe, you know, a disclosure and every quarter on this would also be helpful. Ladha Ji, first of all, thanks for congratulating us. Thanks for your participation and question. Yes, you are right. If we are talking about 5% of transaction revenue, it's from the BSE side. Will ICCL be contributing on its own to the core SGF? Yes. ICCL revenue is not transaction revenue, so we should not take ICCL contribution, add BSE's contribution, and put the denominator as transaction revenue and say the contribution is more than 5% of transaction revenue. ICCL, from its revenue, as should be required, will be contributing to the core SGF. Your understanding that BSE, on its own, from its 5% of transaction revenue, contributing to core SGF is an absolute correct number. 150% is not any regulatory stipulation. As I said, this is for us to halt at low cost. How much more we should go ahead and when we should stop. If on a regular basis, every quarter we start contributing, this is based on a simulated model, that we thought this is what is required. But if the SGF, core SGF requirement is not growing in line with what we projected, because computation of core SGF and dependence of it is on multiple parameters which are not unilaterally correlated. So the expectation and actual may be different. If it is different, and if we are building excess, at what point of time we should halt and not further contribute till the utilization actually happens, that is the 150% number. Yes, I understood that. But I wanted to just know that, what is the gap that we need to bridge as of now? And I just have a follow-up question, on this. Sorry, sorry. Can you also- Sorry, Latha Ji, let me answer the first question, otherwise I will forget. Yeah, sure. There is no gap to bridge. We are contributing on our own. There is no shortage now. We are contributing. We will continue to contribute till we reach 150%. Yeah, so I meant, what is the gap to 150% as of now? Madhu Sir, we don't disclose these numbers publicly. Like I said, it is our internal calculation, which we do on a monthly basis. We see up to 1-50% of that X, and accordingly, we decide to contribute or not. These numbers is not publicly disclosed in our, is on our website or on the website of a clearing corporation. So this is purely from an internal perspective, which we will not be able to disclose publicly. Thanks, sir. Thanks, Anand. Just a follow-up- Any other question offline, if we, because there are several other people, people in the queue now. Just one thing, if I may squeeze in. If you can clarify on what is ICCL's policy also on HGF, if there is a policy as such? See, we will discuss ICCL's policies separately in a call offline because this call being BSE, since there are many other people waiting to ask for BSE-related questions, you should do it at your end. Asked already four questions. Since only one question quota, we will take it offline and we will explain to you. Let us now give opportunity for the people who are waiting to ask on BSE performance, and then we will come to you. Is that okay? Yes, sir. Thank you so much. Thank you. Our next question is from the line of Abhishek Kumar Jha from Neste Wealth LLP. Please go ahead. Yeah, thank you for the opportunity. Congratulations on a great job. I would like to get understanding on the BSE index level, the kind of star, star platform that we have capitalized upon. The same we have not been able to capitalize upon the BSE index insurance platform. I would like to have understanding on that, how we can capitalize or probably how we can keep our stakes up, which can ensure that we have sustainable skin in the game. Vijay, thanks for asking, thanks for participation and thanks for your congratulatory message. Yes, indeed, you are right. The StAR MF platform has seen a better success compared to the index. Index has not taken off, and I think if we look at the entire country, the mutual fund performance levels are very different as compared to the insurance schemes' performance levels. There are a host of factors. Some of them are controllable, some of them are not controllable, some of them are macro in nature. The point that you made, that there has to be an effort or there has to be a rethinking in respect of what would be the role for us as effectively as it could be, should be made. So we will be making such thought process because it is the right time, given the success of mutual funds. That's not what we see as replicated in the space of index. Of course, the rules are different, the regulators are different, the needs are different. Nevertheless, we will be getting into a deep thought process to see what is it that can come out of index and what should be the future course of action for us. Yeah, thank you. Because what I feel is like there is a great opportunity. You only need to rethink and a reset, and... So, so we look forward to your steps in the future. Thank you so much. Thank you, sir. Thank you. The next question from the line of Devesh Agarwal from IIFL Securities. Please go ahead. Thank you for the opportunity, sir, and congratulations on great set of numbers. So first question is, a clarification question. Could you again, highlight on how much is the co-location revenue that we have booked in Q2, and in which line item have you booked this? See, the Co-location numbers I have given earlier in my speech. It is, I think, from INR 27 crore to something that has grown, gone up to INR 46 crore in this quarter. The main reasons for going up is, more racks and also the Throttle Charges, which we have implemented since July 1, 2025. Right, sir. And sir, how many racks are now up and running, and what is the targeted number of co-locs that we will achieve by the end of this year? See, all the racks that we have already generated, we have allocated. How much the members are using, what percentage utilization, we wouldn't know. It will be the question of what we create and what is taken. We are expecting another 20 racks, 70-90 racks to come within the close of this financial year, and which also will be allocated by us. Once it is done, we'll have around 500 racks, which is a mix of both 6 kVA and 15 kVA racks. Since 15 kVA racks are 2.5 times the capacity of the 6 kVA racks, so the 6 kVA equivalent, roughly you can say it will be equivalent to some 650-700 racks. The actual number of racks will be around 500. Right, sir. And sir, one last one. Your share in the Clearing and Settlement has increased. So could you share what was the external revenue that we have booked in Clearing and Settlement? And is this HDF contribution that we are starting from this quarter onwards, is in lieu of this increasing share in the clearing and settlement? So let me, let me take you a bit back. If you recall, when I joined BSE, the clearing capacity for BSE's Clearing Corporation was just 250 trades per second per broker. Technologically, the Clearing Corporation was sound enough to take multiple members, particularly big members. We have been consistently working on it. At the start of this financial year by April, it was around 30,000-3,000, 3,000 trades per second per broker, was the capacity that we had reached. From there, we went ahead with the system upgradation. We took it up to around 27,000 trades per second per broker, which if you benchmark, is just ahead of what one of the largest trading members in the country could be generating as trades per second for one person. Clearly, this has led to some of the major brokers considering ICCL as their clearing corporation, and that shift has taken us to the higher market share. The clearing charges income of ICCL is around INR 32 crore this quarter, and on an ongoing basis, we have to wait and watch because all these implementations and all these new members are happening one behind the other. The full impact of it will be realized in the coming quarters. SGF structure, is it connected to this? With the high clearing share, does the SGF requirement also goes up for us? No, as I told you, SGF computation is a sort of a complex model. It is just not based on just the volumes cleared and the volumes traded. It is a complex set of rules based on stress test requirements as stipulated by SEBI. So there is no specific increase in SGF because of which we have started contributing. I would like to reiterate, as a sort of financial product, in order to ensure that there is no sudden surprises at the end of any quarter, we are planning it properly so that on a regular basis, voluntarily, BSE computes some amount and puts it into SGF, so that any sudden spike in SGF requirement arising out of multiple factors would not adversely and suddenly and surprisingly impact the profit numbers. Right, sir. Thank you so much, and all the very best. Thank you. Ladies and gentlemen, if you wish to ask questions, you may please press star and one at this time. Our next question comes from the line of Anthony Joseph, an individual investor. Please go ahead. Sir, thanks for the specific numbers again. My question is related to the structure that you've actually incurred in the last six months of about INR 300 crore. So will you be able to find that we were- Yeah, I'm not sure how this INR 300 crore numbers you are referring to? Any suggestion where you are getting it from, sir? Sir, it's from your balance sheet. If you look into your balance sheet, it's clear that it has increased as INR 5 crore. I'm not, I, I'm not sure about it right now, but I've seen this number. No problem. Let me look into it and reply. Just give me half a millisecond. I'm having the cash flow in front of me. I'm not able to see any specific INR 300 crore number, sir. Relying on your investing activities. Oh, got it. So you're talking about capital work in progress. That's a capital work- Yeah, all, all put together. Yeah. Yeah, yeah. The specific investment that you made. Got it. Yeah, so let's see. What we mean by this capital work in progress, it's actually about recall. Growth in BSE in the last 30 years, sorry, three years, has been significantly large. To cope up with that, there was a significant amount of requirement, significant requirement of investments, in multiple areas, in physical infrastructure, in trading infrastructure, in technology infrastructure. All these infrastructure put together is what we are showing here. There are multiple facets of investments, including what we are spending on building, co-location, technology, servers, DR, et cetera. The INR 300 crore number is just from the last six months, right? For the particular period. Oh, I see. This is not the kind of computer that you've ever seen before. It's great. You're doing excellent in terms of revenue, in terms of profit. But considering this kind of numbers in terms of significant period, it would be great if you can give like a breakup of what this is. But if it's investment into the software, then I'm not questioning why you are doing it, I just want to understand where this is going. No, I totally appreciate your point. It's INR 330 crore, INR 330 crore is not a small number, it is a big number. It is a mix of multiple things, including this physical and technology infrastructure. What we can do is right now in front of me, I don't have the breakup. Offline, certainly, we can take your call. You know the numbers to call or the phone or the mail to write. Please do write to us, we will give you all details, because your point that INR 330 crore is not a small number, it's fully big, and we'll be able to provide you a breakup of whatever we are doing. Thank you. Keep going. Thank you so much. ... Thank you. The next question comes from the line of Arjun Shah from Shanda Asset Managers. Please go ahead. Hello, am I audible? You are audible, sir. You may proceed. I just wanted to understand the HDFC contribution. This quarter is about 11 or 12 crores, and how should we think about this 5% number when we start, as I see your transaction revenue is about INR 74 crore as a percentage, and 5% would be significantly higher number. How, how should we think about the 5% number, and how should we calculate that number? I'm not sure whether you were there from the beginning of the call. If you're straight applying the 5% to the total revenue, this will not add to the INR 10 crore number, because we started it from September only, and that's why the number comes to 10%. The rationale of 5% and 150%, which I have already explained, I'm not reiterating. Your mathematics is correct. If you apply on the top line straight 5%, it is not converting in INR 10 crore. Why? We have started it only from September. Good. Going ahead from every quarter, till 150% is achieved. Absolutely correct. Absolutely correct. Right understanding. Got it. Perfect. Thank you so much. Thank you, Ji. Thank you. Ladies and gentlemen, we will stop at the last question for today. I would now like to hand the conference over to Mr. Anand Sethuraman for closing comments. Over to you, sir. Thank you so much. I can see that there are still significant number of questions. I would request all of them to kindly reach out to us at bse.ir@bse.com. Thank you all for participating today. Thank you. Thank you. On behalf of BSE Limited, thank you all for joining us. You may now disconnect your lines.