Ladies and gentlemen, good day and welcome to the BSE Limited Q4 FY 2026 investor call. As a reminder, all participant lines will be in the listen-only mode. 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 zero on your touchtone phone. I now hand the conference over to Mr. Anand Sethuraman, Head of Investor Relations, BSE Limited. Thank you. Over to you, sir. Thank you so much, Ruthuja. Good evening, everyone. Welcome to BSE's Q4 and FY 2026 earnings call. Joining us today is our leadership team, including our MD and CEO, Mr. Sundararaman Ramamurthy, Mr. Deepak Goel, CFO, Srimati Kamala K, Chief Regulatory Officer, Mr. Sunil Ramrakhiani, Chief Business Officer, Dr. Vivek Jain, Chief of Staff and HR Strategy, MD and CEO of our subsidiary companies of ICCL and BSE Index Services Private Limited, Srimati Vaisshali Babu and Ashutosh Singh respectively. We also have other members of our finance, business, investor relations, and secretarial teams present here. Our latest results and investor presentation are now available on the BSE website. We will start with remarks from our MD and CEO on our performance, followed by a Q&A session. There will be an opportunity for you to ask questions after the management remarks. Please note that some of the statements made in today's call may be forward-looking in nature and are subject to risks and uncertainties. The company does not undertake to update these forward-looking statements publicly. With this, I will now invite the BSE MD and CEO to share his views. Thank you, and over to you, sir. Thank you, Anand. Good evening, everyone, and thank you for joining us today. Let me begin by welcoming our shareholders, analysts, investors, members, and all other stakeholders on this call. FY 2026 has been a landmark year for BSE in many ways. This year marked my third full year as MD and CEO of BSE, and it is particularly gratifying to share that FY 2026 was a record year of achievements for the BSE, marked by important strategic milestones and new listings and trading records, along with the celebration of BSE's 150th anniversary. I am happy to state that in FY 2026, BSE's total revenues crossed INR 5,000 crore for the first time ever in its 150-year history to reach INR 5,048 crore. Our record financial performance reflected the continued resilience and strength of our business, reinforcing our competitiveness, relevance, and leadership at the heart of the global financial community. We are confident that our focused strategy, together with a series of pivotal initiatives we accomplished or initiated during the year, will underpin our continued success and shape the future financial landscape of India and beyond. Let me first talk a little bit about the macroeconomic environment. The global macroeconomic backdrop over the past year, and especially in the last quarter, has been challenging and complex. Markets across the world have had to contend with heightened geopolitical tensions, ongoing conflicts, uncertain interest rate trajectories, commodity price volatility, and shifting global capital flows. Against this backdrop, India's performance stands out for its resilience and balance. While India, like all major economies, is not immune to global uncertainty, it is noteworthy how the country has managed external developments with maturity and restraint. India's approach has been measured and pragmatic, focused on safeguarding macroeconomic stability, ensuring continuity of policy, and maintaining confidence in the financial system. Moving to Indian capital markets, one of the defining features of FY 2026 was that despite periods of global uncertainty and geopolitical turbulence in the year, foreign portfolios turned episodic and selective. This was more than offset by the strength of domestic institutional participation. Domestic institutional investors, including mutual funds, insurance companies, banks, and other long-term pools of capital deployed close to INR 8.5 lakh crore during FY 2026, representing a sharp step up over previous years. Equally encouraging has been the continued commitment of India's retail investors, whose SIP flows reached a record INR 3.5 lakh crore for the year. This reflects the deepening culture of disciplined long-term investment across the country and reinforces the growing role of households as stable providers of capital to Indian markets. This resilience was particularly visible in March. Against this backdrop, I am pleased to share that BSE delivered its thirteenth consecutive quarter of record revenues. For the quarter ending March 2026, consolidated revenues stood at INR 1,630 crore, surpassing the previous quarter's record of INR 1,334 crore, a growth of 22%. On a full year basis, FY 2026 revenues reached INR 5,148 crore, INR 5,148 crore as compared to INR 3,236 crore in FY 2025, translating into a year-on-year growth of 59%. This makes FY 2026 the best financial year in BSE's 150 year history till now, underscoring the durability and breadth of our strategy. I will now share some of the key financial numbers on a consolidated basis for the year ended March 31st, 2026 as compared to the previous year. Operational revenues have grown by 63% to INR 4,834 crore from INR 2,957 crore. Transaction charges comprising revenues from the equity cash, equity derivatives, mutual fund, and clearing house segments have registered substantial increase of 87%, rising to INR 3,795 crore from INR 2,030 crore, reflecting robust growth in core trading and settlement-related activities. Other operating income, which includes enhanced data dissemination fees, co-location, index services, et cetera, has increased by 59% to INR 349 crore from INR 220 crore. Operating expenses increased by 20% to INR 1,755 crore from INR 1,458 crore. It may be noted that 53% 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 EBIT, including contribution to core SGF, has more than doubled to INR 3,079 crore as compared to INR 1,500 crore, with margins expanding to 64% from 51%. The net profit attributable to the shareholders of the company has demonstrated a significant acceleration to reach INR 2,497 crore from INR 1,326 crore, representing a robust year-on-year growth of 88%. The profit margins have expanded to 49% from 41%. Back of these financial results, it is my pleasure to inform you that the Board of Directors of BSE Limited has recommended a dividend of INR 10 per equity share, having face value of INR 2 for the financial year 2026, subject to the approval of shareholders in the ensuing annual general meeting. The total payout for the year would be INR 412 crore, which is an increase of 30% from last year on an overall basis and 67% excluding the special dividend that was announced on account of 150 years of BSE last year. The improvement across both the top line and bottom line highlights the company's strengthened operational resilience, disciplined execution, and sustained financial momentum. It also reflects the broad-based engagement across our platforms, the effectiveness of our strategic initiatives, and the steadily rising confidence that India's capital market ecosystem places in BSE. Let me now highlight a few of the many business milestones in FY 2026. FY 2026 marked an exceptional year for main board fundraising and reflected strong issuer and investor confidence. The BSE IPO market was ranked first globally for IPO listings in FY 2026, welcoming 255 new listings across main board and SME markets, and raising a total of INR 1.8 lakh crore. This represents a continuation of the strong momentum seen in the recent years, but FY 2026 stands out as the highest ever, both in terms of number of issues and funds mobilized. As we enter FY 2027, the IPO pipeline remains robust with more than 250 active applications to raise INR 1.75 lakh crore, reinforcing our position as a leading global fundraising venue. Overall, business fundraising platforms remain the preferred choice by Indian companies to raise capital by enabling issues to raise INR 26.9 lakh crore in FY 2026 by means of equity, debt, bonds, commercial papers, REITs, InvITs, and municipal bonds. The total number of investor accounts registered on BSE has now crossed 25 crore, reflecting the continued deepening of retail participation across the country. Over the past year alone, BSE has added 3.53 crore new investor accounts, with 10 states each contributing more than 1 lakh crore registered investors, underscoring the broad-based expansion of India's capital markets across regional demographics. On the investor education front, BSE conducted 16,663 investor awareness programs covering over 8.5 lakh investors in FY 2026. These initiatives were aimed at enhancing financial literacy, strengthening informed decision-making, and furthering the protection of investor interest within the capital market ecosystem. Moving to our trading segment, new records were set across our cash and derivatives market in FY 2026 on account of our product offerings, growing client and platform adoption. Our technology capabilities and expansion of colocation services are also delivering greater values to clients. While cash market volumes remained at long-term normalized levels throughout the year, FY 2026 marked a milestone with BSE recording its highest ever ADTV of INR 7,950 crore. The BSE index derivatives segment continued to demonstrate strong momentum in FY 2026, with average daily premium turnover reaching a record of INR 19,523 crore compared to INR 8,978 crore in FY 2025, translating into a robust year-on-year growth of approximately 118%. This sustained expansion reflects deeper market participation and improving liquidity. Following the transition to a Thursday expiry cycle, we have seen broadening of the liquidity profile, including buildup in non-expiry day volumes and open interest. Our flagship Sensex index options ranks among the most actively traded contracts globally, with the momentum continuing into FY 2027. On the new products front, BSE has received approvals for three new monthly index derivatives. BSE Focused IT, Focused Midcap, and Sensex Next 30. Based on market feedback, derivatives on the BSE Focused IT Index will be launched from 11th May 2026, further expanding and strengthening our monthly derivatives suite. The launch of derivatives on Focused IT Index will provide participants an additional hedging tool to manage their portfolio risk effectively. We remain focused on further enhancing market depth by expanding participation, evolving our product suite, particularly through the promotion of longer tenure contracts, and strengthening our technology infrastructure through systematic upgrades to data center capabilities and connectivity framework. Colocation remains a strategically important part of our diversification agenda, supporting low latency market access and providing stable long-term revenues. For FY 2026, colocation revenues increased to INR 171 crore compared to INR 74 crore in FY 2025, reflecting strong growth, healthy utilization levels, the continued benefit of the revised throttle charges framework introduced in July 2025. Turning to our mutual fund distribution business, BSE StAR MF continues to serve as a strategically important pillar of our market infrastructure ecosystem. In FY 2026, the platform delivered yet another period of record performance with revenues increasing 24% year-on-year to INR 285 crore. Total transactions recorded on the platform grew to 84 crore, a 27% increase that highlights our strong performance. Notably, the platform achieved a new monthly peak of 8.2 crore transaction in March 2026, further reinforcing its position as a high-growth, systemically critical distribution channel within India's mutual fund landscape. In a landmark achievement of financial inclusion, BSE became the first Indian exchange to sign a MOU with the Department of Posts, Government of India. As mentioned in my previous earnings speech, we have successfully onboarded the DoP as a member on our BSE StAR MF platform in January 2026. I am happy to update that the StAR MF has become the first platform to go live for Dak Sevaks, who have executed over 1,500 transactions till date. This partnership leverages the vast postal network to democratize investment across India. Expanding our platform's reach, BSE Technologies launched BSE StAR NPS on April 22, 2026. This platform aims to simplify and streamline retirement planning for millions of Indians by providing a unified architecture for the National Pension System nationwide. We are evolving from India's premier mutual fund distributor into the country's definitive super gateway for long-term wealth. With BSE StAR NPS, we now capture the entire financial life cycle of the Indian investor, from their first SIP to their final pension. Our key subsidiaries, such as Indian Clearing Corporation Limited, ICCL, and BSE Index Services, continue to scale through new client acquisition, product innovation, and enhanced technology adoption. While these businesses remain relatively smaller in size, they have grown at a significantly faster pace over the past three years, with ICCL's revenues having more than doubled, while BSE Index Services revenues have increased nearly four-fold. Overall, it was a year of significant momentum and transformation for BSE. By expanding our product ecosystem. We successfully aligned our offerings with the evolving investor trends. We continue to explore and develop businesses that are adjacent and complementary to our core business, demonstrated notable achievements in market diversification and product innovation, and implemented initiatives that broaden market accessibility and support greater efficiencies in the trading, clearing, and settlement processes of the Indian securities market. These initiatives not only strengthened our visibility, but also enhanced the competitiveness of our markets to ensure their long-term resilience and sustainability. Enhancing shareholder returns while pursuing sustainable long-term growth remains a key priority for BSE Group. We will continue to take a disciplined and proactive approach to capital allocation, investing in its core businesses, pursuing strategic growth opportunities, and consistently returning capital to shareholders. While we expect volatility in the macro landscape to persist, we also see cause for optimism in capital markets as investors adjust to the ongoing uncertainty by seeking diversification and risk management opportunities. As critical financial market infrastructure, exchanges have an important role to play in ensuring that capital and opportunities continue to connect as efficiently as possible. At BSE, we are confident that our efforts and investments in recent years will ensure our business remains competitive in this global landscape, and we will continue to leverage our unique advantages, meet the evolving demands of investors, and ensure our markets are accessible and competitive. Thank you all for your continued trust and support. With these updates, I now hand over the call back to Anand. Thank you so much, sir, for these updates. With this, we will open the floor for Q&A. I will request all our stakeholders to please limit their question to one per participant so that everyone may benefit from the Q&A session. Thank you. Over to you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Swarnabha Mukherjee from 360 ONE. Please go ahead. Hi, sir. Thank you for the opportunity, congrats on a great set of numbers. I just wanted to understand, in terms of ICCL member additions, et cetera, how should we think about this? How are the trends playing out? In terms of our core SGF, how does this manifest into the core A-SGF contribution in terms of, you know, how the open interest positions are adding? If you could give some color. One data keeping question on, I mean, on the other expenses side, if you could highlight this came out to be slightly higher this quarter. Some color on that would be helpful, sir. How should the trend be going forwards? Thank you. Unclear to me. As far as the First of all, thank you for your kind patience in attending this call, and thanks for all the good words. As far as ICCL has been adding members, both big and small. As you would recall, in the earlier earnings call also, I have stated that ICCL has significantly increased its technological capability to handle around 29,000 trades per second per broker and a peak of 69,000 with some small latency of one second, which is a big number, and therefore it has attracted some significantly large market participants and also significantly smaller participants as well. This journey continues. The addition of members alone does not directly contribute to the growth or requirement of SGF. SGF is a function of a stress test conducted with the largest market participants, and based on multiple factors it evolves. Simple addition of members does not directly correlate with the increase in the SGF requirements. At this point of time, the SGF maintenance by ICCL and BSE are at a very comfortable situation, and it has added strength even more to the balance sheet and situation of ICCL. Hope I have answered your questions. Right, sir. Some forward-looking view on SGF could be very helpful, sir. If you see some this continued, like a INR 20 crore kind of a contribution of whatever. Some color would be very helpful. I wish that I am in a position to give you an answer on this. If you may recall. Since we are not able to project what will be the future SGF because it is based on a complex set of parameters, we had initially decided that as BSE, in order to prevent any sudden jerks in the P&L, we will voluntarily contribute a specified stipulated percentage of our profits into SGF every quarter. We put a threshold of maximum up to which we will contribute. That is, if you are reaching more than, say, 150% of the total required amount of SGF by this consistent contribution, we will review the percentage of contribution, which was at that point of time set as 5% of profits. At this point of time when we review, we have already touched the threshold of more than INR 150 crore. We have crossed it. In that situation, we are reducing the contribution requirement per quarter from 5% to 2.5%. Other than that, a forward-looking number cannot be put. As I said, the SGF computation is based on a complex set of parameters. Understood, sir. Very helpful. If you could comment on the other expenses part also, very helpful. Thank you. I would request everybody to retain only one question per person because there are quite a few people on the queue. As we talked about other expenses, most of it is based on regulatory expense that is either to SEBI. I hope you are talking about other expenses in our balance sheet or something else, I don't know. Yes. Okay. You want to explain? Yeah. Thank you, Swarnab. As you are aware, you talked about our group's clearing company, ICCL, provides services to both BSE and NSE. There is an outstanding of INR 80 crore, which is an old outstanding from NSE. We have provided, no, we have taken some ECL provision that is in line with our ECL policy and as accounting standard requirement, which has led to this increase in current quarter. Thank you. We request participants to please limit your questions to one per participant. The next question is from the line of Supratim Datta from Jefferies. Please go ahead. Hi, Shiva. Thanks a lot for the opportunity. My question is on the pricing side. You know, your option contracts are still priced lower than competition. Recently we saw that in a competition increased the realization for contract as well. Could you give us some color around how are you thinking about pricing going into FY 2027, given you have a lever to increase pricing there? You know, if you could reduce the Investor Protection Fund contribution like your competition has also done. If you could give us some color around here, that would be very helpful. Thank you. Thanks, Supratim Datta, for participating in the call and asking this question. Contributions to IPF and other statutory things are governed by SEBI rules, there will be no intention to reduce any of them, and we will continue to be supporting all those noble causes stipulated by the regulators in the normal fashion as what we have been doing all along. As far as the cost is concerned, as I have been clarifying in my previous calls, we always believe in charging appropriate amounts at appropriate points of time, considering multiple factors, including the volumes that we are making and the cost of trading and the affordability and what will be easy for the members, et cetera. At this point of time, we have priced based on our studies, whatever cost we should charge for the options. These are subject to revisions and review. As and when we feel the appropriate time has come for either an upward or downward revision, we will consider doing it. It will be totally driven by our own estimate and not by any other external factors. Thank you. The next question is from the line of Amit Chandra from HDFC Securities. Please go ahead. Thanks for the opportunity and for congratulations on a very strong set of numbers. My first question is on the strong growth that we're seeing on the option side. Obviously, you know, we have been, you know, gaining share there. You know, over the past few months, we have also experienced that the share of our monthly contracts have also been rising, and you have been talking about that, like this, you know. We have been trying to do that, but still, the share on, in the monthly side is still only at 5%-6%. How do we see this, you know, panning out maybe in the next, like one or two quarters? Also, in the, you know, incremental volume that you're seeing in the option side, if you can quantify whether, you know, how much of that is coming from existing vendors and new vendors, that would be helpful. Sir, also on the, you know, secondly, on the, like, you know, on the cost side, we have seen, you know, drop in the, you know, expenses in terms of clearing expenses. If I just, you know, take the expenses based on, you know, the number of contracts traded also, for a full year it is down by 12%-13% on a full year basis, despite the options revenue going up 113%. How do you see the clearing expenses panning out? Maybe if we, if we are gaining share, maybe, you know, we can see further reduction in the clearing expenses. Thank you. Amit, thanks a lot. I think you have packed the three questions into one question because there was a stipulation that you can ask only one question. Let me try and do justice to all the three questions you have packed. First is on monthly contracts. As you rightly observed, Amit, the co- percentage of monthly contracts for us is going up, but that is not the destination where we would like to be. We would like to further proceed. It is our strong belief that the market has to be deeper and broader. One of the ways of achieving it or one of the parameters for that for us is the greater participation of monthly contracts. Since BSE's derivative segment is fairly new even now, with only three years that have gone, some of the market participants who are well-established in Indian markets are still yet to be present in BSE's market, and we are working with them to bring them in. They are in various stages of implementation. In the coming months and years, we feel that more and more such participants who have long-term view on the market will be participating even in a bigger way with Sensex contracts, which will bring in the type of monthly volumes which we are looking forward. One of the recent contracts introduced, BANKEX, as you would be seeing, is showing some traction in respect of monthly contracts, proving the fact that monthly contracts do have their own advantages, and therefore we are very confident that we'll be able to bring those type of people here. Honestly, I do not know how much of volume is coming from new people and how much is coming from existing people because we don't measure it as participant-wise to see, because that is not a fair way of looking at the markets. Our intention has always been in terms of broadening and deepening to bring more members. As you would know, the last one year, the member count has increased from 446 to 587. FBAs are increased from 100 to 520. Colo racks have increased from 300 to 500. Monthly contract volumes have gone up by 5x. Index, which has gone up by 3x. Of course, they all are on a smaller base. That is what we are keeping track of and we are working for, and we will continue to work to deepen it in this fashion. As far as clearing expenses are concerned, as you would know, the SEBI turnover fee is based on the notional trading. The clearing expense is based on the number of contracts, and we earn revenue based on premium. In times of volatility, when the premium is higher, naturally because volatility being one of the factors for pricing an option and therefore the premium, you get more premium, but the contract is only one, so the clearing expense comes down and the premium and therefore the revenue goes up. Whether we can predict this trend, it is of course not predictable. Why? Global volatility is as unpredictable as it is, and therefore, what would be the premium revenue growth because of volatility cannot be predicted. The correlation between the clearing and settlement expenses versus the premium cannot be predicted. Hope I have explained all the questions that you have asked for. Also one more point what you should understand is the contract size has doubled over last year. These are some of the points which I thought I should place before you. Thank you so much for your patient listening. Thank you. Ladies and gentlemen, we would request you to please limit your question to one per participant. The next question is from the line of Deepa Ajmera from IG India. Please go ahead. Hello. Thanks for the opportunity and congratulations on good set of numbers and very commendable leadership. My question is on the other than equity like electricity derivative and commodity derivative, how because of the different day expiry the fortune of BSE changed altogether. Any innovative thought there that will be helpful. Thank you. Ajmera, thanks for participating in the call and asking this question, and thank you for your kind words. Indeed, BSE's stipulated strategy is to explore commodity derivatives as early as possible. As you would recall, BSE was not able to have any opening in equity derivatives with a very poor volume in equities for a very long time. Just in last three years, our entire attention span has been totally gobbled up by bringing in level playing field to whatever extent we can through regulatory requests and advocacies and bringing in a new segment and build volume. We are concentrating, we were concentrating on that by and large. That we feel that we have made some headway, though there is a long way to go further, we will be starting to think on commodity derivatives. Here we have a few thoughts. We do not want to have the sense of being left out and therefore me too type of a syndrome where we also start something because others are starting it. We want to create a value proposition for the market by thinking about some unique selling proposition, just not the expiry day alone as a differentiator. Do we have anything immediately on our mind and on the cards to implement? No. Some thought processes are on, and our sincere wish is that very soon we should be able to come out with consolidated views, taking up with the regulators and taking the commodity agenda forward. Thanks once again for your patient listening and the question. Thank you. The next question is from the line of Prayesh Jain from Motilal Oswal. Please go ahead. Yeah, congratulations on the numbers. Just, the question is on the colocation part. Since you said you want some colocation. I'm sorry to interrupt you, Mr. Jain. We are unable to hear you, sir. Your voice is breaking a lot. Is this Hello? Your voice is not audible. May we request you to please rejoin the queue and by with a proper connection. Hello, is this? Hello? Sir, it's still breaking. We would request you to please rejoin the queue, sir. We move to the next participant, with the question, which is from the line of Yash Parekh, an individual investor. Please go ahead. Good evening, sir, and congratulations on the good set of numbers. Sir, wanted on re-review of investor presentation. In the transaction charges income, there are two areas. One is special rate income and another is a normal rate income. Sir, wanted to understand the difference between the two. If we see year-on-year, that special rate income has somewhat reduced. Wanted to understand that part. See the first one, thanks first of all for asking this question. Thanks for your congratulatory message. Much appreciated. See the special one is for exclusive stocks. The other one is for commonly traded stocks across bourses. We have been conducting, as you will recall, lot of investor programs where we are telling people that in terms of in times of volatility, large cap equity stocks generally are a safer bet for new investors. As you would appreciate, more and more new investors are coming into the market as markets are becoming more democratic with good amount of access and democratic access to the news as well. When new investors come, when we feel that because of all the good investor protection measures and investor awareness creation that we along with the regulators are doing, they are more migrating towards the commonly traded large cap or sort of mid-cap stocks. That income is going compared to the income on the other side. This is how we understand it. As you know, stock trading is a question of market preference. Our insights will be limited to whatever extent of analysis we are able to see without getting into the privacy of a client. When we look at it from the economic parameters, this is what we are able to confirm. Thank you so much. Thank you. The next question is from the line of Satyam Chaurasia, an individual investor. Please go ahead. Hi, sir. Good evening. First of all, congratulations for making a 12 consecutive quarter record in the top line and bottom line. My question is just about the MSEI. How do you look at MSEI as an emerging competitor? Please give me a number that what's your current market share in the cash segment. Thank you, sir, for participating, and thanks for the congratulatory message. Actually, just a small correction. This is the 13th consecutive quarter where BSE has seen new highs. I joined in January, and, by the end of March, that's the first quarter that started. 13th consecutive quarter. As far as any specific exchange which you are naming as a competitor, our stand has always been we should be the competitor with ourselves. All the other participants are trying to help in the capital market expansion of the country. Given the size of the Indian markets and given the size of the investor population that is available, I feel that the number of exchanges can be whatever it is, and they can cater to the society by creating niche products for themselves. That's how we look at the MSEI part of it. I am trying to recollect what was the next question from you. Anand, do you remember? Market share. Market share in equities. Yes. Market share in equities has been hovering around 7%-8% compared to 5%-6% when I joined. This is far away from what we wanted it to be. We wanted it to be at least double digit. As you may recall, with lot of great efforts, we brought in common contract notes. We thought with that and also the closing auction. What we thought was both institutional and retail participants will become exchange agnostic and trade where the prices are suitable for them. The same order could be split across multiple venues, and they could get the best price execution. Unfortunately, what we are understanding is the applications of SOR, smart order routing, which people send to both the exchanges while we have cleared are still pending for more than six months at the other exchange because of which the smart order routing has not taken off and because of which the clients are not able to be exchange agnostic and take the best prices available at BSE. This has probably impeded. That's what our inference is. This is probably impeding the growth in the market share and contribution of BSE to the generation of capital and economic development of India. Thank you. Okay, sir. That was helpful. Thank you. Thank you. The next question is from the line of Madhukar Ladha from JPMorgan. Please go ahead. Hi, sir. Congratulations on the great set of numbers. I wanted to get a sense of, you know, in terms of participants on BSE derivatives platform. Are there any brokers who are still yet to get empaneled on the derivatives platform, so on the institutional side? In terms of, you know, large HFTs, NSE was always ahead of BSE. Is that gap closing on right now? What is the runway still available? How many more HFTs and some sense on, you know, what more additional volumes could come onto BSE, sir? Madhukar, thanks for this question, and thanks for the congratulatory message. As you would recall, our goal in derivatives is deepening and broadening of markets. At this point of time, we have around 587 brokers of India who are with us and who are trading Sensex options. In terms of brokers if we see, while our stated goal for this year is we should go at least to 600, 700. 600 appears to have been achieved by now already. At least 700 is what is the goal. Will this add greater runway, as you called, in terms of volume? I don't think so, because, you know, these are all small members. Why are we wanting to increase more members? We feel it is not big or small that matters, it is deepening and broadening that matters. That is the situation with regard to the number of brokers. With regard to HFTs, some of the HFTs are FBAs, as you would know. Our FBA count has grown from 100 to 520, which is commendable. We have put for ourselves a target of around 800 FBAs. The reason why we are putting this number is there are quite a few HFTs, or quite a few funds, I would say, I will not say HFTs, who typically look into long-term option products because that is their strategy. Some of them are slowly walking in because till very recently, the liquidity for us in monthly contracts were lesser. Today, with lot of efforts, we are finding that it is meaningfully liquid, more and more people are coming in. We feel that the runway is more there in that place. In terms of the big unknown HFTs, most of them are already there. It is these type of bigger funds who get into longer term situation we are looking in for. This would be what I would call as the areas where we are looking forward to grow. If I were to put a forward-looking number, sorry, I will not be able to put any forward-looking number in terms of volumes or market share, because that is not where we are strategizing and putting our targets. Our targets for ourselves at KRA and for our employees is on how many members added, how many FBAs, how much of colo utilization, how much of monthly contracts building up, what is the percentage of contribution of FBAs to the total volumes of ours, not to anybody else. We are already at around 5% to 6%, while in the market generally we find the participation is around 9%. That is a target for us to go to around 9% of FBA participation. Hope I have clarified your doubts. Thank you. Thank you. The next question is from the line of Devesh Agarwal from IIFL Capital. Please go ahead. Thank you, sir, and many congratulations on a strong performance. Sir, the, I wanted to understand. Mr. Agarwal, sorry to interrupt. We cannot hear you, sir. Is it any better? Yes, now it is. Please go ahead. Sure. So my question is, basically if you see the premium to notional ratio for Sensex, when you compare to the other, large, index, there's a gap that is there. It's been eight months that we have shifted our expiry to Thursday. There was some expectation that this gap could get converged as the non-expiry volumes kind of go up. I wanted to understand, one, what can be done to converge this premium to notional ratios, and can that happen? Thanks once again, Devesh, for participating in the call and congratulating us and asking your question. Yes, indeed you are right. The premium to notional ratio of Sensex vis-a-vis comparable indices in the market, the ratio at Sensex is lower. This is mainly because the, still the, monthly contracts are yet to develop and grow in a big way at BSE. From a situation where the ratio used to be abysmally very, very small because most of the volumes were mainly only on the expiry day. The situation I'm talking when we had Friday as expiry. Compared to that today, the concentration of volumes on the expiry day has significantly fallen down, and it has gotten distributed. Still, if you talk about monthly volumes, maximum what we trade is the one-month volumes. We don't have openings in second month and third month ahead. Can it be closed? Yes, that's exactly what we are working in for. As I stated in the previous replies to my various questions, we are working on such types of participants who are having strategies in trading longer term contracts. What I would like to emphasize, which is of course very well known to you, is Sensex is just a three-year-old product, whereas the other comparable products are 26-year-old in the market. It is just that Sensex has been fortunate with the support of all the market participants and people like you, has grown so big in three years. Typically, product growth takes lot of time. While the time has been crunched a lot for Sensex, still there will be some more time required for the large, longer term contracts should develop and sustain. That's what we feel. Thank you. The next question is from the line of Rushabh Doshi from Nirmiti Investment Advisors. Please go ahead. Yeah, thank you for the opportunity, congrats on a great set of numbers. My question is basically on Returning, you know, wealth to shareholders in terms of dividend and buyback. If you refer to slide 30 of your deck, initially, like in till 2023, the payout ratio has been close to 99%. Over the last two years, it's fallen. Now it's currently around 28%. Generally, you know, our understanding is that this business doesn't require a lot of cash, you know, apart from the CapEx which you're doing. Although I agree that it's been going up on a year-on-year basis, but it's still not close to the amount of free cash flow surplus which the company has. Also compared to other exchanges, let's say like IEX or NSE, the payout ratio is much lower. Like, if you would just spell out what could be the reasons that you are holding on to excess cash on the balance sheet. You know, it also like, you might be just generating around 4.5% post-tax returns on the excess cash. That's my question. Thank you once again for the congratulatory message and a very good question that you have asked. A 100% dividend payout or a significantly large payout may indicate a situation where the company is not having any growth idea at all. If you look at BSE, the points of what you're talking about as 97%, 98% payout, BSE never had any growth prospects in its mind. While in terms of percentage it looks so big, what was the amount paid also we should see. When you look at it, the entire amount generated was paid back because apparently it did not have any growth targets in its mind. The things are different now. If you look at the share price growth, that is also one way of returning money to the shareholders. It is just not dividend and the buyback, which are ways of returning back. When I tried to buy back the shares, most of the investors were so supportive of BSE, they didn't want to even offer one share for buyback. As far as the share price is concerned, which is also one way of improving the wealth of the shareholders, please note that the market capitalization of BSE was INR 5,000 crore when I joined, and today we are talking about a market capitalization of around INR 1.56 lakh crore. Therefore, to say to holding on cash which is not required and not returning it back to the shareholders may not be a correct and absolutely good statement. What are we doing with the cash and why are we retaining it? First of all, let us see whether we are paying good dividend or bad dividend. We are talking about a dividend that what we paid last year was around INR 23 per share. Of that, INR 5 for the 150th year. The remaining INR 18, if we look at it in current share scenario, because there was a one-is-to-two bonus, which is again a way of returning capital to the investors to make it more liquid by giving more shares in the market. Today, that will translate to INR 6 per share. As INR 6 per share as dividend. Today, as again INR 6 per share, we are giving a INR 10 dividend, which is around 66% more than what we paid last year. If you look at the total outflow, compared to around INR 230+ crore in the last year, without considering the extra dividend of INR 5, we are paying around INR 414 crore or something this year, which is again a 67% increase. What is the purpose of the cash that is accumulated? How it is being utilized? In the last two years, we have built around INR 500 crore as gross block, which has gone for capacity increase. BSE is a rapidly growing company which requires lot of technology investment. The current year's technology budget already appears to be enterprise. We put around INR 300 crore. With the global situation today, for the memory increase, the price of the memory increasing and the price of hardware increasing, this is almost going to be doubling as an investment requirement for keeping the lights on and growing further to achieve all the ambitious targets that we have in place. Secondly, as you will know, we have also invested in technology in a big way, not only with BSE, but also with all the sister companies to provide seamless service. Also, a stronger balance sheet of an exchange is very essential to showcase to the world that the clearing corporation is strong enough. Last but not the least, as you will know, we have been increasing our capacity in terms of colo, which requires a lot of outlay. Also there are already efforts on to see whether we should acquire a plot of land in the heart of Mumbai, whereby the ambitious dreams of expanding BSE further can materialize. The money is not earning INR 4.5 and lying idle. It is earning much more than that, even in terms of treasury, which is very much available in the balance sheet and profit and loss for you to see. Also it is being put on to productive use for further enhancing the shareholder value as the market truly reflects the growth in share price. All the things that we are talking about, and as I would repeat, an INR 5,000 crore market capitalization in three and a quarter year has become INR 1.56 lakh crore. The proof is in these numbers of the growth trajectory and the strategy being followed by BSE. Hope this clarifies. Thanks for your patient listening. Thank you very much. Ladies and gentlemen, that was the last question for today. With that, I now hand the conference over to Mr. Anand Sethuraman for closing comments. Thank you, sir, for these remarks. Thank you all for joining us today. If you have any further questions, please feel free to reach out to us at bse.ir@bseindia.com. Thank you. Thank you. Ladies and gentlemen, on behalf of BSE Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.