Ladies and gentlemen, good day and welcome to the Q2 FY 2022 earnings conference call of Central Depository Services (India) Limited, hosted by Axis Capital Limited. As a reminder, all participants' lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. Please note that CDSL does not provide specific revenue or earnings guidance. Anything said on this call which reflects CDSL's outlook for the future or which could be constructed as forward-looking statements must be reviewed in conjunction with the risks that the company faces. I now hand the conference over to Mr. Anshuman Singh from Axis Capital. Thank you, and over to you, sir. Thank you, Margaret. Good morning, everyone. On behalf of Axis Capital, a very warm welcome to the Q2 FY 2022 conference call of CDSL India Limited. We have the management team of CDSL represented by Mr. Nehal Vora, Managing Director and CEO, Mr. Girish Amesara, Chief Financial Officer, Ms. Nayana Ovalekar, Chief Regulatory Officer, Mr. Ramkumar, Chief of Business Operations, Mr. Vinay Madan, Chief Risk Officer, Mr. Sunil Alvares, Managing Director and CEO, CDSL Ventures Limited, Mr. Swaroopkumar Gothi, VP, and Mr. Nilesh Kittur, AVP. Without further ado, I will hand over the call to the management for their opening remarks, post which we can open the floor for Q&A. Thank you, and Nehal, sir, over to you, sir. Thank you, Anshuman. I wish everybody a very good morning. I welcome you all to the CDSL's quarterly conference call for quarter ended September 30, 2021, and I hope each one of you and your loved ones are safe and healthy. I'm joined on this call by other members of our management team, who will address your questions later, as you may have. Throughout the history of CDSL, we have invested and innovated in our business to build a truly diversified and strong organization that performs across market regulations and developments with a commitment to serving investors, all market infrastructure institutions, regulators, shareholders, and employees. The current financial year is also a representation where we have experienced some good business and financial performance as a result of the efforts of all market infrastructure institutions. The growth of the demat accounts is also a reflection of the growth in the unique client codes at the stock exchanges. With the growth in business, we continue to focus on providing services to the securities market and to the investors at large to strengthen and execute our vision of making our investor truly self-sufficient or Atmanirbhar. We continue to provide our platforms and e-services such as easi, easiest, e-DIS, e-Voting, et cetera, that aim at providing convenience to the investor to operate their demat accounts from the comfort of their homes. I'm sure that all of you would have already reviewed the financial results and the investor presentation for the quarter. Now, I request Mr. Ramk umar, our Chief of Business and Operations, to take you through our business performance. Over to you, Ram. Thanks, sir. Good morning. I'll just take you through the business update. During the last three months, that is quarter two of 2021-22, we have opened approximately 68 lakh accounts. The growth has taken the total number of active accounts, the BOIDs, as at the end of Q2 FY 2021-2022 to 4.65 crore accounts. This value of securities in the demat custody has increased to INR 35.21 lakh crore. We continue to provide services in line with the transformation and requirements of the current times to promote digital initiatives of the government. In addition to our e-Voting services, we also offer services to hold annual general meeting through the video conference to make the AGM a hassle-free event for the shareholders and the company. We also provide email updation services as well as mobile updation services to companies to update their shareholder database to ensure that the dissemination of communication to the shareholders is valid, sufficient, and productive. Before I hand over to our CFO, I would like to take a brief moment to place our appreciation and gratitude to all our stakeholders, the beneficial owners, the depository participants, the issuers, the regulators, employees, and other market participants for their constant faith in us. Now, I request Mr. Girish, our CFO, to take you through our financial performance. Thanks. Thank you, Ramk umar. Good morning, everyone. On the financial performance, the total income on a consolidated basis for the quarter ended September 30, 2021 has increased by INR 63.98 crore, which is representing 63% to INR 165.15 crore against the previous year same quarter income of INR 101.17 crore. The net profit on a consolidated basis for the quarter ended September 30, 2021 is increased by INR 37.19 crore, which is 76% to INR 86.06 crore, and corresponding previous quarter it was INR 48.87 crore. The total income on a stand-alone basis for the quarter ended September 30, 2021 has increased by INR 48.77 crore. It is almost 62% to INR 127.92 crore, against previous year same quarter income of around 79.15 crore. The net profit after tax on a stand-alone basis for the quarter ended September 30, 2021 has increased by INR 30.34 crore, which representing 80% increase to INR 68.40 crore against the previous year same quarter total net profit of 38.06 crore. Now I would request Sunil Alvares to talk about the operations of our wholly-owned subsidiary, CDSL Ventures Limited. Thank you. Sunil, over to you. Yeah. Thanks, Girish. Good morning to all of you. On the CDSL front, we had another good quarter in terms of the KYC records created, increased by 36 lakhs in this entire half year. There was a growth of almost 130% in terms of new records created. In terms of the KYC records which were fetched by intermediaries from CVL, the number of records jumped from 60 lakhs in H1 FY 2021 to 1 crore 56 lakhs in H1 FY 2022, which was a growth of about 158%. In terms of e-KYC records processed also, there was a jump of almost 31%, that is from 5 lakh 83 thousand records to about 7 lakh 63 thousand records. Similarly, on the RTA front also, the number of companies currently handled by CDSL is 750 as compared to 665 in H1 FY 2021, which was a growth of about 13%. With regard to the financial results for H1 FY 2022, the operational income increased by 95% as compared to H1 FY 2021. The total income increased by 77% from INR 38.15 crores in H1 FY 2021 to INR 67 crores in H1 FY 2022. The profit before tax increased by 75% in H1 FY 2022 to INR 43 crores as compared to INR 24 crores in the same period last year. The profit after tax increased by 71% in this year, so that the profit after tax was INR 32.61 crores in H1 FY 2022 as compared to INR 19.05 crores in H1 FY 2021. With that, I'll hand over back to Anshuman so that we can have the Q&A session. 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. Anyone who would like to ask a question, you may press star and one at this time. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Kunal Thanvi from Banyan Tree Advisors. Please go ahead. Hi. Thanks for the opportunity and congratulations on the great set of numbers, and Happy Diwali to the entire management team and the employees of CDSL. So my first question was, you know, on the KYC business. Like, we had seen a notification coming for e-KYC where there was a reduction in the, you know, charges by UPI. Can you help us understand, you know, how does that impact our realizations for new verifications, new registrations under the e-KYC business? That is question number one. Second is, you know, in respect to technology glitch that, you know, was found in again in the, you know, CDSL Ventures. There was a news article wherein it was said that, you know, there was some vulnerability in the in the systems. If you can, you know, take us through what actually happened and, you know, where we are in terms of security, or cybersecurity among other things. Thirdly, on Mutual Fund Central as a platform that came up last month, last quarter, like, how is, you know, CDSL playing a role there? Or in fact, the depository is playing a role there. How much, you know, like, is there any financial opportunity going ahead because of this platform coming in? Yeah, those would be my three questions. Okay. I'll ask Sunil to take the first two questions, and then I'll take the third question. Over to you, Sunil. Yeah. Can you come with your first question again? I had some slight disturbance. Yeah. There was a notification that UPI has reduced, you know, the new registration charges for e-KYC. Wanted to understand, does it also translate into our realization for e-KYC coming down from INR 20 to INR 3? Yeah. I mean, see, what happens is, so far as e-KYC is concerned, we normally charge, Whatever is CVL's charges for e-KYC plus the UIDAI charges. To that extent, you know, if the UIDAI charges comes down, okay, so whatever we bill the customers would be down from, say, INR 25 what we were charging earlier to maybe about INR 8 what would be, you know, the charges after the UIDAI revision. To that extent, you know, that the top line could get impacted. So far as the bottom line is concerned, on the expenses side also, the expenses would be restricted to just INR 3 now as against INR 20 earlier. I hope that answers your first question. Broadly, just the revenue, like if we go out from revenue, we go out from cost, hence for us the net realization remains same, right? It remains the same. Yeah. Okay. Great. Point number two is on the glitch which was there in CVL. First and foremost, it was a vulnerability alert which we had received. Unlike what some of the news articles said, there were a lot of factual, you know, factually incorrect things mentioned in that. We have identified the glitch. Our IT team has identified the glitch, and we have thereafter plugged the same. Secondly, you have to appreciate that it was within the investor login of the KRA data, KRA, so that any investor who wants to log in and see the status of his KRA has to, you know, mention his PAN and date of birth, and then he gets an OTP. To that extent, it was extremely secure. Somebody who's extremely IT savvy, you know, could have gone and taken advantage of it. Actually it has not happened, and we have also confirmed that there has been no data breach as such. Got it. Sure. That's helpful. Yeah. Thanks, Sunil. Now the third one on Mutual Fund Central. I think the first is divided into two phases. First, the RTAs will gather the information from the depositories. We are already sharing that data with the RTAs. As phase II, I think possibly by the end of the calendar year or Calendar year. In the first month of next calendar year, January, the phase II will get initiated, where the repositories also will start getting the files from the RTAs. It will be a two-way Mutual Fund Central information platform, which will be available across RTAs and depositories. If I get it, in the phase II, we will also be able to monetize something out of it, right? Yeah. That we will wait and watch. There is an expectation, but again, will be difficult to comment on that at this stage, because what would be the charges, et cetera. To begin with, it may be kind of probably free or next to free. But we'll see how it goes. It's finally driven by the basically the regulator. We'll see how that charges, et cetera. Right now it is free of cost. Yes. Yeah. Sure. Got it. Thanks for that. If I can squeeze just one more from, you know, from like Girish. There has been, you know, a change in the revenue segmental sub types this quarter in the presentation. If you can, you know, help me with this quarter's number for annual issuer charges, transaction charges, online data charges, IPO and corporate action, consolidated cash, e-Voting and others. It would be, like, really helpful. Okay. The transaction charge for quarter two is INR 49.73 crores. IPO corporate action income is 21 and half crore. Online data charge income is INR 30.29 crores. Annual issuer income for the quarter is INR 28.81 crores. e-Voting is INR 5.09 crores. CAS statement charges is INR 3.69 crore. I hope I have answered your question. Sure, Girish. That is helpful. Thank you so much. Happy Diwali to the entire team. I'll get back. Wish you the same. Happy Diwali. Okay. Yes. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Amit Chandra from HDFC Securities. Please go ahead. Hello. Thanks for the opportunity. My question is related to the, you know, the insurance repository. Like, what's happening there? We have opened around 6 lakh e-Insurance accounts. Are we seeing any pickup there? You know, like, that is the first question. Yeah, another question is like, similarly on the commodity repository. You know, like, this thing, CCRL. Are we seeing any pickup there? You know, the third question will be, you know, we have seen that the competitors has been aggressive on the payment side, right? On their offering, like, banking services apart from depository services. Like, are we having any plans to offer, you know, such kind of services? Okay. I'll ask Ramkumar to answer the insurance question. I'll answer the commodities and the payment bank question. Sir, as far as the insurance business is concerned, presently, not many insurance companies have taken to it for the reason that it is not mandated by the regulator. That is point number one. Point number two is that As we go along, we are seeing people showing interest in holding policies in the electronic form, but we are a long way away from the way the depository or the securities market has kind of evolved from the time the depository started in the late 1990s. In terms of the commodities business, it's also going through a fair amount of changes on the regulatory front. It's a regulated business, and I think there are discussions happening across extending the eNWRs not only in the agri-based business but the non-agri-based business. We'll have to, we are there in terms of that and the important thing is that we've kept our costs under control so that the entire business remains profitable. At the same time we are there with the requisite building blocks to ensure that this entire business can be taken up as and when the rules permit them to do. As regards payment bank, that had been assessed in the past at CDSL around three to four years ago. We continue to assess new opportunities as to whether it is feasible within the framework. There are certain levels of conditions which needs to be fulfilled. CDSL would be eligible, but our teams are constantly assessing in terms of the business opportunities, which would be the most important businesses to take this forward. Sir, in terms of the license, we have the payments bank license or we have No, we don't have the payment license as of now. Okay. First you'll have to apply for that, evaluate it, and then we can go ahead. First will be the evaluation, and then we will see if it's feasible, and then we'll take it forward from there. Okay, sir. Sir, on the annual issuer charges, what has been the progress on the addition of unlisted because now, during COVID it has slowed down. Have you seen like any kind of pickup there? Also on the RTA front, is RTA going to be, you know, a significant line of business for us or because we have, you know, the RTA license, but we have not been seeing any significant traction there. This quarter has seen some robust growth in terms of the annual issuer fees as well as the RTA business with CVL. That continues to grow. As more and more companies will access the securities market, we will start seeing more and more traction out there. It has seen fairly good growth over the previous year. We are continuously there and we continuously want to innovate to ensure that it becomes easier for companies to access our platforms. Okay. Also, sir, in terms of, you know, the revenue from the pledge side, so has that seen, you know, let's say, significant traction or, you know, the monthly rate of INR 1.5 crore-INR 2 crore is like what we are seeing there on the pledge side? We kind of disclose it as a consolidated number as part of our market-driven. We don't. It is a function of the overall market delivery volumes. As we are seeing a good build-up on the cash market volume and the delivery-based volumes, this is kind of a function of that. That is also seeing some amount of growth. Okay, sir. Thanks for all the wisdom. Thank you. Thank you. Anyone who would like to ask a question, you may press star and one. The next question is on the line of Paresh Sangani from Club Millionaire. Please go ahead. Hi. Congratulations, Nehal, to you and your entire team for yet again a fantastic performance. On my end, Happy Festival Greetings to all of you as well. Now I just had some questions which have been answered by Kunal, but just had a couple more. First is we have almost INR 1,000 crores of, you know, net cash lying with us. Wanted to give me a perspective. I know it's required for our network purposes. What about inorganic opportunities like getting into adjacent offerings? For example, you know, we are linked into e-Sign. Would we consider acquiring somebody or, you know, getting into adjacent product offerings? Then the second one would be regarding, is there any one-off on the KRA or KYCs? Because I remember the SEBI mandate asked that they wanted to update all the KRAs, right? It would be one-time project and I know that we have about 60-odd% market share and therefore we may not have to update our process. Have we done anything or on that or is there any update on that as well? Probably some on the old projects like NAD, National Academic Depository, obviously, right. Any update on that as well? Any progress on that as well, Nehal? Okay. That's it. I think all of these are pertaining to CVL. I'll ask Sunil to answer these three questions. The first question you had was on one off on the KRA. Okay. So far as the KRA update is concerned, okay, we are continuously updating as and when, you know, any modifications, et cetera, are reported to us by the reporting entity, because it's the responsibility of the reporting entity to do the KYC. We have already validated all the PANs, et cetera, with the IT database. So to that extent, our database is updated. We'll be shortly also updating the PAN-Aadhaar linkage. So to that extent, it will be updated with the PAN-Aadhaar linkage as well. The second part is on the NAD progress is that, the MHRD had decided that DigiLocker will be the sole depository for National Academic Depository. Both the repository would be out of that. Effectively, for the last two years, DigiLocker is the repository. We have tried to, you know, offer this service as a private service vendor to various universities. So far we have around eight universities who have registered with us. We had hassles, I mean, problems during the lockdown because most of the universities, et cetera, were closed, so we couldn't touch base with most of them. Maybe once this lockdown thing, you know, normalizes, then maybe we'll see more universities on that. We are keeping our fingers crossed on that. I hope that answers your question. Yeah. Nehal, the question on the capital allocation, you know, INR 1,000 crore. Yeah. In inorganic opportunity. Yeah. Yeah. I think, as a market infrastructure institution, once the minimum regulatory capital is maintained, you know, the strength of basically the balance sheet is extremely critical when you are running a financial market infrastructure institution company. We have a fairly liberal dividend policy of distributing about 60% of our operating profits as dividend. It is also important to build the balance sheet that whenever in case there is basically a year in which the income is muted, et cetera, the financials of the company remain strong and it becomes a very stable company going forward. My sense is that we will continue embark upon building the strength of our financial statements, especially the balance sheet. Keeping in mind the shareholder interest, we have embarked upon about 60% of the operating profits as being declared as a dividend to the shareholders. Nehal, I was asking on the inorganic opportunities, right? I mean, are you looking at acquiring any companies, et cetera? Uh- Some business and product offerings. Yeah. Within our realm of effect? In the current scheme of things, we are building on our existing platform, our technology platforms. Right. You know, because with the scale of business growing, you have to prepare for basically the infrastructure and getting the more advanced infrastructure in. Technology is going to be spent. Also, the people, as we are growing in scale, we'll need to increase our teams also. Sure. To ensure that we're able to service them. We are fully in sync with the opportunities like basically the IFSC, GIFT City- Mm-hmm. The gold spot exchange, which will have a depository arm also coming in, both in the local and the foreign jurisdictions. We are a company like the Mutual Fund Central is another business line which is going to be this. I think it's kind of more of an internal growth in terms of newer platforms and products coming in. We believe technology is the main driver of our businesses, equity and control of that. Accordingly, we prefer to kind of build most of them internally. Having said that, if there are some interesting opportunities which may come up in future, we will consider on a case-by-case basis. Just last one question, if I can squeeze in, Nehal, on e-Sign. The way we offer a product, is it only a one-time cost basis or charge basis, or is it going to be an annual fee kind of basis? I'm sure you've launched it by now. Some perspective on that would help. It is on a per e-Sign basis. As the intermediary uses our facility for e-Sign, he will be charged on a per e-Sign basis. Okay. This is operational, right, Nehal? Now fully operational? Yeah, this is operational. It's operational. Okay. Yeah. Thanks You. Thank you. The next question is from the line of Gokul Maheshwari from Awriga Capital. Please go ahead. Yeah, thank you for the opportunity. Can you please give how you could play a role in the account aggregator opportunity, whether CDSL can have a business model over there? Thank you. The account aggregator model is basically an RBI initiated platform which is through a non-banking finance company. I think there are various models which are being debated and deliberated at a policy level. We kind of have in a conceptual sense the consolidated account statement, which gives a list of all the financial assets in the securities market being given to investor. The policy thinkers are also thinking if the other non-security based assets can also be added to ensure that it gives a far wider consolidated view of a person's financial assets. That is as and when the policy and the permissions permit us. We are constantly innovating to ensure that it continues to remain easy for the investors to go forward. You would consider playing an active role in this particular opportunity if it were to come up? Yes, of course, because we are an integral part of the entire ecosystem, and we are a repository of the financial assets of the customer. We are definitely within, we would be definitely wanting to be a part of it and we shall be a part of this as and when the policy kind of opens up on this. Great. Thank you so much. Thank you. Anyone who would like to ask a question, you may press star and one. The next question is from the line of Kunal Thanvi from Banyan Tree Advisors. Please go ahead. Yeah, hi. Thanks for the, you know, follow-up opportunity again. My question was again on the same question that Gokul had asked on the account aggregator. If you look at, you know, how things have been playing out, there has been a long talk about the single demat in India, which, you know, will take care of all the assets, financial assets that one can buy. However, now, you know, in last six months we have seen account aggregators coming up in a big way, and then there's Mutual Fund Central also coming up which, you know, consolidates your, you know, mutual fund holding at one place. How, you know, on a policy level, what's the sense in terms of getting to the last mile, which is, you know, single demat across financial assets? Any color on that and, you know, from the policy point of view and from CDSL point of view, how we plan to, you know, participate there. This is yet being deliberated, so it's yet work in progress. It's not yet formulated as to how it will work on a consolidated basis. I think I would just like to assure you that CDSL will definitely be there in whichever form it comes out. We have already started some pieces of it in terms of, as you mentioned about Mutual Fund Central and also the consolidated account statements, as I mentioned earlier. The important theme which I would like to focus on is that CDSL continues to engage itself to ensure that it is completely up to speed in terms of what is permissible within that regulatory framework. As and when it opens up, we should be there to ensure that we are able to take, or rather, basically extend this facility to the newer avenues as and when they're permitted by the regulators. Sure. Got it. Thanks. Second question was on, you know, this gold spot exchange thing, like any, you know, development there, like how things are moving on the regulatory front, like, when should we know from, you know, say one or two years, like you, like, when could it be operational and up and running? On the local side, there are a lot of policy deliberations going on as to how that regulatory framework will be formulated. I think it will take probably one or two quarters, looks like from the looks of it, but it'll be difficult to predict as to when it will go live. I think about two to three quarters it should be really up and running. We'll have to wait and watch. I will not be able to firmly commit on the date. Got it. Makes sense. Lastly, on the annual issuer charges, like, is there any, you know, talk about movement like, NSDL both of the depositories have to make a joint application. Any, you know, visibility there or we still trying to hold it on, for a year or so? We'll wait and watch yet. We'll see how this COVID should completely resolve, I think, and then we will take a call, jointly between the two depositories. Sure. Good. Thanks, Nehal. All the very best. Thank you. Thank you. The next question is from the line of Srijan Kumar, an individual investor. Please go ahead. I have one question. Sir, I'm trying to go through your latest financial report. It is financial year 2020 and I couldn't able to find it. Is there any reason why it is not released? Financials have been released the day it got announced on thirtieth October. It is there on the CDSL website as well as the NSE website where we are listed. You can access it from either of the places. Thank you. I would request Mr. Kumar to rejoin the queue. The next question is from the line of Sanketh Godha from Spark Capital. Please go ahead. Yeah, thanks for the opportunity. Sir, I have three, four questions. First question is can you give us the exact figure of pledge income what you made in the current quarter, given we made around INR 3.24 crores-INR 5 crores last quarter. If you can share that number, it would be great, sir. That's my first question. I'll just ask the CFO, Girish, to Pledge income is for the quarter INR 3.57 crore. Any specific reason do you believe, sir, this is not seeing significant traction because after peak margin rules, everyone thought that this might be a potential big source of revenue, which did not play out as expected. Any specific reason do you believe or people are bringing the money which they intend to bring with the peak margin compliance and therefore the traction was not visible? See, I think, as I said earlier, though we may see it in isolation, I think it should not be seen in isolation. It should be seen as a consolidated number with a transaction revenue as well as a pledge-repledge. It is a facility which will enable the transaction income as well as the overall transaction base of revenue which CDSL earns. It has become fairly popular in terms of pledge-repledge. Only our charges are far lower than the normal transfer which we do for a pledge-repledge. First leg it is INR 5, but later on for repledge and release, it's INR 1. This is to ensure that more and more people join the ecosystem, make it as a part and parcel of their. I think the important thing is that we are seeing some good, healthy numbers, and that is growing, I think probably every quarter-over-quarter. More and more people are joining the queue. In terms of your earlier point, because of peak margin, yes, that will continuously change. Tomorrow there may be some other rules, etc. The important thing is that the CDSL has the requisite platforms to cater to the requirements as and when the market wants. At least our focus has been that we keep our platform really up and running, and whichever way. It's similar to basically a road which is built. Now whether you have, cars running on it or the SUVs running on it or, you know, that depends on it is a function of supply and demand. I think that is what is our focus. We don't go after a particular line of business. We just. Mm-hmm. Kind of ensure that there is a ease for the client and customer, so more and more people can join our fold. Got it, sir. Sir, another question was basically, the INR 28.8 crores of annual issuer charges. It will be great if you can break it down into listed and unlisted. We don't give those numbers, unfortunately. I think the important thing is that it is continuing to grow. Mm-hmm. Most of it, if you see quarter-on-quarter, more and more people, a new IPO is coming, as well as new, you know, unlisted companies which are coming. As for the current framework, we don't give out those numbers. Okay, sir. Finally on online data charges, just wanted to understand the broader pie, how much e-KYC, e-Sign and normal KYC or KRA income contributes. That's these new additions of lines coming from e-Sign will be significant or still the main KRA income will continue to be the major revenue generator for the online data income? Unfortunately, we don't give any futuristic views, so I think we'll have to wait and watch. if you can give the mix of online data income into e-KYC or Again, we don't give that mix, as per the current framework. This is- Mm-hmm. what we do. Like what I said that the earlier point also Okay. We don't give the mix, so continuous. Got it, sir. Sir, finally on IPO income. It is almost you earn so much that it is equivalent to last year's full year income, almost closer to full year income in the current quarter, INR 21.5 crores. Can you just tell us how much income a single IPO, a big IPO can. I mean, just wanted to understand the broad working. For every application, how much you charge, then for allocating, how much you charge, and finally, crediting it, means how much you charge. This is basically just wanted to understand given the pipeline is so high, going ahead, just wanted to forecast how the IPO income will play out in subsequent two quarters. Yeah. I think we have to see because, again, in the future we're not able to give on how many IPOs actually hit the market. It's a formula-based approach, and it's objective driven. It depends on the number of folios, the number of, the value. I'll ask Ramkumar to just give a broad framework on how it's charged. Sir, as far as charging is concerned, there are two charges that one would have to pay as an issuer to the depository. First is in terms of applications, there is a verification charge which is INR 1 per application, if I may put it that way. The second is for the credit which you asked, it is INR 10 per record or per BOID. These are the two charges that our issuer would have to pay for processing an IPO, sir. Thank you. The next question from the line of Aalok Shah from Monarch Networth Capital. Please go ahead. Thanks for the opportunity. Sir, heartiest congratulations on excellent set of numbers. I clearly understand that from what we hear on the call that there are a lot of revenue drivers which are in pipeline, be it in form of account aggregator or even the gold spot and then the payment bank opportunity. I mean, sir, would you kind of talk about how these things could shape up from a near-term perspective? Maybe not merely near-term as two to three quarters, but from a two to three years timeframe. Certainly from the fact that you are kind of a data pool. You know, CDSL is more about data pool. What could be the synergies that could play out through all of these opportunities? I think overall it's basically from a physical footprint to an electronic or a digital footprint where the entire ecosystem is moving towards. It is an interconnectedness of various platforms, be it your e-KYC to e-Sign, to account opening, to transactions, to your consolidated account statements. I think it's moving more towards a paperless kind of a platform. That kind of brings in a lot of stability that even during COVID, as we've seen in the last 1.5 years, the business has not only been as usual, but has seen some growth also. Mm. I think that's the entire vision in which that we want to move away from a paper-based processing to a kind of electronic-based processing. This kind of ensures that the entire system becomes the core and human beings become the support. I think that's an important change in paradigm, which is happening fairly rapidly to ensure that people are able to access platforms and verify information from the comfort of their homes also. That's how it's going to kind of pan out, not only in the securities market, but in the commodities market, in the spot commodities market. I think the reforms which we have seen in the securities market will kind of get extended to all these markets. There's going to be some kind of linkage happening between these markets as we move forward about two or three years from now. Sure. This helps. Just quickly on data keeping questions, I missed out the numbers there. The transactions revenue were INR 49.75 crores, and the IPO service revenue was INR 21 crores. Yes. Okay. The online data charges was INR 28 crore. Online data was INR 30.28 crores. Okay. Thank you so much, sir. I'll get back in the queue. Thank you, and wish you a happy one, two in the future. Thank you. Wish you the same. Thank you. Thank you. Request participants to limit your question to two at a time. The next question is from the line of Franklin Moraes from Equentis Wealth Advisory. Please go ahead. Yeah. Congratulations on a good set of numbers. I wanted to understand on the IFSC subsidiary, the one which we have, you know, recently started. What is the status like, you know, in terms of, you know, the revenues and what is the kind of potential that we are seeing over there? Yeah. We have made a disclosure sometime last month that there is a consortium formed in the IFSC of the India INX, which is a BSE exchange, the NSE, MCX, NSDL, and CDSL. They're equal partners as part of the consortium. There has been an in principle agreement reached that there's gonna be only one single depository in the IFSC space, both for securities and bullion. That would be kind of purchased by this consortium as we move forward. It'll, yeah, I think as the products and platforms grow in there, both on the bullion side as well as on the securities side, this will be the only single depository which is there, and CDSL will continue to be an equal partner as part of the consortium. By equal, you mean like we would be having about a 30, one-third stake in this? It'll be, we have five partners, about one-fifth. Okay. As of now, we are not generating any- That consortium would also own the entire ecosystem on the bullion. It'll be the exchange, clearing corporation also. It'll not only be restricted to the depository business, it'll also be in the revenues earned on the exchange and clearing corporation on the bullion side. As of now, the revenues would not be very material, would that be correct? Yes. It has not yet started giving any material revenues. You're absolutely right. There is a lot of promise as we move forward. In terms of the cost, you mentioned that, you know, technology is our backbone and we expect to, you know, keep investing in technology and employees as well. Now, considering that our income is, you know, running much ahead of, you know, what was the trajectory in the past, you know, few years, I expect that probably would be, we would be spending incrementally a bit more on these, you know, avenues. Would that be a fair statement? Yeah. The important thing is that we continue to assess that the technology is in sync with the increasing business volumes, and the employees who are processing this business also is kind of adequate to ensure this. We'll see probably in absolute numbers, it will go up. We'll have to wait and watch in terms of the percentage to revenue, whether it will go up or go down or remain constant. When we, you know, budget for these, do we budget them in absolute terms or do we have a percentage of revenue kind of? Oh, metric for, you know, building in these costs. I think that's more of a micro question for the management, but I think the important thing is that we want to ensure that we have adequate infrastructure to kind of both in terms of people and systems to kind of garner the business growth, which is kind of expected. The scalability of the infra is also an important aspect that as and when business grows, we are able to scale up also very quickly. Thank you. I would request Mr. Moraes to rejoin the queue. The next question is from the line of Amit Chandra from HDFC Securities. Please go ahead. Yes, thanks for the opportunity again. You know, we have seen very healthy growth in the new account addition, and that has been sustaining since the last two years. You know, that was because we had exclusive agreement with the discount brokers, right? Now the bank-owned broker also becoming aggressive on the discount broking side. The price parity is somewhat coming down. With the bank-owned brokers, we don't have that exclusive agreement that we have with the online broker. You know, like, do we see that as a risk in terms of the healthy account additions that we are having, so that can slow down as like more and more brokers shift to the bank-owned brokers? Yeah, I think my intent as management is to give the best-in-class platform and the value proposition, leave it to the market to decide. Even the discount brokers had and continue to have a choice of both the platforms. They have chosen to remain with one. I think as long as you have you can provide that value proposition, you leave it to the market to kind of take a call. I'm not too worried about how the market shapes up. As long as you're able to give value proposition and basically the ease of doing business, you're gonna see volumes and traction coming. At least that is the hope and wish. Okay. Thank you. I would request Mr. Chandra to rejoin the queue. The next question is from the line of Sanketh Godha from Spark Capital. Please go ahead. Okay. Only a data point – a data keeping question. What is the regulatory cost and bad debt provisioning cost in the current quarter, which was not disclosed this time in the big TT? I'll ask Girish to answer that. Provision on the doubtful debtors was around INR 3 crore. With respect to the regulatory cost, the investor, the contribution that we are supposed to make to IPF is INR 3.76 crore in this quarter. Mm-hmm. SEBI fees o f roughly INR 64 lakh. Incentive that we are supposed to pay to DPs as per SEBI circular is around INR 1.57 crore. Okay, sir. Perfect. Thank you. Thank you. We'll take one last question, which is from the line of Paresh Sangani from Club Millionaire. Please go ahead. Okay. I think most of the questions have been answered, especially on the account aggregator side. I would want a query on, you know, how the government digital products are proceeding. Yeah. Basically we are going to implement the phase two, but due to the COVID circumstances where people had to actually send in their certificates and couriers, posts, et cetera, not being available, it has been postponed. Now we'll have to actually wait and you know for the decision of the SEBI appointed committee. Once they inform us, I mean, we are ready to process those certificates which come. Okay, Nehal. That's all. Thank you gentlemen for everything so far, and I just wish you good health and good safety. Yeah. Thank you. Thank you. Thank you. Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. No. I just wanted to say that all of you remain safe under these unprecedented times, and wish you all the very best, and wishing you and your family a very happy Diwali and a prosperous new year. Thank you. Thank you. On behalf of Axis Capital Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your line.