Ladies and gentlemen, good day, and welcome to the Q4 FY 2022 earnings conference call of Central Depository Services (India) Limited. This call is hosted by Axis Capital Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the 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 construed as forward-looking statement must be viewed in conjunction with the risk that the company faces. I now hand the conference over to Mr. Anshuman Singh from Axis Capital. Thank you, and over to you, sir. Yeah. Thank you, Margaret. Good morning, everyone. On behalf of Axis Capital, a very warm welcome to the Q4 FY 2022 conference call of CDS India Limited. We have the management team of CDSL represented by Mr. Nehal Vora, MD and CEO. Mr. Girish Amesara, CFO. Mr. Sunil Alvares, MD and CEO, CDSL Ventures Limited. Mr. Ramkumar K, Chief of Business Development, Operations and New Projects. Mr. Amit Mahajan, Chief Technology Officer. Mrs. Nayana Ovalekar, Chief Regulatory Officer. Mr. Vinay Madan, Chief Risk Officer. Mr. Swaroop Kumar Gothi, VP, and Mr. Nilesh Kittur, AVP. Without further ado, I would like to hand over the call to the management for their opening remarks, post which we will open the floor for Q&A. Nehal, sir, over to you. Thank you, Anshuman. A very good morning and welcome everyone. I hope each one of you and your loved ones are safe and healthy. Thank you for joining us today to discuss CDSL's financial results for the fourth quarter and the full year that has ended on March 31st, 2022. As in the previous fourth quarters, we have posted a detailed presentation on our website for your reference. I'm joined by the CDSL group's leadership team. Our company has continued progress on its strategy. That is the acceleration of core operating income and providing ease of doing business to all market participants. As a result, we saw a year-on-year growth momentum continuing in Q4 with an improved earnings quality as compared to Q4 of the previous financial year. For the financial year 2021-2022, we delivered a strong growth of 65% on the standalone profits, which stood at INR 264 crores. We are happy to report that following these results, our board of directors have approved a final dividend of INR 15 per equity share for FY 2022, subject to the approval of the shareholders, which is the highest ever in the history of the company. During the year in February 2022, we crossed the milestone of 6 crore demat accounts. As on March 31st, 2022, the total number of demat accounts in India stood at 8.97 crore. Out of which CDSL accounts for about 70%. Furthermore, the number of active companies with CDSL as on March 31st, 2022 stood at about 18,268, which is an 11% annual increase from the number of active companies as on March 31st, 2021. The value of securities in demat custody with CDSL as on March 31st, 2022 stood at about INR 37 lakh crores, which is an increase of about 35% from the value held as on March 31st, 2021. All these numbers and statistics are an encouraging testimony of the success of our efforts of making technology simple and trustworthy for all market participants. In summation, as mentioned in our earlier interaction, our aim remains to provide services that empower and protect every investor making him truly self-sufficient. I am proud of how consistently CDSL has been able to deliver its transformation journey. With the inclusion of EDIS or the Electronic Delivery Instruction Slip, margin pledge system, and other regulatory changes over the past year, the entire financial system of the Indian securities market has grown to be convenient, dependable, and secure. Moreover, to empower investors to make informed decisions, to be aware of their rights, and to be safe while being part of the Indian securities market, the CDSL Investor Protection Fund in association with SEBI and other market infrastructure institutions and DPs have conducted 178 investor awareness programs during FY 2022. Finally, I would like to take the opportunity to thank all our stakeholders, regulators, depository participants, investors, issuers, and other market participants and employees for their constant faith in us. Now, may I request our CFO, Sri Girish Amesara, to take you through our financial performance. Thank you, Nehal. Over to you, Girish. Good morning to everyone. On a YoY performance, the consolidated total income for the quarter ended March 31st, 2022 has increased by INR 38 crores, which is 34% increase over previous quarter to an amount of INR 148 crore. Compared to INR 110 crore for the same quarter previous year. The net profit after on a consolidated basis for the quarter ended March 31st, 2022 has increased by INR 26 crore, which is a 51% increase to an amount of INR 78 crores as against INR 51 crore for the previous year's same quarter. The total income on a stand-alone basis for the quarter ended March 31st, 2022, has increased by INR 24 crores, which is 28% increase to an amount of INR 119 crores as against INR 85 crore achieved during same quarter previous year. The net profit on a stand-alone basis for the quarter ended March 31st, 2022, has increased by INR 17 crore, which is 39% increase to an amount of INR 58 crore as against INR 42 crore for the same quarter previous year. Now I request Sri Sunil Alvares to give you an update about the operation of our wholly-owned subsidiary, CDSL Ventures Limited. Thank you. Over to you, Sunil. Yeah, thanks, Girish. Good morning, everyone. On the CDSL Ventures side, the company continued to do well. On the KRA creation, we added 1.5 crore new accounts, which was a growth of 127% over the previous year, where we had added 65 lakhs in the previous year. On the fetch side, we added around 3 crore 38 lakhs records were fetched as compared to 1.5 crore last year, which was a growth of 125%. On the CKYC front, we processed 32 lakh records as compared to 13 lakh records, which was a growth of around 143%. On the RTA front, we added 175 companies, taking the total number of RTA companies to 840 as compared to 665 in the previous year. On the GSP front, we processed 2.33 crore records as compared to 2.6 crores in the previous year, which was a marginal drop of 27 lakh records or a drop of 11%. This is just the total KRA records in CVL as of March 31st is 4.3 crores. The income so far as CVL is concerned for the period, FY 2022, the operational income was INR 134.93 crores as compared to INR 71.9 crores for FY 2021, which was a growth of 88%. The total expenses increased by INR 18.24 crores from INR 32.65 crores in FY21 to INR 50.90 crores in FY 2022, which was an increase of 56%. The profit before tax has increased by 89% from INR 51 crores in FY 2021 to INR 96.32 crores in FY 2022. The total profit after tax for CVL for FY 2022 was INR 73.09 crores as compared to INR 39.28 crores in FY 2021, which was a growth of INR 33.82 crores or a growth of 86%. With this now, I open the floor to the questions of the participants. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their 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 Prakash Kapadia from Anived Portfolio Managers. Please go ahead. Yeah. Thanks for the opportunity. Congrats to the team on the good performance. Couple of questions from my end. You know, if I look at the annual employee cost of INR 50 crores, does it, you know, include variable or salary increase, or will it get reflected in, you know, FY 2023? That's my first question. The second question is, you know, other income has declined 4% for the year, so if you can quantify the mark to market impact on, you know, fair value due to our investments. Lastly, you know, of the 4.3 KYC records, we've seen a huge jump. Sunil did mention in his opening remarks about, you know, fetch and KYC, so you know, that's a huge jump from 2.84 crore records last year. If you know, you could give some color on market share gain in terms of SIPs, new folios and, you know, is it more FIIs? If you could give some qualitative flavor, that would be helpful. On the first question, last year's bonus is included in this year's financial year, and this year's bonus will get included in next year's. I'll just hand it over to Girish to give you further details on the first and second question. After that, Sunil can take the third question. Sure. On the employee cost, on an average, we have given an increment of 9.5%. Roughly, the cost of increment promotion and employees who have joined during the year and those who have left is around INR 6.5 crore. In previous year, in financial year ended March 2021, we had a reversal of expenditure pertaining to variable pay of 2019-2020 amounting to an amount of roughly INR 2.5 crore. If that expenditure was not there, our increase would have been only INR 6.5 crore and of provision with respect to actual valuation. This explains the increase in the employee cost. In terms of mark-to-market gain, whatever decrease that you see, it is pertaining to mark-to-market valuation. If you have that figure ready in terms of what is the absolute number, if that's readily available due to rise in interest rates. So- Is it- If you compare last year treasury income and this year treasury income from our presentation, you will notice the difference, and the difference is only on account of mark-to-market. It's fair to say we'll, you know, have the employee cost increase starting Q1 onwards in this financial year. The normal increment promotion that we may give would be there. As I explained during 2021, there was a reversal. Because of that year's expenditure is showing less. Sure. Understood. Sunil, if you can answer the third question. Yeah. On the market share for the KRAs, currently the figures of none of the KRAs are published in the public domain, so we really wouldn't know exactly what is the market share. The second question is, what amount of accounts attributed to mutual funds, et cetera. Again, that would not be known because the fetches happen both by AMCs as well as by brokers who open you know broking company demat accounts. Also these demat accounts have you know take credit of mutual fund unit. It's very difficult to give you any breakup on that. Okay. Sunil, you did mention CVL side there were 33.8 million records. What was that KYC record number, if you could just repeat that? On the fetch side we had 3.38 crore fetches. Okay. Right. That you said was 125% increase on a year-on-year basis. That's right. On the KYC? Sorry? On the KYC side also there was a number which you mentioned in the opening remarks. On the creation side, yeah. Yeah. That was INR 1.5 crore as against INR 65 lakhs for the previous year. Okay. Versus INR 65 lakh. Fine. I have some more questions. I'll join back the queue. Yeah. Congrats to Nehal for the best CEO award. Thank you. Thank you so much. Thank you. Ladies and gentlemen, you may press star and one to ask a question at this time. The next question is from the line of Madhukar Ladha from Elara Capital. Please go ahead. Hi. Good morning. Thank you for taking my questions. I have a few questions. First, just continuing on the earlier participant's question on employee costs. I just wanted to, you know, clarify my understanding. This year, net-net, we see, on a running basis INR 6.5 crore increase in employee costs for FY 2023. This probably does not take into account the change in bonus, so versus, FY 2022, I mean FY 2022's bonus will come into, FY 2023. The difference in variable pay between FY 2022 and FY 2023 will also impact employee costs in FY 2023. What would be that amount? Because that would be sort of the approximation for next year's employee cost. Will I be right on it? Girish, if you could answer on that. Just to clarify what I had said that on an average increment promotion and employees, those who have joined during the year and left, the net cost increase due to that was around INR 6.5 crore. This amount also included the variable portion which has been provided in this financial year. What I had told was that in previous year, in March 2021, there was a reversal of variable pay of around INR 2.5 crore. That has reduced the expenditure of previous year. That's the reason this increase is showing at 22%. This was not for FY 2022. Expenses are accounted on accrual basis. I understand where you're coming from. For FY 2023, how much would the variable be higher? For FY 2022, how much is the variable higher than FY 2021? These are all forward-looking statements. I don't think we'll be able to answer these. No, I mean for FY 2022. Because that will get accounted for in FY 2023, right? These are all forward-looking statements. Oh, that has not yet been decided, you mean to say? It is in the process of getting decided and finalized, so. Understood. Understood. Understood. We're not able to give those numbers right now. Okay. Got it. The other thing, I noticed that last couple of months, if you see, you know, our share in incremental demat accounts has come off a little bit. Any color on what is happening in the market? No. These are all market dynamics. I don't think it has come off. It is ranging. It ranges in that particular range. I think it is in sync with that. I don't know how you made that comment that it is come off. No, in the sense that if I look at incremental demat accounts for, you know, March 2022 and 2023. That is March 2022 and 2023. We were like in the 85% to sort of 90% range in most of, you know, last year. In February and March, we see that sort of drop off to below 80%. Is there something incremental to read on or is it just sort of- No, these are all market dynamics. I don't think we are able to put any specific reason. I think. I have said this earlier in many investor calls. The focus of the management team more than the numbers is to provide a seamless platform. We are a financial infrastructure company. To ensure that it's seamless and creates that value add, and then leave it to the market to gauge which is a better value proposition. Our intent is not to worry too much about numbers going up or down. The important thing is to ensure a seamless financial platform. Okay. The other question I had was on the cost slide, which you have included. There is a regulatory cost line item. Is this just the contribution to the Investor Protection and Education Fund, or is there anything more in this as well? Regulatory cost consists of amount that is required to be paid to Investor Protection Fund, fees that we are supposed to pay to SEBI and incentives that we are supposed to pay to DPs based on SEBI circular. These are the three main component, out of which IPF is the largest contributor. Okay. The others on an annual basis, how much would that be? Just to get a idea, just to get a sense. Other than the NSE, you mean? Apart from IPF, the other two. IPF would be 2/3 of total expenditure. IPF would be 2/3 of total. Okay. Understood. I understand on the KYC side, when we do Aadhaar-based KYC versus, you know, the SEBI way of doing KYC, you know, which the four agencies or the KRAs, there is a difference in economics. So can you explain, you know, what the difference is? I believe we get about INR 30-INR 35 per fetch, in the KRA methodology versus, you know, the Aadhaar-based KYC. Those amounts are different. So can you just explain the economics a little better? See, in which way you have to do a KYC through the KRA, okay? For creation we charge INR 20 and for fetch it is INR 35. Aadhaar based KYC is one of the ways of adding to the KRA, KYC. You, the KYC form asks for a lot of information. The information which is fetched from Aadhaar. Apart from that, there are other information also which is added and then the record is pushed into the KRA. Thank you. I would request Mr. Latha to rejoin the queue for follow-up questions as there are several others waiting for their turn as well. We would request participants to please limit your question to three at a time. Should you have a follow-up question, request you to rejoin the queue. Thank you. The next question is from the line of Kunal Thanvi from Banyan Tree Advisors. Please go ahead. Thank you for the possibility and congratulations, Nehal, for the award that you won. You certainly deserve it. My question was, you know, from a longer term perspective, like when we look at CDSL and the depository as a business as a whole, last two, three years have been phenomenal with the retail participation, you know, going, you know, very high. The same was true for all the market depositories. Now, you know, but if you see what has happened recently is that the retail participation is coming off, you know, in global markets, especially with the way, say, you know, opportunity investors have been behaving in last, you know, six months. There's certainly a moderation. Now, if the similar trend was to, you know, happen in India with retail participation moderating or coming down, then certainly it will have, you know, a short-term impact on, you know, depository business because of the cyclicality. Wanted to understand, you know, how do we look at it from three-five perspective in terms of cycles. Secondly, what are the other businesses that we, you know, kind of, feel could, you know, somehow negate any adverse or, you know, elongated slowdown in the retail participation over the next two-three years? Yeah, that's my first question. You know, I think basically the market participation is something which is going to have an impact on the entire market infrastructure institutions space, stock exchanges, depositories and clearing corporations. We are, if you see our revenue streams are basically two-fold. One is the issuer income, and second is the market participants, the DPs, transfers which they pay to us as fees. One is kind of within annuity, which ensures that the company has a steady flow of revenue. Second is kind of a market-driven income. The way I see it is, and this is strictly my personal view, because at CDSL we're not able to give a view on the future. Since you asked me on the trend, the way I see it is that, today we are at about only 7%-8% of the population has participating in the securities markets. As in, as we move forward, technology is gonna play a huge role in connecting the dots and, giving access to a lot of, investors in the remote part of India and to the other, cities which they have not been able to do because it is the ease of doing business. Therefore, as the participation grows, you're gonna have more and more people. Also India is a young, population, so a lot of them are gonna come into the income range where saving is going to become more market-driven. Because now the government guaranteed schemes are becoming far and few. For their own savings, they have to come back to market-driven products. That is going to obviously increase the participation in the securities markets, as it is expected to increase the participation in the securities markets. The second part is that as the startup culture in India is growing, more and more companies will need to access the securities markets to raise their share capital. That's gonna come out with newer IPOs. We are gonna have the LIC IPO coming in the next one or two days. There are others which are expected in the pipeline. More and more companies are going to come into the securities market fold, and that will have an impact on the overall secondary market also in terms of the volumes. The third is there are new products which are coming in, for example, gold and other precious metals. These are all the newer assets which are going to come in with now the commodities markets, both the derivatives markets and the spot markets being regulated by a single regulator, and that is the securities regulator also. There is going to be the transformation of using the reforms of securities market into the commodities space also. These are some of the newer assets which will come in. There could be an interplay which is happening. Also the mutual funds are coming out with newer types of schemes and products. That is also expected to probably increase over a period of time the participation in the securities market. Sure. When you say new products, you mean the gold precious, like the commodities also coming under the net for the way they are for the securities and, you know, with mutual funds coming with a multi-asset kind of scheme. Yeah, the liquidity in those products also. Got it. Sure. Makes sense. Any update on the district- Sorry to interrupt you, Mr. Thanvi. May I request you to rejoin the queue for follow-up questions? Sure. Thank you. I'll get back to you. Thank you. The next question is from the line of Prayesh Jain from Motilal Oswal. Please go ahead. Yeah. Good morning, everyone. Congratulations on a great set of numbers and congratulations, Nehal Vora, for the best CEO award. Three questions from my side. Firstly, could you throw some light on the transaction charges? My understanding is they were to be revised upwards. What is the status on that? Secondly, on the technology costs, they seem to be growing linearly, and they've been, you know, rising consistently. Is there a variable element there and how should we see this going ahead? Lastly, from a more business perspective, do you see any impact of or any opportunity coming in from the account aggregator framework could benefit CDSL in any form? Those will be my three questions. Thanks. Your first question is about the revision and the transaction charges. That's something which has to be jointly done by the depositories. We've had COVID years, so obviously there has been a general pushback on any increase in charges overall. We'll see an opportune time and see what is the sense of what the regulator in terms of whether they should be increased or not, and then we will take a call on that. The second is your second question- On the Technology cost. Yeah, the Technology cost. I think we are finally an applied technology company. Technology and human resource are going to be the two principal costs for this company going forward. Because we need a specialized human power as well as specialized technology. Technology is going to be the key driver, because though it has been increasing linearly over the last two or three years, the revenue has kind of not increased on a linear scale. It is kind of in an exponential scale. That is one of the key drivers that, you know, it allows a lot of people to participate into the entire fold, entire depository system and the securities ecosystem, bringing in a lot of trust into the entire way of doing things. A person from the remotest corner of India receives his securities and money on a T+2 basis on a consistent basis, which is a huge kind of a fillip in building that trust. I think we need to kind of continuously invest in our technology because the scale is growing. As I said earlier, we are only about 7% of the population. The important thing is that our technology is being built in a manner so that it is very scalable. If the volumes grow, we are easily able to increase the infrastructure in it. The security angle also is a very important part. These are some of the important components of our business which needs to be continuously invested. Your third question on the account aggregator, it'll have to be seen. There has just been an announcement. We'll have to see the exact details. Yes, there is going to be an overall interplay happening between the various asset classes. It's expected to kind of have a more participation of those people in the country who have not been traditionally in the securities market space, but in the other markets like the insurance or the banking, et cetera. That kind of an interplay may lead to or could lead to some increased participation also. My question was more on the last part. Will CDSL be a financial information provider in any form? That's why I'm saying that it is too early to say anything because. Okay. We have to see what the details are and then kind of assess in what shape and form it will come out finally. Then we will kind of assess. Our intent is to ensure that we provide a seamless platform, and our intent will be to continue providing that platform in whichever form it comes. Well, thank you. All the best. Thank you. Thank you. The next question is from the line of Paresh Sangani from Club Millionaire. Please go ahead. Hi, Nehal. Congratulations on the CEO award to you and your entire team. You guys deserve it. Now, I have three questions on my mind, Nehal. First and foremost is, you know, we find that the details of the insurance policies, electronic insurance policy, as well as the warehouse receipts are missing in the presentations this time. So request if that could also be provided, you know, on a quarterly basis. I also wanted, you know, color on that, in terms of how is that business progressing and what are the key variables for the insurance policies and the warehouse receipts to kind of take traction. That'll be the first question. Okay. Yeah. Yeah. You can just give me all the three questions, so I'll kind of answer. Great. Yeah. The second one is in terms of, Nehal, you've been speaking last couple of years about having all the financial assets in one place, right? Through the demat account. So any other product categories that can be part of the demat account? For example, postal deposits or any government bonds for that matter. Any discussions on that area? Because, you know, it's been a promise that we have been having for quite some time. The third one would be, how is the traction on the digital e-signatures? You know, it's been maybe three or four months that we'd have rolled out. What is the kind of a monthly run rate are we getting that? You know, how is that shaping out as well? Thank you. Okay. On the first one on, first question was. Insurance policy. On the insurance policies, it's, I think it's a product of the future. Any reform in the market requires that kind of buy-in by the requisite people who are participating. Insurance traditionally has been a paper-based kind of a product, and now it's slowly moving from a paper-based to an e-product. However, it is not made compulsory, it's made optional. I think once there is a critical mass which moves, then probably the policymakers and regulators would think of kind of making it, you know, only the e way of doing things rather than a paper-based way of doing things. We will see that as we go forward. I'll. Is it not part of our presentation, CCRL and CIRL? No, the numbers have not been, you know, put out in the presentation for some reason. Okay. I think I'll just check with my finance team as to what we can, what permitted, et cetera, and based on that. These are products of the future, both the commodities repository as well as the insurance repository. The numbers may not look too big at this stage, but our intent is to kind of continuously stay invested in the products of the future. There is a kind of an integration happening between the securities space and the commodities space and basically the insurance space. I think now with really Aadhaar and PAN linkage happening, that becomes a common field across all these asset classes. That becomes an important component to kind of link up various financial products. This is kind of even answering your question on the other one where all financial products. From a technology standpoint, we are equipped to kind of add all the financial products, be it banking, insurance, pension, et cetera. Very recently, we have worked with the pension regulators, and a part of our consolidated account statement now includes. Mm-hmm Both the pension as well as the securities and income as a single statement. That is something which I think is being worked upon. I think policymakers are actively engaged in kind of taking this forward. Obviously the nuances of each product, the nuances of each market will have to be taken into consideration before the single platform can be taken forward. There is a broad policy movement because the two finance ministers which have kind of announced in their finance bill speech that single demat is something which they would be kind of wanting to take forward. I think now kind of the building blocks are there with the PAN-Aadhaar linkage, and see how that takes forward. The third question is on the CBL. I'll ask Sunil to kind of take that question. So far as eSign is concerned, we have just started the operation, so the figures really in terms of run rate, et cetera, are insignificant. To give you a perspective is that though we got the approval a couple of I mean, quarters back, but we actually went live with Aadhaar-based online eKYC just, you know, a couple of months back. We have just started operations, and I think the figures are really insignificant because even if you see the income, it is just 0.08 crore, I mean, about INR 8 lakh, which is very small. Right? I hope that answers your question. Yeah. We were looking at in terms of what is the run rate on a monthly basis in terms of number of clients signing up or number of transactions that we are kind of creating for eSign. No. That, that's what I said. See, this has just started off. We are in the process of speaking to and signing, and they are also, there is also a process that they are in where they have to integrate their APIs into their software, you know, test it, and then start operations. It's not that I get approval, and it starts off immediately. Thank you. I would request Mr. Sangani to rejoin the queue. We would also request participants to limit your question to two at a time now. Thank you. The next question is from the line of Franklin Moraes from Equentis Wealth Advisory. Please go ahead. Yeah. Thanks for taking my question. Just wanted to understand, like, you know, if you see the last six months, we have seen, you know, continuous increase in the number of, you know, the accounts getting added. Just, with respect to this particular quarter on a sequential basis, for the transaction revenues, we have seen a flattish kind of a growth. Considering, I mean, the markets were a bit subdued, but considering that, you know, new additions have happened, you know, the expectation was that we would have seen at least some bit of an increase on a sequential basis. Just wanted to understand, why is there a flattish growth? Yeah. I think it's again a function of markets and that transaction charges. I'll just check with Girish. It's both the IPO as well as the secondary market, right? Yes. If you see the IPOs that the third quarter had a bigger number of IPOs coming in in that which kind of led to higher transaction charges. And also the situation, circumstances both, you know, outside India, especially basically the geopolitical circumstances, has led to a muted participation. People are basically a wait and watch policy. Whilst the market remains where it is, the participation is kind of, you know, easing off. That is, I think, a function of markets, that it kind of you're going to have more or less so. The intent and the focus is that have as many people join the securities market ecosystem and provide that seamless value addition. Whenever they wish, they will be able to kind of participate seamlessly. Secondly, to have newer products. You have multiple points on which they would want to access and thereby increasing their participation. It is more of a long-term play rather than a quarter-on-quarter comparison is what our focus and intent has been. Like, you know, just on a, like for example, on a trailing or 12-month basis, what was for the accounts that have coming in on a 12-month basis, what percentage would their contribution be in terms of the transaction charges? We don't give these numbers out, and these are something which is again very difficult to accurately measure also in case if we did give out. These numbers are not giving out. Sir, just to understand on a trend basis, is that, you know, ratio kind of increasing as the number of accounts keep getting added? So- Is that percentage increasing? It is difficult to come to a conclusion. It's because of the accounts being added or because of the markets being bullish or because of more people wanting to participate in various other products like mutual funds, which they may be having demat transactions, or it's because of the pledge mechanism which has been put in place. It's a combination of various factors. You know, it's difficult to really come to a firm conclusion that it's because of the a particular factor or the particular factor. It's like a culmination of various factors which leads to whether this increase has taken place. Thank you. I would request Mr. Moraes to rejoin the queue. The next question is from the line of Ravin Kurwa from ICICI Securities. Please go ahead. Yeah. Hello? Yes. Hello. Yes, please. Hi, sir. Thanks for taking my question. Sir, I just wanted one number from your end. What will be the online data charges for Q4 FY 2022 on the revenue front? I'll ask Girish to answer that. Online data income is INR 119 crore. 190 crore. Is it for Q4 FY 2022? Sorry? It's for Q4. No, sorry. You wanted for- This is an annual number. Yeah. Yes, yes. Yeah, yeah. This is annual number. Quarter is INR 31 crore. 31 crore. Okay. Thank you. Yeah. Thanks, sir. Thank you. The next question is from the line of Pavan Kumar from RatnaTraya Capital. Please go ahead. Sir, I was just checking the NSE cash volume data. The last quarter there has been a fall by around 15% on a year-on-year basis. Transaction charges for us has remained relatively stable. What am I missing in the sense, is there something else I should be actually factoring in? No. That's what Prayesh replied to my earlier question. That kind of confirms my earlier reply also that it is a culmination of various factors. You have the IPOs, you have the pledge mechanism, you have Okay. You know, it is not only one function which it is linked to. It's also the delivery percentage more than the cash volume, the delivery percentage of these cash volumes which will drive the revenues at the depository. Okay. Sir, on the KYC side, we have seen a substantial jump. What are the other applications that these KYCs are being fetched apart from our demat and let's say our traditional mutual fund kinds of applications? Because I have seen the applications happening in even the pension fund fetches. Are there any other? What are the other kind of fetches that happen? Sunil, if you can answer that. No. Typically, this is for demat and broking accounts for which fetches happen. Okay? Mm-hmm. What you mentioned for pension, it really doesn't happen from the KRA. Did you say you mentioned for Q4, online data plus KYC charges, the revenue was around INR 31 crore? Is that right? Yes. INR 31 crore. Okay. Thanks, sir. That helps. Thank you. The next question is from the line of Pratik Rathi from Choice Equity. Please go ahead. Good morning, sir. Congratulations on a good set of results. I just wanted to know if you could quantify the impact of less IPO in this quarter. Like last, in the last con call I attended, I remember INR 23 crore-INR 24 crore was the revenue in Q3 from the IPOs. If you could quantify for this quarter. Yeah. If you can answer, Girish. IPO corporate income for this quarter is around INR 7.90 crore. Okay. Also I wanted an update regarding the price revision. Like in the previous con call I attended, so in that there were some talks from the SEBI approval regarding the increase in the rates or the charges. Is there any update on the same? No, there is no update as of now. As I said earlier, it's two, three years have been tough years, so we'll see how it goes. As of now, there is no upgrade. Okay. Okay, fine. Thank you. Thank you. Thank you. The next question is from the line of Kunal Thanvi from Banyan Tree Advisors. Please go ahead. Yeah, thanks for the opportunity again. I wanted to understand any development on the MFCentral side, like how that platform has been doing and what's our role there, like how it has evolved. Second, on the GIFT City side, you know, how things are going on the gold exchange and any, you know, development that you want to share on that business. Both of them are work in progress. It's the technology platforms are being done and it involves multiple players. The interconnect also between these players has to be built and tested. It's in the process of being done. MFCentral is in two phases first with the RTAs and then will be with the depositories and RTAs. Surely there will be a role for all the players, and important thing is to deepen the markets and deepen more and more people being able to join. It's a complementary role rather than a competitive role which is being really, I think, envisaged. On the gold also it is under active preparation in terms of the technology platforms. That will have to be tested with the exchanges, clearing corporations and the depositories. Both the depositories. Whatever the circular and the regulatory framework is out. It's slightly different from the securities markets. Those all nuances, et cetera, has to be kind of really implemented also. Sure. All right. Thanks, and all the very best. Thank you. Thank you. The next question is from the line of Prakash Kapadia from Anived Portfolio Managers. Please go ahead. Yeah. On the annual charges, you know, we've seen a 33% growth. If you could give some color, is it some, you know, unlisted company scale? Were there some one-time revenues or is it just increase in folios? Secondly, if I look at the PPT on page 25, the revenue break up, INR 10.46 crore is other income and INR 47 crore is investment income. What is the difference between that? You know, if Girish can just give the e-voting and consolidated ECAS for the quarter, that would be helpful in terms of the revenues. In terms of other income, Yeah. Other income largely consists of other than investment income. Now, this includes debtors that we collect after it is considered as bad debts, sundry miscellaneous write-offs that we do. Okay. Expenses for which provisions were created in earlier year. If they are reversed in this year, they are also considered as other income. Okay. Other income is a culmination of such items which are not related to business. Okay. Understood. In terms of your other question on issuer charges, it's a combination of both increase in folios because more and more people are participating in the securities market and the larger number of unlisted companies also which have come into the fold. It's a combination of both. Okay. If Girish has that data point ready of the revenues of e-voting and consolidated ECAS for the quarter. Consolidated EPS is around at INR 28.75. Consolidated eCAS charges and the e-voting charges revenue break up. ECAS is your provision for doubtful debt? ECAS. ECAS. It stands for- Yeah. If I- Girish, I was looking at that consolidated ECAS, the statement number of revenues and the e-voting revenue number. Okay. E-voting revenue for the quarter is INR 2.5 Crore. Okay? Okay. Cash charges income is INR 4.47 crore. Okay. Fine. Thank you so much. Thank you. The next question is from the line of Madhukar Ladha from Elara Capital. Please go ahead. Hi. Thank you for taking my question again. I saw on the presentation there's a stake acquisition of 6.78% in Open Network for Digital Commerce. What is this item? What does the company do? You know, how much have you spent on this? I'll give a brief background on this. It is a kind of an open network which is getting created. All the e-commerce connections which can happen. It's a Section 8 company. All the large institutions, all the MIIs and large banks have contributed equally in creating an alternative e-commerce platform, which can be accessed by all the Indian persons so that it kind of creates more of an Atmanirbhar framework. We are not dependent on A or B particular kind of an e-commerce framework. It is kind of an equal contribution. I'll ask Girish to give the numbers on how much we contributed. We have contributed INR 10 crores as of now. Just a follow-up on this. I did not really follow what this e-commerce platform will do. I mean What it essentially does is that today all the shops, they have to either go to a particular, say like, Amazon, Flipkart or whoever. I mean, I don't want to give any names, but whoever. So this is kind of creating an Indian framework for e-commerce so that all these, shops, all these retailers, wholesalers, manufacturers can be a part of that ecosystem. There is a lot of press on this. You can do a search. You'll be able to get a lot of information on what the regulatory intent is. It's coming under the Ministry of Commerce and Industry, and they are kind of creating an Indian framework so all these people can join that framework. Understood. I'll read up on it. Thanks for this. Yeah. Thank you. Ladies and gentlemen, due to time constraints, that was the last question for today. I now hand the conference over to the management for closing comments. I would wish all of you to remain safe. These are tough times, but I think hopefully India has fared fairly well as compared to the other countries. Hope all of you are safe and sound and ensure that your family is also safe and sound. Thank you. Thank you. 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 lines.