Ladies and gentlemen, good day, and welcome to CDSL Q3 FY 2024 conference call hosted by HDFC Securities. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch tone phone. Please note that this conference is being recorded. Ladies and gentlemen, please note that CDSL does not provide specific revenue or earnings guidance. Anything said on this call, which reflects CDSL's outlooks for future or which could be constituted as forward-looking statements, must be received in conjunction with the risk that the company faces. I would now like to hand the conference over to Mr. Amit Chandra from HDFC Securities. Thank you, and over to you, sir. Yeah. Thank you, operator. So good evening, everyone. On behalf of HDFC Securities, we welcome you all to the CDSL Quarter Three FY 2024 earnings call. Today, we have with us the management team of CDSL, represented by Mr. Nehal Vora, MD and CEO, Mr. Girish Amesara, the CFO, and other senior leaders. We will start with a brief overview of the quarter, given by Mr. Nehal, and then we will start with the Q&A. Thank you, and over to you, sir. Thank you, Amit. A very, very good afternoon to everybody. I trust all of you are well, safe, and in good health. Thank you for joining us today to discuss CDSL's financial results for the third quarter of the financial year 2023-2024. For your convenience, we have provided a comprehensive investor presentation on our website. I'm joined by the CDSL group's leadership team. I'd like to begin by highlighting some key aspects of the securities market before going into our company's performance. Commencing with the broader industry landscape, the retail equity average daily turnover saw sequential quarter-on-quarter increase of about 4%. Notably, December was a good month with a remarkable 50% growth compared to the preceding months of November and October. In line with CDSL's efforts towards enhancing ease of business, we introduced a new series this quarter, such as the facilitation of ASBA in secondary markets, multilingual CAS and chatbot services in four languages. Investors now have the convenience of accessing their consolidated account statements, CAS, in their preferred language among the 23 operating languages in India. While our chatbot service currently is in four languages. Four languages, yeah. So basically, all these initiatives are aimed at promoting the concept of financial inclusion and really access to all. Our overarching goal is to make the capital markets more accessible, convenient, and secure for both retail and institutional investors. As we move towards our silver jubilee, we remain steadfast on our commitment towards our efforts toward enhancing trust in the financial ecosystem and really empowering the Atmanirbharta amongst the securities market investors. The sustainable financial growth has been a by-product of our effort toward simplifying the entire journey and enhancing market accessibility for all. I will request our CFO, Sri Girish Amesara, to take you through the financial performance. However, before I hand it over to him, I would like to express our gratitude to all our stakeholders, the beneficiary owners, the depository participants, issuers, regulators, employees, and other market participants for their support in ensuring CDSL continues to grow. Additionally, extend heartfelt appreciation to our investors, whose trust continues to drive us forward. Our focus remains on creating value for all our stakeholders and enhancing the Indian digital capital market ecosystem. Thank you for your continued support and trust in us. I'll now hand it over to the CFO, Sri Girish Amesara. Thank you, Nehal. Good afternoon to everyone. I'll first speak on the consolidated part. So, on a quarterly performance on consolidated, the total income for December quarter is increased by 47% to INR 236 crore, as against INR 161 crore for the same quarter during previous year. The net profit for the quarter, December 2023, is increased by 44% at INR 107 crore, as against INR 74 crore for the same quarter during the previous year. Now, for nine months ended December, on a consolidated basis, the total income has increased by 34% to INR 640 crore, as against INR 477 crore in the previous nine months. The consolidated net profit for the nine months has increased by 36% to INR 290 crore, as against INR 213 crore of the previous nine months. Now, I'll speak about stand-alone. The stand-alone quarterly total income for the December quarter is increased by 40% to INR 186 crore, as against INR 133 crore for the same quarter during the previous year. The net profit for the quarter ended December is increased by 37% to INR 86 crore, as against INR 63 crore for the same quarter during the previous year. On a nine-month basis, on a stand-alone basis, the total income has increased by 25% to INR 538 crore, as against INR 431 crore in the previous nine months. The consolidated net profit on a stand-alone basis has, sorry, the stand-alone basis, the net profit for the nine months for stand-alone basis has increased by 21% to INR 266 crores, as against INR 220 crore. Now, I shall request Shri Sunil Alvares to give an update about operations of the wholly-owned subsidiary, CDSL Ventures Limited. Thank you. Over to you, Sunil. Good evening, and welcome to this call. To give you a brief about CDSL Ventures' financial performance, the operational income increased by INR 214 crore as against INR 76 crore for the nine-month period ending December 31, which was an increase of about 50%. The total income increased to INR 128 crore, as against INR 84 crore in the same period last year, which was again an increase of 52%. The total expenses increased by 51% from INR 35 crore-INR 53 crore, and the profit after tax was at INR 56 crore, as against INR 35 crore, which was again an increase of 57%. I would now request that we can have the Q&A session, so you can start with the questions. 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 question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Prakash Kapadia from Angel Portfolio Management Private Limited. Please go ahead. Yeah, couple of questions from my end. You know, if you could give us some sense on what is the year-to-date CapEx on technology in FY 2024. Secondly, if I look at other expenditure, it is up 52% for the quarter. Any one-offs in this? And Sunil mentioned about, you know, the growth. So if I look at the subsidiary growth, the KYC business, we've seen a 50% growth in the nine months. So what has changed? Has pricing helped? Is it more volume? Is it the low base of last year? If you could give us some sense. And just one data keeping question, if we can have the breakup of e-CAS and e-voting charges for the quarter. These are my questions. Thank you. I just ask Girish to answer three questions pertaining to CDSL, and Sunil can answer on CDSL. So, to start with your first question on the CapEx, we have incurred around INR 20 crore towards the capital expenditure on technology. With respect to the breakup of the other income, CAS is around INR 10 crore in this quarter. e-Voting income has achieved at INR 3 crore in this quarter. Okay, understood. See, other expenses, other expense, if you look at, largely the mix is almost equivalent, you know, to what it was in the last quarter. But if you look at, the increase in operating income has led to increase in, you know, various variable expenses like, you know, payment to SEBI and related, you know, expenditure on operational expenses like SMSs, etc, which are in line with increase in operating income. Okay. Okay. No one-off, it is just the volume? Oh, there is, it's largely on account of volume growth. Right. Right. Right. Understood. On the CVL front, again, it's more because of the volume growth. So if you see the number of demat and broking accounts which have been added in this financial year, it's much higher compared to the previous financial year in the same period. So as the number of accounts increase, it has a direct impact on the KYC business because each account requires a KYC to be done. So I hope that answers your question. Okay. Okay, fine. Understood. I'll come back if I have more questions. Thank you. Thank you. Thank you. Next question is from the line of Siddhant Dand from Goodwill. Please go ahead. Yeah, hi. I just had a question about the term limits of the MD. So will you be up, you know, throwing your hat in again for the second term? The rule is that one term can be of five years and maximum of 10 years. So I am currently eligible for another term. So we'll see how the process goes. Okay. Second question was, you know, you rightfully shared the, you know, number of accounts, but because, you know, we are seeing a lot of double and triple accounts, you know, being opened by people, is it possible to share the number of unique PAN holders at some point? We don't share that as part of our public domain. So, we continue to whatever we- Continue. Yeah. Okay. Okay. Thank you. Thank you. Next question is from the line of Amit Chandra from HDFC Securities. Please go ahead. Yes, sir. Thanks for the opportunity. So my question is on the, you know, unlisted opportunity that you have spoken last time. So what's the progress on that? And, have we, you know, done any analysis based on, you know, the new rule? What is the kind of potential or the company eligible for the unlisted, and, from when we can see that, coming in the revenues? So the law has that if there are any changes in the promoter holding or any raising, any transfer of holding or raising of capital for private companies, which are INR 40 crores in turnover or INR 4 crores in share capital, to be put out there. So, and that is going to come in by September of 2024. So only we'll have to see how it pans out. We are engaging the right stakeholders to ensure that any queries, etc, are getting addressed. But, towards September, we'll come to know, and only when there are changes in the share capital or any transfer, then only it's required. So we'll see how it turns out. Okay. And then the second part of the question would be on the overall costing part. So obviously, we are investing in the business and, you know, there is also some severe liability related things that we have to do. So that is scaling up our, you know, expenses. So but if you see in terms of the, you know, expense per employee or, you know, our overall expenses, that is around 30%-40% higher than what the competition is doing. So is it that we are underinvested and still we have to, you know, increase our expenses overall at a higher rate? Or, you know, we can say that most of the investments are, you know, now behind and we can grow; the expenses will grow along with the revenue or index to inflation. So, Amit, as I told earlier, we are like an infrastructure company. We're building like a road. So ensuring that the right kind of technology and people, these are kind of the specialized on both accounts are required. So we'll have to continue to invest in both to ensure that we get a good value proposition to the clients, customers, and to the securities market at large. And so it will be a function of that. It's difficult to... Anyway, we don't give any forward-looking statement. So but the intent is to ensure that the value proposition continues to remain, the platform continues to be kind of a preferred platform, and that is going to be our intent. And to ensure that it is safe, convenient, and secure. Okay. And sir, you know, lastly, on the newer opportunities, obviously, you know, we have some areas where, I know we can see some like potential in terms of revenue, so insurance is, like one of them. Apart from that, you know, can we identify any other areas, you know, which can be big in the, you know, in the coming years, or is it work in progress right now, or, you know, if you can throw some light on that? So again, it's a forward-looking statement, so we kind of kind of not give a firm reply. But the overall intent is to ensure that India remains a securities market in infrastructure sophisticated and really top-notch, so more and more people can link up, participate in the securities market seamlessly. And as and when the regulators permit and all kinds of asset classes to come in, we are in terms of an infrastructure provider, be ready to kind of take that on. Okay. And, sir, my last question is on the Online Data Charges. So is there a flat fee in terms of creation and fetch for all the, I know, DPs, or is there a slab that we operate there? And what would be the range in terms of discounts that we give to the, you know, larger members there? We have a flat fee, but so far as discounts are concerned, we don't discuss it in the public domain. Okay. Okay, sir. Thank you. Thank you. Thank you. Next question is from the line of Santosh Kesari from Kesari Finance. Please go ahead. Hello, sir. Congratulations for a good set of numbers. Thank you. I had a few queries. One is that, regarding CIRL, that is CDSL Insurance Repository, you do not seem to have the number of policies growing, compared to quarter on quarter, every year. And it appears that the management is not pushing very hard in terms of, you know, business penetration... or tie up with other insurance companies or making the business really acceptable at a large public level. The way we are pursuing the digital industry. Is that perception correct, or there is something that we are not aware of? See, again, I think from an effort point of view, again, we are like an infrastructure provider, and insurance also is another such set of business. The linkages with insurance companies is there, but it's not really mandatory for insurance policies to be converted into a demat. So, it's on a voluntary basis, so only as and when people feel the need, they would do it. The important thing is that we have the right kind of the right kind of technology and platform to ensure that the value proposition continues to be driven, both from a lower cost and a higher inefficiency to the market. And the same ethos is continued from an insurance company. All right, sir. And then there are companies in competition. You are tying up with, let's say, Oriental Insurance and other public sector insurance, and there, it's a becomes a joint venture of the insurance company as well as the insurance depository company to sell the product and get more business from the clients. So, if that kind of effort is there, it should be brought in public domain, because it appears that the number of policies remains stagnant quarter-over-quarter, and it's not moving beyond 15 lakhs. As you can see, it is just INR 13 lakhs or INR 12 lakh policies that within the last quarter it was same. So the business has become stagnant? That was my question. No, I mean, the business is not stagnant. There is considerable effort, and we are in really ramp up in terms of the senior employees also. So we are hopeful, and we continue to invest in that business. I don't see- Yeah. So basically, we are not... Sorry, sir. Yeah. So basically, we are not getting into a very active tie-up with the large insurance companies to, be really big in this space. This would be the forum to really discuss really the strategy on what we are planning to do. Intent is to provide as a broad thought that to ensure that the platform is available, because it's not about a specific insurance, but these are all finally forward-looking statements. So we'll continue to invest and ensure that technology platforms continue to remain the right kind, where the value proposition could remain. Okay, great. And the second question is regarding the cash balance that you have as of thirty-first December, and since it is 25 years, so any consideration from the management side on bonus or share split or any other way, special dividend? The feedback is taken. It has come through various forums. So the board will take it up at an appropriate time. Right, sir. And what is the cash balance as of December 31st? We have an investment of roughly INR 700 crore. Okay. Thank you so much. Wish you all good luck. Thank you. Thank you. Next question is from the line of Pratik Shah from an Individual Investor. Please go ahead. Yeah. Am I audible? Uh, yes. Yeah. So yeah, firstly, just congratulations to the CDSL team for the great set of number, and also I'd like to congratulate for having this INR 10 crore active demat accounts. That's a milestone, really. And, I can see in the presentation there are a lot of awards CDSL, CDSL has won this time around, so congratulations for that. A couple of questions from my side. First one is just, I mean, is CDSL using any of this artificial intelligence techniques in any of the processes or if you are using the security domain? Second question is just, you answer that, if, I mean, since last couple of CDSL has raised, capital from IPO and lot of cash from balances, why in parent BSE also given a buyback and bonus, so why CDSL is not, you know, focusing on to gain the investor back? Yeah, these are my two questions. See, artificial intelligence and all are various tools. CDSL uses various tools in various facets, be it regulation or technology or whatever, to ensure that the value proposition is... It's finally a tool, and there are various such tools which are used in our day-to-day functioning. Regarding your question on buyback, etc, as I said earlier, it has come as a feedback. We will surely basically be picking up with the board and we'll see at what time and then, and in what form. If at all it comes, it will be taken up. Yeah. Well, that's it, and hopefully, here there will be the MD and CEO continue for next five years. We'll see. I would really thank you for your wishes. Thank you. Yeah. Thank you. Thank you. Next question is from the line of Bhargav Sangi from AMSEC. Please go ahead. Hello, sir. Can you provide the number of users for the quarter? We generally don't give that number on the public domain. Thank you. Thank you. Thank you. Next question is from the line of Supratim Datta from Ambit Capital. Please go ahead. Thank you for the opportunity. My first question is on the faster settlement that the regulator has been pursuing. Just wanted to understand, you know, what is the current timeline that we are working with on that, and what kind of investment or change in infrastructure would CDSL have to take, to adopt, adapt to these changes, when it comes to faster settlement? That's the first question. The second question is on, you know, the compulsory dematerialization of private company shares. Now, I understand that all the companies will have to get their shares dematted by September twenty-fourth. When should we start seeing the, you know, the companies coming up to CDSL and, you know, your common NSDL and, you know, getting their shares dematted? Should that start happening from the fourth quarter or, you know, first quarter next year? When do you start seeing the volumes through? Those are my two questions. Thank you. On the first question, SEBI has released a public consultation paper on faster settlements. So once the comments are received, they will kind of be deliberating internally, and once they issue the circulars, then they will kind of be moving as an optional. The public consultation talks about an optional T+0 and instantaneous. So CDSL as part of the ecosystem of the MIIs is working very closely on how the entire processing will have to be done. And we are putting in the right kind of infrastructure as well as the processing to ensure that we are able to comply with that. On your second question... Sorry. Sir, if I could just have a follow-up on the first one. So, I understand that, you know, you are putting in the right kind of infrastructure, but when you say right kind, does it mean more people, or does it mean more investment in technology? If you could just elaborate on what kind the right. Yeah, we don't give forward-looking statements, but technically, it will need people as well as technology, both in terms of investment and whether the shorter settlement cycle comes or not, that is kind of the core building blocks for CDSL as we move along and as more and more customers come in. So these are the two core areas which needs to be constantly reviewed and invested on to ensure that the value proposition continues to grow. Sure. And on the second question, as I said earlier, on September 24th, it is not for all the private limited companies as per the current rule of MCA. It's for people above share capital of INR 4 crore or a turnover of INR 40 crore. Only for those companies which are going to either transfer their securities or raise further share capital, where compulsory demat will be required. So we'll have to wait and watch how that will pan out, because these are these conditions which are there. So it will be, it will, I don't think we'll be able to really predict from where on that, revenue will able to grow. And anyway, it's a forward-looking statement, so we don't give forward guidance. Got it. Got it. Understood. Thank you. Since, you know, what, you know, last year you had given that folio number of folios, so you, you had said that it was around INR 137 million at the end of FY 2023. So is it possible at least to give a relative? I don't think INR 137 million would have been our number. Think you might have got it from... At least we have not given that number, so I don't know. I'm a little surprised that this number has come from us. But anyways, we don't provide that number, so I don't think we'll be able to give that. Got it. No, no problem. Thank you. Thank you. Thank you. Next question is from the line of Swarnabh Mukherjee from B&K Securities. Please go ahead. Yeah, hi, sir. Thank you for the opportunity. I just wanted to understand a little bit more on the private company side, you know, following up on the previous participant's query. First of all, if you could highlight, if you have done any kind of assessment that you know, how many companies would be there from, with this, you know, turnover and capital limits that you have highlighted, which could be, you know, addressed by, with the depositories. Overall, if you could give us the opportunity size. And secondly, for the September 24th deadline, which companies would need to dematerialize? Once you are doing this corporate action in the current financial year, is the rule for them, and then henceforth, as and when companies continue to flow further, you know, do corporate actions, then they will come into ambit of the law. If you could give some bit more granularity on that. That is the first question. Second is, in terms of the T+0 settlement or instantaneous settlement, I understand that you would not like to give a forward-looking statement, but broadly, sir, when we moved from T+2 to T+1-... Could you highlight that, had that resulted in a you know higher proportion of transaction income last time and you know that had benefited us, if you could give some color on that. That is the second question. Thirdly, on the online data charges, so the number has been flat in third quarter vis-à-vis second quarter. However, I think in third quarter, particularly towards the end, the number of new demat accounts opened had increased quite significantly. So besides that, if you could explain why the number was this flat, and also if you can give some color, that we understand that January has been fairly strong in line with, I mean, even better than December, but how are you seeing the trends in the first few days of February? Is a similar run rate being maintained? That would be very helpful. Yes, sir, those are my questions. Yeah. So, I just hope I can remember all the questions, but I will try my best. On the first question, on the private limited, it is difficult to assess because the, kind of the eligibility comes in by September 2024. So it could range from a few thousands to a few lakhs companies. But out of that, only those which kind of, indulge in any raising of capital or, transfer of holding will be required to demat, before they can do such a thing. So it is a condition contingent upon that action, which will prompt them to move into compulsory demat. The voluntary basis, people can anyways do it even now. So, therefore, it will be difficult to kind of give a firm number on what would be the opportunity, because the number of companies from today to September can grow or can be closed down also. So we'll have to kind of assess in September as to how many number of companies will be there at that time. Your second question on T+. Sir, before you move on to the next question, it's just a clarification. So, the regulation would be saying that the number of companies who will fall in that, you know, above the limit of INR 4 crore and INR 40 crore, they will then from the following period, will have to come and demat. Would that be a correct understanding? No, those companies, who then want to transfer their share capital or raise any share capital, they have to compulsory demat before they can do so. Yeah, post September 2024. There are two limits. So there are two limits. One, the first limit is about this INR 40 crore and INR 4 crore, and second is the condition contingent, that they have to raise any share capital, transfer any share capital, then they have to compulsory. Right, sir. Right. At this current stage, do you have a view on how many would be there? Maybe, you know, it might change at September, but currently, you know, whatever data you have, would you like to share some view? See, again, that we do our kind of analysis, but again, that information will have no meaning today. It should not give a false picture about what will be the situation in September. So I think it'll be best to wait till September once the rule really comes in, before we can go in on that. Okay, sir. Okay. Second question on T+2 - T+1, I think there has been a significant participation, as you can see in the number of investor accounts, demat accounts, which have grown between T+2 and T+1. So with the credit, the risk in the market goes down, so therefore, the systemic risk goes down. How that will pan out with T+0 will have to be seen. It'll be, we don't anywhere give any forward-looking statements, but, it'll be difficult to assess at this stage. We'll have to see once it comes, how that pans out. But overall, the ethos of the regulator is to make the market safer and more secure, and reduce the really systemic risk in the market, and therefore, these new initiatives are being taken. Your third question, I'm sorry, could you repeat your third question? Yeah. So on the Online Data Charges, Q3-over-Q2 has been flat. However, I think the number of demat accounts added in the overall industry was significantly higher in third quarter. So if you could explain why our revenue remains flat despite that addition? And secondly, from public data, we see that January has been, I think, stronger than December as well. So how are the trends panning out in the first few days of February, if you could highlight? Yeah, so far as the number of accounts would have increased, but then each of these accounts are linked to one particular PAN itself. So I mean, somebody could have multiple accounts, but it is linked to one PAN. So to that extent, you know, you really cannot compare it. There will be some increase in the income increase, the demat and broking accounts increase, but you cannot, you know, take into account saying that because the demat and broking accounts have increased by so much, the online data charges also has to increase proportionately. It will never be in proportion. I hope that answers your question. Yeah, sure, sir. Understood, sir. Can any color on February, how it is going? We don't give any forward-looking statements, and again, that once it comes in the public domain, we anyways disseminate with the monthly number of accounts at the end of the month. Just wait for a few weeks, and you should be knowing what the number looks like. Sure, sir. Got it. Thank you so much, and all the best. Thank you. Thank you. Next question is from the line of Sanketh Godha from Avendus Spark. Please go ahead. Yeah, thank you. Thank you for the opportunity. Sir, I have few data-keeping questions. First of all, if you can provide data provision number in the current quarter, because why I'm asking this number is that, is this number played a role in increasing the other objects or irrespective of that, other objects has grown? Ask the CFO to answer that. The provision for this quarter is around INR 4 crore. Okay. So which means that even if I take that number, the other admin expenses other than the regulatory cost, because the regulatory cost has been flat year on quarter on quarter, INR 10 crore, INR 10 crore. There has been 8% growth or 57% year-on-year growth in the other admin expenses. So just wanted to understand if this is largely linked to the operational level growth or some line. I think you have answered that question, but just wanted to reconfirm that number has been driven by some other spends which you might have done with respect to technology or instantaneous settlement or something which is reflecting, getting reflected here. In the first question, we had answered this, that there are no one-offs in this quarter. Okay? All the expenses which we have incurred in this quarter are more or less directly related to rise in operational income. You know, expenses which are, you know, to be required to be incurred continuously over a period of quarter have been incurred. Okay, sir. The second question is that, again, a data-related question. I think you used to give the data in the past, but if you can share now also, it will be great. How much is your pledge income in the current quarter? INR 4.5 crore. Sorry? INR 4.5 crore. Okay. And if you can share your revenue earned from unlisted companies annually in dollars? INR 1.2 crore. Unlisted revenue earned in this quarter from unlisted companies. How much was it in second quarter, sir, if you can share that data? More or less, it was similar. Okay. Okay. Perfect, sir. And maybe sorry to harp on this point, but we know number of companies which are private, and we probably might have done the analysis that out of that entire population of private companies, how many have or we have a turnover of INR 30 crore and INR 4 crore net worth? I agree with your point that everyone will not come and raise capital or do a trade transfer. But if I want to identify the outstanding number of companies today, based on your assessment, which qualify for the first rule, that is INR 40 crore turnover and INR 4 crore paid capital, if you can give us indicative number, that will be useful. Just from an industry point of view to understand, maybe a long-term opportunity. Again, what I was trying to say that in September, between today and September, there's about five to six months yet left. There can be companies which will open, which will shut. So again, giving today's numbers, in my opinion, will not have a meaning. We should kind of reassess this question in September, because that is when the true point will be in picture. Okay, sir. Perfect. That's it from my side. Thank you very much. Thank you. Thank you. Next question is from the line of Madhukar Ladha from Nuvama Wealth. Please go ahead. Hi, good evening, and congratulations on a good set of numbers. Thank you. So I want to understand, just this, one thing, you know, there are a lot of new SEBI initiatives, especially on, instantaneous settlement. I'm not sure whether this question was asked earlier. But any thought on or, or any sense on how, you know, the revenue model will change? That's, that's question number one. And question number two, what would be the likely additional sort of expenses that we would need to incur for this? And what are the current, timelines, on this? Yeah, and, and you could conceptually sort of help us also understand, you know, right now, for example, if settlement happens at the, at the end of the day or, you know, T+2 is when, you know, the shares get dedicated. So, how will it work in that new sort of revised framework? Again, see, it is T+1. It's not T+2 right now. Right. Yeah. So, technically, the pay-in happens today in the morning on T+1, for the cash market equities and generally the securities markets. T+0 will be on the same day. The details and all will get finalized after SEBI receives comments from the public consultation paper, and they will form up their rules, as to what time and all that will be announced by SEBI. As well as the instantaneous settlement, also, the contours of how it will work will all get announced after, SEBI finalizes the rules on that. So the intent is that, it makes basically the systemic risk lower, because you are able to get your securities and funds faster, and, hence, therefore, more and more people would want to participate in the securities markets. So I think, that's the overall, the direction in which it is going. And we are today at T+1, also, we are now one of the only leading markets to be on the T+1 in the world. So I think, that is also a great sense of, kind of achievement also for the Indian securities markets to ensure that, it continues to remain robust in terms of new, reforms, etc. Sure. All right, sir. All the best. Thank you. Thank you. Next question is from the line of Siddhant Dand from Goodwill. Please go ahead. Hello. I just wanted to re-understand the annual issuer charges. So is it the total number of folios divided by total number of working days in the financial year, right? No, no. No, we didn't get your question. Folios. The annual issuer charges, how are they calculated? Can you just explain that again? If you look at our operating instruction, you know, there are two sets of charges mentioned. One is slab-based and another is based on folio. At the year-end, what we do is we arrive at an average folio of a particular company, and then we match with both the criteria. Now, if the valuation based on INR 11 is higher, then we raise a bill based on the higher amount that is generated. Okay. And so for the next year, you know, because it's quite stable every quarter, right? So for the next year, it will be decided. This invoicing, this invoicing, this invoicing is done in the month of April for the full next year. It is not quarterly billing. Yeah, it's on the P&L, I'm saying, of course. So it's based on this year data, right? We do, we do appropriation of the yearly invoicing that we have done on an approval method of accounting. Correct. But the amount that will be decided for next year will be based on this year's data, the average for- Yes. For next year, the amount will be decided based on the average folio as on thirty-first of March 2024. Correct. Perfect. Thank you. Thank you. Next question is from the line of Santosh Kesari from Kesari Finance. Please go ahead. Santosh, sir? Hello, am I audible? Yes, sir. Hello, am I audible? We are clear. So, just, I had one more question regarding... Sorry, sir, I'll come back in a few. I'm so sorry. Okay. Next question is from the line of Hiten Jain from Invesco. Please go ahead. Yeah, thanks. I have one question. So if I so I'm just trying to understand the growth in the other revenue sources, ex of what you report in your PPT. So which is essentially all combined in terms of consolidated statement charges, the e-voting. So what I've done is I've taken total revenue from operations minus annual issuer, minus transaction business, minus corporate action, and minus online data charges. So that number is coming down to this quarter at INR 18.5 crores versus INR 26.6 crores previous quarter. So it's sequentially down 30%, and if I take nine months year-on-year data, it is up just 5%, nine months, growth. So can you just help me, why this, why this segment is seeing, such low growth and sequentially it is down by 30%? See, other, if you, if you have a question on the breakup of the other income, other income largely consists of three major portion. One is investment income, another is annual issuer charges, sorry, CAS charges and e-voting income. Now, if you intend to have a breakup of what we have reported for this quarter, I can provide, because you—I am, I am little confused on your question, because we are not able to figure out the difference of INR 18 crore anywhere. Yeah, yeah. So you can help me, what is the nine months growth for e-Voting, and what is the nine months growth for your consolidated CAS charges? That seems to be weak. Can you just help me understand why is that weak? e-voting would be weak. See, e-voting, if you—predominantly, e-voting income would accrue majority in second quarter. Okay? nine months growth is weak. So irrespective, that income would predominantly be, you know, at the highest, at the peak in the second quarter. So if you compare nine months to nine months- Yeah. ...more or less, it is, it is almost same. Okay, so we haven't seen much growth there? Yes. Okay, and CAS charges? So you will see growth in the CAS charges because, you know, currently we are sending CAS statement to all the investors. Correct. So what is that number, nine months versus nine months absolute? So if you look at in current nine months, we have earned an income from CAS at around INR 25 crore on a nine-month basis, and in the previous nine months, we had earned an income of INR 17 crore. Okay. Okay, so it's e-voting, which has not grown much this year versus prior year? It's, it's grown by INR 50 lakhs. Okay. Okay. Okay, all right. Thank you. Thank you. As there are no further questions, I would now like to hand the conference over to Mr. Nehal Vora for closing comments. Thank you all for your questions. Wish you all a very safe, secure, and a healthy life ahead. Thank you. Take care. Thank you. On behalf of HDFC Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your line.