Ladies and gentlemen, good day and welcome to the ICICI Prudential Asset Management Company Limited's earnings conference call for the quarter and year ended March 31st, 2026. Joining us today on the call from the company are Mr. Nimesh Shah, MD and CEO, Mr. Naveen Agarwal, Chief Financial Officer, Mr. Abhijit Shah, Chief Marketing & Digital Business Officer, Mr. Vipin Bhandari, Senior Member from Business Team, and Mr. Harshil Sanghavi, Lead Investor Relations, who will be available to address your questions following our opening remarks. As a reminder, all participants' line 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 and then zero on your touch-tone phone. I now hand the conference over to Mr. Naveen Kumar Agarwal, CFO of ICICI Prudential Asset Management Company Limited. Thank you. Over to you, sir. Thank you. Good evening, everyone. Welcome to ICICI Prudential Asset Management Company Limited's earnings conference call for the quarter and year ended March 31, 2026. I trust that you've had the opportunity to review our earnings presentation and the investor materials that have been shared on the stock exchange and on our website. I'll start with a brief industry overview. Industry's quarterly annual average assets under management grew at 21.1% year-over-year and 0.7% sequentially in Q4 FY 2026, reaching INR 81.62 trillion. Equity and equity-oriented quarterly average AUM, which commands the largest pie of the overall mutual fund industry, increased by 20.7% year-over-year and de-grew by 0.4% quarter-on-quarter to INR 43.80 trillion. The decline can be attributed to challenging market conditions during the quarter, as reflected in declines across benchmarks and broad-based indices. For instance, Nifty 50 decreased by 14.5% from the levels of 26,130 at the end of December 2025 to 22,331 at the end of March 2026. During this quarter, equity category continued to be at the forefront, attracting the net inflows of INR 1.24 trillion. It is important to note that the industry-level net flows in equity have seen a positive increase quarter-on-quarter despite of declining markets. The SIP contribution for the month of March 2026 amounted to INR 32,087 crores as compared to INR 31,002 crores and INR 25,926 crores in the month of December 2025 and March 2025, respectively. In the debt segment, quarterly average AUM grew by 14.6% year-on-year. However, it de-grew by 5.2% quarter-on-quarter, dropping from INR 13.38 trillion in December 2025 to INR 12.69 trillion in March 2026. Passive quarterly average AUM grew by 34.2% year-on-year and 7.4% sequentially to INR 14.52 trillion. Growth is primarily driven by gold and silver category. Industry saw an increase in unique customers, which reached 61.4 million, and this represents an increase of 13.2% year-on-year and 4.2% as compared to the previous quarter. I now hand over the call to Harshil for covering the performance of our company. Thank you, Naveen. Good evening, everyone. For the quarter ended March 2026, our total mutual fund quarterly average AUM reached to INR 11.05 trillion, which is up by 2.6% sequentially and 25.6% year-on-year, thereby maintaining our position as the second-largest AMC with a market share of 13.5%. As of March 31st, 2026, we continue to have the largest market share of 13.7% in active schemes with a quarterly average AUM of INR 9.21 trillion, which reflects an increase of 1.3% as compared to previous quarter and 21.9% year-on-year. As of March 31st, 2026, we continue to have the largest market share in equity and equity-oriented schemes of 14.2% with a quarterly average AUM of INR 6.2 trillion. This reflects an increase of 27.2% year-on-year and 2% quarter-on-quarter. The quarter-on-quarter growth stands in contrast to the industry, which has experienced a decline. The quarterly average AUM of our equity-oriented hybrid schemes amounts to INR 2.18 trillion with the largest market share of 26.7% as of March 31st, 2026. This reflects an increase of 4.5% quarter-on-quarter and 31.8% year-on-year. In the debt segment, our quarterly average AUM stood at INR 1.99 trillion, reflecting a growth of 15.6% year-on-year and a degrowth of 2.7% as compared to the previous quarter, which is in line with the industry trend. Our passive quarterly average AUM reached INR 1.84 trillion, representing a growth of 48.3% year-on-year and 10% sequentially. For FY 2026, our margins stands at 67 basis points for equity, 32 basis points for debt, 12 basis points for liquid, 10 basis points for passive, and 30 basis points for arbitrage. As of March 31st, 2026, we have a unique customer base of 70 million. In March 2026, our systematic transaction, which includes SIP and systematic transfer plans, increased by 1.3% to INR 51.04 billion. This is up from INR 50.37 billion in December 2025. This also marks a 30.6% rise from INR 39.06 billion in the month of March 2025. The distribution mix of our mutual fund equity quarterly average AUM is as follows, where direct represents 28.9%, MFDs accounts for 36.7%, ICICI Bank share at 7.9%, other banks contribute at 11%, and national distributors account for 15.5%. Notably, our net flow market share in equity schemes exceeds our AUM market share. We have launched two specialized investment funds, that is iSIF Equity Ex-Top 100 Long-Short Fund and iSIF Hybrid Long-Short Fund in January 2026. The total SIF Assets Under Management as on March 31st, 2026 is INR 18.96 billion. Now let's move to our Alternates business, which comprise equity-focused PMS, offshore advisory, and Alternative Investment Funds. For the March quarter-end, our Alternates quarterly average AUM stood at INR 729.95 billion. Within Alternates, our PMS quarterly average AUM de-grew by 1.7% sequentially due to mark-to-market, and grew 26.7% year-on-year to INR 268.27 billion. Our AIF quarterly average AUM of INR 170.33 billion reflects a sequential growth of 7.1% and 47.3% year-on-year. For the year ended March 2026, the gross yield on our PMS and AIF business was 2%, and the net yield, that is after reducing the fees and commission expenses attributable to PMS and AIF business, was 0.98%. Yields on assets under advisory was 0.33% for FY 2026. Referring to our earlier disclosures with respect to ICICI Venture funds, we would like to update that post the receipt of all the requisite approvals, the transfer of investment management rights for certain AIFs has been completed and the requisite documents in this regard have been executed by the company and ICICI Venture Funds Management Company Limited. Accordingly, the company will be providing investment management services for such AIFs with effect from April 1st, 2026. These funds are anticipated to enhance our presence in alternates market and complement our existing alternate product offerings such as private credit and real estate funds. We have established retail FME branch presence in GIFT City. In February 2026, we launched an open-ended Category III AIF, ICICI Prudential Smart Navigator Fund, which is an inbound fund. This is our first offering in IFSC GIFT City. On DIFC, in the last quarter, we have established our office in Dubai with a dedicated team in place. I now hand over the call to Naveen for covering the financial performance of the company. Thanks. Let's cover the financial performance for the quarter. Our Operating Revenues stood at INR 15.17 billion, representing a growth of 19.5% year-on-year and 0.2% sequentially. Our Operating Net Revenue Mix, please note this is net revenue mix, from mutual fund was 90.65%, Alternate 7.58%, and Advisory was 1.77%. We have recorded a negative Other Income of INR 0.89 billion for the quarter ended March 2026 due to the mark-to-market impact. Operating Expenses amounted to INR 3.89 billion which was a decrease by 3.5% year-on-year and 3.9% quarter-on-quarter. Our Operating Profit Before Tax, which indicates the core profitability of the business, increased to INR 11.28 billion. This represents a 30.2% increase year-on-year and 1.6% rise compared to the previous quarter. Profit After Tax stood at INR 7.63 billion, which is up by 10.4% year-on-year and decreased by 16.8% quarter-on-quarter. Return on Equity for the year ended March 2026 is at 85.8%. Additionally, the Board of Directors have declared a final dividend of INR 12.4 per share, which is subject to Shareholders' approval. For the year ended March 2026, our gross yield stood at 52 basis points and net yield stood at 48.3 basis points. Net yield, as you know, is arrived at after reducing fees and commission expenses on PMS and AIF business, which is shown as an expense item in the P&L. For the year ended March 2026, our operating margins stood at 37.6 basis points as compared to 35.9 basis points for the year ended March 2025. As of March 31st, 2026, we had an employee strength of 3,585. Additionally, the NRC, which met earlier today, has approved the grant of ESOP and ESUs. The total non-cash estimated expenses using the Black-Scholes model is INR 1.2 billion-INR 1.3 billion, which will be amortized over the vesting period. The approximate debit to the P&L for FY 2027 would be INR 640 million-INR 680 million. For FY 2028, it will be INR 360 million-INR 400 million, and for FY 2029, it will be INR 180 million-INR 220 million. The ESOP and ESUs will vest in the next three years from the date of the grant with a predefined vesting ratio. Thank you for your attention. I look forward to discussing our performance in more details and addressing any questions that you may have. Thank you very much. We will now begin with the question- and- answer session. Anyone who wishes to ask a question may press star and then one on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Prayesh Jain from Motilal Oswal Financial Services. Please go ahead. Yeah. Hi, good evening, everyone. Firstly, just structurally, how is the trends at the ground level shaping up with respect to flows on lump sum SIPs? While March data came out pretty strong, but that also has some spillover effect of February because towards the end of the month of February, there were some lesser number of working days, and that's kind of spilled over to March as well. What is the kind of ground-level scenario with respect to SIP as well as lump sum inflows on the equity side? If you can highlight that would be great. See, our view on that is that now it is 18 months since equity returns have been quite subdued. We also are looking every month with the kind of geopolitical uncertainty in India. People in the past have seen so many V-shaped recoveries that, as you know, in the month of March, while I agree with you there is a spillover and you've done a lot of analysis on that, people have been investing on the days the markets have been falling. Have there been inflows on those days? Yes, the inflows have been in those days. Till now, and I'm using my words carefully over here, till now you don't see any trends that were there in March and April. I agree with you with the spillover thing, so we should look at numbers on a quarterly basis. There is not much difference that we see between March and April, right? The trends that we had seen in February, March, the same behavior is continuing. At the ground level, while we keep on cautioning people that what has happened in the last 10 years may or may not happen in the future, at the ground level, people are still quite looking at equity for the long term. That is what we feel. Sometimes when we caution people say, "Okay, now we are coming for the long term." We continuously guide people. If you would have heard any of our calls, we guide people to take our dynamic asset allocation funds because there is so much uncertainty in the market. Depending on the risk level, people are selecting either dynamic asset allocation or straight equity also. You have been seeing it in the numbers. There's no difference between what you have seen in March and what we see in the early April. Got that. Any comments on your inflow market share versus your back book market share? Does it continue to trend higher than what the AUM market share? Yeah, I think Harshil mentioned in his talk that our net flows market share in equity schemes exceeds our AUM market share. Okay, great. Just a couple of bookkeeping questions. One, if I look at the employee cost that has declined sequentially quite sharply, what's the kind of driver there? Yeah. Hi, Naveen here. Yes, that's true. There has been a drop in the employee expenses. As I mentioned, there is an ESOP and ESU grant which has happened. There has been no debit in the P&L for the same. The debit would come in future years, and I've given that number. That's the reason that you see a drop. Basically until Q3, there were some ESOP expenses that were getting accounted that has not come in Q4, and Q1 onwards again it will start. That's the right way to think, right? No. There was a certain component in the employee compensation which is now replaced by ESOP and ESU. Okay. Earlier in the P&L, from FY 2027 onwards, the numbers that I gave, that's what you would see on account of the ESOP and ESU debit. Got it. Probably I'll take this offline. Yeah, thanks. That's it from my side. Thank you. Your next question comes from the line of Arun Kejriwal from Kejriwal Research and Investment Services. Please go ahead. Hi, good evening. I just wanted to understand, March and a little bit of April have been exceptional months for all of us globally. Any lessons to learn from this kind of a turbulent period that would help us going forward? As far as our business is concerned, we have been cautioning in any of the calls that we do with our distributors, do with our investors. We are no expert at geopolitics. When the markets have corrected significantly, we have indicated to our distributors that the valuations in the Indian market corrected, people are taking their calls based on their risk appetite to invest in equities or not invest in equities. We have a range of products where if people are not sure, they are coming in dynamic asset allocation products. There are times where we have told people to come in dynamic asset allocation products, but they are saying, "No, now we are comfortable. We want to increase our equity allocation. We are coming in equity funds." There are variety of people and as an AMC, we need to have funds which suit each of the customer's preferences. Sir, one small follow-up on this. Any change in asset allocation that you see from the man on the street in this kind of period? No. In fact, our valuation, we release valuation metrics since last so many years. In that, the allocation towards equity has increased because of the current fall in the markets. It depends on, there are too many factors to give a general reply on that. Based on the person, how much equity allocation he has got today, he will decide now whether he wants to go for complete equity products or dynamic asset allocation products. That depends on the customer current asset allocation that he has as well as his views on the market. Right. Sir, thanks. Thanks a lot for that. I appreciate your answers. Thank you. Thank you. Our next question comes from the line of Manas Agrawal from Bernstein. Please go ahead. Hi. Can you guys hear me? Yes, sir. We can hear you loud and clear. Yes, Manas. Go ahead. Yeah. Couple of questions. One, I was just looking at March AMC industry data. I see a large redemption in arbitrage funds. Is that a part like behaviorally, are you seeing people withdraw from arbitrage and put in equity or that's just to do with STT coming and people have been advised to move money away from arbitrage? That is A. B is on the agreement with, I think ICICI Venture. How does that work? You're getting AUM. Are you going to give some consideration or it's just transfer of the service contract? How does that work? That is B. Those were my questions. Yeah. Hi, Manas. The first part, I think March is also closing for most corporates. A lot of this arbitrage money, which is parked, is then deployed. That's the data. If you track March-on-March, you'll find that. On the second part, Naveen will answer. On the second part, Manas, as we had disclosed earlier also, it's a business transfer that we are doing. We are taking over the investment management rights of specific funds of ICICI Venture along with the teams. There has been a consideration which we have paid, which is not material. As you rightly said, there is an AUM which will move over to us, and those strategies and also the future launches that we do under those strategies would be done under ICICI Prudential AMC umbrella. Understood. This AUM gets effective from what date or is it already there? They already have an AUM. We start playing the role of Investment Manager on that AUM from 1st April 2026. Understood. Thank you. Thank you. Your next question comes from the line of Mohit Mangal from Centrum. Please go ahead. Yeah. Thanks for the opportunity. Am I audible? Yes, sir. You're audible. Yeah. My first question is that there have been a few changes from 1st of April. I just wanted to know your views that, field-wide, do you see it basically being incremental or neutral? Any theme on the flows if you can tell me, that would be very helpful. I think on the flows generally in the industry, we just answered. Are you referring to the changes from first April with respect to the TER? Yes. Yeah. I know, I think we mentioned it earlier also. If you look at it from the regulatory change, yes, this is effective first April. If you look at on a gross basis before any payout, there is an impact of three to four basis points. We have already identified certain steps, and we are doing necessary discussions. We will have crystallized impact, if any, over the next two months, and at that point of time, we would be able to share it. All right. The other question is in terms of the AIF and PMS. You said that it is 0.98% on net basis, and if I look at the previous quarter, it was 0.91%. That is basically an increase of seven basis points. If you can help me understand why there was an increase on a net basis? It is also a factor of mix, and also sometimes, there are some other benefits, for example, exit charges or anything that you might get. Predominantly, it will also be a factor of mix. Understood. That's helpful. My last question is in terms of the market share in the unique investors. I think we have grown up higher than the industry, and that is kind of quite commendable. I just wanted to know that, say, if we assume that it has come mostly from Tier two and Tier three cities, is it our strategy to focus on newer customers in the industry? You're right. Our share of unique customer of the industry has grown. As you know, generally, a lot of new customers are coming through digital mode. They are coming from across India. They are coming from B30 as well. Mm-hmm. We, as one of the largest player, obviously, get advantage of it. Many of these customers migrate to us as well. Yeah. Hi. Like Naveen said, the trend is secular in terms of growth. Rather than looking at T30, B30, I think one should focus on the cohort of India. Mm-hmm From a demographic point of view. The young Indians are looking at mutual funds as the main investment vehicle and not as an alternate investment vehicle. A lot of people in that cohort, the young first jobbers wanting to take care of their finances, looking at equity, direct equity digitally and these are digital natives largely. That really is the focus area. Since A, we being one of the oldest and largest mutual fund houses in the country, and also our investment on digital gives us that edge in terms of getting a large share of digital customers. Okay. Fair to conclude that basically the fintechs have a large role to play in your unique customers, right? Yes, across the industry, that is the trend. Fintech, new-age distribution, people who are growing the pie are responsible to get a lot of customers. Okay. Just one last question. Any NFOs in the near future? Yeah. Hi. We are working with regulators on 4-5 ideas. Okay. Next month, we may launch one or two, depending upon approval from the regulator. Those are in the equity or the ETF space? It would be across SIF and MF. All right. Thanks. Wish you all the best. Thank you. Your next question comes from the line of Gaurav Jani from Prabhudas Lilladher. Please go ahead. Thank you. Three questions. The first is there is a dip in the revenue yields, right, sequentially? That will be entirely explained by the mix change, right, towards ETF? Is that the correct assumption? Sorry. Which number are you referring to? The MF fees. The only. There's a drop of about a basis point and a half, right, in the MF yield. I was kind of trying to reconcile that. If you see on the operating yield from the MF business itself, that has been pretty much the same. For one. As the equity yield is concerned, within mutual fund, if you see the equity, that is where you've seen a very marginal drop. No, I was talking about the blended yield, right? That's come off from 47.5 to 46.1. A decline of 1.4 basis points. I was just trying to reconcile that, so that would have been driven by the increase in the ETF mix, right, in the quarterly average AUM? Correct Okay. Yeah. Sure. The second is the staff cost, just an extension to the question on the staff cost. This is the new run rate of the normalized staff cost, right? To add to that there'll be the ESOP cost that will come through, the INR 128 crores-INR 130 crores. Yeah, as I gave the schedule of how the ESOP cost would reflect in our P&L, you're right. You need to see both of them together, and that is the total sense of the employee cost. No. Just to clarify, to the ex of ESOP, the staff cost, this is the run rate that we look at, right? You may have increments on this number. Correct Sure. Lastly, the tax rate has gone up sequentially. Can you just elaborate as to why has that happened? That's also because of, as you know, while at the business level, our tax is pretty much the same. Sometimes in the previous quarter, because of the other income on which we pay capital gains, blended rate could be lesser. In this quarter, if there is no other income, the overall rate looks a little higher. Understood. Sure. Thanks. That's it from me. Thank you. The next question comes from the line of Madhukar Ladha from JP Morgan. Please go ahead. Hi. Good evening, Sir. Thank you for taking my question. Can you give the asset class-wise yields for the different segments? I'm not sure whether you gave that. For FY 2026, on mutual fund equity, our margins are 67 basis point. For debt, it is 32 basis point. For liquid, it is 12 basis point. For passive, it is 10 basis point, and for arbitrage, it is 30 basis point. In addition, on the alternate side, as you know, there are two numbers there. On the gross yield for our PMS and AIF business was 2%. If you see the net yield, which is after reducing the fee and commission expenses attributable to PMS and AIF, it is 0.98%. We have the asset under advisory for which for FY 2026, our yield was 33 basis point. Got it, sir. One more, sorry, follow-up. Your other expenses have actually gone up significantly in this quarter. Any particular reason? What should be the sort of run rate that we should be looking at? You see, other expenses includes a lot of heads, and it also includes some of the payments that we need to do on account of CSR and royalty. I think it is in line with the profit for the last year. On a yearly basis, you should see the number on a yearly basis rather than seeing it on a quarter-to-quarter. Got it. Understood, Sir. That's it from my side. Thank you. Thank you. Your next question comes from the line of Abhijeet Sakhare from Kotak Securities. Please go ahead. Hi. Good evening, everyone. My first question is on the Ventures business, if you could quantify the amount of AUM that is now fee-generating from next quarter onwards? There are three strategies that we are getting from them. One is the typical private equity that we understand. The second one is an early-stage private equity, and the third one is on the affordable real estate. They already have funds, which have been raised in all the three categories and which are in the deployment mode at various stages. Across the three strategies, the fee-paying committed funds, which are moving to us, as of 1st April 2026, that number is INR 46.28 billion. Any rough sense of what is the revenue yield on the book? It's pretty much in line with the industry. There's nothing specific that we can share there on this. Okay. Naveen, also one more point, given that there are some movements in the OpEx line for next year, how should we think about the overall OpEx growth for next year? I think, while we do not give any guidance for the next year, but typically in any business, you would see an OpEx growth, which is on a normalized basis. We expect in the normal course, the OpEx growth to be in the usual line of business. Okay. Lastly, sorry, on the mutual fund revenue side, if you could just actually just quantify the mutual fund revenue numbers for this quarter and same quarter previous year. For this quarter, for mutual fund, our revenue is INR 484.14 million. For the year. This is for the year. Mm-hmm. Yeah. If you see the similar number for last year, it was INR 396.35 million. Got it. All right. That's all I had. Thank you so much. Thank you. Your next question comes from the line of Dipanjan Ghosh from Citi. Please go ahead. Hi. Good evening, Sir. Few questions from my side. First, in terms of industry or for your company-specific, if you could just shed some color on the behavior of the SIP customer in the traditional distributor channels versus the newer channels during this current market downturn, both in terms of new additions and also in terms of churn or pauses or cancellations. Second, on your SIP book, is it possible to, at least on the equity part, break it down into the top two or three schemes which would be kind of getting money? Third question would be on the SIF. In your presentation, you have mentioned that you have closed the year with around INR 19 billion of AUM. In terms of the new money that you have raised in the SIFs, have you done some work in terms of whether existing customers from a PMS portfolio have transitioned towards some of the SIFs or is it just fresh through sort of customers out there? Lastly, now that Ventures is integrated into your company, for the next two years, in terms of new segments that you would want to kind of expand your product bouquet on the alternate side, if you can kind of give some direction on that. Yeah. You have totally four questions. I think the fourth question Naveen will take, and I will go on the three questions that you first asked on the mutual fund and SIF side. Coming to the third question first. The customers on the SIF are largely fresh. There is no migration, transition from the PMS because as you know, the ticket size for SIF is INR 10 lakhs and the entry ticket size for PMS is about INR 50 lakhs. To your second question on flows or top for SIP. It is in line with the trend that we have. A lot of customers look at sectoral thematic funds. Our experience is, and from our point of view, and we've always been the proponents of asset allocation, dynamic asset allocation as a fund house, and which really helps customers. We get a lot of flows on the multi-asset funds from a customer point of view. To your first question on texture and color, if I get it right, on SIP customers and new customers, it is in line and like I mentioned earlier, customers who are young, customers who are first jobbers, customers who are looking to enter equity markets through the route of SIP are the ones coming through digital platforms, which are largely digital natives. On your specific question on how market behavior plays out on the customer texture and color, we see that ticket size is largely increased. When the markets are down, people try to increase their SIPs. People try to look at it as an opportunity, and that's across the industry. I hope I've answered the three questions that you had. On ICICI Venture, Naveen? Yeah. On ICICI Venture, Dipanjan, if you see our product bouquet on the alternate side, we already have a very healthy practice on the listed equity where we have both the PMS and the closed-ended AIFs. Apart from that, as you know, we already had from before in ICICI Prudential AMC private credit, where we've had a series of funds. We also have real estate and within real estate also we have multiple strategies. Both, one is on the office yield side and second is on the residential redevelopment side. In addition now with venture, what we are getting is, one is, as I mentioned, the private equity, plus we are also getting an early-stage private equity fund. Both of them have been raised and are in deployment mode. On the real estate, we would further beef up with an affordable housing fund that they have. With this, we feel that the bouquet is quite vast and complete. We'll keep evaluating and searching for opportunities where we can hire. To sum up what Naveen said, right from public markets to private markets, the whole product suite from a liquid fund to private equity is what we encompass. Got it. Thank you for the comprehensive answers and all the best. Thank you. Our next question comes from the line of Lalit Mohan Deo from Equirus Securities. Please go ahead. Hello? Yeah, Lalit, we can hear you. Yeah. Good evening, sir. Thank you for the opportunity. So first question was on the, sir, as you mentioned that in the current times, there has been a strong growth on the Fintech side. So could you give a color, like how much the entire industry would be of the Fintechs and how much our market share would be in that same segment? Second, if we look at the investment book, so there we are seeing that we have increased our investments in the other equity REITs and AIFs. So what would that be? And just lastly, there has been some moderation in the SIP market share. So could you give us some reason, where we are losing some market share over there if we are losing it? The first two questions we heard. Maybe the third question we'll come to as we go on. On the first part, on the fintechs, I think it's in line with the industry that fintechs contribute to the new customer growth, when it comes to number of customers, volumes, and upwards of 50%-60% customers across the industry come through fintechs. We tend to also benefit, being one of the largest players integrated with fintechs. On your second question on SIP flows, the data is there and March was better. From a quarter-on-quarter perspective, SIP flows are being structured. The third question we didn't get actually. In the investment books, Sir, we are seeing that there has been an increase in investment towards the other equity AIFs and the REIT side. I just wanted to understand the nature of those investments. The investment book, of that INR 4,000 crores, our own investment book. Yeah. Of our investment book, the large component is on account of the seed money, which needs to be deployed. Of the balance money, we keep looking for opportunities, and, depending on where we find opportunity, we would deploy. There isn't any particular number with respect to any asset class. What you're seeing is reflective of how we look at the deployment pattern as of now. Sure, Sir. Yeah. Thanks. Thank you. Your next question comes from the line of Shreyas Pimple from Nomura. Please go ahead. Hello. Thank you for the opportunity, Sir. I wanted to understand the yields on SIF side. I know it's a very small book currently, but are these yields similar to the mutual fund yields that we see? Yeah. SIF effectively follows the same model as equity, insofar as the pricing is concerned. It's slab-based on the corpus. Yields are exactly the same as any other equity fund. Okay. If there is a debt-based SIF, will the yields be similar to debt mutual fund yields? Yes. If that is the case, if it is debt-based, then it will be. Okay. Thank you so much. The second question was on the passive side. Is it fair to say that in this quarter we have seen gold ETFs and commodity ETFs AUM not growing as much as equity index and equity ETF AUM growing because we have seen overall yields going down? Is that assumption correct, sir? Yeah. If we divide the analysis in two parts, one is if you look at for the year, you would see the share of gold and silver component in the passive having gone up. If you look at this quarter versus last quarter also, there has been some incremental flows, but I think the increase has declined. The rate of increase has declined. Understood. Yeah. Thank you so much. Those were my questions. Thank you. Your next question comes from the line of Manish Ostwal from Nirmal Bang. Please go ahead. Yes, sir. Thank you for the opportunity. Most of the questions were already answered. I have only one question. To understand the retail investor behavior in these volatile times, I mean, in terms of incremental INR 100 coming in terms of flow, how the money is split in the equity asset class like ETF to the active funds? If you give qualitative comment on that, it will be great and insightful for us. Thank you. No, I think we gave that number in our opening remark. We mentioned that if you look at only the equity category at the industry level, for this quarter, the net inflows was INR 1.24 trillion. This is only on the active side. Okay, sir. Thank you. Thank you. Ladies and gentlemen, we'll take that as our last question. I would now like to hand the conference over to Mr. Naveen Agarwal for closing comments. Thanks a lot. We appreciate the interest by all of you. Thank you very much once again, and wish you all a very good evening. Thank you. Thank you. On behalf of ICICI Prudential Asset Management Company Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.