Good evening, ladies and gentlemen, and welcome to the earnings conference call of ICICI Securities Limited for the quarter and nine-month year ended December 31st, 2023. We have with us today on the call Mr. Vijay Chandok, Managing Director and Chief Executive Officer; Mr. Ajay Saraf, Executive Director; Mr. Harvinder Jaspal, Chief Financial Officer; Mr. Vishal Gulechha, Head Retail Equities; Mr. Kedar Deshpande, Head Retail Distribution and Services Group; Mr. Anupam Guha, Head Private Wealth Management; Mr. Ketan Karkhanis, Head Digital Client Acquisition and Product Group; Mr. Nilotpal Gupta, Head Data Science Unit; and Mr. R. Balaji, Chief Technology Officer. For the duration of this presentation, all participant lines will be in the listen-only mode. I will be standing by for the Q&A session. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. The business presentation can be found on the company's corporate website, icici-securities.com, under Investor Relations. I now hand the conference over to Mr. Vijay Chandok, MD and CEO, ICICI Securities. Thank you, and over to you, sir. Thank you very much. A very good evening to all of you, and welcome to the ICICI Securities Quarter Three earnings call for Fiscal 2024. I'm sure that by now you would have already perused through our investor presentation, which is uploaded on our website, carrying details of the financial results as well as the key highlights of our performance. I take this opportunity now to provide you a context of the financial results of ICICI Securities. So first, let me just talk about the industry. The retail equity ADTO was 9% up sequentially. Here, it may be noted that the growth of this was largely contributed by the month in the month of December, which registered a growth of 44% over last quarter compared to a decline of 8% for the months of October and November over last quarter. So December was an outlier month, actually. Retail derivative ADTO was up 10% sequentially, and here it may be noted that the growth was again largely contributed by December, registering a growth of 23% over last quarter compared to a growth of 3% in the months of October and November, so October and November were muted, both for cash equity as well as derivatives, and it was December which actually played out truly. New client additions were down by 5% sequentially and up 62% on a YoY basis. SIP momentum continued during the quarter for the industry, and primary market mobilization registered a growth and improved on the back of improved market sentiment. Now, coming specifically to the performance of ICICI Securities for the quarter, client additions were stable compared to last quarter, and customer assets registered a growth both in the wealth segment as well as at an overall level in the company level, driven by mark-to-market impact as well as incremental flows that came into the company. The market share for retail equity ADTO went up by 30 basis points. However, our derivative market share on ADTO registered a decline of 30 basis points. Market share, I'm talking about sequential quarters. Market share for SIP and MTF were stable compared to the previous quarter. With respect to derivative ADTO market share, here I'd just like to point out that the current metric of measurement for the industry has been discontinued from the month of January by the exchanges. Going forward, we would be disclosing the retail options premium market ADTO, and there you could see from our presentation, this was actually up by 23 basis points on a QoQ basis and 56 basis points improvement on a YoY basis. As you know, our business is inherently cyclical and dependent on macro environment and buoyancy in equity markets. There has been a recent uptick in cyclicality, which was supported by a host of local as well as global macro factors. So revenue growth in this quarter was actually led by growth in cash equity brokerage and revenues from issuer services and advisory services. Both these businesses actually were beneficiaries of the cyclical upturn that we spoke about in the month of December. We observed that the growth in revenues from MTF business is now contributing to about 12% of our PAT. Further scalability and profitability of this business would require additional and different sources of funding and from a liquidity risk management and a regulatory perspective, and this may impact its growth and profitability. It would also depend on the availability of consolidated capital market exposure limits at ICICI Group level as per the applicable banking regulations. It may be noted here that earlier there was a regulatory change that happened in the treatment of ESOP book. This happened some time back. You may recollect this was pointed out to you also, just drawing your attention back to that point. After this change that happened, the ESOP book has run down, and currently it is just about 300 crores as on date. Expenses continue to be elevated on the back of investments being made in ramping up distribution, given the opportunity and current environment, as well as on account of investments being made in technology necessitated by enhanced regulatory focus on uptime, cyber risk, and so on. Our aggregated operating and capital spends on technology are expected to grow by more than 30% in the current fiscal over last year. Similarly, employee count has gone up by approximately 12% versus Q3 last year and expected to grow to approximately 20% versus last year by the end of this fiscal year. The full impact of these increases is not factored into our financial results of the current quarter, and we do expect that expenses will remain elevated on account of these two factors in future as well. We continue to grow with a focus on acquisition of quality clients, gaining market share in revenue-generating segments, growing our distribution business with focusing principally on loans and mutual funds while offering insurance only on the basis of customer lifecycle needs. Focus would be on enhancing customer experience and continued investment in enhancing the franchise value as well as technology. Overall, we believe that the medium to long-term prospects for the industry remain intact, while the short-term outlook continues to remain uncertain with global headwinds and the general election taking place in the first half of 2024. I'll end my commentary now and throw it open for questions that you may have. Thank you very much for your patience here. Should we begin with the question and answer session, sir? Yes, please. Thank you very much. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. In order to ensure that the management is able to answer queries from all participants, please restrict your questions to two at a time. You may join back the queue for follow-up questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have a first question from the line of Prayesh Jain from Motilal Oswal. Please go ahead. Hi, Vijay. Good set of numbers. Congratulations. Just wanted some understanding on why would the derivatives market share kind of drop for you in Q3? And could you help us understand as to what really transpired there in this quarter that led to this market share loss? Yeah. Thanks for your observation. Actually, nothing specifically that happened during this quarter that led to this. We actually have seen an increase when you look at absolute numbers. There has been an increase in customers. There's been an increase in ADTO as well. However, when we look at the derivative market share, the way it is getting reported on an ADTO, you would note that there's another component in that retail, which we have been sort of taking along because that was the only data available. And the outcome is a function of how much is others in a quarter versus the next quarter. So that could change the outcome of that percentage ratio. Fortunately, now we have pure retail being given, but that's being given only for options premium. And that's why we have simultaneously given that data also. And that data actually has shown some improvement on a YoY basis by approximately 50 basis. And on the sequential quarter, it's some 20+ basis points. So technically, we should view it in that context, I think. Okay. Got it. Secondly, on the distribution side, virtually your insurance seems to be kind of, is there any strategy where you are completely exiting out of insurance? Or how do we read this? Life insurance premium just at INR 68 million. Life insurance distribution revenue just at INR 68 million in this quarter. How do we read this? So yes, one of the things that we have sort of reviewed and taken as a call is to focus on life stage needs of customers, and given we believe in quality customers, longevity of customers, we felt that it will be probably more beneficial in the long term to have focus on insurance more as a risk management tool, and therefore, risk and retirement is the focus. Solution selling is the focus, and that pivot has been sort of implemented in the last quarter, which is what probably you would be experiencing in terms of outcome. Going forward, we will continue to pursue this strategy. Focus will be more on equities, mutual fund, and of course, the distribution of loan products and other banking products that we can. Is it anything slowing down from ICICI Bank's strategy also to kind of be conservative on distribution of IPO-like products? No, it wouldn't be fair to say that it is anything which is slowing. We are independently discussing this internally and taking this call. Okay. And just looking at your derivatives brokerage revenue, it's kind of dropped sequentially. So from around INR 137 crores to INR 123 crores, right? Against the ADTO, which has actually marginally improved, there again, I would say in terms of ADTO, overall, so is the premium piece kind of playing out the premium growth? Premium actually declined in October and November for NSE. No, no, no. Actually, the short point there, and I can request Vishal to elaborate a bit, it is to do with yield migration. Vishal will elaborate. Yeah, yeah. So as you know that in the month of August, we introduced another plan, which was Prime 9999 plan, again to attract the customers who are high-volume traders, and they're looking for finer breakeven, etc. So we have seen that in this quarter, some bit of the migration from the earlier plan to the new plan, which has happened, and we have seen new customers opting for new also. So it was not something which was unanticipated, okay? And I mean, when we introduce such plan, the objective is very clearly to get more such customers from market as well as to retain a higher number of customers. Yeah, we believe the franchise becomes so much stronger, that approach. Because the prices are really competitive in that 9999, 49 plan. Yeah. And also, another factor is that we had three less working days, the trading days in this quarter, because every single trading day will have an impact on revenue. So that was another factor which contributed. But largely, it was the yield migration. Otherwise, we had the record number of unique customers trading in this quarter. We did our highest. We had very, I mean, robust orders flow also, new customers entry as well. So other parameters were very much on track. I mean, this was the only one thing which was marginally lower or muted. Okay. Last question. Mr. Jain, I request you to join back the queue, please, as we have other participants waiting. Thank you. Thank you. We have a next question from the line of Vikrant from Finverse Ventures. Please go ahead. Well, team, congratulations on a fantastic set of numbers. I hope I'm audible. I'm audible? Yes. Please go ahead. Yes, please. Go ahead. Yeah. So first of all, congratulations on excellent set of numbers. And as always, we have far exceeded our expectation in terms of delivery. So thank you so much. Yeah. So my question is, generally, the corporate action that generally happens when there's some strategic shift, like M&A, mergers and acquisitions or something. Now that we are going ahead with delisting, so I would like to know what is the objective behind going for this delisting? Yeah. Thanks a lot for your comments. Delisting objective has been sort of explained in the past, but nonetheless, since you've asked, I'm going to request Harvinder to come in and just give the context and give the whole perspective around it. Yeah. Hi, Vikrant. Good evening. Harvinder here. Yes. So just as a recap, I mean, we have been discussing this in the last calls as well, but just to kind of give you the thinking behind it. If you look at our business, right, or ICICI Securities and Bank, the way we operate, we have significant synergies between the two companies or the two group entities. And this spans from banking perspective, from personal finance proposition perspective for all our customers, including individuals, group customers. So there are significant synergies. So that was one of the aspects. And I'm just telling you about the thinking behind it, and then we'll discuss if there are any follow-ups as well. If you look at our business, our business is an inherently cyclical business as a securities business. And it depends on, obviously, market movement and the performance of markets. For example, in the current quarter, we have benefited from the buying spree, which we are witnessing right now. As a result of that, we have seen it has reflected in the way our financial performance is and also somewhere has a correlation with share price performance at some point. On the other hand, what is happening is that if you look at the regulatory environment or the competitive environment, that is also fast evolving in our industry. On the other hand, it was thought that if you are able to combine these two entities or able to derive these benefits. On one hand, you have a banking entity, which is a larger customer ecosystem, a more secular, stable business, and we have a strength in investment and securities. So if you're able to merge both these entities, it will create a value for all the shareholders at a much accelerated pace. However, there are some regulatory restrictions because of it. This is not possible. The equity business is not possible under an RBI-governed entity and so on and so forth. So as a result of that, this transaction should be viewed in that context. It's like a merger, and delisting is the consequence of that. So after delisting, we would remain a separate legal entity as a wholly-owned subsidiary. And in this context, you would also see strategically all the other bank-based entities also have chosen to keep this entity, the securities business, as an unlisted business. So it's not unheard of or very unnatural. So once that was kind of clear in our mind, then the next step was very obvious. I mean, there was an independent exercise done as prescribed by the regulation. The boards of both the companies considered a swap ratio. We had independent valuation, which were issued by independent valuers for both the entities, which was considered by the board. And we also had a merchant banker who provided a fairness opinion on that valuation. So that is how the swap ratio was then arrived at, which if you look at the unaffected price, let's say if we consider the price prior to, let's say, 23rd June, it implies almost a premium of 25%+ on that. Whereas normally what we have seen is if there are two group entities merging, they are almost at a level price and not really much of a premium. So in that context, this transaction has been kind of approached, and it is now in various stages of approval. Once delisted, people or shareholders of ICICI Securities will have access to ICICI Bank stock, which is much more liquid and from a more secular free trading business. So this is where we are today on this particular transaction. Okay. Thanks for the explanation. But I just have a counter view on this. And so I mean, see, we are a cash-rich company, right? I mean, we have a decent amount of cash on our books. And let's say, as we all know, that broking is a crowded space, but fortunately, we have been doing very well. Now, as far as our MTF is concerned, so we are very well placed as far as to actually encash the opportunities as and when the market is present. Now, and for a franchise like ours, it is very easy should we want to raise funds. I believe recently we did one exercise. So I do not see, I mean, where these synergies are coming from, I mean, either in terms of technology, because I believe technologically we are very much superior when compared to our peers, okay? So technology-wise, I think we are far ahead. Now, in terms of the financial muscle, so I think we are very well placed even when it comes to the financial muscle. So I fail to understand where these synergies would come from. I mean, see, stock having more liquidity and all is fine. That's okay. That's a market function. So let the market discover whatever price or liquidity they want to get in, get out, whatever. But I seriously fail to understand what kind of synergies would this bring in. So Vikrant, I think this has already got elaborately covered, but I'll just maybe take a moment to reiterate some of the points. See, if you look at ICICI Bank, that's a source of affluent clients for both banking who have their banking needs as well as personal finance needs. This is the kind of value proposition that both the entities together can serve to those clients. Secondly, see, if you look at even you spoke about MTF. So in MTF also, you require a lot of liquidity, right? So why we are able to generate liquidity is because we do have a banking entity as our parent and that kind of a backing, which necessitates some kind of a liquidity cost at their end, but it benefits our MTF book. So that's another area of synergy. Then there are, you spoke about technology. You are very right. I mean, both the entities, right from the very beginning, have focused on being on the higher end of technology and invested substantially in technology, and there are lots of learnings, knowledge, and economies of scale that both the entities derive in kind of progressing, which as a standalone entity, it might be difficult, especially the way it's implemented. I think there are several areas of synergy. Customer sourcing, customer acquisition is one big source. Technology is a big source. We have banking solutions to offer to our clients, which is another big source. So I think these all together would give us a tremendous advantage as a delisted, unlisted company. And if you look at the industry, you will find that most players in our industry are in similar construct. Look around and you'll find most players in that similar construct. It works so much better. Yes. I mean, thank you for the explanation. But the market seems to be thinking otherwise, as you have rightly pointed out, that generally, once the swap ratio is announced and generally the market adjusts, the price adjusts itself to the swap ratio announced by the respective boards. But the market seems to be thinking otherwise. And I don't know, I don't think the market is actually liking it, and especially the kind of performances that the management team of ICICI Securities is delivering. I think the management team, I mean, the investors or the shareholders probably think that it is better to keep it the way it is because that's and let the market discover the fair price. Because performance-wise, we are fantastic. I mean, there's no doubt about it. Vikrant, I just want to say, please view the context of performance in the specific context that we had an exceptional December. We have had a cyclical upswing. So these things are making the whole outcome that you see in some sense to be viewed with that background. That this is a cyclical business. Certainly, it's a cyclical business. it's a cyclical business. Yeah, yeah. It's a cyclical business, no doubt about it, when market trends perform. Volatility, etc., is prone in our business. Yes. Yes, I'm from the industry, so I very well understand this. Just to add to your question, see, it is very difficult to kind of comment on market price and speculations around market price. From our part and from the process part, I mean, I would, again, at the cost of reputation, like to reiterate that there is a pretty scientific process followed for determining the valuation swap ratio. And with that swap ratio, we have already filed with the NCLT. So that is the swap ratio that is being offered. Of course, there could be different views across market. It would be very difficult to kind of comment on that. But there is a rationale that we have put out in public domain at length. We have had a chance to discuss that as well. There is science and thought behind the way the valuation ratio has been arrived. It's the same valuation ratio which is being offered and progressed in the transaction, which obviously we are putting up for vote. The process itself has a lot of stages and safeguards for shareholders to express their views and counter views. Our thinking, the way we went about it and where we are, I think this is what we can comment on. Market price and speculations thereof would be very difficult to comment on. Very much. Very much. Can you give us a clear line? Vikrant, I request you to join back the queue, please, as we have other participants waiting. Fine. Thank you. Thank you. Thank you. We have a next question from the line of Vikram, from Vikram Securities. Please go ahead. Yeah. Namaste everyone. Thank you for the opportunity. Am I audible? Yes. Please go ahead. Yes, please. So we've been waiting for many months for the merger or the delisting to take place. Is there any indication of when we will? We are a little louder. Your voice is a little faint. Just a second. Hold on. Now can you hear me? Yeah. Just a little better. Yeah. Yeah. What I'm saying is, sir, that we have an indication that we don't have an indication when the delisting vote comes up. So that's one. And second is, what is, do you need a majority of the minority or is ICICI Bank allowed to vote for the resolution of the delisting? And when is the vote coming up So Vikram, it would depend on the regulatory process. It's an NCLT process. It depends on when we get the date. It could take maybe a quarter. But it will really depend on the way the process progresses. And to clarify on your second point, it's a majority of minority. And ICICI Bank voting will not be considered in this. It is within the minority shareholders. There needs to be a two-thirds majority. That is the regulatory requirement in this. Sir, a follow-up question. There was recently in September, you had disposed of a complaint by Unifi Capital. It was in a BSE filing. What was the nature of that complaint? That is something that we have already explained and written to the complainant and accordingly disposed of. We believe we have reason to believe that they wrote to all the board of directors for. It's a bilateral communication. So I don't think this call is specifically to discuss the earnings results. My request would be let's keep it on the earnings. This is an earnings call. Please keep the call restricted to earnings. If there are no questions around earnings, then we'll move to the next speaker, please. Thank you. Ladies and gentlemen, would like to remind participants to restrict to two questions, please. You may join back the queue for follow-up questions. We have a next question from the line of Aejas Lakhani from Unifi Capital. Please go ahead. Yeah. Hi team. Congrats on the results. Mr. Chandok, a couple of questions on the core broking revenue piece. Sir, one is that earlier we had started that journey to improve our derivative share, and you had educated us that competitive pricing, algos, tools are required by trader. And we've been in that journey for some time. So how do you view the assessment of the derivative segment in your internal framework that you had set out? What are the growth levers for improving the cash segment, if at all? I mean, if there's any specific actions you're taking. Could you also explain that 0.3% decline in derivative market share? I could not really understand that. And on Minter? Okay. You've asked a bunch of several questions. I'll probably have to take one by one. Can you start from the beginning? Your first question. Sir, on derivatives. On derivatives, I wanted to check how do you feel the assessment given the four or five pillars that you want? Let me start with that. Yeah, let me start with that. So I think derivatives, if you see sequential quarters, growth has happened across number of customers, orders, virtually all parameters, record numbers have come. One quarter back compared to where we are, we are at a higher level when it comes to and that sequence has been continuing for a few quarters now. Your question on whether in the internal framework, have you sort of been marketed as satisfactory? I don't think I would mark this as satisfactory. I think we can do better. We continue to focus on making things better. I think the areas that would get more attention is now more of external communication because a lot of amount has on two things, I would say. External communication intensification is one area we are focusing on. And the other is, while we have added a lot of features, we've added a lot of tools, we've added a lot of interesting pricing options, etc. I think the area that the whole team is fully focused on is on handling load, speed, scalability. I think we have to do better on that because that becomes an important criterion, particularly when it comes to high-velocity trading. So that is an area which is still WIP. Some modernization is being planned there. And quarterly, sorry, I would say fortnight by fortnight, these new releases are coming to improve scalability, speed, and response time. Hopefully, those will be added areas on the platform to help us gain more traction on the derivatives side. So at this point in time, I would say it is less than satisfactory. Your second question was on, can you just come back to the second question? Sure. On the derivative bit, could you explain 30 basis points reduction in derivative market share? I could not understand that. Yeah. So if you look at the ADTO, the reduction reflected is 30 basis points. And we had been alluding to the fact that while we report that as retail, it has a component of others included in retail. So it is not absolutely pure retail, the way equity is getting sort of reported. And that's to do with the way data is coming from the relevant authorities. And recently, there has been clarity. It is actually the clarity has come only in the month of January where options premium has been given as a data point, which is pure retail, the way cash side data is coming. And that is why we have given data with respect to retail options premium market share, how it has moved in a sequential quarter and on a YoY basis. There you can see that an options premium, which does not have any component of others, it has actually shown some improvement, 50 basis points on a YoY basis and about 20-25 basis points on a sequential quarter basis. The difference between the retail derivative market share that you see, which has gone down, versus the retail options premium market share, which has gone up, is that others are not included in the options premium part, whereas others are included in retail derivative part. The calculation of numerator to denominator, obviously, you have something others. If the other part, which we don't address, then to that extent, the output of the ratio would be impacted by the component of others, which is not the case in retail. It is a mathematical sort of a comparison that happens, understandably, depending on how much is the others. That's what I was trying to explain. Pure retail, you will see both on cash side as well as on the derivative side, which is options premium, we have shown gains in market share. Your question was, are you going to do anything more on the cash side? I think cash side, we will I think we've done a lot. It is just about acquiring quality customers and retaining customers, providing better service, better experience. As such, there are very little further enhancements that are actually on the plan in anvil. So nothing much more planned on that side. Were there more questions that you had asked? Yes. So on Minter, could you speak? Because there's been an inordinate delay. So where are we in that process? Yeah. So Minter, we have done all the work that was required in developing the engine and platform. But in the meantime, there have been several changes that have happened in the marketplace in terms of opportunity getting front-loaded. We've also seen the experience of some of the other players who've come out with a dual sort of a brand strategy. And we find that there is a fair amount of time required in developing salience and volume in a separate brand identity. So our thought process has actually undergone an alteration. And under that alteration, we are actually looking to use all the tech development that has happened in ICICI Direct itself. So we would be starting that process of integrating that into ICICI Direct. And we will examine the possibilities of coming out with variations within ICICI Direct itself because there the brand is well established. I think we should get a faster uptick in the market opportunity and come out just like we've come out with different opportunities like Neo, plans like Neo, Prime, etc., to target different segments. We'll evaluate at the right time when we feel that the whole platform is ready to handle it, the possibility of addressing through a relevant plan for the trader segment even more sharper than Neo. So that is where we are with respect to the Minter plans. Thank you. We have a next question from the line of Darshan Engineer from Karma Capital Advisors. Please go ahead. Yeah. Good evening, sir. Can you hear me? Yes. Please go ahead. Yeah. Yes, sir. So first of all, I just have a broader strategic question. Because of this delisting, ever since delisting, you have sounded a very cautious note on various business lines. And rather, I mean, say if there was no delisting angle right now, maybe you would have given a very positive angle to each of your business segments. And possibly, you would have been very upbeat in your commentary as well, which was the case even when things were not so good and your numbers were actually used to be weak. At that time, you still sounded very positive. But now, because of this delisting angle, despite a very strong set of numbers, you are sounding very cautious. So two parts to the question then. One, is it that the delisting and therefore the proposed merger is making you go slow on your strategic initiatives, which otherwise you would have been more aggressive on? And the second angle is that, say, if the delisting does not go through, in that case, I mean, would it again necessitate a change in your strategy again? Because what this is leading to is that you had a lot of plans in place to gain that market share in different areas of business. And you, in fact, had a very good progress in several parameters. But now we are seeing that there is a mixed track record. So would it be the case that, I mean, if it does not go through, would you again have a change in the strategy? So Darshan, no. I think on the contrary, it's very natural to have an upbeat outlook when markets are actually doing well because it is reasonable to expect that markets don't do well because they will do well in the future. And that's what was reflecting in the past when I said that there is an upbeat sort of a tone in my narrative. Now the markets are at all-time high. So much volume is happening. To expect growth from here would be not right, in my view. And I strongly feel so. I think, therefore, the note of caution. So it's nothing to do with delisting or listing. We have to be nimble in our outlook. We have to be nimble in our strategy. We have to see what is happening in market, what is happening in the regulatory environment, what is happening with our own company in terms of our strength, and keep assessing it in the context of market opportunity and be sure that you're true to that opportunity. So that is what is driving these changes. Nothing to do with delisting. There's not even an iota of linkages with it. In future, will this thing go on? I always maintain that we have to be nimble. Our approach is to gain, and again, in my investor opening comments, I mentioned is to enhance the strength of the franchise. So whatever we are doing is to enhance the strength of the franchise. And the enhancement of strength of the franchise should be reflected in growth in customers, particularly revenue-generating parameters of customers. So our focus is not on any indicator which is not revenue-generating, even though market tends to go a lot on those parameters, which may not necessarily be revenue-generating directly. We have identified sharp matrices of revenue-generating, which we publish. It's available on slide six of our presentation. And we will try and keep on improving ourselves, franchise, to improve that so that we are able to deliver a more consistent outcome for our customers. Nothing beyond that. So there is no change in no sort of impact of any of the developments that you alluded to. It is purely a reflection of changes in the market sentiment, outlook, volumes that are taking place. It would be not prudent to strike an optimistic note when things are already gone up so much. So, I mean, the broader point that I'm making is that, I mean, maybe you are doing a very good job as far as your parent, I mean, striking a chord with your parent is concerned because otherwise, I mean, if there was no delisting angle, I think, I mean, you would have been clearly very happy with this set of numbers that, and it shows the progress that you have made, the effort, I mean, some of the efforts that you had put in the last one and a half, two years is finally showing up in numbers in the sense that, I mean, your other businesses such as distribution and all that are now doing much better than what they were, say, two years ago. I mean, you are no longer dependent only on broking for your profits. So my only concern is that, and the price is indicating that the market is not happy with the delisting price that has been announced by the parent. But I mean, it clearly shows that, I mean, there is a lot of potential in the business if it remains separate and, I mean, not get influenced by the parent. That was my only point. Thank you. Yeah. I think your comments are noted. Thanks for it. Since there are no questions, we'll move to anyone who has questions on performance, please. Yes. We have a next question from the line of Nilesh Shetty from Quantum Advisors. Please go ahead. Yeah. Hi. Thanks for taking my question. I just had one clarification on the retail cash market share, which is year-on-year up by 260 basis points. But you put a note there that there is a revised disclosure by NSE. So just like-for-like, how would the cash market share move? So, Nilesh, Harvinder here. So, unfortunately, the two data series, like-for-like, is a bit difficult. But my sense is, against 260, it would be probably about 160. Okay. And that is being driven by what? I mean, a very tough competitive environment. How are you able to expand that retail cash market share? It's a combination of factors that we have invested in over the years. It's to do with the new apps that we have come out, new experiences, new tools, new research, new style of delivering research, margin finance. I think the combination of all this has played out, focus on quality customers. So it is more to do with concerted efforts of these five, six items that we have been sharply focused on over the last several quarters. That is visible, actually. It's a specifically new thing that you have made. Okay. This is continuously dropping NSE active clients, including drop in activation rates over a period of time. Just what is causing that? Sorry, I didn't get your question. What is the question? The NSE active clients, I mean, over the last eight quarters, I think they've dropped by 40%. So I don't know if it was a function of that open architecture where you went aggressively acquiring customers and now the quality of customers were not great and they stopped trading. But it's dropped materially over the last sort of six, seven quarters. Yeah. So our focus is quality over quantity, clearly. We realized that when we started with digital sourcing, we were not initially, since it was a learning curve we were going through, which we have also indicated in various calls, we would be acquiring. Then later on, we started putting more and more filters to ensure that we get quality. So quality is what we are getting now reflected in our numbers rather than just getting a quantity, which, again, like I said, there is no point pursuing metrics which is otherwise getting reported more widely outside, which has limited linkages to revenue-generating parameters. We are not pursuing that as an approach and strategy at all. And that's nothing new. It's something that we've been seeing. Interesting parameter to watch, the NSE active, but don't get too carried away with that individually. Okay, and the distribution income from others, which is now almost half of mutual fund revenue, what would be the largest chunk there? Is it essentially home loans or loans that you're distributing? Yeah. So it would be loans. It would be fixed income distribution, some bit on PMS and AIF. Okay. Thank you so much. Thank you. Thank you. Ladies and gentlemen, we'll take that as the last question for today. I would now like to hand the conference over to Mr. Vijay Chandok for closing comments. Over to you, sir. Yeah. Thank you so much for the patient hearing and for all the questions that you've asked. If there are any more follow-up calls as you go through our presentation and there are stuff that needs to be addressed, please feel free to call into our IR unit. Thank you very much and have a wonderful evening. Thank you. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.