Ladies and gentlemen, good day and welcome to the Multi Commodity Exchange of India Limited Q4 FY 2025 earnings conference call. Joining us on the call are Ms. Praveena Rai, Managing Director and Chief Executive Officer, Mr. Manoj Jain, Chief Operating Officer, Mr. Chandresh Shah, Chief Financial Officer, Mr. Praveen DG, Chief Risk Officer, and Mr. Rishi Nathany, Chief Business Officer from Multi Commodity Exchange of India Ltd. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing the star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Praveena Rai, MD and CEO, MCX. Thank you and over to you, ma'am. Good evening, everybody. Very happy to be here as part of our investor call for the results of FY 2024-2025. Very happy to announce that we've had a phenomenal year, closing the year at INR 1,208 crore of consolidated income, which is 59% year-on-year growth. So it's been a very good year by way of income and by way of growth. We've also seen this when we look at Q4 of 2025 versus Q4 of 2024. Again, this indicates similarly a 61% growth. It's further reflected in the EBITDA. EBITDA for the year closed at INR 761.5 crore, at 63%, and profit after tax is INR 560 crore at a 46% margin. So that's really where we stand in terms of our top-line and bottom-line numbers. Further to that, this is really driven by a very healthy growth of our daily throughput with the ADT, that is, average daily throughput of both futures and options together, nearly doubling at 101%, touching INR 2.2 trillion from INR 1 trillion, so that's really more than a doubling. And on the back of this is healthy growth in futures, certainly healthy growth in notional ADT of options, and also the premium ADT of options, which have also grown by about 85%, so those are really the drivers, and we've seen these numbers grow across all our product lines. Not just from a derivative trading standpoint, we've also seen this health reflect in the kind of deliveries that we've seen. We've really seen about 7 metric tons of Gold, 663 metric tons of Silver, and more than or close to 70,000 metric tons of base metals delivered through the exchange mechanism. And of course, these are numbers with the exchange as a delivery of last resort, but it reflects the health of the kind of volumes on the exchange, which are a combination of trading volumes as well as hedging volumes across all our participants. We've also had record turnover in our commodity futures on the back of the tariff announcement. This, of course, happened on the 4th of April, so just after the close of the year. But at INR 71,500 crore has been a big high and reflects the fact that MCX is really playing its role as we look at managing commodity price risks from global variations that are applicable today. It's with great pride that I can say that MCX in the year 2024 has been announced as the world's largest commodity options exchange, and this is also on the back of MCX Crude Oil options, the MCX Natural Gas options holding the top position in the FIA ranking, as well as MCX Gold options and MCX S ilver options at second position. Both of this again indicates that India and MCX in India as a venue is really becoming popular at the global scale as well. When we look at our participants, we've had growth across all categories. We've had a 39% growth year-on-year of traded clients touching INR 13 lakhs and participation across all categories of commercial participants, retail participants, as well as financial institutions. In fact, we have about 140 FPIs who've been onboarded on MCX who have started to contribute to our ADT numbers as well. So I'm really looking forward to MCX becoming the exchange of choice across the board when it comes to managing price risk, when it comes to viewing commodity derivatives on an exchange as an asset class, and would also really look to working further with our member brokers and the broader capital markets community to educate and bring in more participants and holding them through this process as they get exposed to commodity price management. I'd like to close here, and we can open for comments. MCX, both myself as well as our leadership team is available here to take any 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 touch-tone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to limit their questions to two per participant. If you have a follow-up question, please fall back to the question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Devesh Agarwal from IIFL Capital. Please go ahead. Good afternoon, everyone, and thank you for the opportunity. Firstly, congratulations on a good set of numbers on an overall year basis. I think the growth has been phenomenal. My question pertains to the cost increase that we have seen in this quarter. So we see that there has been a sharp increase in the operating costs, especially in the employee costs and software support charges. So can you highlight what has led to such a sharp increase in these two line items, and are there any one-offs in this? Thank you, Devesh. I think it's an important question. When we look at our cost line items, both employee and IT costs is where we've seen an increase this quarter over last quarter. So if I look at the employee expenses, there is an element here which pertains to performance payouts. We've had a good year, and we're expecting that to get reflected in those numbers. So if I were to look at the employee expenses, I would cut it at about 75%-25% in terms of the delta, with 75% going into a one-time incremental expense associated with performance, and 25% is really the readiness from a capacity-building standpoint as we go into next year with all our growth plans in place. If you look at the IT costs here, we do have a bit of a timing concentration in some of our warranty and sort of annual contract renewals. So there is a 30% sitting here in the delta amount, so INR 30 crore - INR 20 crore. INR 30 crore is the number for this quarter versus INR 20 of last quarter. So 30% of that is a one-time expense. 70% is expense which comes down to an expense that is getting concentrated in the quarter associated with maintenance renewals and so on. So on an annualized basis, one would expect that to continue, whereas 30% is a one-time. Right, ma'am. Just continuing on that, we also see a sharp increase in your depreciation, assuming there will be a significant CapEx that you're incurring. I'm assuming, again, that it'll be around the tech cost. I just wanted to understand where are we spending this incremental cost because we have just completed our CDP project. So where is this incremental CapEx happening on the technology front? What is the expected spend that we are targeting for the year FY 2026? And what run rate should we assume both in case of OpEx and depreciation in FY 2026 for your technology? Yeah. We do expect CapEx, depreciation and amortization to continue at these levels because as we are growing significantly, and I think we just discussed that we are looking at we have doubled our volumes, and obviously, the tech refresh is a continuous process that would need to be there. There is an element of regulatory change as well as expansion of the kind of network capacity that we require as we have more technology-oriented participants and higher volumes that they are actually performing on the exchange. So all of these are constituents: regulatory network, tech refresh, and of course, the BAU expenses, which will keep our depreciation at this level. Any number that you want to call out in terms of what would be the likely CapEx for FY 2026? We won't be able to call out a specific number, but I can tell you overall at an expense level, we expect our ratios to stay flat. Right. And are we incurring any expenditure in our CapEx for co-location facilities as well? We recently read a media article suggesting that SEBI is kind of contemplating this. So one, are we already starting to spend money for these facilities, co-location facilities? And secondly, where does this stand in terms of implementation? We will not be able to comment on this at this stage because it's really based on what the media is saying. Until we have regulatory clarity, we won't be able to comment on this. All right, ma'am. Thank you so much and all the very best. Thank you. Thank you. The next question is from the line of Amit Chandra from HDFC Securities. Please go ahead. Thank you for the opportunity. Ma'am, my first question is in terms of the product launches. So in the last quarter, also, we have indicated that we are on track to launch the index options and the weekly expiry options. So where actually we are in terms of the journey in terms of launching, if you can give some timelines or some clarity on that. And also, if you can throw some light on in terms of the launch of the Electricity futures contract and what would be the incremental volume opportunity that you see from this contract. Yes, Amit, thank you for that, and thanks for joining. Our new product roadmap is very much in place. As you know, there is a lot of homework that is required along with various approvals that we need before we can take this live. We have full readiness from our side, and we are waiting for the right green signal to take this to market. We believe that between our indices and new products such as Electricity, we will really look at significant growth in the coming time. There is reasonable volatility. There is interest from market participants, and there is also a need for this because India is a very large market when it comes to power. In fact, we are the third largest market globally, both from a production and consumption standpoint. The government's energy security policy, which really is looking at more than 500 GW of renewable power getting generated in the country, and the kind of grid lines we have and the national grid available for a very healthy supply-demand network to operate are all leading us in the direction of the fact that this is an important area to be addressed. So I think everyone is on the same page there. It's now just a question of getting it done. We believe it's around the corner. I also want to point out, if I may, that we did have a good launch of our Gold Ten futures. That is actually in this year because it happened on the 1st of April. It was time to kind of match with Akshaya Tritiya and has given us some very, very good response in the first month itself. The 10 g Gold coin meeting Indian Good Delivery standards has had a very good offtake in the first month. Okay. Ma'am, we have significantly increased our investments in terms of tech enablement. Also, can we relate it to our preparedness for co-location or enabling algo trading on the platform? Also, these new launches also require a lot of newer investments. That is what is reflecting in terms of our tech cost. So if you can throw more color on that. Secondly, my next question would be that we have seen the increasing contribution of the bullion contracts in the options segment, which is now 25% of the notional volume and only 9% in terms of the premium contribution. So any reason you can attribute why the Gold premiums or in terms of the premium-to-notional ratio of Gold contracts are actually lower than the overall premium-to-notional ratio of MCX, despite Gold being a monthly contract? So if you can provide some clarity on that. Yeah. This is Rishi Nathany, senior. Thanks for your question. As we grow, naturally, the costs will go up to answer the first part. Second is that in terms of your question on the Gold premiums, you have to understand that the premiums are a function not only of time but also of volatility. Crude Oil and Natural Gas have higher volatility than Gold, and that is why you won't see the kind of premiums you are seeing in Gold. And that is why, despite the notional being higher, the premium value is substantially lower in proportion, and this is a natural function of the volatility within the Gold options. However, I would like to tell you that ever since we made the Gold options monthly contracts, we've seen a very good uptick in terms of the total notional turnover as well as the premium turnover. Okay, sir. Thank you, and all the best for this. Thank you. Thank you. Thank you. Participants, you are requested to limit your questions to two per participant. The next question is from the line of [Astajay] from PKD ADVISORS. Please go ahead. Hello. Thank you for taking up my question. I had one question related to the participants. We saw a massive uptick during the Trump tariff. So sir, should we consider that as a one-time thing, or should we consider that as a base going forward? From the macro geopolitical standpoint, that's a very difficult question to answer, and I mean, it's really not in our limit to say how the macroeconomic situation is going to turn out. We do see a fair amount of global volatility in the approach across markets, not only from the U.S. but across the world, and this will continue to have its impact with reference to how people want to hedge their price risk. But having said that, these will always be events, and the baseline we see both experience with an event goes on to create the exposure and experience needed. Typically, at the end of an event, there is a higher participation than at the beginning of the event. So yes, the baseline goes up. The events themselves will be spikes. This year appears to be one which will offer a certain level of natural volatility. With or without that, we do see this impacting the baseline in a positive way. Okay, sir. Thank you so much. That's all from my end. Thank you. The next question is from the line of Chintan Sheth from Girik Capital. Please go ahead. Thank you for the opportunity, ma'am. Sorry to hop again on the product launch. We have recently, from the media, learned that SEBI has announced an in-principle approval to NSE for Electricity futures. So just trying to understand what's our strategy, even if we get the approval, say, during this year, that's the expectation, then how should we look at the volumes coming through towards the platform, and what will be our strategy given NSE is already being one of the principal approvals, and IEX is already there? I would say that we are working very closely on the matter, and it is not in our understanding that there is any approval from the regulator to anybody. I think I've sort of addressed the broader opportunity space that is there and the fact that we are, as a commodity exchange, this is not a small business for us. It's not something that we are trying to enter into. As a commodity exchange, highly focused on the energy sector, power is a very natural part of that portfolio, and we are highly engaged to make this a good success, and we are very positive about it. Right. And coming to the weekly expiry for the indexes, we believe we were trying to understand, create the future volume initially to drive this success. Where are we in terms of improving our indexes, trending the volumes over there, which can drive business for us? So if you can, what are we doing actually over there to drive the volumes, to try to make business? Before launching the weekly contracts on the indexes. Just to answer your question, let us understand the structure of index products. Normally, options on various other products are options on futures. In NSE, there is index futures, and there will be options on the index itself. So it is not an option on the index futures. It will be the options on the index. Therefore, there is hardly any correlation per se between the index futures and the options which will come on the indices. So these will be cash-settled products which will be based on the index itself. Where are we in terms of launching and testing those products out? We are in a pretty advanced stage, and as and when we are ready to go to market, we will let the market know. Sure. And lastly, on the cost side, you did clarify on the portion of one-time employees and tax side. Given the volumes and the business growing on the options, especially, do we anticipate to preempt our investments on tax side to drive and build a more sustainable platform going forward? And do we see that impacting our numbers because we are already at, even with this one-time expense this quarter, our margins are pretty healthy, and there is scope to reinvest some bit to strengthen our infrastructure, especially on the IT side and the platform side. Are we considering that to further strengthen our business model on here? Yes, I think we will be ahead of the curve when it comes to tech investments. We spoke about it even last quarter. So we have developed our agility, which means our speed to market when it comes to new products from a tech standpoint, the kind of connectedness that we are able to provide to the market participants, and most importantly, our readiness for growth. So all of this is already very much baked into our readiness framework for technology. Sure, ma'am. That's all from me. Thank you, and all the very best. Thank you. Thank you. The next question is from the line of [Lavanya] from UBS. Please go ahead. Hi, thank you for the opportunity. Just wanted to check a bit on new products. When you say indices, what are all indexes that we are looking at? Is it bullion? Or can you just elaborate what are all indexes that we are looking at? And also, any effort that we are putting in specifically improving the base metal contracts, which used to be a very good contribution at one point of time? So we have two base metal sorry, index contracts running right now. One is the BULLDEX, which is the bullion index, and one is the base metal index called the METLDEX. So these are the two contracts which we have and which we are looking to enhance further through bringing options upon them. In terms of growth in base metals, in the year which we have ended, we've seen almost a doubling of volumes in the base metal contracts as well, and we are working hard to ensure that those contracts also achieve the necessary traction. However, when you say compare with the past, earlier, these contracts long back were cash-settled. Now, they are deliverable with India pricing and India price discovery. Hence, that timeline for the market to adjust to an India pricing and the contracts to, again, gain traction is going on, and we believe that as we go ahead, these contracts will again get more and more volumes and participation. Got it. Got it. Thank you, sir, and one more question. Would we be able to get split of participation in terms of maybe retail hedgers or foreign participants? How the trend is now, or any sense on that? So as far as you're talking about base metals, or you're talking about the entire piece? No, broad. Broadly. So broadly, all the numbers are already there on the website. You can just have a look. We publish those numbers on a regular basis. Yeah, but it doesn't have specifically for the retail or something. So any broad sense, what kind of retail participation is there in MCX and [DEX]? But are you looking for the numbers? How many people which have been already provided in the PPT? Is that the one you are looking for? Or you are looking for any retail in specific? Retail specifically and hedgers? Any broad range is also fine. So I think the numbers we have shared, we have about INR 30 lakh of traded clients, and when you look at large numbers, they will typically come from the retail side. Right. Because commercial clients will tend to be smaller in number, so they are either very large corporates or in the SME sector. Got it. Got it. Thank you. Thank you so much for the opportunity and all yours. The next question is from the line of Harsha from HSBC Asset Management. Please go ahead. Yeah. Thank you for the opportunity. Firstly, just one data-keeping question. Can you just help us with the futures revenue and options revenue for this quarter? Yeah. So Harsha, option revenue was INR 179 crore. Harsha, this is Chandresh, CFO. Yeah, yeah. Chandresh. The option revenue for this quarter is INR 179 crore, and futures revenue is INR 75 crore. Okay. Second question is barring the one-time impact or even the time concentration, if you look at from a full-year basis, tech cost was somewhere around INR 93 crore. Employee cost for the full year was around INR 144 crore. But from directional perspective, again, barring quarter-to-quarter movement, can we assume that for FY 2026, tech cost will be around INR 90 crore to, let's say, INR 100 crore-INR 110 crore, and employee cost will be between INR 150 crore-INR 160 crore? Or directionally also, this is not going to be the case? Yeah, I think, Harsha, the numbers would be around these levels. Okay. Just last question from my end is, with respect to this capacity building, by any chance, are we building capacities to manage the TCS software better? Basically, what I'm trying to understand, and please correct me if I'm wrong, is by any chance, regulators still a little bit skeptical about the software that we are running? We are still stress-testing it for which you want to build capacities both on hardware, software, and personnel. And also, is this the reason why there is some sort of hindrance with respect to new product launches? Again, please, yeah, feel free to clarify if I'm mistaken anyway. Just wanted to understand why there's stress-test expression and why we are not able to launch any product, and where is the regulator in all this? So your comment on not being able to launch a product is a little surprising. How did you arrive at that conclusion? No, basically, just trying to understand. Your Gold is doing quite decent, but other products, it's been taking some time. So again, I'm just trying to understand what is pending from our perspective, or is it we are done from our perspective, it is only from the regulator that is pending? Yeah. So we have a number of products in the portfolio. We have Natural Gas and Crude Oil, Gold, Silver, Copper, Aluminium, Zinc, Lead, and I think we are all having fairly healthy numbers across futures, options, deliveries, and all of this information is available in the deck. When it comes to new products, as stated in the past, we are ready from a technical and go-to-market standpoint, and we are waiting for the final set of approvals to come in before we can take it to market. Okay. Yeah. Thank you for answering my questions, and apologies if there was any misunderstanding from my end. Thank you, and all the best. Thank you. The next question is from the line of Shalini Gupta from East India Securities. Please go ahead. No, my question has been answered. I was asking for the transaction fees, which I think you said options is INR 179 crore, futures is INR 75 crore. Is it correct? No? Yes. Yeah, so my question has been answered, sir. Thank you. Okay. Thank you. The next question is from the line of Arpit from IGE. Please go ahead. Mr. Arpit, your line has been unmuted. Please go ahead with your question. Yeah, hi. I wanted to ask a question over the FPI contribution from the FPI participation out of total volume of transaction charges we have got in the quarter? Yeah, it is complete. It's around INR 16,500 crore in options, and it is about INR 600 crore in futures. So you can say about 7% of the total turnover. Got it. Thank you. Thank you. The next question is from the line of Ashish Kumar from Ampersand. Please go ahead. Yeah, hi. I have two questions. First is with respect to this Settlement Guarantee Fund. So the contributions towards that during the quarter was around INR 18 crore, which was similar to last quarter, but it was significantly up on YoY basis. So I wanted some sense on how we should look at it for this coming year. And the second question is on new products other than Electricity futures and whatever we have discussed. Any other new products that are in the pipeline for FY 2026? Thanks. Yeah. So SGF is the Settlement Guarantee Fund. So it'll be an outcome of the kind of volumes we have and, of course, volatility in the market. So I will say that at a high-level calculation, you can keep the ratio. You can assume a sort of similar ratio to continue. Now, when it comes to new products, yes, we do have a number of new products in pipeline. Sorry, without sort of getting it to a certain point, we are unable to talk about it further. And top priority for us is the product that we are ready with, where we are waiting for the go-to-market green light. That'll be our first focus. As soon as we get those over the line, there'll be other things to play. Having said that, we also have in the Silver category, we are planning to launch the monthly options. While our options, we launched the 1 kg options in the month of November, which is doing phenomenally well. We launched on the 1st of April, the 10 g Gold, which is also very popular with retail. We are looking at launching in Silver M icro options, the 30 kg, 5 kg, and the 1 kg. These are all in play. These would also be in the shorter time frame. Okay. Thank you. Thank you. The next question is from the line of Aravind R. from Sundaram Alternates. Please go ahead. Thank you so much for the opportunity. Thank you, ma'am. So basically, I want to understand. We observe in the equity markets, FII participation is much higher. I understand the nature of our commodity options are different. But the introduction of index options and basically the cash-settled contracts, and what other things can be done to increase the FII participation here? Either index contracts can it bring a bigger step change in FII participation? And what other things can help in more and more FII participation, madam? Thanks, Aravind. So the norms for FPI participation came in the second half of 2022, and we started FPI participation early in 2023. So it's been more or less two years. And in those two years, you've seen the kind of participation we have. Now, we also have to bear in mind that FPI is only allowed to trade in Crude Oil and Natural Gas. So as and when more and more products come under the ambit and more and more FPIs come into the market, we will see more participation increasing. So this is early days yet. We are seeing more and more FPIs onboard onto the exchange. So we believe that as we go forward, we will see more healthy participation from FPIs. Sure. Sure. And do you think something like co-location, which happens in equity exchanges, can help here also? I'm not sure if it is available at the MCX, but do you think that the thing can happen, co-location facilities can happen, and that can increase not just FPIs, but also other institutional investors and more and more participation there? It remains to be seen. We cannot talk about something which is not there. As in when it comes within the regulatory approvals, then we will look it up and we can discuss it further. Sure. Sure. Thank you. The next question is from the line of Aditya Bhatia from Electrum Capital. Please go ahead. Hi. Good afternoon. So basically, I think my questions have been answered, but could you give us a mix between what your FPI and DII hedges, etc., what the mix really looks like right now? Sorry? FPI and DII mix. And your hedges, yeah. So to be honest, our DII portfolio is fairly limited at this point, primarily because there are a number of restrictions for mutual funds and so on to participate in commodity derivatives. But there are some changes to that that we are working with the industry to understand the needs of the industry and really how we need to incorporate this in the multi-asset portfolios in a more dominant way. So that would be an action that we're working on. Sure. Sure. And is there any push towards more green finance contracts like ESG-linked carbon trading, etc., that has been spoken about? Carbon trading has two parts. One is a compliance part, and the other is voluntary. So I think both of these operate in a very different way in the Indian context, and India tends to be more of a global seller than a buyer. So work is in progress at the broader government policy level when it comes to looking at how carbon trading can work and should work in an Indian context. So we are following that closely, and at the right time, when it's suitable for derivatives to be a component of that, we'll certainly be there. Okay. That'll be all from my end. Thank you so much. Thank you. The next question is from the line of Sanketh from Avendus Spark. Please go ahead. Yeah. Thank you for the opportunity. Ma'am, this is a bit of regulation. The regulator came out with a consultation paper of segregating clearing corporations from the exchanges. I know it's not a final regulation, but just want to understand. Suppose it gets implemented, then clearing corporation just want to understand how much they earn from the settlement fees, what you pay them, and maybe the float income what clearing corporation earns. So just to understand if the segregation happens, what likely impact could be there on our top line and bottom line in that sense? Yeah. I think from whatever is available in public, it is quite clear that as it stands, this implication is there for the equity exchanges. So at this stage, the commodity clearing corporation has a lot more complexity involved and handles warehouses and deliveries and so on and so forth. So we are not really expecting this anytime now. Okay. Got it, ma'am. And the second question, ma'am, is that how do we foresee this core Settlement Guarantee Fund cost? So if we do the numbers for the full year, it comes to around 7% of the total transaction income what you have earned. So is it fair to say that going ahead, given our volumes are increasing, our open interest goes up, then this cost, 7% of the transaction income, kind of will be a recurring cost going ahead? So Sankeet, this is Chandresh. See, this 7% includes 11% of contribution to ISF and IPF, which is mandated as per SEBI regulation. And the SGF contribution is something which we look at the requirements, and we keep adding to that because that helps us in different ways to maybe manage the margins for the members, which helps in increasing the volumes. Okay. But is it fair to say that 5% of the cost, given the volumes are inching up, will remain? It's a good problem to have, but just wanted to understand that's the way it will work. Mostly, yes. Okay. Okay. Got it, sir. And one more thing, ma'am. See, our Gold contribution is going up, and you alluded to the point that Gold invariably will have a lower premium realization compared to a Crude or a Silver. So is it fair to say that if Gold contribution picks up in our ADT in options, then your premium to notional will see a gradual decline or a premium realization to the notional turnover will see a gradual decline as Gold contribution picks up? No. If you purely look at the statistics-wise calculation mathematically, it depends upon whatever the product that is contributing to the maximum market share. That will be the influencing factor. But as long as the market volumes are going across the products, I think that is going to be good for the market and good for the exchange. The reason why I ask this question, sir, is that we see a bit of kind of a cannibalization. When the Gold is picking up, we see Crude is not showing so much of growth what we saw in the past, so maybe from your assessment, speaking to your members or traders, are you getting a feeling that there is a bit of cannibalization? Means Gold is growing at the expense of crude? So if you see, cannibalization would happen if we were constant and Gold grew at the cost of Crude Oil or other things. We are seeing an overall growth. We have seen 100% growth. So how is there a cannibalization? Everything is growing. There are some things which are growing, contributing to lesser premium to notional. Some things are contributing higher premium to notional. So overall, you are seeing, while you may see the overall mix of premium to notional coming down, but as long as the entire premium is going up and the notional is going up and the volumes are going up, it's a good problem to have, isn't it? So what to add to refute what I said? Generally, the market share keeps changing between the products depending upon the market scenario. That is how you have to look at it. It's never been the constant scenario. Okay. Okay, sir. And maybe last one. So you said that your option indices will be launched whenever you get the approval. So the nature of the option indices whenever you will launch will be weekly expiry or monthly expiry? What's the thought process? See, we cannot comment on all that. The idea is that whenever we get approval, we'll launch accordingly, and we'll let the market know, so I would request you to please wait for that, and as and when it comes, we'll let the market know. Okay. Okay, sir. Fair enough. Thank you very much for your answers. Thank you. The next question is from the line of Deepak Ajmera from IGE. Please go ahead. Yeah. Hi. Good evening. Thanks for the opportunity. Just one quick clarification because I attended the NSC con call also, and the management clearly said that they have in principle approval to start the futures on the energy. And you clarified that none of the exchange has that approval. So if you can again clarify that point. And second point, second is the feedback. Normally, con call have diamond pass registration. In your case, we have to wait for operator to get in so you can enable that facility. Thank you. Thank you. Yeah. So your point taken about the second part, we're looking to it. And in the first part, our MD, MCX has already clarified. So I don't think there's anything else to clarify on that. I mean, I see whatever they have said, they have said in their own wisdom. We have clarified according to what we know. Yes, sir. Shall we move on to the next question? Yes, please. It's from the line of Devesh Agarwal from IIFL Capital. Please go ahead. Thank you for the follow-up, sir. Just a couple of clarification questions. The FPI share that you mentioned or the volumes that you mentioned, INR 600 crore in futures and INR 16,500 crore in options, is this an annual average or more of a fourth-quarter average? That's what I'm referring to, the recent quarter. Fourth quarter. Fourth quarter. Fine. And secondly, did you mention any timelines to launch the Silver monthly option contracts? No, we haven't mentioned any timelines, but we are working on it. And as and when we. It depends upon multiple factors, and we won't be able to give any definite date or period by when we can be able to launch, but definitely, we are considering these products. Right. So just in case of order, basically, we have multiple products which are likely to go live. You have Silver, you have index options, you have Electricity, and then weekly. Any order that you think based on your discussion with the regulator, which can come first and how the others will follow, whether we'll see all of them in this year, any tentative timelines will also help, sir? Very difficult to predict. We cannot assign any timelines or any order. All we can say is we are working on these products, and as and when it is found feasible, they will be brought to market. All right. Thank you so much. Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one. The next question is from the line of [Lavanya] from UBS. Please go ahead. Thank you for the follow-up, sir. So just on the index options, so currently, we have index futures, which are not seeing much traction. So how do you see this differently when options are provided and any efforts that in terms of participation that we are currently already working on? How do you see index futures different from options? Both are independent to each other because unlike other products, index options or index futures can be considered to be independent because they are going to be settled based on underlying index. Okay. So they can operate differently the way it wanted to operate, how the product is going to be designed. Yeah. But why not so much traction? Where is index futures? Any sense there of any efforts from our side to enhance index futures options, the futures volume? So [Lavanya], we are working on index futures and other products as we work on all products. It is for the market to take up which products they like. Of course, we put in all our efforts. Having said that, Praveen has already clarified that normally all the products we have in options are based on futures, but these products are based on the index itself, so they are discrete from each other. Got it. Got Got it. Thanks. Thank you. Ladies and gentlemen, that was the last question for today's conference call. I would now like to hand the conference over to Ms. Praveena Rai for closing comments. Thank you so much for your time. It's been a wonderful discussion. Very intriguing questions. It helps us also to explore and see what we need to do next. Your interest in MCX keeps us inspired, honestly, and I look forward to staying connected. We expect to have a good year ahead, and we'll stay in touch.