Good morning, ladies and gentlemen. It's a deep honor to be hosting the Q3 FY '26 results conference call of National Securities Depository Limited.

We have with us the senior management of the company. I now hand over the call to Managing Director and CEO, Mr.

Vijay Chandok. Over to you, sir.

Thank you. Thank you very much.

A very good morning to everyone and a warm welcome to all our shareholders, investors, and analysts who are joining us today. I truly appreciate the continued trust that over 8 lakh shareholders now, 8.77 to be precise, as we share our business and quarter-end updates for the quarter ended December 31st, 2025.

Let me quickly give an overview of the market. Market sentiment in India, as we all would appreciate, has been cautiously optimistic when it comes to the more medium to long term, but it remains very subdued and weak in the near term.

This we believe is primarily due to global geopolitical uncertainties, which has being coupled with weaker-than-expected earnings for the recent quarter, corporate earnings, and then weaker rupee versus US dollars due to various reasons, all this leading to persistent FII outflows. This for the calendar year 2025 has now aggregated a very high number of about $18.9 billion.

During this uncertainty period, domestic investors emerged as the key stabilizer of the markets and have recorded a net inflow of about 7.8 lakh crore, largely supported by robust SIP flows. The above divergence that I just highlighted between the behavior of the FIIs and the domestic institutional investors has led to relative market resilience, and it's important to underscore this point.

In quarter three of the financial year FY '26, cash market experienced flat volumes compared to the previous year comparable period. This is clearly attributed to subdued investor interest, particularly in the mid-cap and small-cap segments and volatility in the broader market in the large parts of quarter three.

Two key trends during this period have been observed as far as our MII ecosystem is concerned, specifically the depository ecosystem. We saw a deceleration in the demat account growth.

In the quarter three of this fiscal year, the total market, this I'm talking about, added about 89 lakh demat accounts. This was lower than what was added in the quarter three of the last fiscal, which was about 99 lakh demat accounts.

The total number of demat accounts, however, increased obviously because of this addition, and stood at about 21.59 crore for the entire industry. The NSE unique investor base has now reached about 12.47 crore investors as at December 31st.

The first trend as I mentioned was the acceleration in demat account growth. The second trend is the primary market.

The primary market continued to show strong investor participation. The markets have raised about $10.8 billion through a combination of 125 IPOs during this quarter three.

While there has been deceleration in growth of demat accounts, we believe there is still a lot of room left to bring households into the market. This untapped majority, which are individuals who are yet to participate in security markets products, represents a vast opportunity for players like us.

As per a recent SEBI investor survey of 2025, only 9.5%, which is approximately 3.21 crore households, actively participate in the markets. There is clearly a significant conversion gap that is there for us to harness.

NSDL as a key market infrastructure institution has continued to play an important and a central role in this transformation. Specifically, in the quarter, we introduced several initiatives, and I'll highlight a few of them, aimed at enhancing security, efficiency, investor awareness, and accessibility.

Effective December 15th, 2025, NSDL enabled to open demat accounts digitally for HUF joint accounts. This is something that improves and simplifies access, gets better efficiency.

Ease of investments and doing business, to promote that, we enhanced the facility of the BSDA, the basic service demat account. We successfully completed the allotment of the first SIF.

You would all recollect sometime back SEBI introduced this concept of specialized investment funds, we started now getting business from that. The first one was done.

Enhancement for enabling the API to facilitate value-free transfer of government securities, the G-Secs, which is again growing interest amongst the retail investors. Some API facilities have been introduced which makes it seamless in and real-time for investors to access G-Secs.

Enhancement to streamline the margin pledge system, which facilitates our counterparties, DPs, to offer MTF facilities. We also remain deeply committed to the investor protection and financial literacy, which is what we believe will add to the attraction with respect to new investors coming into the market.

Our joint campaigns with SEBI under the aegis Raho Digitally Chaukanna reached close to about 80 million investors across India in multiple languages and formats. NSDL continues to conduct about 2,500 investor awareness programs annually.

This is something that we do on an approximate average annual basis, reaching over 1.5 lakh participants across Tier 1, Tier 2, Tier 3, Tier 4, and Tier 5 cities, actually. In the medium term, while there are these recent measures that we have taken, in the medium term SEBI has laid out a plan to expand investor participation to bring another 10 crore more investors into the market in the next three to five years.

That's the aim that SEBI has laid out. The idea is to make the investment process simpler, safer, and more transparent with and obviously extensive use of technology.

NSDL continues to be aligned to this vision of SEBI, objectives of the regulator, and our focus is to use technology and process innovation to further these objectives. Now coming to the business of the quarter.

During the quarter, the total number of demat accounts for NSDL reached 4.32 crore, and we also reached 300 depository participants now who provide service to these 4.32 crore investors through 56,000 plus 56,800 plus service centers, and branches in more than 2,000 cities and small towns. We hold 86% of the value of custody, managing about $527 trillion of securities, of which about 81% is in equity and the rest is non-equity instruments.

Our incremental market share in net demat accounts for the nine-month period now in the current fiscal stands at 15.89%, an increase in the similar period last year compared to where we were last year. In quarter three, market share specifically stood at 14.65%, and you compare that with last year quarter three, we were at about a little under 7% in the same period.

There has been some improvement in market share, but we continue to put our focus and attention in trying to improve market share of demat accounts in the retail side. Even as the MCA, the Ministry of Corporate Affairs, recently revised the minimum threshold for dematerializing non-small companies to promote ease of business, we are pleased to announce that NSDL has achieved an important milestone of crossing 1 lakh issuers within the NSDL fold.

Coming to our e-voting platform, we have helped number of leading companies to offer e-voting services to their shareholders, empowering the investors to exercise voting rights electronically. We also launched an integrated feature in the investor app called SPEED-e to display proxy advisory recommendations to enhance corporate governance through higher participation and transparency.

In the e-voting business, we have clearly now emerged as a market leader in the country. Now let me take you through the key financials, which we have already put up on our website.

In this regard, I would just like to highlight an important point that it would be relevant to examine our financial outcomes on a YoY basis and not restricted to sequential basis. This is because when you look at the NSDL's business model, there are specific elements of seasonality which are embedded in our business, elements like e-voting, then dividend receipts that comes from our subsidiaries.

These, as you would all appreciate, are concentrated in specific quarters. Doing sequential comparison may not give you a apple-to-apple comparison, I would request everyone to please keep in mind this factor and evaluate our performance in the context on a YoY basis.

Keeping this in mind, I'm highlighting the YoY comparison of NSDL on a standalone as well as consolidated basis. Total income for the quarter three stood at about 198.7 crore.

This compared against 172.2 crore last year same period, 15.4% up. PAT came in at about 77.9 crore, broadly unchanged you could say.

However, there was a one-time non-recurring tax item which has come in this specific quarter. Just for the information, it would be important to just bring out that without that, the profit would have been higher by about 10.3%.

In apples-to-apples comparison, that's what it comes out. On a consolidated basis, total income stood at about 394 crore, compared to 391 crore last year, broadly flat.

Profit after tax stood at about 89.7 crore, roughly 4.5% up compared to the previous year. This is without any exclusions here, but if I were to give the benefit of that one-time impact that NSDL took on a tax item, then the profit would have been up by about 13.3%.

With this brief update, I would also like to highlight an important development that happened with our subsidiary, which is the NSDL Payments Bank. Protean eGov has acquired a 4.95% stake in the Payments Bank for about 30 crore, valuing the bank at approximately 580 crore.

This is with an aim to boost its digital services distribution, enhance and strengthen its role in the digital public infrastructure space. The bank as at December 2025 has crossed 475 crores of deposit balances, and the number of account holders have now crossed 37 lakh, 37.5 lakh account holders and depositors as on date.

With these, I will just hand it over to the CFO. Before that, I would once again express my gratitude to all our shareholders, regulators, employees for their continued commitment and support in our journey.

I'll now swing this call to Jigar, our CFO.

Good morning. Thank you, Vijay.

Let me now take you through a slightly deeper update on standalone and consolidated financial highlights for the quarter ended December 31st, 2025. To begin with standalone basis, revenue from operations for quarter three stood at 169 crores, a growth of 14% on a YoY basis.

Sequentially it declined by 17% as Vijay mentioned due to seasonality, particularly on account of e-voting and dividend income that occurs in quarter two FY '26. On total income basis, we have registered a growth of 15.4% on YoY basis from 172.2 crore a year ago to 198.7 crore.

On margin front, as far as EBITDA margins are concerned, our EBITDA margin for the quarter ended stood at 60.5%. EBITDA for Q3 FY '26 on absolute basis stand at 120.2 crore.

As far as net profit after tax is concerned, our profit grew by half a percentage point on year-on-year basis from 77.2 to 77.9 crore. However, excluding one-time tax impact, the profit would have been at 85.4 crores, up by 10.3%.

That's like-to-like comparison without stripping out the tax impact. As far as our PAT margins are concerned, our PAT margins stand at 39.2%.

However, excluding that one-time impact, the PAT margins continue to be at about 43%. I would like to share brief update for nine-month performance FY '26 standalone basis.

Total income on nine-month stood at 639.7 crores, a growth of 18% on a YoY basis. Profit after tax for nine-month stood at 280.9 crore, up by 14.3%.

Excluding the tax impact, the profit would have been for nine-month 289 crores. Net worth on standalone basis stand at 2,048 crores.

NSDL standalone profits forms 90% of total consolidated profit. Moving on to consolidated highlights for quarter three, our total income stands at 394.3 crore, marginally up by eight 0.8% on a YoY basis.

Sequentially, it has declined by 8.8%. Profit after tax for the quarter stood at 89.7 crores.

Excluding the tax impact, the profit for the quarter on consolidated basis stands at 97.2 crores, up by 13.3%. On nine-month basis, our total income stood at 1,173.4 crores, up by 2.8%.

As far as PAT is concerned, our PAT stands at 289.7 crore, up by 11.5% in the nine-month, and excluding one-time impact, the profit stands at 297.3 crore, up by 14.4%. Our margins have improved on a consolidated basis from 22% to 24% for the quarter ended December 31st, 2025.

That's the update on the financial front. Thank you, all of us, for joining us today.

I will now open up the floor for questions.

Good morning, team. I am audible?

Yes, you're audible.

Yes, sir. Sir, I am consistently watching there is a change in revenue mix.

Our majority revenue come from payment bank, but the contribution of payment bank in the profit is very low. What are your views on the business of payment bank?

Thank you. The Payments Bank tends to have a high revenue, principally because the way this Payments Bank business model is structured is that this income includes the commissions that are payable to the business correspondents.

When you net that out, the contribution is what really is attributable to the bottom line. You have to view it in that context.

You would notice that Payments Bank has been in the process of figuring out its business model, profitable business model. While we are not specifically sharing the numbers, I can tell you that on a YoY basis, there's been a very considerable growth in the profit after tax of the Payments Bank compared to the last year period.

There are specific businesses that the Payments Bank has identified, which is float which is coming from deposit holders in form of CASA, which is now I mentioned the numbers in my talk, and also the UPI acquisition income, which is now started coming. As a result of that, we are seeing much better profit in the current year compared to last year.

As the company has also raised 30 crores of equity, which will strengthen their capital base to do more investments into particularly technologies, upgradation of technologies, which will also help in improving the business. We do believe that this is a more medium-term prospects, but what is very sort of interesting to note about the Payments Bank, it's a strong operating leverage business model.

The multiple on growth is what this business tends to offer rather than percentage growth on a YoY basis, and that's what we have also seen in the current year.

Sir. I have one follow-up.

Sir, our majority of revenue come from banking service and so how you viewed the banking service revenue in the coming one to two year? How much percentage of revenue come from banking service and how much from depository business?

As Vijay rightly mentioned, our request is if you are looking at the Payments Bank from a contribution basis, you have to look at the gross revenue and strip out the expenses because these are commission. If you can see from the last nine months, we have reported a segment numbers, the last nine months the segment revenue coming out of banking services was about 2 crores.

This time it has gone to 14 crores. A lot of activities that has been undertaken by the Payments Bank with regards to the UPI acquiring business, with regard to the CASA business, we see the momentum to continue.

Having said that, how we look at next one or two years, we are not giving a specific guidance, but we are very confident that it will continue the current momentum.

Yes, sir.

Sir. Thanks for the opportunity.

Sir, my first question is on the annual custody fees. Obviously, we have seen healthy growth there on YoY terms.

The recent change in regulations, how do you see that impacting the pace of addition of unlisted companies? Because unlisted was a higher proportion of our issuer revenues, and it was a major growth driver for us also.

In terms of how the time has reduced with the change in regulations, if you can explain that.

Yeah. Certainly with this change in regulations, we have seen the run rate of growth come down because the eligible universe has become much lower now compared to the earlier one.

Data is not specifically available in a formal sense, on the approximate sense data is available. There is a definite reduction in the custody fee.

The expectation is that the people who have come already into the demat, because the deadline had already crossed on June 30th last year, the expectation is that they would continue to provide the sort of continuing fee. In any case just to sort of highlight one comment which you made that majority is coming from custody fee is not an accurate number of unlisted companies.

It is broadly balanced, actually. It is not in favor of.

It is almost equal between the two. The growth drivers for custody fee will continue to be the increase in the custody fee coming from new companies getting demated, whereas which is coming at a slower rate than the past year.

The great growth that can come through the listed space, that momentum through improvement in number of demat accounts is something that we are targeting to or, working towards to keep increasing to add to our custody fee.

Okay. Sir, thanks for the clarification.

Sir, just in continuation on this, we're also eyeing for an issuer fee hike from the regulator side, and because we are seeing increase investments in technology and obviously in the overall cost structure for us is increasing at a faster rate, and there are planned investments that are also there in terms of technology. Is it a strong point in terms of the regulator to consider a hike in terms of the issuer, because it has been pending for almost 10 years now?

No, I don't know what is your source of information about this conversation with regulator, because we are not aware of any such sort of plan that is there. Having said that, you are right in saying that for about 10 or now 11 years, there has been no change in the fees.

That prerogative of any change in fees is left to the regulator. I don't think we can make any observation or comment on that at all.

Okay. Sir, in terms of the incremental market share gain, obviously we mentioned in the last calls that we have been trying to gain the incremental share.

We have seen some improvement till September, but post-September again the incremental share has started to come down. Any update on where we are in terms of journey in terms of having a better incremental share?

Yeah. I think that's a great question, an important question, because that's an area of principle focus of the management team.

Specifically quarter three to quarter four, rather quarter two to quarter three, the change that you've seen in the in the demat account market share is to our mind and an analysis is actually more I would say episodic and linked with certain very high highly sought after and high profile IPOs that came, which led to a which always leads to a little bit of search of business. That business tends to come more for some of the discount brokers as compared to the bank-based brokers, which is led to a slight skewness however in that quarter compared to the previous quarter.

However, with you know market now becoming more sort of benign with respect to the IPOs in particularly more recent time, structurally I don't see any sort of difference between what happened in quarter two and quarter three. We continued, we've added, I think we've given out the data about six new DPs.

These some of these DPs are fintech DPs. Many of them have started now scaling up.

Numbers are materially important. Recently, we got a switchover of also important Pune-based fintech player which is started adding demat accounts.

We are in talks with many I would say meaningfully large demat player. Some of them have actually I would say demat providers, demat account providers who who have already started the integration, but their scale-up is expected to take place over the next few quarters because they're putting their teams together and their you know various technology testing, etc., together.

You'll just have to appreciate that the journey is underway, but the impact of onboarding does not come in the immediate quarter of onboarding. It typically takes at least two, three quarters before the scale-up numbers are coming.

Some of these scale-up that we have started seeing is something that we have started early part of the calendar year. Whatever we are doing in the current few months will start being visible from the second half of the calendar year '26.

Sir. Sir, one last question from my side.

It's more related to what's happening at the macro level in terms of from the company side. Seeing the standalone numbers more from an revenue per demat, okay, quarter three annualized number is around ₹156 per BO account.

If I split it between the old and the new additions, maybe because in last three, four years, we have seen a lot of new additions that has been there in terms of the base. How do you see this 156 number or 160 number odd in terms of the contribution from the older clients versus the newer clients?

Is it significantly lower that the newer accounts that are getting added, their contribution is significantly less, and maybe that becomes a trigger as these accounts grow and become old, maybe the contribution from there maybe will increase and that will fuel the growth for the next four, five years for the company? Is it the right way to see?

See, Amit, this is very good question. We keep debating this about the new and the old, but it's very hard to right now pinpoint how we look at the next couple of years from ballpark number of 156 or 160.

Essentially, this is also augured by the number of activity that an investor does in the market. The number of activity increases, you get a more churn in terms of our revenue.

Typically, we have seen there are two sets of retailers. One retailers which are very, very active and the one retailers which are little passive.

It's very hard to even pinpoint the new-age demat accounts which we have added in the last couple of years, how these activity or behavior will look at. Just to give you one color, we had a Yuva scheme that we had rolled out a year ago.

Initially, the Yuva scheme was garnering about 10% of our demat account. Now it is getting 20%.

Again, the transaction from that has not been so material in terms of how many churns that are, because these are more driven to the market-linked activities. Very hard to predict this ballpark number.

If you look at the trend of what we've seen, I think it's fair to say that that is a direction one can aspire for, what you just highlighted in your question. That it will go down and then over a period of few years, it will start improving because that's the way economic progress will happen.

Sir. Thank you and all the best.

Thank you, Amit.

Thank you very much.

Thank you, sir. This is Sanketh from Avendus Spark.

Just a couple of questions. The other transaction income which fell 26% quarter-on-quarter and 8% year-on-year, is it fair to say this is largely because of the lower joining fees coming from unlisted companies because of the regulatory change?

Sorry, Sanketh, can you just please

There's some little bit of noise in the background. Just some construction work going on, can you just repeat it again?

Sir, the question which I was asking was that the other transaction income which you give the revenue split, there we have seen 8% year-on-year decline and around 26% sorry, 8% year-on-year decline and 26% quarter-on-quarter decline. Is it fair to say that this decline is predominantly because of the lower joining fees coming from unlisted companies because of the regulatory change?

Yeah. This quarter, yes, just because of the lower joining fee that has come as far as the quarter-on-quarter, sequential quarter is concerned, also the year-on-year.

Broadly, there are a few other elements also in year-on-year, but it's about 8%. This major quarter of 25% decline is on the back of the joining fee.

If you see the joining fee in the previous sequential quarter, we added about 11,000 plus companies. This quarter we've added 4,400 companies.

That is where the bigger drop is coming.

Understood. Sir, Jigar, this 4,500 or crores 500-odd companies, do you think this run rate will further decelerate or you expect this 4,000 companies run rate with the regulatory change in the mind will continue?

We are right now experiencing that there is some momentum, but we are taking very cautious approach and we can't predict right now our real number. We wait and watch because the update has come very recently how this will unfold in the ecosystem.

We are also looking at the behavior of the ecosystem. Give us a quarter and then we'll probably have more clarity on how do we look at this number.

Understood, sir. Understood.

Maybe if you're okay to share, in the other transaction income from a data keeping point of view, what is the pledge revenue earned in the quarter and in nine months FY '26?

I thank you for asking this question. I get this question all the time.

We are also looking what kind of information we can sort of put it across in line with our IPOs. We have done, but yeah, surely we look into it and try to look at giving more information whatever that's possible.

Noted.

Jigar. That's fine.

My next question is on Payments Bank again. See, I agree with Vijay, you saying that the profitability of the business has increased.

When I do the analysis, the contribution margin which was 0.5% third quarter FY '25 improved to 2.4 in second quarter, now it is closer to 5% in third quarter. How do we see this number to play out?

This 5% has further scope to improve with the business model change and whatever pruning you're doing with the business, how much maybe declining trend in the Payments Bank will continue, and to what extent that contribution margins can improve for the Payments Bank from the current levels?

Sanketh, as we've been saying in the last two to three quarters in our call also that effort is there in order to push multiple business of Payments Bank, and what you've mentioned that is the outcome of the effort. We are not looking at a business where we say that let us take this number to X to Y.

We are hopeful and we are very cautious right now that whatever effort that we are taking, we maintain the momentum. That's the call that we have internally amongst our management and also with the Payments Bank.

Let a couple of more quarters come out, and then we'll get a visibility. Because if you see from two to from 0.5, it's gone to 2.5, and it's gone to four.

We want to maintain this momentum across CASA. That is one focus area.

Second area is the UPI acquiring, and that will continue to give us this range-bound as far as the payment business is concerned.

A large part of the delta improvement happened because of CASA or UPI services? Means if you can give a color.

I would not be able to give a split, but it's a combination of both. A, UPI acquiring that has gone up, and we have given that number that volume has gone up to 30,000 crore plus in our deck as far as the acquiring volumes are concerned.

The CASA has gone to 475 crores plus. The margin on CASA is also helping us to make the retail income on that front.

Understood. Understood.

A few data keeping questions. Or rather one more question.

See, you alluded to the point that we have a market share gain in e-voting, but if I look at on sequential basis, e-voting still declined. Is it because it got lumped up in third second quarter, because nine months numbers look okay, but in third quarter it looks weak.

Is it fair to say that the business got lumped up in 2Q and therefore 3Q optically looks lower on year-on-year basis?

No, no, bang on. In fact, I mentioned it in my opening comments itself that there is a seasonality impact that we typically observe, particularly because of e-voting.

As most of these results get declared, then there is an AGM which happens in the quarter three, rather quarter two. Quarter three becomes less, and quarter four becomes even lesser.

There is a seasonality impact of e-voting. The other impact that you will see is dividend, which we receive from subsidiaries.

That typically comes in Q2. Q2 to Q3, if you compare sequentially, these optics have to be adjusted.

I understand that, sir, but I was more referring from year-on-year basis.

Despite that, there has been actually a gain in market share. Quarter two to sequentially also, we've gained market share.

Understood. Understood.

No, but third quarter to third quarter, there is a decline. Despite we gaining market share, there is a decline.

Anything to read there is the point I was trying to check. I understand that Q2 is seasonally very strong.

Yeah.

The third quarter, what you're looking at 6.8, the number of events have remained the same, but at times what happened, the event mix changes. Sometimes the number of shareholders are slightly higher in one of the event, and the number of shareholders slightly lower.

These are again very event-specific. Even if I have to give you a number of events, because we have given in our IPO also, we've done about 4,400 events this year, and last year we did about 4,200 events.

Sometimes when the mix changes, that's where you have some marginal contribution going off here and there, but otherwise we maintain the steady state with regards to the market share.

Understood. Lastly, last one question.

Can you spell out the number of folio count you have at the current juncture which you spelled out in the last quarter, too? Any update on that number will be useful.

Second is that if Payments Bank needs any capital incrementally to run the show, or they are self-sufficient?

First question, I will answer. I hope this is your last question, otherwise you will keep continue to keep asking more data points.

No, very fairly asked. We had given this data point last time in terms of our folio counts.

We are roughly about 15.5 crore folios as we stand as of 31st December. That's where our folio count is.

As far as the adequacy of capital and the capitalization is concerned, maybe the fact is that we have done the investment with regards to 30 crores, 4.95%. We continue to get if there is any opportunity.

At this point in time, our focus is more on building what we've got from the Protean and build this partnership more meaningful and formidable in the next one year.

Understood. Thanks, Jigar, for all the answers.

Thank you. Thank you.

If there are more questions, we can take it up additionally later.

Yeah. Hi, everyone.

Am I audible?

Prayesh. Hi.

Hi. Hi.

Most of the questions have been answered. If you look at demat accounts, right, what is the potential that you guys have to kind of extract more volumes out of the existing brokers, right?

We were talking about the hook of three-in-one accounts with these bank-based brokers. Any traction there that has kind of can win some momentum back into the game?

Q3 is episodic, I understand, wherein there were a lot of IPOs. Structurally, do you think that the bank-based brokers are working towards getting more three-in-one accounts?

Is there any data to kind of support that thesis?

I think that's a great question, and actually in one of the slides, we had given out that data on the deck. If you notice in the quarter three we've given nine-month data, right?

If you can refer to that data, the nine-month period, last year the entire industry added about 339 lakh demat accounts, right? That number has come down to 234.

Right. There has been a deceleration.

During this period, our demat accounts went from 29.98 to lakh to 37.33 lakhs. How is this possible?

This is possible only because while the industry has shown a degrowth, we have shown a actual absolute growth in the number of accounts. This is because of more digitization and efforts to increase penetration with our existing DPs.

In addition, few DPs that were added earlier have now started scaling up. It's a combination of both these things.

Some traction is visible in the nine-month number if you see through the existing brokers itself, where we are able to improve greater conversion of saving account into three-in-one accounts. It's almost an 8, 9 lakh increase in base when actually the market has come down.

Yes, right. Right, sir.

The six DPs that you have added recently, are they already operational, and if you can indicate the total number of NSE active clients that they would have currently, not the demat accounts, but at least the NSE active clients which is there in the public domain, that could give us good understanding on the size which you can see incremental volumes coming through?

Currently, we are not giving any subset sort of a data at this point in time.

Okay. Got that.

By and large, we've seen that the bank-based guys tend to be heavier on demat, and that is again available in our deck data is available on how the demat balances are played out.

Sure, sir. Just a last question in the other transaction charges, I think this was asked earlier, but again just repeating.

The drops in sequential basis on the other transaction charges is because of joining fees only or and because you said the implication is still yet to come, the joining fee should further kind of go down from the current levels if we look at Q3 numbers?

Right now, when you look at numbers, it's primarily the quarter-on-quarter is because of the joining fee as well as year-on-year, it's primarily driven by the joining fee. Rest of the elements which are part of the other transaction, which are like pledge, other transactional charges that we charge remains flatdish or unchanged in that.

Right now, we are looking at how this next quarter comes in terms of joining fee, how much we have a market share and how many companies gets onboarded. Too early for us to say how this theme will work out in especially this quarter.

Just wait and watch for us. For now, the commentary is because of the joining fee has seen a change, and that has led to decline in the other transactional charges.

The

impact of regulation is already seen in Q3, is that the right way to think?

The regulation I think came in December, the official commentary from. It's sort of not a full impact.

We see how the next quarter sort of looks at, and then we continue to monitor this situation closely.

Okay. Can I slip in one more question?

Please.

Yeah. Just on this, if you look at the corporate actions and IPO activity, we saw 3Q as a very strong month for IPOs, but in spite I'm understanding the drop in revenues is more because of corporate actions, and is there any booking of revenues pending on IPOs that can flow down in Q4?

No, on the booking side, the accounting side whatever IPOs has come that has the income has been taken care of. In terms of the year-on-year we are flattish, we are 25-odd crores we've earned in this quarter.

On the Q2, we had slightly better pipeline with regards to the IPOs. Vijay mentioned in earlier commentary that sometimes, especially in quarter three, there were two, three big players that sort of had more applications and demat account favored the competition than the us, and that's where you see a slight episodic reduction in the corporate action fee.

Otherwise, it's been steady state.

Thank you. All the best.

Thank you very much, Prayesh, and have a good day. Thank you.

Sir, I have one suggestion that is our majority revenue come from banking system, but we provide very less information about our payment bank business. It would be very grateful if we provide more information about our payment bank business system from upcoming quarters.

I think once again, I would request you while there is a large number, the relevance of that revenue is to be seen in the context of a net number, if you net it off, it's all available. What is going to be the value driver is the depository, not the bank.

There's that much information that we are giving about our subsidiary.

Sir.

Yeah. Thank you.

Thank you. Thank you, sir.

Yes, please.

I think he is having some difficulty in his phone.

Thank you very much. Really appreciate all the questions that have come and for patiently hearing our entire update on the business performance.

In case there are afterthoughts, after-questions, or even anyone who could not ask questions and couldn't participate because they wanted to do some more study before asking, don't hesitate. Please feel free.

Jigar is available, and we would be able to take this offline. You can reach out directly to Jigar and his team, and we'll be very happy to respond to all your questions.

Please this is a request from my side. Thank you very much once again.