BSE Limited (BSE) Q2 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to BSC Ltd Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the lesson-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero in your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Anand Sethuraman. Thank you, and over to you, sir.

Thank you so much, Yusuf. Good evening, everyone. Welcome to BSE's Q2 F5-2027 on Yusuf. I am Anand Sethuraman, and it is my privilege to introduce you to the members of the BSE's leadership team today. Starting with Mr. Sundar Raman Ramamoti, Managing Director and CEO. Mr. Saurabh Shukla and Mr. Gopalan S. Raghavan, Executive Directors, Mr. Deepak Goel, Chief Financial Officer, Mr. Sunil Ram Rakhlani, Chief Business Officer, Mr. Geeta Gangadharin, Chief Regulatory Officer, Mr. Virul Davda, Chief Technology Officer, Mr. Rajesh Bande, Chief of Product, Policy and Strategy, Mr. Ketan Jantri, Head of Trading Operations. Ms. Ladha Pirtivasan, head of visual relations and corporate case. Mr. Ramesh Gurra, chief information security officer. Mr. Visek Ja, joint chief information security officer. Mr. Sanjay J, chief risk officer. Mr. Vishal Bhatt, company secretary. Mr. Ashutosh Singh, managing director and CEO, BAC index services. Ms. Vaishaji Babu. Managing Director and CEO of BAC Clearing Corporation. We also have representatives from our finance, business, investor relations, team here. Please note that our latest financial results and investor presentation are available on the BAC website. Today, we will start with remarks from our MD and CEO on our performance followed by a Q&A session. All participant lines will be muted for the duration of the call and there will be an opportunity for you to ask questions after the management remarks. Some of the remarks made today in this call may be forward-looking in nature and are subject to risks and uncertainties. The company does not undertake to update these forward-looking statements publicly. With that, I will now invite BAC employee and CEO to share his views. Thank you and over to you, sir.

Good evening, everyone, and thank you for joining us today. Let me begin by welcoming our shareholders. Investors, members, and all other stakeholders on this call.

If we first talk a little bit about the macroeconomic environment. Indian capital markets continue to demonstrate structural resilience despite a volatile global environment. Marked by intensifying geopolitical tensions, fluctuating crude oil prices, and prolonged tightening of global financial conditions. Against this challenging backdrop, India's core macroeconomic fundamentals remain exceptionally robust. Real GDP expanded by 7.8% in Q1 of FY27, fundamentally driven by sustained momentum across private consumption, capital investment, manufacturing output, and a resurgent services sector. Importantly, institutional market dynamics have evolved to provide unparalleled systemic stability. While foreign institutional investors adopted a cautious stance amid macro uncertainties, resulting in a net outflow of Approximately 35,861 crores from Indian equities in September 2026. Domestic institutional investors absorbed this liquidity pressure, deploying approximately 76,030 crores during the same period. This robust influx of domestic capital serves as a critical, counter-cyclical buffer, deepening market liquidity, and validating long-term confidence in the Indian growth narrative. Indian capital markets are now increasingly anchored by domestic long term financial savings. Evidencing this debt, the mutual fund industry assets under management reached a historic milestone of approximately Rupees 82.64 lakh crores as of September 2026, making an impressive 12.5% expansion during the first half of FY27. The compounding participation of both household and institutional investors underscores the self-sustaining nature, Maturation, and expanding capacity of the domestic

financial ecosystem. Against this backdrop, I'm pleased to

share that BSE continued to deliver strong financial performance during the first half of FY27. Consolidated revenues for H1 FY27 stood at Rs. 3,257 crore compared with 2,184 crore in the corresponding period last year, representing a robust year-on-year growth of 49%. I will now share. Some of the key financial numbers on a consolidated basis for the half-year ended, September 30, 2026, as compared to the previous year. Operational revenues have grown by 48% to Rs. 2,999 crores from Rupees 2026 crores. Transaction charges comprising revenues from the equity cash, equity derivatives, mutual funds, and clearing of segments registered a substantial increase of 60 percent, rising to Rs. 2456 crores from Rs. 1531 crores reflecting robust growth in core trading and settlement related. Other operating income, which includes enhanced data dissemination, fees, colocation, and order throttle charges, index services, etc., has increased by 23% to Rs.

200 crores from Rs. 163 crores. Operating expenses increased by 36%. 980 crores from rupees 721 crores. It may be noted that 50% of the total operating expenses are attributable to

regulatory fees and clearing and settlement expenses, all of which is directly correlated to increasing transaction volumes. The operating EBITDA, including contribution to core SGF, has increased by 55% to Rs. 2019 crores. Rupees 1,306 crores with margins expanding to 67% from 64%. The net profit attributable to the shareholders of the company has demonstrated a significant increase to reach Rupees 1,680 crores Some rupees 1095 crores representing a robust year-on-year growth of 53% with

a net profit margin of 52%. The continued growth of BSC's investor base reminds an encouraging

indicator of the growing reach of India's capital markets. Investor accounts registered on BSC have now reached 26.8 crores to 3.9 crore new accounts added over the past year.

Importantly, This participation is becoming increasingly

broad-based with 11 states now having more than 1 crore investors each, reflecting the widening geographic reach of the

capital markets across the country. Alongside this growth, investor education and awareness

Continue to remain an important priority for BSA. We conducted 2328 Investor Awareness Programs during H1 FY27, reaching over 1.2 lakh participants. Looking ahead, BSE remains deeply committed to expanding investor awareness and advancing financial literacy. We view this educational mandate as a key pillar for promoting informed investment decision, Safeguarding investor interests and securing the long term. Sustainable growth of India's financial ecosystem, the consistent improvement across both our revenue streams and operating margins is direct evidence of our disciplined strategic execution. By expanding market participation and driving key platform efficiencies, We are continuously enhancing the depth of India's financial ecosystem while reinforcing BSE's structural position at the center

of India's capital market. Let me now discuss a few key trends that shaped our business this quarter.

In primary markets, we have seen very strong momentum during the first half of FY27 with a record 71 mainboard IPOs, raising over Rs. 84,400 crores, sorry, 84,000 crores. Making it the strongest on record for Indian capital markets. In September alone, PSE witnessed a record 32 main board IPO listings, collectively raising Rs 40,354 crores, a strong pipeline of issuances coupled with healthy investor participation. Demonstrates the growing confidence of companies in accessing the public markets for capital formation. We remain optimistic about the opportunities ahead and believe BSE is well positioned to participate in

India's growing equity capital markets. Alongside the strong momentum in the mainboard

IPO market, the SME segment also continued to demonstrate healthy growth with strong issuer and investor participation. PSE SME crossed a significant milestone of 800 listed companies. In October 2026, up from 600 a year earlier,

notably, the latest 200 listings have raised Rs.

8387 crores, representing nearly 45% of the cumulative capital raised on the platform, underscoring The growing role of SMEs in India's economic growth and capital market development. Overall, in H1 FY27, issuers raised over Rs. 13.9 lakh crores through BSE's fundraising

platforms across equity, debt, bonds, commercial papers, We reach and invest,

reaffirming the trust placed in BSE's market infrastructure. Looking ahead, we remain positive on the outlook for India's primary markets. The main board IPO pipeline remains strong with over 150 companies. Seeking to access the capital markets and targeting fundraising of approximately Rs. 1.5 lakh gross. Moving on to our trading segment, we continue to witness strong momentum across both our cash and derivatives market, supported by growing client participation and product innovation. In the equity cash segment, PSE continued its strong momentum, recording its highest ever quarterly average daily turnover of Rs 10,494 crores in Q2 FY27, reflecting sustained market participation and strengthening liquidity on the X. In our index options segment, due to FY27, ADTV by premium volume stood at 22,531 crores, while this represents our first sequential quarterly contraction, decreasing from 29,615 crores in Q1 due to compressed market volatility. And certain temporary structural shifts in participation. However, we have seen a decisive recovery in September 2026 and a record-breaking October 2026, which registered our highest ever monthly index options premium ADTV of Rs. 25,481 crores. PSE also achieved its highest ever single-day expiry premium turnover of Rs. 85,356 crores on October 22, 2026, reinforcing the deep systemic liquidity, resilience, and expanding market share of our derivatives platform. Good morning, everyone. Our focus on broadening the derivatives ecosystem continues to progress. The BSE focused IE index derivatives introduced earlier this year are gradually establishing themselves on our platform with participation developing across successive expiry to further strengthen our global product offering. BSE has entered a strategic collaboration with MSCI, bringing together BSE's market infrastructural capabilities and MSCI's globally recognized index expertise. Through this partnership, we aim to develop and expand MSCI-linked derivatives products on BSE. Providing market participants with greater opportunities to access and manage exposure to global and Indian markets. The collaboration marks an important step in broadening our derivatives ecosystem and strengthening BSE connect with domestic and international investors. This reinforces our strategy for offering differentiated products that addresses the evolving requirements of market participation. Moving to other options. BSE's co-location and other connectivity charges, including throttle charges, continue to perform well with revenues of Rs.103 crores in H1FY27. We remain committed to further expanding our co-location infrastructure in line with client demand and growing market participation. For participation. Turning to a mutual fund distribution business, BSE Star MF continues to deliver strong and consistent growth. During Q2 FY27, the platform processed 24.5 crore transactions, representing a healthy 22% year-on-year increase. Revenues for the H1 FY27 grew 11% year on year to Rs. 146 crore, reflecting continued growth in investor participation and increasing scale of India's mutual fund ecosystem.

I mentioned in my last earnings call update, Star NPS platform by BSE Technologies continues to expand by integrating central record-keeping agencies and pensions and managers, thereby providing a unified architecture for seamless NPS adoption. And management. Through this initiative, we are strengthening our position as a comprehensive investment and retirement solutions platform, supporting investors throughout their long-term wealth creation journey. During the quarter, BC also signed MOUs.

Partnering with Government of Andhra Pradesh to advance SME ecosystems, investor protection, municipal finance, collaborating with MMTC PAMP to develop electronic gold races, and engaging with Chamber of Marukwara Industries and Agriculture and MESHO to enhance SME awareness and capital market participation. In summary, the first half of FY27 has been a defining period of structural growth for DSU, characterized by robust financial expansion across our core business. Thank you. Diversifying our multi-asset product suite, and delivering long-term sustainable value for our stakeholders. This institutional progress has been validated by premier global industry benchmarks. BSE was recently honored by Euromoney as Asia's best. We received the Innovation of the Year Award, while FOW Asia-Pacific named us Exchange of the Year. Crucially, the deep capabilities of our subsidiaries were also recognized, with BISPL awarded Asia-Pacific Best Index Benchmark Provider. And BSE CL winning Asia's Best Clearing House, complemented by the Best Content Marketing Award at the AFAQ's Bankfin Awards. These accolades comprehensively validate the operational excellence, technological superiority, and comprehensive maturation of the BSE ecosystem. Looking forward, we are highly confident in the secular, long-term expansion of India's financial architecture. Equipped with a resilient, diversified business model, we network effects across our transactional platforms and an unyielding commitment to core technological innovation. I would say unwavering commitment to core technological innovation. BSE is uniquely positioned to capture incremental market volumes, pioneer sophisticated financial products, and drive compounding stakeholder value. Thank you for your enduring trust and strategic partnerships. With these Thank you, sir.

We will now begin the question and answer session. In the interest of time and to ensure all participants have an opportunity to address the management, we kindly request you to limit your remarks to maximum. Should you have further questions, you will be welcome to rejoin them. Thank you.

Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are are requested to use handset while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Participants are requested to restrict themselves to two questions only. First question is from the line of Sumit Sinha from McQuarrie. Please go ahead.

Yes, thank you very much. A couple of questions from my side. First is, we're looking at the daily data that comes out. From your exchange, you know, obviously seeing a nice reversal in the derivative side, options premium and emotional as well. The equity side is still down sequentially. Any thoughts there that will help us kind of think about how the quarter or the rest of the year kind of pans out, that will be helpful. And the second question is, in the last call, you had set out some goals regarding cash equities, double-digit market share, and member FPI sort of growth goals. Can you reiterate those? Where are they tracking right now? That will be helpful. Thank you.

Thank you so much for attending the call and asking me this question. As far as the equity trend is concerned, there are quite a few macroeconomic situations today, as you all are aware, resulting in a broader outflow from the Indian market from FPI's. And this has impacted multiple things, including the total volumes of trade in the equities market in the country. To compensate it, the new IPOs that are coming in are creating a lot of encouraging trading volumes. So it's a mixed bag. Where do we see this equity trend growing? There are a lot of talks about government intervention and facilitation of steepening market liquidity. And we hope that some of them, if they see the light of the day, and also with the stabilization that is expected to happen in the global scenario. With various outcomes, including election outcomes, people are talking about. And with all the structural changes related issues which were hampering the Indian market, at last appearing to have been put to rest. We feel that, already we are seeing, we feel that it will further enhance and deepen the market. And our view is that India has a lot of potential in terms of increased volumes, increased. to participation and increasing liquidity. As far as the trends and targets that we set out for ourselves, in terms of number of brokers and FBIs, we are faring extremely well, and we are going exactly as per what we thought we will be achieving in terms of having people inside. Exact numbers are available in the presentation, so you will be able to see. As well as the cash equity market share is concerned, which is one market share which I track. We are yet to lose the double digit market share. There are multiple reasons still pending. Some of the facilitations in terms of common contract note have happened. But still we find quite a few clients of brokers who have completed their KYC. Who are permitted to trade in these segments of both BSE and NSE, who are yet to be permitted to trade in BSE, in which we are working with such brokers that there is such tendency to ensure that the clients are provided a fair and equitable field to participate in both NSE and BSE collections what they want to do. So this we feel should help us. And also, The scale at which we want it to happen.

I'll keep sharing the list.

All right. Okay. Thank you very much.

Thank you. Next question is from the line of Praveen Malik, an individual investor. Please go ahead.

Sir, can you hear me?

Yes, sir. Yes, please go ahead.

Sir, first of all, I want to thank you for a good set of numbers. My question is that now NFC is listed on BSE only, ASLM is not listed on platform. My question is that the different options of NFC, will it be paid on BSE or it can be traded on NFC also? And how we can see NFC in FL requirement? Thank you.

Thanks for your congratulations. I am not sure whether I heard you properly because your voice was very smart either. I presume I heard the question as whether NSE will continue to be trading only in DSE or it will be permitted to trade on itself or to be listed on itself. Some such thing is what I understood. I'm not sure where is the basis of this question, because multiple times, including Sedi Chair, when they have stated that at this point of time, there is no regulatory framework available for either permitting a stock exchange to trade on itself, or permitting it to list on itself. The question at this point of time does not appear to arise. If there is any regulatory change discussed or in the offing, the question will be making lot of sense. At that time, we need to revisit this question. Thank you so much.

Sir, my question is about F&O segment, sir. Noting care segment, sir. Thank you.

Oh, you are talking about NSE being permitted in F&O segment of DSE. Got it.

Yes, sir. Correct, sir.

Great. Thank you so much. Sorry for my misunderstanding of your question. As far as F&O segment is concerned, SEBI has laid down certain criteria in respect of a stock to become eligible for trading in the derivative segment of any exchange. Its interrelia includes multiple things including MWPL, quarter sigma value, daily traded turnover, The role of stock exchanges is to continually watch all the new scripts, to check for their fulfillment of eligibility, and on their fulfilling the eligibility, introducing derivatives on them after taking necessary approvals. The same process will be diligently followed by BSc. For all scripts, That are newly listed, and we will do the needful at the exact immediate time when they become eligible to trade.

Thank you, sir.

Next question is from the line of Amit Chandra from HDFC Securities. Please go ahead.

Sir, sir, thanks for the opportunity. And, sir, congratulations on a very strong set of operating performance and numbers. And, sir, my first question is on the, you know, adjusted, you know, the cash rules, you know, which is applicable in December. So, as per the new, you know, cash rules, the... You know, the contracts which are expiring, especially on the expiry day, the settlement will be based on the levy back. So is it, you know, true to say that it actually gives the advantage for the contracts which are expiring on that day, especially if I see BSCs on BSC expiry this is Thursday? It is on the larger exchange. I agree with that. The pricing gaps that we have in the option segment and especially on the co-location side, where on the Intel's and on the, like, auto. So, is there any, you know, Any possibility of vaccination? Thank you.

I will point it out. The VVAP. Market, our expandings. I'm adding. Therefore, in that sense, we are still on a growth phase and we are not in a mature phase according to ourselves. Will we be re-looking at it? Will we be revising it or not? These important questions that are being raised by you. Our stand has always been, we will do whatever the market participants find it as suitable. We have our mechanism of assorting the customer's voice and based on that, at the appropriate time to appropriate level, we will increase the charges including transaction charges. Colocation chargers, throttle chargers, etc. All revisions will be subject to what market's feedback is and appropriate level and appropriate time. Thank you so much.

Yes, sir. Thank you for the answer and happy meeting.

Thank you. Next question is from the line of Preyaj Jain from Mutilal Osful Financial Services. Please go ahead.

Yeah, thank you for the opportunity and congratulations on good numbers. So firstly, you know, on the monthly contracts and as well as the second week market share in terms of index options, what is the kind of market share that we have currently? Vaila, and we've been trying to scale that up. So what are the challenges that you're seeing of scaling up that piece of the business meaningfully? And how do you kind of solve for that? That would be my first question. Second question would be on the co-location or on the land parcel that you're looking at BKC for the co-location servers. Just if you can explain it to us, technically, how will that work? Generally, my presumption was the co-location facility has to be very close to the exchange. So how does that kind of work? Yeah, those are my two questions, sir.

Thank you so much for participation and asking me this question. As far as monthly market share and second week market share is concerned, other than expiry week market share, it has been steadily growing. The monthly market share volume is around 2-3% for us, and the other than expiry week volumes are going to 6-7%. It was showing a very faster growing trend before two, three months, and the structural changes that were brought into the market and the uncertainties made people slip back, and there was a lull. And now that those issues are behind us, our efforts will continue in strengthening the monthly market share and also other than expiry week share. And we are very confident we will be able to grow it further, with the revised circumstances, and global uncertainties appearing to settle down, and various other positive developments that we are seeing in the market. As far as BKC collocation, your question is concerned. What we need to clarify to you is, you have just been intimated by MMRDA, that we have been allotted. A plot of land in BKC, which we have to complete the formalities, get positions, and plan as to what, how, when we will be building the infrastructure and grow market. So, at this point of time, it is premature to say that BKC co-allocation, what is this time? So, that is still a bit of distance away, because we have just got the allocation letter from MMRDA, and due processes and procedures are on the, are being, are working progress, actually. Thank you so much for asking me this question.

Thank you so much, Saran. We sure are very happy to work. Thank you.

Thank you. Next question is from the line of Niranjan Kumar from Aventus Park. Please go ahead.

Thank you, sir, for giving the opportunity. My first question is, what is the impact of RBA's bank guarantee norms on the overall volumes? Like, what was the share of bank guarantees in the margins before the norms went live, and what is it today, and how do you think it will shape up going ahead? And my second question is, what is the count of co-location racks today, and where do you see the count, maybe in a few quarters or a few years? Thank you, sir.

Thank you. If not, it's possible. Along with the RBA bank guarantee rule change, also came the FTP rule change, and also the gas system, which is a structural change, which had its own sets of initial teethings. Apart from that, the global turmoil accentuation happened during this period, so it is very tough for us to say what is having impact on what. If the question is simply, whether the amount of bank guarantee has changed, what we need to take into consideration is that there were existing bank guarantees which had an unexpired life of them, and once that expiries have not happened, we will not be able to know whether there has been a substantial reduction in the bank guarantee. At this point of time, many of those bank guarantees were wanted for two years, one year, one and a half years, etc. So, to isolate the impact of Rd, Bangar and T will change into either the collateral available or the volumes, at this point of time, it's not being made possible. This is a condition. Count of co-location racks. We have around 500 racks at this point of time in our data center. It all has been allocated. It is very difficult in periods of uncertainty like this with lot of global issues. To clearly predict what will be the exact requirements, notwithstanding that, as a matter of abundant precaution, and also for creating some buffer, we are in the process of... Thank you. Depending upon the demand.

Thank you. Next question is from the line of Ujepalishati from Dalmas Capital Management. Please go ahead.

Congratulations, sir, and thanks for the opportunity. My question is specific to the equity derivative segment. We have seen approximately like 50% YOY growth in average daily premium turnover. But I want to understand what are the key drivers behind this, specifically in terms of any contract features like lot sizes or strike intervals or any particular product features that have been very interesting to the customers.

Thank you so much for participating in the call and congratulating me. Basically, you are asking what are the drivers behind the swift and fast growth of census derivatives?

Yes.

So, our understanding is this. From 2000 onwards, equity derivatives have been present in India. BSE tried a lot and it did not succeed. Till May 2024, I guess, when we started, 23, when we started this product. The product was started after taking a copious and significant voice of customer from more than 350 brokers across the country. Basically, they wanted Sensex 30 derivatives, which has not been developed by BSE for a long time, and BSE was at that point of time before this introduction. Batting on Sensex 50 derivatives, which was more a copycat product than its original Sensex 30, which is well understood, well appreciated, and well tracked index. So the moment the market got the product that they wanted, and given the base of Sensex, given the movement profile of Sensex, Given the noise levels, reduced noise levels in Sensex because of very oriented and good securities that are comprising that, it became an instant success. And subsequent to that, the international and global requirement of having another exchange with reduction in concentration risk, all coupled together have been the driver for this product. That is our limited understanding. It is more a cash-up growth that we are doing. What we could not grow in so many decades of the past with the right product and right mixture of delivery of the product. Thank you so much for asking me this question.

Got it. Thank you so much, sir, for answering.

Thank you. Next question is from the line of Davesh Agarwal from IIFL Capital. Please go ahead.

Thank you for the opportunity, sir, and congratulations on good set of numbers. My first question is on the technology cost. As we have seen, there is a sequential decline in cost, although marginal. Also, we see that your capex in this year's first half has been half of what it was last year. Are we kind of seeing a significant technology-led CAPEX already behind us? And to that extent, incrementally, can this cost come down for us? That is the first question. And secondly, even on SGF, we have seen a decline on a sequential basis. Is there any change in the SGF computation?

I will answer the second question first and then leave the first question to my CEO who is standing in the S2B. First of all, thanks for attending the call and asking this. As far as the SGX is concerned, there has been no structural change in computation methodology or anything. As you recall, what we started doing was, we started providing for the SGX over the entire period of this one year. Instead of waiting for sudden jumps of volumes going up or the SGX number going up, creating a lot of trouble. Because of the calibrated approach towards providing for SGF, the impact of SGF in any single quarter or any sudden spikes have come down. That is why you are finding it as smoother.

Thank you for this question.

If you are referring to the technology expenses which are taken in P&S, there is no reduction. As such, there may be temporary change.

Understood. Thank you.

Thank you. Next question is from the line of Vinod Mukashi, an individual investor. Please go ahead.

Thanks to the management and the team for the quarter results. I have the question regarding the risk. What is the biggest risk to the company's growth and profitability over the next 12 months? And the second question is about the margin. What is the sustainable EBIT data margin the company can achieve over the next one to two years?

Thank you so much for asking this question. Risk is a very, very important element which one should be worried about. Risk, by definition, as you would appreciate, is something which is uncertain and unpredictable. So, while broad areas of risk which can come and impact business can be talked about, exactly, kya ropdaran karke aayega, kab aayega, yeh, batana toh, mushkil ho jata. Aaj kar toh, sab log, ek cheeze seh, pahuch darth hai. Woh, cyber risk hai. So, that is the faster risk which is always worrying for people like us, which are infrastructure institutions, and therefore, we are always trying to suffer from suffering. That is the faster risk, and I will not say that is the only risk, though you ask only for one risk. There are multiple other risks which we are unable to see. The global turmoil and global uncertainties, the supply chain changes arising out of it, increase in the cost of living that may arise out of the supply chain increase, and because of this decrease in disposable income, and because of this the potential to invest coming down, and savings coming down, these are all things which cannot be undermined, because the extent and longevity of the global turmoil could clearly create havoc. The third is flight to safety thought process that happens typically when there is too much of global uncertainty, leaving emerging markets like India with depleting capital and increasing outflow could be another major risk. These are risks as you would really appreciate. Are not within the hands of the management. And therefore, we will find it very difficult to control them. At least cyber risk, we can try and see how much we can control. Global turmoil, supply chain risk, and because of its potential decrease in propensity to consume, propensity to save and invest, are all situations which are beyond our culture. Is that the second question? Thank you so much for asking this. Oh, you were asking about the EBITDA margin, currently having a EBITDA margin flow. And we have been sustaining it for quite some time. I'm not able to see any reason why we will not sustain this margin. Because if you look at it.

Thank you.

Next question is from the line of S. Ramani, an individual investor. Please go ahead.

Thanks very much. Two questions. Index derivatives. Has any application been made to SEBI? And if so, what's the position? Second question. Presently, the transaction charges of a BSA on futures is almost nil. Is there any proposal to increase the charges? There is good scope for that, especially because in due course, NSE itself will be trading on BSA platform in single stock derivatives as also in regular futures. Thanks.

Thank you so much. The coordinator, please note that this will be the last question that I will be answering since the time is over. As far as MSCI is concerned, yes, indeed, we have submitted applications to the regulators. We are waiting for the final outcome. Once it is there, we will roll out a plan of implementation and we will be reverting back to the market. As well as the charges are concerned, you made a right point. You gave us an example future charges. In other areas, as well, BSE is charging lower than the other participants in the market in equity derivatives. Certainly, as you said, we are still a growing exchange. So, we will be looking at our charges. And we will change it appropriately at the appropriate time after considering the market feedback which we will be taking in this regard. Just three years before, we had no derivatives market at all at BSE. Today, in three years, we have grown. So the growth has been swift. So there are areas that we are yet to charge the levels what the market can at this point of time take. So we will work on it and we will revert that. Thank you so much.

Thank you. Thank you. Ladies and gentlemen, that was the last question for the day. I now hand the conference over to the management for the closing comments.

Thank you so much, everyone, for joining the call today. If you have any further questions, please feel free to reach out to us at bsc.ir and bsc.com. Thank you and have a great day.

Thank you so much, sir. On behalf of BSE Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.