Bhavin Pandey

Hi, team. Congratulations on great set of numbers. First question would be on the increase in AUM we have seen. Some could be attributed to MTM gains. And whatever inflows we had, could we get a breakup of how much is from the increased wallet share and how much is from new customer additions?

Okay, okay. And Feroze, when we look at equity markets, especially in the Indian market. We have seen sort of a dream rally. And we can see that SIP numbers and everything has gone up in general. But when we look at the scenario where we could see a down cycle, so how do we make ourselves immune to a situation like that?

Wonderful, wonderful, Feroze. Seems pretty much clear. And just one last thing before signing off, do you see a sort of a reversal in the trend in the debt MF space and we are anticipating a string of rate cuts in the year ahead?