Dhruv Zobalia

I have a question regarding the merchant banking side of the business. I want to ask that the merchant banking pipeline of JM Financial is very strong, of around 54 IPOs. And I think in this current month of January, there was only 1 IPO executed. Sir, what is stopping JM from executing more IPOs? Is it the market conditions? Or is it the SEBI approvals?

Okay. And also there's a follow -up question. Also, how many IPOs are SEBI -approved? Like there are 54 IPOs in the pipeline. So how many of them are approved by SEBI?