First question is regarding volume growth. If you could quantify the volume growth for this quarter for the firm and for the nine months and how is that shaping up? I'll come back with the second one.
Can you just quantify the number for the quarter, for the Retail Health?
Thank you for the opportunity. Two questions. First is on the translation of flows to revenues. When I look at Nuvama Private, for example, we've had very strong inflows of almost INR 8,500 crores in the last three quarters. Now, I get the impact of that policy change on C AT III AIFs, but even if I look at the Q-o-Q revenue, we have gone from INR 50 crores to INR 52 crores. I'm just trying to understand why isn't the flows translating to better revenue in the managed products piece? That’s first question?
Great. And in Nuvama Wealth, first of all, a great number, this INR 2,000 crores number, and from what I gather with Sanket conversation, this should hold up. Would you like to guide that this kind of number should not correct, given that this is spread across a larger number of 1,000 plus RMs, given, of course, market conditions are supportive?
Hi. Congratulations sir on the good set of numbers. First question is likely what Ashish pointed out in the beginning of the call. We are seeing a high level of churn so to say not just at RM, but even at senior management level in this wide space. First of all where have we been in this? Have we made any acquisitions or let's say acquihire this quarter and then the follow-up to that is if we do see RMs moving across typically what part of the AUM are you able to retain and then what are the modes that you are building to be able to retain the AUM?
And just to add to this do you expect the cost-to-income in this segment to be slightly elevated until this competitive intensity part recedes let us say for the next 6 months to 12 months?
Thank you for the opportunity and congratulating the great set of numbers. Sir, on the Nuvama Wealth piece, the retention on client assets is slightly down to 94 bps this quarter, it seems. It's been moving down from 100- 104 bps?
Great. Sir, if you could also give out your MPIS assets outstanding in the two quarters that you mentioned, it was 35% of your AUM. If you could give us that number, it helps us to track this?
Thank you for the opportunity and congrats, Kamesh, on a good set of numbers. Two questions. one is on the motor only I would like to pick your brains a little. Can you elaborate on the trends in new versus renewals over here? We've seen some competition, seen very strong growth in the renewal business over here, especially given that new vehicle sales are moderating. So I would like to hear your perspective. And also within that, if you could spell out competitive intensity in those. I know it's slightly more granular, but any direction would be helpful over there.
And competitive intensity, new versus renewal?
I have two questions. First is on the F&O broader market in general wanted your view sir. We’ve seen a lot of HF Ts are sort of increasing, if you track the NSE market pulse for the share of co-location based trades is now almost 60%-65% in the equity derivative segment. We have seen the low latency prop traders were making profits, but retail still got to keep some , but with the HFT sort of increasing and the outlook is much, much larger players coming in the market in the next one or two years, do you think the retail profit pool can shrink meaningfully and then spread on these five products can come off meaningfully and it will have of course a knock-on effect on overall retail volumes. So, would love to hear how is your view of these two problems specifically because NSE is also adding the data center in New Bombay. So, that will open up much more colocation tracks. There is a regulatory sort of arbitrage between having access to those tracks for retail. So, just wanted you view on this one?
Actually, my question was more about product profitability because we have limited products in the F&O market, right, five products. Because I was more worried that the product profitability of the spreads will become so thin that for the retail player basically does this lead to fatigue?