Questions across 5 calls

Kunal Thanvi

Banyan Tree Advisors

Indian Energy Exchange Limited

Indian Energy Exchange Limited CC-Apr26.pdf · 2026-04-24

I had two questions. One was on the recent draft from CERC on market coupling. So , what we understand is like in the last when the draft had come in July 2025, it was about that round robin, which we kind of had a case against like we fought it. And then finally, this new thing has come where they're saying that Grid India will become the MCO. So when we were reading the first draft that was in July 2025, operationally, it looked like very cumbersome to implement. When you read this one, what is IEX ’s sense on implementation of this kind of structure that now CERC is talking about? That is point number one. And point number two, like while multiple times, we have done the study and there has been an outcome that market coupling in the current structure without MBED will not kind of fulfill any objective from an efficient price discovery perspective. Then what is the intent of the regulator in terms of pushing for market coupling? Is it that they want price discovery to happen on Grid India itself, so like one particular exchange does not have advantage or any other insights if you can share? The second was on a possible buyback, if you can throw some light on how the management team and the Board is thinking about buyback at these prices?

Just had a couple of follow-ups. One was where we are in the IGX IPO process? And secondly, on coming back to the market coupling, like whatever form and shape the current draft talks about, this essentially means that if that goes through, then all the 3 exchanges, the key functionality of them would be collecting bids and submitting it to who will kind of discover the price and then - the trades get executed. Is that right understanding?

HDFC Asset Management Company Limited

HDFC Asset Management Company Limited CC-Dec24.pdf · 2025-01-14

Hi, thanks for the opport unity and Happy New Year to the team. I had two questions. One was on regulations. In 2023, there was a lot of talks about TER from scheme -based to fund -based. Anything that you've heard on that incrementally from the regulators in your sense of the same? Second question was in terms of last 2 years being very good for the industry. Talking about in terms of growth, SIP, growth in the unique investors. What are the key risks that you see from here on in the business, both medium term and long term? Can you talk about these two?

Sure. Thank you so much. All the very best.

HDFC Asset Management Company Limited CC-Jun24.pdf · 2024-07-15

So, I had this question on employee addition. So, if you look at our last 5 years, 6 years employees, they were kind of -- a number of employees they were flat around 1,150 to 1,200 mark. Last 2 years we have seen a reasonable increase in number of empl oyees and Naozad touched upon we're looking to hire more this year. Can you talk to us about what are the areas where we are hiring these employees and because typically, we would -- like nature of our business is that you don't need at least a large number of employees to grow our business. So , if you can throw some light on areas where you've been hiring these employees?

Sure. So , when you talk about these b ranches, can you help us understand what is the concept of these branches? Are these like very large branches or low -- like a large number of people in the branch what would be their typical size and how do we concept these branches in a way from the unit economics point of view?

HDFC Asset Management Company Limited CC-Dec23.pdf · 2024-01-11

Hi, thanks for the opportunity. So , I had three questions. The first was on, you know, if you look at the unique customer addition, both for the industry and HDFC AMC , it has been growing at a very fast rate for now almost three, four years. But last year, what I remember is, you know, large part of this addition was on the passive side of, you know, things. Now with, you know, active doing well, not only for HDFC AMC, but as a category itself, it has been doing reasonably well, is the -- can you throw some light on the new unique client addition towards active versus passive? Is there any change or still, you know, the large growth in the number of unique customers is coming from the passive side of the things?

Yes. And again, that will be large, w ill be towards the direct plan, because as you said, the flow is like, you know, late 20s and that book is 24%.

HDFC Asset Management Company Limited CC-Sep23.pdf · 2023-10-12

Hi, thanks for the opportunity. So, I had two questions. One was on the debt side of the business. When we look at Y -o-Y growth for the industry in HDFC AMC, we have grown at a slower rate compared to the industry. Can you talk about what's happening on the debt side for the industry and for us? What is the mix of growth in active versus passive also on the shorter duration versus longer duration? So that's on the debt. And the second was on the yield. So , when we look at our yield improvement, we have seen like there has been a sequential improvement in the yield. Can you break this up for us what was the yield for the equity book and for the debt book separately? These are the two questions I had.

Sure. And Simal, on the incremental flows that you're getting, like it will be lower than this? Have you seen any improvement in the incremental yields as well for the equity?