Mihir Shah

Thank you for taking my question, sir. So, two questions. Firstly, from 2014, we can see that CDSL has gained incremental market share in the number of D emat accounts as against its competition. And post-2020, it has been able to get the majority market share in terms of D emat accounts. So, firstly, like what sets you apart from the competition like for the discount purpose, is it the tech or is it the low cost?

Yes. So, I have a question on the divide value per account compared to your competition. Your competition is far more in terms of the divide value per account. So, I'm assuming that they are more of institutional client , and you all have more of detailed plan. Would I be correct in assuming that?

Okay. So, understood. And I'm just trying to understand like what could be the switching cost? Like why would one depository participant decide to choose your company over your competition and decide like to change that? Is it the low cost? Is it the tech enablement?