Yes. Good evening, everyone, and thanks for the opportunity. So, my first question is basically looking at your distribution network. And I was looking at the bank share that has come down from 10.4% in Q1 '26 to 9.6%. Now I know that you have said that Fintechs have kind of grown faster than the banks. But do you think this trend will kind of continue or banks will kind of grow faster than the Fintechs?
Right. And the bank's flow market share continues to be high in the book, right?
Yes. Good evening, everyone, and thanks for the opportunity. So, my first question is basically looking at your distribution network. And I was looking at the bank share that has come down from 10.4% in Q1 '26 to 9.6%. Now I know that you have said that Fintechs have kind of grown faster than the banks. But do you think this trend will kind of continue or banks will kind of grow faster than the Fintechs?
Right. And the bank's flow market share continues to be high in the book, right?
Thanks for the opportunity and good evening, everyone. My first question is is on the distribution mix. So, I was looking at your distribution mix and I was looking at the share of banks excluding the HDFC Bank. Now if I compare say over the last 12 months, this the s hare has been down, I mean the share is basically down by around 30 to 40 basis points both on an overall basis as well as on the equity AUM basis. So just wanted to know that you know is the flow market share higher than the book market share here as well and what are the strategies you know so that we can increase the share here as well?
Yes, sir, yes sir.
Thanks for the opportunity. My first question is towards the B30. So, last month, SEBI reintroduced new incentives of B30. So, how do you see this and maybe if you can quantify this any sizable impact on our top line because of that going forward?
Understood. So, it is not still in practice, you mean?
Yes, thanks for the opportunity and congratulations on a good set of numbers. Just one question. So , we have seen the SIP discontinuation rate to be high in the industry. So just to get a sense for HDFC AMC was the ticket size for SIP less than say 5,000 or was a higher ticket size, or more than 25,000? Any color on that, would be very helpful.
Yes, SIP discontinuation rate. Obviously, we would have seen something for the quarter, right, for the company. So just wanted to get a sense of the ticket size of those SIPs. Were they higher, say greater than 25,000, or were they less than say 5000? Just wanted to get a sense of that.
So, actually, I was looking at your PPT and I was actually a little surprised that your equity net flows both on quarterly and yearly has been kind of negative. Though from 2025 to 2026, we see some kind of moderation. So, what are our strategies to improve the net sales within the equity space? Our hybrid is doing well, that is fine. But within the pure equity space, what can we do to increase our market share as well as bring it in the positive territory?
I understood. This is helpful. I was actually looking at, I mean taking this forward, and I was looking at your employee number, your employee number has reduced, but your sales team has kind of increased. So, that is something basically within your strategy to increase your net sales. I mean, should we refer to it that way?
Thanks for the opportunity. And congratulations on excellent set of numbers. The first question is in terms of, we have launched a quite a few passive funds in the last quarter. And even this quarter we had launched an MNC fund. So, just wanted to know how is the inflows in that? And if you could give a color on the passive fund, how much we were able to get into those things?
All right. In terms of the distributor commission rationalization, I think we have done for most of the equity schemes. And there have been around 2 bps decline in yields, if I look as compared to YoY. So, just wanted to know in terms of yield decline, should we expect 2 bps to 3 bps going forward, for say, for the next two to three years as well?
Yes. Thanks for the opportunity and congratulations on a good set of numbers. So first is in terms of investor segment wise breakup of AUM, so we are actually looking at last 3-4 year’s data and I look ed retail plus HNI going forward and say Corporate which was around 50% odd of the total AUM now is around 39%-40% odd. So going forward as per your analysis, do you think this corporate number will sink further and retail plus HNI will grow from here?
So that the run rate will come down?
Thanks for the opportunity. Fi rst thing I wanted to ask in terms of the total number of branches, while we have seen your competition opening a little -- lot more branches. We are not very keen on that side in terms of expansion. So just wanted to know your thoughts in terms of the next 10 months to 12 months are you intending to expand?
Okay. Got it. And in terms of the product pipeline, I mean, you told they have launched a couple of the things in the passive side are now say going next two to three quarters, do you have any product pipeline?
Congratulations on a good set of VNB margin numbers. My first is that you said that the growth basically in the protection business was primarily from the lumpy group business. But if I look at retail protection, I just wanted to understand 2 things. The 1 2% growth, I mean, how are we going to increase that? That's point number one. Point number 2, the growth in the retail protection is in Tier 1 or basically in Tier 2 and Tier 3 cities. If you could show some kind of a colour on that, that would be helpful.
Understood. No, this is helpful. Lastly, in terms of the bancassurance. So basically, we have got 14,000-plus partner branches as well. So just wanted to know how much of them is activated? And perhaps how many of the non -SBI banks actually contribute to the bancassurance? So if you can just throw some light into that, it would be helpful.
So first is in terms of SIP AUM . I think you said that it is around ₹78,000 odd crores. So, if I look sequentially, I think there is a 7% decline. Is this number, right?
Understood. And secondly, basically in terms of the industry, so there is a lot of talks of these ₹250 SIP, that is there. So, if you could, Bala sir could just help us understand the dynamics of it and how you intend to kind of use this situation to further improve your SIP thing?