Thank you very much. The first question is from the line of Prayesh Jain from Motilal Oswal. Please go ahead.

Congrats on a good set of numbers. Sir, just a few questions from my side. Firstly, on the MF side, we've heard AMC is talking about rationalization of commission structures. And basically, that is to kind of protect the yields falling further materially because of the telescopic structure. So this is more of a fundamental long-term question. Do you think that the industry is moving towards that our yields should also be kind of protected at the current levels? Or how should we think about this because I think that could be one of the key things to be thought about from a medium-term perspective? Second question was on CAMSPay. If you could split up your business into, say -- one is SIP and the other is non-SIP, and that would be helpful. Third would be on Think360, we see revenue decline in this quarter. Could you highlight the reasons for the same? And lastly, just a feedback, if you could give some profitability numbers across the key segments at the EBITDA level, that would be a great help for us.

Sure. Thanks, Prayesh. So I'll try to take your questions in sequence. On the yield profile, I think you have the history of the company now for almost a decade, right, published history for a decade. And my estimate would be that yield behaviour is not radically going to change because we are not expecting any other radical event to happen. Our delivery continues to become immensely complex, as you know, with process, regulation, risk management, etc (32:35), going up. And we continue to sell at slightly cheaper rates because of the telescopic pricing in successive years. As a result of that, whichever metric you look at, whether you look at the portfolio price, which is at the right price, it's not the price. But if you look at the portfolio price of cost, if you look at a per transaction cost, in absolute rupee terms, they are diminishing, and they don't diminish anywhere else in the world or in any other form of procurement that any of our clients does. So I think the telescoping impact will continue more or less in line with what we've seen happen over the last decade, et cetera. Of course, everybody wants to buy it cheap, but it's not that anybody is trying to buy it there from us. So we are not expecting any radical shift in this profile from now onwards. Your second question was on CAMSPay. Think of CAMSPay as about a little over 50% of the business accruing from mutual funds. So between 55% to 60%. And the balanced business is non-MF business. In MF, you can assume that most of this is about SIP. SIPs have grown significantly, as you've seen in the last year. So the business does g et some fill -up from that, which was looking to happen. So that was your question on trying to split the activity and revenue levels. I'm not giving you an exact revenue number because prices may be different. But in essence, you can think of about 55% around that to be MF contribution and the rest is non-MF to the overall CAMSPay book.

Yes. Prayesh, on the question on your question on the breakup of non -MF margins. So we've actually said that it has been creeping up over the last few quarters. And this trend continues in the current quarter. We have a non-MF margins. We said it was around 15%. So it's gone up to closer to 19% this time. Obviously, on the back of good growth on pay and the KRA, right? So this is again on a higher trend. We liste n to your feedback on publishing these numbers, we'll have a look at it and probably next quarter, we'll have -- we'll kind of do something.

Just on Think360, could you mention as to what -- why was the revenue lower in this quarter?

Yes, absolutely. So Think360, as you know, the Quick ID part has been the growing part, which is the video KYC. The Algo360 part where I shared that we won new contracts with LTFS and Stable Money. Part of that is seeing some cannibalization from ac count aggregator. Our view was that account aggregator will cannibalize some of that, but we have to the entire Amaze part, which is the TSP++ in sync, thinking that the puts and take will almost be the same, but looks like some of the revenue down has not been made up in that close space. So think of account aggregator taking away some share from Algo360, and we're making up to AA analytics, but that makeup is not completely that much. And then there were some U.S. analytics contracts, which they are done on a 6-month, 1 year, 1.5 year basis. They're not annuity contracts, they come to an end. And some of those, 1 or 2 of those have come to an end. So that really adds up. But we are expecting that revenue from here should show growth.

The next question is from the line of Supratim Datta from AMBIT Capital.

So I'll start off first on the MF RPA side, just looking at the trends over the last 2 weeks where the AUM has come off. So is there a mechanism built into the pricing wherein i f the AUM decline or deals go up? Is that amongst them also built into the pricing model? That is the one thing I wanted to understand. Two is, if I see on the account aggregator side, RBI is launching an unified lending interface, which is similar to an account aggregator platform, but backed by the regulator. So how do you see that impacting the account aggregator industry and our business? And the third question is on the expenses front, there has been a significant pickup in the other expenses. I do un derstand that you have explained that some of this is linked to transactions going up. But just wanted to understand what proportion of this would be variable increase that is due to flows versus what is a permanent increase. If you could give us some sense around that, that would be very helpful.

Sure. So the first part of your question was that you've seen equity assets come down over the last 15 days, which is true. There has been an asset down over the last 2, 3 weeks. Does that impact pricing and do prices go up and assets go down? The answer is yes. Think of it like anything else that we buy in bulk. If you're paying INR10 for 10 units, but you're paying only INR14 for 15 units. When you go back to 10, you're paying INR10 for 10. And when you come up again to 15, you're paying INR14 for 15. So it is that telescopic, which means when assets fall, the previous higher rates play out. Do we have to negotiate for them? Or are they hard quoted in the price? They are hard quoted in the contracts, so we don't have to negotiate. Think of any slab-based pricing that you have seen in life, it is exactly like that. You buy so much, and you get this price, but you go buy only 90% of that, your price goes up. So that's an automatic adjustment which happe ns in the invoicing. We haven't faced this too many times, but during the 1 year of COVID, all through calendar 2020, this happened to us. So that's the answer to your first question. On the unified lending interface, will that start impacting AA as a model and us as a company? You have read everything in the press. And obviously, there are common areas. Obviously, there are common areas. We are also watching the space very closely. But yes, for me to say that it will not have any impact that is ruled out, will not right. We are observing it carefully. If the regulatory platform starts doing exactly what commercial areas are doing, then obviously the impact will be there. There's no question about it. But I suggest we just watch it and see how it emerges over a period of time. That's on number 2. On expenses, I'll just ask Ram Charan to.

Yes. So I think your question was more on the non-salary expenses and how they are variable. So I'll just split into two. If you see there is an operating expenses that we incur, which is more variable in nature. So traditionally, if you take away the out -of-pocket expenses or the reimbursed expenses, that is around 8% to 8.5% of the overall revenue. And that has been the -- our experience and trend over the last few years. So we don't see that changing a lot, especially given that we are into cloud for the new businesses, and which are ramping up and the bank charges that we need to pay for the ECS and the UPI Autopay stuff. So that kind of relationship continues to hold, and we don't see any reason why that will break in the future, which is operating expenses being around 8% to 8.5% of revenue. The other expenses is a fixed cost. And I think over the last few quarters, we've been around INR25 crores to INR28 crores of absolute numbers during a quarter, which was around INR21 crores, INR22 crores in the last quarter. So you will continue to see inflation-led expenses, the AMCs that we continue to pay, the rent increases that we continue to incur. Last time, as I was mentioning, there is some one -off expenses for a couple of crores in these INR28 crores that we have. But again, some of the expenses have a habit of repeating as a different one-off expense in different quarters. So I wouldn't read too much into it, except that these are stabilizing around INR25 crores to INR30 crores of other expenses and 8% of operating expenses.

The next question is from the line of Uday Pai from Investec.

Most of my questions have been answered. Just one thing. You mentioned that the new JV with regards to MFCentral will open up some opportunity -- new areas that can be explored. Can you put some light on that?

Yes, sure. So as you know, this was envisioned as an industrial platform for easing out issues of investor connects, servicing, transaction, origination, all of those things for MF industry, MF investors at an industry level and was launched in 2021, has ran the last about 2.5 to 3 years in that format, where anyone who wants to use the APIs or wants to connect with MFCentral as an enterprise, would come and do individual contracts with KFin and CAMS. Although they would deal with the platform, the platform did not have an entity, an organization, an op structure, capital of its own to think of promoting or marketing itself or really building very large game- changing assets of its own. Today, the servicing and the revenue base is essentially of 2 types. If you, as an individual investor, come to a MFCentral, then you can transact. If you come through APIs, which are given to other platforms, you can take a cash, you will do nonfinancial transactions. But financial transactions haven't really built themselves out in a meaningful way, other utilities like loan against mutual funds, which are other revenue possibilities are also in the launch stage, but haven't really hit the markets. When we create the entity, it will take another few more weeks. I think with an independent organization, its own capital, very, very focused market-facing decision-making on sales force. The ability of the JV to work with the market on especially the things that I've said, which is financial transactions, loan against mutual funds and other emerging areas that may come up. I think that ability will get enhanced and will be much more sharper. So we are expecting that to be generally growth accretive for the JV, but also a lot better and, I would say, a wider frame service to the industry because that is the real objective of the platform.

Okay. Sure, si r. Just another question with regards to this. How much would -- is there any revenue from mutual fund MFCentral that we are booking into our books? Or is it just right now servicing how is it right now?

So currently, the model is more kind of API based. So we have consolidated account statements or capital gain statements and nonfinancial transactions APIs, which are consumed by some intermediaries. Yes, we are booking revenue in our expected books. In the current quarter, the revenue will be around INR1.7 crores of -- it's 50-50 revenue split between the 2 RPAs. So the revenue is just in the books. Going forward, once the JV is incorporated, this will be handled by the JV company as a 50-50 joint venture.

The next question is from the line of Lalit from Equirus Securities.

Congratulations on a good set of numbers. Sir, just on this non -MF business, like within CAMSPay and CAMS KRA, could you give us the unit economics of this business like at a per transaction level, what kind of yields are we making in these segments?

So your question was on CAMS KRA and?

CAMSPay.

CAMSPay, okay. So well, there's no uniform basis for CAMSPay, and I can't obviously give you exact numbers, but I can tell you how this works. From a CAMSPay perspective, you have an ACH mode of transaction where we charge for a mandate registration and then we charge for a per transaction processing, out of which we have to pay some money to the sponsor bank for us to access the NPCI backbone. So that's how it works on per transaction basis and a mandate registration. The mandate registration could be INR5, INR4, INR6, depending on whatever the commercial arrangement we have. On per transaction bas is could be INR3, INR2, INR5, depending on whatever the volumes and the arrangement we have, right. That is from a CAMS ACH perspective. We have UPI Autopay. UPI Autopay, the commercial models are very different. Some have a transaction based. A few have a value-based billing also. So it's very difficult to get into a per transaction mode. But broadly, it is transaction-based billing and a mandate registration that happens. So the base is the same. Only thing is there is a variation on the value-based billing for some of the UPI customers -- UPI Autopay customers. So that's how the unit economics works largely platform -based where we have to pay some charge to the bank for processing the transaction, and then we get paid for putting through every time -- putting one of these transactions, doing the reconciliation and crediting the amounts from a CAMSPay perspective. CAMSPay, there are 3 broad pieces of the revenue model. Number one is when you get an upload, which is basically a new person comes and uses e ither e - authentication or in a physical form gets his KRA or KYC done, and the PAN actually, which is identifier resides in the CAMS KRA, it's called an upload. We get paid for the upload by the AMC. And then there is this download, which is that if the person goes to another, say, a mutual fund and then he wants to open a folio. Based on that download that happened, they don't have to do the KYC again. So that is called a download revenue. And third is the interoperability, which is -- it goes -- comes through another KRA, into CAMS KRA and accesses the KRA information, then we get paid on the interoperability charge. So there are 3 basic unit economics, again, a platform-based business. Once we kind of put it into our platform every time that PAN is withdrawn or downloaded for some other investment, we get paid by the asset manager. So that's how the model works.

Sure, sir. And sir, similar to like what you mentioned for CAMSPay like about 55% to 60% comes from the mutual fund business. Now in the KYC business, as we understand that we are also adding on new financial institutions, like we are significantly expanding into the non -MF business as well over there. So could you give us some color like what is the revenue coming from the non-MF side of it?

Yes. Yes. I think what used to be close to 0 has now reached around 20 percentage. So 80% will be MF-based customer and 20% will be non -asset management companies. And that's on an increasing trend.

Sure, sir. And sir, like this old segment, the KRA business has been expanding very -- has shown some strong growth over the last 18 to 24 months. And now we are hearing that from our peers that they are also trying to enter into this space. So any comments around that things like how should we see the overall industry going from here on?

All I can say is that we are happy to inspire others. So the rest, of course, it's a good business to do. So I will not specifically comment on how they are thinking about it. But, yes, the industry is on an expansion trend. And onboarding, authentication, will always have a strong goal to play in regulated markets. We also remember that while we do the KRA business inside CAMS KRA, there is a large piece of the front end, which is a KYC part, video KYC, which we do for some of the largest banks in the country, including Central Bank, Bank of Baroda, Canara and RBL, is sitting inside things. It's a large portfolio for us. And I'm sure others are noticing what we are doing and are thinking of getting in.

The next question is from the line of Abhijeet from Kotak Securities.

I have one question on costs. How do we think about the flexibility in costs, especially as we get into more uncertain growth environment. I'm sure some of it is linked to how the business grows, but some of might be literally more sticky commitments going into next 12 months. So some guidance there will be very helpful.

So Abhijeet, again, this is -- I think we are conscious of the fact that there has to be some flexibility on the cost, but there are limitations to the model. So what we always do is we don't obviously go over more in terms of recruiting for -- in terms of recruitment costs or hiring more people for that. We rely on automation. As yo u know that some amount of variability is there when we move to the cloud cost also for the new businesses. See, the flexibility in cost exists because -- on 2 accounts. One is obviously, the flexible cost is the data entry and the people who clean the data, which is variable depending on the number of transactions that we get. With a lag, there is some optimization possible, and we have done it in the past too, right? We even -- you know that in the peak of COVID, our margins never dropped below 30% when everybody was floundering to keep their head above water, right? Even in that situation, our margins never went below 30%, right? I'm saying that is the extreme kind of scenario that you're thinking of. So with the lag, we have some flexibility on some part of the variable cost. As I said, that almost 8% of my cost is variable currently, and we have some flexibility on most of those components. Barring that, I don't think that we are overspending. So what we are trying is continue to focus on automation, continue to focus on enhancing the platform capabilities to handle. For example, the SIP transaction that you are seeing, it's not that we spend for every trigger that we do, right? It's an automatic process. Almost like end -to-end automation is back on the SIP process, which is where we put through all the crores of transactions without incurring additional costs. So individual parts of businesses are continuing to be automated. We are conscious of the fact that at some point of time, cost rationalization will be extremely -- it will be very important to maintain the margins, and we have never lost sight of that fact. So we continue to have some 8% variable cost, which you can optimize, continue to automate in terms of platform. And we are sure that when it comes to it, we'll be able to be flexible enough to retain the margin targets.

And what would be the margin range you would want to maintain?

So we don't want to be very aggressive on margin target. We've never been, and you know that. So we have kind of come to around 46.9%, and we'll have to see it obviously depends by how much assets grow in the future. But if current trend, I would assume that to get to end of year get to more than 47%, 47.5% is something that is well within reach to go beyond 48%, I think will be difficult given the pulls and pressures of other items like investment and cost and all that stuff. But if things do continue getting to a less than 48% margin is something that is doable within this year. Definitely, 47.5% is doable in our mind.

The next question is from the line of Devesh from IIFL Securities.

Sir, just 1 question. If we see the yield decline on a sequential basis, it has been much lesser in a core business compared to the AUM growth. Now obviously, there has been improvement in the AUM mix and that is leading to this cushion in the yield fall. A couple of things that I wanted to understand. One, as the AUM grows, does the decline in the yield is linear or for the AMCs which have crossed certain threshold, the decline in the yield would be lower, is that the case? And secondly, what should be the -- basically a rule of thumb that we should follow in terms of going ahead, if there is a growth in the AUM, how much yield moderation should one build in, say, for FY '26 or '25?

So Devesh, yes, I think this is an observation that I also made in the beginning saying that the yields have largely been stable. And to be honest, this is not totally unexpected. I think when we went through this large yield, we said in the last year, we continue to kind of have a stand that you will see this one-off drop-off, but over a period of 1 year, they will stabilize. And the last couple of quarters, we have seen this stable. As you -- I know the thumb role that we use is that the asset-to-asset fee growth is around 75% is what we say. It's been around 83% this quarter. But I will continue to urge you to use the same thumb rule of 75%, right? Because while we have completed the discussions and closed deals with a lot of the major funds, this is an ongoing exercise, right? We will have a couple coming up within the next year and a couple after that. So I would continue to say thumb rule of 75% growth should hold good, and there will be quarters where we will do much better. And there will be probably a few quarters where we won't. But on average, this thumb rule should hold good. You could actually expect positive surprises in a few quarters, but I think that's something that we have to live with. Apart from that, we don't see any major developments on yield. The -- as we grow, I don't think the relationship is going to change drastically because, yes, a lot of the AMCs have reached the highest slab in terms of their -- in terms of when the rates will go down. For example, it could be INR1 lakh crores of equity, which means a lot of AMCs would have reached that stage of INR50,000 crores. So going forward, we have reached a stage where additional slabs are not there, but that doesn't preclude them from inputting it in the future, too. So I don't want to change the assumptions or the basis in which you are estimating. I think that will remain true for the next few quarters also in the next year also for that matter.

And sir, at the asset level, if you can give us some sense on a blended, we are not able to get the right picture of the decline in the yield. But if you talk about pure equity, what was the decline in the yield in this quarter?

So I don't know whether I should -- Okay. It's broadly in line. So on a quarter-on-quarter basis, the equity yield hovered around 3.4 to 3.5 percentage. And the overall decline and equity decline -- equity decline was almost broadly on the same lines.

The next question is from the line of Dipanjan Ghosh from Citigroup.

Just a few questions from my side. First, in the CAMSPay business, you mentioned that today almost around 55% to 60% is from the MF side and rest from non -MF. So if you can give a similar number for, let's say, the first half of last fiscal, so that will be great. Second, on the alternate business, it seems that there have been some yield pickup over the last maybe 3 or 4 quarters including this present quarter. A similar trend probably what we are seeing in case of some of your competitors also. So I wanted to get some sense of is it like more value- added services being provided to the alternates or more schemes coming in from these alternates or new client additions. If you can give some color on that? An d lastly, on the KRA business, again, you mentioned that non-MF is now 20% from almost 0% few quarters back. So would it be a fair assumption that the MF piece of the KRA business is going at 30% to 40%?

Sure. Sure. So let me take the second pa rt of your question first. On AIF, you're right that it's become a lot more competitive. There was a time, 6 or 7 years back when CAMS was the only port of call when new people launch to the AIF or PMS, it then became a little more competitive from a domestic perspective. Today, you have overseas providers selling in the same market. And whenever an industry becomes competitive, you will see a bit of price down. You'll see it everywhere, whichever broad market you go to, so this is no different. However, we're mitigating it, of course, things like GIFT City are a natural mitigant where unit economics will be better. And then things like WealthServ, which is digital onboarding. There's essentially built like -- it's a digital stack, which means that you don 't deploy in terms of legal processing source or accountants. So any of those people to do the work. That work is done by the platform. So like we said, we were the first to enter that. We've scaled it significantly. Of course, a lot of money raised still happens in the physical format, but we are very confident that this -- with this 175-plus set of buyers. This will -- the trend will accentuate and a lot of money raising bill will start happening digitally. So those kind of mitigants in terms of selling a richer digital stack, charging for APIs, building out websites, Wealth platforms, all of that is an attribute to doing a business where there is some amount of labour and especially for accounting practices, etc. So that's the standard way of doing it. You asked a question on the revenue mix of CAMSPay a year back, I would still think that think of the business is about 55% to 60% skewed in favour of MF. I don't think a large change has happened in the recent year. Of course, the SIP momentum has gone up, it is showing up with the overall volumes. But like I said, we have now begun selling to education, and we will deepen that segment in the coming year. So you will see this number to be stable around that point. You had a question on KRA. Whether KRAs MF business is growing 30% to 40%. I think, yes, it's fair to assume it's growing 30% to 40%. One good surrogate metric you can catch on to is the 31% MF new PAN that we spoke about because that's a sizeable PAN when it comes in, the first time. And of course, everything else is when that PAN stays and it has downloaded multiple times on mutual funds. So you think of it as about 30% to 35% growth in that base, too.

Sir, just a small follow-up on the Pay business. So the Pay business, which was let's say growing at somewhere around 20-ish sort of high 20s sort of a number in 3Q, 4Q of last year or maybe 2Q also, now that has scaled up to like 50, 60-plus percentage Y-o-Y. And you say that the mix has broadly remained stable between MF and non-MF. So would it be fair to assume that this is like more non-MF clients coming in and whatever organic growth you're seeing on the MF pay side, I mean natural client additions you're seeing or volume additions?

Yes. You can think of that being true. We go deeper into NBFCs, housing finance and insurance. That is one of the trends, which will continue to play out.

The next question is from the line of Aman Soni from Nvest Analytics Advisory LLP

Congrats for a good set of numbers. Most of my questions are already answered. Just one question, like I was checking on your quarterly numbers 2 years back. So we were in the range of INR200 crores to INR250 crores kind of numbers. But we see last 4 quart ers, we are consistently delivering decent numbers and currently quarterly run rate is approximately INR350 crores. So from here on, how do you look -- how this trend is going to be for the next, say, 2 to 3 years?

So think of it this way that a large part of the fortunes are still linked to the cycle in the capital markets. There is no denying that because the MF market drives the core business. The MF and the (1 02) broking market drives the KRA business. The MF market drives about 55 % of the payments business. There is a significant diversification too, but we will be married to this. A lot of this, therefore, is about what view you take on the domestic capital markets. If domestic capital markets have similar growth, then you will see the revenue up the way you have seen it in recent years. Of course, there will be some periods of ups and downs in terms of like someone else said, growth cycles will never be certain and will never be in the high 20s and 30s. So keep that in mind. But I mean, one thing I would certainly agree with you that a lot of revenue up has been contributed by MF, but the non-MF part has started kicking only in the last 2 years. That only started kicking in the last 2 years in the last 8 quarters, you've seen str atospheric growth from KRA and payments. AIF has done a good job continuing to grow over 2 0%. We are waiting for one of our other markets for insurance to become a sensible contributor to revenue, and that will happen. Like I've always said, we are taking a bit of that, that will happen. I think the diversified part is growing. The non-MF part has delivered quite well. So our ability to define revenue scale is better than what it used to be 3 years back is what I was saying.

The next question is from the line of Dev Shah from Haitong Securities. Dev Shah Congratulations on a good set of numbers. Just a couple of questions from my side. The first is a data keeping question. Can you give us the SIP book value that you used to provide earlier as well as the SIP transactions processed and the live investor folios that you used to give earlier. Second is, do we still stand by the guidance of the non-MF proportion reaching almost 20-odd percent by FY '27? Do we see some kind of variations in that since the MF portion has grown so strongly? And lastly, could you throw some light on the new Fintuple Nivruti NPS venture? And what's happening on that front? That's it from mine.

(1:04:20), sure. So your question was how do we continue -- how do we continue growing in the future, this one. Sorry, let me take the second part first. Your first was about the data we'll just see if we can give you some data. On the second part, you have said about MF and non-MF, whether we are holding on to the 20% guidance, we're certainly holding on to do the 20% guidance. Just think of it this way that traditionally, the MF market has grown, our own revenue base would have grown early to mid-teens. That has traditionally been true. And our call was that we will make the non-MF part grow in excess of 20%. So if you take those 2 parts in isolation, what you will see is that the non -MF part has grown beyond 20%. It's now been growing 30%. And for the ensuing 4 to 6 quarters, although we don't want to make any specific forward-looking statements, we are confident of mid - to high 20s growth continuing to happen in non-MF. So we are delivering the core metrics. What I control is the revenue growth in non-MF, which we are saying we'll continue growing at mid- to high 20s in a lucky quarter like we've had in the last 2 or 3 will grow upwards of 40%. Now MF is a very large base. So for MF revenue to continue hurting forward at 30% plus is perhaps a quarter or 2 phenomenon, it's unlikely to be a 2-year phenomenon. We expect that at some time, the MF revenues will go back to their teens and will not stay at the 30% plus that we are at. So we're holding on to a forecast that we will continue driving diversification through this skew growth rates and investments and drive the non-MF contribution -- revenue contribution to 20%. On the first part, are we able to give any number?

Yes. So the live investor folios as of end was around INR8.6 crores. And the unique investor service was INR3.7 crores. This is again, investor folio is a growth of 31% year-on-year is as of 30th of September. And the SIP transactions actually processed is around INR17.8 crores systemic -- not the SIP, systemic transactions processed is INR17.8 crores, again, th at's up around 30% year-on-year.

The next question is from the line of Santosh from SKA HUF. Please go ahead.

Congratulations for a good set of numbers. My question was about the previous participant when he asked about Fintuple and Nivruti NPS. So if you can just explain that what does Fintuple do? Is it into mutual fund business? That's the first question.

Fintuple, like we have stated in the past is in the business of building large bespoke platforms, for large banks, that is what they've done in the past. When you see CAMS WealthServ product. So WealthServ product is sold to PMSs and AIFs so that they can automate and digitize the process of onboarding individual customers to the PMS. What Fintuple sells is to large banks, let's say, ICICI bank. They've built a large platform, which is used by the bank to have their PMSs, the ones for whom the bank is doing custody, for them to onboard customers to the same platform. So that's the core product. It's live with one bank, getting built with another large bank. Nivruti is a diversification where the same capability of being able to onboard the customer is then sold to a POP, a point of POP for pension. If they are able to integrate with all the 3 CRAs and are able to onboard digitally. New customers coming in to buy pension.

Okay. Great. So can you think of this as a software production company specifically for banks and AIFs?

No. So it is a platform product. It would be -- I mean, it can be charged in different ways, basis assets, this is the number of customers who come in on basis of license fees. So the charging can be different, but it is obviously a platform or a software product.

Okay. Great. Great. And what is the market share we may be holding here, sir?

Okay. But we are reporting in the PowerPoint presentation, that new 57 new mandates you got in quarter 2 FY '25. So it's like what quarter and there's no revenue yet?

The 57 that you have reading are total wins in AIF. These are a collectivity of core AIF and PMS RTS servicing win, fund accounting win, WealthServ platform wins, WealthTrack analytics wins and custody wins. So it's a sigma of those. Right now, N ivruti doesn't have a live client. We are in the process of closing the first deal.

Okay. Understood, sir. And my second question is about are we object to any compliance audit by regulator? And if so, then by what date or year this has been done?

So you will see that all of CAMS's businesses are related -- small parts may not be. So I think Analytics may not be directly regulated. Almost every part is regulated, SEBI regulates an d licenses the MF RTA and the KRA businesses, RBI governs and licenses the account aggregator and the payment aggregator, PFRDA licenses and governs, the CRA NPS Business and RDA licenses and governs the CAMS rep business. I don't know how to answer the second part of your question because the regulatory obligations, reporting obligations are very vast. It is not that it is a once in a year audit, where we get the audit done, we sign off and then all of us go home. So think of it as a -- in your portfolio of companies and whatever you see, think of how many companies you can count, which have all the 4 regulators governing them, and which have 6 instances of these 4 regulators. I'm sure you won't even find a handful. The regulatory scrutiny and the controls posture is extremely intense. It is not just at a bare regulation level. It also exists at the level of how we manage cybersecurity, how we manage BCP, how we manage employee screening, it's a cumulative of all of those.

Truly, truly sir. Yes, I understand that. So there's no like closure of audit for a particular year, let's say, till FY '24, it's been closed, nothing like that. Is it?

Yes. Just think of it that last year would have been closed by a regulator.

Ladies and gentlemen, that was the last question. I would now like to hand the conference over to Mr. Ram Charan sir, CFO, for closing remarks.

Yes. Thank you.