Thank you very much. We will now begin with the question -and-answer session. Our first question comes from the line of Mohit Mangal from Centrum. Please go ahead.

Thanks for the opportunity. My first question is towards the flows. If I look at hybrid category, which is our main target category, last year we had around 19 billion of net inflows and even H2 was better. But in H1, that actually declined to around 4 billion. How can we capture more flows in this category? What are our major strategies towards that?

Hi Mohit, Vetri here. So that remains actually our focus in terms of the hybrid strategies and that is just a function of where we think the market is both in terms of valuations of both equity and fixed income, which is why we think this is a sort of more appropriate part. There has been perhaps some churning of portfolios, but we are just doubling down on the push in terms of hybrid products. Our products, particularly the multi-asset fund and the aggressive hybrid fund are already approved on several platforms. So we are pushing both for sales through lump sum mode as well as through the SIP mode. The balance advantage fund is a much younger fund for us, just about 2 years of track record, but it has done well over that period. So even there, we are sort of increasingly pushing the market in terms of starting to get that incorporated. As you know, many sort of rating systems in the market typically look at least 3-year data before they start to recommend a product. So once we cross that hurdle sometime middle of this year, hopefully that product as well will make it onto some of the sales platforms. So there may be some movement that you have seen over the last quarter, but I think we are happy with the trend that we see in terms of gross sales.

And H2 should be better than H1, I would assume?

Yes, that is where our focus remains and we have been doing a lot of distributor engagement over the last few months. There is a series of programs we are doing across the country, zone by zone. So I think you will see some benefits.

Understood. My second question is towards the UTI international business. So I think there has been around 8% decline, if I compare H1 FY26 versus FY25. So any activity over there?

So the AUM decline that has happened over there is primarily because of two funds. One is UTI Phoenix Fund, which is similar to a FMP kind of a category, which has matured and some redemption and mark -to-market impact on our UTI India Dynamic Equity Fund and UTI Innovation Fund, where we lost close to around Rs. 2,000 crores, primarily because of mark - to-market impact only. So hopefully with the growth category style actually delivering better values over the last 2 or 3 quarters, we should see some meaningful inflo ws in UTI Dynamic Equity Fund going forward.

Understood.

I wish to add some color to what Vinay said. Just keep in mind that you have to also see the change in AUM of that strategy in the background of the fact that in general, FPI appetite towards India is currently fairly cooled in that sense, right? There has been a net outflow. So India as a category is actually not attracting too much flows at this point of time. But within that, I think the team has been reasonably successful in terms of getting some inward client rotation. And that is coming from what Vinay said, which is that when we look particularly at the last year, year and a half, the quality growth which underpins the IDEF strategy that we run has done quite well in terms of its alpha generation. So that has enabled the sales team to get more clients in. But we need a point in time where overall appetite for India starts to increase for that number to grow.

Understood. That is helpful. My last question is towards, in your opening remarks, you said that the impact of VRS is expected to be around Rs. 25 crores. So just wanted to know the math behind that as to how did you come with that number, if you could just explain?

No. What we stated is that as part of a VRS package, the family pension amount was being revised. That because of the revision in the family pension amount, the actuarial impact of that has been accounted for in quarter two. The actual impact of VRS will depend on how many number of people actually opt for. And that we will be communicating sometime maybe in the later part of the month of November. So information will be sent out to the stock exchange of what the actual impact will be there in Q3 financials.

Mohit, it is a onetime expenditure. And as per the accounting policy, based on the actuarial valuations, we need to account for in the quarter of the incident. And therefore, since the scheme was launched on 23 rd of September, therefore, as per the accounting standard requirement, we had to account for in this quarter. It is a onetime expenditure. And let me explain you why this particular thing is a part of the package. We have a pension scheme and the family pension scheme was not revised since 1994 and the only thing people were getting the Rs. 5,300 family pension across the group of the employees, whether it is the class 3, class 4 or even the senior management people. Therefore, we have just revised the family pension schemes and that we did in order to make sure that our VRS scheme is successful and we are seeing the good outcome, Mohit.

Understood, sir. That is very helpful. Thanks and wish you all the best.

Thank you.

Thank you. Our next question comes from the line of Prayesh Jain from Motilal Oswal. Please go ahead.

Yes, hi. So just extending that question on the VRS thing. So while you do not quantify the cost, but you would have an estimate of the 100% of the employees eligible for it. If they accept the VRS, what could be the c ost that can be seen? And I would also like to understand what happens if the 100% of the employees take VRS post that, what kind of employee cost run rate will we see?

So overall, the number of employees that are eligible for VRS is 479 out of roughly around 1450 employees that we have. So only one third of the employees are actually eligible for VRS. And these are primarily the employees who are more than 50 years of age and joined prior to 2003. The actual impact will again depend on the number of people that actually opt for a VRS. But I can give you a ballpark number. The average VRS payout per employee, would be in the range of around 60-65 lakhs. So depending on the number of employees that actually opt for, then I can communicate the actual impact. And what was the second question, Prayesh? I didn't get that?

If 100% employees opt for the VRS, how much?

So we have analyzed it and we are not required to replace all employees. Our data suggests that in case all 500 employees take the VRS, over a period of time, we will be requiring 70 -75 people to supplement those requirements.

So Prayesh, at the actual run rate, once we relieve the employees, then depending on the business requirement, in how many cases actually we may require a replacement or the entire organization restructuring will happen. So we will communicate the actual r un rate maybe while we announce the Quarter 3 results.

Got it. That is very helpful. Second question is on the SIP market share. If I look at the SIP market share, which was there in September 2 024, which was about 2.9% and now it is about 2.7%. What are we doing to kind of change this and make further improvements here? Because I think that the cornerstone for this industry has been SIPs and that is where it seems that we are losing some market share?

I think if you look at our market share, it might have just gone down marginally. But otherwise, we have seen a month-on-month growth in our SIP numbers. So if you look at the SIP count of ours, it has also increased 11% on a year -on-year basis. So there are about 6 lakh new SIPs which have been registered in this first half of the year, out of which 75% have come through the digital channel. And most of our market shares across channels remain steady and we are not seeing too much of a change there. The highest share of SIP flows that we are getting is still coming from the MFDs, which is about 50% of our SIP flow and this is followed by RIAs, which is close to about 19%. And the rest is coming through direct , Fin-tech and BND. The two channels where we have seen significant increase is the RIA channel and the Fin-techs on a year-on-year basis, which is around 40% -45% increase from the last year. And we can owe much of this growth to the thrust that we are putting into augmenting our network in the last many quarters and we will keep on making our efforts in this direction to improve our market share in the SIPs. Another factor which is important is in respect of the smaller cities where we have been able to sustain o ur growth by deepening our presence through a combination of digital engagement, distribution partnership, and initiatives. So this has also helped us to get a number of SIPs from the smaller centers.

As a core strategy, we are overly focused on our SIP. We are on all the platforms, HDFC, Axis Bank, and everywhere. And we as a team, this is our core strategy to implement.

Got that, sir. Just on the other expense front that also seen on a standalone basis, I have seen a very sharp jump both on a Y-o-Y as well as a sequential basis. What is driving that?

The other expenses or the employee cost?

Other expenses.

Other expenses. The Rs. 6 crore was on account of CSR expenses. And as you are aware, CSR expenses is actually booked on a cash basis and not on an accrual basis. So maybe this quarter, the other expenses have increased. The next quarter, there might be a slight dip in the overall expenses. So for the full year, we maintain a guidance of close to around 7 %-8% for the other expenses. Some volatility because the CSR expenses is actually accounted on a cash basis.

Got that. This is helpful. Thank you so much and wish you all a very Happy Diwali.

Thank you, you too.

Hi, good evening, everyone. Thank you for taking my question and Happy Diwali to everyone. So just again on the VRS, so of the 460-470 employees that the VRS is applicable to, how many have actually accepted it until now? Can you give some number of that? And in your internal estimates, what is the kind of acceptance rate broadly that you would be building in? That will also be helpful. And my second question is more for Vetri. S ir, if you could highlight, you will be taking over as CEO. Congratulations for that and all the best on the new role. But what will be your key focus areas? And over the next couple of years, let us say, what would be your sort of targets in your mind both in terms of fundraise, performance, and expenses? So what can sort of shareholders look forward to if you could outline how you are thinking about strategy for UTI?

Madhukar, so far as the VRS scheme is still on, this scheme will close on 31 st of October 2025. And therefore, we are unable to give you any number at this particular point of time. And since it is a VRS scheme, we cannot predict how many people will take with a certain number. However, what we are witnessing, we are witnessing a very positive response from our people. Vetri, over to you.

Yes, Madhukar, thanks for the good wishes. Just if you look at the asset management space, and obviously the mutual fund being a big component of that . In a sense, it is a very simple business. It is just all about the products and the way the funds perform and equally, it is a people-driven business because it is the people who really make the difference across all aspects of the business. So if you look at it in terms of, I think, what the strategic priorities are, Imtaiyaz talked about the growth that we have seen and the leadership transition that is currently underway. I think one benefit I have compared to when Imtaiyaz took charge in 2018 is that we have a strong set of leadership across the entire company and in fact, for that matter, across the entire group. So I believe our senior level teams are very well placed today as compared to where we were earlier. Having said that, workforce rejuvenation is a very key component of what we need to carry out. If we go back a few years in history and look at our sales team, the ratio of supervisory sales team leads to the actual hunters was adverse. And that is something that we have been correcting over the last 3 years. And I think with this VRS, it will see a further change in terms of the number of managers who make up the sales system, who are supervising the sales team and the number of actual sales people who are going out there in the market. So that workforce rejuvenation in terms of a younger cohort, making sure that the ratio of supervisory to hunters is more appropriately placed, making sure that this younger team is now properly skilled and trained to be able to engage with the marketplace. To my mind, that is really one critical part of the engagement part of our business with all our partners and distributors. The second part is the brand visibility and the brand connect. The brand has a very strong recollect. It has legacy. But at the same time, we are aware that there is a younger cohort of customers to whom the brand does not resonate as strongly. So we would certainly in the years ahead, once again utilize some of the flexibility that would show up for us by investing in the brand to make sure that we are increasing the visibility and the connection to the younger cohorts who may not fully be aware of the legacy of the brand. So the brand would really be the second part of what is important. Third thing, if you look at all the industry data, we are certainly going through a disruption in the sense not visible in the AUM, but visible in the number of customer accounts which are now digitally originated. Again, for us, that is partly allied with the previous point, which is to say that we need to have best -in-class digital assets. We need to have best -in-class digital systems which allow us to talk to the customers, engage with the customers, cross sell, upsell, and also sort of give them a sense of being digitally native because the new competitors who are entering this business are increasingly digitally native. So digital and brand at some portion of these are aligned, at some portion it is a separate platform that we will anyway have to build. As far as fund management is concerned, I think we have got the processes well in place. We have got very strong talented teams. There will always be some cyclicality in terms of fund performance. What we have tried to do over there is make sure that we have a go -to-market strategy, which makes sure that we are always carrying a portfolio of products to the market, which are positioned both on performance and on opportunity. This requires a little bit of training of the sales team to be able to carry this message of products that carry performance and simultaneously showcase the products where the opportunity lies for the future. So I think with a more agile workforce with the appropriate upskilling and training, we will be able to get them to carry this message out there in the market. So I would say all of these are things that we would need to do. I think very key metric for us, given that we are a scale player, we are present across the country, there is a discrepancy between our market share in SIP and t he market share that we have on stock AUM. So to my mind, one of the critical things that we will be focusing on is continuously raising the SIP market share. But because to my mind, the only way to get back to where we are on stock AUM is to keep increasing the share of SIP flows. Now, I know there was a question on this earlier, and I will put in a slightly tactical point that maybe we will have to look through the data. Remember that the hottest selling category in mutual funds, particularly on the equity side in the last 2 years, or maybe in 3 years, has actually been sectoral thematic. This has been an area in which we have been both conservative and cautious. This may have cost us both in terms of gross sales as well as impacted our share of the SIP book. But we are very focused that in the core categories, we want to keep increasing our share of the SIP book and I think it is in the core diversified products that there will be a long-term opportunity to make sure that we get a sustainable share of the SIP pipeline. I think on the cost side, post -November, we will get a better opportunity to articulate where our cost structure will settle down. But certainly, we will look to reinvest some of that in brand visibility. And once we are able to raise our equity SIP book, it should automatically start to show up in the yields as well. So it is a pretty simple business. If you are able to keep your costs under control and raise the yield, the jaws sort of start to open up. So that is what we will have to target. But it is a journey. It is not something that we can do overnight. But I think all of these are levers that we will have to use. And simultaneously, leveraging the onsite fund management talent we have into the offshore business gives us the ability to tap into a new set of investors and UTI alternatives, which is still a very small unit for us. There is scope to grow that and that will be a much higher yielding unit eventually, though the size of AUM may be much smaller. But that is another way to diversify the asset management company and the listed company’s businesses. So that in a nutshell, many things , b ut these are all the touch points that we will have to go. And overtime, we will come back to you with a dashboard. So you have an understanding of each of the ele ments that I described and the progress that we hope to make.

Thank you, sir. Thank you for the response and look forward to your innings and all the best, sir.

Thank you.

Thank you. Our next question comes from the line of Swarnabh Mukherjee from B &K Securities. Please go ahead.

Hi, sir. Thank you for the opportunity. Vetri sir, congrats on your new role and a Happy Diwali to everyone. I had 3 questions. So first of all, I think about this quarter, I think in the employee cost also, if we adjust for the Rs. 25 crore one-off that has come through, there is still, I think, Rs. 10 odd crore increase in the standalone P&L in employee costs and around Rs. 4-5 crores in the consolidated P&L. So if you could explain what is that due to? That is the first question. Second is, sir, you were talking about the 3-year performance and actually gradually scale up there. I just wanted to know, what in your mind or how have you seen in the past in the industry that has the performance goes into the higher quartiles? What is the lead time before flows start to come in? How should we think about it on that? Thirdly, sir, I think over the last 2-3 years, we had kind of articulated to investors to maintain our cost base. I think we did a great job at that. The cost base was not going up at only, I think, low single digits. Now, given our plans about investments in the brand and in the distribution channel as you have articulated, should we expect any of that on the cost heads to increase going forward if you could keep some color of the same? These are my 3 questions. And one bookkeeping question, if you could give us the yields by asset classes for the quarter?

Yes. I will answer on the cost and the yield part. On the employee cost, apart from the family pension liability of Rs. 25 crore s, roughly around Rs. 6.5 crore s is the actuarial impact on account of salary revision that has happened in this particular quarter. Again, this is just one quarter event and this will normalize over the balance period. On the yield part, the equity and hybrid yield is close to around 75 basis points. ETF and index fund has seen a marginal improvement to around 8 basis points from the earlier 6 basis points that were there in the previous half year. Cash and liquid fund i s close to around 9 basis points and fixed income is around 19-20 basis points. Some marginal reduction on the fixed income yield because I think most of the products that are being selling in the fixed income side is on the shorter duration and some marginal reduction in the yield on the fixed income side.

Yes, just a follow up. The employee cost side, if I may just clarify. Sir, you said Rs. 6 crores because of actuarial valuation. So if I remove the Rs. 25 crores number, I think Rs. 100 crores for last quarter in the standalone P&L went to around Rs. 110 odd crores except the Rs. 25 crores number. So, Rs. 6 crores out of that?

No. Rs. 25 crores is on account of family pension and Rs. 6.5 crore is on account of actuarial valuation of other retirement benefit which includes your gratuity, live encashment and things like that.

Every year post the salary increase, we need to calculate the various superannuation benefits. And based on that, the Rs. 6 crore is the liability, one time liability has come to Rs. 6 crores. If we normalize 25 plus 6, then the cost is in line with 2.5 %-3% that, as per the guidance, which we have given. Now, you have asked about the question of maintenance of the cost post what Vetri suggested to you that once he takes over, he will invest some dollar in the brand regeneration, etc., I don't feel we are in the position at this particular point of time to suggest any or give any guidance on this number. However, if you see the last 5 years, our CFO team and the entire management team, they have been extraordinarily careful on the cost. So we cut a lot of cost, we save a lot of cost, we improve efficiency and whatever the money we save out of that, we use for the other line of the business. This has been the case. For example, we have opened 75 branches , but we have not increased the cost be cause we reduce a lot of branches, we cut a lot of cost, we optimize a lot of cost and we have brought a lot of efficiency using our technology. That has helped. So Vetri has suggested that he will go for the brand and many other things, but at the very same time, he is extraordinarily careful and he is working on that to save a lot of cost in other areas. So at this particular point of time, I don't feel Vetri will be in a position to give any guidance or I am in a position to give any guidance. However, when we meet again or when they meet you again in the 3rd quarter or 4th quarter end, we will be in a better position to give you the guidance on the next plan. And so, for the yield is concerned, Vinay, you have already replied about the yield. Yes, Mr. Mukherjee, hope it answers the question.

Sir, I had also asked regarding the flows that in your experience, once we scale up on the 3- year performance as it highlighted, it might play out differently but normally, what have you seen as the lead time for the catch-up on flows to happen?

So if you see in the past and even if you refer to our data of 2021-22, you will see that typically, it is somewhere in the second year after you start to get good performance in some of your schemes is where the flow numbers start to pick up quite significantly. So you will see that very much in our flow data in 2020 -21 and 2021-22, which were strong years for us both in terms of our share of gross as well as our share of net flows of equity flows for the industry. So I would say 2-3 is the sweet spot. And we see this even at a scheme level. If I look at current year to date, for the first time, one of our other schemes has started to outsell in terms of gross sales, our largest single active equity scheme and that is a function of the fact that its 3-year performance is now extremely strong. So those are the cycles that you see at a product level. But the main point that I would like to make is that we as a firm recognize this cyclicality of 2- year and 3-year and that is why I said we need to take the product appropriately to the market, position some on the back of performance and position others on the back of opportunity.

Right. That is very helpful. If I may squeeze in a couple of more questions. Sir, first of all, on the VRS scheme, once you get clarity in terms of how much your cost would be, just wanted to know how it would be provisioned. Will it be provisioned over one quarter or over multiple periods? Just some clarity on that. And secondly, sir, this new product, SIF, that I think some of your peers are launching. So just wanted to know your thoughts or any strategy around that?

Vinay on accounting and Vetri on SIF.

The entire VRS cost will be booked in the P&L in the 3rd quarter itself as per the accounting standard. There is some impact as far as the taxation is concerned, that these expenses need to be amortized over a period of 5 years as per the Income Tax act. So you might see a deferred tax asset being created. But as far as the accounting of this cost is concerned, the entire cost will be charged in Q3 financial.

Sure. On the SIF itself, see, it is an interesting product category, because it opens up space to do something which is slightly different from the traditional MF product. And at the same time, it has the benefits of the same set of regulations that asset management companies would anyway use across their products. The regulator also has great comfort with this. There are two sort of challenges we need to be cognizant of. One is that for this product to be distributed, both my own sales team as well as the distribution partners need to get certified at a new level as compared to the certification required to sell a normal MF product. So when we look at the data at this point of time, it is very clear to us that at this point of time, the distribution system's ability to distribute this product is limited by the fact that there are not enough people who have the certification. Having said that, we are getting other people trained so that we have enough people in-house. We are going region by region. We will have enough in-house people who are then certified appropriately to position this. We have also finalized our brand because by law, we require a separate brand for this product. That is also in final stages of being rolled out. The actual product launch, again, we are looking at what is the appetite that the market might have because the long sho rt product is a product which still at this point of time is not very well understood in the marketplace. Therefore, we need to see which of these products might actually be most suitable. But all the building blocks that need to be done, we are doing one by one, which is the brand, which is the platform, and finally, the training of our own sales team. But honestly, it makes sense to launch it when the distribution architecture is prepared and the number of people in the distribution architecture who can sell the scheme is currently limited.

Understood, sir. That is very helpful. I appreciate your detailed responses. Thank you so much and all the best.

Yes. Hi, sir. Thank you for giving me an opportunity. I had two questions. One is, sorry to harp again on the employee cost. After we are done with the VRS, what could be a normalized number of employee costs that we can expect every quarter? And the second question is a little qualitative, is that we are seeing fast -pacing growth in the digital onboarding from SIPs and even lump sums. How do we compete in this space and how does any AMC compete? There is no payout to the digital onboarding of customers. So is there a dynamic where we can compete and come ahead? These are my two questions?

So as I said, the run rate will be able to communicate post the VRS settlement is over depending on our business requirement that if we need to recruit people to fill up some of the vacancies that may arise. And again, Vetri rightly pointed out that we are r ealigning our ratios of managerial to the hunter on the top. So the entire reorganization will be carried out sometime in the Q3 and maybe when we announce the Q3 financial result, the run rate for the employee cost will be communicated.

So Meghna, we are progressing digital transformation with the focus on expanding our investor access and providing them platform efficiencies. If you look at as of September 2025, 89% of our total gross sales in the quarter came from the digital platform. And in the last 4 quarters, an average of around 92% of the gross sales are coming through the digital channel. So you can see that digital channels are taking shape through the existing distributors as well as from the Fin-tech platform. So our recent collaboration with Salesforce, which focuses on customized communication has helped us to create a top of mind recall with many of our investors. Similarly, we have been focusing on things like instant SIP activation, digital KYC and distributors onboarding through mobile and a web application and the team has done a great job to ensure that all the application as well as the website is top of line. So another area where we are putting a lot of focus is the Fin-tech partnership. And we are looking at API integration to support their digital push also by streamlining the processes and improving the customer experience. So all of these initiatives show that as Vetri also pointed out that digital architecture as well as the framework will help the growth of mutual fund industry and UTI.

And Meghna, just to add to what Sandeep said, just keep in mind that they are also trying to rejig their own business models because no doubt they have made a significant impact in terms of the number of clients that they bring, the new SIP signups that they bring. But I think they are also now trying to figure out where in this entire mix they will be able to get profitability from the clients that they are onboarding. So what we are seeing at this point of time is significant number of these digital platforms starting to rethink what their approach to business should be in terms of how they want to position themselves, whether it will be purely direct or whether they also wish to have clients to whom they will offer incidental advice. So I think it is still evolving. We are very clear as Sandeep said that we need to have best-in-class digital assets and digital visibility because otherwise you will not be part of the consideration.

Hi, good evening everyone. So a question again on the VRS related point. I just wanted to know what would be the contribution of these 470 odd employees in our current staff cost on a full year basis? That would be the first question.

Can you repeat your question please, Abhijeet?

Yes, Sir, like you mentioned, there are these about 470 odd employees who are eligible for this VRS scheme. Now, what I wanted to know is that on a full year basis of whatever your staff cost is, I am just checking the number , last full year, it was about Rs. 460 odd crores. What would be attributable to these 470 odd employees?

I can give the average payout of these 470 employees would be in the range of around 28 to 30 lakhs.

Got it, sir. And sir, secondly, just again reconfirming this point, when you make the provision in the 3rd quarter, this will be routed through the P&L itself, right?

Yes.

And in that context, how do we think about the dividend payout for the full year?

That is too early to comment. Let us see now how the year goes and how much people are applying for it and are accepting the VRS . Based on that we will give you the guidance in the 3rd quarter, at the end of the 3rd quarter.

Got it. That is all, sir. Thank you so much and Happy Diwali to everyone.

As you know, we have got a very strong balance sheet, but the accounting requirement is it has to be charged in the same financial year. But we have very strong balance sheet.

Got it, sir. And sorry, I just forgot the question for Vinay, sir. How do we think about the full year tax rate for this year?

The full year tax rate actually will be slightly higher in the range of around 26-27. Because, as I stated earlier, this VRS cost will be amortized over a period of 5 years. The Indian Income Tax Act doesn't allow to be charged in the full year. So while there will be an expenditure, the tax rate will be slightly on a higher side. We will communicate the exact number when we announce our quarter 3 financial results.

Got it. Thank you so much.

Thank you. Our next question comes from the line of Divij Punjabi from Banyan Tree Advisors.

Yes, thanks for the opportunity. I had two questions. One was on the pension management business. You mentioned that there are four schemes being launched. And there are also a bunch of regulatory changes being done by PFRDA. So can you just talk about what these schemes would look like? What would be the realization and the size of the opportunity? And the second question is on the VRS. Out of these 479, if you can just maybe touch upon the function-wise split of the employees. So across sales and the other functions, how is it going to be spread out?

So the four schemes that we are planning to launch is, the first scheme is NPS Trust Account UTI-PF Wealth Builder NPS Equity Scheme. This will be based on equity. There are two schemes in this. There is a Tier 1 scheme and there is a Tier 2 scheme. The other scheme, which is on the dynamic hybrid side is the UT I-PF Dynamic Asset Allocator NPS Scheme Tier 1. Similarly, there is a Tier 2 scheme. As per the opportunity for this fund, I think it is still in the planning stage and by the time we launch it and the market conditions will determine the kind of inflows that we will see in this fund.

So just to add to what San deep said, see the bigger opportunity is that we need to grow the market for the private NPS product. All that has happened with this set of regulations is that we have been given a lot more flexibility in product design. So you are no longer carrying a very tightly regimented product to the customer. You have a plate which has got some more attractive opportunities or at least perceived benefits that people can see in those products. But I think the bigger chall enge still remains to grow the market in terms of getting people to sign up for the private sector pension.

On the segmentation or classification of employees, we have two categories of employees, managerial staff and non -managerial staff. Out of 476, 351 are associated with the sales or sales-related functions. I hope it answers both of your questions.

Yes, thank you so much.

Thank you. Ladies and gentlemen, we will take that as the last question for today. I now hand the conference over to Mr. Imtaiyazur Rahman for closing comments.

Thank you very much to all of you for your active participation. Once again, on my personal behalf and behalf of my team here and the entire U TI, we wish all of you a very Happy and Prosperous Diwali and the New Year. Thank you and have a nice weekend.

Thank you. Ladies and gentlemen, thank you for joining the call. In case of any queries, feel free to connect with the Adfactors investor relations team. You may now disconnect your lines.