BSE Limited Q1 FY 2025 Earnings Conference Call Summary
Conference Call Overview
• Date: August 7, 2024
• Transcript submitted to the National Stock Exchange of India on August 13, 2024
• Featured BSE leadership, including Managing Director and CEO
• Focused on financial and business performance
• Included forward-looking statements with risk disclaimers
• Transcript available on BSE's website
Financial Performance Highlights
• Record Revenues: INR 674.4 crores, a 149% year-over-year increase
• Net Profit: INR 265 crores, up 253%
• Investor Growth: Registered investors increased by 51% to 18.4 crores
• Operational Revenue Surge: 182% increase
• Trading Activity: Average daily turnover in cash segment nearly doubled; record volumes in derivatives trading
• Mutual Fund Segment: BSE StAR MF revenue increased by 101%
Strategic Initiatives
• Market Engagement: Actively adapting to regulatory changes for market stability
• Innovation Commitment: Expansion of product offerings, including acquisition of Asia Index Private Limited and launch of Sensex Next 30 index
• Technology Investments: Enhancements to BSE StAR MF platform, version 2.0 launching soon
Stakeholder Engagement
• Q&A Session: Opened by Anand Sethuraman
• Investor Concerns: Discussions on equity derivative revenue, trading platform support, and national identity
• Regulatory Impact: Acknowledgment of potential changes and their implications on market share and profitability
Regulatory Discussions
• Charges Overview: Regulatory charges around INR 1,200 crores; clearing and settlement charges approximately INR 1,300 crores
• Future Regulations: Uncertainty regarding upcoming regulations; BSE committed to adapting strategies
• Profitability Strategies: Emphasis on dynamic regulatory environment and potential for new opportunities
Closing Remarks
• Regulatory Submissions: BSE awaiting feedback from regulators on submitted requirements
• Financial Impact Preparedness: Previous quarters accounted for potential financial impacts
• Invitation for Further Questions: Encouragement for stakeholders to reach out via email for additional inquiries

Conference Call Overview
• Date: May 8, 2024
• Submitted transcript to the National Stock Exchange on May 13, 2024
• Led by BSE's leadership team, including MD and CEO Sundararaman R
• Emphasized forward-looking statements with risks and uncertainties
• Transcript available on BSE's website
Key Achievements
• Record market capitalization: INR 400 lakh crores
• 41% increase in registered investors (17.1 crores)
• Conducted nearly 14,000 investor awareness programs
• Enhanced investor education through digital media (Mr. MANE videos)
Financial Performance
• Record revenue: INR 1,618 crores (70% increase YoY)
• Net profit: INR 411 crores (86% increase YoY)
• Proposed final dividend: INR 15 per share (subject to approval)
• Strong performance in trading segments, especially derivatives (ranked second globally)
• Significant growth in mutual fund distribution platform (BSE StAR MF) with 63% revenue increase
Transaction Processing and Future Plans
• Average monthly transactions: 3.4 crores (up from 2.2 crores in FY 2023)
• Peak transactions: 4.73 crores in April 2024
• Plans to invest in StAR MF and launch StAR MF 2.0 in Q2 FY 2025
• Expansion into related businesses (India INX, BSE-Ebix)
Q&A Highlights
• Market share data inquiries addressed; BSE StAR MF maintains 85-90% market share
• Growth potential discussed, especially in equity derivatives
• SEBI letter on transaction charges acknowledged; review of clearing charges anticipated
• New index products and colocation revenues in development
• Concerns about tariff increases and their impact on trading volumes discussed
• Dividend payout ratio clarified; no formal policy for 100% payout
• Addressed concerns about derivative trading performance and market volatility
• Plans for co-location services and monetization discussed
• Competition from NSE acknowledged; market evolution expected
Conclusion
• Emphasis on broadening product offerings and optimism for future growth
• Invitation for further questions via email and gratitude expressed to participants

Conference Call Overview
• Date: February 5, 2024
• Transcript submitted to the National Stock Exchange of India on February 7, 2024.
• Led by BSE's leadership team, including Managing Director & CEO Sundararaman Ramamurthy.
• Discussion included financial performance and business updates.
• Forward-looking statements included, subject to risks and uncertainties.
Key Achievements and Financial Performance
• Significant Achievements in 2023:
• Successful launch of equity derivatives segment.
• Record trading volumes in Sensex and Bankex derivatives.
• Financial Highlights:
• Q3 FY24 revenues: Rs. 431.5 crores (76% increase YoY).
• Focus on expanding participant base and enhancing trading infrastructure.
• Growth in mutual fund distribution platform, BSE StAR MF.
Q&A Session Highlights
• Merger in GIFT City:
• Commitment to the project, but timeline uncertain due to regulatory challenges.
• Equity Derivative Segment:
• Discussion on blended tariff and payments to NSE for clearing and settlement.
• SGF Contribution:
• High SGF contribution explained as based on regulatory parameters, not trading volumes.
• Technical Issues:
• Apologies for website errors; request for reporting issues via email.
• Clearing and Settlement Costs:
• Strategies discussed to reduce costs and enhance institutional participation.
• Co-location Services:
• Investments expected to yield results in Q1 of the calendar year.
Additional Insights
• Revenue Generation:
• Cautious approach to revenue generation with potential for future charge increases.
• Market Participation:
• Efforts to improve participation in longer-dated options and engage institutional participants.
• New Product Development:
• Long-term process based on market needs; recent product changes require stabilization.
Conclusion
• The call concluded with an invitation for further questions via email, emphasizing ongoing engagement with stakeholders.

Conference Call Overview
• Date: November 10, 2023
• Submitted transcript to National Stock Exchange on November 15, 2023
• Part of Q2 FY24 earnings discussion
• Key executives included Managing Director and CEO, Sundararaman Ramamurthy
• Forward-looking statements with caution on risks and uncertainties
• Transcript available on BSE's website
Key Highlights from the Call
• Opening Remarks
• Ramamurthy wished attendees a Happy Diwali
• Pride in BSE's transformative journey
• Equity Derivative Segment
• Revitalization noted with successful relaunch of Sensex and Bankex contracts
• Record trading volume and new transaction structure introduced
• Upgrades to technology infrastructure increased processing capacities
Financial Performance
• Q2 FY24 Results
• Highest quarterly revenue: Rs. 367 crores (53% YoY increase)
• Net profit: Rs. 120.5 crores (256% increase)
• Key revenue drivers: transaction charges, clearing and settlement revenues, listing-related income
• Mutual fund distribution segment performed well
Future Outlook
• Commitment to expanding business segments
• Investments planned in India International Exchange and BSE Investment Limited
• Focus on long-term growth with the mission "Vibrant BSE 2025"
Q&A Session Highlights
• Clearing and Settlement Income
• Significant increase attributed to higher margin money and services from ICCL
• Equity Derivatives Costs
• Expenses currently exceed revenues; new charges implemented recently
• Market Tariff Adjustments
• Charges will be adjusted based on sustainable market volumes
• Currency Volumes
• Decline acknowledged; efforts to enhance currency options segment discussed
• Options Revenue and Expenses
• Complexity in revenue generation explained; cautious approach to pricing strategies
• Data Availability for Options Trading
• Commitment to improve data access for market participants
• Active Users in Equity Derivatives
• 7 crore UCCs reported; expectations for significant growth
• Plans for New Derivatives
• New products based on member feedback; ongoing efforts to attract institutional order flow
Closing Remarks
• Moderator thanked participants and concluded the call
• Ramamurthy expressed gratitude and wished attendees a Happy Diwali

Conference Call Overview
• Date: August 9, 2023
• Transcript submitted to the National Stock Exchange of India on August 14, 2023
• Featured BSE leadership, including MD and CEO Sundararaman Ramamurthy
• Discussed financial performance, strategic priorities, and forward-looking statements
Key Highlights
• Performance Update
• Goal: Make BSE a vibrant exchange
• Growth in equity cash, mutual funds, and equity derivatives
• Celebrated 149th Foundation Day with a new logo
• Financial Results
• Total revenue increased by 37% to Rs. 271.2 crores
• Net profit rose by 71% to Rs. 75.1 crores
• Key revenue drivers: transaction charges and clearing operations
• Completed stake sale in CDSL and announced a Rs. 539 crores share buyback plan
• Mutual Fund Segment
• BSE StAR MF achieved 59% revenue growth
• Processed a record number of transactions
• Future Vision
• Aiming for long-term growth with "Vibrant BSE 2025"
• Addressed questions on equity derivatives and transaction charges
Participant Inquiries
• Transaction Charges
• Potential increases in charges for equity derivatives considered at the right time
• Recent changes boosted market share in equity cash from 9% to 12%
• Market Participation
• Efforts to engage brokers and enhance trading capabilities
• Increase in unique client codes (UCCs) and member participation
• Liquidity and Cash Reserves
• Cash reserves bolstered by CDSL sale, allocated for technology investments
• Buyback program as a strategy to enhance shareholder value
• Hindustan Power Exchange (HPX)
• Positive performance with a 32% market share for energy savings certificates
Management Commitment
• Reiterated commitment to enhancing shareholder value through regulated buyback processes
• Acknowledged investor skepticism but emphasized ongoing support for shareholder interests
Conclusion
• Call concluded with an invitation for further questions via email.

Compliance and Overview
• BSE Limited submitted a transcript of its conference call to the National Stock Exchange of India.
• The call discussed Q4 and FY 2023 earnings, featuring key executives including MD and CEO Sundararaman Ramamurthy.
• Forward-looking statements were made, with a reminder of potential risks and uncertainties.
Company Progress and Financial Performance
• Ramamurthy highlighted efforts to enhance BSE's vibrancy since his appointment in January 2023.
• Key changes included:
• Reduced tick sizes in the equity cash segment.
• New strike price intervals in currency derivatives.
• Relaunch of Sensex and Bankex derivative contracts.
• Financial results:
• Record revenue of Rs. 954 crores for FY 2023 (10% increase).
• Net profit declined by 13% to Rs. 221 crores.
• Final dividend of Rs. 12 per share (98.8% payout ratio).
Segment Performance
• Mixed results in average daily turnover across segments:
• Significant growth in BSE Star MF (56% year-on-year).
• Currency futures turnover increased by 50%.
• Growth reported in BSE's subsidiary, India International Exchange, and other platforms.
Q&A Highlights
• Income Increases: Explained by higher revenue from group companies and technology subsidiary performance.
• Market Share: Ramamurthy emphasized ongoing efforts to regain market share in cash and derivatives.
• Cost Management: Employee costs may rise, but technology costs will be managed carefully.
• Liquidity Enhancement Scheme: Discontinued due to ineffectiveness, expected savings of Rs. 32 crores.
Future Strategies
• Plans to charge for currently free services once market traction is achieved.
• Positive indicators from recent changes in tick sizes.
• Focus on product differentiation to improve volumes and financial performance.
Regulatory Changes and Market Impact
• Uncertainty regarding ASBA implementation effects on treasury revenue.
• Cash and cash equivalents reported at over Rs. 1,400 crores.
Additional Inquiries
• Fee structure on StAR MF platform explained; no costs to retail investors.
• Impact of 1 paisa tick size on investor engagement noted as positive.
• Clarification on Gold and Social Exchanges; the latter is a CSR initiative.
Conclusion
• Ramamurthy expressed optimism about future growth while remaining cautious about market conditions.
• The call concluded with an invitation for further questions via email.

Conference Call Overview
• Date: February 7, 2023
• Submitted transcript to National Stock Exchange on February 10, 2023
• Led by Mr. Sundararaman Ramamurthy, new MD and CEO
• Key members of leadership team present
• Forward-looking statements made with a disclaimer on actual results
Financial Performance Highlights
• Revenue Growth: 12% increase to Rs. 245 crores for Q3 FY2023
• Operational Revenues: Rose by 6%
• Net Profit: Decreased to Rs. 52 crores due to higher SGF contributions
• Key Metrics: Growth in clearing, settlement revenues, and investment income; decline in operating EBITDA and profit margins due to tech expenses
Market Conditions and Challenges
• Fundraising: Slowed IPO sentiment; BSE remains a leader in public issues
• Trading Segments: Declines in average daily turnover in equity and currency derivatives; mutual fund segment achieved record transaction volumes
Updates on Subsidiaries
• Strong performance from India International Exchange and BSE EBIX Insurance Broking
• Board approved divestment of part of BSE's stake in Central Depository Services Limited
Strategic Focus Areas
• Enhancing market share in equities, currency, and mutual funds
• Developing presence in equity derivatives
Q&A Session Insights
• SGF Contributions: Explained by Nayan Mehta; influenced by market volatility and business volume
• CDSL Stake Divestment: Timing challenges discussed; conducted in tranches for effective returns
• Investments in Growth Areas: Focus on national development; long-term growth emphasized
StAR MF Platform Discussion
• Growing interest in mutual funds; potential for organic growth noted
• StAR MF accounts for over 50% of mutual fund transactions
• Commitment to innovation and new product development highlighted
Conclusion
• Assurance of focus on shareholder interests and invitation for further inquiries.