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BSE Ltd
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Ladies and gentlemen, good day, and welcome to the BSE Limited Q4 FY '22 Investor Conference Call. [Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Mr. Anand Sethuraman, Head, Investor Relations, BSE. Thank you, and over to you, sir.
Thank you, Stephen. Good evening, everyone. This is Anand from Investor Relations. Welcome to BSE's earnings call to discuss Q4 and FY '22 results. Joining us today on this earnings call is BSE's leadership team consisting of Mr. Ashish Kumar Chauhan, Managing Director and Chief Executive Officer; Mr. Nayan Mehta, Chief Financial Officer; Mr. Sameer Patil, Chief Business Officer; Mr. Girish Joshi, Chief Operating Operations and Listing Sales; Mr. Neeraj Kulshrestha, Chief Regulatory Officer; Mr. Kersi Tavadia, Chief Information Officer.
Do note that the conference is being recorded, and a transcript of this call will be made available on the BSE website. Before we get started, I will have to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Any forward-looking statements that we make on this call are based on assumptions as of today, and BSE assumes no obligation to update these numbers as a result of new information or future events.
I will now request Mr. Ashish Kumar Chauhan, MD and CEO of BSE to give a brief overview of the company's performance, which will then be followed by a Q&A session. Thank you.
Thank you, Anand. Good evening, and thanks for joining the call today. I hope all of you and your loved ones are safe and keeping well.
For much of financial year 2022, there was a sense of cautious optimism that we might finally have put the worst of the COVID-19 pandemic behind us. As restrictions in India began to ease economic activity picked up strongly as demonstrated by the recent macroeconomic numbers. But towards the end of 2021, our resilience was put to test once more as the spread of the Omicron variant reminded us of the unpredictable nature of the pandemic. I'm happy to inform you that despite the uncertainties, the BSE Group delivered a strong financial performance and recorded its highest ever revenues of INR 863.5 crores in our financial year.
Further, BSE's net profit attributable to shareholders of the company increased by 76% to INR 254.3 crores. This performance was driven by growth in transaction-based segments and stable listing segments. For the quarter ended 31st March, 2022, BSE operational revenues grew by 34% to INR 204.6 crores from INR 152.2 crores in the corresponding quarter previous year.
Further, BSE's net profit attributable to shareholders of the company increased by 1.9% to INR 74.5 crores from INR 32.6 crores in the corresponding quarter of previous year. Operational performance has continued to grow across business segments, resulting in higher operational revenues and profits.
On back of superior financial results, it is my pleasure to inform you that the Board or of Directors of BSE has recommended a final dividend of INR 13.5 per share, an increased value of INR 2 for the financial year 2021-'22 under higher capital subject to the approval of the shareholders and then eventually [indiscernible] valuation of 95% of the current year or --
Mr. Chauhan?
Yes.
Sir, sorry to interrupt, but your voice is breaking up, sir.
[indiscernible] that BSE had issued bonus shares in the ratio of 2 equity shares for every 1 equity share carried as informed in the previous earnings call. The sale dividend would be paid on the expanded share capital.
On the business side, let me start by covering our primary market segment. Funds raised by India Inc. continued to be earned and BSE platforms continue to remain the preferred choice by Indian companies to raise capital. In 2022, the BSE platform has enabled issuers to raise INR 18.4 lakh crores through issue of equity bonds, equities, bonds, commercial paper, municipal bonds, invites et cetera, including INR 3.1 lakh crores for the quarter ending March 2022.
The total number of investor accounts registered with BSE now stands at 10.5 crores and continues to move up. This number has more than doubled in the past 2 years.
I shall update you on BSE's trading segment now, which witnessed growth in the year ending March 2022, reflected in the operational performance in the current period. For the year ending March 31, 2022, BSE's average daily turnover in the equity segment increased by 29% to INR 5,396 crores as compared to last year. In the Equity Derivatives segment, the average daily turnover increased by 89% to INR 2.66 lakh crores as compared to the last year. In the Currency Derivative segment, the average daily turnover increased by 28% to INR 26,672 crores as compared to the last year. In the Commodity Derivative segment, the average daily turnover increased by 24% to INR 2969 crores as compared to the last year.
Like I updated in the last earnings call, BSE's e-nam launching spot trading in gold by electronic gold receipts for which it has the requisite technology and know-how and have received in principle approval from SEBI. BSE is in process of seeking final regulatory approval from SEBI to launch EGR as a new segment.
Let me now update you on the BSE SME segment. I'm happy to inform you that BSE has completed 10 years of operationalizing India's first SME Exchange. BSE's endeavor to support the SMEs and start up in India has seen listing 9 companies on its SME platform and one company on start-up platform, during the quarter ending March 31, 2021, taking the total companies to 367 and 14, respectively. This 367 SMEs raised INR 3,898 crores and 14 start-up raise INR 61 crores via the BSE platform. With a market value of INR 482 crores and INR 435 crores, respectively, as of March 31, 2022. BSE's market share in the SME segment stands at 60%.
I shall now discuss our mutual fund distribution platform. BSE's StAR MF, India's largest mutual fund distribution platform continues to grow at a remarkable pace with total number of transactions growing by 97% to reach INR 18.5 crores transactions during financial year 2022 from INR 9.4 crores last year. For the quarter ending March 2022, the BSE's StAR platform registered 5.2 crores transactions as compared to 2.9 crores transactions in the same period last year. BSE StAR MF platform continues to scale new peaks in terms of single-day transactions with the platform pursuing a high of 30.1 lakh transactions on April 18, 2022, outdoing its previous best single day record of 29.9 lakh transactions on April 11, 2022. It also continues to contribute consistent net equate inflow to the mutual fund industry with inflows of INR 81,350 crores in financial year 2022.
The BSE StAR MF had launched in May 29, 2019, to help mutual distributors register clients on real-time basis and execute paperless transactions has processed over 56.8 lakh transactions as of March 2022. On the regulatory front, SEBI has agreed, to mutual fund industry's request to extend the deadline to July 1, 2022 from April 1, '22 for implementing discontinuation of polling of accounts. The extension is to facilitate an efficient technology overall and its smooth transition to some growing investor SMEs. BSE's work is going to increase due to this new change that is coming up.
I shall cover developments at our subsidiary companies now. BSE promoted India International Exchange at GIFT City, Gandhinagar. India INX has been growing exponentially ever since its comments trading activities on January 16, 2017, with average daily trading turnover of USD 10.1 million and a market share of 92% for the year ended March 31, 2022.
India INX has more than USD 62 billion medium-term notes and bonds established and over USD 44 billion of bonds listing till date. I'm also happy to inform you that India INX has enabled a global access platform for investors wanting to invest in global securities. The platform permits investments in more than 30,000 stocks across 33 countries and 135 exchanges across the U.S., Asia Pacific and Europe. One can also invest in more than 80 global portfolios of renown international portfolio managers with a minimum of USD 100.
Owing to investments by certain strategic and financial investors, BSE's stake in India INX stands at 61.9% and 59.9% in India International Clearing Corporation as of March 31, 2022. As informed in the last earnings call India INX and India IFSC revenues INR 6.75 crores each in India International Bullion Holding IFSC Limited, holding company for setting up and operationalizing the International Bullion Exchange for a 10% stake each, making a totally 20% in BSE Group as directed by IFSC, a trial run for India International Bullion Exchange was conducted on April 18, 2022 and first trade was executed on April 19, 2022. We expect it to go fully live by the first quarter of financial year 2023.
This is wholly owned subsidiary BSE Technologies is a technology solutions provider for the International Bullion Exchange at GIFT City. We are also confident that the same technology, which we are going to use in the domestic market for the BSE's proposed electronic gold receipt market is also going to be successful. On the insurance distribution from BSE Ebix Insurance Broking, a joint venture of BSE and Ebix Fincorp Exchange is now present in all the 3 insurance verticals, auto, health and life and integrated with 20 insurance companies as compared to 16 in the preceding quarter.
In the last quarter, BSEs Ebix has onboarded LIC, Tata AIA and Max Bupa. BSE Ebix has over 11,158 registered point of sales as of March 2022, of which 1,486 were added during the year. Total premium collected is INR 11.95 crores for the year ending March 2022 a growth of 149% over the last year. The company recently appointed Sri Sachin Seth, a partner with Ernst & Young as MD and CEO. His appointment is another step forward to establish BSE Ebix as a lead insurance distribution player in India.
While providing the best-in-class services to our customers across the length and breadth of the country. BSE holds equity stake of 40% through its subsidiary, BSE Investment Limited. BSE also remains fully committed to expand the BSE E-agricultural markets BEAM platform, a JV between BSE investment and Frontier Agriculture Platform to set up a nationwide electronic institute spot trading platform to facilitate spot transactions with both agri and non-agri commodities. It has enrolled 840 members, an increase of 52 members from the previous quarter. Trade worth INR 63 crores in 3 agricultural commodities [indiscernible] Jowar and Bajra were executed on the platform during the quarter ended March 31, 2022. The company is working closely with the government and government enterprises to enhance the efficiency of procurement and sales of the commodities. Considering the market and opportunities, this platform is expected to grow at a faster pace in time to come in both agricultural and non-agricultural segments.
As informed in our earlier call, the power market regulator, Central Electricity Regulatory Commission has granted registration on May 12, 2021 to Pan India Solutions to establish and operate the power exchange. The company name was changed from Pan India Solutions to Hindustan Power Exchange Limited in November 2021 to brand itself as a power exchange. We are awaiting regulatory approvals and the company proposes to commence on live operations in the first quarter of financial year 2022-'23. BSE has a stake of 32.61% in the proposed power exchange, through its wholly owned subsidiary, BSE Investments Ltd.
BSE's wholly owned subsidiary, BSE administration and supervision, BSL, which was incorporated in March '21 to administer and supervise investment advisers in June '21 and received approval as an accreditation agency for investors in December '21 has onboarded 986 investment advisers and 35 average investors as of March 31, 2022.
KYC and KR agency for which BSE has recently got a license as well as BSE also has got a license for trade Receivable Discounting System Trades recently from RBI. BSE Technologies is awaiting the receipt of final approval and certification of license from the regulators to commence the KYC KRA and trade businesses. We are confident that the experience of BSE for over 147 years as a frontline regulator will help the growth of BSL Trades and KYC KRA businesses in the time to come.
I would also like to update you that BSE's wholly owned subsidiary BSE Investments acquired 4.76% stake in government innovate private sector-led nonprofit company, ONDC Open Network for Digital Commerce platform, which promises to be a game changer for India's basic e-commerce ecosystem. This is a great opportunity to participate in this national initiative for digital transformation and financial inclusion. ONDC is a not-for-profit company.
Now I shall brief you on the financial results for the year ended March 31, 2022. On a consolidation basis, BSE's operational revenue grew by 48% to INR 743.15 crores from INR 501.37 crores. Transaction charge revenue increased by 86% to INR 258.85 crores from INR 148.88 crores. Listed related income increased by 19% to INR 220.54 crores from INR 185.78 crores. The clearing and settlement operational revenues increased by 108% to INR 45.25 crores from INR 21.73 crores. Net profit attributable to shareholders of the company grew by 76% to INR 254.33 crores from INR 144.90 crores. The operating EBITDA increased by INR 174.3 crores to INR 213.14 crores as against INR 38.84 crores with operating EBITDA margin increasing to 29% from 8% earlier. The net profit margin increased to 29% as against 22% earlier.
As seen over the last few years, BSE has operated with a strategy to build products and markets for institutions and investors in a manner that enables us to grow in all economic and interest rate conditions. So that BSE is truly an all-weather growth story, something that does not exist in a single market or as a class alone.
As we begin financial year 2023, we are better positioned than ever to capitalize on trends occurring across asset classes, and we remain focused on investing and executing on the many growth opportunities in front of us. By expanding our solutions in beyond traditional business, we remain confident to deliver growth by leveraging our technology expertise, by integrating our traditional offerings to enable the many new opportunities. These opportunities combined with our deep expertise in training and clearing will help unlock BSE's longer-term opportunity in India's financial purveyor space.
With this overview, let me welcome all of you once again. I invite all of you for question-and-answer session. Thank you.
[Operator Instructions] The first question is from the line of [ Amit Saxena from ASN Capital. ]
Yes. So my question was related to ONDC, where we have recently invested. Sir, my question was as this is a not-for-profit organization, what interest does the shareholders have in investing in this venture?
Yes, BSE is a nationally important institution, which works for the benefit of the nation in addition to its -- benefit for its own shareholders. So whenever the e-commerce grows, many more companies will come and list on BSE. And that's where BSE will also make profit. So it's basically a nation building activity, which will, in the long run, will help BSE also.
And so what is the amount that you have invested in?
INR 7.5 crores.
INR 7.5 crores, yes.
Yes.
Sir, my -- another question was related to the dividend payout. So this time, we have -- we had spoken INR 13.5 per share, which comes close to 95% of I think the net profits. However, when I'm going through the Slide 37 in the dividends there it's -- there I see it mentioned as for '21-'22, the dividend payout is INR 962 million or INR 96.2 crores. So it looks so that probably it's a typo or I'm missing something. If you can just --
The dividend payout will happen after the AGM. So the dividend which is being proposed will refer for the financial year '22-'23. The INR 962 million what was paid last year in FY '22.
Got it. It's basically based on the cash flow, not the -- or the dividend paid out in that particular financial year. Yes. Okay. Makes sense.
Our next question is from the line of Pranav Thakar an individual investor.
Congratulations on this great set of numbers. My question is related to StAR MF. Are we planning to make a separate listing of any of our subsidiaries associate or make divestment or a stake sale? So if you can clarify on this?
We have always maintained that we are always looking for good opportunities. If any opportunity comes for any of our subsidiaries our Board will take a look at it seriously and whether it is divestment or any listing or a separate floating, all those things will be looked as and when opportunities arise.
Are we planning to look that in a quarter or 2 and the efforts are being seriously made in this direction?
Efforts are being seriously made, but it may not happen in 1 or 2 quarters or it can happen in a few days also. So efforts don't sometimes get results. And sometimes, the results come fast.
And sir, another question is also related to this only. That is did we got a valuation of especially StAR MF from independent agency. And if you can share what valuation it is being valued based on the recent transactions that are happening?
No, we do not have any such details.
Because since we are trying to find a suitable investor, obviously, there would be some valuation being done from our side from independent agency.
Yes, independent agencies don't invest. And investments don't look for the -- especially in private market. They don't look for the independent agency's valuations. They have their own metrics. They do their due diligence and accordingly they do it.
And sir, this power exchange listing, can we expect it to happen before June like you mentioned in first quarter of '22-'23?
It's not listing. Is this the operations -- starting of operations. So starting of operations should happen because they're mock testing and all things have started.
The next question is from the line of Pratik Shah, an individual investor.
Congratulations for BSE team for showing the great set of numbers. I just want to ask Ashish sir, about this gold spot exchange. What is the current state of this process? And can we expect BSE to start getting revenue from the gold spot exchange in the coming financial year?
It should happen in this financial year because we are ready with the technology and everything. So as and when the final approval comes and the depository start taking the gold in their vaults, we should be able to start. So it's still probably a couple of months away. But as and when it happens, it's a great product. And earlier also, a similar product was actually traded in some ways. So in fact, our associate CDS has also has experience of handling this before. They are also preparing their technology. And so as and when it is ready and SEBI approvals come, we will be able to launch it.
And in this financial year, given this high dividend INR 13.5, which is also included the dividend you have based it from CDSL, right.
Naturally. What we receive gets into the total pool and then what we give is coming out of our total profit, which includes CDSL dividends.
[Operator Instructions] The next question is from the line of [ Chetan Shah ] from Abakkus AMC.
Congratulation on a good set of numbers. Just 2 quick questions, sir. One this ONDC investment, which we are doing of INR 7.5 crores, what kind of a stake which we will be getting in the BSE?
I mentioned about the percentage we get. It is not for profit. So irrespective of the stake, it's not going to get the dividend, the total percentage we have got is 4.7%, 6%.
And sir, second question, in terms of the -- we spent money to expand our derivative are commodity, currency, [indiscernible] other businesses, the new businesses, which are still in investment mode or a phase. Sir, can give us some sense or a color in terms of which are the businesses now have reached closer to the breakeven point when we don't need to spend money or still how much money we are spending for a burn rate, if you can give some color on all the new businesses will be very helpful for us to understand where have we reached over a period of time? And that is the one question. And sir, second question, just continuing that ONDC thing, are we also going to use our technology, expertise to help ONDC to achieve our nation building exercise, apart from the money and the stake which we are buying?
Yes, please. The ONDC part is correct, why BSE has invested also due to its technological expertise in basically e-commerce. And BSE is one of the pioneers of e-commerce in India due to its automated trading systems, and the fastest exchange in the world. And in terms of the investment that we have made, we have made different, different investments into the DSC e-agricultural markets, power exchange, KYC KRA, trade receivables exchange, insurance broking business, India International Exchange.
These are all businesses which are yet to start making profit. But the investments which are made are very limited and very specific. So additional investments currently are not foreseen in any of these activities. In terms of the mutual fund platform, BSE started making a large amount of revenues. For first 9 years of its existence, BSE did not make a single revenue from StAR MF. But this year, it has been able to make a good revenue. Similarly, BSE SME platform has higher giving good revenue. Derivatives liquidity enhancement scheme for equity derivatives and commodity derivatives are currently on and will continue to happen over a foreseeable future.
But all the liquidity enhancement schemes are taken as the cost or expenses in the specific year and specific quarter in which we make it. So we do not capitalize our liquidity enhancement schemes in any way. And in terms of technology, we continue to invest, which, of course, is capitalized and then depreciation is charged on top of that. But overall, in most of this areas, the technology of our own or our partner firms like Ebix gets used in setting up those markets or distribution platforms and then we are able to basically create more revenues out of -- as and when we become market leaders in that particular segment.
Sir, just last question from my side. Sir, the last call also, we have discussed about from an investor's point of view, whichever exchange gives the best rate even the authorities are also trying to push the same mandate. Can you give us some update on that? Where exactly we have reached? Where do you see that shaping up in a time to complete?
Although the regulation is more than 25 years old, it has not been implemented in its true sense. And so the SEBI has been talking with exchanges on how to implement along with vendors and some regulations are being formed. At some point in time, those regulations will be announced and exchanges and brokers will have to follow that. Currently, it is still far away, but BSE will continue to push for that, like what BSE did for the interoperability of clearing corporations, which took more than 12 years to be announced.
And still many brokers have not been able to fully implement due to their vendors -- software vendor is not able to comply with those kind of situations. Or they have partially fulfilled not fully but real time may still not happen in certain brokers because the their vendors are not able to create those softwares and so on and so forth. So these are all work in progress. And in all these areas where thousands of brokers have to change their software, millions and millions of their customers have to also learn how to use it. These are all things which sometimes take longer than what we anticipate.
The next question is from the line of Prayesh Jain from Motilal Oswal.
Congratulations on a great set of numbers. Firstly, a bookkeeping question, what would be the owned cash for BSE on its books at the end of March?
Own cash? For BSE or BSE Group?
BSE Group.
Nayan?
Yes. So for BSE it would be around INR 2,200 crores.
Second one is once your views on how the cash trading segment's volumes will pan out given the margin dates are now behind, how do you see this segment panning out going ahead?
Cash segment, our percentage volumes are increasing over the last 1, 1.5 years. And with interoperability and best price execution becoming more prevalent going forward, we believe that BSE will continue to gain market share. In equity derivatives, we have not been able to gain traction. And that's why we have been providing liquidity enhancement scheme. That is true with commodities also that we have not been able to get as much traction as we want. And hopefully, going forward with our excellent technology and better products people would prefer to trade on BSE trade derivatives and commodities also. But till the time we gain traction, we'll have to continue to be in the market to basically provide an alternative. And as and when it becomes more successful, then we will probably start charging. Currently, we do have plans to charge of course, in commodities, we have started charging small amounts recently. But in equity derivatives -- in both areas, we continue to have some sort of liquidity enhancement scheme going forward.
So in spite of the liquidity enhancement scheme, we haven't seen any material change on the derivative side. So what else can you do apart from the liquidity enhancement scheme to ensure that we see some improvement in the market share in terms of derivatives?
This execution could be a very important aspect when -- because we have a lot of orders that come into our market every day, even in equity derivatives. But the trades don't happen because even stock options, which are common for both, people are not used to passing on their orders, not the brokers or investors. And that's where once the best price execution come into play, then automatically, the orders will pass onto the revenue which provides better prices. And in many cases, it could be BSE. So once the orders start coming in, then the matching happens and so on and so forth. So those are the things we are working on. And of course, new products if you can develop, then those products also can help us gain some market share.
Sir, next question is on StAR MF. Do you plan to get this entire business into a separate subsidiary of the company, which will enable you to monetize it relatively much easily?
Somebody asked this question, I think first question was this. And we will continue to look for opportunities. And in some ways, the market for StAR MF is going so fast that people had never imagined that it will become so dominant at any point in time. And so it remains to be seen what kind of valuation that comes. If the StAR MF platform was stand-alone, sitting in Bangalore, it would be probably sort of quoting in very large values, but it's sitting in Mumbai in fort and within BSE's balance sheet, then it becomes very different, you and I know how this valuation happens. So we are hopeful. But otherwise, it's a profit making venture for us as of now and growing very rapidly. So we are very satisfied. And even if we are not able to separately evaluate or separate it out for any other reason. We are pretty comfortable because it's a profit-making venture us.
And then my last question is on the some understanding on some numbers, if you can share on the subsidiaries with regards to the growth in revenues and any numbers on profits of the international subsidiary.
Basically, I shared the number in my speech. Currently, it's doing around $10 billion a day transactions, international India in cash sections. It is a very interesting new business, which is basically through its subsidiary called INX GA, where people sitting in India or in GIFT City, Gandhinagar should be able to trade on any action in the world. At a section of the cost of our competition. And that has got a great response, and it's actually revenue accretive activity, similarly, our listing of bonds has reached more than $762 million, out of which $44 million actually have been collected. And so some real good actions happening in the Indian Insurance Exchange, India International Clearing Corporation and India INX GA, that is called Global Access, India NX Global Access. And hopefully, as and when more activity starts happening in GIFT City, this is pretty much the market that people are looking up to.
Any change of numbers in terms of revenues and bottom line?
It will be part of our framework. As of now, I mean each of them, if we tried telling you very many details, we'll take probably a few hours or even more. So -- but in some ways, some portion of that will be there in the annual report also. So you may take a look at it.
And lastly, sir, what is the status on the appointment of the new CEO.
The process is on, there is a separate committee, which has been set up under the SEBI regulations. We have 3 nominations and remuneration committee members of BSE, all of them are independent directors and the 2 outside experts is approved by SEBI have been sort of running this process. I am personally not aware nor I get involved in that process. But the process I have been told is on track. And in some ways, it will complete sooner than expected.
We move to the next question from the line of [ Pratik Rati ] an individual investor.
Congratulations team, on the great set of results. So I just wanted to know some more details about, say, the revenue breakup, if you could give me the income from IPOs, which we generated in the previous quarter and the income from the StAR mutual fund platform for this quarter?
Nayan, do you provide this?
So what I can say is that the amount of revenue which we have got from book building in the previous quarter. And that amount is already given in the presentation, and I'll just read it out to you for your convenience. It is INR 9 crores, which we earned in the last quarter. For the full year, we have actually earned about INR 35 crores. About INR 51 crores. Sorry, it's --
So this is primarily because of IPO.
INR 65.8 crores. Yes it is there in the presentation also. It's on Page 16 of the presentation. So book building fees is basically received at the time of IPOs. Obviously, the listing income also comes along with new IPOs, but the major component is book building, which immediately comes into our revenue.
And the revenue from StAR mutual funds will you be able to quantify that?
Page 15. Yes, it's only there on the Page 15 of our presentation. It's INR 50 crores for the current year, INR 50.4 crores.
And again, coming to the main question, which I think many of the earlier investors have already questioned regarding the valuation of StAR mutual fund platform. So I think in one of the new standards, it was mentioned that the valuation is roughly between INR 9,000 crores to INR 10,000 crores. So I know it's getting into detail is too much, but is that a round figure around that? Or if you can give some comment regarding that?
No, we do not have any such idea. People basically figure out themselves and that is basically doable by anyone.
The next question is from the line of Amit Chandra from HDFC Securities.
So my question is on the transaction charges. So if you see most of the growth for the transaction charges has been driven from the special rate, which is now 44% of commission charges. And there has been kind of significant growth there. So that is a highly like market linked. So how do you see that panning out? So just like linked to that, the annual listing fees also, if you can provide the breakup between what is the kind of breakup of annual listing fees from exclusive and nonexclusive companies that we have on BSE. And are we planning to have a special rate for the exclusive listed companies on BSE similar to like what we have been doing on transaction side?
The specific listing charges are there, specific trading charges are also there for exclusive listed companies, which are announced and we charge that. In terms of numbers, Nayan should be able to give you easily and should be there in the presentation.
Yes. So the annual listing fees totally for the -- is given in Page 16 of the presentation, it is INR 156 crores for financial year '21-'22. And that means we don't have a breakup of the company -- there are different types of company-wise listing currently. But this is the one that is generally constant. If you see year-on-year. We continue at between INR 150 crores to INR 160 crores.
Just in a sense that is there a huge difference in terms of the rate that we're charging for exclusive, nonexclusive on the -- and on the listing side or is the same?
There is some difference, not huge differences. There are some minor differences.
Okay. And so are you planning something to have similar structures that we have a transition side on the annual listing side also?
Currently, we do not have. Currently we do not have.
And secondly, on the currency derivatives and the novel derivatives side, we have seen some early success, but again, the market share has been coming off. So is it because of the market conditions? Or is it because the initiative that we took has not worked or is this because as you throw some more color on what has not got there.
This is largely because of market conditions. And remains to be seen, some of the players are now testing the [ algo ] players and all. So if they join in, probably, you might see some increase but that remains to be seen.
So earlier, we were having certain special contracts especially in terms of index kind of a thing, which actually picked off really well. So has something changed there? Or it's just the market condition as you said.
Yes, I believe it's more to do with market conditions.
So does the market share, we expect that to remain that range also? How do we expect that --
In case some of this traders based execution price, the real-time interoperability comes into play for most brokers then it might change for kind of a better on a long-term basis, sustainable basis.
And sir, on the INX side. So as I said, we are having a dominant market share there. And I know the volumes are also picking up around 1.8 lakh trades per day for the last quarter. So actually, we have been doing well there. But I don't -- in the earlier call, you mentioned that NSE is also planning. I know they're also tying with HGX and some HGX-related contracts can also come in. So is that a risk to the INX market share? That is why we are not charging or still it's pretty immature. As of now, you see a charge on it. So from when we can expect the revenue from INX?
No the revenue from INX continues in terms of the listing fees, in terms of INX GA fees, which are slowly increasing. So revenue also continues, but we also need to develop a market. Because we need to attract the brokers to GIFT City, we need to attract investors to GIFT City from abroad and so on and so forth. So it's a long-ish process, and probably it will continue for some time. But if HGX comes, it remains to be seen. It is already 5 years since HGX has not come. But hopefully, that will also happen. And it remains to be seen how we are able to do. But the only tie-up they have is for the index trading, not for bonds, not for equity, not for foreign equity and so on and so forth. So it remains to be seen how people are able to take it. Currently, we are the largest market, as you rightly said, 92% market share. And hopefully, we should be able to defend our market share, going forward.
Sir in terms of regulatory approvals, all the regulatory approvals are through for NEC to launch the SGX thing or still some regulatory approvals still pending?
We are not aware. We are not aware of what all they require to.
The next question is from the line of Pranav Thakar, an individual investor.
And my question is related to StAR MF again. Sir, at least since we already own this excellent [indiscernible], we must be having some valuation in mind because when we are talking to the investors, I can understand that there could be the variation in terms of what exactly investor is looking to invest for. But what is the minimum valuation or your expectation, but below which you are expecting to get it?
We are currently not have any such numbers in mind. Whatever is reasonable and whatever is justifiable to our Board and to our shareholders at that time we will see. Currently, we don't have any specific sort of proposal with us from anyone. So it would be more what I call in the realm of imagination. And as and when something comes, we'll take it to the Board.
Yes. But sir, the thing is you already mentioned that since it is not based in Bangalore, you will not get the valuation as the company is in Mumbai. And so at least you must be having a fair idea of what exactly could be the valuation. I can understand that there could be -- if you can say in terms of multiples because StAR MF already had INR 50 crores of profit. So whatever multiples?
We have no idea because we don't invest in such high-growth platforms. I mean it's a platform and it's a profitable platform one of the rare e-commerce platforms in India, which is profitable also. It remains to seen how sort of how it is valued, going forward. We do not have much of an idea.
And sir, finally, on the power exchange, like PTC is also there as one of the investors. So what percentage of the volume we are looking to get it because PTC right now is trading on IEX? What percentage of the volume we are going to trying to get it?
Again, it remains to be seen, but this is one market where PTC is a large player. And our other partner, ICICI Bank also has basically inroaded into many, many companies which are users or producers. And so we hope to capture a good market share going forward. But it remains to be sent once we launch.
I read from there that PTC is doing about 30% of the volume of IEX. So straightforward, that volume can get on the BSE platform.
We have hopes to do that, but ultimately it remains to be seen, how it works out.
The next question is from the line of Pratik Shah an individual investor.
Yes. I have seen the presentation on the slide where you have mentioned the Red Ocean Businesses and Blue Ocean Businesses, I have seen that in the Blue Ocean Businesses, we are gaining the -- we have high market share. But in the Red Ocean Businesses, as we have mentioned that we are gaining the market share in the equity cash segment. But for other businesses, what are our strategy to improve the market share? Is there any plan where you're doing any strategy to increase the market share in the Red Ocean Businesses?
That's what we mentioned about equities, derivatives, currency derivatives, interest rate derivatives. We have -- in equity derivatives and commodity derivatives, we have incentive streams that is going on. We also provide technology support to many people. We also have a free BOW platform that is available for people to trade on any exchange. But we hope that once people get used to our platforms, we'll want to pass on more orders to us. So we try many such things using our technological expertise and a very low-cost technology to attract people on to the BSE as well as provide incentives to trade on BSE where SEBI allows us to do.
So those are the things which we are -- whatever we -- because this is a highly regulated business, and we are ourselves frontline regulators. We cannot do many things which the normal businesses, which you are used to watching are able to do. We are allowed to do only very, very few things, allowed to trade only in few instruments. Any instrument, we come out with our purpose has to go through many and sort of approvals coming to use, comments and so on and so forth. Before they are approved, when they're approved usually for every exchange.
So there is no inherent product, which is like -- where you can have a monopoly. It's allowed to almost all exchanges. And that's where basically, we have to fight it out. In some areas, we were left behind, which is what -- when they were launched, that is why we call it Red Ocean. Some we launched recently, where we have good market share over the last 10, 12 years, there have become also Red Ocean. But there, we have better market share than the previous businesses. And the new business we are launching where we are not competing with the traditional rivals but we are competing with insurance companies or agricultural portals.
And trades also currently, there are 2, 3 actions already running. And KYCs, KRR there are 3, 4 agencies running. So that will be basically company with new or newer competitions in those businesses. That's how I see that. There is no business which doesn't have competition. But the regulatory contours in those businesses are much -- what I call much less strict compared to the equities and 3D Derivatives or currency markets, which are our traditional bread and butter markets. And those are like highly regulated, highly tightly regulated markets. So each market has its own sort of dynamics and you have to play within that, within the rules of the game that the regulator defined for us.
And sir, second question on the StAR MF but so many have asked but just one clarification from you. I mean, is there any plan to launch as an IPO to list this separate StAR as a mutual fund?
Currently, no, we do not have that plan.
Thank you. As there are no further questions, I now hand the conference over to Mr. Anand Sethuraman for closing comments. Over to you, sir.
Thank you. Thank you so much, everyone, for participating. And thank you, Stephen, for coordinating. We can close the call now. Thank you.
Thank you, and have a nice evening, everyone.
Ladies and gentlemen, on behalf of BSE Limited, that concludes this conference. We thank you all for joining us, and you may now disconnect your lines.