Computer Age Management Services Limited (543232) Earnings Call Transcript & Summary

Good evening, ladies and gentlemen, a very warm welcome to all the respected shareholders and the panel members for the 36th Annual General Meeting of Computer Age Management Services Limited. We have the requisite quorum in place, I now hand over the preceding to the Company Secretary, Mr. Manikandan Gopalakrishnan. Over to you, sir. Thank you.

Thank you. Dear shareholders, good evening. I'm Manikandan Gopalakrishnan, the Company Secretary and Compliance Officer of the company. A very warm welcome to the 36th Annual General Meeting of Computer Age Management Services Limited. [Operator Instructions]. There are 4 resolutions which have been placed before the approval of the shareholders. These include 3 ordinary businesses and 1 special business. 3 of those resolutions are ordinary resolutions and one is a special resolution, the Companies Act, 2013 and SEBI regulations provide for electronic voting. Accordingly, the company has provided all the members with the facility to cast their votes through remote e-voting system administered by Link Intime. The registers as required under the Companies Act and the ESOP certificate as required under the SEBI regulations are open for inspection in the electronic mode. Should you wish to inspect, please reach out to me at the e-mail address mentioned in the notice convening this meeting. Facility to cast the votes is also available to those members who have not yet cast their votes through remote electronic voting system and are participating in this meeting. The voting system will be available during the meeting and for 15 minutes after the completion of the meeting. Thank you for your attention. Now over to Mr. DK Mehrotra, Independent Director and Chairman of the company, to commence the proceedings of the meeting.

Thank you, Mr. Manikandan. Good evening, shareholders. On behalf of the Board, I extend a warm welcome to you for this 36th Annual General Meeting of the company. This is the fourth Annual General Meeting of the company being held after the IPO, which have been conducted on a OAVM mode. I'm Dinesh Kumar Mehrotra, Independent Director of the company, joining in from my home in Mumbai. I'm the Chairman of the Board and the Chairman of CSR Committee and a member of Audit Committee, Nomination and Remuneration Committee and Risk Management Committee. I've been informed by the Company Secretary that the requisite quorum is present, and now I call the meeting to order. I request the directors who have joined the meeting to introduce themselves before we proceed further. I will call out their names and I request the directors to introduce themselves. Mr. Natarajan Srinivasan.

Good evening to all. I'm Natarajan Srinivasan, member of the Board and the Chairman of the Audit Committee and Risk Management Committee. Thank you.

Mrs. Vijayalakshmi Rajaram Iyer.

I'm Mrs. Vijayalakshmi Iyer, Independent Director of the company, joining from my daughter's residence in Dubai. I'm the Chairperson of the Nomination and Remuneration Committee and also the Risk Management Committee. I'm also a member of the Audit Committee, CSR Committee and the IT Strategy Committee. Thank you.

Mr. Pravin Rao, Independent Director.

Good afternoon. I'm Pravin Rao, an Additional Director of the company, joining from my residence in Bangalore. I'm a member of the Stakeholder Relationship Committee, Nomination and Remuneration Committee and Chairperson of IT Strategy Committee. Thank you.

Mr. Anuj Kumar, Managing Director.

Good evening, everyone. My name is Anuj Kumar. I'm the Managing Director of the company. And I'm joining this meeting from the corporate office of the company in Chennai. I'm a member of 3 committees, the CSR Committee, the IT Strategy Committee and the Stakeholders' Relationship Committee. Thank you.

Mr. Ram Charan Sesharaman.

Good evening, all. I'm Sesharaman Ram Charan. I'm the Chief Financial Officer of the company, and I'm joining the meeting from our corporate offices in Chennai. Thank you.

And back to Mr. Manikandan.

Yes. Others participating in the meeting include Mr. Anand Abraham, representative of S.R. Batliboi & Associates LLP, chartered accountants and statutory auditors of the company; and Ms. Chandra representative of B Chandra, Secretarial Auditor of their company from their offices. Since physical attendance of the shareholders is dispensed to it, the requirement appointing proxy is not applicable. The registers and other documents as required under the Companies Act and the rules that are open for inspection in electronic mode. Since the AGM being held through audiovisual means and the resolutions forming part of the notice convening this meeting have already been put to go through the electronic voting. The practice of proposing and seconding the resolutions are not required and will not be followed at this meeting. Shareholders who are members of the company as on the cutoff date, that is June 21, 2024, have the right to participate in the voting pertaining to the resolutions mentioned in the notice. Shareholders, who have not cast their votes earlier through remote e-voting, can do so during the meeting through remote e-voting facility. Now I request Mr. DK Mehrotra to deliver the Chairman's message. Over to you, sir.

Thank you, Mr. Manikandan. Since the notice, directors report and other documents have been circulated to the shareholders as part of the annual report, I take them as read. The details of the agenda items placed before the shareholders for approval is contained in the Notice of the Meeting, which is also available on the website of the company. Given that there are no qualifications, observations, adverse remarks or comments by the statutory auditors in their report for the financial statements for the financial year ended March 31, 2024, or matters which have any adverse effect from the functioning of the company, with your permission, I'll now take the auditor's report is taken as read. A detailed Chairman messages have been circulated as part of the annual report, which you would have pursued. As you would have noticed that this is our fourth AGM after the company has gone public, your company has grown its performance levels and continuing to make significant progress in operational excellence and customer satisfaction. Your company has successfully retained its dominant market share and continues to be the country's largest mutual fund, RTA, with a market share of about 68%. It has also successfully geared up people, process and the systems to meet the increased requirements of the MF industry due to the growing volume and complexity. I'm happy to address you at a time when the mutual fund industry ended financial year '24 year on all-time high in investor count and assets under management. The industry's total AUM have grown 6x over the past 10 years and doubled over the last 2 years to reach the INR 50 lakh crore mark for the first time. CAMS is well positioned to meet the increased requirements of the MF industry due to the growing volumes and complexity by making significant investments in enhancing its operational capabilities, cybersecurity posture and cutting-edge technological innovations. CAMS continue to remain as the market leader in the RTA industry. Apart from retaining the market share 68%, it ended financial year '24 winning all the new AMC mandates with Angel One, Torus Oro Wealth and Unifi Capital. CAMS platforms and properties have played a significant role in catalyzing growth of the Indian mutual fund industry. It's investments in technology infrastructure and digital capabilities have also transformed the experience of MF investors and intermediaries using these platforms. The excellence in customer satisfaction has been retained. And in the recent investor satisfaction survey, 97.60% of the participants gave a very satisfied and satisfied rating. The performance of non-mutual fund business has shown very significant improvements in the year with many of the businesses verticals starting to grow post the investment phase. CAMSPay received its final authorization to operate as a Payment Aggregator from RBI in March '24 and is well placed to further grow its business in existing and new categories of business, including UPI, AutoPay and cards. On behalf of the Board of CAMS, I would like to thank MF investors, distributors and all the customers who avail our services for making us the industry leader. My heartfelt gratitude to all the employees of CAMS Group for their resilience and hard work, which has enabled the company to retain its leadership position. I would also like to thank our shareholders who have reposed their faith in us and the Directors of the Board for their support and active participation in the governance of the company. Mr. B Chandra & Associates, practicing company secretaries, have been appointed as scrutinizer to scrutinize the votes cast at this meeting and the remote e-voting. I'm authorizing the Company Secretary to file the voting results within 2 trading days of the conclusion of this meeting with BSE and NSE. The results should also be uploaded on the website of the company and that of the RTA. Now I'd like to invite Mr. Anuj Kumar, Managing Director, to deliver his message for the shareholders, make a presentation of the business highlights and for taking the meeting forward. Mr. Anuj Kumar?

Thank you very much, Mr. Mehrotra. Good evening, everyone. I would like to make a brief presentation on the operational and financial aspects of the performance of the company. You will be able to see this presentation on your screen. We will begin now. Okay. So I will begin. You should be able to see the first chart on your screen. The charts are numbered. So in terms of overview, you're aware of the company and its past that we were founded in 1988, been in business for about the last 36 years. And continue to expand our business service providers initially to mutual funds and then growing to AIFs, PMSs, insurance companies and then a broad spectrum of payment services are being provided to mutual funds, nonbanking finance companies and insurance companies. Our recent 4 years in the last 3 years have been in the area of account aggregator and being a CRA for the national pension scheme. You see the Board of Directors, one new induction there over last year, which is Mr. Pravin Rao, who's joined as Additional Director, and we will be expanding the Board further in the coming weeks and months just in order to backfill some of the vacancies that have arisen recently. Move to the next. I've spoken earlier about the leadership team. You will see a very strong world-class leadership team. You see some brief profiles and bios there. This includes, of course, the CFO and myself, and then the Chief Operating Officer of the company, Syed Hassan. Apart from that, you see business leaders who lead individual verticals or subsidiary businesses. So Vasanth for Payments; Vivek Bengani for Insurance; Kaushik Narayan, who is the Founder of Fintuple; Amit Das and Suryadip who are Co-Founders of Think360; Anish who runs the CAMS KRA business; and Girish who runs AIF and then you have all the CXOs in terms of the CHRO, the Chief Platform Officer, the Chief Risk Officer and others. Those leadership team, although a number of these people have been in the company for a long time, has been built largely over the last 5 years, the key 10 to 12 members. And it is the thrust and momentum provided by this leadership team, which continues to propel your business to become bigger and stronger. Move to the next. From being a regulated and accredited intermediary, you know that we have all the 4 financial services regulators regulating us. A couple in multiple instances. So for both the RTA and the KRA business, we have the oversight of SEBI. While for the account aggregator and the payments business, we have the oversight provided by RBI. And in addition to that, we are regulated for the NPS business by PFRDA and for the insurance repository business by IRDAI? Move to the next. Overall, from an employee and profile of employees' perspective, just about 7,000 employees in the company. Very happy to share with you the diversity ratio, which is in excess of 30%. You know that, that's an important workforce metric that most companies like to track. Also, there is significant investment happening in training, upskilling and learning effort of individual employees and you see a large count of over 86,000 hours, which have been spent in that direction. Also, we continue to scale up and make more sophisticated our overall CSR effort. And you can see the consolidated spend in the year and the number of CSR beneficiaries, which have come about as the effort of the company across its various projects and various domains and the CSR arena continuous to deepen. Move to the next. From a customer satisfaction and customer endorsement perspective, you know that we are a B2B company, which is the way we sell, but we service B2B2C. Every year, we put our survey on our website, which service all the mutual fund and capital markets investors who seek services from us, either on the website or in offices or in any other way, there's satisfaction levels, very happy to report to you and share with you that over 97.55% have reported they are either satisfied or very satisfied with the services of the company. Both the number of respondents and our overall score has continued to scale in the last few years and there's a strong mitigation of the efforts that the teams are making in order to drive satisfaction amongst the overall customer franchise and to continue driving better and better more superior service levels. From an ESG perspective, you know that this is increasingly becoming a key focus area for the management team and for companies in general. From our perspective, you would see that our overall ESG score has scaled up from just under 69 to about 73. And across various areas, the score is better than it was in the recent years, especially in the area of social initiatives and governance. On environment, you know that we are not a manufacturing company with large deployment of either manufacturing plants or affluence or a carbon footprint, et cetera. But we are continuing to make efforts to up the score on the environmental front also. And we expect that next year, you will see uniform increase in all the 3 metrics, which comprise the ESG initiatives. Move forward. From a thought leadership perspective, again, very pleased to share with you that across our various verticals, various business lines, the different industries that we service, we continue to be acknowledged as absolute thought leaders in all the work we do. We don't just execute to the charters of our contracts with clients, but look at a very, very broad industry movements, trends, initiatives, customer preferences and those kind of things. So whether it is our study done for the mutual fund group for the millennial investors or it is about the women power or preference of women to be investors in capital markets and in mutual funds or it is about the overall profile of investors and their behavior amongst alternative funds. And most recently, the behavior of the insured class people who buy commercial insurance in terms of their expectations, preferences of consumption and satisfaction levels with the insurance industry, I think, I'm very pleased to report that our momentum and our thought leadership across these arenas continues to scale and become more and more sophisticated. From a public recognition and awards perspective, you can see on the chart in front of you that across each of the areas, whether the businesses, CAMSPay and CAMSRep, which is you see the Tatva Award or you see the ET, Economic Times, Datacon Awards for 2023. You see a function on the foundation day of SEBI when the CAMS team was felicitated for the excellent work they've done, supporting key and core projects of the regulator. And also very pleased to share with you that our latest entrant in the group, Think360, has been awarded and kind of recognized in multiple forums. It has been recognized in the top data science service providers forum and also one of the top AI fintech start-ups in the country. From a financial numbers overview perspective, you have seen the numbers quarter-on-quarter, so I will just summarize this quickly. We crossed INR 1,000 crores of revenues, reported about INR 1,136 crores overall revenue, about INR 470 crores of profit before tax, INR 350 crores of profit after tax, exceeded INR 500 crores of overall operating EBITDA number. And our return on net worth was over 41%. Also very pleased that for every [indiscernible] share INR 46.5 dividend has been declared for the financial year. Of course, the final one has to be approved by shareholders. This is adds up to 465% dividend for the entire financial year. From a business overview perspective, I will spend perhaps a minute on each of the key business areas. Just to give you a glimpse of the year gone by and the most recent initiative and stuff that has been happening in those consumer markets by each of the subsidiaries of businesses. As you know, the key business, of course, is MFRTA. And then in terms of alternative services, payments, insurance, led by insurance repository, KYC led by KRA services, account aggregator and advanced analytics of Think, those are the key business lines. We will also talk about NPS CRA and digital transformation initiatives by Fintuple as we move along. Our various industry-first solutions, and again, very pleased and very proud to speak to you about these. As you see, these are independent, led by thought and led by design, platforms meant for the consumption of both our B2B consumers, which is businesses, but also both the franchise of insurance company, which is the insured franchise and then investors and mutual funds, products like Bima Central, which is a unified servicing platform for the insurance sector, the new -- brand-new initiative and first to industry. CAMS WealthServ, you've heard about this from us last year. This is the initiative to digitize completely the traffic of applications coming into our AIF and PMS business. Deep tracing effort in insurance companies, which is to trace people who had paid insurance, and then our -- the families or next to kin that are eligible for a claim and haven't claimed their monies. This is an initiative 0for that, and we continue to be the leaders in this space, working now closely with our joint collaboration with IIT Madras to sharpen the practices of tracing claimants who have not come forward to claim their monies. UPI AutoPay, which is now becoming, as you've seen across and some of you may be users of one of the most efficient means of paying any automatic payment, especially in the context of SIPs in the mutual fund world. Account aggregator, which does various things, but in most recent times is being used for account verification and validation, means instant KYC and I'll show you a bit of this on our CAMS KRA, where we make an investor who's never dealt with the Indian capital markets, ready to make investments in a short time period of 10 minutes after sourcing all this information and putting it through the stringent scrutiny as approved by the current regulatory statutes. And then multiple other things, including our MF platform, the digital platform, myCAMS, this is one of the leading portals for consumers in the mutual fund industry, digital lien marking for which we've been the leaders, and we were the first ones to hit the market back in 2017, '18 for mutual funds and then hoping to be the first ones also in the world of insurance. And then as I move forward, many other sophisticated deployments of technology the India Stack and similar innovations just to make sure that we have the most ironclad practices in the various segments of the financial services market where we operate. From a digital first initiative, I spoke about digital onboarding, a lot on real-time analytics and real-time dashboards. I spoke about the 10-minute eKYC, specific to the capital markets, which enables people to become investment ready in a short time frame. I spoke about loan against mutual funds. Algo-based name matching everywhere where we allow names of investors to be different from the names of the bank or names on the tax records, sophisticated algorithms are needed to match names and whether they resemble the recorded name in the tax records or not. So that is something which is proprietary technology. And then across various segments of payments, enabling the website chatbots, stringent means of account validation to avoid fraud, providing APIs of all color, creed and nature to our partners, including our principles, which are the mutual funds, deployment of artificial intelligence and machine learning in our various processes. Anti-money laundering checks. There is just a slew of initiatives that the company is unleashing the market from a digital-first perspective across our various markets, the mutual funds or the primary market within all the other financial services markets we operate at. From a mutual funds perspective, if you've been coming to our -- the coverage that we do with the media or in our earnings call, you would have seen we continue to maintain 68% plus market share in the Indian mutual fund industry. Overall, assets under service crossed INR 37.3 trillion or lakh crore rupees. This is at the end of the last financial year. 10 of the top 15 asset managers are customers or clients. Customers of CAMS are transaction volume scale significantly, almost 30% last year. So you see a number of -- this should be 600 million or 60 crores, that's the transaction volume for the year. And then from a pure monies handle perspective, this number is INR 160 lakh crore. So in a busy day, we would transact about INR 1 lakh crore of money coming in or going out. And even at those levels of scale, the sophistication and ironclad in our practices make sure that we have zero to little financial risk in managing such humongous amounts of monies. Of course, the money is always go into the accounts of the mutual funds for the accountability of accounting it right and making the payments and settlements work is entirely ours. From a clientele perspective, again, very proud to show you these 19 names, which are our mutual fund clients. Several of these are new wins. You see the names of Zerodha and Helios, both of them are live MF clients, both contracts were signed in FY '22. Other than that, we spoke about, the Chairman spoke about Angel One, Unifi and Torus Oro, which are won contracts, but haven't gone into operations yet, should hopefully be in operation within this year. You see in summary that some of the largest, most marquee especially the bank-owned asset managers are all clients of CAMS. And then from a preference shown by new to the market, young, more digital asset managers, 5 of the 7 new-to-market MF RTA mandates have all been won by CAMS. And specifically within this, I would like to highlight that in the last financial year FY '24, all the 3 mandates that came to the market, you see the blob of new over there, Angel, Unifi and Torus Oro, we were fortunate to get all of them. And that's just great, fantastic vindication of the faith that the broader markets have and the capability of the company. From a transaction metric perspective, I spoke a little earlier, but you will see just significant, I would say, once in a lifetime kind of growth that we've seen over last year, you will see that every comparison is with FY '23, which was last year. But if we just see that we recorded -- registered just short of INR 3 crore new SIPs, almost 70% up over the last year. Equity net sales, about INR 1.7 lakh crores of money is coming in net from equity sales, about 69%, 70% growth over last year, just short of INR 2.4 crores, new folio is INR 2.37 crores, about 80% up over last year. And then from a unique investor count, again, significant growth, not the same order, though, 25% up number. So our unique investor count at the end of March '24 is INR 3.2 crores. For the alternative industry, again, a full stack servicing portfolio with over about 50% share of assets -- committed assets in the Indian market, significant, significant traction during the year and winning new clients, including GIFT city, 77 overall. Continue to push the envelope on digital, which remains one of the core focus areas of the team in propelling the initiatives in the marketplace, expanded this offering to make it a comprehensive digital platform over 130 at the end of the year, sign-ups, which are using both AIFs and PMSs in digitally onboarding their clients. We also launched the first industry analytics platform on the AIF side, which is called CAMS WealthTrak, which continues to get traction. And again, I would certainly like to talk a little about Fintuple, which is an acquisition, a majority investment we made 2 years back, the unified platform for banks. Bank is operated custodies. This is now operational for 1 large bank from a domestic custody perspective, and they're expanding to bring in both FPIs and FDIs as part of the extension of this platform for the capital markets businesses and banks. From a mutual fund payments perspective, a strong year, a very strong year for CAMS. They grew revenue over 20%. Very pleased to share with you that we received the formal approval from the regulators, Reserve Bank of India, to act as a payment aggregator. You know that this activity has recently become licensed and it's a stringent set of tests that you have to go through to be approved for license. Very pleased to share with you that LIC, the insurance behemoth, has onboarded CAMSPay as an exclusive partner, and I've spoken about this in the earnings calls, to execute customer account authentication, you know that current verification and authentication is almost a mandatory practice, whether you're taking moneys from individuals or you're paying them back. LIC has a place of pride in our client roster, so they have selected CAMSPay. And then overall, in the mutual fund ecosystem, CAMSPay has launched its first daily SIP. You know that most of you have done SIPs, they operate on a monthly basis. Over 90% of the SIPs in the country are monthly. But a daily SIP meant not for the salaried individuals or people who earn wages almost every day, whether it's an auto rickshaw driver or somebody who's working on daily wages of fees, just provides them the flexibility they need, but create significant intensity of payments work, including reconciliation, great initiative from CAMSPay, and we see volumes continue to scale. You see significant statistics of the business. And again, across markets and across business metrics, I think, are very satisfying year for CAMSPay. Strong year -- extremely strong year for CAMSPay. I will not repeat any other statistic except to lead you to the first bullet, 90% plus year-on-year revenue growth, absolutely unprecedented in any business. For us in the last many years, and this was enabled through a very smart, I would say, a single line of product innovation, which is to kind of break out of the trend of making people ready for investment on T+1, which used to be the sellers credential earlier. If you made them ready on the next day, you are a good provider, we broke the myth and said we're going to adopt advanced technology, including almost instant liveliness check, instant face recognition and face matching in addition to everything else, including the name match, father's name and everything else, which has to be done. This created significant traction in the market to drive and propel our adoption, not just amongst mutual funds, but also other capital markets players, including brokerages and including other companies like depository participants. So we've continued to bolster that, continued to onboard new customers, almost tripled the volumes in the KYC arena from 1 lakh month, which used to be there about 18 months back to an average of about 3 lakh of new KYCs every month. And of course, now rearing to go and touch the mark of 2 crores KYC reports within the year, I think it should be possible within the year. Next, please. From an insurance and policyholder perspective, again, very happy to share with you the broad statistics around the insurance, which is gathered momentum still not consistent with the size and scale of the market. This, like you heard us say, can significantly grow in all dimensions, but very happy to share with you that we now hold over 60 lakh insurance accounts. Most of them have built-in collaboration with insurance companies or individual investors and insurance policyholders, come and open them for ease of holding their records. I'm sure some of you are also holders of insurance. And more significant is the building traction and policy issuance or policy conversions, about 72 lakh of those. Insurance KYC, which become a requirement about 1.5 years back for the industry. Very happy to share with you that has CAMS has now gone live with Oriental Insurance. This service is powered by Think360's KwikID. So fantastic just artifact of collaboration between the various segments of the group, Think360's KwikID now making penetration in the fast-growing insurance industry for KYC with the help of group company, CAMSRep. CAMSRep, then again, has launched Bima Central, which is a comprehensive servicing platform built on top of the insurance accounts where you can get a variety of servicing formats. Do try this if you haven't done that, you just have to download the app and open up your insurance account if you don't have one. If you have any insurance account, you can just start adding your policies to that. Very, very convenient app. And we're expecting that while the first insurers is integrated and a few other awaiting -- others are waiting in the queue, we expect to have several insurance integrated by the time we come back to you next year. And then to start influencing the lives in a very positive way of the community of insurance consumers in the country. Of course, again, very happy to share with you the 40% market share rate in this business accounts for CAMSRep. And then there is some of the material on Bima Central, like I said, will be a good idea for those who haven't experienced it to go and try this. Move to the next. Think360, like we said, one of the core products, which has been very successful in the market with the video KYC. We have multiple large -- some of the largest PSU banks -- banks and PSU banks in the country who are consumers, but I think the affirmation or confirmation from State Bank of India for consumption of Video KYC product KwikID is just a great testament to the offerings. We also won, like I said, mandates for doing KYC for the insurance sector, both for Oriental Insurance and SBI General. These are recent wins happened in the last 3 to 4 months and will scale over the coming months. And then Think, one, the analytics and transformation initiative project with Moneycontrol services, which is Network18, and continue to provide and deploy their product -- their marquee product, Algo360 for several brokers, wealth management companies and leading financial services firms. Satisfying year for Think360 and of course, expecting significant build-out of momentum in the current year. Account aggregator, I'm sure while this is a new concept, all of you have heard about this a little. We have scaled ourselves, again, very happy to report of the strong, consistent work that the teams have done to scale up from what I would say was a low single-digit market share score to a more respectable early teens score of 13% plus in the AA ecosystem. For one of the use cases, which is the F&O Account opening use case, we are the preferred account aggregator partner with the right technology and algorithms to help verify or continue providing verification or periodic verification services for F&O account opening and annual verification that this needs. We continue to build momentum and signed almost close to 100-plus deals for account aggregator and TSP services. And then you can see that we are now servicing almost over 100 FIUs. What this collectively does is, this then powers the entire flow and momentum of data pulls and all the analytics offerings that we sell in the market that we create and sell, it just creates momentum for those, and we are expecting this business to scale this year and to scale multiple times between this year and next year. So very positive on this, some brand new innovation. And again, you can see content and material around this on our website and various other media interactions that we made in the recent months. From an NPS, CRA perspective, you know we were the first ones to set a bar in NPS, CRA, practice in the cloud. Continue to increase new POPs for the POP retail volume. Grew subscribers during the year, significant growth over last year. Of course, it continues to remain a relatively small business for us, expecting it to scale in the years to come. And then I thought concluding the presentation now, but it's a good idea just to conclude this with some trends that will be easy for you to consume. Just to assess while you all have been shareholders for some time or a long time, I think it just for you to assess the direction of where we could be heading. I just got just a couple of quick charts. We are characterized by stable revenue growth. You know that our businesses, a lot of them are annuity-based, growths are reasonably predictable. Of course, a lot of it is joined at the hip with the trends in the capital markets. The last few years have been very good for that market. And therefore, the revenue growth is predictable. There is also, I think, from a cost perspective, a large component of fixed cost. So margins are, I would say, equally predictable, also sustain them at some expansion levels of about a percentage of expansion in the last few years and hoping that as the revenue scales, 14%, 15%, that kind of expansion in margins should be possible, both through automation and consistent productivity improvements across the board. From a broad market metrics perspective, I'm sure all of you are aware of this, have been watching it. Our assets, which is, again, a core foundational metric which drives everything, including revenue and profits and market share. Our assets have grown a CAGR of 16% in the last 5 years. And you can see more than doubled from just short of INR 16 trillion or INR 16 lakh crores to over [ 33 ]. The MF AUM revenue, this is linked in our telescopic way to our overall assets, grew just short of 12%. Overall company revenue has grown 10.4%. This, of course, includes that 1 year -- 1.5 years of COVID. There wasn't significant movement in the revenue of the company. I think what I'm very glad to share is the growth in operating EBITDA, which has continued to expand, which is great vindication of the efficiency with which the operations are run and the significant amount of cost control, despite a humongous number of initiatives, focused on consumer, technology, automation and new products having been on for the last many years. And I think the icing on the cake is the growth in profit after tax, which has grown over 21% in the last 5 years. So that's really been our focus in terms of how we run the company. Of course, we are hungry for revenue and market share. The 2 acquisitions that you've seen are a great vindication of the fact that we continue to look for opportunities outside the base. But like I said, we are stable. We are focused on shareholder and investor value, and we will continue to abide by that trend. What is it that, that we would like to do over the coming years and a slightly longer period: one, we want to continue being the absolute gold standards in everything we deliver to both our end consumers, which is the B2B2C consumer or our enterprise clients, which are the B2B clients. We want to be extremely strong and that's seen as a secret sauce as our kind of core capability, both in the area of cybersecurity, integrity of data, anti-fraud practices, regulatory controls. We just want to continue to be completely compliant and to be best-in-class in the marketplace. Similarly from a regulatory compliance and risk control perspective, we want to be the best. And then we continue to build leadership in the company to build a depth of expertise. This is both SME ship in various business areas, but also in the areas of risk, technology, data, cloud, regulatory compliance and similar many areas we expect to continue being the market leaders. As we do this, we will continue to augment our MF revenue, like I have said, with the focus on market share and focus on overall scale. And then we will pursue various adjacent opportunities like you know, the adjacent opportunities continue to be payments where we sell a significant amount of the mutual fund industry to our KRA segment. Account aggregator has some deployment in the mutual fund industry. Alternative services, again, in the capital market, so we'll continue expanding there. And then we want to be extremely future-ready through building out a brand-new platform. We've recently initiated contracting with global leaders in this area, and you will be seeing some element of official releases from our side. On digital, we continue to believe that, that is the way of the future. I'm very happy to share with you that in our core business, in mutual funds, we built out almost 90% of our traffic, payments, KYC, everything that comes to us is digital. We built a significant number of properties of our own, and we continue to assess the marketplace and scaling their digital initiatives through our entire API architecture. So we will continue to scale capability in this area and make sure that we are the best in breed and the best in class in the area of digital initiatives and digital transformation. So this is really what you would expect from us. I appreciate all the support that all of you have given us over the years to the company by being loyal and committed shareholders. And I hope that this presentation has given you some flavor of what we've done in the company in the last 1 year and what our focus areas will be during the coming years. Thank you very much for being here. And I will conclude the presentation now. As I close the presentation, I will invite shareholders who registered -- so some of you have registered officially for the Q&A session, I would like you to speak. The moderator for this program will announce your name and kindly state your questions. So you heard Manikandan speak about, if your connection is bad and if we can't hear you, then we'll skip to the next and then come back to you. So I'll hand over now to the moderator to begin the Q&A session.

We will now begin with the question-and-answer session. We have the first question from Ms. Lekha Shah.

Respected Chairman sir, Board of Directors and my fellow mates, good evening to all of you. Myself, Lekha Shah, from Mumbai. First of all, very much thankful to our Company Secretary, Manikandan Ji, for sending the AGM notice well in time, which is full of knowledge, fact and figures in place. So I'm very grateful to our Company Secretary, Manikandan Ji. Thank you, sir, for explaining us about the company. Congratulations for excellent work, sir. Sir, I pray to God that he always shower his blessing upon you. Sir, I would like to ask a few questions. My first question is, what is the total number of employees? And my second question is, how many women employees are working in our company? So I strongly and wholeheartedly support all the resolutions for today's meeting. Since, Link Intime, [Foreign Language].

Our next speaker, Ms. H. S. Patel, is currently not present in the panel. So we have the next question from [ Mr. Santosh Kumar ] [indiscernible].

Respected Chairman and Board member and my fellow shareholder, my name is Santosh Kumar [indiscernible]. I'm speaking from Kolkata. Hope all you are safe and good health. I thanks to management and all our 7,000 employees for their great work done for company and give a nice dividend of INR 46.50 per share in the year -- during the year, interim and final, sir. Sir, the CAMS [indiscernible] RTA do very good work. I am also a distributor of the mutual funds, sir. My ARN is [indiscernible] sir. I earlier registered. Sir, I want to give 2 suggestions to you, sir. If you like, then accept it. Otherwise, not. First, sir, there is so many non-co KYC [indiscernible] every time, you told -- mutual fund told us, send the application on [ WR 56 ] I sent so many times application, but never got a proper reply, sir. So I advise you why not you give non-compliance KYC employees name, when you send the brokerage. If you -- with brokerage send the name of the non-compliance employee, the broker can be easily identify who are still non-KYC, sir. I think it is better ask every time for a separate mutual fund [ WR 56 ] sir. Next sir, you know very well in the COVID time and before COVID, there's so many checks of distributors sent to brokers. But in the COVID time and before COVID time, due to some reasons, they returned a lot in case. Sir, why not you send them reminder because their hard money in suspension. They not know how -- what money I have not received. In COVID time, I have so many cases. I personally that I've not received the check due to COVID, sir. So I think if any commission due of the distributor, you must send a reminder because their hard money. And now that our Modi Ji tried to identify those people in EPF, PPF account, those not claim and give their money because you have no right to held up their money, sir. Because in the mutual fund, if they did not claim, they come to liquid accounts, sir. But in the case of brokers, they never know what is my due, sir. Next, sir, also, I advise you, you can be created a folio, in which you can take the consent of the distributor or schemes to transfer their commission in that scheme, sir. They can be withdrawal easily. Like, Reliance, they have a liquid account for -- on the concept of -- they have an account on the concept of the distributor. They transfer their brokerage in that account. And time to time when brokerage needs, they can be withdrawn from that account, sir. Next, sir, your balance sheet not mentioned the e-mail ID and phone number of the registered office and corporate office. So sir, please mention e-mail ID number and phone number. Next sir, CAMS is very well known and very good RTA. I think it's one of the best RTA in mutual fund industry, sir. So why now you start the business to do work as a RTA for listed companies, sir, because there is so many good RTAs at present, 2 or 3 RTAs are good, Karvy, Link Intime and some other 2 or 3. But in the -- after SharePro canceled, there is no other good RTA, so you can be tried as -- because you have very good knowledge to do RTA yourself. Sir, next, what your steps taken for cybersecurity of data of mutual fund clients? And what your steps to install solar panel on your own buildings where building our solar panel to save energy cost, sir. Sir, now government want financial -- 1 KYC for financial business. So what your step in this regard, sir? And my English is weak, sir, because I always speak in Hindi, so please excuse me for my any mistake. These are my -- I try to speak English because your people maximum from the South India, this is in my [indiscernible] sir. Also, I support my Lekha sister from Mumbai who speak earlier for VC meeting, sir. I think VC meeting is really good. So people can attend from various -- so many people are foreign shareholders, so many are various cities, so please continue with this. Sir, I had nothing -- I want to say because you are very good and sir, I think for listed company RTA, so we can get also a good RTA for future, sir. Thank you for giving me time. Only consider, my age is 76. I'm mutual fund distributor. I did not know why my commission is still not same case. So please, sir, it is better give a reminder distributors in the folio, when it is not claimed, the money will transfer in the liquid account. But in our case, there is no option. Thank you, sir, for giving me time. And wish you a financial year, where you and all directors and all 7,000 employee and dear families, the financial year 2024 is a good healthy, prosperity and safety year, sir. Thank you. And also thank to our Link provider, Mr. -- Link Intime, very good service. I hope we'll continue with this, Link Intime, sir.

We have the next question from Mr. Kaushik Sahukar.

Respected sir and distinguished guests, good afternoon to all. It is an honor to stand before this esteemed organization gathering today. I extend my heartfelt gratitude to the Board for granting me this opportunity to be part of this important event. Today, I raise some key questions that are essentials in understanding our position in ever-evolving competitive landscape. How does CAMS maintain its competitive edge in such a dynamic environment? What innovative product has CAMS introduced or plans to introduce in this increasingly competitive world? Can we trust in the resilience of CAMS business model? How can the company ensure that shareholders value remains impact? What is the opportunity -- or what is the company we must compare to previous year when the number of demand account is in price and is all-time high? Did we get any benefit due to such increase? Also does CAMS help us to get our passport or to renew our passport services? Before I conclude I want to express my sincere gratitude to the entire secretarial team for connecting with me and granting the opportunity to be part of such a memorable event. Additionally, I request to support our company in associating with me in the area of certification audit, including Form 15CB. CSR is helping the needy at crucial times, when they have approached your company for help. I'm confident that CAMS carries the vision and commitment to support those in need. I'm sure management might be busy with other important work and have missed my early request. And I urge our company to take some time and provide me with opportunity to work with our company, so I can live with dignity. Finally, I propose utilizing the substantial savings from the virtual mode of this meeting for the benefit of shareholders. This would involve arranging small picnic for shareholders, speakers or distributing tokens or appreciation, such as sweets or small gifts to our esteemed speakers including festivals. Furthermore, I would greatly appreciate for assistance in facilitating and introduction with your auditor for potential engagement in professional endeavors. Given our professional affiliation, I'm confident that such a collaboration would prove mutually beneficial for both parties involved. Thank you for your attention, sir.

We have the next question from [ Mr. Dharav Jamadar ].

Good evening, ladies and gentlemen. My name is Dr. Dharav Jamadar, and I am from Surat. First of all, I would like to congratulate each and every stakeholder of my company on performing tremendously well in this particular fiscal year. Sir, some of my questions, which I would like you to address up. First of all, looking at the inflow amount in SIP and lump sum, and particularly in the mutual fund business, what and how do you think that this landscape will get influenced by changing paradigm because of artificial intelligence, fintech, machine learning, et cetera? Second, we have been a market leader with maximum amount of market share. With respect to AMC's new entrants coming in and existing leaders consolidating and increasing their market share, what outlook do you have for us for this particular fiscal year and the years to come as we are serving the top 3 AMCs in the industry? Third, what new opportunities and avenues are we going to explore in this particular fiscal year? And what possible headwinds we might face in the mutual fund business? Fourth, with reference to CAMSfinserv and CAMS CRA, who are our competitors and what are the headwinds and tailwinds that we might face in this segment in this fiscal year? Last with heavy investments done in recent times in our non-mutual fund businesses, there's a huge growth runway over there. But do you think that mutual fund business, which is right now in India, a quite certain business, we are going to some uncertain businesses, though there might be huge opportunities of growth. We are leading ourselves prone to volatility in topline as well as bottom line. By investing more in that business, what are your views on the risk and rewards, opportunities that lies ahead in this particular process itself? Thank you, sir, for providing this opportunity.

We have the next question from Mr. Ankur Chanda.

Sir, I just want to say that our corporate governance is too good. But [Foreign Language].

So our last question is from Mr. Jasmeet Singh.

Thank you, moderator. To confirm me my bandwidth is slow, probably I'm unable to switch out by camera, but I would like to speak out my note here. So thank you, Chairman, and ED, Anuj Ji, for giving detailed presentation. I'm very glad to see the impressive growth on all fronts, on all our verticals. The leadership position, which we have achieved is really heartening, and I'm foreseeing a very bright year-on-year, say, growth in the coming years. While the digital initiatives are very much appreciated, I being a mutual fund distributor would like to bring to your knowledge a few points and I seek your support to get them addressed on a very urgent basis because I have been trying to interact with the Delhi office and these are points which are paining me a lot, servicing my clients, which I'm sure you would not like to, say, face such kind of situations. So my first point is that the UI, which you have given to the distributors, is very painful at this moment, which requires a lot of, say, verification processes. It -- we are required to say -- it should be just user ID and password. There are not many questions and answers, which we need to give the -- passwords also get changed after, say, a few months. I don't know why? It is not having any revenue implication to anyone. It should be seamless and simple, say log-in solution. So If -- so what if I give you a request that please don't change my password -- simple password for, say, next 10 years, will you allow me? So that's one thing. The second thing is, which is more, say, paining me, the statement of accounts of my clients, I'm unable to get right away. It always says that please wait for 5 to 10 minutes. I was able to download the system -- from the system right away a few years back. But now I think the load has increased, and therefore, the amount of, say, bandwidth, which should be there is not there. So what so -- how the company is planning to -- because you see the volumes will only grow from here on also. So how the company is trying to mitigate the volumes? It should be seamless this thing. The moment we should be clicking download, it should be able to download the statement right away. Why we need to wait? Secondly, the statements are not able -- we are unable to download the statements since inception. Investor who is having an application on his mobile or on his laptop, he is able to, say, download his statement of account since inception. But a distributor, he has to give the starting year or the starting month up to till such time he was to download the statement. Why I should be speaking on this AGM about these points. But I am not getting a support from your Delhi office. I need this support. I need these small things to happen. Then, a customer -- the UI, which you have given to the customer, he is able to see the returns on his investments. The distributors are not able to see the returns on the investment of the investor. Why? It should be enabled. Ironically, all these 3, 4 points, which I have spoken, the -- our main, say, another RTA, KFintech, they are providing all these things, all these things. Just at a moment of a click, we are able to log in, there are no OTPs, there are nothing, no question and answers. We are able to download these statements right away. We are able to see the investor returns right away. It should be there with CAMS also. CAMS being the leader. It should provide these services in a way where the distributors should also feel very happy and yes. So that thrilling experience should be there from CAMS. Yes, if it's there from KFin, it should be from CAMS also. Now very important thing. While I conclude my note, while you will address all our questions, we should be able to interact with you in case some of our points are not addressed by you, we should be able to speak. Please do not disable our interactive audio at that time. So with this note, I thank you and appreciate your patient learning. I hope you will feel the pain and get these points addressed on an urgent basis. I will really hear -- would like to hear an assurance from you now. Thank you.

This is all from the speaker section. We shall rejoin shortly after a break to answer the queries or the questions raised. Thank you. [Presentation]

Hi. Good evening, everyone. I essentially appreciate your patience and being there. While we just prepared to compile answers to all the questions, so what I'll do is I'll begin answering questions in the same serial order in which they were asked. And hopefully, everything will get answered. And if you believe there's anything which is missing, you please feel free to reach out to us separately, and we'll be happy to engage with you. So I'll begin now. The first set of questions came from Ms. Lekha Shah. And in terms of total employees in the company, we showed that number in my presentation, that is 7,056, so just an excess of 7,000. And out of this, there's a healthy number of 31%, 31% of 7,000 that is women employees. Following Ms. Lekha Shah was Mr. Santosh Kumar Saraf. He had a variety of questions. Some, I believe, pertained to his investment in CAMS, some others pertain to the area of work of he being a distributor, I'll try to answer all of these to the best extent possible. The first question which came was that for non-KYC cases, which means where the investor has not done the KYC and you are a distributor, you're not able to see exactly who has not done this. So we send you a link -- when we're sending you broker details, we send you a link. If you click on the link, you should be able to see all your investors whose KYC is not done because to that extent, your brokerage is impaired. We are computing it, but we are not paying it to you. So you can see the details there. Other than that, there is also a mailback report called WBR, if I'm not wrong, WBR 56, and we can start using this too. In case you're consuming all this only in the physical format, there is no link available. Obviously, there's no physical link. So I would encourage you to talk to our team or we will get someone from our team to speak to you so that you can start getting the link. It's a relatively easy problem to solve, has been solved for your community broadly. Your second question was that during the COVID period, a number of brokerage checks were sent out instead of electronic remittance checks were sent out. And if they did not reach you as a recipient, then those checks have aged. We haven't told you to do any remediation effort for them. So this is a good point. We will talk to the mutual funds and see how best we can remind our distributor partners to kind of get reminders from us so that you can claim the money. Like you said, it's hard-earned money, it should be claimable. We will organize to have reminders sent to you. Why don't we have a corporate RTA business? And this is a question which was asked by several of the shareholders. I'll answer it once. Corporate RTA is an interesting adjacent business. It deploys a number of recordkeeping and investor servicing skills that we have as a company, we have investigated this in depth. As of now, we've chosen to stay away from this because just the absolute growth rates and the cyclicity is -- does not appeal to us completely. This business has to be won IPO by IPO. Most of the base clients just like to stay with the corporate RTA, they are with. You can't churn too many of them. So it has to be won IPO to IPO, can be a significantly cyclical business. And right now, we believe that there are a lot of other scale opportunities in our other businesses. So we are not looking at corporate RTA. Kindly treat this as the answer uniformly to every question that was asked. Our e-mail and phone number for the registered offer has not been available in the annual report. It's available in many other places, including the website, very easily available. But if it's not available in the annual report, I'll request the Company Secretary so that he can start including this. Solar panels, very interesting point, very relevant to the entire environmental consciousness that we have around us. You'll be happy to note that this work is already done at a corporate office and a few other offices. We are trying to make a pan-India expansion across our locations to have solar panels. So you will see this happen. And next year when we come back, I will try to give you an update on this. Single KYC, what is the approach? You've been hearing about single KYC, so have we. Today, there are, largely in the financial services sector, 2 kinds of KYC is available. One is the KRA KYC that we traditionally do in the capital markets as part of the mutual fund industry or if you are a broker, part of a brokering company or a Demat DP. And then there is a KYC, which is used by other segments. Now -- earlier, it was predominantly banks and NBFCs. Now that includes, you can open accounts in the CRA and you can also open insurance accounts based on that information when a single KYC happens, and I'm not 100% sure or entirely sure what the characteristics and the architecture would be. It could mean, not would definitely mean, collapsing all of this into a single architecture. We should collectively wait for the announcements to get made whenever they are made of a single KYC regime coming into the company. So those were the questions asked by Mr. Santosh Kumar Saraf. I will flip to the third shareholder, Mr. Kaushik. Your first question was, how does CAMS maintain dynamic advantage in our environment? What are the new products launched? So let me start with the products launch. It's an easier question to answer. And again, like I said in my presentation, I'm extremely proud and very happy to give you. And this is all done as part of our business strategy, it is not that we randomly see some product opportunity and enter it. Remember that we don't want to spread ourselves thin. We are a very focused firm, and we do things which are good for a broad franchise and purpose of the business. For the last 3 years, if you see new products, our CRA for NPS is a brand-new product. MFCentral is a brand-new product. Account aggregators and TSP and TSP++ are all brand-new products launched by us. CAMS WealthServ, which is a digital onboarding platform, is a brand-new product launched by the Alternatives team. Bima Central, which is about all things insurance and creates a comprehensive singular most unique, and right now the only one in India, services layer on top of your reinsurance accounts. All these 5 are great examples of new products. Of course, from a dynamism perspective, product strategy is one strategy, but whether it is relating to technology, automation, artificial intelligence, usage of cloud, usage of smart analytics like Think does in their business. Continuous augmentation of cutting-edge workforce hired from the best institutes in the country, having the best risk measurements, anti-fraud, prevention of financial risk, anti-money laundering. There are several components of this cutting-edge strategy of business. I just named a few to you and alongside I named some of the key products, so that it gives you one flavor that sitting on the past laurels and doing business the way we used to do it 5 years back is not an option. It is not an option for any company today, you have to continue to innovate. And I sense from whatever I spoken, you would have got a sense of how we continue to be dynamic, competitive and maintain our significant pristine leadership across business segments with the concurrent market share gain and revenue increase. This is really the way we do it. Your second question was, do the expanding number of Demat accounts help us? We don't directly service them except when people choose to have mutual fund units in Demat. But there is one way that we service, which is when the Demat account person needs a KYC, then CAMS KRA whether it's close to 2 crore PANs in KYC is a ready receptacle of the most authentic and the most recent KYC information of the individual. So the entire brokerage community and the Demat community tends to use them. The other place we're not very directly -- indirectly we use it is in account aggregate, where if you are trying to build a financial portfolio of your own or if a wealth manager is trying to build a financial portfolio, then he will seek integrated information of yours and the DP account is one of the places where the information comes from. Will we start passport services? No. We do not see services of issuing passports as the most strategic deployment of our capability. So we're not thinking of going in that area. Should we have picnics and other means of engagement with shareholders? We certainly want to engage with shareholders, not right now through picnics and gifts. I know that those are common formats adopted by companies, especially during physical AGMs, et cetera. If and ever we do a physical AGM, you may see some of that. But right now, we're not thinking of it. And then to engage in certification exercises. I spoke with the Company Secretary to see if he wants to communicate with you directly and see if any opportunities of that kind are available. That brings to an end the questions asked by Kaushik. I will move to the fourth investor, shareholder, which is Mr. [ Dharav Jamadar ]. You used -- he had a question about the use of AI and machine learning, especially in the area of SIPs, the inflows that come from SIPs and those kind of things. So very happy to report to you that a large part of the SIP process, not just the SIP triggers or the way we reconcile these, but also at the time of setup, doing string matching, while names are being matched between the background and the SIP name given in the account or face match, which just precedes the SIP setup when the KYC is being setup or KRA records are being compared with your records as you submitted live through a video and photo. All of that employs machine learning and artificial intelligence, almost 100% reliable irrefutable match of 2 faces. One that I clicked a photo of yours through and the other that I extracted from some of the sources, let's say, Aadhar, and setting it up in 10 minutes, goes through a very complex process of face match. All of that needs deployment of artificial intelligence as smart algorithms, which get trained over a period of time. Similarly, investor e-mails, which have to be responded and sometimes these are multi-intent emails as you know, where the investor may comment upon his scheme selection, how competitor schemes have done, whether we paid or the AMC has paid that right dividend. And whether they want some format of customer service, sometimes customers, investors put 3 or 4 intents in a single email, and we have AI-led bots, which kind of crawls these e-mails, understand the intent and then answer them automatically with very little participation of the workforce. New AMC is whatever outlook in FY '25? Again, very pleased and very proud to share with you that we won all the new AMC mandates last year. I named those in my presentation. So that continues to buy us a significant amount of solid future proofing because there are no other mutual funds who will launch. The ones who launched will launch with us. So any of the assets that they garner will all come to us, and that's a good place to be in. You asked a question on account aggregator and CRA, what is the competition? An account aggregator like you know, it's a splintered market where the multiple participants -- there are about 5 to 6 functional account aggregators. And equal number is licensed, but not functional. So it's a multi-participant market, a splintered market and has all the facets of competition that you'll see anywhere else. While in CRA, it's a 3-horse market. There are 3 official CRAs. We are the latest and the newest, having been in business for the last 2 years. Does this create significant competition it does? Does it create headwinds? I think one has to be used to operating in businesses which have competitive headwinds. And again, pleased to inform you that at least an account aggregator, we have scaled our market share from low single digits to early teens. So almost 10% up in 2 years. So this is our overall strategy, automation, product innovation, customer journeys and just a solid track record in controls and recordkeeping. So all those things help. Why are we investing in non-MF? Is this more cyclical than MF? Is the investment worth its while? Certainly, the investment is worth its while, as you know, that we have a stated objective of broadening our revenue contribution of non-MF business lines to about 20%. It gives us a right to sell in the noncapital market segments, the financial services segments, which is the business that our Account Aggregator segment and Think, those 2 entities, too. So we are very happy with that. It also brings about less cyclicity in our overall businesses and insulates us from the cyclicity of the capital market. So that is the right decision, and we will continue embarking on that as we move forward. I will move from now what [ Dharav Jamadar ] asked to Ankur. The first question was, why don't you set up a corporate RTA? And I said that, that question is answered. I answered it once because there were multiple instances. The second part was that while the Link Intime, which is our RTA, interacts with you, the Company Secretary doesn't. I would just urge you to think of it this way that we certainly want to interact with you, give you the latest information, both as statute requires and even otherwise, in terms of what the company is doing, keep you updated, make sure that you're able to participate with us through these forums like the AGM. The RTA is our agent. They are our agent. The Corporate Secretary, of course, has a team which deals through the RTA with the shareholders. Today, our shareholder count is just under 4 lakh. At its peak, it was over 5 lakh. So we are very keen to interact with you. Kindly do not feel that the RTA interacting with you isn't the kind of the treatment you would like, but just think of the RTA and us almost is the same. It is the team of the Company Secretary itself, but those people are not in our roles. They're part of an agency, but they're completely ours. The charter is owned by us. So I will conclude the answer to questions asked by Ankur. Then I'll move to the last part. Questions asked by Jasmeet Singh. I think a lot of questions pertain to our digital property for distributors and partners, which is edge360. Your first question was why do we impose password changes every 3 months and why are there two-factor authentication requirements. Which come in 2 forms, typically, either we ask you to punch in an OTP or we ask you secret questions. OTP, of course, is considered the more pristine and sometimes we ask you to answer the secret questions, but we'll also give you an OTP every 3 months. Just remember this, whether you're dealing with your bank, or you're dealing with us or anyone else who has signed up to a two-factor authentication architecture, these architectures are not a choice of an entity like CAMS, it is the absolute architectural constraint imposed upon an industry by regulation and by the industry because it's a necessity for our industry. Today, it is not voluntarily imposed. It is not that if we don't want, we should not do it. Frequent password changes and OTPs are considered part of a security protocol that the industry wants to offer you. The regulator wants to endorse it, and that's why they're built into the mechanism. So right now, the point I want to convey to you is that while it may appear trifle inconvenient, it's exactly why you have the same architecture in your bank account when you're logging into that banking or your broker, that's a requirement. And right now, we are not thinking of dispensing with the requirement because it is a statute-based requirement. Why is an SOA -- I'm moving to your second question, why is the statement of account not immediately available. And again, I will urge you to distinguish if I've understood your question correctly. And if not, then we will make sure that somebody from the team speaks to you. There is this concept of a partial transaction listing, especially when you're representing an investor The intuitive reason why it is so is that an investor may have either transacted through multiple distributors or would have transacted through multiple distributors and done direct plans. Either ways the partial transaction listing enables you to download and store transactions of an investor for the work that he has done with you. It is for the same reason that we do not show XIRR, like you said, it is shown to investors. The reason it is shown to investors is that it is a complete listing of their entire portfolios and the XIRR, therefore, becomes a relevant measurement of portfolio performance. Imagine doing a partial transaction listing, let's say you've done 25% of the work with that investor and the balance 75% does the 3 other distributors, the investor will be misled into believing one XIRR that we show for your partial transaction listing and then one for the second distributor, one for the third and one for the fourth. And the investor does not have means to accumulate this into a single XIRR, and that is the reason. It's a considered decision that we don't show it. You also asked for SOA since inception. And again, I will urge to think of the partial transaction listing. And that is, therefore, shown since the beginning, but it does not include all the transactions, which may be directly by the investor or done through other distributors. Your last question was that the Delhi office was not supporting you enough. We will address this with the Delhi office. So that -- with that, I come to the end of the Q&A session. There were no other questions, except those that were asked by these 6 shareholders. I estimate that I have answered everything, but in the rare set of circumstances that I'm remiss and some part is missing, feel free to write to me or the Corporate Secretary or reach us through any other means, and we will make sure your question is answered. I hope this that then is a conclusive end to the Q&A session. I would then say that this brings us to the end to the conclusion of our 36th Annual General Meeting. I would like to take this opportunity to thank you. And I will now request our Chairman, Mr. D. K. Mehrotra to please come and make his closing remarks and then appropriately close the meeting. Over to you, sir.

Thank you, Anuj. thank you all the shareholders for your active participation, for your faith in us and the constant support for CAMS. With this, the meeting concludes. The electronic voting facility will remain open for the next 15 minutes. Once again, I wish you all good health, and please take care of yourself and your family. Thank you all very much, and the meeting has concluded. Thank you.