Ladies and gentlemen, good day and welcome to the Multi Commodity Exchange of India Limited Q2 FY26 earnings conference call. Joining us on the call today are Ms. Praveena Rai, Managing Director and Chief Executive Officer MCX, Mr. Manoj Jain, Chief Operating Officer MCX, Mr. Chandresh Shah, Chief Financial Officer MCX, Mr. Praveen D.G., Chief Risk Officer MCX, and Mr. Rishi Nathany, Chief Business Officer MCX. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then join at that phone mode. Please note that this conference is being recorded. I now hand the conference over to Ms. Praveena Rai, MD and CEO MCX. Thank you, and over to you, ma'am.
Thank you very much. Good evening, everybody. A very warm welcome to our quarterly earnings call. We have released our results as of end of day yesterday, and very happy that MCX continues to deliver strong operational and financial results. During the quarter ending FY26, the second quarter, our consolidated total revenue stood at INR 401 crores, which is a growth of 29% over the same quarter last year. Our EBITDA increased to INR 270 crores by 32%, and profit after tax grew also by 29% to INR 197 crores. Now, this quarter witnessed good market activity, and overall, our ADT has risen to INR 4.11 lakh crores. You will recollect that last year our ADT was INR 2.02 lakh crores, so that's a very healthy growth in the actual market activity that we see, a reflection of continued confidence as well as participation across stakeholders.
On specific business-level actions, we have focused on executing on the plans we've discussed before, our product launches, where further variants in the bullion sector were launched. With market feedback, it was identified that the monthly options on silver, the main contract of 30 kg, as well as the mini 5 kg contract, both of these were launched, and fresh future contracts were launched in cardamom as well as in nickel. Nickel was a contract that has been traded on the exchange earlier, but this was sort of a launch with product nuances that were revised based on market feedback and regulatory approvals and then launched. The MCX Buldex has also been launched in the month of October. We are committed to enhancing our technology infrastructure. We will continue to expand our product suite as well as deepen our market participation.
All of this will reinforce MCX's position as the commodity derivative exchange for India. Now, as you may be aware, on 28th of October, Tuesday, there was a technical issue at the exchange. We opened trading at 1:25 P.M. after shifting to the disaster recovery site. This primary root cause was a predefined parameter limit relating to reference data like the Unique Client Code, which is configured within the systems. So this led to certain constraints beyond the threshold, and we have taken all steps to address these constraints and prevent similar issues from happening. The trading systems have not had any issues in the past, and this appears as a one-off, and we will continue to have a strong focus and resolution mechanism around this. The exchange systems are well positioned to support the market volumes and the growth that we foresee.
We want to extend our gratitude to all stakeholders, member brokers, vendors, partners who have supported us through this incident as well as across the entire quarter for their unwavering support for MCX, as well as the support we've received from regulators when it comes to driving commodity markets in India. With this, I'd like to conclude my remarks and look forward to taking any questions and discussing further.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Devesh Agarwal from IIFL Capital. Please go ahead.
Yeah, thank you for the opportunity, everyone, and congratulations on a good set of numbers. My first question is continuing on the tech issues. So could you help us, one, understand better what exactly was the issue that happened and whether it was a platform problem, it was from the TCS side, or whether it was an operational challenge that we faced? And what exactly have we steps taken to rectify that? And is the trading now moved back to the main site?
Yeah. So I'll first confirm that the trading has moved back to the main site. During the course of that week, we did not want to make a move back to the main site just given the situation that had happened, but that weekend the system moved back and everything is back to normal. Now, the root cause, I think we've defined, but let me try to explain it a little bit more. So it is a predefined parameter limit which was there in the gateway services. And this pertains to certain files which include the configuration of things like the UCC. This crossed a particular limit that night because of which the threshold started becoming active. And with that threshold active, the gateway services were not able to get fully enabled.
Because this is a predefined parameter, the same parameter continued to hold good in the DR site also. Even though the immediate action to move to DR was taken, the same key issue emerged, and there had to be certain steps taken to find it, resolve it, address it, and then run the process to start trading for the day, which tends to be a process with a few steps. Altogether, it took that time before we opened up for trading. This is what we have. Since we identified the problem that day and after that, we went through a root cause analysis which reconfirmed the issue. We have also taken steps to make sure this problem is addressed in the system, and then the team brought back into operating from the main site.
The issue has been resolved on both our main data center as well as our DR site.
All right, ma'am, and the fact that this has happened the second time, it means that on our platform in a gap of four months, did you have any discussion with the SEBI and any sense that you can share with us what is the view that SEBI is taking? Are we expecting any penal order from them? Where are the dialogues with SEBI in this regard?
Yeah. So of course, the first incident was pertaining to the clearing corporation, and this pertains to trading, the clearing systems and the trading systems. So yes, two different systems, though they did impact our market operation. So there are standard processes followed in the way we need to adhere to update and analysis working with SEBI, and all of that is currently under progress. Until that process is completed, it will be speculative to make any note or take a view on how this will go. I think we are confident about where we are, and this is the message that we'd like to give forward.
Sure, ma'am. Sure. And one last one, ma'am. You recently launched the Buldex index options on 27th of October. So just one wanted to know, in this particular contract, FPIs are allowed to participate, right?
I think Rishi will come in on that.
Yes. So as of now, FPIs are not allowed to participate in any contract where the underlying is not cash settled. So because the underlying of the Buldex is gold 1 kg and silver 30 kg, FPIs are not allowed to participate in Buldex options as of now.
Understood, and any expectation as to how would you see the volume build up in this particular contract?
It's very early at present. It's just been 10 days since launch. So any contract takes time to build up, and we are very confident that this contract will continue to do and continue to grow.
Yeah. I think the index options is something we've been awaiting for a long time. I think this launch was eagerly awaited, and it has happened now. So we are very optimistic about the launch.
Perfect, ma'am. That's all from my side. Thank you so much and all the very best.
Thank you.
Thank you. The next question is from the line of Prayesh Jain from Motilal Oswal. Please go ahead.
Yeah. Yeah, and just any update on the base metal front with respect to the delivery center issue or the sorting out of delivery center and how do you plan to scale this segment which has been kind of weak for a pretty long period of time? That would be my first question.
On base metals, I thought your question was clear. Are you asking what are the steps we are taking on base metals?
Yeah. And we were thinking about consolidating the delivery centers, right, the number of delivery centers on base metals. Is that something which is there on the cards and where are we with respect to it?
Yeah. So we have done that. We have launched, in fact, nickel only at one warehouse. We've consolidated copper at only one warehouse now. That becomes active from the December contract. As far as the others are concerned, there has also been further consolidation. There has been further consolidation in aluminum. We are at one center. Zinc has also been reviewed. So it's a continuous process. We've looked at data on where deliveries have taken place. We've looked at and engaged with market participants on where they have a requirement. And based on that, this consolidation is taking place. We also don't want to sort of take all actions in one go. So it will be sort of a phase-wise action here.
Not bad. And interaction last time, I think I suggested that you will be kind of reaching out to the participants for increasing volumes on base metals. Where are we with respect to it and how much engagement has happened there?
This is an ongoing process, but for base metals, we are reaching out to various participants. If you see that copper from the December contract is becoming a single delivery center. And as our MD was saying, that we don't want to do everything at once. So we are taking one step at a time. And if you see that there's been a pretty decent uptick in both copper futures volumes as well as copper options volumes. So we are very hopeful that with copper as a test case and with a single delivery center, if we can get that traction, then we can look at other contracts as well. So the process of reaching out to market participants is always on.
Got that. Got that. And the other question is we have launched the Buldex. And so what are the plans to launch other index options and anywhere with respect to have we filed the products or where are we? So apart from that, which other products can we expect in the next one year or so?
So we have a pipeline there. I think the pipeline requires approvals. It requires a certain process at our end before we are in a position to announce it. But I think we spoke about it last time also. We have a healthy pipeline of commodities which we believe meets requirements of scale, volatility, need for the Indian market. And this will be something that will start coming into play as our own processes get completed, and then we'll be able to announce timelines for that.
Okay. Using this Buldex contract, we'll evolve into futures options, and eventually, the customer has to buy the physical delivery. Fees open up for positions.
No, Buldex options do not hold. Buldex options are cash settled. They will be settled at the price of the option on the last trading day. There is no devolvement of Buldex options into Buldex futures or the underlying gold and silver.
So then FPIs can participate in Buldex options?
No, they cannot at present because the guidelines do not permit them.
Okay. Okay. Got it. Yeah, that's all from my side.
Thank you. The next question is from the line of.
Yeah. Thanks for the opportunity. My first question is on the rise that we have seen in the bullion options. This rise has come particularly after the change in the expiry from bi-monthly to monthly and also a lot of volatility in the underlying prices. So how do we attribute this to? Is it only because of the price volatility, or is it because of the change in expiry? And also, what is the sustainability of this? Plus, in terms of the normalized premium to notional, how do we see the premium to notional for gold and silver contract? Plus, in terms of the participation, how has the participation in these new contract been different from the earlier crude and natural gas contract?
So if you see your last three questions, one is that while we have seen increasing participation and volumes in the gold and silver contracts, you cannot attribute it to any one specific reason. It is always a combination of various factors which propel contracts to better, and of course, there's been volatility. There's been heightened interest in these contracts. We made them monthly. So it's a combination of all. Now, when you talk about notional premium to notional, ideally, if one makes a bi-monthly contract into a monthly contract, the premium should halve if you take it theoretically. But our overall premiums have risen after making this move, so it has been a beneficial move in that sense. What was your last question?
In terms of the participation, how it has been different? Because it's more retail-driven or it's more proper, who are participating in these contracts? Is it very different from what?
It's not very different because we have a very wonderful mix of physical market participants, hedgers, investors, retail participants, HNIs, ultra HNIs, corporates, and of course, the entire jewelry community. So it has just increased that due to this launch, and that is why we are seeing this kind of participation. Of course, volatility and price also have a large role to play.
Okay. And the second question is on the launch of the bullion index options. So in that, you obviously said that FPIs are not allowed, but being a cash settled contract, it was supposed to attract a lot of interest because of the nature of being cash settled. Do we also need to do any market making in this contract to scale it to a certain level, or is it going to rise based on the natural growth of the participation that we're expecting on that?
Yeah. So before any contract, when you launch, I mean, it will not start exploding from day one. We expect that since we have not brought in market making, it will be an organic growth. And this organic growth will be visible as we go ahead.
And my last question would be on the technical issue that we had. Obviously, you have explained the reason for that. But in terms of the medium to long-term implications of the issues that we are having more on a frequent basis, do we need to strengthen further our investments in the technology? And can we see some more steep increase in the technology cost and also in terms of CapEx?
We have already planned investments in technology. But at the growth rate that we have and what we have seen and what we are forecasting, we do expect that technology is not going to be sort of a static platform. It will require continuous upgrades. Doing this in a manner efficiently and make sure that capacity is up to mark with forecasted volumes and requirements is something that has already been a work in progress and will continue. So yes, we will attract to that plan of ours. We are not expecting anything very significant over and above that because this is already a counterpoint. As I pointed out, the trading platform has been a stable one. This constraint notwithstanding, which we are at the same. The other upgrades and requirements that are there as part of the growth of volume will continue to take place.
Okay, ma'am. Thank you and all the best for the coming quarter.
Thank you.
Thank you. Next question is from the line of Niranjan Kumar from Avendus Spark . Please go ahead.
Hi everyone. So during October 25, the margin requirements for the gold and silver F&O contracts were increased in two phases, right? So can we expect this to go to previous level once the prices in these commodities cool off? That's question number one. And another question is you have clearly explained why there was a technical glitch. But can this have any impact on the future new product launch approvals from the regulator?
Yeah. So when it comes to margins, I think the situation on bullion and specifically on silver was something that we watched and tracked very closely while it was playing out, especially in the pre-Diwali festive season. On the back of what we saw in market, some unexpected backwardation where Indian markets also reflected the global markets, we took some urgent actions. We also made sure that our actions, I wouldn't say made sure, but we also reflected on actions that we saw in the global space in terms of how price movements were playing out as well as margin movements and so on in the global exchanges. And I think our actions have helped, and the situation has remained well under control. And of course, overall macro environment is also stabilizing now. So we will keep a track on this.
We are watching all our not just volatility, open positions, and so on and so forth, and we'll rationalize at the suitable time.
Ma'am, also the impact on the technical glitch, will it have any impact for?
Yeah. So we have whatever product approvals we require are in place. And new products are as per what is approved under the commodity list of SEBI. So at this stage, I think processes are being followed as always.
Okay, ma'am. And in equity markets, are there any plans to launch a weekly expiry option contract as well? And also in equity markets, a significant growth in index options was driven by retail investors. So can we expect the same on the MCX platform too? That's it from my side, ma'am.
In terms of MCX entering new segments, I don't think we can really comment on that. When it comes to weekly options, of course, we are also watching the space. And as we see the sort of perspective on weekly options, what will be the implication for both equity and commodities, I think it will be something that will also be able to move forward. But it is something that is on the radar.
That's it, ma'am. Thank you for the opportunity.
Thank you. Next question is from the line of Lavanya T., an investor. Please go ahead. Lavanya, please go ahead with the question. Your line is unmuted.
Hi. Thank you for the opportunity. Ma'am, thanks for the update on tech team. I understand it's difficult not to speculate on the regulatory impact. But I just wanted to understand if there is any existing regulation or guideline which can give us a sense on what could be the maximum potential impact or penalty if in case MCX had to face?
The circulars are all in public domain. I think there's also been a lot of intense media coverage on them. So those stakeholders are well aware. But it will be inappropriate to comment on where the situation stands in the broader scheme of things with respect to those various rules and guidelines. So I think we'll have to let the process play out, get to the bottom of this before we can actually see where this situation will end.
Got it. Got it. Also just on earlier, some time back, regulators spoke about potential improvement in participation on the commodity exchange. I mean, if you could help us understand a bit more in detail, what can be done in domestic institutional participation side? So which kind of regulations or what can be done to improve domestic institutional participation on MCX?
Yeah. So I think we are looking at improved participation across various parameters. I'm just going to request Rishi to elaborate.
Sure. So we are seeing heightened interest and participation from domestic mutual funds. There's also participation from HNI. FPI is an area where we would like to see more participation. Overall, we are seeing growing domestic participation. And in terms of membership also, if you see this year, we've already added 72 members. So in that sense, there's a very healthy, and we have a pipeline of more members to be in. So there is a lot of interest for people to be participating in the market.
So I think you will also notice that a number of mutual funds have now opened themselves up to the multi-asset fund schemes. So that really is a very focused effort from our side because that opens up the ability for commodity part of the fund. And we expect many I think we are aware of some in pipeline, and you will see those launches happen in market in the coming months.
Got it. Got it. Thank you. Thank you, ma'am.
Thank you. Ladies and gentlemen, to ask the question, you may press star and one now. The next question is from the line of Raj Goenka from V.G. Capital. Please go ahead.
Thank you so much, ma'am. Ma'am, just one question I had. How do I look into this? Because last quarter, the commodity prices, especially the bullion prices, were very volatile. But if we don't have any kind of much growth, how should I understand the lack of participation or what is it, please? Just this one question.
CME has flat growth. Commodity prices have increased, but CME has flat growth.
Yeah. So I think we had a good push growth that we saw in the first quarter of the year. We grew nearly by 33% over the previous quarter. This was driven by certainly some macro indicators along with whatever that we were driving from a business standpoint. This month, we have seen this number to be flat. And I think it's a broader reflection of where the two quarters need to be seen hand in hand, even though the underlying drivers, the participation, the members, the ADT, and so on, have been increasing. And certainly, we've seen growth in bullion. Bullion does have a slightly lower premium ratio, which is reflective of the way the product operates. And that is also reflecting in this little flat growth that you see.
We are making any kind of engagement with the participants?
Sorry to interrupt you, Mr. Goenka. May we request you to please speak a bit louder? We cannot hear you clearly.
I just wanted to find out one more, ma'am. Anything to increase this participation?
Yes, yes. Of course. I think everything we are talking about is what our business teams are doing, right? So when we look at the number of members and FPIs coming on board, domestic institutions coming on board, more commercial participants coming on board, all of these are very strong business actions in market. Our teams are there on the ground working on all of this.
Okay, ma'am. Thank you so much.
Thank you. The next question is from the line of Bhavya Sanghvi from Alchemy Capital. Please go ahead.
Hello.
I'm sorry to interrupt you, Bhavya. We cannot hear you. Your voice is breaking. Can you please check?
Yeah. Hello. Can you hear me?
Yes, we can. Please go ahead.
Yeah. So ma'am, just one question. Could you give us the breakdown of revenue?
You're saying futures and options?
Yeah.
For Q2, revenue from futures was INR 114 crores. Options, it was INR 223 crores.
Got it. And also, could you help us with transaction charges, membership fees, and float income?
So that is all part of the income numbers that we have presented. Beyond this, we will not be able to give a breakup.
Excellent. All mine. Thank you.
Thank you. The next question is from the line of Deepak Ajmera from Family Office. Please go ahead.
Thank you, madam, for the opportunity. And congratulations on the successful product launches. First question is on the electricity derivative market share. Is there any natural edge that NSE has because of which the market share is higher despite being an equity exchange? Second question is on the co-location. What is the development? How are regulator and exchanges progressing on the co-location side? And third one is a suggestion on the Diamond Pass, which we last quarter also suggested that my team member took 15 minutes waiting to connect this call. So that can save. Thank you.
Diamond Pass is something we'll have to evaluate. We'll have to subscribe or something. We'll check that.
Okay, okay. So the last point is, I think, an administrative point. Sorry that you had to wait. We'll see how best we can address that. Your point on electricity contract, the electricity contract has picked up quite well. We are doing about 34 crores of ADT. Average traded lots of about 2,000 lots plus, with a very healthy open interest position buildup of 1,130 lots plus. Now, here we are looking at also distributed participation. We have more than 80 members who participated, a few hundred of UCCs that are participants who are actually trading, and a very healthy momentum of commercial participants coming on board. It's a new contract, still young, just in the range of about three months. I think we have also seen an extended monsoon. So of course, this parameter impacts some of the volatility and price considerations.
Otherwise, we expected to see even recent numbers to be a little higher than this. When it comes to competition, I think I wouldn't be able to comment on what exactly is happening there. But we do see the healthy participation, the number of members, the broader trades that happen over the course of trading time, and our contract design, which has been done taking into consideration the needs of the market. All of these are very much what the market needs, and this is something we've gone back to industry and reconfirmed, so I think we are quite confident where we stand on this.
Yeah. On co-location.
Yeah, on co-lo. Okay, okay. On co-lo, again, we wouldn't be able to comment. Yeah. As you know, it's not regulatory permitted. So not something that we'll be able to really say anything on.
Yeah. Is that what we should expect? Not in near future, maybe long term. Is that regulator and exchanges aligned towards allowing the co-location, or that is not going to happen in the commodity exchange?
Not really to expect, Deepak. I think we should not. I wouldn't want to either comment on it or speculate on it. But yeah, let's leave it at that.
Okay. Thank you. Thank you so.
Thank you. The next question is from the line of Devesh Agarwal from IIFL Capital. Please go ahead.
Yeah. Thank you for the opportunity again, madam. Two questions I wanted to ask. First, with the increased activity that we saw in the bullion segment in the month of October, what would be the expectation on the SGF contribution? Should we expect a significantly higher SGF contribution for the third quarter?
Devesh, there has been some contribution which we had to do in this quarter, I mean, in the month of October. That is already there reflected in the numbers which are uploaded on the website. You can have a look at that.
Okay. Sure. And lastly, recently, Groww mentioned, Groww MF, that they very recently had started the commodity trading on their platform. And they are one of the largest retail brokers. So what I wanted to know is, are there more brokers who aren't currently offering commodity trading on their platform? If you can identify those, the relevant ones. And if there are, what are we doing to engage with them to enable the commodity trading on their platform?
Devesh, as I told, we've got 17 new members this year, and there are many more in the pipeline. Of course, there are a lot of members who are there on the equity segments, but maybe not on the commodity segments. We are constantly reaching out to them, and that is how we have a healthy pipeline and conversions of new members into the system. We believe that this would, going forward, also continue to grow. We should add more members as we go forward.
Sir, would you be able to call out of the top 10 brokers by active clients, which NSE reports, how many would also be participating on MCX?
I cannot name any specific member by name. So that.
No, no. Better three, four, seven, eight, not the names, just the number. All 10 are participating.
More or less, it would be similar.
All right. Okay. Thank you.
Thank you. Participants who wish to ask a question may press star and one. The next question is from the line of Manoj Bhargava, an individual investor. Please go ahead.
Hi. Good afternoon, ladies and gentlemen. Hello? Can you hear me?
Yes, we can.
Yeah. Can you hear me?
Go ahead.
Hello. Yeah. Yeah. Well, I'm actually a long-term investor. We are a family office. And I'm not interested in quarter on quarter or year on year. What I am interested in knowing is I know very well that MCX is at a very nascent stage. It's just sort of taking off. As I see, the commodity exchanges around the world are very vibrant as compared to the equity exchanges. Should we expect with MCX going forward, let's say, a vision of four to five years in a similar sort of trajectory?
So Manoj, just to answer your question, commodity markets globally are maybe two or more than a century old. India, commodity markets have just started in the early 2000s. So we are just roughly 22 years old, whereas equity markets in India, again, are more than a century old. So we are playing catch-up. And looking at the speed of growth, which we are seeing, and it's visible to you as well, I'm sure we'll get there. When? I cannot tell you because it depends on the market as to how fast we grow. But this is the overall scenario.
Yeah. But the trajectory definitely looks positive, looks optimistic. I mean, what I hear, what I've heard, all your comments, I mean, it definitely sounds promising. Is that how you see it?
We are all for delivering growth, and it's up to you to see whether we are doing that or not.
No, no. Yeah. I think you're right. No, no, no. I think we are positive. We are optimistic. A lot of business actions on the ground, product suite enhancements. We've spoken about all of that. So I think we are moving across various exits.
Fantastic. Thank you. That's the only question I had. Thank you.
Thank you. The next question is from the line of Aditya from HDFC. Please go ahead.
Yeah. I just had one long-term question again. You see, globally, what is the ratio of commodity volume vis-à-vis equity? So let's say if equity does a daily volume of, let's say, $1 million, will a commodity exchange in the US or anywhere else be maybe half of that or two times of that or four times? Just want to know what is the global benchmark?
Yeah. So I think we don't want to talk about what happens in other exchanges. What we know from global benchmarks is that commodity markets tend to be a multiple of the equity market. So yes, that upside and headroom is available here at a high level.
Okay. Got that and just second thing, of course, we have gold, silver, crude, and natural gas, which is a bulk of the volume. Globally, it would be these or there would be other commodities which are sizable?
Different exchanges have different commodities. But of course, the crude oil and energy products happen to be one of the leading commodities. Besides energy, you have bullion commodities. After that, on metals and everything. But every exchange has a different specialization. But of course, we are glad that we have a diversified group of commodities on the exchange.
Got it. Okay. Thank you so much and wish you all the best.
Thank you. The next question is from the line of Prayesh Jain from Motilal Oswal. Please go ahead.
Yeah. Hi. Thank you for the follow-up again. First question on the bullion part, again, Buldex. So far, the participation-wise, who are the customers, whether it's retail, whether it's Prop Desk, whether it's Hedgers, who have been kind of participating in this name? And do you think that this product can attract more retail base versus the other products that we have?
So to answer your question, participation is all-rounded. And we would always like to see all-rounded participants in all market participant types. So whether we will see retail or hedger or I cannot comment. Because at the end of the day, we are a platform, and we reach out to all participants. And it is our desire that all such participants come in on every contract. So ideally, what we look forward to is the contract doing better and better.
Extension to that would be, do you expect some cannibalization between the existing main base commodity option contracts and index contracts?
I don't think there would be any cannibalization. We have gone so many variants. Gold and silver, all of them are doing well. When we launched the gold 10 grams, people said it was very closely priced. That is all. Everything has a niche. Similarly, this contract will also find a niche for itself. All these contracts are going to be complementary to each other rather than cannibalizing.
Got that. And the last question is on the number of clients that would have traded on futures and options. As per your presentation, it was about 6.4 lakh in options in the Q2 and 2.7 in futures. What would this number be in, say, October month?
We can't comment on October month in this call. Of course, whatever data is in public domain on our website, etc., you can also have access to it. It is given macro environment and everything that happened around bullion. Of course, numbers have been healthy overall.
Okay. Just a feedback. We get a lot of data in terms of NSE and BSE. They will be the kind to give a lot of data out in one of the position documents, NSE Pulse. If we can also start disclosing more data on a monthly basis, it would be great. We can tag the company better. It's a feedback. Thank you so much.
Sure. Thank you for that.
Thank you. Participants who wish to ask a question may press star and one now. Anyone who wishes to ask a question, please press star and one. The next question is from the line of Tejkumar Jain from TK Jain and Company. Please go ahead.
Yeah. Good afternoon, ma'am. Thank you for an opportunity. I just want to ask on the fixing of record date for splitting of shares. Normally, it is fixed immediately after the shareholders' approval meeting. Any reasons behind this delay?
I think there are some steps which we have to take, special steps which we have to take for being an MII. I think it is in the final stages. The date will be announced shortly.
Okay. Thank you. Thank you.
Thank you. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Ms. Praveena Rai, MD & CEO, MCX, for a closing comment.
Thank you very much to everybody for participating, spending your valuable time with us. The questions, interactions, discussions were very valuable. They also help us take back some thoughts, suggestions on the MCX Pulse and so on were very good and well taken. Somebody also pointed out some administrative delay in joining. We'll try to address that also in future. Thank you very much for joining in.
Thank you. Ladies and gentlemen, on behalf of Multi Commodity Exchange of India Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.