AGM 2024

Jul 11, 2024

Dear shareholders, I am Valde Varghese, Company Secretary of your company, and it is my pleasure to welcome you all to the 29th annual general meeting of the company, which is being held through video conference in accordance with the relevant guidelines issued by the Ministry of Corporate Affairs and SEBI. Before we commence the formal proceedings, I would like to apprise you of certain aspects which are relevant and are required for the smooth conduct of this meeting. This meeting through video conference is being administered and facilitated by the moderator, who in order to ensure smooth and seamless proceedings, has by default placed all the attending shareholders on mute. Once the question-and-answer session starts, name of the shareholders who have pre-registered themselves as speakers will be announced one by one, and such speaker shareholder would then be put on an unmute mode. Such speaker shareholder would be required to click the Video On button on his screen. While speaking, it would be preferable for the speaker shareholder to use the earphones for better voice clarity and receptivity. It is advisable to minimize any noise in the background and ensure that no other device is connected to Wi-Fi during this period. It is also advisable that during such period, no other application is running on their device and their location has proper provision of light in order to have a good video experience. In case, due to any technical or other reasons, a speaker shareholder is not able to join through video mode, then he or she may also join through the audio mode. Possibility of connectivity problem or poor bandwidth issues cannot be ruled out at speaker's end. In such a case, we would request the next speaker shareholder to join. Once the connectivity improves, the previous speaker shareholder will be once again requested to participate and speak after the other pre-registered speaker shareholder has completed his or her turn to speak. In the interest of time and to afford opportunity to each of the pre-registered speaker shareholders to speak, all the speaker shareholders are being humbly requested to limit their speaking content to a maximum of 3 minutes. For any technical issues which any of the shareholders may face during this period of this meeting, they may call the helpline number, which has been provided in the notice of this AGM, and we assure to provide the best possible assistance. Live streaming of this meeting is also being webcast on NSDL's web-website, and the company has taken all necessary steps to enable and ensure effective participation and voting by the shareholders. I would now like to request the chairperson of the board, Mr. Upendra Kumar Sinha, to chair the proceedings of this AGM. Thank you, Valde. Good afternoon to all our dear shareholders. I wish to inform that I am the chairperson of the board of the company and that I have joined this meeting through video conference from New Delhi. On behalf of the board and the management, I welcome all of you and extend our sincere gratitude for attending this 29th annual general meeting of your company. I have been advised by the company secretary that the requisite quorum is present to validly conduct the proceedings of this meeting. Participation of members through video conference is being reckoned for the purpose of quorum as per the circular issued by MCA and Section 103 of the Companies Act. I now therefore call the meeting to order and request all the participating board members to introduce themselves one by one. Good afternoon, everyone. I am Sundeep Sikka, Executive Director and CEO of your company. I have joined this AGM from the registered office of the company through video conference. On the mute. Ma'am, can you unmute? Apologies. Good afternoon, everyone. I'm Ameeta Chatterjee. I've joined this AGM from my residence in Delhi through video conference. I wish to inform that I am an independent director and also the chairperson of the Stakeholders Relationship Committee. Good afternoon, everyone. I am General Ved Prakash Malik. I have joined this AGM from Panchkula through video conference. I wish to inform that I am an independent director and also the chairperson of Nomination and Remuneration Committee. Good afternoon, everyone. I am Ashvin Parekh, and I've joined this AGM from my office in Mumbai through video conference. I wish to inform that I am an Independent Director and the Chairperson of the Audit Committee. Good afternoon, everyone. I am Balasubramaniam Sriram. I have joined this AGM from Chennai through video conference. I wish to inform that I am an Independent Director and the chairperson of the Unitholder Protection Committee. Thank you. Good afternoon, everyone. I am Minoru Kimura, director of the company, and I have joined this AGM from Tokyo, Japan through video conference. Good afternoon, everyone. I am Tomohiro Yao, Director of the company, and I have joined this AGM from New Delhi through video conference. I wish to inform, I am the chairperson of the Corporate Social Responsibility Committee and the Risk Management Committee. Good afternoon, everyone. I am Hiroki Yamauchi, Director of the company, and I have joined this AGM from Tokyo, Japan through video conference. Thanks all fellow directors on the board. Please note that in addition to the key executives of the company who have joined this meeting through video conference, the statutory auditors of the company, that is S.R. Batliboi & Co. LLP, and the secretarial auditor of the company, that is Mr. Mukesh Siroya of M. Siroya & Company, have also joined this meeting. The company has received intimation from one corporate shareholder appointing authorized representative under Section 113 of the Companies Act, 2013. In respect of 45 crore 90 lakh 28 thousand and 95 equity shares of INR 10 each, which constitute 72.66% of the company's paid-up equity share capital. Since under this format there is no possibility of securing physical attendance of the members, therefore, in line with the applicable guidelines, there is no requirement of appointing proxies. Registers, documents, and records as required under the applicable law are available for inspection by the members. Members seeking to inspect such documents can send an email to the designated address, that is, investorrelation@nipponindiaim.com. Members who have not voted earlier through remote e-voting can cast their vote during the course of this meeting through e-voting facility. The annual report for the financial year 2023-2024 has already been sent to you. I request that the notice convening the meeting, as well as the audited report on both the standalone and the consolidated audited financial statements of the company, and the secretarial audit report for the year ended March 31, 2024, be taken as read since there are no qualifications in the reports. I now request Mr. Sundeep Sikka, who is the company's Executive Director and CEO, to address this august gathering and also provide a business update. Respected shareholders. Thank you, Mr. Sinha. Good afternoon to everyone. On behalf of the board of directors and the team at NAM India, I would like to thank you for joining 29th Annual General Meeting. The India growth story remains strong, backed by various structural reforms. We continue to remain amongst the fastest growing economies in the world with a growth rate of over 7% for third year in succession. The role of capital markets has been gaining higher prominence to fuel economic growth by channelizing retail and institution flows into critical infrastructure and long-term growth-oriented projects. The effect of higher retail flows into the capital markets is also visible by 32% growth in Demat accounts to reach INR 15.1 crores and 21% CAGR in unique mutual fund investors growth over the last 4 years, which has reached INR 4.5 crores in March 2024. Now let me start with a brief update on mutual fund segment, which forms the core of the business. The industry witnessed an unprecedented growth to a historic high of INR 54.1 lakh crores, up 34% year-on-year, supported by investor folio growth to 17.8 crores, up 22%. The monthly systematic inflows, that is SIP flows, at the industry level was a historic high of INR 19,300 crores in March 2024, up from 14,300 crores in March 2023. Despite the strong growth in the industry, India still remains under-penetrated. Whether it is the fact that only 3% of the population invest in mutual fund or mutual fund AUM GDP ratio is 17% is far lower than the global average. This clearly reflects there is a long growth runway for the asset management industry in times to come. Your company remains focused on deepening financial inclusion in India. I'm very proud to share one in every three unique mutual fund investor invest in your company, giving us the largest investor base in the industry. We at NAM India remain committed to building a granular and a retail investor base with a strong focus on smaller cities and towns. Our systematic monthly flows more than doubled to INR 2,329 in March 2024 from 1,115 in March 2023, indicating an annualized flow of INR 28,000 crores. I'm happy to share that your company is at the forefront in adopting ESG practices and fulfilling its societal role by its various CSR activities. I would like to talk about this further as part of my subsequent presentation. Your company continues with the philosophy of sharing prosperity with our shareholders through dividends. I'm happy to announce that the board has proposed a distribution of 99% of the profits of FY 2024 to the shareholders, continuing with the theme of higher dividend payout over last few years. I would like to express our sincere gratitude and thanks to our esteemed board members for the continued guidance to the management team. Looking forward, I remain very optimistic and confident about the future, both for India as well as the mutual fund industry. As a company, we remain committed to contributing to the society and overall environment, wealth creation for our unit holders, profitable growth for our shareholders, growth for all the stakeholders, and creating a healthy work environment for our employees. We will continue to work forward, we will continue to work towards it on the back of strong risk management processes and institutional processes at the core. Now, I would like to take you through the overview of our business and performance in FY 2024. Your company is a true-blue asset management, asset manager and also India's largest foreign-owned AMC, managing assets worth INR 5.2 lakh crores. While mutual fund remains the core, we manage assets across business lines with operations in mutual funds, both active and passive, AIF, venture funds and offshore funds. We offer a complete product bouquet to our investors across these business lines that cater to investors at all levels of expertise, risk management, risk return profile, and investment horizons. As on 31st March 2024, your company managed 110 open-ended scheme across equity, fixed income, hybrid, ETF, real estate and venture funds. It is an honor and privilege to serve 1.65 crore unique investors having 2.43 crore folios. I would now like to start with the mutual fund business. Within mutual funds, we cater to all type of investors, that is retail, high net worth individuals, corporate investors. We have one of the largest retail franchise with 30% of the AUM from retail assets compared to the industry average of 27. Your company continues to have strong presence in small cities and towns. Our presence beyond top 30 cities is strong, with 19.5% of the AUM coming from these locations, as opposed to 17.9 for the industry. We have a healthy asset mix with equity AUM at 49%, ETF AUM at 26%, debt accounting to 16%, and liquid 9%. Over a period of five years, the share of profitable equity AUM within our asset mix has increased from 42% to 49%, while the share of ETF has increased from 14% to 26%. As you know, systematic flows remain a stable and a key driver for long-term equity flows for mutual fund industry. Your company has a high focus on SIPs as it continues to focus on long-term, stable and profitable growth. I'm happy to share that your company doubled its monthly systematic book to INR 2,300 for March 2024 over last March 2023. Your company has a systematic AUM of INR 98,700 crores with an annualized systematic book of INR 28,000 crores. In FY 2024, we added 30 lakh new systematic folios, taking our total folio count to 78 lakh. We have a higher presence in smaller cities and towns, which helps us to promote financial inclusion, while at the same time gives us sticky AUM. Coming to ETFs, your company remains a market leader in ETF segment with a volume market share of 60% and a AUM market share of 17%. We acquired this business from Goldman Sachs in 2016, and since then it has come a long way. AUM has grown 20 times to over INR 1.1 lakh crores, and the investor base has increased from 42,000 investors to 90 lakh investors. We offer one of the largest product bouquets in the industry with a total of 25 ETFs. I'm happy to state in FY 2024, NAM India was appointed at one of the AMCs for managing EPFO corpus for ETF investments. Coming to alternate investment funds. As mentioned earlier, we will continue to diversify into new business areas, mainly non-mutual fund businesses. Our subsidiary, Nippon Life India AIF Management Limited, manages 20 schemes across business lines. We have commitments in excess of INR 61,000 crores across various AIF schemes in equity, debt, venture fund and real estate. Alternates will be an important focus area for us as we move forward, and we hope to increase its contribution to the consolidated revenue. Offshore and advisory mandates. As the Indian economy continues to grow, flows into country are also poised to increase. Your company would like to play a key role in harnessing this. We would like to continue to leverage the network of Nippon Life Insurance Company to create global express into India. Our aim is to provide Indian markets access to global investors and vice versa. Your company manages offshore funds and distribution through its Singapore subsidiary and also a representative office in Dubai. Your company also has notable international tie-ups to aid future growth. From international markets coming to domestic distribution, your company is the only non-bank AMC amongst the top five AMCs in India. This has been made possible by a strong distribution network, both physical and digital, as well as trust of our investors. Your company has one of the largest base of distributors which is in excess of 100,000 across independent financial advisors, national distributors, and banks. Our share of AUM from IFAs which is 57% is amongst the highest within the top five AMCs. No single distributor contributes more than 5% of the assets, indicating a very granular nature of distribution. Moving from physical to digital, building a robust digital strategy has been a strong focus of NAM India. Our digital platforms provide best-in-class experience to all our stakeholders, including investors, distributors, and fintech partners. We have amongst the largest physical network in our country, our digital strategy remains key to our future growth. The digital channel contributes 60% of total new purchases in FY 2024, with the total digital purchase count to 6.6 million, which is 2 times more than FY 2023. I'm happy to share we had 19 new digital purchases every minute, and Nippon India Mutual Fund is searched digitally every 2.7 seconds. I would like to highlight one of the critical aspects that are ingrained in our company, namely investment process. Investment remains the core of our business, and we continue to build institutionalized and robust investment processes as we focus on being a faceless organization. Focus remains on strong research capability and risk management. Your company also benefits from sharing of the best practices from Nippon Life Insurance Japan. We have introduced style factor analysis and PDC approach in our investment process while closely working with Nippon Life Japan. They have also helped us to institutionalize many other processes. We have a very strong investment team with a strength of 65 members with a cumulative experience of 1,000 years. Our team is one of the largest investment team in the industry. We have built enough capacity as we look forward to grow manyfold going forward. We also have dedicated teams for credit research, real estate, and venture fund. Fund performance for most of our major schemes has been strong, aided by the factors I just touched upon, namely robust investment processes, emphasis on fundamental research and risk management. Performance has been strong over a long period of time with consistent outperformance of the benchmark. You will be proud to know your company's key funds have a vintage of more than 20-25 years. These funds have been significant wealth creators for investors since inception. Further, the top five schemes by AUM have delivered a 3-year annualized return in excess of 21%-34%, thereby outperforming their benchmark. Our people are our biggest strength. We believe in developing in-house talent for larger roles while also adding fresh hires where required. We continue to focus on gender diversity, and last four years the gender diversity has increased from 16%-20%. I would like to thank the team of 1,000-plus employees for playing a very important role in the growth of the company. As a company, we continue to focus on their personal and professional development going forward. We would like to also thank the families of our employees who form the support system to enable the employee to excel at work. Coming to ESG, our parent, Nippon Life Japan, has been one of the initial signatories to UN PRI. Your company became UN PRI signatory in 2021. Post this, we have implemented various initiatives to institutionalize our ESG vision. We continue to move forward in becoming net-zero carbon emission entity. We will also continue giving voice to our retail investors and aim to protect the interest of minority shareholders through our stewardship code. I would like to inform you in FY 2024, your company voted against 850 resolutions in our investee companies. CSR. Our CSR objectives are aligned with UN Sustainable Development Goals. In FY 2024, your company contributed INR 16 crores towards various social initiatives. Cumulatively, your company has contributed INR 116 crores in last 6 years. Your company engaged with reputed institutions including Tata Memorial Hospital, Tata Institute of Social Sciences, Indian Army, TERI, and Olympic Gold Quest. We impacted the lives of more than 30,000 households in FY 2024 through these endeavors, and overall, we have touched lives of 5.2 lakh lives overall since our CSR initiatives have started. Coming to the performance highlights for FY 2024. I would like to mention that the strong growth witnessed in FY 2024 has been a result of strong focus on processes, risk management, people, and both physical and digital infrastructure. Having said that, I would like to touch upon some of the key initiatives for FY 2024. Mutual fund AUM grew 47% year-on-year to INR 431 crore, which made NAM India fastest growing AMC amongst the top 10 AMCs. We also delivered highest increase in market share in the industry at 73 basis points. Our monthly systematic book grew 109% year-on-year to INR 2,329 crore in March 2024. This led to SIP market share increase of more than 305 basis points to 9.1% in March 2024. While we remained the fourth largest AMC in overall terms of AUM, the equity segment X of arbitrage, we moved up two ranks to fourth. Driven by focus on smaller cities and towns, your company continues to have the largest investor base in the industry, and we are humbled to have one in three unique mutual fund investors invest with us. Coming to the financial highlights. In FY 2024, your company achieved the highest ever operating profit at INR 958 crores, up 26%, as well as highest PAT at INR 1,107, up 53%. In line with our aim to diversify revenue mix, our non-mutual fund business witnessed a strong growth in revenue, which is a growth of 25% in FY 2024. In accordance with the philosophy of sharing profits with our 1.85 lakh shareholders, the board of directors have a stated dividend policy to distribute 60%-90% of our profits. Over the years, your company paid dividends consistently in line with the policy. For FY 2024, your company has continued this high payout and has proposed a payout of INR 16.5 per share as a payout ratio of 99% cumulative. The cumulative dividend distributed in the last 10 years exceeds INR 5,000 crores. As I conclude, I would like to briefly touch upon the key pillars that define our success. Purpose, to play a leadership role in driving financial literacy and prosperity across India. Process, ensuring wealth creation for our unitholders and growth for our shareholders with strong risk management and institutionalized processes at its core. Lastly, people, our biggest strength and driving force for making everything possible. Finally, I would like to thank NAM. I'd like to say NAM India had a very strong FY 2024 and remains well-positioned to seize the opportunity going forward. Thank you very much. With this, I'd like to hand over the proceedings back to the Chairman. Thank you, Mr. Sikka. Before I proceed with the business of the day and start inviting questions and feedback from the shareholders, may I request Mr. Tomohiro Yao, a nominee director of Nippon Life Insurance, to say a few words. Thank you, Chair. Dear shareholders, I am delighted to speak to our esteemed shareholders at Nippon Life India Asset Management's 29th annual general meeting. If I may briefly introduce myself. My name is Tomohiro Yao. I am based in Singapore and working as Regional CEO for Asia Pacific and Head of India at Nippon Life Insurance Company. On behalf of Nippon Life, I'd like to talk about our expectations in the Indian market and our commitment to NAM India. Nippon Life, which is one of the largest insurance company in Japan, has been strongly committed to the Indian market since its entry 12 years ago. We are more than convinced India has a high potential for rapid growth in the coming years, especially the Indian asset management industry is still in a high, very high growth phase. Yet there is plenty of room to be tapped due to the vast and under-penetrated market. NAM India is now the largest asset management business outside of Japan for Nippon Life Group. I appreciate NAM India is one of the highest contributors to our international business profit amongst all our international group companies. NAM India is the largest foreign asset management company in India, and we are, as a shareholder, delighted with the company's highly successful journey so far. In particular, we are very pleased with the FY 2024 strong business performance, which recorded the all-time high result. In the meantime, Nippon Life has been supporting NAM India's offshore business by leveraging our global footprint and asset management operations. In addition, we are also working on supporting AIF business expansion. We will continuously explore more opportunities through our worldwide partners and alliances to get global allocation into India and create avenues for Indian investors to invest abroad. Same as last year, Nippon Life is continuously sending our senior employees with rich experience in investment and risk management fields to NAM India. Along with NAM India, we continue strengthening the risk management, compliance, and investment processes by sharing and implementing best practices from Nippon Life's long term experiences. By sharing these practices, we would like to support NAM India's initiatives and future growth and help the company achieve the better performance and outcomes for investors in the days to come. Thank you very much for listening. I'd like to hand over the proceedings to the Company Secretary. Thank you. In terms of the Companies Act, 2013 and SEBI listing regulations, which provides for electronic voting, the company had provided the facility of remote e-voting from July eighth, 2024, 9:00 A.M. onwards to July 11, 2024, 5:00 P.M. It may please be noted that the voting rights of the members are in proportion to the number of shares held by them as on the cutoff date, which was July five, 2024. The facility of voting at the meeting is also being made available to the members who are attending the AGM and who have not already cast their votes by remote e-voting. Members are requested to go back on the NSDL e-voting page and click on the EVEN number of the company to cast vote while watching the AGM proceedings simultaneously. Your board of directors has appointed Mr. Mukesh Siroya of Messrs. M. Siroya & Company Secretaries, as the scrutinizer to scrutinize the voting process. Since this AGM is being held through video conference and the resolutions mentioned in the notice convening this AGM have been already put to vote through e-voting, therefore, there will be no proposing and seconding with respect to the proposed resolutions at this meeting. I will now request the Chairperson to take over and proceed with the rest of the proceedings. Thank you. I will now proceed with the agenda in accordance with the notice of this AGM. The ordinary business items are listed as agenda items number 1 through 3. Item number 1 is to consider and adopt, A, the audited standalone financial statement of the company for the financial year ended March 31, 2024, and the reports of the board of directors and that of the auditors thereon. B, the audited consolidated financial statement of the company for the financial year ended March 31, 2024, and the report of the auditors thereon. Item number 2 is to confirm the payment of interim dividend of INR 5.50 per equity share, and to declare a final dividend of INR 11 per equity share for the financial year 2023, 2024. Item number three is to appoint a director in place of Mr. Minoru Kimura, who retires by rotation in terms of Section 152(6) of the Companies Act, 2013, and being eligible offers himself for reappointment. I now request the company secretary to call out the names of the members one after another who have pre-registered themselves for seeking clarifications and for the purposes of offering their valuable comments and suggestions. It may be noted that all the questions shall be addressed together at the end after all the questions have been asked by the speaker shareholders. Thank you. I would now call upon the first shareholder, Mr. Santosh Kumar Saraf. Ram Ram. Ram Ram. [Foreign language] Manany sabhapati ji, upasthit nirdeshak mandal ke sadasyagan, adhikarigan aur karmcharigan. Main Santosh Kumar Saraf krpata se aap sabhi ko Ram Ram kahta hoon. Aasha karta hoon aap jitne bhi director hai, jitne bhi adhikarī hain aur saath mein hamare jitne bhi karmcharī bhai behan hai, woh is samay achchhe swasth me honge aur swasth honge, sir. Main sir unki family ka bhi abhaar prakat karta hoon. Jo backbone hai hamare karmcharion ki aur uske kaaran unhe kaam karne mein achchha lagta hai. Jaise aapne bhi unka abhaar prakat kiya tha. Main bhi unka abhaar prakat karta hoon ki is tarah woh backbone hai jisse hamare karmcharī dil se apna kaam office mein kar sake, sir. Sir, aapne kaafi achchha bataya aur kaafi achchha dividend diya. Iske liye bhi aapko dhanyavaad doonga. Iske alawa un karmcharī ko iske liye bhi dhanyavaad doonga. Unhone kaafi awards aur kaafi department walon ne bhi hamare awards prapt kiye hai. Unka abhaar prakat karta hoon. Unse prarthna karta hoon future mein isi tarah kariye taaki aur bhi jyada award mile. Abhi to aadha panna bhara hai. Next time pura bha-panna hamara bharke aayega balance sheet mein, sir. Sir, मेरा प्रश्न ज्यादा नहीं है कि आपने काफी कुछ है। फिर भी दो चार छोटे मेरे प्रश्न हैं। एक तो sir, यह जो Gen AI का कैसे आपने company utilize कर रही है अपनी growth के अंदर में। Mutual fund में जो Gen Artificial Intelligence जो है उसका technology किस तरह utilize करने जिससे हमारी growth हो और हमारे data safe हो। क्योंकि हमारे जो clients हैं, जो अभी आपने कहा था कि 38 लाख client और भी add किए हैं, इनके data भी safe करना हमारी duty बनती है। तो जी भी safe उसके बारे में बताइएगा sir। आपने female empowerment के लिए बढ़ाया 16 से 20 किया sir। अभी भी बहुत ज्यादा growth की आवश्यकता है और बहुत ज्यादा है। तो further इसके लिए क्या? क्योंकि मैं समझता हूं अपनी जो mutual fund industry है, इसमें female employee का बहुत बड़ा हाथ होता है growth के अंदर में और उनका performance भी मैं समझता हूं बहुत अच्छा होता है। इसलिए future में इसके बारे में विचार करिएगा sir. Sir, एक अपने कितने offices अपनी own हैं और कितनी अपनी rented पर हैं, इसका अगर figure तो ये बताइएगा sir। और जो अपनी offices खुद की हैं, वहां पर आपने solar panel आदि की क्या व्यवस्था की है, इसके बारे में जरूर बताइएगा sir। एक मैं secretary का भी स्वागत करता हूं जो हमारी इस में नए join किए। आशा करता हूं इस company से जुड़ने के बाद में हमें बहुत अच्छा संपर्क और service मिलेगी sir. श्रीकांत साहब से एक request है। मैं करीबन आपका distributor हूं काफी दिनों से और करीबन 1982-1992 से मैं mutual fund distributor हूं। मैंने एक चीज देखी हमारे mutual fund वाले हर scheme निकालते हैं, हर तरह के अच्छे कदम उठाते हैं। कभी भी लेकिन उन्होंने distributor के बारे में कोई कदम नहीं उठाया। क्या नहीं उठाया, मैं उसके बारे में बता दूं कि मान लीजिए जैसे आपका client का अगर unclaimed होता है तो उसको आप statement of account में show कर देते हैं। लेकिन जब distributor का कोई unclaimed होता है किसी भी कारण से, क्योंकि पहले अपने postal में भेजते थे और COVID में postal में भेजते थे और कई बार जो mutual fund banker मर जाते हैं, उनके कारण भी हमें postal में भेजना पड़ता है और कई बार parcel या flood and many reasons वह unclaimed रह जाते हैं। तो इनको remind करने के लिए मेरी idea से अब आपको आगे बढ़ के कोई कदम उठाना चाहिए, जिससे जो mutual fund distributor है और जिनकी earning है उनको genuine मिल जाए। आप देने के लिए तैयार हैं, लेकिन जब तक हमें नहीं मालूम होगा हमारा कौन सा unclaimed है तो हमें कैसे पता लगेगा। क्योंकि investor तो जो statement of account देखता है तो उसे पता लग जाता है कि इतने पैसे unclaimed थे या फिर liquid में या overnight fund transfer हो गए। हमें हमारे लिए ऐसी कोई scheme मतलब नहीं है। वैसे मैं चाहूंगा कि या तो कोई ऐसी scheme रखिए जिसमें आप पैसे transfer कर दे या फिर उनको reminder दीजिए जैसे वह अपना जो पैसा है हक का वह अपने को claim कर सके genuine कारण दिखाके। ज्यादा मैं कुछ नहीं कहूंगा, क्योंकि मैंने काफी meeting attend कर रहा हूं। करीबन पांच साल से आपकी meeting कर रहा हूं और आप हर time जो growth target देते हैं वह पूर्ण होता है। यह सबसे बड़ी आपकी खूबी है। और इस बार तो आपने इतना अच्छा dividend दिया है। बहुत अच्छा दिया है। लेकिन मेरी एक ही request है distributor के बारे में। यह मेरे दिमाग में भी आया कि मैंने काफी देखा कि COVID के time में कई mutual fund में मेरे cheque जो थे, नहीं मिले मेरे को। अभी मेरे को उनका figure भी मालूम नहीं है, उनके बारे में भी मालूम नहीं। उसके पहले भी cheque आते थे, क्योंकि आपको ECS तो बाद में चालू हुआ। उसके पहले भी आप cheque भेजते थे। तो कोई unclaimed है तो उसको reminder करिए या उनके लिए कोई ऐसा होता है जिससे कि उन्हें knowledge हो कि हमारा यह पैसा अभी भी हम claim नहीं कर सके। ज्यादा कुछ नहीं कहूंगा। हमारे जितने भी director हैं, जितने भी अधिकारीगण और जितने भी कर्मचारी हैं, उनको financial year 2024-25 की शुभकामनाएं देता हूं और हमारे जितने भी कर्मचारी हैं, उनकी family को भी 2024-25 की शुभकामनाएं देता हूं। भगवान से प्रार्थना करता हूं company, हमारे कर्मचारी, director सब financial 2024-25 healthy, wealthy और prospects के साथ बीतती हो। और श्रीकांत साहब, यह VC meeting continue रखिए। अभी मैंने देखा कि Japan से भी हमारे director साहब ने attend किया है। कोई Panchkula से attend कर रहे हैं। कोई आपको Delhi से attend कर रहे हैं। तो यह एक facility सिर्फ VC meeting के कारण होगी। otherwise अगर आप Bombay में meeting करोगे, कहीं करोगे तो हम तो जा ही नहीं सकेंगे। हमारी age हो गई, travel life age नहीं रहेगी। ऐसे मैं चाहूंगा कि कल मजबूरी में आपको physical meeting करनी पड़े तो उसमें hybrid option जरूर रखिए, जिससे director भी अपनी जगह से join कर सके और हम भी अपनी जगह से join करते रहे और हमारे जितने भी कर्मचारी भाई-बहन हैं, उनका अच्छे काम का हम सराहना कर सके। जय जय भारत। राम राम। Our next speaker is Mrs. Celestine Mascarenhas. Hello. Hello. Am I audible? Yes, yes. Please go ahead. Yes, very nice. Thank you. Respected Chairman UK Sinha, ED and CEO Sundeep Sikka, all my Japanese directors who are one is in Delhi and the others are in Japan. Thanks to the VC meeting and other directors and my fellow shareholders who are attending this VC meeting. I am Mrs. CA Mascarenhas. I am speaking from Mumbai. First of all, I thank the company secretary, Mr. Valde Varghese and his team for sending me an annual report and also registering me as a speaker at my request and giving me this good link to express myself, which was very easy to operate among so many links I am attending this VC meet. I come to the annual report, which is full of information and self explanatory. At the same time, adhering to all the norms of corporate governance. I come to income. Our income is up, PBT part up, interim dividend was given at INR 5.50, which we all enjoyed, and final dividend of INR 11, which will be given after this meeting is over, and a very good market capitalization. I'm so happy in the ED and CEO in his presentation, he told 99% of the profit is distributed to the shareholders. Very good. I'm very proud of this NAM company. Thank you so much. Now, I appreciate and I'm very happy with the very good CSR work which is given to various places and all. I wouldn't want to speak about that. I come to my queries. Page 154, 155, which is giving a lot on the ESG report and et cetera. My query is, have we done the rating of the ESG in India or elsewhere, and which agency, and on which dedicated ESG platform we are listed? Because investors can always, mostly they try to go to the ESG listing platform to get a better idea. Of course, Japan is something I could not much follow. Second question is, we are complete asset manager. In mutual funds, we have active 43 schemes. My question is, which among the mutual funds which are very popular and very rewarding the investor and has a great growth and AUMs? You could share that information. Do we have Nasdaq mutual fund? Some companies are having mutual fund which are of the Nasdaq. Number three, how much of our business are done digitally? I think the MD, ED said some 60%. Is there any chance of increasing compared to the agents cross-selling and branches? My fourth question, how much is our PMS business and how much margins we enjoy and what is the growth which will come from the PMS? Today, Anand Rathi, they are mostly on the PMS and doing extremely well, you know. My next question is, we have 60% ETF business and we have 25 ETFs. I would like to know, do we have silver/gold ETFs like ICICI Mutual or elsewhere? My next question is, of course, I will not talk on the subsidiary Nippon Life. Maybe next year I will speak. We have offshore funds and advisories business. How much of revenue and profit we get? Sir, we are non-banking, which you said is right, AMC. Why we don't have a bank? Because Japanese are known for their funding and very high technology. We will get. Still our business will increase if we have Nippon Bank or something like that, you know, because more and more privatization is going on. Now, lastly but not the least, the future roadmap for the next five years, CapEx requirements for organic and inorganic growth, and according to the board or Japanese team, which vertical growth will come more than the others? Will you share? I support all the resolutions. I wish my whole team, sir, you, and good health, because I sincerely believe health is wealth. With that, I end up. I thank you very much once again for giving me this opportunity to express, which would have only become online, you know. Thank you very much. Namaskar. Our next speaker is Mr. Aspi Bhesania. Sir, can you hear me? Yes. Yes, we can hear you. Sir, I am Aspi from Bombay. Thanks for giving me an opportunity to talk. Sir, I welcome our new company secretary, Mr. Vale. I am sure he will be an asset for the company. Sir, at the outset, I would like to ask you, why no physical AGM? You can hold, as others said, board meetings together. Sir, government has given option to hold physical or online meetings. You can go for hybrid meetings so shareholders from outside Mumbai can also attend. Sir, I congratulate the management on excellent results with all-time high figures. I am sure current year will be much better than 2024 results. Sir, reason for our company holding only 49% in life insurance, why not 100%? Sir, Nippon is biggest in Japan. When do you expect our firm to be biggest in India? Sir, thanks for INR 16.5 dividend. EPS is only 16.58. Don't you require money to plowback for future growth through acquisitions? Rather than dividend, I would recommend a buyback. Buyback is tax efficient. Sir, now Yes Bank is for sale. Is Nippon not interested in Yes Bank? Thank you very much and all the best for the future. Our next speaker is Mr. Rajendra Sheth. Hello. Hello. Hello. Yes. Yes, we can hear you. हाँ, आवाज़ आ रही है। Yes, yes. Chairman sir, management team, shareholder भाइयों, मैं Rajendra Sheth, ठाणा, महाराष्ट्र से बोल रहा हूँ। एक तो मैं खूब, खूब बधाई दूंगा management को। बहुत ही उत्तम कामगिरी किया है। Dividend भी अच्छा दिया है और profit भी अच्छा है। तो management को धन्यवाद। और हमारे नए secretary श्री Varghese जी का भी बहुत ही अच्छा काम रहा है। उसको भी बहुत मैं धन्यवाद देता हूँ। और sir खाली एक दो ही छोटा question था कि हम लोग Tier I और Tier III में हमारी वो बताना। और हमको, हमको future में समझो, future में कौन से क्षेत्र में ज्यादा margin और कौन से क्षेत्र में हमको ज्यादा interest है, वो जरा बताइए। तो अच्छा है। ये तो secret रहता है। बस। बाकी हमारा, हमको management के ऊपर भरोसा है। बहुत अच्छा dividend दिया और अच्छा काम किया। अच्छा मतलब result बताया। हमें सब resolution में पूरा support और हार्दिक शुभकामनाएं देता हूँ। और बस बोलने का मौका दिया। धन्यवाद। धन्यवाद। Thank you, sir. Thank you. Thank you. Thank you. Next speaker is Mr. Anil Parekh. Hello. Am I audible? Yes, Mr. Parekh, you are audible. Hello. Good afternoon to you all. Good afternoon. Particularly our Japanese directors, other board members and especially our ED and CEO, Mr. Sundeep Sikka for stupendous performance this year. You all should be congratulated on over VC conference. I would have preferred physical meeting to congratulate you and to present a bouquet of flowers to you for that so stupendous performance. Sir, I have heard your speech and opening remarks. There are no questions left for asking more questions. However, I would like to compliment you for highest ever revenue in the history of Nippon Life and profit, PBT, PAT etc. Dividend per share earlier given INR 5.5, now INR 11 and 99% of profits are distributed. Sir, this is the only company who has given this kind of reward to the shareholders. Chairman sir, also I would like to thank our new company secretary, Mr. Valde Varghese, Krishna and Paramita for extending all kind of support to attend this meeting and also to assist us for any kind of grievances. I had one grievance which I had already spoken to Mr. Valde. You can refer to that, Mr. Sikka. Chairman sir, I have few questions to ask you. In short, I will ask these questions. First, how we are expanding our product offerings. That is introducing new mutual fund schemes, investment products to cater to diverse investor needs. How we are enhancing our digital capabilities. That is my second question. Third, how we are expanding reach through new distribution channels, partnerships and strengthening existing relations. Fourth, increasing investor awareness. How we are increasing investor awareness. Maybe conducting financial literacy programs, investor education and so on. You can give us details on that. Chairman, sir, I have many more questions, but because of time restriction, I would like to curtail myself here. If further queries and explanation needed, I will contact your secretarial team, and they will surely assist me. I am again thankful to you for giving us a stupendous dividend. May God bless you this year very fruitful, not only for you, for shareholders also. Thank you very much for patient hearing. I have already supported all the resolutions. Thank you, sir. Thank you. Thank you. Next speaker is Miss Savita Fulara. Hello. Am I audible? Yes, you are. Please continue. Thank you for allowing me to interact here first of all. Good afternoon, everyone. SIPs are becoming an important part of inflows in the industry today. Mr. Sikka, my question to you is, what is our strategy for SIPs? I have read certain reports that we are doing quite well. My congratulations for that. Could you please elaborate on your performance and the drivers for the same? Thank you so much and my best wishes for the future growth. Our next speaker is Mr. Ankur Chanda. Ankur is not there in the meeting. Can we move to the next speaker, please? Sure. Moving on to our next speaker, Mr. Manjit Singh. My audible? Yes, please continue. Company की management team, secretarial team और my co-shareholder सभी का हम स्वागत करते हैं। Company ने जिस तरह से revenue हमारे अच्छे रहे हैं, profit हमारा अच्छा रहा है। इसी तरह की उम्मीद हम आने वाले साल जो है 2024 के अंदर भी लगाते हैं। लेकिन एक जो वो burden आता है बीच में अब जो budget आने वाला है नई सरकार का, उससे हमें किस तरह की उम्मीदें हैं और हमारे business को कितना और surge होगा? कैसी policies आएंगी? क्या implement हम उनसे कुछ करवाते हैं या उनको कुछ बोलते हैं। कुछ budget में अपने लिए benefit लेने के लिए कुछ ऐसा प्रावधान होता है, कोई meet होती है। इस तरह से finance minister वगैरह से mutual fund वालों की भी कि उनके क्षेत्र में भी कुछ उपाय किए जाएं या कुछ policy लाई जाएं। इस बारे में अगर आप chairman sir बताएंगे तो अच्छा रहेगा। Sir, mutual fund की market बढ़ाने के लिए जो हमारे ये LIC के agent होते हैं, इनके साथ हमारा किस तरह का tie-up है और mutual fund के साथ क्या हम ऐसी facilities कोई life insurance की दे सकते हैं। आने वाले time में कुछ ऐसा modify हो सकता है। कोई two in one प्रावधान आ सकता है इस बारे में। अगर कुछ ऐसा हो सकता है तो आप इस पर विचार करिए क्योंकि हर चीज में बदलाव आता है और कई तरह की financial में भी demand बनती है और एक अपने business को अगर modify करके चला जाए तो उससे जो है अपने customer और नए बढ़ते हैं। Mutual fund का जमाना अब काफी कुछ बदला है। करीब 2005 में भी हमने भी invest किया था तो उसमें कुछ दिक्कत जैसे हमें आई। हमारा जैसे दिल्ली के बसिंदे हैं हम तो Karvy आपका जो है franchise है जो आपका काम होता है Karvy के through होता है New Delhi House। तो वहां कुछ इस तरह से भीड़ रहता है जैसे कुछ हमारा काम होने में परेशानी होती है। कुछ mutual fund है तो उसमें कई चक्कर लग गए। कुछ update नहीं हो पा रहा वो। तो कोई online भी प्रावधान है इस बारे में। अगर sir इस बारे में अगर ऐसा है तो अच्छा रहेगा। बाकी आपके board को देखकर यह guarantee नजर आती है कि जिस तरह की आप growth दिखा रहे हो, जिस तरह का आप dividend दे रहे हो, आने वाले time में इसी तरह हंसते खेलते आप company को चलाते रहोगे और company हमारी दिन दूनी रात चौगुनी तरक्की करेगी इसकी हम उम्मीद करते हैं। और जो investor है आप पर विश्वास करके हमारा जो BSE का code है 540767 इसमें इसी तरह से invest करेगा और आप इसी तरह की return हमें अच्छी दिलवाएंगे इसकी हम उम्मीद करते हैं। बाकी हम इतने दूर बैठकर आपसे इसमें smoothly जुड़ पाए हैं। इसमें secretarial department moderator का पूरा हाथ है। उन्होंने जो हमें इस बारे में मदद की आपसे जुड़ने के लिए उनका हम धन्यवाद करना चाहेंगे। आने वाले time में किसी तरह से भी AGM आप करें वो आपकी ताकत है और आपका सुझाव है जिस तरह से आप करें। बाकी अगर hybrid पे भी आप साथ में रहें तो कोई हम इतनी दूर बैठकर भी आपसे जुड़ पाएंगे और अपने विचार रख पाएंगे। आपने जिस तरह से सभी shareholder को सुना इसके लिए हम आपका धन्यवाद करते हैं। Thank you for the management team. Thank you for the secretarial team. Thank you. Next speaker Mr. Vinay Bide. Hello, are you hear me? Yes, please continue. I think the video is also started. Thank you, sir. Good afternoon to you all. Chairman Mr. UK Sinha, Executive Director and CEO Mr. Sundeep Sikka, representative directors from the Nippon Life Insurance Company. Other directors present on today's call. Company executives, fellow shareholders. It is very pleasing you know to note you know from the annual report and the results the performance of you know the company in the concluded financial year. Our asset under management have gone up you know fantastic 44% and PAT has gone up by 53%. You have pleased shareholders with a total dividend of 16.5 comprising of interim INR 5.5 per share and INR 11. We are very happy about that. Now I have gone you know through the annual report and I have a few queries you know to ask a few. You can actually you know respond you know at the end of the meeting. Or you could you know later on you know send me a mail so that you know I appreciate it better. The first question is from page 222 that is 222 of the annual report. We have stated here that the marketing, advertising and publicity expenses have gone up from INR 37.56 crore last year. That is you know financial year 2023 to INR 51.17 crore in the concluded financial year. Can you please tell us what percentage of these expenses comprise the digital expenses on digital you know channels? Second question on the same expense part of it. IT expenses have gone up from INR 38.77 crore to INR 46.48 crore. Could you please, you know, tell us, you know, what are, you know, the additional infrastructure and the digital infrastructure that we have provided in the past financial year, and also provide a breakup of the CapEx and the OpEx expenses for information technology and digital. Just a couple of more questions. Our five-year revenue and PAT CAGR figures were 2% and 14% respectively. The question here is. Can we maintain these figures or better them in the present financial year? Also, the ROE for our financial year 2024 has reached 29%-30%. Do we expect to maintain the same ROE in this year also? Just, you know, a few more points. The share department and the company secretary has been, you know, very prompt in sending us, you know, the copy of the annual report, you know, providing, you know, the link for speaking and, you know, taking the trials, and we're very happy about that. I've got, you know, just for one more suggestion, you know, for the sake of improvement. In order that we appear fair and democratic, I suggest that from the coming AGMs we, you know, send, along with the links, the speaker serial numbers also. This will, you know, ensure that we appear fair and democratic also. Other than this, you know, I have one small suggestion. I have been, you know, supporting the company and, you know, participating with Sica, you know, for the past few years in the AGM. You know, after the last AGM, I got in contact, you know, with our company secretary to have a proposal for representing, you know, one of the IT service companies, the IT product companies which I represent. I understand, you know, that the proposals that I had given in terms of introduction was, you know, shared with the IT team, but unfortunately they didn't come back, you know, either to me on mail or call. I'll make a variation this time. Because, you know, this is for the betterment of, you know, our company. You know, this time I will, you know, share it with Mr. Varghese and request him to send it with you so that it, you know, comes, you know, to the right people, and they, you know, get back to me, you know, either on a call or on a mail to see what, you know, we can contribute, if possible, at the present or the future for the betterment of the digital and the IT part of our company. Otherwise, you know, I support all the resolutions. I think we are doing a great job. The Nippon team is doing a great job, and I support all the resolutions, and I look forward to meeting you next year also. All the best, sir. Thank you so much. Thank you. Next speaker is Mr. Ravi Kumar Naridi. Yes, sir. Hello. Yeah. Please continue. Yes. Respected Chairman, MD, honorable Board of Directors and fellow shareholders. Sir, we do not start anything here as a Indian. We follow Indian culture. We do not start anything at 12:00 A.M. Next year onwards, if you start AGM at 12:15, it will be good. Sir, my question is, since our company business passing through a tailwind process, in such time, are we doing any such beautiful work which you want to tell us? Are such good work doing now give fruits when hard time comes? Anything you want to disclose? Second, we have 1.65 crore unique investor. Why not you show them what are you doing good for them so they may enhance their expenses with which they might be coming, which they might be having to other companies of mutual fund and divert it to us. Mr. Executive Director and CEO, Sundeep Sikka, you are doing since last many years in this company. Excellent you are doing. Thank you very much and wishing you all the best. Thank you. Our last speaker would be Mr. Vijendra Rangwani. Hello, am I audible? Yeah. Please continue. Good afternoon to all, and congratulations all on achieving such a historic growth and profit in the company. I further I compliment on increase in the market, mutual fund market share you have achieved. My question is relating to this, sir, only. That how do you see this trend of increase in mutual fund market share going forward? Thank you, and wishing you all a very happy and healthy year ahead. Thank you. Thank you, shareholders. I'll try to answer all the questions. Just in case, some of the questions are common, I'll try to club them together. Starting with the first question from Mr. Saraf. Firstly I just want to thank Mr. Saraf. You've been very regularly coming to all our AGMs, and I would love to thank you for your kind words today. Some of the questions that you mentioned were related to data, IT spend, solar, and I'll try to answer them. Let me start by first, you know, I would like to highlight and I'll take it forward from the question that you asked in the last AGM, what is going to be the trend on the IT expenditure? I think we had mentioned last time and, that at last, we will continue investing in technology going forward because we believe technology and digital is going to be the future. Last year we spent about INR 37 crore. This year we have spent INR 47 crore, and a lot of this has been spent on digital infrastructure, which is also related to your question on data security. I think our all data security as per the SEBI and certain norms and standards, all data is encrypted and secured. Data leakage tools are displayed to avoid any data leakages, and we are continuously working to upgrade our IT systems. We are also investing a lot in artificial intelligence to take advantage of not only where the big database that we have today, we have a set of almost 2 crore investors. I think not only to capitalize on that, but also trying to look at how artificial intelligence and machine learning can be used in various parts of the organization. I think to your question on energy conservation and solar panels, majority of our branches are leased. Our endeavor is all new branches should be open in green buildings. I like to highlight, company is very conscious to have efficient energy equipments in offices, including LEDs and Energy Star equipments. You'll be happy to know we as a company have been focusing on reducing the e-wasteage. E-wasteage has come down by 12% to 4.92 metric tons over the last 12 months. The question on gender diversity, I think I completely agree with you. We need to further keep improving. While we've come from 16%-20% overall in the company, this data that we shared was for the on-roll. If you have the overall on-roll and off-roll, the average comes to about 30%. I'm happy to share with you in the recent new batch of management trainees that has joined, the diversity is as high as about 35%. To your question, rather feedback on the brokerage, undistributed brokerage, we take that feedback and as a company, we will try to reach out to you and try to take inputs, and also try to see how we can improve on that. Going to the next question of Ms. Celestine. Your company continues focusing on ESG. As I mentioned in my opening address, we are privileged to have Nippon Life as our parent, which has been one of the initial signatories of UNPRI, and a lot of best practices we are trying to get from Japan. To your question on the rating, you'll be happy to know we are rated by Sustainalytics. We are rated low risk, which is amongst the best ratings in the BFSI sector. We are also rated by CRISIL and recently it has improved from adequate to strong. We will continue improving, working on ESG, and I think we believe, when it's about ESG, it's not only about the company because we also have about 500 investee companies. We are trying to see how we can implement some of the best practices in our investments so that our investee companies can also benefit from that. To the other question which was raised on international fund, Nasdaq funds. Your company has multiple international funds, namely U.S., Hang Seng Hong Kong, Japan, Taiwan, and the company continues to have build a portfolio of country-specific international funds. Right now, presently, there is a constraint of RBI that we cannot allow inflows into international funds. I think we take your feedback, and we'll continue working on that. Regarding ETFs of gold and silver, you'll be happy to know your company has the largest gold ETF in India, and it also comes in the top 12 in the world. Your company also has one of the largest silver ETF funds, and we'll continue evaluating launching new funds based on that. Regarding PMS, your company manages INR 73,000 crore rupees in PMS and about INR 2,500 crore rupees in offshore at this point of time. Continuing the question of Mr. Apsil, Aspi. I think, from our point of view, I think, we will also like to have a physical AGM so that we get an opportunity to meet you. As mentioned by some of the shareholders, I think there's an advantage in having a virtual because if, especially for senior citizens and others, it's easy for everybody to join in. We take your feedback, and we'll evaluate if we can move towards a hybrid. Mr. Rajendra, again, to your question. Your company continues focusing on smaller cities and towns. You will be happy to know your company has the highest AUM in B-30 locations, and majority of our investors in incremental growth that we are seeing is coming from small cities and towns. Coming to Mr. Parekh. Once again, thank you very much for your kind words. We continue investing a lot in digital. We, at this point of time, as I mentioned earlier, 60% of all new incremental sales that we are doing is through digital. We are expanding. We have one of the best digital ecosystems, but digital is always in a state of beta. Things keep changing, and we will keep investing as far as digital is concerned. Also to the question of new mutual funds. I think we will continue evaluating if new mutual fund schemes need to be introduced. However, I think broadly our philosophy has been to have schemes which can be scaled up rather than just launching new NFOs. To this question on also on investor awareness education. You will be happy to know your company conducted 352 investor awareness programs during the year and also in 49 CBSE schools, the investor education program was conducted to get young students. To the question of Ms. Savita, your company's focus continues on systematic investment plans. We have a folio of 78 lakh investors who are investing, having a monthly book of INR 2,300 crores and annualized INR 28,000 crores. SIP remains a very important focus area for us. We will continue invest, working on SIPs, going both granular and cities and towns. We believe this is not only good for the investors because it helps in averaging, but also from a company point of view, it gets more sticky assets. You will be also happy to know out of the 78 lakh SIPs that we have, 95% of the SIPs are less than INR 10,000, which reflects the granular and the business and in smaller cities and towns and are focused on retail investors. Mr. Manjit, once again, thank you for your kind words. I think we'll continue with reference to discussions with the Finance Ministry. We have a trade industry body called AMFI, and AMFI regularly engages with the ministry pre-budget. That's an annual event. Every year it happened, and this year also it has happened. We will with reference to the digital, I think I've already touched that, but I'll just like to say as a company, our focus remains on digital. We continue all our digital properties, work with the principle of three Fs: friendly, futuristic, and frictionless. We will continue investing in a digital infrastructure. To your feedback on Karvy, I think we will give this feedback to KFin Technologies to ensure that I think there is no inconveniences caused to you when you visit them next time. Mr. Bipin Shah, once again, thank you very much for your kind words. I think there are a lot of questions. We'll request the company secretary to come back to you on the financials. Again, with respect to IT, as I mentioned earlier, we will continue spending on IT because we believe that is not an expense, that's an investment for future, and that is an area we will continue investing. To your two questions on profit, PAT, and ROE, can it continue? I think I will not be able to give futuristic numbers or commentary because we are in a silent period, and our quarterly results are due on 19th. But as a company, we continue focusing that going forward, we will have more operating leverage. As assets increase, our expenses will not increase in the same manner. Mr. Ravi, thank you very much and you rightly said the business is passing through a tailwind. I would like to once again thank you for your support and your kind words. I would like to just highlight, I think that a lot of what the company is going through is because of the hard work and a lot of actions that have been taken in the last five years. We like to thank our board for guiding us all the time. There are a lot of initiatives which have been taken on institutionalizing processes, risk management, and also on upskilling our management team. We will continue investing in that. Basis that we feel In India, mutual fund industry is still very under-penetrated and has great future. The key will be execution. For us, I think, we will continue executing, based on what the investors ask for. Hopefully, as you mentioned, we have the highest investor base. How do we get mutual funds, investors from other, investors from other mutual funds? I mean, that's a continuous endeavor to ensure that not existing investors keep increasing their market share with us, and also how do we keep increasing the size of the market by getting new investors. I think the next question was from Mr. Vijendra. Again, thank you very much for complimenting us. I think yes, we have seen the highest market share growth this year amongst all the mutual funds. The market share of the company has gone up by 73 basis points. I think we, I would like to compliment various team members which have been working on fund performance, distribution, brand, processes. I think I'm very confident that the same trend will continue. We again, as I mentioned earlier, our industry has great future, and I think the team will continue executing going forward. To another question, which was addressed by one of the shareholders, which was on buyback dividends. I think company has a stated policy of sharing the profits with the shareholders. As mentioned earlier, 99% of the profits have been done. Company has cash of around INR 4,000 crores. With reference to buyback, company and the board keeps evaluating best capital structure, whatever is possible. Whenever board takes any view like this, I think we will be happy to share with you. I think with that, I've broadly answered all the questions. If there are any questions left, I think the Company Secretary will be happy to get in touch with you. Thank you very much. Thank you, Mr. Sikka. Thank you for a very comprehensive set of answers. As you rightly mentioned, if there are any questions left unanswered, the company secretary will reach out to the shareholders. I also want to thank the shareholders for their very encouraging words. Please note that the e-voting facility will remain open for the next 15 minutes to enable those members who have not yet cast their vote and would like to cast their votes now. I now authorize the company secretary to conduct the voting procedure and thereafter to declare the results of the voting in accordance with the prescribed procedure. Please note that the result of the voting, along with the scrutinizer's report, will be intimated to the stock exchanges and will also be uploaded on the website of the company, https://nipponindiaim.com, and website of the NSDL, that is www.evoting.nsdl.com, within 48 hours of the conclusion of the AGM. The businesses of this AGM having been completed, I now announce that this meeting stands concluded. I heartily thank all the esteemed shareholders for their active participation and for making valuable suggestions. I also take this opportunity to wish you all and your respective families best of health. Thank you very much.