BSE Limited — Investor Presentation 2020

Aug 3, 2020

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Date: August 3, 2020

To,

Listing Department

National Stock Exchange of India Limited

Exchange Plaza, 5th Floor, Plot No. C/1 G Block, Bandra-Kurla Complex, Bandra (E) Mumbai – 400 051

Symbol: BSE

ISIN: INE118H01025

Sub: Investor Presentation – August 2020

Dear Sir/Madam,

With reference to above captioned subject, please find attached herewith Investor presentation – August 2020.

The same will also be available on the website of the Company at www.bseindia.com .

This is for your information and record.

Thanking you,

Yours faithfully,

For BSE Limited

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Prajakta Powle Company Secretary & Compliance Officer

Encl.: a/a

BSE - INTERNAL

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BSE Limited

BSE - CONFIDENTIAL

Investor Presentation – August 2020

Disclaimer

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• This presentation and the discussion may contain certain words or phrases that are forward looking statements, which are tentative, based on current expectations of the management of BSE Limited or any of its subsidiaries and associate companies (“BSE”). Actual results may vary significantly from the forward-looking statements contained in this presentations due to various risks and uncertainties. These risks and uncertainties include competitive landscape, stakeholders' preferences, effect of economic and political conditions in India and outside India, volatility in interest rates and in the securities market, new regulations and Government policies that may impact the businesses of BSE as well as the ability to implement its strategy.

The information contained herein is as of the date referenced and BSE does not undertake any obligation to update these statements. BSE has obtained all market data and other information from sources believed to be reliable or are its internal estimates, although its accuracy or completeness cannot be guaranteed. Competition numbers are based on published results and management analysis. For purpose of comparison, – following stock exchanges are considered National Stock Exchange of India Limited, Metropolitan Stock Exchange of India Limited and NSE IFSC Limited. The presentation relating to financial performance herein is reclassified/regrouped based on Management estimates and may not directly correspond to published data. The numbers have also been rounded off in the interest of easier understanding. Prior period figures have been regrouped/reclassified wherever necessary. All information in this presentation has been prepared solely by the company and has not been independently verified by anyone else.

This presentation is for information purposes only and does not constitute an offer or recommendation to buy or sell any securities of BSE. Any action taken by you on the basis of the information contained herein is your responsibility alone and BSE or its directors or employees will not be liable in any manner for the consequences of such action taken by you.

The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions.

2

Index

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About BSE
1.
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2. Business
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3. Key Growth Drivers & Other Initiatives
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4. Financial Highlights & Investor Information
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About BSE – Board & Management Team

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Board Of Directors

		Board Of Directors	Board Of Directors
		Name		Bio			Name				Bio
			Justice Vikramajit Sen Chairman and Public Interest Director On BSE Board since 2016		❖Former Judge, Supreme Court of India ❖Chairperson of the Broadcasting Content Complaints Council (BCCC)
								Shri Ashishkumar Chauhan Managing Director & CEO On BSE Board since 2012			❖Previously, Group Chief Information Officer, Reliance Industries Limited ❖Chairperson of the Board of Governors of National Institute of Technology, Manipur
								Shri S. S. Mundra Public Interest Director On BSE Board since 2018			❖Former Deputy Governor, Reserve Bank of India ❖Former Chairman & Managing Director of Bank of Baroda
			Shri Sumit Bose Public Interest Director On BSE Board since 2016		❖Joined the Indian Administrative Service in 1976 and allotted to the Madhya Pradesh Cadre. ❖Chairman, Expert Committee on working of Cantonment Boards set up by Ministry of Defence in January 2018 (work underway).
					~~❖Former General Secretar of IOSCO (2012-2016)~~				Shri Umakant Jayaram Public Interest Director On BSE Board since 2019	❖27 years Cross functional experience in Global Investment Banking, Finance Planning & Analysis, Risk Consulting / Business transformation
			Shri David Wright Public Interest Director On BSE Board since 2018		~~y ,~~ former Deputy Director-General for Securities and Financial Markets at the EU Commission. ❖From March 2000 – October 2010 he was first Director, then Deputy Director-General for securities and financial markets
							4
			Sushri Jayshree Vyas Public Interest Director On BSE Board since 2019		❖Former Managing Director, Shree Mahila Sewa Sahakari Bank, Ahmedabad ❖In the year 2001, financial literacy programme was introduced in Sewa Bank, first of its kind in India – at initiative of Ms. Jayshree Vyas

About BSE – Board & Management Team

Mana ement Team g

Name

Bio

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CEO
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◼B Tech in Mechanical Engineering from IIT Bombay and a PGDM from IIM Kolkata Shri Ashishkumar ◼He is one of the founders of India's National Stock Chauhan Managing Director & Exchange (“NSE”) where he worked from 1992 to 2000. He CEO is best known as the father of modern financial derivatives in India due to his work at NSE With BSE since 2009

◼Represents BSE as the Chairman on the Executive Board of the South Asian Federation of Exchanges. ◼Previously, Group Chief information officer, Reliance Group

◼Prior to joining BSE, employed with Log-in Utility and Shri Kersi Tavadia InvestSmart Financial Services Limited Chief Information Officer ◼30 years of experience in the area of Application Systems/ IT Infrastructure development and With BSE since 2010 management, managing all aspects of IT operations in Financial Services, Capital markets and manufacturing companies. He has played a leading role in transforming BSE into the fastest exchange in the country.

◼He is instrumental in setting up and responsible for Business Development of INDIA INX at GIFT CITY IFSC. Currently, INDIA INX has more than 90% market share.

Shri Sameer Patil Chief Business Officer

◼He has about 21 years' of experience in financial sectors like Commodities, Currency Derivatives, Indices etc and has experience in Trading, Hedging Strategies, Product Designing and Business Development.

With BSE since 2015

Name

Shri Nayan Mehta Chief Financial Officer

With BSE since 2012

Shri Neeraj Kulshrestha Chief Regulatory Officer

With BSE since 2015

Shri Girish Joshi Chief Trading Operations and Listing Sales

With BSE since 2010

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Bio

• ◼Having experience of over 28 years, he has earlier worked at Credit Analysis & Research Ltd. as Joint General Manager (Accounts), as CFO at Multi Commodity Exchange of India Limited. He has also worked at the National Stock Exchange (“NSE”).

• ◼He represents BSE on the Boards of group companies and joint ventures of BSE.

◼Prior to BSE he was an Executive Director in Morgan Stanley India for 10 years. He was earlier with National Stock Exchange and has managed various functions like Trading Operations, Inspection and Investigation, Futures and Options Clearing and Trading. He was also the CEO of India Index Services Ltd. and Dotex International Ltd

◼27 year experience in Capital markets, which includes Securities Markets and General Insurance.

◼He has worked with ICICI Bank Group for 10 years. At ICICI Bank Group he worked in various areas like ICICIDirect.com, Treasury Mid Office and in the area of Regulatory Reporting and Monitoring at CFO office of the Bank.

• ◼He was also one of the earliest core team members who were involved in the set-up of National Stock Exchange (“NSE”). During 7 years at NSE he worked in Wholesale Debt Market and post trade functions.

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About BSE Business – Overview

Diversified Lines of Business

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Trading & Distribution Clearing

Services to Others Corporates

6

Index

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About BSE
1.
2. Business
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3. Key Growth Drivers & Other Initiatives
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4. Financial Highlights & Investor Information
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7

Business – Segment Update

Equity Cash - Performance

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			Average Daily Turnover (₹ million)	Average Daily Turnover (₹ million)	Average Daily Turnover (₹ million)	Average Daily Turnover (₹ million)					Transaction	Transaction	Charges Income (₹ million)	Charges Income (₹ million)	Charges Income (₹ million)	Charges Income (₹ million)	Charges Income (₹ million)	Charges Income (₹ million)
			44,023									1,442
	29,963 40,252		31,274		26,757 26,833 37,235					419 112 531	558 616 1,174	599 842		600 351 951	467 211 678			161 65 226	124 44 168
	FY15-16 FY16-17		FY17-18 FY18-19		FY19-20 Q1 FY20 Q1 FY21					FY15-16	FY16-17	FY17-18		FY18-19	FY19-20			Q1 FY20	Q1 FY21
												Normal Rate			Special Rate
	Despite	39% increase in average daily turnover, transaction charges are lower in								Q1 FY21 mainly due to		decrease in turnover by 26%				in	Equity Cash		Segment
	(special	rate groups) in Q1 FY21 and one-off			income in physical settlement			segment to the extent of ₹ 6.60 crore in Q1 FY20.

Revenues earned in this segment are subject to variation based on number and value of trades executed which are dependant on the economic cycle as well as the values of securities traded.

8

Business – Segment Update

Equity Derivatives - Performance

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Last 5 quarters performance
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Quarterly Average Daily Turnover (₹ million)

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39,147
36,394
4,748
2 60
Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21
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Quarterly Average Daily Number of Contracts Traded

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46,086
37,367
4,683
2 75
Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21
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Highest turnover in SENSEX 50 contract of ₹ 527,632
million on July 30, 2020
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Last 5 weeks performance
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Weekly Average Daily Turnover (₹ million)

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4,69,332
3,65,130
3,21,360
1,18,529
30,676
Week ended Week ended Week ended Week ended Week ended
06/07/20 13/07/20 20/07/20 27/07/20 31/07/20
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Weekly Average Daily Number of Contracts Traded
5,61,484
4,27,043
3,85,487
1,40,383
37,002
Week ended Week ended Week ended Week ended Week ended
06/07/20 13/07/20 20/07/20 27/07/20 31/07/20
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Over 6X increase in average daily turnover after shifting
of weekly expiry of SENSEX 50 derivatives contract from
Thursday to Monday w.e.f. June 29, 2020
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9

Business – Segment Update

Currency Derivatives – Performance

Average Daily Turnover (₹ million)

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CAGR (2016-2020) 302,707 307,810
288,157
25% 
1,70,753
182,891 1,70,753 1,96,752 183,252
131,060
114,212 1,00,932 1,04,052
37,751 56,356
1,31,954 1,17,404 1,11,057
76,461 74,704 81,959 79,199
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 Q1 FY20 Q1 FY21
Currency Futures Currency Options
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Transaction Charges Income (₹ million)

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82
CAGR (2016-2020)
75
44%  68
45
16 16
13
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 Q1 FY20 Q1 FY21
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Average Daily Number of Contracts Traded (million)

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4.41
CAGR (2016-2020) 4.33
22%  3.89
2.86 2.45 2.82
2.24 2.41
1.95
1.74 1.58
1.37
0.58 0.84
1.88
1.65 1.59
1.16 1.11 1.27 1.04
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 Q1 FY20 Q1 FY21
Currency Futures Currency Options
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•
BSE’s market share in this segment for the quarter
ended June 30, 2020 stands at 31%
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•
Inter-operability framework among clearing
corporations fully operational with effect from
August 5, 2019 in Currency Derivatives segment
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Business – Segment Update

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Commodity Derivatives – Performance

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Average Daily Turnover (₹ million)
4,959
4,399
2,603 2,422
1,836 6
2
983
349
2,229
49
1,435 1,433
0
560
375
FY18-19 FY19-20 Q1 FY20 Q1 FY21
Agri Energy Bullion Base Metal
FY18-19 includes data from the date of launch i.e. Oct 1, 2018
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278 Members admitted to trading
in BSE’s Commodity segment
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Members
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Commodity Options in GoldM and
SilverKG launched on
June 1, 2020
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Commodity
Options
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Launched world’s only Almond
Future Contracts on June 22, 2020
Priced and delivered 16,000 kgs of
Almond in Shell
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Almond
Futures
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Key
Highlight
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Highest turnover of ₹ 50,100
million on July 29, 2020
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•
Commodity Futures contracts includes Gold, Silver, Copper, Oman
Crude Oil, Guar Gum, Guar Seed, Cotton, Almond, Brent Crude Oil,
Aluminium, Zinc, Turmeric
•
Commodity Options contracts includes GoldM, SilverKG,
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•
Introduction of options in GoldM and SilverKG contracts has
witnessed increase in turnover in Bullion Segment
•
Decrease in Agri Commodity is mainly due to impact of
COVID-19 Pandemic
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11

Business – Segment Update

BSE StAR Mutual Fund Platform – Introduction

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E-platform - access from
remote areas
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BSE StAR MF
Mutual Funds
E-platform for
investment and
redemption in
units of Mutual
Funds and other
Financial Products
on behalf of
clients
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24x7 order acceptance
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Facilitates paperless SIP
investment
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Allows any day STP or SWP
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Paperless bank mandate
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Allows multi-mode e-
platform access
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Real-time investor registration
& onboarding, Online MFD
registration
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Unified Payment Interface
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Unique overnight
investment framework
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IFA StAR MF Mobility
mobile application
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12

Business – Segment Update

BSE StAR Mutual Fund Platform – Performance, Reach & Coverage

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Mutual Fund Registered
Number of registered Number of Schemes
40
Investors with Mutual Fund Available
35.5
Million 10,070
Number of
Number of distributors
who can transact 57,413 Over 675 cities/towns covered
Data as on 31 [st] July 2020
Average Daily Value of Orders (₹ million) Mutual Fund Revenue
14,478 447
CAGR (2016-2020)
50% 
9,082 9,075 290
6,476
4,790 142
119
2,996 99
1,791
FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 Q1 FY20 Q1 FY21 FY17-18 FY18-19 FY19-20 Q1 FY20 Q1 FY21
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• Based on orders received

13

Business – Segment Update

BSE Star Mutual Fund Platform - Performance

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SIP and Others

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Average Daily Number of Orders
3,03,284
CAGR (2016-2020)
101% 
95,683
2,26,205
1,96,506
71,848
60,797
1,41,231
41,254
2,07,601
71,435
1,54,357
1,35,710
26,611
99,977
13,936 27,311
3,863 9,093 44,824
18,218
10,073
FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 Q1 FY20 Q1 FY21
SIP Others
Based on orders processed
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Equity and Debt

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Average Daily Number of Orders
3,03,284
35,711
CAGR (2016-2020)
101% 
2,26,205
20,851
1,96,506
16,255
1,41,231
10,806 2,67,572
2,05,354
71,435 1,80,251
6,909 1,30,425
13,936 27,311
64,526
1,619 3,365
23,946
12,318
FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 Q1 FY20 Q1 FY21
Equity Debt and Others
Based on orders processed
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•
Number of order processed has grown by 54% in Q1 FY20 as
compared to Q1 FY20
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14

Business – Segment Update

Services to Corporates - Performance

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	1,013 1,042 1,280 1,461 1,580 394 359 433 340 496 420 300 44 32 FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 Q1 FY20 Q1 FY21 Listing Fees (₹ million) Annual Listing Fee Listing processing and Other Listing fees 438 1,446 1,382 1,776 1,881 391 1,880 CAGR (2016-2020) 7%			112 143 331 150 182 43 18 53 44 100 102 58 11 7 165 187 431 252 239 54 25 Book Building & Other Services (₹ million) CAGR (2016-2020) 10%
				FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 Q1 FY20 Q1 FY21 Book Building Fees Other Services Fees

• Income from Services to Corporate is lower majorly on account of lower listings due to COVID-19 Pandemic

• 19 Securities has been listed during Q1 FY21 as compared to 39 securities during Q1 FY20

15

Business – Segment Update

India International Exchange IFSC – Introduction

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Asset Classes & Contracts

• Equity Index Derivatives:

• Indian Stock Futures :

• Commodity Futures :

• Commodity Options :

• Currency Derivatives:

• Debt Securities:

Sensex and India 50

139 stocks including Reliance Industries Limited, HDFC Bank Limited, Axis Bank Limited, Infosys Limited, Tata Steel Limited, Maruti Suzuki India Limited, Tata Motors Limited, ICICI Bank Limited, Larsen & Toubro Limited and State Bank of India Limited

• Gold, Gold KG, Silver, Copper, Aluminium, Lead, Nickel, Zinc, BRENT Crude Oil

• Gold

• INR USD , USD INR , EUR USD, GBP USD and JPY USD

Masala Bonds, Foreign Currency Denominated Bonds

• Exchange Daily Trading Hours

Trading Hours

Global Access

• 22.00 Hours

• 04:30:00 hours to 17:00:00 hours and 17:00:01 hours to 02:30:00 hours (Indian Standard Time)

• BSE’s India INX launches Global Access with connectivity to CME Group Exchanges, LME, ICE US & Europe, Eurex & Euronext N.V.

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India International Exchange
7.71%
92.29%
BSE ICICI Bank
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India International Clearing Corp
9.90%
90.10%
BSE ICICI Bank
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On May 08, 2020 Hon'ble Finance Minister Smt. Nirmala Sitharaman virtually inaugurated Rupee Dollar Derivatives contracts open for trading on India INX.

16

Business – Segment Update

India International Exchange IFSC – Performance

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Market share since Inception
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MTN Programme []
100% [@]
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Derivative Trading []
80%
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*Data as on June 2020

100%[@] of MTN established in IFSC are established with INDIA INX

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Bonds Listed []
99% [#]
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99%[#] of the bonds listed in IFSC are listed on INDIA INX

Listing Business Performance (USD million)

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36,944
11,370
19,500
2,500
13,418
25,574
7,418
17,000 2,350 600
6,000 2,350 600
FY 17-18 FY 18-19 FY 19-20 Q1 FY20 Q1 FY21
Debt Securities (Drawdowns and Standalone ) Listed on GSM Medium Term Notes established on GSM
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In June 2020, Rupee Derivative contracts
achieved an average daily turnover of USD
205.48 million against USD 167.95 million in
May 2020.
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17

Business - Segment Update

India International Exchange IFSC

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Total Turnover (in USD Million)

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1,68,782
9,767
1,48,881 1,49,540
12,232 9,869
1,30,359
1,20,281
14,415
10,947
11,233
1,59,015
1,36,649 1,39,671
1,09,334
1,04,711
Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21
Index Derivatives Commodity Derivatives Currency Derivatives
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Number of Contracts Traded (in Thousands)

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12,940
11,809 193 - 12,071
11,394
259 -
208 - 1,480
204
9,146
260 -
12,747
11,550
11,186
10,387
8,886
Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21
Index Derivatives Commodity Derivatives Currency Derivatives
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India INX cumulative Turnover crossed $ 1 Trillion (INR 75 Trillion approx.) on July 31, 2020
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18

Business - Segment Update

BSE Ebix Insurance Broking

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Launched Health
Insurance product
on June 3, 2020
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1889 policies issued
till July 31, 2020
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19

Business

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Global Rankings

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Currency
12 [th] highest Market 4 [th] largest
Futures
globally with Capitalization Traded globally with
$ 1.84 trillion Volume 23.76 million#
Electronic Book Currency Options
Trades Traded Volume
Number of
8 [th] largest Listed Companies 2 [nd] largest
globally with globally with
55.5 million# 37.91 million#
Highest globally
with Data as on June 2020
5,555 # Data for the month of June 2020
Source: BSE/WFE
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*Data as on June 2020 # Data for the month of June 2020 Source: BSE/WFE

20

Business

Marketshare

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Red Ocean Businesses
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Blue Ocean Businesses
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74%
39%
31%
6%
18%
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Companies/ Currency Interest Rate Debt/ Fixed Equity Cash
3
Securities Listed Derivatives Derivatives Income
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91%
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80%
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61%
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58%
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StAR MF 1 SME 2 BSE Bond India INX
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Established leader in Listing related Business. Good marketshare in other businesses except Equity Cash

Market leadership in Blue Ocean Businesses

All Marketshare for Q1 FY21

1 Marketshare in Mutual Fund StAR Platform based on the value of purchase / redemption orders executed during Q1 FY21

2 Marketshare in SME Segment represents number of companies listed in SME segment during Q1 FY21 3 As on June 30, 2020

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Recent Initiatives
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Commodity Derivatives
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Insurance Broking
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Power Exchange
jointly promoted with
Power Trading Corporation & ICICI Bank
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*Subject to Regulatory Approvals

Index

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About BSE
1.
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2. Business
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3. Key Growth Drivers & Other Initiatives

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4. Financial Highlights & Investor Information
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22

Key Growth Drivers & Other Initiatives

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Key Milestones – The transformation over time

• 2012-2015 2018-2019

• 1875-2011 2016-2017 2020 • BSE Small & Medium Enterprises (“BSE SME”) • Commodity Derivatives segment Platform launched launched • Trading of Sovereign Gold Bonds commenced

• Currency Derivatives • JV set up with Ebix Inc. to • Beta-launch of services launched undertake insurance broking by BSE Ebix Insurance • “BSE–BOND”- Electronic Book

• • BSE started as The business Broking Services on Mechanism launched

• Native Share & Stock • Interest Rate Derivative February 07, 2020 Broker's Association Platform launched • JV with Power Trading Corporation • India International Exchange and ICICI Bank to set up a power • Partnered with LIC

• • • (IFSC) Ltd. launched by Mutual Fund for e-KYC BSE corporatized New Debt segment launched exchange Hon’ble Prime Minister of services

• • Mutual Fund Platform • BSE becomes the fastest India, Shri Narendra Modi • BSE launches StAR MF mobile (“StAR MF”) launched exchange in the world - application for IFA’s – “IFA StAR MF • Launch of Commodity •

• median response speed of 6 BSE’s becomes the first listed Mobility” Options in GoldM and SilverKG

• micro-seconds exchange in India

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Over last few years, BSE has transformed itself from a conventional stock exchange to the 1st Universal Exchange in addition to setting up
e-commerce initiatives successfully
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23

Key Growth Drivers & Other Initiatives

Key Growth Drivers - 1

Equity & Equity Derivatives

Mutual Fund

International Exchange

  - Savings in cost and convenience

• Inter-operability alongwith push towards best price execution likely to increase liquidity on BSE’s electronic trading platform over time.

• Constitution of the IFSC authority and its Board to facilitate growth of GIFT city as an international financial hub as well as growth of international exchange therein.

  • Strong network of intermediaries

  • Good network connectivity across country

  • Increasing household incomes

• BSE’s initiative to introduce Weekly Options has received good response from market participants with the average daily traded value crossing ₹ 527,632 million on July 30, 2020.

• Investors friendly tax regime

• Increasing financial savings

• Listing and Trading platform available for booking of products in Equity Derivatives, Currency Derivatives, Commodity Derivatives and Debt Securities

• Partnered with LIC Mutual Fund for e-KYC services

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01 02 03
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E-platform Services

• Expansion of services from Current platforms for providing e-platform services like bookbuilding for IPO, Offer to Buy, Offer to Sell, New Bond platform, etc.

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04
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Key Growth Drivers & Other Initiatives Key Growth Drivers - 2

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Insurance Broking

• Already commenced insurance broking in Motor, Health and Life Insurance

• Continuous growth of Point of Sales

• Product diversification

• Software integration with various insurance companies

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Power Exchange

• Pranurja Solutions Limited incorporated to set up a power exchange jointly with Power Trading Corporation and ICICI Bank

• Approval for grant of license for the power exchange from Central Electricity Regulatory Commission under progress

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Commodity Derivatives

• Commodity futures contracts includes Gold, Silver, Copper, Oman Crude Oil, Guar Gum, Guar Seed, Cotton, Almond, Brent Crude Oil, Aluminium, Zinc, Turmeric

• Launch of Commodity Options in GoldM and SilverKG contracts in June 2020

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BSE Bond Platform

• Over ₹ 1,172 billion of debt was raised on BSE BOND platform through 179 issues in Q1 FY21

• Over ₹ 3,502 billion of debt was raised on BSE BOND platform through 452 issues with 58% market share during the period FY 19-20

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25

Index

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About BSE
1.
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2. Business
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3. Key Growth Drivers & Other Initiatives
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4. Financial Highlights & Investor Information

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26

Financial Highlights & Investor Information

Integrated Business Model

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• Multiple contact points with members and market participants provides the ability to generate revenue from multiple levels of the business

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Primary Trading Clearing & Settlement Distribution
1 ◼ To an extent linked to
Transaction Charges ◼ Linked to market activity levels and household savings and investments
Market Activity
2 Treasury Income on Clearing and ◼ Linked to Market ◼ Linked to interest rates and, to an extent, market activity since that would lead to more margin being deposited by
Settlement Funds Activity to an Extent members
3 Other Securities Services ◼ Recurring ◼ Primarily consists of charges recovered from members for network connectivity
◼ Mostly derived from listing income that is not impacted by market activity
4 Services to Corporates ◼ Recurring ◼ Dependent on number of listed entities and hence is a recurring revenue stream
◼ Potential for increase if amount charged is increased
◼ Impacted primarily due to level of subscriptions and revision in pricing policies
5 Data Dissemination Fees ◼ Recurring
◼ Contributes only 4-5% in India compared to 10-25% in developed markets
Income From Investments and
6 ◼ Recurring ◼ Linked to investment yields
Deposits
7 Other Income ◼ Recurring ◼ Mostly derived from rent and training institute etc., which are stable sources of income
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Recurring

Linked to Market Activity

Financial Highlights & Investor Information Consolidated Profit & Loss

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					(₹ in million)
Sr. No.	Particulars	Jun’20 Quarter	Mar’20 Quarter	Jun’19 Quarter	FY 2019-20
1.	Transaction Charges	303	250	348	1,131
2.	Treasury Income on Clearing and Settlement Funds	69	57	74	229
3.	Other Securities Services	91	133	45	330
4.	Securities Services (1+2+3)	463	440	467	1,690
5.	Services To Corporates	416	569	492	2,122
6.	Other Operating Income	153	187	162	693
7.	Revenue From Operations (4+5+6)	1,032	1,196	1,121	4,505
8.	Income From Investments and Deposits	544	305	491	1,587
9.	Other Income	45	57	48	208
10.	Total Income (7+8+9)	1,621	1,558	1,660	6,300
11.	Employee Expenses	376	376	376	1,512
12.	Technology Cost & Technology Program	262	294	300	1,176
13.	Admin & Other Expenses	411	480	390	1,822
14.	Total Operating Expenses (11+12+13)	1,049	1,150	1,066	4,510

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Financial Highlights & Investor Information Consolidated Profit & Loss (cont’d)

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(₹ in million)

Sr. No.	Particulars	Jun’20 Quarter	Mar’20 Quarter	Jun’19 Quarter	FY 2019-20
15.	EBITDA (10-14)	572	408	594	1,790
16.	EBITDA Margin (15/10 in %)	35%	26%	36%	28%
17.	Non-operating Expenses_*_	275	224	163	799
18.	Non-recurring Expenses@	-	187	-	223
19.	Profit Before Tax, Exceptional Item And Share Of Associates (15-17-18)	297	(3)	431	768
20.	Exceptional Item	-	-	-	320
21.	Profit From Associates	101	66	70	267
22.	Tax Expenses	73	82	88	149
23.	Net Profit (19+20+21-22)	325	(19)	413	1,206
24.	Net Profit Margin (23/10 in %)	20%	(1%)	25%	19%
25.	Net Profit Attributable To Shareholders	332	(13)	413	1,223
26.	Net Profit (Excl. Non-Recurring And Exceptional Item)(25+18-20)	332	174	413	1,126

* Non Operating Expenses includes Depreciation, Finance Cost, LEIPs, Contribution to Core SGF and Provision made for investment in IL&FS & IL&FS Financial Services Secured Debentures. @ Non Recurring Expenses includes Provision for Additional Contribution to ISF and IPF and Settlement of service tax matter.

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Financial Highlights & Investor Information Standalone Profit & Loss

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					(₹ in million)
Sr. No.	Particulars	Jun’20 Quarter	Mar’20 Quarter	Jun’19 Quarter	FY 2019-20
1.	Securities Services	357	344	387	1,352
2.	Services To Corporates	416	569	491	2,119
3.	Data Dissemination Fees	80	82	76	315
4.	Revenue From Operations (1+2+3)	853	995	954	3,786
5.	Income From Investments And Deposits	473	232	420	1,396
6.	Other Income	55	78	49	239
7.	Total Income (4+5+6)	1,381	1,305	1,423	5,421
8.	Employee Expenses	231	231	240	939
9.	Technology Cost & Technology Program	308	321	334	1,309
10.	Admin & Other Expenses	364	404	335	1,576
11.	Total Operating Expenses (8+9+10)	903	956	909	3,824

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Financial Highlights & Investor Information Standalone Profit & Loss (cont’d)

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					(₹ in million)
Sr. No.	Particulars	Jun’20 Quarter	Mar’20 Quarter	Jun’19 Quarter	FY 2019-20
11.	Total Operating Expenses (8+9+10)	903	956	909	3,824
12.	EBITDA (7-11)	478	349	514	1,597
13.	EBITDA Margin (12/7 in %)	35%	27%	36%	29%
14.	Non-operating Expenses*	133	157	102	538
15.	Non-recurring Expenses@	-	187	-	223
16.	Profit Before Exceptional Item and Tax (11-14-15)	345	5	412	836
17.	Exceptional Item	-	-	-	916
18.	Tax Expenses	22	(11)	68	15
19.	Net Profit After Tax (16+17-18)	323	16	344	1,737
20.	Net Profit Margin (19/7 in %)	23%	1%	24%	32%
21.	Net Profit (Excl. Non-Recurring And Exceptional Item)(19+15-17)	323	203	344	1,044

* Non Operating Expenses includes Depreciation, LEIPs, Provision made for investment in IL&FS & IL&FS Financial Services Secured Debentures. @ Non Recurring Expenses includes Provision for Additional Contribution to ISF and IPF and Settlement of service tax matter.

31

Financial Highlights & Investor Information Financial Overview

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(₹ in million)
Consolidated Key Performance Indicators
20% 36% 31% 28% 19% 25% 20%
6,701 6,989 6,875
6,183 6,300
2,206 2,148 1,942
1,660 1,621
1,329 1,223
413 332
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 Q1 FY20 Q1 FY21
Total Revenue Net Profit Net Margin
Net profit from continuing operation
Consolidated Earnings per share (₹) [Continuing operations]
40.41 39.37
36.78
24.35 24.57
7.86 7.09
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 Q1 FY20 Q1 FY21
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(₹ in million)
Standalone Key Performance Indicators
21% 36% 87% 33% 32% 24% 23%
6,510
6,124
5,509 5,640 5,421
5,159
1,986 2,011
1,737
1,424 1,381
1,061
344 323
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 Q1 FY20 Q1 FY21
Total Revenue Net Profit Net Margin
Standalone Earnings per share (₹)
45.51
38.08
36.39 35.37
24.16
6.54 7.06
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 Q1 FY20 Q1 FY21
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Financial Highlights & Investor Information

Financial Overview (cont’d)

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Consolidated Net-worth (₹ million) Standalone Net-worth (₹ million)
30,749
29,286
27,743
26,255 26,262
25,229
24,251 24,603 24,290
22,536
21,650 21,992
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 Q1 FY21 FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 Q1 FY21
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100 Dividend per share (₹) & Pay-out Ratio [#] 140%
80 93% 95% 97% 95%
74% 90%
60
36
40 28 30
40%
15 17
20
- -10%
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20
Dividend Per Share Dividend Payout Ratio
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#Dividend pay-out ratio is calculated based on Standalone Profit excluding gain on sale of strategic investment

33

Business

Shareholding Pattern

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SHAREHOLDING PATTERN
Others
Trading Members
55%
15%
Banks
4%
Financial
Institution
6%
Mutual Funds FDI / FII / FPI
1% 19%
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*Banks includes bank which are trading members

	SOME KEY SHAREHOLDERS
Life Insurance Corporation of India		5.61%
Deutsche Boerse AG		4.41%
Siddharth Balachandran		2.42%
State Bank of India		2.39%
Jupiter Asset Management		1.99%
Chanakya Capital Partners		1.85%
Acacia Banyan Partners Limited		1.74%
Caldwell India Holdings Inc.		1.49%
Akshay Vasantlal Mehta		1.49%
MSPL Limited		1.33%

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Closing Price
1,000
900
800
700
600
500
400
300
200
100
-
Closing Price
MARKET DATA
Market Capitalization (₹ Mn) 23,185
Price (₹) 514.95
No. of Shares Outstanding 4,50,24,297
Face Value (₹) 2.00
Avg. Qtrly Trading Volume (₹ Mn) 96.21
Avg. Qtrly Trading Volume (Mn shares) 0.24
52 week High-Low (₹) 590.00 – 275.00
27-04-2018 27-05-2018 27-06-2018 27-07-2018 27-08-2018 27-09-2018 27-10-2018 27-11-2018 27-12-2018 27-01-2019 27-02-2019 27-03-2019 27-04-2019 27-05-2019 27-06-2019 27-07-2019 27-08-2019 27-09-2019 27-10-2019 27-11-2019 27-12-2019 27-01-2020 27-02-2020 27-03-2020 27-04-2020 27-05-2020 27-06-2020
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Paid up Capital ₹ 90.04 million | Face Value per share ₹ 2/- each

Market data as at July 31, 2020

34

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THANK YOU

INVESTOR RELATIONS CONTACT :

Yogesh Joshi

Head – Investor Relations

• +91 22 2272 8810

• bse.ir@bseindia.com

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