BSE Limited — Investor Presentation 2020

May 21, 2020

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Date: May 21, 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 – May 2020

Dear Sir/Madam,

With reference to above captioned subject, please find attached herewith Investor presentation – May 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 Ltd

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Prajakta Powle Company Secretary and Compliance Officer Encl: a/a

BSE - INTERNAL

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BSE - CONFIDENTIAL
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BSE Limited

Investor Presentation – May 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.

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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	Board Of Directors
		Name			Bio			Name		Bio
				Justice VikramajitSen 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
			Su Shri 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

• ◼Former Managing Director, Shree Mahila Sewa Sahakari Bank, Ahmedabad

• ◼Former Managing Director, Life Insurance Corporation of India

Su Shri Jayshree Vyas Public Interest Director On BSE Board since 2019

Smt Usha Sangwan Shareholder Director

• ◼In the year 2001, financial literacy programme was introduced in Sewa Bank, first of its kind in India – at initiative of Ms. Jayshree Vyas

• ◼She has been featured in Forbes List of 50 most powerful Business Women in Asia in 2015

On BSE Board since 2015

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About BSE – Board & Management Team

Mana ement Team g

Name

Bio

• ◼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 InvestSmart Financial Services Limited

• Shri Kersi Tavadia InvestSmart Financial Services Limited

• Chief Information Officer ◼30 years of experience in the area of Application Systems/ IT Infrastructure development and management,

• With BSE since 2010 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 – The Journey So Far

Key Milestones – The transformation over time

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2012
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1875
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2005
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2009
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2013
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2013
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• BSE started as The Native Share & Stock Broker's

Association

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• BSE corporatized

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• Mutual Fund Platform (“Star MF”) launched

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• BSE Small & Medium • Currency Derivatives • Interest Rate Derivative Enterprises (“BSE SME”) launched Platform launched Platform launched

• New Debt segment launched

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2019-20
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2018-19
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2017
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2015
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2016
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• India International Exchange (IFSC) Ltd. launched by Hon’ble Prime Minister of India, Shri Narendra Modi

  • BSE launches StAR MF mobile application for IFA’s –”IFA StAR MF Mobility”

• Commodity Derivatives segment launched

• BSE becomes the fastest

• Trading of Sovereign Gold Bonds commenced

• exchange in the world - median response speed of 6 microseconds

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• Beta-launched services by BSE Ebix Insurance Broking Services on February 07, 2020

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• BSE’s becomes the first listed exchange in India

• JV set up with Ebix Inc. to undertake insurance broking business

• “BSE–BOND”- Electronic Book Mechanism launched

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• JV with Power Trading Corporation and ICICI Bank to set up a power exchange

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

Diversified Lines of Business

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Trading & Distribution Clearing

Services to Others Corporates

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Business – Segment Update

Equity Cash - Performance

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Average Daily Turnover (₹ million) Transaction Charges Income (₹ million)
44,023 1,442
40,252
1,174
31,274
29,963
842
26,757
616 809
678
351
531
211
112
600
558
458 467
419
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20
Normal Rate Special Rate
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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.

Inter-operability framework among clearing corporations fully operational with effect from July 15, 2019 in Equity Cash segment and July 29, 2019 in Equity Derivatives segment.

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Business – Segment Update

Currency Derivatives – Performance

Average Daily Turnover (₹ million)

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302,707
275,032
CAGR 25% 
170,753
182,891
157,628
131,060
114,212 100,932
37,751 56,356
131,954 117,404
76,461 74,704 81,959
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20
Currency Futures Currency Options
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Transaction Charges Income (₹ million)

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

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4.33
3.89
CAGR 22% 
2.86 2.45
2.24
1.74 1.95 1.58
0.58 0.84
1.88
1.65
1.16 1.11 1.27
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20
Currency Futures Currency Options
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•
Consistent growth in turnover and number of contracts
traded in currency derivatives segment.
•
BSE’s market share in this segment for the quarter 31 [st]
March, 2020 stands at 33%
•
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

Commodity Derivatives- Performance

Average Daily Turnover (₹ million)

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2,422
2,382
6
2,173
0 0
279
983
1,678
76 -
1,621
1,110
1,894 -
78
1,602
1,433
843
761
Q4 FY18-19 Q1 FY19-20 Q2 FY19-20 Q3 FY19-20 Q4 FY19-20
Agri Energy Bullion Base Metal
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Commodity futures contracts includes Gold, Silver, Copper, Oman Crude Oil, Guar Gum, Guar Seed, Cotton, Turmeric for trading

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277 Members admitted to trading
in BSE’s Commodity segment
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Members
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Guarseed
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M-Share in FY 19-20 @ 25% and
highest turnover of ₹ 2,000
million on 06 [th ] Nov’19
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Cotton
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M-Share in FY 19-20 @ 23% and
highest turnover of ₹ 1,856
million on 7 [th] Mar’19
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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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Business – Segment Update

BSE StAR Mutual Fund Platform – Reach & Coverage

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Mutual Fund Registered
Number of registered Number of Schemes
40
Investors Available
31.4
Million 9,976
Number of
Number of distributors
who can transact 56,919 Over 675 cities/towns covered
Data as on 31 [st] March, 2020
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Active SIP/XSIP/ISIP (Numbers in million)
3.90
CAGR 61%  3.41
3.09
2.83
2.57
2.34
2.11
1.76
1.50
Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20
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Transactions processed (Numbers in million)
18.10
CAGR 69%  14.29
12.81
12.18
10.64
9.73
8.66
6.89
6.32
Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20
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Business – Segment Update

BSE Star Mutual Fund Platform - Performance

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SIP and Others
Average Daily Number of Orders
226,206
71,848
CAGR 306% 
141,231
41,254
71,435 154,357
26,611
99,977
27,311
13,937
9,094 44,824
3,864
18,218
10,074
FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20
SIP Others
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Equity and Debt
Average Number of Orders
219,105
12,237
CAGR 101% 
137,384
6,390
206,868
69,869
5,064
130,993
26,613
2,598 64,804
13,531
1,176
24,015
12,355
FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20
Equity Debt
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Business – Segment Update

BSE Star Mutual Fund Platform - Performance

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Average Daily Number of Orders Mutual Fund Revenue
233,526 447
CAGR 105%  CAGR 127% 
290
145,214
69,229
99
26,143
13,280
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 FY17-18 FY18-19 FY19-20
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Exponential growth in number of orders

Steady non-linear increase in income

• Strong growth in revenue likely to continue over next few years aided by expected growth in distribution network, household savings and economic & demographical factors

• BSE Star MF becomes part of India’s largest online MF distribution platform at zero cost.

Orders Processed :

~ 7.00 million (March 2020)

29,900 mutual fund distributors registered until May 20, 2020

Quarterly Growth:

Mutual fund distributors  29% (Y-o-Y) Orders Processed  70% (Y-o-Y) Value of orders processed  27% (Y-o-Y)

15

Business – Segment Update

Services to Corporates - Performance

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Listing Fees (₹ million) Book Building & Other Services (₹ million)
CAGR 7%  1,881 1,880
1,776
431
300
420
1,446 496
1,382 100
433 340
CAGR 10%  252
240
1,580 187 102 58
1,461 165
1,280 44 331
1,042
1,013 53
182
143 150
112
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 FY15-16 FY16-17 FY17-18 FY18-19 FY19-20
Annual Listing Fee Listing processing and Other Listing fees Book Building Fees Other Services Fees
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Listing income stable with increasing bias due to incremental listings on the Exchange and fees increased during current financial year.

Other listing income subject to mild variation year on year based on increase in economic factors, number of new listings, corporate actions, etc.

16

Business – Segment Update

India International Exchange IFSC – Introduction

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• Equity Index Derivatives: Sensex and India 50

Asset Classes & Contracts

• Indian Stock Futures :

• Commodity Futures :

• 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

• Commodity Options : Gold

• Currency Derivatives: INR USD , USD INR , EUR USD, GBP USD and JPY USD

• Debt Securities:

• Masala Bonds, Foreign Currency Denominated Bonds

• Exchange Daily Trading Hours

Trading Hours

• 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)

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

• Access

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Business – Segment Update

India International Exchange IFSC – Performance

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BSE - CONFIDENTIAL Listings Business Performance (USD million)
36,944
11,370
19,500
2,500 13,418
25,574
7,418
17,000
6,000
FY 17-18 FY 18-19 FY 19-20
Medium Term Notes established on GSM
Debt Securities (Drawdowns and Standalone ) Listed on GSM
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During Q4 FY20, approx. 27% of Indian issuers of
Debt Securities in the international markets have
listed on India INX’s Global Securities Market.
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Since launch on May 08, 2020, India INX has achieved
average daily turnover of USD 55 million and USD 18
million in Rupee Dollar Futures and Options
respectively
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Marketshare
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MTN Programme Derivatives Trading
100% [@]
82%
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Bonds Listed
99% [#]
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99%[#] of the bonds listed in IFSC are listed on INDIA INX

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

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Business - Segment Update

India International Exchange IFSC

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Total Turnover (in USD Million) Number of Contracts Traded (in Million)
168,782
12.94
9,767
148,881 149,540 11.81 0.19
11.39
CAGR 192%  12,232 9,869 CAGR 225%  0.26 0.21
120,281
9.15
10,947
0.26
159,015 12.75
62,952 136,649 139,671 4.86 11.55 11.19
9,209 0.22
109,334 8.89
53,743 4.64
Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20
Index Derivatives Commodity Derivatives Index Derivatives Commodity Derivatives
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India INX is the dominant IFSC Exchange in GIFT city with market share of 82% in derivatives trading and 100% in bond listing for Q4 FY1920 .

ICICI Bank has invested

• 7.71% in India INX - 9.90% in India ICC

Highest Volume in a day 4,05,544 Traded contracts on 25th July 2019

Highest Turnover in a day $ 4.91 Billion on 25th July 2019

19

Business - Segment Update

BSE Ebix

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Cross 500 certified Point of
Issued more than more than 200
Sales (POS)
policies
02
167 policies were issued in ₹ 6.68 lakhs premium collection
March, 2020 was done in March, 2020
Electronic Book
Trades
Collected highest ever Highest ever fresh premium 03
premium of ₹ 1.10 lakhs in collection of
single day on March 16, 2020 ₹ 6.18 lakhs
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Business

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Global Rankings

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Currency
13 [th] highest Market 3 [rd] largest
Futures
globally with Capitalization Traded globally with
$ 1.50 trillion Volume 42.04 million#
Electronic Book Currency Options
Trades Traded Volume
Number of
11 [th] largest Listed Companies Highest globally
globally with with 21.89
40.5 million# million#
Highest globally
with Data as on March 2020
5,539 # Data for the month of March 2020
Source: BSE/WFE
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*Data as on March 2020 # Data for the month of March 2020 Source: BSE/WFE

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Business

Marketshare

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Red Ocean Businesses
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Blue Ocean Businesses
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73%
38%
33%
7%
20%
Companies/ Currency Interest Rate Debt/ Fixed Equity Cash
3
Securities Listed Derivatives Derivatives Income
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82%
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80%
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61%
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53%
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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 Q4 FY20

1 Marketshare in Mutual Fund StAR Platform based on the value of purchase / redemption orders executed during Q4 FY20

2 Marketshare in SME Segment represents number of companies listed in SME segment during Q4 FY20 3 As on March 31, 2020

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Commodity Derivatives includes Gold, Silver,
Copper, Oman Crude Oil, Guar Gum, Guar
Seed, Cotton, Turmeric for trading
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BSE Ebix Insurance Broking Private Limited, has successfully Beta Launched on February 07, 2020

Power Exchange jointly promoted with Power Trading Corporation & ICICI Bank*

*Subject to Regulatory Approvals

22

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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Key Growth Drivers & Other Initiatives

Key Growth Drivers

Inter-operability of Clearing Corporations

International Exchange

Mutual Fund

• Can lead to increase in arbitrage turnover due to clearing of all trades by any one clearing corporation

• Savings in cost and convenience

• Several amendments made vide The Finance (No. 2) Act, 2019 in tax laws to encourage foreign participation in International Exchanges at IFSC

• Strong network of intermediaries

• Good network connectivity across country

• Can lead to increase in turnover due to implementation of best price execution software implementation by various brokers

• Increasing household incomes

• Unified Regulator to be set up, The International Financial Services Centres Authority Bill, 2019 passed by Parliament

• Increasing financial savings

• Can lead to turnover in equity derivatives also.

• On May 08, 2020 honourable Finance Minister Smt. Nirmala

• Fully Operational as per following dates

• Sitharaman inaugurated Rupee –

• Equity - 15[th] July 2019

• Dollar futures and options

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- Equity Derivatives - 29 [th] July 2019 contracts
- Currency Derivatives – 05 [th] August
2019
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

Other Initiatives

Insurance Broking

• Set up JV named BSE Ebix Insurance Broking Private Limited with Ebix to provide insurance broking services

• Approval received for composite broking licence from Insurance Regulatory Development Authority of India

• Successfully Beta Launched on February 07, 2020

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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

• Launched Commodity Derivatives from October 1, 2018

• Commodities futures

• available for trading includes Gold, Silver, Copper, Oman Crude Oil, Guar Gum, Guar Seed, Cotton and Turmeric.

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BSE Bond Platform

• Over ₹ 1,112 billion of privately placed debt was raised on BSE BOND platform through 149 issues in Q4 FY20

• 452 issuers successfully

• raised over ₹ 2.49 lakh crore with 58% market share on Bond Platform 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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Linked to Market Activity Recurring

Financial Highlights & Investor Information Consolidated Profit & Loss

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(₹ in million)

Sr. No.	Particulars	Mar’20 Quarter	Dec’19 Quarter	Mar’19 Quarter	**FY 2019-20 **	FY 2018-19
1.	Revenue from Operations	1,196	1,099	1,157	4,505	4,503
2.	Other Income	362	388	559	1,795	2,184
3.	Total Income (1+2)	1,558	1,487	1,716	6,300	6,687
4.	Operating Expenses	1,150	1,155	1,133	4,517	4,210
5.	EBITDA (3-4)	408	332	583	1,783	2,477
6.	EBITDA Margin (5/3 in %)	26%	22%	34%	28%	37%
7.	Non-recurring expenses	187	36	0	223	0
8.	Non-operating expenses	224	209	212	792	780
9.	Profit before tax, exceptional items and share of associates (6-7-8)	(3)	87	371	768	1,697
10.	Exceptional items	0	320	105	320	238
11.	Profit from associates	66	57	87	267	292
12.	Taxes	82	15	44	149	234
13.	Net Profit (9+10+11-12)	-19	449	519	1,206	1,993
14.	Net profit attributable to shareholders	-13	456	519	1,223	1,993
15.	Net profit (excl. non-recurring and exceptional items)	174	172	414	1,126	1,755

28

Financial Highlights & Investor Information

Standalone Profit & Loss

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(₹ in million)

Sr. No.	Particulars	Mar’20 Quarter	Dec’19 Quarter	Mar’19 Quarter	**FY 2019-20 **	FY 2018-19
1.	Revenue from Operations	995	931	976	3,786	3,798
2.	Other Income	310	318	494	1,635	2,139
3.	Total Income (1+2)	1,305	1,249	1,470	5,421	5,937
4.	Operating Expenses	956	985	914	3,825	3,419
5.	EBITDA (3-4)	349	264	556	1,596	2,518
6.	EBITDA Margin (5/3 in %)	27%	21%	38%	29%	42%
7.	Non-recurring expenses	187	36	0	223	0
8.	Non-operating expenses	157	143	154	537	570
9.	Profit before tax, exceptional items and share of associates (6-7-8)	5	85	402	836	1,948
10.	Exceptional items	0	916	105	916	238
11.	Profit from associates	0	0	0	0	0
12.	Taxes	(11)	16	68	15	175
13.	Net Profit (9+10+11-12)	16	985	439	1,737	2,011
14.	Net profit attributable to shareholders	16	985	439	1,737	2,011
15.	Net profit (excl. non-recurring and exceptional items)	203	105	334	1,044	1,773

29

Financial Highlights & Investor Information

Financial Overview

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(₹ in million)
Consolidated Key Performance Indicators
20% 36% 31% 28% 19%
6,701 6,989 6,875
6,183 6,300
2,206 2,148 1,942
1,329 1,223
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20
Total Revenue Net Profit Net Margin
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* Net profit from continuing operation

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Consolidated Earnings per share (₹) [Continuing operations]
40.41 39.37
36.78
24.35 24.57
FY15-16 FY16-17 FY17-18# FY18-19 FY19-20
# Restated EPS
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(₹ in million)
Standalone Key Performance Indicators
21% 36% 87% 33% 32%
6,510
6,124
5,509 5,640 5,421
5,159
1,986 2,011
1,737
1,061
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20
Total Revenue Net Profit Net Margin
Standalone Earnings per share (₹)
45.51
38.08
36.39 35.37
24.16
FY15-16 FY16-17 FY17-18# FY18-19 FY19-20
# Restated EPS
30
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Financial Highlights & Investor Information Financial Overview (cont’d)

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Consolidated Net-worth (₹ million) Standalone Net-worth (₹ million)
27,743
26,262
30,749
24,290
29,286
22,536
21,650
26,255
25,229
24,251
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 FY15-16 FY16-17 FY17-18 FY18-19 FY19-20
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100 Dividend per share (₹) & Pay-out Ratio 140%
80 87% 93% 95% 97% 95%
74% 90%
60
36.0
40 28.0 30.0
40%
15.0 17.0
20 10.0
- -10%
FY14-15 FY15-16 FY16-17 FY17-18 FY18-19 FY19-20
Dividend Per Share Dividend Payout Ratio
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Figures as per restated IGAAP financials for FY12-13 to FY14-15 and Ind-AS financials for FY15-16 onwards # Dividend pay-out ratio is calculated based on Standalone Profit

31

Business

Shareholding Pattern

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SHAREHOLDING PATTERN
Others
53% Trading Members
15%
Banks
4%
Financial
Institution
6%
Mutual Funds
FDI / FII / FPI
2%
20%
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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%
State Bank of India		2.39%
Siddharth Balachandran		1.99%
Jupiter Asset Management		1.90%
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
27-04-18 27-05-18 27-06-18 27-07-18 27-08-18 27-09-18 27-10-18 27-11-18 27-12-18 27-01-19 27-02-19 27-03-19 27-04-19 27-05-19 27-06-19 27-07-19 27-08-19 27-09-19 27-10-19 27-11-19 27-12-19 27-01-20 27-02-20 27-03-20 27-04-20
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MARKET DATA
Market Capitalization (₹ Mn)	19,324.43
Price (₹)	429.20
No. of Shares Outstanding	4,50,24,297
Face Value (₹)	2.00
Avg. Qtrly Trading Volume (₹ Mn)	82.23
Avg. Qtrly Trading Volume (Mn shares)	0.18
52 week High-Low (₹)	627.00 – 275.00

Paid up Capital ₹ 90.04 million | Face Value per share ₹ 2/- each

*as per BENPOS as on March 31, 2020

Market data as at May 18, 2020

32

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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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