BSE Limited — Investor Presentation 2020

Nov 7, 2020

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Date: November 7, 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 – November 2020

Dear Sir/Madam,

With reference to above captioned subject, please find attached herewith Investor presentation – November 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 - CONFIDENTIAL

BSE Limited

Investor Presentation – November 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, NSE IFSC Limited and MF Utilities India Pvt Ltd. 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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3

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~~ Shri T. C. Suseel Kumar Shareholder Director Joined BSE Board from 2020 ❖Managing Director of Life Insurance Corporation of India since March 2019 ❖Played a key role in redefining the business proposition of the Corporation that earned the LIC ‘Best Life Insurer Award’ by many leading agencies during the year 19-20		Shri T. C. Suseel Kumar Shareholder Director Joined BSE Board from 2020		❖Managing Director of Life Insurance Corporation of India since March 2019 ❖Played a key role in redefining the business proposition of the Corporation that earned the LIC ‘Best Life Insurer Award’ by many leading agencies during the year 19-20
			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

◼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

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◼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 and associate companies 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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	29,963 40,252 44,023 31,274 26,757 25,635 37,031 FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 H1 FY20 H1 FY21 Average Daily Turnover (₹ million)			419 558 599 600 467 265 267 112 616 842 351 211 108 156 531 1,174 1,442 951 678 373 423 Transaction Charges Income (₹ million)
				FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 H1 FY20 H1 FY21 Normal Rate Special Rate

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 6 quarters performance
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Average Daily Turnover (₹ million)
784,424
2 60 4,748 36,394 39,147
Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21
Average Daily Number of Contracts Traded
884,160
2 75 4,683 37,367 46,086
Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21
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Highest turnover in SENSEX 50 contract of ₹ 2,432
billion on November 05, 2020
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Last 4 month performance
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Average Daily Turnover (₹ million)
1,615,482
1,239,348
880,056
261,962
Jul-20 Aug-20 Sep-20 Oct-20
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Average Daily Number of Contracts Traded
1,793,919
1,354,772
1,018,624
311,240
Jul-20 Aug-20 Sep-20 Oct-20
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Exemptive Relief under CFTC Regulation 30.10 to
designated members of BSE
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9

Business – Segment Update

Currency Derivatives – Performance

Average Daily Turnover (₹ million)

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CAGR (2016-2020) 302,707 301,989
288,157
26% 
170,753 192,111
182,891 170,753 188,526
131,060
114,212 100,932 110,820
37,751 56,356
131,954 117,404 113,463
76,461 74,704 81,959 81,291
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 H1 FY20 H1 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
33
27
16
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 H1 FY20 H1 FY21
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Average Daily Number of Contracts Traded (million)

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CAGR (2016-2020) 4.33 4.31
22%  3.89
2.86 2.45 2.70 2.56
2.24
1.95
1.74 1.58
1.48
0.58 0.84
1.88
1.65 1.62
1.16 1.11 1.27 1.08
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 H1 FY20 H1 FY21
Currency Futures Currency Options
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Decrease in Currency Derivative Segment volumes due to –
•
Restricted Bank timings for trading up to 02:00 p.m. due to
COVID-19.
•
Mergers of Nationalised Banks.
•
Third party Trading software issues post interoperability.
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10

Business – Segment Update

Commodity Derivatives – Performance

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Average Daily Turnover (₹ million)

30,744

First exchange to have delivered Gold under BSE-BIS India Good Delivery Standard on its commodity platform

Commodity Options in GoldM and SilverKG launched on June 1, 2020

30,644

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1,110
5,127
2,818 2,308 2,384 2,106 1,601 78
2,817 1,571 967 270 72 189 4,548
1 737 1,411 1,836 1,528 843 579 100
Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21
Agri Energy Bullion Base Metal
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Within a span of five months “Options on Goods” contracts has achieved a market share of 7.05%

Marketshare * : Gold Contracts - 30.98% Gold Mini contract - 57.32% * For the month of October

Launched world’s only Almond Future Contracts on June 22, 2020 Priced and delivered 29,000 kgs of Almond in Shell

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Second Largest Commodity Derivatives Exchange in India
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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
39.6
Million 10,178
Number of
Number of distributors
who can transact 68,587 Over 675 cities/towns covered
Data as on 31 [st] October 2020
Average Daily Value of Orders (₹ million) Mutual Fund Revenue
447
CAGR (2016-2020)
50% 
290
11,445
237
9,082 179
8,514
99
6,476
4,790
2,996
1,791
FY17-18 FY18-19 FY19-20 H1 FY20 H1 FY21
FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 H1 FY20 H1 FY21
The above revenue figures consider effect of changes in rates.
Based on orders received
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Business – Segment Update

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BSE Star Mutual Fund Platform – Order Breakup

SIP and Others

Equity and Debt

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Average Daily Number of Orders
308,007
42,443
CAGR (2016-2020)
101% 
226,205
20,851 198,229
17,273
141,231
10,806 265,564
205,354
71,435 180,956
6,909 130,425
13,936 27,311
3,365 64,526
1,619
23,946
12,318
FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY 19-20 H1 FY20 H1 FY21
Equity Debt and Others
Based on orders processed
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Average Daily Number of Orders
308,007
CAGR (2016-2020)
101%  104,153
226,205
198,229
71,848
58,783
141,231
41,254
203,854
71,435
154,357
139,446
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 H1 FY20 H1 FY21
SIP Others
Based on orders processed
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•
Number of order processed has grown by 56% in Q2 FY20 as
compared to Q2 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 1,580 775 738 433 340 496 420 300 112 125 FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 H1 FY20 H1 FY21 Listing Fees (₹ million) Annual Listing Fee Listing processing and Other Listing fees 887 1,446 1,382 1,776 1,881 863 1,880 CAGR (2016-2020) 7%			112 143 331 150 182 92 151 53 44 100 102 58 27 19 165 187 431 252 239 119 170 Book Building & Other Services (₹ million) CAGR (2016-2020) 10%
				FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 H1 FY20 H1 FY21 Book Building Fees Other Services Fees

• 65 Securities has been listed during H1 FY21 as compared to 66 securities during H1 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
9.90%
90.10%
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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MTN Programme [] Bonds Listed []
Derivative Trading []
100% [@]
80% 99% [#]
100% [@] of MTN established in IFSC are established Data as on September 2020 99% [#] of the bonds listed in IFSC are listed on INDIA
with INDIA INX INX
Listing Business Performance (USD million)
36,944
11,370
19,500 Average daily turnover of Rupee Derivative
2,500
13,418
contracts in September 2020 was USD 26.47
25,574
4,900
7,418
17,000 750 million.
2,900
6,000 750
2,000
FY 17-18 FY 18-19 FY 19-20 Q2 FY20 Q2 FY21
Debt Securities (Drawdowns and Standalone ) Listed on GSM Medium Term Notes established on GSM
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* MTN upsize

17

Business - Segment Update

India International Exchange IFSC

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Total Turnover (in USD Million)

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206,452
5,446
12,826
168,782
148,881 149,540 9,767
130,359
12,232 9,869
14,415
11,233
188,179
159,015
136,649 139,671
104,711
Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21
Index Derivatives Commodity Derivatives Currency Derivatives
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Number of Contracts Traded (in Thousands)

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16,639
545
210
12,940
11,809 11,394 193 - 12,071
259 - - 1,480
208
204
15,884
12,747
11,550 11,186
10,387
Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21
Index Derivatives Commodity Derivatives Currency Derivatives
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India INX cumulative Turnover crossed $ 1.14 Trillion (INR 84 Trillion approx.) as on September 30, 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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6597 Policies issued
till November 5, 2020
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19

Business - Segment Update

BSE Ebix Insurance Broking

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Total Premium Collected (₹ million) Total Policies Collected
4.11
2190
3.05
2.85 1591
2.41 2.44
831
1.44
497 515
0.76 443
0.65
223
164
0.22
68
Feb Mar Apr May June July Aug Sep Oct Feb Mar Apr May June July Aug Sep Oct
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- Introduction of “Corona Kawach” product helped us to reach out to larger crowd and get maximum policies
- In the month of September highest ever policies were sold i.e. 2,190
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20

Business

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Global Rankings

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Currency
9 [th] highest Market 4 [th] largest
Futures
globally with Capitalization Traded globally with
$ 2.11 trillion Volume 25.79 million#
Electronic Book Currency Options
Trades Traded Volume
Number of
8 [th] largest Listed Companies 2 [nd] largest
globally with globally with
40.3 million# 32.58 million#
Highest globally
with
Data as on September 2020
5,594 # Data for the month of September 2020
Source: BSE/WFE
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*Data as on September 2020 # Data for the month of September 2020 Source: BSE/WFE

21

Business

Marketshare

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Red Ocean Businesses
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74%
43%
30%
18% 4% 6%
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Companies/ Currency Interest Rate Equity Debt/ Fixed Equity Cash Securities Derivatives Derivatives Derivatives Income 3 Listed

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Blue Ocean Businesses
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78% 79%
61%
52%
7%
StAR MF 1 SME 2 Commodity BSE Bond India INX
Derivatives
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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 Q2 FY21

1 Marketshare in Mutual Fund StAR Platform based on the value of purchase / redemption orders executed during Q2 FY21

2 Marketshare in SME Segment represents number of companies listed in SME segment as on September 30, 2020 3 As on September 30, 2020

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Recent Initiatives
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Insurance Broking
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*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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23

Key Growth Drivers & Other Initiatives

Key Milestones – The transformation over time

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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
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• 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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24

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 highest traded value crossing ₹ 2,432 billion on November 05, 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

Power Exchange

Insurance Broking

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

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

• Continuous growth of Point of Sales

• Product diversification

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

• Software integration with various insurance companies

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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 ₹ 838 billion of debt was raised on BSE BOND platform through 251 issues in Q2 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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26

Index

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About BSE
1.
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2. Business
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4. Financial Highlights & Investor Information

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27

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	Sep’20 Quarter	Jun’20 Quarter	Sep’19 Quarter	H1 FY 2020-21	H1 FY 2019-20	FY 2019-20
1.	Transaction Charges	304	303	270	607	618	1,131
2.	Treasury Income on Clearing and Settlement Funds	75	69	56	144	130	229
3.	Other Securities Services	127	91	68	218	113	330
4.	Securities Services (1+2+3)	506	463	394	969	861	1,690
5.	Services To Corporates	617	416	515	1,033	1,007	2,122
6.	Other Operating Income	131	153	180	284	342	693
7.	Revenue From Operations (4+5+6)	1,254	1,032	1,089	2,286	2,210	4,505
8.	Income From Investments and Deposits	245	544	451	789	942	1,587
9.	Other Income	105	45	56	150	104	208
10.	Total Income (7+8+9)	1,604	1,621	1,596	3,225	3,256	6,300
11.	Employee Expenses	363	376	392	739	768	1,512
12.	Technology Cost & Technology Program	223	262	289	485	588	1,176
13.	Admin & Other Expenses	445	472	492	917	884	2,132
14.	Total Operating Expenses (11+12+13)	1,031	1,110	1,173	2,141	2,240	4,820

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

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(₹ in million)

Sr. No.	Particulars	Sep’20 Quarter	Jun’20 Quarter	Sep’19 Quarter	H1 FY 2020-21	H1 FY 2019-20	FY 2019-20
15.	EBITDA (10-14)	573	511	423	1,084	1,016	1,480
16.	EBITDA Margin (15/10 in %)	36%	32%	27%	34%	31%	23%
17.	Non-operating Expenses_*_	261	214	169	475	331	712
18.	Profit Before Tax, Exceptional Item And Share Of Associates (15-17)	312	297	254	609	685	768
19.	Exceptional Items	-145	-	-	-145	-	320
20.	Profit From Associates	101	101	73	202	143	267
21.	Tax Expenses	-192	73	-36	-119	52	149
22.	Net Profit (18+19+20-21)	460	325	363	785	776	1,206
23.	Net Profit Margin (22/10 in %)	29%	20%	23%	24%	24%	19%
24.	Net Profit Attributable To Shareholders	468	332	367	800	780	1,223

* Non Operating Expenses includes Depreciation, Finance Cost and LES

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Financial Highlights & Investor Information Standalone Profit & Loss

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							(₹ in million)
Sr. No.	Particulars	Sep’20 Quarter	Jun’20 Quarter	Sep’19 Quarter	H1 FY 2020-21	H1 FY 2019-20	FY 2019-20
1.	Securities Services	372	357	311	729	698	1,352
2.	Services To Corporates	617	416	515	1,032	1,007	2,119
3.	Data Dissemination Fees	86	80	79	166	155	315
4.	Revenue From Operations (1+2+3)	1,075	853	905	1,927	1,860	3,786
5.	Income From Investments And Deposits	279	473	477	753	897	1,396
6.	Other Income	113	55	61	168	110	239
7.	Total Income (4+5+6)	1,467	1,381	1,443	2,848	2,867	5,421
8.	Employee Expenses	220	231	242	451	481	939
9.	Technology Cost & Technology Program	267	308	326	575	660	1,309
10.	Admin & Other Expenses	402	364	434	766	769	1,880
11.	Total Operating Expenses (8+9+10)	889	903	1,002	1,792	1,910	4,128

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

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(₹ in million)

Sr. No.	Particulars	Sep’20 Quarter	Jun’20 Quarter	Sep’19 Quarter	H1 FY 2020-21	H1 FY 2019-20	FY 2019-20
11.	Total Operating Expenses (8+9+10)	889	903	1,002	1,792	1,910	4,128
12.	EBITDA (7-11)	578	478	441	1,056	957	1,293
13.	EBITDA Margin (12/7 in %)	39%	35%	31%	37%	33%	24%
14.	Non-operating Expenses*	178	133	107	311	210	457
15.	Profit Before Exceptional Item and Tax (12-14)	400	345	334	745	747	836
16.	Exceptional Item	-145	-	-	-145	-	916
17.	Tax Expenses	-32	22	-58	-10	11	15
18.	Net Profit After Tax (15+16-17)	287	323	392	610	736	1,737
19.	Net Profit Margin (18/7 in %)	20%	23%	27%	21%	26%	32%

* Non Operating Expenses includes Depreciation and LES.

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Financial Highlights & Investor Information Financial Overview

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(₹ in million)
Consolidated Key Performance Indicators
20% 36% 31% 28% 19% 24% 25%
6,701 6,989 6,875
6,183 6,300
3,256 3,225
2,206 2,148 1,942
1,329 1,223
780 800
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 H1 FY20 H1 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
17.14
14.81
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 H1 FY20 H1 FY21
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(₹ in million)
Standalone Key Performance Indicators
21% 36% 87% 33% 32% 26% 21%
6,510
6,124
5,509 5,640 5,421
5,159
2,867 2,848
1,986 2,011
1,737
1,061 736 610
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 H1 FY20 H1 FY21
Total Revenue Net Profit Net Margin
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Standalone Earnings per share (₹)
45.51
38.08
36.39 35.37
24.16
14.05 13.32
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 H1 FY20 H1 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 24,270 24,290
22,536
21,650 21,503
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 H1 FY21 FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 H1 FY21
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

34

Business

Shareholding Pattern

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SHAREHOLDING PATTERN
Others Trading Members
57% 15%
Banks
4%
Financial
Institution
5%
FDI / FII / FPI
Mutual Funds
16%
3%
Banks includes bank which are trading members
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	SOME KEY SHAREHOLDERS
Life Insurance Corporation of India		5.61%
Acacia Partners, LLC		4.90%
Siddharth Balachandran		2.58%
State Bank of India		2.39%
Jupiter Asset Management Chanakya Capital Partners		1.88% 1.85%
Akshay Vasantlal Mehta		1.69%
Zerodha Broking		1.63%
Caldwell India Holdings Inc		1.44%
MSPL Limited		1.33%

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CLOSING PRICE
Closing Price
MARKET DATA
Market Capitalization (₹ Mn) 24,572
Price (₹) 545.75
No. of Shares Outstanding 4,50,24,297
Face Value (₹) 2.00
Avg. Qtrly Trading Volume (₹ Mn) 260.75
Avg. Qtrly Trading Volume (Mn shares) 0.49
52 week High-Low (₹) 608.00 – 275.00
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 27-05-20 27-06-20 27-07-20 27-08-20 27-09-20
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Paid up Capital ₹ 90.04 million | Face Value per share ₹ 2/- each

Market data as at September 30, 2020

35

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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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