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BSE Limited Investor Presentation 2023

Aug 9, 2023

60293_rns_2023-08-09_52e4e9bb-0eb5-4166-b1dd-271e1f3b8cdf.pdf

Investor Presentation

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BSE - PUBLIC

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August 9, 2023

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 – Q1 FY24

Dear Madam/Sir,

With reference to above captioned subject, please find attached herewith Investor Presentation – Q1 FY24.

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

VISHAL Digitally signed by VISHAL KAMALAK KAMALAKSHA BHAT SHA BHAT Date: 2023.08.09 18:21:35 +05'30'

Vishal Bhat Company Secretary and Compliance Officer

Encl: a/a

Registered Office: BSE Limited, Floor 25, P J Towers, Dalal Street, Mumbai - 400 001, India. T: +91 22 2272 1234/33 | E: [email protected] www.bseindia.com | Corporate Identity Number : L67120MH2005PLC155188

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BSE - PUBLIC

INVESTOR PRESENTATION Q1 FY24

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Disclaimer

  • 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 the purpose of comparison, following stock exchanges are considered – National Stock Exchange of India Limited, Metropolitan Stock Exchange of India Limited, NSE IFSC Limited, Indian Commodity Exchange Limited, Multi Commodity Exchange of India Ltd 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.

BSE - PUBLIC

2

Index

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1. About BSE
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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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BSE - PUBLIC

3

About BSE – Board & Management Team

Board of Directors

Name Bio Shri S. S. ◼Former Deputy Governor, Reserve Bank of Mundra India Chairman & ◼Former Chairman & Managing Director of Bank Public Interest of Baroda Director On BSE Board since 2018

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  • Shri David ◼Former General Secretary of IOSCO (2012- Wright 2016), former Deputy Director-General for Securities and Financial Markets at the EU

  • Public Interest Commission.

Public Interest Director

◼From March 2000 – October 2010 he was first On BSE Board Director, then Deputy Director-General for since 2018 securities and financial markets

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Name Bio Shri Sundararaman ◼Diverse experience of 38+ years in Indian financial Ramamurthy and banking system ◼Prior to joining BSE, he was the MD & COO in Managing Director & CEO Indian arm of Bank of America ◼SeniorSenior member of NSE since its inception, where Took charge in Jan he was responsible for significant transformation 2023

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  • ◼SeniorSenior member of NSE since its inception, where he was responsible for significant transformation of the Indian capital markets for over 20 years

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Justice Shiavax Jal Vazifdar

  • ◼Retired Chief Justice of the Punjab & Haryana High

  • Public Interest ◼Practiced as advocate in the Bombay High

  • Director Court

On BSE Board since ◼Appointed Additional Judge of High Court in 2022 2001

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BSE - PUBLIC

4

About BSE – Board & Management Team

Board of Directors

Name Bio Shri Umakant ◼28 years Cross functional experience in Global Jayaram Investment Banking, Finance Planning & Public Interest Analysis, Risk Consulting / Business Director transformation On BSE Board since 2019 Sushri ◼Managing Director, Shree Mahila Sewa Jayshree Vyas Sahakari Bank, Ahmedabad ◼In the year 2001, financial literacy programme Public Interest was introduced in Sewa Bank, first of its kind Director in India – at initiative of Ms. Jayshree Vyas On BSE Board since 2019

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

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Name Bio Prof. Subhasis ◼Director of IIT Bombay and K.N. Bajaj Chair Chaudhuri Professor, Dept. of Electrical Engineering ◼He has 110 journal publications and over 240 Public Interest Director conference presentations, has authored 7 monographs and 13 National/International On BSE Board since Patents 2022 Dr. Padmini ◼Faculty in the Finance and Accounting Area at the Srinivasan Indian Institute of Management, Bangalore (IIMB) Public Interest ◼Chairperson Centre for Corporate Governance Director and Citizenship. On BSE Board since ◼PhD from the National Law School of India, Fellow 2023 member of the ICAI, and an Associate Member of the ICSI

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BSE - PUBLIC

5

Name
Bio
About BSE – Board & Management Team
Management Team		 Name
Bio
About BSE – Board & Management Team
Management Team		 Name
Bio
About BSE – Board & Management Team
Management Team		 Name
Bio
About BSE – Board & Management Team
Management Team		 Name
Bio
About BSE – Board & Management Team
Management Team		 Name
Bio		 Name
Bio		 Name
Bio		 Name
Bio
Name
Shri Sameer Patil
Chief Business Officer
With BSE since 2015		 ◼Instrumental in setting up and responsible for Business
Development of INDIA INX at GIFT CITY IFSC
◼More than 2 decades of experience in capital market
segments such as Commodities, Currency, Indices etc.
◼Experienced in Trading & Hedging Strategies, Product
Design and Business Development
◼Associated with MCX during inception for more than a
decade as Senior Vice President		 Shri Nayan Mehta
Chief Financial
Officer
With BSE since
2012		 ◼Experience of over three decades, earlier worked at
Credit Analysis & Research as Joint General Manager
(Accounts), and as CFO at Multi Commodity Exchange
of India
◼Represents BSE on the Boards of group and associate
companies
◼Worked at the NSE
Smt Kamala K
Chief Regulatory
Officer
With BSE since 2023		 ◼Three
decades
of
wide
experience
with
Market
Intermediaries
in
areas
including
risk,
operations,
compliance, regulations and governance
◼Prior to joining BSE, she was Dy. COO at Edelweiss
Financial Services.
◼She has also worked with NSE, IL&FS investmart among
others etc.
Shri Girish Joshi
Chief Trading
Operations and
Listing Sales
With BSE since 2010		 ◼Worked with ICICI Bank Group for a decade in various
areas
like
ICICIDirect.com,
Treasury
Mid
Office,
Regulatory Reporting and Monitoring at CFO office
◼One of the earliest core team members involved in the
set-up of NSE
◼During 7 years at NSE he worked in Wholesale Debt
Market and post trade functions
BLIC Shri Khushro
Bulsara
Chief Risk Officer
With BSE since 1996		 6
◼Experience of over three decades, has worked in several
departments of the Exchange such as Surveillance,
Inspection, Clearing & Settlement, Debt, Derivatives,
Mutual Fund business and Listing Compliance.
◼Responsible for setting up the Exchange’s popular
Mutual Fund platform called StAR MF in 2009
◼He also heads the Investors Protection Fund of BSE
Shri Subhash Kelkar
Chief Information
Officer
With BSE since 2023		 ◼Worked with ICICI Securities, CMS, IIFL & Club Mahindra
prior to joining BSE.
◼More than 3 decades of extensive technology and service
industry in various strategic and leadership roles.
◼Expert in creating and implementing Tech Strategy,
website/mobile applications design & development, data
analytics, infrastructure & cloud migrations as also
cybersecurity.
BSE - PU

About BSE Business – Overview

BSE Group

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100 100 100 100 100 51.22 15 59.93 61.93 100
Central India
Indian BSE BSE India
BSE BFSI Sector Depository International BSE CSR
BSE Institute Clearing Administration Technologies International
Investments Skill Council Services Clearing Integrated
Limited Corporation & Supervision Private Exchange
Limited of India (India) Corporation Foundation
Limited Limited Limited Limited
Limited Limited
100 100 24 10 100
BSE Institute of
India INX Global
BSE Tech Infra CDSL Commodity India
Research
Access IFSC Limited
Services Private Repository Limited International
Development &
Limited Bullion Holding
Innovation 10
BSE EBIX Insurance 40 IFSC Limited^ India International
Bullion Holding IFSC
51 40 Broking Private
BIL – Ryerson BSE EBIX Limited Limited^
Technology Startup Insuretech
Incubator Foundation Private Limited 22.62
Hindustan Power
Exchange Limited
Joint Venture
Open Network for 5.56 50
Digital Commerce
^India International Bullion Exchange IFSC Limited is a wholly owned subsidiary of Asia Index Pvt Ltd
60
India International Bullion Holding IFSC Limited BSE E-Agricultural
CDSL Ventures Ltd, CDSL Insurance Repository Ltd. & CDSL Commodity Repository Markets Limited
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^India International Bullion Exchange IFSC Limited is a wholly owned subsidiary of India International Bullion Holding IFSC Limited

*CDSL Ventures Ltd, CDSL Insurance Repository Ltd. & CDSL Commodity Repository Limited are Group companies of CDSL

BSE - PUBLIC

7

Holding as on June 30, 2023

About BSE Business – Overview

BSE at a Glance

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Market Capitalization of Registered Equity Cash Funds SME’s Start Ups BSE Listed Companies Investors ADTV (Q1 FY24) Mobilized (Q1 FY24) Listed Listed USD 3.61 Trillion 135 million+ Rs. 40,245 million Rs. 4.39 Trillion 441 14 Mutual Funds Mutual Funds Cities Mutual Fund Insurance Insurance Premium Registered Transactions (Q1 FY24) covered Distributors Distributors (Q1 FY24) 41 82.74 million 731 75,343 13,857 Rs. 169 million Members Consolidated EPS – Cons. Net Worth – Cons. Revenue – Cons. EBITDA Margin – Cons. Net Margin – Registered Q1 FY24 Q1 FY24 Q1 FY24 Q1 FY24 Q1 FY24 1,292 Rs. 5.47 Rs. 31,428 million BSE - PUBLIC Rs. 2,712 million 33% 27% Market data as of June 30, 2023

8

About BSE Business – Overview

Diversified Lines of Business ..

  • Equity

  • Debt

  • Equity Derivatives

  • • Currency Derivatives

  • • Commodity Derivatives

  • • SME & Startups

  • • Interest Rate Futures • Spot Markets

  • Equity Listing

  • • Listing of Debt Securities

  • Mutual Fund Listing

  • • Listing of Commercial Papers

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  • Mutual Funds

  • • Book-building services for IPO

  • • Offer to Buy

  • • Offer for Sell

  • • New Bond platform

  • • Insurance

  • Data feed

  • Index Services

  • Software Services

  • • Training Services

BSE - PUBLIC

9

About BSE Business – Overview

..Reflected in Revenue Stream

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Consolidated ( ₹ million)
768
714
708
660
603
538
477
440
350
332 348 320
249
229
222
199
187
60
Transaction Services To Other Treasury Other Income From
Charges Corporates Revenue Income Securities Investments
Services
June’23 Mar’23 June’22
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Standalone (₹ million)

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768
751
707 714
687
606
339
223
136 141
108 108
97
60
2
Securities Services To Data Income From Other Income
Services Corporates Dissemination Investments
Fees
June’23 Mar’23 June’22
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BSE - PUBLIC

10

Index

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1. About BSE
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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BSE - PUBLIC

11

Business – Segment Update

Product Differentiation at BSE

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Over 700+ scrips available at 1 paise tick size

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Available only at BSE Tighter Bid-Ask Spreads Buy and sell at better prices & reduce impact cost

Hedge risks with Sensex and Bankex Lower lot size for S&P BSE Sensex & S&P BSE Bankex Unique Friday Expiry as compared to traditional Thursday Competitive transaction charges

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10 Paise Strike Intervals available only at BSE

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Additional Strike Intervals of 10 Paise for USDINR Contracts 61 CE & 61 PE contracts for trade Reduced strike price increases flexibility for investors

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BSE - PUBLIC

12

Business – Segment Update
Equity Cash - Performance
31,274
26,757
41,971
53,961
41,320
40,569
40,245
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
Q1 FY23
Q1 FY24
Average Daily Turnover(₹ million)		 Business – Segment Update
Equity Cash - Performance
31,274
26,757
41,971
53,961
41,320
40,569
40,245
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
Q1 FY23
Q1 FY24
Average Daily Turnover(₹ million)		 Business – Segment Update
Equity Cash - Performance
31,274
26,757
41,971
53,961
41,320
40,569
40,245
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
Q1 FY23
Q1 FY24
Average Daily Turnover(₹ million)		 Business – Segment Update
Equity Cash - Performance
31,274
26,757
41,971
53,961
41,320
40,569
40,245
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
Q1 FY23
Q1 FY24
Average Daily Turnover(₹ million)		 Business – Segment Update
Equity Cash - Performance
31,274
26,757
41,971
53,961
41,320
40,569
40,245
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
Q1 FY23
Q1 FY24
Average Daily Turnover(₹ million)		 Business – Segment Update
Equity Cash - Performance
31,274
26,757
41,971
53,961
41,320
40,569
40,245
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
Q1 FY23
Q1 FY24
Average Daily Turnover(₹ million)		 458
467
616
891
705
167
176
351
211
390
1,130
820
201
216
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
Q1 FY23
Q1 FY24
Transaction Charges Income (₹ million)
Normal Rate
Special Rate
809
678
2,021
1,006
1,525
368
392
31,274
26,757
41,971
53,961
41,320
40,569
40,245
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
Q1 FY23
Q1 FY24
Average Daily Turnover(₹ million)		 458
467
616
891
705
167
176
351
211
390
1,130
820
201
216
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
Q1 FY23
Q1 FY24
Transaction Charges Income (₹ million)
Normal Rate
Special Rate
809
678
2,021
1,006
1,525
368
392
Average Daily Turnover(₹ million)

BSE - PUBLIC

13

Business – Segment Update

Currency Derivatives – Performance

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Futures
2,00,000 2.30 2.21 2.50
1,80,000 1.89
1,60,000 1.65 1.65 1.67 2.00
1,40,000
1,20,000 1.14 1.50
1,00,000 80,000 1,85,693 1,71,348 1.00
60,000 1,31,954 1,17,404 1,23,502 1,38,001
40,000 0.50
84,910
20,000
- -
FY18-19 FY19-20 FY20-21 FY21-22 FY22-23 Q1 FY23 Q1 FY24
ADTV (In Rs. Mn) Avg Daily Contracts Traded (Mn)
Options
2.46
3.00 2.24 1,80,000
2.50 1.92 1,60,000
1.68 1,40,000
2.00 1,20,000
1,00,000
1.50 0.88 0.97
1,70,608 80,000
1,57,628
1.00 1,43,214 60,000
1,24,223
40,000
0.16
0.50 70,302 74,322
12,898 20,000
- -
FY18-19 FY19-20 FY20-21 FY21-22 FY22-23 Q1 FY23 Q1 FY24
ADTV (In Rs. Mn) Avg Daily Contracts Traded (Mn)
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Transaction Charges Income (₹ million)
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97
75
68
62
56
51%
28
18
FY18-19 FY19-20 FY20-21 FY21-22 FY22-23 Q1 FY23 Q1 FY24
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BSE - PUBLIC

14

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Business – Segment Update
Equity Derivatives – Performance
35,00,000 2,50,000
2,11,617 144.50
30,00,000
2,00,000 115.71
25,00,000
1,27,381 1,50,000
20,00,000
32,81,762
15,00,000
1,00,000
71,770
46.79
10,00,000
20,17,744
36,527 50,000 26.01
5,00,000 11,34,385
14,801 9.81
5,81,495
168 3,747 2,36,312 0.17 4.15
- 2,698 60,146 -
Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7
Average Daily Contracts Average Daily Turnover (Rs Cr.) Average Daily Premium Turnover (Rs Cr.)
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BSE - PUBLIC

Note: BSE Equity Derivatives was relaunched on May 15, 2023. Week 1 to Week 7, represents data from May 15 to June 30, 2023.

15

Business – Segment Update

BSE StAR Mutual Fund Platform – Pan-India Reach & Coverage

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Mutual Funds Registered
Registered Investors Schemes Available
41
145.26
Million 10,902
Network of Distributors 75,343 731 Cities/towns covered
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Data as on June 30, 2023

BSE - PUBLIC

16

Business – Segment Update

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Business – Segment Update
BSE StAR Mutual Fund Platform – Performance
Number of Orders - Mutual Fund (million) Mutual Fund Revenue (₹ million)
265 786
185
504
447
341
94 290 59%
39%
83 238
57 59
150
36
FY18-19 FY19-20 FY20-21 FY21-22 FY22-23 Q1 FY23 Q1 FY24 FY18-19 FY19-20 FY20-21 FY21-22 FY22-23 Q1 FY23 Q1 FY24
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BSE StAR Mutual Fund Platform – Performance

BSE - PUBLIC

17

Business – Segment Update

Services to Corporates - Performance

1,461
1,580
1,520
1,559
1,688
412
460
420
300
335
643
640
145
133
FY18-19
FY19-20
FY20-21
FY21-22
FY22-23
Q1 FY23
Q1 FY24
Listing Fees (₹ million)
Annual Listing Fee
Listing processing and Other Listing fees
1,881
1,880
1,855
2,202
2,328
556
593

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Book Building & Other Services (₹ million)
658
98 576
129
400
55
252 560
240
447
58
102
157
345
19 114
21
182
150 137
93
FY18-19 FY19-20 FY20-21 FY21-22 FY22-23 Q1 FY23 Q1 FY24
Book Building Fees Other Services Fees
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BSE - PUBLIC

18

Business – Segment Update

BSE @ International Financial Hub

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A well-diversified portfolio of financial services and products to
compete internationally
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Equity Index Derivatives Debt Corporate Bonds Equity Stock Derivatives Foreign Currency Bonds Sovereign Bonds Commodity Derivatives Masala Bonds Colocation Services Currency Derivatives Sustainable Bonds Real Time Data

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Access to 135+ global exchanges and products across the US, Asia-
Pacific and Europe, via a single integrated terminal
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100 % subsidiary of India INX, a subsidiary of BSE Ltd

Invest in more than 30,000 stocks across 33 countries and more than 80 global portfolios of renowned international portfolio managers with a minimum of $100

Shareholder Structure India INX India ICC
BSE Limited 61.93% 59.92%
Banks 21.98% 23.60%
Others 16.09% 16.48%
Total 100% 100%
Month
Companies Traded
Number of Trades
Value ($ '000)
Jan-23
216
16,661
32,97,941
Feb-23
241
18,119
1,03,23,735
Mar-23
301
13,184
53,67,774
Apr-23
271
6,582
4,84,167
May-23
262
7,233
3,06,302
Jun-23
386
3,067
1,52,063		 Month
Companies Traded
Number of Trades
Value ($ '000)
Jan-23
216
16,661
32,97,941
Feb-23
241
18,119
1,03,23,735
Mar-23
301
13,184
53,67,774
Apr-23
271
6,582
4,84,167
May-23
262
7,233
3,06,302
Jun-23
386
3,067
1,52,063		 Month
Companies Traded
Number of Trades
Value ($ '000)
Jan-23
216
16,661
32,97,941
Feb-23
241
18,119
1,03,23,735
Mar-23
301
13,184
53,67,774
Apr-23
271
6,582
4,84,167
May-23
262
7,233
3,06,302
Jun-23
386
3,067
1,52,063		 Month
Companies Traded
Number of Trades
Value ($ '000)
Jan-23
216
16,661
32,97,941
Feb-23
241
18,119
1,03,23,735
Mar-23
301
13,184
53,67,774
Apr-23
271
6,582
4,84,167
May-23
262
7,233
3,06,302
Jun-23
386
3,067
1,52,063
Month Companies Traded Number of Trades Value ($ '000)
Jan-23 216 16,661 32,97,941
Feb-23 241 18,119 1,03,23,735
Mar-23 301 13,184 53,67,774
Apr-23 271 6,582 4,84,167
May-23 262 7,233 3,06,302
Jun-23 386 3,067 1,52,063

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India INX, BSE’s international arm, commenced its trading activities on January 16,2017 and is India’s first International Exchange set up at GIFT IFSC.
It is one of the world’s most advanced technology platforms with a response time of 4 micro-seconds and allows trading for 22 hours a day
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BSE - PUBLIC

19

Business – Segment Update

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India International Exchange IFSC – Performance

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MTN Programme []
100%
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Trading Segments
73%
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Bonds Listed []
99%
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*100% of MTN established in IFSC are established with INDIA INX

*Data for Q1 FY24

*99% of the bonds listed in IFSC are listed on INDIA INX

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Listing Business Performance (USD Mn)
36,944
11,370 29,263
17,763
13,418
12,856
25,574 9,450
7,418 7,541 5,356
1,950 5,100
11,500
6,000 5,541 7,500 7,500 2,100
2,000 3,000
FY18-19 FY19-20 FY20-21 FY21-22 FY22-23 Q1 FY23 Q1 FY24
Medium Term Notes Programmes Debt Securities
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Average Daily Number of Contracts Traded (in
thousands)
706
585 569
490
216
174
54
FY18-19 FY19-20 FY20-21 FY21-22 FY22-23 Q1 FY23 Q1 FY24
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BSE - PUBLIC

20

Business – Segment Update

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Business – Segment Update
BSE Ebix Insurance Broking
Total Policies Collected Total Premium Collected ( ₹ million)
15,480
243
169
153%
312% 7,593
7,259 120
5,806
67
45
1,843
FY20-21 FY21-22 FY22-23 Q1 FY23 Q1 FY24 FY20-21 FY21-22 FY22-23 Q1 FY23 Q1 FY24
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BSE Ebix Insurance Broking

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Premium collected has grown by 153% in Q1FY24 as compared to Q1FY23
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Present in all key Insurance verticals – Motor, Health, Life & Commercial
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BSE - PUBLIC

21

Note: the charts above excludes the COVID Rakshak Policy issued

Business – Segment Update

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BSE E- Agricultural Markets Limited (BEAM) – Introduction

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in
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MoUs and Agreements with Government and Government enterprises, Farmer Producer Organizations, Corporate having interest in Commodities, Farmers and FPOs

Launched BSE E-Agricultural Markets Ltd. (BEAM), an electronic spot platform for agriculture commodities on December 11, 2020

Products include:

Has enrolled 1,428 members, and executed Trades worth ₹213 crores in agri and steel segments in Q1FY24

Cereals and Pulses, Oil and Oilseeds, Fibres, Sugar, Dry fruits, Spices and Condiments, Dairy and Dairy products

BSE - PUBLIC

22

Business

Global Rankings

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BSE
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Data as on Q1 FY24 *Data for the month of June 2023 Source: BSE/WFE

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BSE - PUBLIC
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23

Business

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Market Share

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Red Ocean Businesses
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71.7% 88.0%
73.0%
69.8%
51.0%
57.1%
30.6%
6.4%
0.4%
5
Equity Derivatives Equity Cash Currency Futures Debt Listing Companies/
4 1 2 3
Securities Listed SME BSE BOND INDIA INX StAR MF
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Established leader in Listing related Business

Market leadership in Blue Ocean Businesses

All Market share for Q1 FY24

  • 1 Market share in BSE Bond & Debt listing (PPDI) is based on the number of issues

  • 2 Market share in SME Segment represents number of companies listed in SME segment as on June 30, 2023

  • 3 Market share in Mutual Fund StAR Platform based on the orders received during Q1 FY24

  • 4 As on June 30, 2023

  • 5 Equity Derivatives (Index Options) market share is for the month June 2023

BSE - PUBLIC

24

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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BSE - PUBLIC

25

Key Growth Drivers & Other Initiatives

Key Milestones – The transformation over time

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  • Trading of Sovereign Gold Bonds commenced

  • Started as The Native Share & Stockbroker's Association

  • BSE corporatized

  • Launch of StAR MF

  • Launch of SME Platform

    • Launch of “BSE–BOND”Electronic Book Mechanism

    • Launch of India International Exchange (IFSC) Ltd

    • First listed exchange in India

  • Launch of Currency Derivatives

  • Launch of Interest Rate Derivatives

  • Launch of New Debt segment

  • Becomes the fastest exchange in the

  • world - speed of 6 micro-seconds

  • Launch of Commodity Derivatives

  • JV with Ebix Inc for insurance broking business

  • JV with PTC and ICICI Bank to set up a power exchange

  • Launch of “BSE Administration & Supervision

Ltd.” (BASL)

  • Commencement of Power Trading Operations by HPX

  • Launch of Electronic Gold Receipts (EGR)

  • T+1 Settlement

  • Relaunch of Sensex & Bankex Derivatives on 15[th] May 2023

  • Launch of StAR MF mobile application

  • Beta-launch of services by BSE Ebix Insurance Broking Services

  • Launch of Commodity Options

  • Launch of “BSE E-Agricultural Markets Ltd. (BEAM)”

  • Launch of StAR MF Plus, a premium platform

BSE - PUBLIC

26

Key Growth Drivers & Other Initiatives Key Growth Drivers – Existing Business

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Trading Segments

  • Focussed to increase market-share across all segments

  • Market is growing vastly in terms of number of registered investors and turnover

  • Increasing disposable household incomes and preference for financial savings – an advantage

  • Focus on innovation and launch of unique products across segments

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01
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Mutual Fund

  • Savings in cost and convenience

  • Strong network of intermediaries

  • Good network connectivity across country

  • Increasing household incomes and financial savings

  • StAR MF Plus - a premium platform for distributors and advisors

  • Supports Demat & Non-Demat transactions

  • Purchase/Redeem/SIP/Switch Mutual Funds without filling lengthy forms

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02
BSE - PUBLIC
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Platform Services

  • Expansion of services from current e- platforms like book-building for IPO, Offer to Buy, Offer for Sell, New Bond platform, etc.

  • Leadership position in Fund-raising for India Inc. across all segments including Equity, Bonds, Commercial papers etc.

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03
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27

Index

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1. About BSE
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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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BSE - PUBLIC

28

Financial Highlights & Investor Information

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Integrated Business Model

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
◼ To an extent
1 Transaction Charges linked to Market ◼ Linked to market activity levels and household savings and investments
Activity
◼ Linked to Market
2 Treasury Income on Clearing and ◼ Linked to interest rates and, to an extent, market activity since that would lead to more margin being
Activity to an
Settlement Funds deposited by members
Extent
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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BSE - PUBLIC

29

Recurring

Linked to Market Activity

Financial Highlights & Investor Information Consolidated Profit & Loss

Financial Highlights & Investor Information
Consolidated Profit & Loss
(₹ in million)		 Financial Highlights & Investor Information
Consolidated Profit & Loss
(₹ in million)		 ~~3~~0
Jun’23
Mar’23
Jun’22
FY
Quarter
Quarter
Quarter
2022-23
660
603
538
2,412
222
199
187
832
350
348
249
1,112
1,232
1,150
974
4,356
708
768
714
2,904
216
352
181
895
2,156
2,270
1,869
8,155
440
320
60
1,093
116
125
48
291
2,712
2,715
1,977
9,539
510
424
475
1,802
349
287
299
1,239
-
-
23
550
596
607
574
2,590
1,455
1,318
1,371
6,181		 ~~3~~0
Jun’23
Mar’23
Jun’22
FY
Quarter
Quarter
Quarter
2022-23
660
603
538
2,412
222
199
187
832
350
348
249
1,112
1,232
1,150
974
4,356
708
768
714
2,904
216
352
181
895
2,156
2,270
1,869
8,155
440
320
60
1,093
116
125
48
291
2,712
2,715
1,977
9,539
510
424
475
1,802
349
287
299
1,239
-
-
23
550
596
607
574
2,590
1,455
1,318
1,371
6,181		 ~~3~~0
Jun’23
Mar’23
Jun’22
FY
Quarter
Quarter
Quarter
2022-23
660
603
538
2,412
222
199
187
832
350
348
249
1,112
1,232
1,150
974
4,356
708
768
714
2,904
216
352
181
895
2,156
2,270
1,869
8,155
440
320
60
1,093
116
125
48
291
2,712
2,715
1,977
9,539
510
424
475
1,802
349
287
299
1,239
-
-
23
550
596
607
574
2,590
1,455
1,318
1,371
6,181		 ~~3~~0
Jun’23
Mar’23
Jun’22
FY
Quarter
Quarter
Quarter
2022-23
660
603
538
2,412
222
199
187
832
350
348
249
1,112
1,232
1,150
974
4,356
708
768
714
2,904
216
352
181
895
2,156
2,270
1,869
8,155
440
320
60
1,093
116
125
48
291
2,712
2,715
1,977
9,539
510
424
475
1,802
349
287
299
1,239
-
-
23
550
596
607
574
2,590
1,455
1,318
1,371
6,181
Sr. No. Particulars Jun’23 Mar’23 Jun’22 FY
Quarter Quarter Quarter 2022-23
1 Transaction Charges 660 603 538 2,412
2 Treasury Income on Clearing and Settlement Funds 222 199 187 832
3 Other Securities Services 350 348 249 1,112
4 Securities Services (1+2+3) 1,232 1,150 974 4,356
5 Services To Corporates 708 768 714 2,904
6 Other Operating Income 216 352 181 895
7 Revenue From Operations (4+5+6) 2,156 2,270 1,869 8,155
8 Income From Investments and Deposits 440 320 60 1,093
9 Other Income 116 125 48 291
10 Total Income (7+8+9) 2,712 2,715 1,977 9,539
11 Employee Expenses 510 424 475 1,802
12 Technology Cost & Technology Program 349 287 299 1,239
13 Contribution to Core SGF - - 23 550
14 Admin, LES & Other Expenses 596 607 574 2,590
15 Total Operating Expenses (11+12+13+14)
BSE - PUBLIC		 1,455 1,318 1,371 6,181

(₹ in million)

Financial Highlights & Investor Information

Financial Highlights & Investor Information
Consolidated Profit & Loss (cont’d)
(₹ in million)		 Financial Highlights & Investor Information
Consolidated Profit & Loss (cont’d)
(₹ in million)		 Jun’23
Mar’23
Jun’22
FY
Quarter
Quarter
Quarter
2022-23
701
952
498
1,974
33%
42%
27%
24%
279
267
180
878
978
1,130
426
2,480
3,675
-
-
-
119
92
109
492
371
336
135
916
4,401
886
400
2,056
726
886
400
2,056
162%
33%
20%
22%
27%
33%
20%
22%
4,427
912
440
2,207
751
912
440
2,207		 Jun’23
Mar’23
Jun’22
FY
Quarter
Quarter
Quarter
2022-23
701
952
498
1,974
33%
42%
27%
24%
279
267
180
878
978
1,130
426
2,480
3,675
-
-
-
119
92
109
492
371
336
135
916
4,401
886
400
2,056
726
886
400
2,056
162%
33%
20%
22%
27%
33%
20%
22%
4,427
912
440
2,207
751
912
440
2,207		 Jun’23
Mar’23
Jun’22
FY
Quarter
Quarter
Quarter
2022-23
701
952
498
1,974
33%
42%
27%
24%
279
267
180
878
978
1,130
426
2,480
3,675
-
-
-
119
92
109
492
371
336
135
916
4,401
886
400
2,056
726
886
400
2,056
162%
33%
20%
22%
27%
33%
20%
22%
4,427
912
440
2,207
751
912
440
2,207		 Jun’23
Mar’23
Jun’22
FY
Quarter
Quarter
Quarter
2022-23
701
952
498
1,974
33%
42%
27%
24%
279
267
180
878
978
1,130
426
2,480
3,675
-
-
-
119
92
109
492
371
336
135
916
4,401
886
400
2,056
726
886
400
2,056
162%
33%
20%
22%
27%
33%
20%
22%
4,427
912
440
2,207
751
912
440
2,207
Sr. No. Particulars Jun’23 Mar’23 Jun’22 FY
Quarter Quarter Quarter 2022-23
16 Operating EBITDA (7-15) 701 952 498 1,974
17 Operating EBITDA Margin (16/7 in %) 33% 42% 27% 24%
18 Non-operating Expenses 279 267 180 878
19 Profit Before Tax, Exceptional Items And Share Of Associates (10-15-
18)		 978 1,130 426 2,480
20 Exceptional Item – (net of tax of ₹ 391) 3,675 - - -
21 Share of profits From Associates 119 92 109 492
22 Tax Expenses (excluding tax on exceptional item) 371 336 135 916
23 Net Profit (19+20+21-22) 4,401 886 400 2,056
24 Net Profit excluding exceptional item (19+21-22) 726 886 400 2,056
25 Net Profit Margin (23/10 in %) 162% 33% 20% 22%
26 Net Profit Margin (excluding exceptional item) (24/10 in %) 27% 33% 20% 22%
27 Net Profit Attributable To Shareholders 4,427 912 440 2,207
28 Net Profit Attributable To Shareholders (Excluding exceptional item) 751 912 440 2,207

Consolidated Profit & Loss (cont’d)

(₹ in million)

BSE - PUBLIC

31

(₹ in million)
Financial Highlights & Investor Information
Standalone Profit & Loss		 (₹ in million)
Financial Highlights & Investor Information
Standalone Profit & Loss		 Jun’23
Mar’23
Jun’22
FY
Quarter
Quarter
Quarter
2022-23
751
687
606
2,704
707
768
714
2,904
108
108
97
388
1,566
1,563
1,417
5,996
339
223
2
1,098
136
141
61
330
2,041
1,927
1,480
7,424
260
210
253
928
404
352
369
1,509
519
371
494
2,121
1,183
933
1,116
4,558		 Jun’23
Mar’23
Jun’22
FY
Quarter
Quarter
Quarter
2022-23
751
687
606
2,704
707
768
714
2,904
108
108
97
388
1,566
1,563
1,417
5,996
339
223
2
1,098
136
141
61
330
2,041
1,927
1,480
7,424
260
210
253
928
404
352
369
1,509
519
371
494
2,121
1,183
933
1,116
4,558		 Jun’23
Mar’23
Jun’22
FY
Quarter
Quarter
Quarter
2022-23
751
687
606
2,704
707
768
714
2,904
108
108
97
388
1,566
1,563
1,417
5,996
339
223
2
1,098
136
141
61
330
2,041
1,927
1,480
7,424
260
210
253
928
404
352
369
1,509
519
371
494
2,121
1,183
933
1,116
4,558		 Jun’23
Mar’23
Jun’22
FY
Quarter
Quarter
Quarter
2022-23
751
687
606
2,704
707
768
714
2,904
108
108
97
388
1,566
1,563
1,417
5,996
339
223
2
1,098
136
141
61
330
2,041
1,927
1,480
7,424
260
210
253
928
404
352
369
1,509
519
371
494
2,121
1,183
933
1,116
4,558
Sr. No. Particulars Jun’23 Mar’23 Jun’22 FY
Quarter Quarter Quarter 2022-23
1 Securities Services 751 687 606 2,704
2 Services To Corporates 707 768 714 2,904
3 Data Dissemination Fees 108 108 97 388
4 Revenue From Operations (1+2+3) 1,566 1,563 1,417 5,996
5 Income From Investments And Deposits 339 223 2 1,098
6 Other Income 136 141 61 330
7 Total Income (4+5+6) 2,041 1,927 1,480 7,424
8 Employee Expenses 260 210 253 928
9 Technology Cost & Technology Program 404 352 369 1,509
10 Admin, LES & Other Expenses 519 371 494 2,121
11 Total Operating Expenses (8+9+10) 1,183 933 1,116 4,558

BSE - PUBLIC

32

Financial Highlights & Investor Information

(₹ in million)
Financial Highlights & Investor Information
Standalone Profit & Loss (cont’d)		 (₹ in million)
Financial Highlights & Investor Information
Standalone Profit & Loss (cont’d)		 Jun’23
Mar’23
Jun’22
FY
Quarter
Quarter
Quarter
2022-23
383
630
301
1,438
24%
40%
21%
24%
166
163
87
490
692
831
277
2,376
4,651
-
-
-
271
246
63
707
5,072
585
214
1,669
421
585
214
1,669
249%
30%
14%
22%
21%
30%
14%
22%		 Jun’23
Mar’23
Jun’22
FY
Quarter
Quarter
Quarter
2022-23
383
630
301
1,438
24%
40%
21%
24%
166
163
87
490
692
831
277
2,376
4,651
-
-
-
271
246
63
707
5,072
585
214
1,669
421
585
214
1,669
249%
30%
14%
22%
21%
30%
14%
22%		 Jun’23
Mar’23
Jun’22
FY
Quarter
Quarter
Quarter
2022-23
383
630
301
1,438
24%
40%
21%
24%
166
163
87
490
692
831
277
2,376
4,651
-
-
-
271
246
63
707
5,072
585
214
1,669
421
585
214
1,669
249%
30%
14%
22%
21%
30%
14%
22%		 Jun’23
Mar’23
Jun’22
FY
Quarter
Quarter
Quarter
2022-23
383
630
301
1,438
24%
40%
21%
24%
166
163
87
490
692
831
277
2,376
4,651
-
-
-
271
246
63
707
5,072
585
214
1,669
421
585
214
1,669
249%
30%
14%
22%
21%
30%
14%
22%
Sr. No. Particulars Jun’23 Mar’23 Jun’22 FY
Quarter Quarter Quarter 2022-23
12 Operating EBITDA (4-11) 383 630 301 1,438
13 Operating EBITDA Margin (12/4 in %) 24% 40% 21% 24%
14 Non-operating Expenses 166 163 87 490
15 Profit Before Exceptional Item and Tax (7-11-14) 692 831 277 2,376
16 Exceptional Item – (net of tax of ₹ 391) 4,651 - - -
17 Tax Expenses (excluding tax on exceptional item) 271 246 63 707
18 Net Profit After Tax (15+16-17) 5,072 585 214 1,669
19 Net Profit After Tax excluding exceptional item (15-17) 421 585 214 1,669
20 Net Profit Margin (18/7 in %) 249% 30% 14% 22%
21 Net Profit Margin excluding exceptional item (19/7 in %) 21% 30% 14% 22%

Standalone Profit & Loss (cont’d)

(₹ in million)

BSE - PUBLIC

33

Financial Highlights & Investor Information Financial Overview

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(₹ in million)
Standalone Key Performance Indicators
12.69 11.79 7.08 14.20 12.15 1.56 3.06
8,000 32% 7,240 7,424 35%
7,000 6,124 30%
27%
6,000 5,421 5,651 22% 25%
5,000 21%
20%
4,000
17% 15%
3,000 15% 14%
1,959 1,951 2042 10%
2,000 1,669 1478
1,000 821 973 421 5%
214
- 0%
FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 Q1 FY23 Q1 FY24
Total Revenue Net Profit Net Margin
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(₹ in million)
Consolidated Key Performance Indicators
EPS 12.26 8.30 10.54 18.51 16.06 3.20 5.47
12,000 28% 28% 30%
27%
10,000 22% 9,539 25%
8,635 22%
8,000 6,875 20% 20%
6,300 6,547
6,000 15%
14%
4,000 2,449 2,712 10%
1,942 2,057 1,977
2,000 1,417 5%
886 726
400
- 0%
FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 Q1 FY23 Q1 FY24
Total Revenue Net Profit Net Margin
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* Net profit & EPS from Continuing operation and excluding Gain from CDSL Stake Sale

  • Net profit & EPS from Continuing operation and excluding Gain from CDSL Stake Sale

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(₹ in million) Consolidated EBITDA
3,335 3,359
2,408
1,921
1,302 1,257
606
FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 Q1 FY23 Q1 FY24
BSE - PUBLIC
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(₹ in million) Standalone EBITDA
3,025
2,866
2,580
1,819
1,272
858
363
FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 Q1 FY23 Q1 FY24
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Post Bonus issue, earnings per share (EPS) for all periods presented have been adjusted and restated

34

Financial Highlights & Investor Information Financial Overview (cont’d)

Financial
Year
Dividend
(Including DDT) #
(₹ million)
Buyback (Including
transactions cost & Tax)
(₹ million)
Total
(₹ million)
2015-16
937
-
937
2016-17
765
-
765
2017-18
1,733
450
2,183
2018-19
2,255
1,230
3,485
2019-20
1,584
4,762
6,346
2020-21
779
-
779
2021-22
962
-
962
2022-23
1,851
-
1,851
Total
10,866
6,442
17,308
26,262
21,650
21,872
22,872
22,690
23,093
27,759
FY 18-19
FY 19-20
FY 20-21
FY 21-22
FY 22-23
Q1 FY23
Q1 FY24
Standalone Net Worth (₹ million)
26,262
21,650
21,872
22,872
22,690
23,093
27,759
FY 18-19
FY 19-20
FY 20-21
FY 21-22
FY 22-23
Q1 FY23
Q1 FY24
Standalone Net Worth (₹ million)
Financial
Year
Dividend
(Including DDT) #
(₹ million)
Buyback (Including
transactions cost & Tax)
(₹ million)
Total
(₹ million)
2015-16
937
-
937
2016-17
765
-
765
2017-18
1,733
450
2,183
2018-19
2,255
1,230
3,485
2019-20
1,584
4,762
6,346
2020-21
779
-
779
2021-22
962
-
962
2022-23
1,851
-
1,851
Total
10,866
6,442
17,308
Financial
Year
Dividend
(Including DDT) #
(₹ million)
Buyback (Including
transactions cost & Tax)
(₹ million)
Total
(₹ million)
2015-16
937
-
937
2016-17
765
-
765
2017-18
1,733
450
2,183
2018-19
2,255
1,230
3,485
2019-20
1,584
4,762
6,346
2020-21
779
-
779
2021-22
962
-
962
2022-23
1,851
-
1,851
Total
10,866
6,442
17,308

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Consolidated Net Worth (₹ million)
31,428
29,286
26,545 27,012 27,048
24,251 24,924
FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23 Q1 FY23 Q1 FY24
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100 140%
90
Dividend per share (₹) & Pay-out Ratio [#]
120%
80 70 93% 95% 97% 95% 99% 95% 100%
60 74% 80%
50
60%
40 36
30
28
30 21 40%
20 15 17 13.5
20%
10
- 0%
FY15-16 FY16-17 FY17-18 FY18-19 FY19-20 FY20-21 FY21-22
Dividend Per Share Dividend Payout Ratio
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BSE - PUBLIC

#Dividend pay-out ratio is calculated based on Standalone Profit excluding gain on sale of strategic investment

* Dividend paid on expanded capital post bonus of Rs 2 equity shares for every 1 share held, issued during the year FY 21-22

35

#Dividend Distribution Tax

Business

Shareholding Pattern

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TRADING MEMBER
26%
FOREIGN
PORTFOLIO
PUBLIC INVESTORS
65% 9%
MUTUAL FUNDS
0%
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TOP 10 SHAREHOLDERS(As on June 30, 2023)
LIFE INSURANCE CORPORATION OF INDIA 5.59%
ZERODHA BROKING 3.70%
SIDDHARTH BALACHANDRAN . 3.46%
THE MIRI STRATEGIC EMERGING MARKETS FUND LP 1.44%
S GOPALAKRISHNAN
JUPITER INDIA FUND		 1.18%
0.91%
MSPL LIMITED 0.87%
VANGUARD EMERGING MARKETS STOCK INDEX FUND, A SERI 0.69%
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 0.66%
POONAWALLA CONSTRUCTIONS LLP 0.50%

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BSE Closing Price (Adjusted Price)
1,050
950
850
750
650
550
450
350
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MARKET DATA
Market Capitalization* (₹ Mn) 82,436
Price* (₹) 608.55
No. of Shares Outstanding 13,54,62,891
Face Value (₹) 2.00
Avg. Daily Trading Value# (₹ Mn) 607.15
Avg. Daily Trading Volume# (Mn shares) 1.11
52-week High-Low (₹) 713 – 406

*Market data as of June 30, 2023 #For the period of April 1, 2023 to June 30, 2023

BSE - PUBLIC

36

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THANK YOU

INVESTOR RELATIONS CONTACT: Anand Sethuraman Head – Investor Relations +91 22 2272 8229

BSE - PUBLIC

[email protected]

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