BSE - CONFIDENTIAL BSE Limited

Investor Presentation – May 2021

 BSE - CONFIDENTIAL

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 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
 BSE - CONFIDENTIAL
Index

1. About BSE

2. Business

3. Key Growth Drivers & Other Initiatives

4. Financial Highlights & Investor Information

3
About BSE – Board & Management Team BSE - CONFIDENTIAL

Board Of Directors
Name Bio Name Bio

Justice Vikramajit Sen Shri Ashishkumar Chauhan Previously, Group Chief Information Officer,
❖ Former Judge, Supreme Court of India ❖
Chairman and Managing Director & CEO
Public Interest Director ❖ Chairperson of the Broadcasting Content Reliance Industries Limited
Complaints Council (BCCC) On BSE Board since 2012 ❖ Chairperson of the Board of Governors of
On BSE Board since 2016 National Institute of Technology, Manipur

❖ Joined the Indian Administrative Service in 1976

Shri Sumit Bose Shri S. S. Mundra
and allotted to the Madhya Pradesh Cadre. ❖ Former Deputy Governor, Reserve Bank of India
Public Interest Director Public Interest Director
❖ Chairman, Expert Committee on working of ❖ Former Chairman & Managing Director of Bank of
On BSE Board since 2016 Cantonment Boards set up by Ministry of On BSE Board since 2018 Baroda
Defence in January 2018 (work underway)

❖ Former General Secretary of IOSCO (2012-2016),

Shri David Wright Shri Umakant Jayaram
former Deputy Director-General for Securities ❖ 28 years Cross functional experience in Global
Public Interest Director Public Interest Director
and Financial Markets at the EU Commission. Investment Banking, Finance Planning & Analysis,
On BSE Board since 2018 ❖ From March 2000 – October 2010 he was first On BSE Board since 2019 Risk Consulting / Business transformation
Director, then Deputy Director-General for
securities and financial markets

❖ Managing Director of Life Insurance

❖ Former Managing Director, Shree Mahila Sewa
Shri T. C. Suseel Kumar Corporation of India since March 2019
Sushri Jayshree Vyas Sahakari Bank, Ahmedabad Shareholder Director
Public Interest Director ❖ Played a key role in redefining the business
❖ In the year 2001, financial literacy programme
On BSE Board since 2020 proposition of the Corporation that earned the
On BSE Board since 2019 was introduced in Sewa Bank, first of its kind in
LIC ‘Best Life Insurer Award’ by many leading
India – at initiative of Ms. Jayshree Vyas
agencies during the year 19-20

4
About BSE – Board & Management Team BSE - CONFIDENTIAL

Management Team
Name Bio Name Bio
◼BTech in Mechanical Engineering from IIT Bombay and a
◼ Having experience ofover 29 years, he has earlier
PGDM from IIM Kolkata Shri Nayan Mehta
Shri Ashishkumar worked at Credit Analysis & Research Ltd. as Joint
Chauhan ◼ He is one of the founders of India's National Stock Chief Financial
General Manager (Accounts), as CFO at Multi
Managing Director & Exchange (“NSE”) where he worked from 1992 to 2000. He Officer
Commodity Exchange of India Limited. He has also
CEO is best known as the father of modern financial derivatives
With BSE since worked at the National Stock Exchange (“NSE”)
in India due to his work at NSE 2012
With BSE since 2009 ◼ He
represents BSE on the Boards of group and associate
◼ RepresentsBSE as the Chairman on the Executive Board of
companies of BSE
the South Asian Federation of Exchanges
◼ Previously, Group Chief information officer, Reliance
Group
◼ Prior to
BSE he was an Executive Director in Morgan
◼ Prior to
joining BSE, employed with Log-in Utility and Shri Neeraj Stanley India for 10 years. He was earlier with National
Shri Kersi Tavadia InvestSmart Financial Services Limited Kulshrestha
Chief Information Stock Exchange and has managed various functions like
Chief Regulatory
◼ 31years of experience in the area of Application Trading Operations, Inspection and Investigation,
Officer Officer
Systems/ IT Infrastructure development and Futures and Options Clearing and Trading. He was also
With BSE since 2010 management, managing all aspects of IT operations in With BSE since the CEO of India Index Services Ltd. and Dotex
Financial Services, Capital markets and manufacturing 2015 International Ltd
companies. He has played a leading role in transforming ◼ 28year experience in Capital markets, which includes
BSE into the fastest exchange in the country Securities Markets and General Insurance

◼ He is instrumental in setting up and responsible for ◼ He has worked with ICICI Bank Group for 10 years. At
Business Development of INDIA INX at GIFT CITY IFSC Shri Girish Joshi ICICI Bank Group he worked in various areas like
Shri Sameer Patil Chief Trading
◼ He has about 22 years' of experience in financial sectors ICICIDirect.com, Treasury Mid Office and in the area of
Chief Business Officer Operations and
like Commodities, Currency Derivatives, Indices etc and Listing Sales Regulatory Reporting and Monitoring at CFO office of
With BSE since 2015 has experience in Trading, Hedging Strategies, Product the Bank
Designing and Business Development With BSE since 2010 ◼ 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
5
About BSE Business – Overview BSE - CONFIDENTIAL

Diversified Lines of Business

• Equity
• Debt • Mutual Funds
• Equity Derivatives • Book-building services for
• Currency Derivatives IPO
• Commodity Derivatives • Offer to Buy
• SME • Offer for Sell
• Interest Rate Futures • New Bond platform
Trading & Distribution • Insurance
• SME Startups
Clearing
• E-Agricultural Spot
Market

Services to Others
• Equity Listing • Datafeed
• Listing of Debt Corporates • Index Services
Securities • Software Services
• Mutual Fund Listing • Training Services
• Listing of Commercial
Papers

6
 BSE - CONFIDENTIAL
Index

1. About BSE

2. Business

3. Key Growth Drivers & Other Initiatives

4. Financial Highlights & Investor Information

7
Business – Segment Update BSE - CONFIDENTIAL

Equity Cash - Performance

Average Daily Turnover (₹ million) Transaction Charges Income (₹ million)

1,442
44,023 41,971
40,252

1,174

31,274 1,006
842
26,757
809
616
390
678

351
211

599 616
558
458 467

FY16-17 FY17-18 FY18-19 FY19-20 FY20-21 FY16-17 FY17-18 FY18-19 FY19-20 FY20-21
Normal Rate Special Rate

Transaction charges revised upwards w.e.f from March 1, 2021

8
Business – Segment Update BSE - CONFIDENTIAL

Equity Derivatives - Performance

Last 5 quarters performance Last 6 month performance

Average Daily Turnover (₹ million) Average Daily Turnover (₹ million)

2,784,050

3,177,901
2,918,586 2,958,336
2,011,621
2,466,515
2,189,247 2,228,275

784,424

36,394 39,147
Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21
Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21

Average Daily Number of Contracts Traded Average Daily Number of Contracts Traded
2,372,670
2,101,596

2,527,740 2,460,289 2,593,552

2,339,977 2,178,577 2,125,601

884,160

37,367 46,086

Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21

9
Business – Segment Update BSE - CONFIDENTIAL

Currency Derivatives – Performance

Average Daily Turnover (₹ million) Average Daily Number of Contracts Traded (million)
CAGR (2017-2021) CAGR (2017-2021)
12%  4.35
303,958 10% 
275,032 3.89

209,133 2.85 2.46 2.82

171,459
182,891 157,628 2.24
1.95
131,060 124,223 1.58 1.68
100,932
56,356 0.84
132,500 117,404 1.89
81,959 84,910 1.65
74,704 1.11 1.27 1.14

FY16-17 FY17-18 FY18-19 FY19-20 FY20-21 FY16-17 FY17-18 FY18-19 FY19-20 FY20-21
Currency Futures Currency Options Currency Futures Currency Options

Transaction Charges Income (₹ million)

CAGR (2017-2021)
6%  82 Decrease in Currency Derivative Segment volumes due to –
75
68
56 • Restricted Bank timings for trading due to COVID-19
45
• Merger of some Nationalized Banks

• Third party Trading software issues post interoperability

FY16-17 FY17-18 FY18-19 FY19-20 FY20-21

10
Business – Segment Update BSE - CONFIDENTIAL

Commodity Derivatives – Performance

Average Daily Turnover (₹ million)

Second Largest Commodity Derivatives
23,922
Exchange in India

Steel Futures, Copper Futures & Copper Options

on Goods contracts launched during Q4 FY2021

First exchange to launch Options in Goods contract in

23,731
Gold Mini and Silver kg.
Completed nine consecutive months of physical deliveries
at exchange designated vaults
1,793
2,563
2 Launched world’s only Almond Future Contracts on
341
2,194 48
June 22, 2020
369 1,402 191 1,47,000 kgs of Almond in Shell delivered on exchange
FY18-19* FY19-20 FY20-21 platform
Agri Energy Bullion Base Metal

* FY18-19 includes data from the date of launch i.e. Oct 1, 2018

Launched BSE E-Agricultural Markets Ltd an electronic spot platform for agriculture commodities on December 11, 2020
11
Business – Segment Update BSE - CONFIDENTIAL

BSE StAR Mutual Fund Platform – Introduction

E-platform - access from Allows multi-mode e-

remote areas platform access

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

BSE StAR Mutual Fund Plus – Value Drivers

Investor risk profiling
Portfolio reporting &
business reporting
Complete power-
packed solution for
RIAs/Distributors
Brokerage calculation &
reconciliation module

Enables client
onboarding & eKYC
Regulatory & compliance
requirements

Customer portfolio
management
Customisable admin utility module

BSE launches StAR MF Plus - a premium platform for Distributors and Advisors
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 BSE - CONFIDENTIAL
Business – Segment Update
BSE StAR Mutual Fund Platform – Performance, Reach & Coverage

Mutual Fund Registered

Number of registered Number of Schemes

Investors with Mutual Fund 41 Available
50.8
Million 10,264

Number of distributors Number of

who can transact Over 699 cities/towns covered
69,729

Data as on 30st April 2021

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Business – Segment Update BSE - CONFIDENTIAL

BSE Star Mutual Fund Platform – Order Breakup

Average Daily Value of Orders (₹ million) Mutual Fund Revenue (₹ million)

360,707 447

CAGR (2017-2021)
91% 
341

290
226,205

141,231

99
71,435

27,311

FY 16-17 FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY17-18 FY18-19 FY19-20 FY20-21

* Based on orders processed

• StAR MF contributed ₹ 54,580 million as net equity inflow during April
2021 against industry inflow of ₹ 34,370 million
• Number of order received has grown by 63% in FY2021 as
• FY 2021 StAR MF contributed ₹ 224,440 million as net equity inflow
compared to FY2020 against the negative industry outflow of ₹ 259,650 million
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Business – Segment Update BSE - CONFIDENTIAL

Services to Corporates - Performance

Listing Fees (₹ million) Book Building & Other Services (₹ million)

CAGR (2017-2021) CAGR (2017-2021)

8%  21% 

1,881 1,880 1,855

1,776
431
300 400
420 335
496 100
1,382 55

340
252
240

187 102 58
1,580 1,520
1,280 1,461
44 331 345

1,042

182
143 150

FY16-17 FY17-18 FY18-19 FY19-20 FY20-21 FY16-17 FY17-18 FY18-19 FY19-20 FY20-21
Annual Listing Fee Listing processing and Other Listing fees Book Building Fees Other Services Fees

16
Business – Segment Update BSE - CONFIDENTIAL

India International Exchange IFSC – Introduction

• Equity Index Derivatives: Sensex and India 50
• Indian Stock Futures : 131 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
Asset Classes &
• Commodity Futures : Gold, Gold KG, Silver, Copper, Aluminium, Lead, Nickel, Zinc, BRENT Crude Oil, QGold, QSilver
Contracts
• Commodity Options : Gold
• Currency Derivatives: INR USD, USD INR, EUR USD, GBP USD and JPY USD
• Debt Securities: Masala Bonds, Foreign Currency Denominated Bonds
• Global Depository Receipts
• Infrastructure Investment Trusts
• Real Estate Investment Trusts
• 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 Access • BSE’s India INX launches Global Access with connectivity to CME Group Exchanges, LME, ICE US &
Europe, Eurex & Euronext N.V.

India INX Shareholding Structure* India ICC Shareholding Structure*

2.89% 4.36% 7.52%
4.93% On May 08, 2020 Hon'ble Finance Minister
8.61% 8.67% Smt. Nirmala Sitharaman virtually
inaugurated Rupee Dollar Derivatives
84.14% 78.88% contracts open for trading on India INX.
BSE Limited ICICI Bank BSE Limited ICICI Bank
DCB Bank Limited Individual Shareholders DCB Bank Limited Individual Shareholders
*Data as on May 07, 2021 17
Business – Segment Update BSE - CONFIDENTIAL

India International Exchange IFSC – Performance

Market share since Inception

MTN Programme* Derivative Trading* Bonds Listed*

15%

100%@ 99%#
85%

100%@ of MTN established in IFSC are established *Data as on March 2021 99%# of the bonds listed in IFSC are listed on INDIA
with INDIA INX INX

Listing Business Performance (USD million)

11,370

2,500 Average daily turnover of Rupee Derivative

25,574
7,418
contracts in April 2021 was USD 10.24 million
17,000
5,541
6,000
2,000
FY 17-18 FY 18-19 FY 19-20 FY 20-21
Debt Securities (Drawdowns and Standalone ) Listed on GSM
Medium Term Notes programmes established on GSM

18
Business - Segment Update BSE - CONFIDENTIAL

India International Exchange IFSC

Total Turnover (in USD Million) Number of Contracts Traded (in Thousands)
1,807,252
127,612
24,226
2,385
41,776
714

1,741,251
124,513
587,483 45,289
42,815 920
196,934
13,881
311
27,228 544,668 1,677
53,032 41 44,369
175 12,254
143,586 18 294 1,344
175 14,474
18 1,343 12,495
FY16-17 FY17-18 FY18-19 FY19-20 FY20-21
FY16-17 FY17-18 FY18-19 FY19-20 FY20-21
Equity Derivatives Commodity Derivatives International Commodities Currency Derivatives Equity Derivatives Commodity Derivatives International Commodities Currency Derivatives

Introduction of USD INR Contracts has Highest Volume in a day Highest Turnover in a day
witnessed momentum in Currency 1,906,949 Traded contracts $ 30.30 Billion
Derivatives turnover on 10th March 2021 on 10th March 2021

India INX cumulative Turnover crossed $ 2.83 Trillion (INR 209 Trillion approx.) as on April 30, 2021
19
Business - Segment Update BSE - CONFIDENTIAL

BSE Ebix Insurance Broking

Launched Motor
Policy premium of ₹ 28.35
Insurance product on
million till April 30, 2021
February 7, 2020

Launched Health 8931 Policies issued

Insurance product till April 30, 2021
on June 3, 2020

4065 certified Point of

Launched Life Insurance
Sales (POS)
product
as on April 30, 2021
on July 13, 2020

20
Business - Segment Update BSE - CONFIDENTIAL

BSE Ebix Insurance Broking

Total Premium Collected (₹ million) Total Policies Collected

4298
9.62

6.79
6.47

4.60
1779
1459
1163

0.86
232

Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21

Introduction of “Corona Kawach” product helped us to reach out to larger crowd and get maximum policies in Q2 FY2021

21
 Business BSE - CONFIDENTIAL

Global Rankings

Currency
9th highest Market Futures 3rd largest
globally with Capitalization Traded globally with
$ 2.79 trillion* Volume 32.09 million#

Electronic Book Currency Options

Trades Traded Volume
Number of
10th largest Listed Companies 2nd largest
globally with globally with
51.8 million# 44.99 million#
Highest globally
with *Data as on March 2021
5,647* # Data for the month of March 2021
Source: BSE/WFE
22
Business BSE - CONFIDENTIAL

Marketshare
Red Ocean Businesses Blue Ocean Businesses

74% 85%
76%
58%
61%

3 41%
42%
29%

7% 7% 8%

COMPANIES/ CURRENCY INTEREST EQUITY DEBT/ FIXED EQUITY CASH COMMODITY

SECURITIES DERIVATIVES RATE DERIVATIVES INCOME DERIVATIVES 1
LISTED DERIVATIVES StAR MF SME2 BSE Bond India INX

Established leader in Listing related Business. Market leadership in Blue Ocean Businesses
Good marketshare in other businesses except Equity Cash

All Marketshare for Q4 FY21

1 Marketshare in Mutual Fund StAR Platform based on the value of purchase / redemption orders received during Q4 FY21
2 Marketshare in SME Segment represents number of companies listed in SME segment as on March 31, 2021
3 As on March 31, 2021
23
 BSE - CONFIDENTIAL
Index

1. About BSE

2. Business

3. Key Growth Drivers & Other Initiatives

4. Financial Highlights & Investor Information

24
Key Growth Drivers & Other Initiatives BSE - CONFIDENTIAL

Key Milestones – The transformation over time

2018-2019
2012-2015
2016-2017 2020-2021
1875-2011

• BSE Small & Medium Enterprises

• Commodity Derivatives segment • Beta-launch of services by BSE Ebix
(“BSE SME”) Platform launched • Trading of Sovereign Gold
launched Insurance Broking Services on
Bonds commenced February 07, 2020
• Currency Derivatives launched
• JV set up with Ebix Inc. to
• “BSE–BOND”- Electronic Book undertake insurance broking • Launch of Commodity Options in
• BSE started as The • Interest Rate Derivative Mechanism launched
Native Share & Stock business GoldM and SilverKG
Platform launched
Broker's Association • India International Exchange • JV with Power Trading • Launch of electronic spot platform
• New Debt segment launched (IFSC) Ltd. launched by Hon’ble for agricultural commodities - “BSE
• BSE corporatized Corporation and ICICI Bank to
Prime Minister of India, Shri set up a power exchange E-Agricultural Markets Ltd. (BEAM)”
• BSE becomes the fastest Narendra Modi on December 11, 2020
• Mutual Fund Platform exchange in the world - median
(“StAR MF”) launched • BSE launches StAR MF mobile
response speed of 6 micro- • BSE’s becomes the first listed • Launch of StAR MF Plus, a premium
application for IFA’s – “IFA StAR
seconds exchange in India platform for distributors and
MF Mobility”
advisors on January 18, 2021
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 25
Key Growth Drivers & Other Initiatives BSE - CONFIDENTIAL

Key Growth Drivers - 1

Equity &
International Exchange Equity Derivatives
Mutual Fund E-platform Services

• Constitution of the IFSC authority • Inter-operability alongwith push • Savings in cost and convenience • Expansion of services from
and its Board to facilitate growth of towards best price execution likely • Strong network of inter- Current platforms for providing
GIFT city as an international to increase liquidity on BSE’s mediaries e-platform services like book-
financial hub as well as growth of electronic trading platform over • Good network connectivity building for IPO, Offer to Buy,
international exchange therein. time. across country Offer for Sell, New Bond
• Investors friendly tax regime • BSE’s initiative to introduce Weekly • Increasing household incomes platform, etc.
• Listing and Trading platform Options has received good • Increasing financial savings • Launched an electronic spot
available for booking of products in response from market participants • Partnered with LIC Mutual Fund platform for agricultural
Equity Derivatives, Currency for e-KYC services commodities - “BSE E-
Derivatives, Commodity Derivatives • Launched StAR MF Plus - a Agricultural Markets Ltd.
and Debt Securities premium platform for (BEAM)
distributors and advisors

01 02 03 04

26
Key Growth Drivers & Other Initiatives BSE - CONFIDENTIAL

Key Growth Drivers - 2

Insurance Broking Power Exchange Commodity Derivatives BSE Bond Platform

• Already commenced insurance • Pranurja Solutions Limited • Commodity futures contracts

• Over ₹ 780 billion of debt
broking in Motor, Health and incorporated to set up a includes Gold, Silver, Copper,
Oman Crude Oil, Guar Gum,
was raised on BSE BOND
Life Insurance power exchange jointly with
Guar Seed, Cotton, Almond, platform through 146
• Continuous growth of Point of Power Trading Corporation
Brent Crude Oil, Aluminium, issues in Q4 FY21
Sales and ICICI Bank
• Product diversification Zinc, Turmeric • Over ₹ 3,705 billion of debt
• CERC granted registration to was raised on BSE BOND
• Software integration with establish and operate a power • Launch of Commodity Options
various insurance companies in GoldM and SilverKG platform through 755
exchange on May, 12, 2021
contracts in June 2020 issues with 52% market
• Launched Steel Futures, share during the
Copper Futures & Copper period FY2021
Options on Goods contracts
during Q4 FY2021

27
 BSE - CONFIDENTIAL
Index

1. About BSE

2. Business

3. Key Growth Drivers & Other Initiatives

4. Financial Highlights & Investor Information

28
 Financial Highlights & Investor Information BSE - CONFIDENTIAL

Integrated Business Model

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

Primary Trading Clearing & Settlement Distribution

1 Transaction Charges ◼ To an extent linked to

◼ 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

6 Income From Investments and ◼ Recurring ◼ Linked to investment yields

Deposits

7 Other Income ◼ Recurring ◼ Mostly derived from rent and training institute etc., which are stable sources of income
29
Linked to Market Activity Recurring
Financial Highlights & Investor Information BSE - CONFIDENTIAL

Consolidated Profit & Loss

(₹ in million)
Mar’21 Dec’20 Mar’20 FY FY
Sr. No. Particulars
Quarter Quarter Quarter 2020-21 2019-20
1. Transaction Charges 465 317 250 1,389 1,131
2. Treasury Income on Clearing and Settlement Funds 88 69 57 301 229
3. Other Securities Services 159 128 133 504 330
4. Securities Services (1+2+3) 712 514 440 2,194 1,690
5. Services To Corporates 665 560 569 2,258 2,122
6. Other Operating Income 145 132 187 562 693
7. Revenue From Operations (4+5+6) 1,522 1,206 1,196 5,014 4,505
8. Income From Investments and Deposits 131 371 305 1,291 1,587
9. Other Income 47 45 57 242 208
10. Total Income (7+8+9) 1,700 1,622 1,558 6,547 6,300
11. Employee Expenses 373 375 376 1,487 1,512
12. Technology Cost & Technology Program 199 264 294 948 1,176
13. Admin & Other Expenses 489 448 506 1,854 1,822
14. Total Operating Expenses (11+12+13) 1,061 1,087 1,176 4,289 4,510
30
Financial Highlights & Investor Information BSE - CONFIDENTIAL

Consolidated Profit & Loss (cont’d)

(₹ in million)

Mar’21 Dec’20 Mar’20 FY FY

Sr. No. Particulars
Quarter Quarter Quarter 2020-21 2019-20

15. EBITDA (10-14) 639 535 382 2,258 1,790

16. EBITDA Margin (15/10 in %) 38% 33% 25% 34% 28%
17. Non-operating Expenses* 269 275 385 1,019 1,022

Profit Before Tax, Exceptional Items And Share Of Associates

18.
(15-17) 370 260 -3 1,239 768
19. Exceptional Items - - - -145 320
20. Profit From Associates 113 117 66 432 267
21. Tax Expenses 165 62 82 109 149
22. Net Profit (18+19+20-21)
318 315 -19 1,417 1,206
23. Net Profit Margin (22/10 in %)
19% 19% -1% 22% 19%
24. Net Profit Attributable To Shareholders
326 324 -13 1,449 1,223
* Non Operating Expenses includes Depreciation, Provision for diminution in value of investments, Finance Cost, Provision for additional contribution to ISF & IPF and LES.
31
Financial Highlights & Investor Information BSE - CONFIDENTIAL

Standalone Profit & Loss

(₹ in million)
Mar’21 Dec’20 Mar’20 FY FY
Sr. No. Particulars
Quarter Quarter Quarter 2020-21 2019-20
1. Securities Services 544 376 344 1,650 1,352
2. Services To Corporates 664 559 569 2,255 2,119
3. Data Dissemination Fees 84 84 83 334 315
4. Revenue From Operations (1+2+3) 1,292 1,019 996 4,239 3,786
5. Income From Investments And Deposits 75 309 232 1,136 1,396
6. Other Income 52 56 78 276 239
7. Total Income (4+5+6) 1,419 1,384 1,306 5,651 5,421
8. Employee Expenses 218 222 232 891 939
9. Technology Cost & Technology Program 254 320 321 1,148 1,309
10. Admin & Other Expenses 448 387 430 1,601 1,576
11. Total Operating Expenses (8+9+10) 920 929 983 3,640 3,824
32
Financial Highlights & Investor Information BSE - CONFIDENTIAL

Standalone Profit & Loss (cont’d)

(₹ in million)

Mar’21 Dec’20 Mar’20 FY FY

Sr. No. Particulars
Quarter Quarter Quarter 2020-21 2019-20

12. EBITDA (7-11)

499 455 323 2,011 1,597
13. EBITDA Margin (12/7 in %) 35% 33% 25% 36% 29%
14. Non-operating Expenses* 191 204 318 705 761

15. Profit Before Exceptional Item and Tax (12-14) 308 251 5 1,306 836
16. Exceptional Item
- - - -146 916
17. Tax Expenses
159 39 -11 187 15
18. Net Profit After Tax (15+16-17)
149 212 16 973 1,737
19. Net Profit Margin (18/7 in %)
11% 15% 1% 17% 32%
20. NPAT (Excluding Gain on CDSL Stake Sale)
149 212 16 973 821
21. Net Profit Margin (Excluding Gain on CDSL Stake Sale) (20/7 in %)
11% 15% 1% 17% 15%
* Non Operating Expenses includes Depreciation, Provision for diminution in value of investments, Finance Cost, Provision for additional contribution to ISF & IPF and LES.
33
Financial Highlights & Investor Information BSE - CONFIDENTIAL

Financial Overview
Consolidated Key Performance Indicators (₹ in million) Standalone Key Performance Indicators (₹ in million)

36% 31% 28% 14% 22%

36% 38% 32% 15% 17%

6,989 6,875
6,183 6,300 6,547 6,510
6,124
5,509 5,421 5,651

2,206 2,148 1,942 2,479

1,449 1,986 1,959
902 821 973

FY16-17 FY17-18* FY18-19* FY19-20* FY20-21 FY16-17 FY17-18* FY18-19* FY19-20* FY20-21
Total Revenue Net Profit Net Margin Total Revenue Net Profit Net Margin

Consolidated Earnings per share (₹) [Continuing operations] Standalone Earnings per share (₹)

45.45
40.41 39.37
36.78 36.39 37.12
33.00

23.3
18.04 16.72

FY16-17 FY17-18* FY18-19* FY19-20* FY20-21 FY16-17 FY17-18* FY18-19* FY19-20* FY20-21

* Net profit from Continuing operation and excluding Gain from CDSL Stake Sale 34
Financial Highlights & Investor Information BSE - CONFIDENTIAL

Financial Overview (cont’d)

Consolidated Net Worth (₹ million) Standalone Net Worth (₹ million)

30,749
29,286
26,255 27,743
24,924 26,262
24,251 24,290
21,650 21,872

FY16-17 FY17-18 FY18-19 FY19-20 FY20-21 FY16-17 FY17-18 FY18-19 FY19-20 FY20-21

Dividend pay-out and Buyback Details

100
Dividend per share (₹) & Pay-out Ratio# 140%
Financial Year Dividend Buyback (Including Total
90
120% (Including DDT) # transactions cost & Tax) (₹ million)
80 99%
93% 95% 97% 95% (₹ million) (₹ million)
70 100%
2015-16 937 - 937
60
80%
50 2016-17 765 - 765
40 36 60% 2017-18 1,733 450 2,183
28 30
30 21 40% 2018-19 2,255 1,230 3,485
20
17
20% 2019-20 1,584 4,762 6,346
10
2020-21 779 - 779
- 0%
FY16-17 FY17-18 FY18-19 FY19-20 FY20-21 2021-22 962 - 962
Dividend Per Share Dividend Payout Ratio Total 9,015 6,442 15,457
#Dividend pay-out ratio is calculated based on Standalone Profit excluding gain on sale of strategic investment #Dividend Distribution Tax 35
 Business BSE - CONFIDENTIAL

Shareholding Pattern
SHAREHOLDING PATTERN Closing Price

Trading Members
Others
14%
65%
Banks*
2%

Financial
Institution
5%

27-04-18

27-06-18

27-08-18

27-10-18

27-12-18

27-02-19

27-04-19

27-06-19

27-08-19

27-10-19

27-12-19

27-02-20

27-04-20

27-06-20

27-08-20

27-10-20

27-12-20

27-02-21

27-04-21
FDI / FII / FPI
13%
Mutual Funds
1% Closing Price
*Banks includes bank which are trading members
SOME KEY SHAREHOLDERS (As on March 31, 2021) MARKET DATA
Life Insurance Corporation of India 5.61%
Market Capitalization (₹ Mn) 25,713
Siddharth Balachandran 2.98%
Zerodha Broking 2.16% Price (₹) 571.1

Acacia Banyan Partners Limited 1.74% No. of Shares Outstanding 4,50,24,297

Akshay Vasantlal Mehta 1.69%
Face Value (₹) 2.00
Jupiter India Fund 1.55%
Acacia Conservation Fund, LP 1.37% Avg. Qtrly Trading Volume (₹ Mn) 219.48
MSPL Limited 1.33%
Avg. Qtrly Trading Volume (Mn shares) 0.36
S Gopalakrishnan 1.18%
Morgan Stanley Asia (Singapore) PTE – ODI 1.08% 52 week High-Low (₹) 658.00 – 288.90

Paid up Capital ₹ 90.04 million | Face Value per share ₹ 2/- each Market data as at March 31, 2021 36
 BSE - CONFIDENTIAL

THANK YOU

INVESTOR RELATIONS CONTACT :

Yogesh Joshi
Head – Investor Relations
+91 22 2272 8810
 bse.ir@bseindia.com