Q1FY26 debut record INR406 cr (+60% YoY) set the table.

On the tech issue — was it a platform problem from TCS side or an operational challenge? What steps were taken to rectify it? Is trading back on the main site?

Yes. Trading has moved back to the main site. The root cause was a predefined parameter limit in the gateway services pertaining to certain files which include the configuration of things like the UCC. This crossed a particular limit that night because of which the threshold started becoming active. And with that threshold active, the gateway services were not able to get fully enabled. Because this is a predefined parameter, the same parameter continued to hold good in the DR site also, even though the immediate action to move to DR was taken, the same key issue emerged, and there had to be certain steps taken to find it, resolve it, address it and then run the process to start trading for the day, which tends to be a process with a few steps. The issue has been resolved on both our main data centre as well as our DR site.

On BULLDEX index options launched October 27 — FPIs are allowed to participate in this contract, right?

As of now, FPIs are not allowed to participate in any contract where the underlying is not cash-settled. Because the underlying of the BULLDEX is gold 1 kg and silver 30 kgs, FPIs are not allowed to participate in BULLDEX options as of now.

Update on base metals delivery centre consolidation and plans to scale the segment?

We have launched Nickel only at one warehouse. We've consolidated Copper at only one warehouse now — that becomes active from the December contract. In Aluminium, we are at 3 centres. Zinc has also been reviewed. We've looked at data on where deliveries have taken place and engaged with market participants. This consolidation is taking place in a phase-wise manner. For base metals, we are reaching out to various participants. There's been a pretty decent uptick in both Copper futures volumes as well as Copper options volumes. Copper is our test case — if we can get traction with a single delivery centre, then we can look at other contracts as well.

Do BULLDEX options devolve into futures, and then eventually the customer has to buy physical delivery of open positions?

No. BULLDEX options do not devolve. BULLDEX options are cash-settled. They will be settled at the price of the option on the last trading day. There is no devolvement of BULLDEX options into BULLDEX futures or the underlying gold and silver futures.

Then FPIs can participate in BULLDEX options since they are cash-settled?

No, they cannot at present because the guidelines do not permit them.

Rise in bullion options — is it because of price volatility only or also the change in expiry from bimonthly to monthly? What is sustainability and normalized premium-to-notional? How is participation different from crude and natural gas?

You cannot attribute it to any one specific reason. It is always a combination of various factors. There's been volatility, heightened interest, we made them monthly. So it's a combination of all these factors. On notional — ideally, if one makes a bimonthly contract into a monthly contract, the premium should halve theoretically. But our overall premiums have risen after making this move. So it has been a beneficial move in that sense. On participation — it's not very different because we have a very wonderful mix of physical market participants, hedgers, investors, retail participants, HNIs, ultra HNIs, corporates, and the entire jewellery community. It has just increased due to this launch and that is why we are seeing this kind of participation.

On BULLDEX index options — FPIs not allowed but it's cash-settled. Do we need market making to scale it?

A contract would not start exploding from day one. We expect that since we have not brought in market making, it will be organic growth. And this organic growth will be visible as we go ahead.

During October '25, margin requirements for gold and silver F&O were increased in 2 phases. Can we expect this to go to previous level once prices cool off? Also, can the tech glitch impact future new product launch approvals from the regulator?

The situation on bullion and specifically on silver was something that we watched and tracked very closely while it was playing out, especially in the pre-Diwali festive season. On the back of what we saw in market, some unexpected backwardation where Indian markets also reflected the global markets, we took some urgent actions. We also reflected on actions in the global space in terms of how price movements were playing out as well as margin movements in the global exchanges. Our actions have helped and the situation has remained well under control. We will keep a track on this, watching all our volatility, open positions and so on, and will rationalize at the suitable time. On product approvals — whatever product approvals we require are in place. New products are as per what is approved under the commodity list of SEBI. Processes are being followed as always.

What can be done to improve domestic institutional participation on MCX?

We are seeing heightened interest and participation from domestic mutual funds. There's also participation from AIFs. PMS is an area where we would like to see more participation. In terms of membership also, we've already added 17 new members this year and have a healthy pipeline of more members coming in. A number of mutual funds have now opened themselves up to the multi-asset fund schemes. That really is a very focused effort from our side because it opens up the ability for commodities to be part of the fund. We expect to see those launches happen in market in the coming months.

Bullion prices were very volatile last quarter but sequentially growth was flat. Is there a lack of participation?

We had a good push in the first quarter of the year, growing nearly by 33% over the previous quarter, driven by macro indicators along with what we were driving from a business standpoint. This quarter, we have seen this number to be flat. It's a broader reflection of where the 2 quarters need to be seen hand-in-hand, even though the underlying drivers — participation, members, ADT — have been increasing. We've seen growth in bullion. Bullion does have a slightly lower premium ratio, which is reflective of the way the product operates. And that is also reflecting in this slightly flat growth.

Could you give us the breakup of revenue between futures and options? And also transaction charges, membership fees and float income?

For Q2, revenue from futures was INR114 crores and options, it was INR223 crores. Beyond this, we will not be able to give breakup on transaction charges, membership fees and float income.

On electricity derivative market share — does NSE have a natural edge? And what is the development on co-location?

The electricity contract has picked up quite well. We are doing about INR34 crores of ADT, average traded lots of about 2,000 lots plus, with a very healthy open interest position buildup of 1,130 lots plus. We have more than 80 members who participated, a few hundred of UCCs who are actually trading and a very healthy momentum of commercial participants coming on board. It's still young, just in the range of about 3 months. We have also seen an extended monsoon which impacts some of the volatility and price considerations. I won't be able to comment on what exactly is happening at competition, but we are quite confident where we stand. On co-location — it's not regulatory permitted. Not something that we'll be able to really say anything on.

Groww MF recently started commodity trading — are there more brokers not currently offering commodity trading? What are we doing to engage with them?

We've got 17 new members this year, and there are many more in the pipeline. Of course, there are a lot of members who are on the equity segments but maybe not on the commodity segments. We are constantly reaching out to them, and that is how we have a healthy pipeline and conversions of new members into the system. We believe that going forward also this will continue to grow, and we should add more members as we go forward. More or less, from the top 10 brokers by active clients on NSE, it would be similar on MCX.

Do you expect cannibalization between main commodity option contracts and the new BULLDEX index contracts?

I don't think there will be any cannibalization. We have launched so many variants in gold and silver, all of them are doing well. When we launched the gold 10 grams, people said it was very close to the 8 grams, but that has also done well. Everything finds a niche for itself. Similarly, this contract will also find a niche for itself, and all these contracts are proven to be complementary to each other rather than cannibalizing.

On the record date for share split — normally it's fixed immediately after shareholders' approval. Any reasons behind the delay?

There are some special steps which we have to take for being an MII. It is in the final stages. The date will be announced shortly.