Revenue growth impacted due to market headwinds leading to negative operating leverage: For 3QFY19, CDSL's revenue declined 10% YoY to INR462mn. This was majorly due to reduction in IPO/ Corporate Action charges (-52% YoY) followed by Transaction charges (-25%), Online Data charges (-8%) and other charges (-8%). IPO revenue got impacted due to reduction in number of IPOs given weak market sentiment. Revenue from Transaction charges reduced due to poor delivery based volume during Q3FY19. However, we expect revenues to revive in 2HFY20E following...