Broking: Market ADTVs (ex-prop) grew 78.0/5.1% YoY/MoM to Rs 8.2tn on back of increased volatility in equity markets during Apr-19. While ADTV growth remains robust, cash ADTV (higher yielding) growth continues to remain soft at 4.1/-13.3%. Consequentially Cash: F&O mix was 3:97 in Apr-19 as against 6:94 in Apr-18. Derivatives ADTV growth continues to outperform total ADTV growth. Life insurance and mutual funds: Despite being lean season, private life insurers individual NBPs grew a strong 19% YoY to Rs 22bn in Apr-19. Apr-19 equity (ex. arbitrage and ETF) inflows on the other hand, were weak at Rs 12.5bn (-91.5% YoY and 87.4% below FY19 avg.). Higher life insurance sales vs. mutual fund sales may be as a result of changes in distributor commission payouts. Recall, that SEBI has banned upfront commission payouts for MF sales by AMCs, while life insurers continue to pay out heavily. We believe this regulatory arbitrage is likely to continue given government motivation to increase insurance penetration. Additionally, beginning Apr-19 the revised lower MF TERs may also be driving flows towards life insurance. We do believe that incongruous commission structures and payout timing, impact distributor behavior in favour of life insurance.