Central Depository Services (CDSL) reported disappointing revenue in 2QFY20, which saw a steep 9.8% QoQ decline, while revenue dipped 1.9% YoY. 2QFY20 revenue came in at Rs527mn, with Depository Services revenue flattish QoQ at Rs406mn (-1% YoY), while the Data Processing segment clocked a steep 23.8% QoQ revenue decline (3.3% YoY growth). CDSL's net beneficial owner (BO) accounts touched 18.7mn (17.9mn in 1QFY20), implying 74% incremental market share. Slow revenue growth was mainly on account of decline in Transaction Charges (-10.7% YoY), IPO/Corporate Action Charges (-21.1% YoY) and KYC/Online Data Charges (-20.3% YoY), even as Annual Issuer Charges revenue grew by a healthy 20.1% YoY aided by income earned...