Cash ADTV dipped 2% MoM, while NSE derivatives volumes continued to grow at a rapid pace of 13% MoM in Mar’23. Interestingly, despite an increase in trading costs in the form of increased STT (partially offset by rollback of increase in transaction cost by NSE), total NSE futures/options ADTV has remained range bound between Rs225- Rs235trn between Mar-Apr’23.