In this respect, CAMS is better. They have an explicit policy of paying out at least 65% of Consolidated PAT as dividend - probably the only company where I have seen a specific number. Most other companies have reduced SEBI’s dividend policy mandate to a joke. Last year, CAMS’ dividend exceeded 100% of the profits, resulting in a reduction in Net Worth and boosting the ROE. It is almost an equivalent of a buyback.