1. Material Accounting Policiesa) Basis of Accounting and Preparation of Financial Statements

The financial statement for the year ended March 31, 2026 has been prepared in accordance with Indian
Accounting Standard (‘Ind AS’). The Company is covered under the definition of NBFC and the Ind AS is
applicable under Phase II as defined in notification dated March 30, 2016 issued by Ministry of Corporate
Affairs (MCA), since the company is a listed company.

These financial statements are prepared in accordance with Indian Accounting Standards (lnd AS)
prescribed under Sec 133 of the Companies Act (“the Act’’) read with Rule 3 of the Companies (Indian
Accounting Standards) Rules, 2015.

These Financial Statements of the Company are presented as per Schedule III (Division III) of the
Companies Act, 2013 applicable to NBFCs, as notified by the Ministry of Corporate Affairs (MCA).
These Financial Statements of the Company are presented in Indian Rupees (“INR”), which is also the
Company’s functional currency and all values are rounded to nearest Lacs upto two decimal places,
except otherwise indicated.

The Standalone financial statements for the year ended March 31, 2026 are being authorized for issue in
accordance with a resolution of the directors on May 7^th, 2026.

b) Use of Estimates

The preparation of the financial statements in conformity with Ind AS requires that management make
judgments, estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets, liabilities and disclosures of contingent assets and liabilities as of the date of
the financial statements and the income and expense for the reporting period. The actual results could
differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the estimate is revised and in
any future periods affected.

The Company makes certain judgments and estimates for valuation and impairment of financial
instruments, fair valuation of employee stock options, useful life of property, plant and equipment,
deferred tax assets and retirement benefit obligations. Management believes that the estimates used in
the preparation of the financial statements are prudent and reasonable.

c) Revenue Recognition

i. Revenue from brokerage activities is accounted for on the exchange settlement date of the
transaction.

ii. Revenue from issue management, debt syndication, financial advisory services etc., is
recognized based on the stage of completion of assignments and terms of agreement with
the client.

iii. Gains / losses on dealing in securities are recognized on the exchange settlement date of
the transaction.

iv. Interest income is recognized using the effective interest rate method.

v. Revenue from dividend is recognized when the right to receive the dividend is established.

d) Property, Plant and Equipment (PPE)Measurement at recognition:

i. Property plant and equipment are stated at cost less accumulated depreciation and
accumulated impairment losses, if any. Subsequent costs are included in the asset’s carrying
amount.

ii. All property, plant and equipment are initially recorded at cost. Cost comprises acquisition
cost, borrowing cost if capitalization criteria are met, and directly attributable cost of bringing
the asset to its working condition for the intended use.

iii. Subsequent expenditure relating to property, plant and equipment is capitalized only when
it is probable that future economic benefit associated with these will flow with the Company
and the cost of the item can be measured reliably.

iv. Any gain or loss on disposal of an item of property, plant and equipment is recognized in
statement of profit and loss.

Depreciation:

i. Depreciation provided on property, plant and equipment is calculated on a Written-
Down-Value (WDV) basis using the rates arrived at based on the useful lives estimated by
management.

ii. Depreciation on assets is provided on a Written Down Method as per the rates prescribed
in Schedule II to the Companies Act, 2013. Depreciation on additions to fixed assets is
provided on a pro-rata basis from the date the asset is available for use. Depreciation on sale
/ deduction from fixed assets is provided for up to the date of sale / deduction / scrapping,
as the case may be.

iii. The residual values, estimated useful lives and methods of depreciation of property, plant and
equipment are reviewed at the end of each financial year and changes if any, are accounted
for on a prospective basis.

Capital Work in Progress:

i. Cost of the assets not ready for intended use, as on reporting date, is shown as capital work in
progress. Advances given towards acquisition of fixed assets outstanding at each reporting
date are shown as other non-financial assets.

ii. Depreciation is not recorded on capital work- in-progress until construction and installation
is completed and assets are ready for its intended use.

Derecognition:

The carrying amount of an item of property, plant and equipment is derecognized on disposal or
when no future economic benefits are expected from its use or disposal. The gain or loss arising
from the derecognition of an item of property, plant and equipment is measured as the difference
between the net disposal proceeds and the carrying amount of the item and is recognized in the
Statement of profit and Loss when the item is derecognized.

e) Intangible Assets

Intangible assets acquired separately are measured on initial recognition at cost. Following initial
recognition, intangible assets are carried at cost less accumulated amortization.

Amortisation

Amortisation is calculated using the straight- line method to write down the cost of intangible assets
to their residual values over their estimated useful lives and is included in the depreciation and
amortization in the statement of profit and loss.

f) Financial instruments

The Company recognizes all the financial assets and liabilities at its fair value on initial recognition; In
the case of financial assets not at fair value through profit or loss, transaction costs that are directly
attributable to the acquisition or issue of the financial asset are added to the fair value on initial
recognition. The financial assets are accounted on a trade date basis.

For subsequent measurement, financial assets are categorised into:

Amortised cost: The Company classifies the financial assets at amortised cost if the contractual
cash flows represent solely payments of principal and interest on the principal amount outstanding
and the assets are held under a business model to collect contractual cash flows. The gains and
losses resulting from fluctuations in fair value are not recognised for financial assets classified in
amortised cost measurement category.

Fair value through other comprehensive income (FVOCI): The Company classifies the financial
assets as FVOCI if the contractual cash flows represent solely payments of principal and interest on
the principal amount outstanding and the Company’s business model is achieved by both collecting
contractual cash flow and selling financial assets. In case of debt instruments measured at FVOCI,
changes in fair value are recognised in other comprehensive income. The impairment gains or
losses, foreign exchange gains or losses and interest calculated using the effective interest method
are recognised in profit or loss. On de-recognition, the cumulative gain or loss previously recognised
in other comprehensive income is re- classified from equity to profit or loss as a reclassification
adjustment. In case of equity instruments irrevocably designated at FVOCI, gains / losses including
relating to foreign exchange, are recognised through other comprehensive income. Further, cumulative
gains or losses previously recognised in other comprehensive income remain permanently in equity
and are not subsequently transferred to profit or loss on derecognition.

Fair value through profit or loss (FVTPL): The financial assets are classified as FVTPL if these do
not meet the criteria for classifying at amortised cost or FVOCI. Further, in certain cases to eliminate
or significantly reduce a measurement or recognition inconsistency (accounting mismatch), the
Company irrevocably designates certain financial instruments at FVTpL at initial recognition. In case
of financial assets measured at FVTPL, changes in fair value are recognised in profit or loss.

Profit or Loss on sale of investments is determined on the basis of first-in-first-out (FIFO) basis.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is
based on the presumption that the transaction to sell the asset or transfer the liability takes place
either:

- In the principal market for the asset or liability, or

- In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants
would use when pricing the asset or liability, assuming that market participants act in their economic
best interest.

A fair value measurement of a non- financial asset takes into account a market participant’s ability to
generate economic benefits by using the asset in its highest and best use or by selling it to another
market participant that would use the asset in its highest and best use.

In order to show how fair values have been derived, financial instruments are classified based on a
hierarchy of valuation techniques, as summarised below:

Level 1 - The fair value hierarchy have been valued using quoted prices for instruments in an active
market.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable either directly (i.e.
as prices) or indirectly (i.e. derived from prices).

Level 3: Inputs that are unobservable. This category includes all instruments for which the valuation
technique includes inputs that are not observable and the unobservable inputs have a significant
effect on the instrument’s valuation.

Impairment of financial assets: In accordance with Ind AS 109, the Company applies Expected
Credit Loss model (ECL) for measurement and recognition of impairment loss. The Company
recognizes lifetime expected losses for all contract assets and / or all trade receivables that do
not constitute a financing transaction. At each reporting date, the Company assesses whether the
loans have been impaired. The Company is exposed to credit risk when the customer defaults on
his contractual obligations. For the computation of ECL, the loan receivables are classified into three
stages based on the default and the aging of the outstanding.

If the amount of an impairment loss decreases in a subsequent period, and the decrease can be
related objectively to an event occurring after the impairment was recognised, the excess is written
back by reducing the loan impairment allowance account accordingly. The write-back is recognised
in the statement of profit and loss.

For subsequent measurement, financial liability are categorised into:

All financial liabilities are initially recognised at fair value net of transaction cost that are attributable to
the separate liabilities. All financial liabilities are subsequently measured at amortised cost using the
effective interest method or at FVTPL.

Financial liabilities are classified as at FVTPL when the financial liability is either contingent
consideration recognised by the Company as an acquirer in a business combination to which lnd AS
103 applies or is held for trading or it is designated as at FVTPL.

Financial liabilities that are not held-for- trading and are not designated as at FVTPL are measured
at amortised cost. The carrying amounts of financial liabilities that are subsequently measured at
amortised cost are determined based on the effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial liability and of
allocating interest expense over the relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash payments (including all fees paid or received that form an integral
part of the effective interest rate, transaction costs and other premiums or discounts) through the
expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of
a financial liability.

Equity instruments:

An equity instrument is any contract that evidences a residual interest in the assets of an entity
after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the
proceeds received, net of direct issue costs.

Derecognition:

A financial liability is derecognised when the obligation under the liability is discharged or cancelled
or expires. When an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as the derecognition of the original liability and the recognition of
a new liability. The difference between the carrying amount of the financial liability derecognised and
the consideration paid is recognised in the Statement of Profit and Loss.

g) Employee Benefits
Gratuity

The Company pays gratuity, a defined benefit plan, to its employees who retire or resign after a
minimum period of one years of continuous service. The Company makes contributions to the
LIC Employees Gratuity Fund which is managed by Life Insurance Company Limited (LIC) for the
settlement of gratuity liability.

A defined benefit plan is a post- employment benefit plan other than a defined contribution plan.
The Company’s net obligation in respect of the defined benefit plan is calculated by estimating the
amount of future benefit that employee has earned in exchange of their service in the current and
prior periods and discounted back to the current valuation date to arrive at the present value of the
defined benefit obligation. The defined benefit obligation is deducted from the fair value of plan
assets, to arrive at the net asset / (liability), which need to be provided for in the books of accounts of
the Company.

As required by the Ind AS19, the discount rate used to arrive at the present value of the defined benefit
obligations is based on the Indian Government security yields prevailing as at the balance sheet date
that have maturity date equivalent to the tenure of the obligation.

The calculation is performed by a qualified actuary using the projected unit credit method. When
the calculation results in a net asset position, the recognized asset is limited to the present value of
economic benefits available in form of reductions in future contributions.

Remeasurements arising from defined benefit plans comprises of actuarial gains and losses
on benefit obligations, the return on plan assets in excess of what has been estimated and the
effect of asset ceiling, if any, in case of over funded plans. The Company recognizes these items
of remeasurements in other comprehensive income and all the other expenses related to defined
benefit plans as employee benefit expenses in their profit and loss account.

When the benefits of the plan are changed, or when a plan is curtailed or settlement occurs, the
portion of the changed benefit related to past service by employees, or the gain or loss on curtailment
or settlement, is recognized immediately in the profit or loss account when the plan amendment or
when a curtailment or settlement occurs.

Provident Fund

Retirement benefit in the form of provident fund is a defined contribution scheme. The Company is
statutorily required to contribute a specified portion of the basic salary of an employee to a provident
fund as part of retirement benefits to its employees. The contributions during the year are charged to
the statement of profit and loss.

i) Borrowing costs

Borrowing costs include interest expense as per the effective interest rate (EIR) and other costs
incurred by the Company in connection with the borrowing of funds. Borrowing costs directly
attributable to acquisition or construction of those tangible fixed assets which necessarily take a
substantial period of time to get ready for their intended use are capitalized. Other borrowing costs
are recognized as an expense in the year in which they are incurred.

) Foreign exchange transactions

The functional currency and the presentation currency of the Company is Indian Rupees.
Transactions in foreign currency are recorded on initial recognition using the exchange rate at the
transaction date. Monetary assets and liabilities denominated in foreign currencies are translated at
the functional currency closing rates of exchange at the reporting date. Exchange differences arising
on the settlement or translation of monetary items are recognized in the statement of profit and loss
in the period in which they arise.

Assets and liabilities of foreign operations are translated at the closing rate at each reporting period.
Income and expenses of foreign operations are translated at monthly average rates. The resultant
exchange differences are recognized in other comprehensive income in case of foreign operation
whose functional currency is different from the presentation currency and in the statement of profit
and loss for other foreign operations. Non-monetary items which are carried at historical cost
denominated in a foreign currency are reported using the exchange rate at the date of the transaction.

j) Income tax

The income tax expense comprises current and deferred tax incurred by the Company. Income tax
expense is recognised in the income statement except to the extent that it relates to items recognised
directly in equity or OCI, in which case the tax effect is recognised in equity or OCI. Income tax
payable on profits is based on the applicable tax laws in each tax jurisdiction and is recognised as
an expense in the period in which profit arises. Current tax is the expected tax payable/receivable
on the taxable income or loss for the period, using tax rates enacted for the reporting period and any
adjustment to tax payable/receivable in respect of previous years.

Current tax assets and liabilities are offset only if, the Company:

a) The entity has legally enforceable right to set off the recognized amounts; and

b) Intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Deferred tax is recognised in respect of temporary differences between the carrying amounts of
assets and liabilities for financial reporting purpose and the amounts for tax purposes.

Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred
tax assets are recognised, for all deductible temporary differences, to the extent it is probable
that future taxable profits will be available against which deductible temporary differences can be
utilised. Deferred tax is measured at the tax rates that are expected to be applied to the temporary
differences when they reverse, based on the laws that have been enacted or substantively enacted
by the reporting date. Deferred tax assets are reviewed at each reporting date and are reduced to the
extent that it is no longer probable that the related tax benefit will be realised.

Deferred tax assets and liabilities are offset only if:

c) The entity has legally enforceable right to set off current tax assets against current tax liabilities;
and

d) The deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same
taxation authority on the same taxable entity.

The tax effects of income tax losses, available for carry forward, are recognised as deferred tax
asset, when it is probable that future taxable profits will be available against which these losses can
be set-off.

Additional taxes that arise from the distribution of dividends by the Company are recognised directly
in equity at the same time as the liability to pay the related dividend is recognized.

k) Cash and Cash Equivalents

Cash and cash equivalents for the purpose of cash flow statement include cash in hand, balances
with the banks and short-term investments with an original maturity of three months or less, and
accrued interest thereon.

l) Impairment of non-financial assets

The Company assesses at the reporting date whether there is an indication that an asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the
Company estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of
an assets or cash- generating unit’s (“CGU”) fair value less costs of disposal and its value in use. The
recoverable amount is determined for an individual asset,

unless the asset does not generate cash inflows that are largely independent of those from other
assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable
amount, the asset is considered impaired and is written down to its recoverable amount. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset. In determining fair value less costs of disposal, recent market transactions are
taken into account, if available. If no such transactions can be identified, an appropriate valuation
model is used. Impairment losses are recognised in statement of profit and loss.