(xviii) Provisions
Provision is recognised when an enterprise has
a present obligation (legal or constructive)
as a result of a past event and it is probable
that an outflow of resources will be required
to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are
determined based on management estimates
required to settle the obligation at the balance
sheet date, supplemented by experience of
similar transactions. These are reviewed at the
balance sheet date and adjusted to reflect the
current management estimates.
(xix) Contingent liabilities and assets
Contingent liabilities are disclosed when there
is a possible obligation arising from past events,
the existence of which will be confirmed only
by the occurrence or non-occurrence of one
or more uncertain future events not wholly
within the control of the Company or a present
obligation that arises from past events where
it is either not probable that an outflow of
resources will be required to settle or a reliable
estimate of the amount cannot be made, is
termed as a contingent liability. The existence
of a contingent liability is disclosed in the notes
to the financial statements.
Contingent assets: Contingent asset is not
recognised in standalone financial statements
since this may result in the recognition of income
that may never be realised. However, when the
realisation of income is virtually certain, then
the related asset is not a contingent asset
and is recognised.
Provisions, contingent liabilities and contingent
assets are reviewed at each balance sheet date.
(xx) Earnings per share
Basic earnings per share is calculated by
dividing the net profit or loss for the period
attributable to equity shareholders by the
weighted average number of equity shares
outstanding during the year.
Diluted earnings per share is computed using
the weighted average number of equity shares
and dilutive potential equity shares outstanding
during the year. For the purpose of calculating
diluted earnings per share, the net profit or loss
for the period attributable to equity shareholders
and the weighted average number of shares
outstanding during the year are adjusted for the
effects of all dilutive potential equity shares.
(xxi) Discontinued operations
A discontinued operation is a component of
the Company’s business, the operations and
cash flows of which can be clearly distinguished
from the rest of the operations of the
Company and which :
- represents a major line of business or
geographic area of operations:
- is part of a single coordinated plan to
dispose off a separate major line of
business or geographic area of operations.
Classification as discontinued operation occurs
at the earliest of disposal or when the operation
meets the criteria to be classified as held-for-sale.
When an operation is classified as a discontinued
operation, the comparative statement of profit
and loss is re-presented as if the operation
had been discontinued from the start of the
comparative year.
(xxii) Equity share capital
Incremental costs directly attributable to the use
of equity shares are recognised as a deduction
from equity. Income tax relating to transaction
costs of an equity transaction is accounted for
in accordance with Ind AS 12.
(xxiii) Recent accounting pronouncements
Ministry of Corporate Affairs ("MCA”) notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards)
Rules as issued from time to time. During the
year ended 31 March 2025, MCA has notified Ind
AS - 117 Insurance Contracts and amendments to
Ind AS 116 - Leases, relating to sale and leaseback
transactions, applicable to the Company w.e.f. 1
April 2024. The Company has reviewed the new
pronouncements and based on its evaluation has
determined that it does not have any significant
impact in its standalone financial statements.
Note:
The company has entered into a loan agreement to provide unsecured loans to its fully owned subsidiary, M/s.Geojit
Investments Ltd for an amount up to H80,000.00 lakhs. These loans shall be used by M/s.Geojit Investments Ltd for
purchase of MTF book, MTF lending purposes, settlement of purchase consideration payable towards business transfer
of securities business or for working capital purposes. These loans carry an interest rate of 10%.
During the year, the Company has provided loan amounting to H37,610.00 lakhs out of which H32,500.00 lakhs is
repayable on demand after one year and balance amount is repayable on demand. This loan in fully outstanding as
on 31 March 2025.
* Loans and advances to clients are in the nature of margin funding loans for which repayment is not specificed as the loan provided is fully
secured based on the agreements entered into by the Company and the clients. These are secured by pledge on the shares purchased by
utilising the loan and collateral securities provided by the clients.
C Investment property comprises of the following:
The Company's corporate building located at 34/659-P, Civil Line Road, Padivattom, Kochi - 682024, is partly used
for own purpose and partly let out to subsidiary companies for earning rental income.
D Measurement of fair value
(i) Fair valuation hierarchy
The fair value of investment property has been determined by a registered valuer as defined under rule 2 of
Companies (Registered Valuers and Valuation) Rules, 2017.
The fair value measurement of the investment property has been categorised as Level 3 fair value based on
inputs to the fair value technique used.
(ii) Valuation techniques used and key inputs to valuation on investment property
For the purpose of valuation, the primary valuation methodology used is the replacement cost model adjusted
for depreciation.
16. Borrowings (Contd..)
The Company has complied with the requirement of filing of quarterly returns or statements of trade receivables with
the bank or financial institutions, wherever applicable, and these returns were in agreement with the books of accounts
for the quarters during the year ended 31 March 2025 and year ended 31 March 2024.
As part of business transfer agreement, the Company has transferred its borrowings related to transferred business
to its wholly owned subsidiary, Geojit Investments Limited amounting to H14,500.00 lakhs. Prior to such transfer, the
Company has repaid balance borrowings amounting to H11,600.00 lakhs. The company has repaid H15/I64.00 lakhs of
borrowings out of rights issue proceeds during the year. Also refer movement below.
20. Equity share capital (contd..)
(d) Rights, preferences and restrictions in respect of equity shares issued by the Company
The Company has only one class of equity shares having a par value of H 1/- each. The equity shares of the company
having par value of H 1/- rank pari-passu in all respects including voting rights and entitlement to dividend. The
dividend proposed if any, by the Board of Directors, is subject to the approval of the shareholders in the ensuing
Annual General Meeting.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive the remaining
assets of the Company, after settling the dues of preferential and other creditors as per priority. The distribution
will be in proportion to the number of equity shares held by the shareholders.
(e) As at 31 March 2025, 1,304,167 equity shares (31 March 2024: 157,659 equity shares) of H 1/- each are reserved
towards outstanding employee stock options granted. (Refer note 36)
(f) There are no shares allotted as fully paid-up by way of bonus shares or allotted as fully paid-up pursuant to
contract without payment being received in cash, or bought back during the period of five years immediately
preceding the reporting date.
(g) Rights issue
(a) On 13 July 2024, the Board of Directors of the Company approved issue of equity shares of the Company by
way of a Rights issue to the eligible shareholders of the Company as on the record date for an amount not
exceeding H 20,000.00 lakhs. On 19 September 2024, the Rights Issue Committee of the Company approved
the Rights issue price of H 50 per equity share including a premium of H 49 per equity share over face value of
H 1 per equity share and Rights entitlement ratio of one equity share for every six equity shares held by eligible
equity shareholders of the Company as on the record date. i.e., ratio of 1:6. On 30 September 2024, the Rights
Issue Committee of the Company approved the Record date as 7 October 2024 and the issue open date as
15 October 2024 and issue closing date as 23 October 2024. Subsequent to this, 39,857,413 shares have been
allotted on 30 October 2024. Pursuant to the allotment, the paid up equity share capital of the company has
increased to H2,790.25 lakhs. The object of the Rights issue is to enlarge the capital base of the Company.
The net proceeds to be utilised for Repayment or prepayment, in full or in part, of certain borrowings availed
by the Company and for other General corporate purposes. The Company has raised H19,928.70 lakhs on
application. The total expense on Rights Issue aggregating to H434.49 lakhs has been adjusted against
securities premium. During the year ended 31 March 2025, the Company has utilised H15,000.00 lakhs for
repayment of borrowings and balance amount was utilised for general corporate purpose.
(b) There has been no deviation in the use of proceeds of the Rights Issue, from the objects stated in the
Offer document.
(h) Capital management:
The Company's objective for capital management is to maximise shareholder value, safeguard business continuity
and support the growth of the Company. The Company determines the capital requirement based on annual
operating plans and long-term and other strategic investment plans. The funding requirements are met through
equity, operating cash flows generated and short term debt. The Company is not subject to any externally imposed
capital requirements.
For the purpose of Company's capital management, capital includes subscribed equity share capital, securities
premium, all other equity reserves attributable to the owners of the Company and debt from the financial institutions.
Description of the nature and purpose of other equity :
i) Share application money pending allotment
The share application money was received pursuant to the exercise of options granted to employees under the
employee stock option plans. The Company has sufficient authorised share capital to cover the allotment of
these shares. Pending allotment of shares, the amounts are maintained in a designated bank account and are not
available for use by the Company.
ii) Securities premium
Securities premium reserve is used to record the premium on issue of shares. The reserve can be utilised only for
limited purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.
iii) Share options outstanding account
The employee stock options outstanding represents amount of reserve created by recognition of compensation
cost at grant date fair value on stock options vested but not exercised by employees and unvested stock options
in the Statement of profit and loss in respect of equity-settled share options granted to the eligible employees of
the Company and its subsidiaries in pursuance of the Employee Stock Option Plan.
21. Other equity (Contd..)
iv) General reserve
General reserve is created through annual transfer of profits at a specified percentage in accordance with
applicable regulations under the erstwhile Companies Act, 1956. The purpose of these transfers was to ensure that
if a dividend distribution in a given year is more than 10% of the paid up capital of the Company for that year, then
the total dividend distribution is less than the total distributable profits for that year. Consequent to introduction
of the Companies Act, 2013, the requirement to mandatorily transfer specified percentage of net profits to General
reserve has been withdrawn. However, the amount previously transferred to the General reserve can be utilised
only in accordance with the specific requirements of the Companies Act, 2013.
v) Retained earnings
Retained earnings or accumulated surplus represents total of all profits retained since the Company’s inception.
Retained earnings are credited with current year profits, reduced by losses, if any, dividend pay-outs, transfers to
General reserve or any such other appropriations to specific reserves.
vi) Other reserves
Other reserves comprises capital reserve.
vii) Other comprehensive income
Other comprehensive income (OCI) comprises of actuarial gains and losses that are recognised in other
comprehensive income.
Details of dividends proposed/ paid
The Board of Directors at its meeting held on 21 May 2025 has recommended a final dividend of H1.50/- per equity
share of face value H1/- each for the financial year ended 31 March 2025 (31 March 2024: H 1.50/- per equity share). The
payment is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company.
Annualised volatility is computed using the high and low market price of the Company’s share over the one year
period prior to the date of grant. It is assumed that employees would exercise the options immediately on vesting.
The historical volatility of the Company’s share price is higher than the volatility considered above. However, the
Company expects the volatility of its share price to reduce as it matures.
37. Employee benefits
General description of defined benefit plans
(i) Defined contribution plan - Provident Fund
The Company makes Provident Fund contribution for qualifying employees. Under the plan, the Company is required
to contribute a specified percentage of the payroll costs to fund the benefits. The Company has recognised H718.88
lakhs (31 March 2024: H602.14 lakhs) towards provident fund contribution in the statement of profit and loss. The
contribution payable to the plan by the Company are at the rates specified in the rules of the scheme.
(ii) Defined benefit plan - Gratuity
The Company provides gratuity benefit to its employees (included as part of ‘Contribution to provident and other
funds’ in Note 32 Employee benefits expense), which is funded with Life Insurance Corporation of India.
The estimate of future salary increases, considered in actuarial valuation, considers inflation, seniority, promotion
and other relevant factors, such as supply and demand in the employment market.
38.Leases
As a lessee
The Company’s lease asset classes primarily consist of leases for office premises. The Company assesses whether a
contract contains a lease, at inception of a contract. To assess whether a contract conveys the right to control the use
of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the
Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii)
the Company has the right to direct the use of the asset.
At the date of commencement of the lease, the Company recognizes a right-of-use asset ("ROU”) and a corresponding
lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less
(short-term leases). For these short-term leases, the Company recognises lease payments as an operating expense.
The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability. They
are subsequently measured at cost less accumulated depreciation. Right-of-use assets are depreciated from the
commencement date on a straight-line basis over the lease term.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease
payments are discounted using the incremental borrowing rate of the company.
39. Operating segments
The Company's Chief Operating Decision Maker (CODM) examines the performance both from a service perspective
and geography perspective and has identified the reportable segments and the Company's Managing Director is the
CODM. There is no separate reportable segment as per Ind AS 108 on ‘Operating Segments’ in respect of the Company.
The Company’s operations predominantly relate to one segment, viz., financial services. The entire operations are
organised and managed as one organisational unit with same set of risks and returns. Hence, the same is considered as
a single primary segment. Besides, the Company’s operations are located only in India and hence, separate secondary
geographical segment information is not disclosed.
The Company is not reliant on revenues from transactions with any single external customer and does not receive 10%
or more of the Company's total revenue from transactions with any single external customer for the year ended 31
March 2025 and 31 March 2024.
41. Financial instruments
A. Accounting classification
Refer to financial instruments by category table below for the disclosure on carrying value and fair value on
financial assets and liabilities. For financial assets and liabilities maturing within one year from the balance sheet
date and which are not carried at fair value, the carrying amounts approximatafe fair value due to the short
maturity of these instruments.
B. Measurement of fair value
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
in the principal (or most advantageous) market at the measurement date under current market conditions (i.e. an
exit price), regardless of whether that price is directly observable or estimated using a valuation technique.
The investments included in Level 1 of fair value hierarchy have been valued using quoted prices for instruments
in an active market. The investments included in Level 2 of fair value hierarchy have been valued using valuation
techniques based on observable market data. The investment included in Level 3 of fair value hierarchy have been
valued using the income approach and break-up value to arrive at their fair value. There is no movement from
between Level 1, Level 2 and Level 3. There is no change in inputs used for measuring Level 3 fair value.
Valuation technique used to determine fair value
Specific value techniques used to value financial instruments include:
- the use of quoted market prices for listed instruments
- the fair value of forward foreign exchange contracts is determined using forward exchange rates at the
balance sheet date.
- the fair value of remaining financial instruments is determined using market comparables, discounted
cash flow analysis.
D. Financial risk management
The Company has exposure to the following risk arising from financial instruments:
a) Credit risk
b) Liquidity risk
c) Market risk
Risk management framework
The Company has established a comprehensive system for risk management and internal controls for all its
businesses to manage the risks that it is exposed to. The objective of its risk management framework is to ensure
that various risks are identified, measured and mitigated and also that policies, procedures and standards are
established to address these risks and ensure a systematic response in the case of crystallisation of such risks.
The Company has established various policies with respect to such risks which set forth limits, mitigation strategies
and internal controls to be implemented by the three lines of defence approach provided below. The Board
oversees the Company’s risk management and has constituted a Risk Management Committee, which frames and
reviews risk management processes and controls.
The risk management system features a "three lines of defence” approach:
1. The first line of defence comprises its operational departments, which assume primary responsibility for their
own risks and operate within the limits stipulated in various policies approved by the Board or by committees
constituted by the Board.
41. Financial instruments (Contd..)
D. Financial risk management (Contd..)
2. The second line of defence comprises specialised departments such as risk management, Internal Permanent Control
and compliance. They employ specialised methods to identify and assess risks faced by the operational departments
and provide them with specialised risk management tools and methods, facilitate and monitor the implementation of
effective risk management practices, develop monitoring tools for risk management, internal control and compliance,
report risk related information and promote the adoption of appropriate risk prevention measures.
3. The third line of defence comprises the internal audit department and external audit functions. They monitor
and conduct periodic evaluations of the risk management, internal control and compliance activities
to ensure the adequacy of risk controls and appropriate risk governance, and provide the Board with
comprehensive feedback.
a) Credit risk:
It is risk of financial loss that the Company will incur a loss because its customer and counterparty to financial
instruments fails to meet its contractual obligation.
The Company's financial assets comprise of Cash and bank balance, Trade receivables, Loans, Investments
and Other financial assets which comprise mainly of deposits.
The maximum exposure to credit risk at the reporting date is primarily from the Company's trade
receivable and loans.
Trade receivables, loans and other financial assets:
The Company has followed simplified approach for measurement of expected credit loss in case of receivables
and loans. At each reporting date, the Company assesses whether financial assets carried at amortised cost
are credit impaired. A financial asset is ‘credit impaired’ when one or more events that have a detrimental
impact on the estimated future cash flows of the financial asset have occurred. Loss allowances for trade
receivables are always measured at an amount equal to lifetime expected credit losses. Lifetime expected
credit losses are the expected credit losses that result from all possible default events over the expected
life of a financial instrument. The maximum period considered when estimating expected credit losses is
the maximum contractual period over which the Company is exposed to credit risk. Based on the industry
practices and business environment in which the entity operates, management considers that the trade
receivables and loans are in default based on the due dates of the respective financial assets.
The Company applies the Ind AS 109 simplified approach to measure expected credit losses which uses a
lifetime expected loss allowance (ECL) for all trade receivables. The application of simplified approach does
not require the Group to track changes in credit risk. Rather, it recognises impairment loss allowance based
on lifetime ECLs at each reporting date, right from its initial recognition.
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk
characteristics as follows:
- Receivable from Brokerage (Secured by collaterals mainly in form of Securities of listed Group)
- Receivable from Depository (Secured by collaterals mainly in form of Securities of listed Group)
- Other receivables (Portfolio management services and distribution related receivables.)
Receivable from brokerage
Trade receivable of the company are of short duration with credit period ranging up to maximum 30 days. The
Company has computed expected credit loss where there is significant delay in collection by grouping under
various aging categories and based on historical data of probability of default is applied to arrive at ECL. For
receivables aged over 90 days, probability of default is 100% and 100% ECL provision is made.
Other financial assets considered to have a low credit risk:
Credit risk on cash and cash equivalents is limited as we generally invest in deposits with banks with high credit
ratings assigned by international and domestic credit rating agencies. Other financial assets include deposits
for assets acquired on lease and with qualified clearing counterparties and exchanges as per the prescribed
statutory limits.
Investments comprise of equity investments in subsidiaries, joint venture and associate, debt mutual funds
which are market tradeable. Further, for the loan given to wholly owned subsidiary amounting to H37,610.00
lakhs, credit risk is considered to be low.
41. Financial instruments (Contd..)
D. Financial risk management (Contd..)
b) Liquidity risk
Liquidity represents the ability of the Company to generate sufficient cash flow to meet its financial
obligations on time, both in normal and in stressed conditions, without having to liquidate assets or raise
funds at unfavourable terms thus compromising its earnings and capital.
Liquidity risk is the risk that the Company may not be able to generate sufficient cash flow at reasonable
cost to meet expected and/or unexpected claims. It arises in the funding of lending, trading and investment
activities and in the management of trading positions.
The Company aims to maintain the level of its cash and cash equivalents and other highly marketable
investments at an amount in excess of expected cash outflow on financial liabilities.
Funds required for short period is taken care by borrowings utilising overdraft facility from bank.
The table below summarises the maturity profile of the undiscounted cash flows of the Company's financial
assets and liabilities as at 31 March 2025
41. Financial instruments (Contd..)
D. Financial risk management (Contd..)
c) Market risk
Market risk arises when movements in market factors (foreign exchange rates, interest rates credit spreads and
equity prices) impact the Company’s income or the market value of its portfolios. The Company, in its course
of business is exposed to market risk due to change in equity prices, interest rates and foreign exchange
rates. The objective of market risk management is to maintain an acceptable level of market risk exposure
while aiming to maximise returns. The Company classifies exposures to market risk into either trading or non¬
trading portfolios. Both the portfolios are managed using the following sensitivity analysis:
i) Equity price risk
ii) Interest rate risk
iii) Currency risk
i) Equity price risk
The Company does not have proprietory trading positions in equity. In respect of the client positions,
the risk is managed through risk based margin requirements and hence the Company do not envisage a
substantial equity price risk.
ii) Interest rate risk
The Company's exposure to interest rate risks arises primarily due to the short term investments in
debt mutual funds.
The non-traded financial assets and liabilities are fixed rate instruments and are valued at amortised cost.
Any shifts in yield curve will not impact their carrying amount and will therefore not have any impact on
the Company’s statement of profit and loss.
iii) Foreign exchange risk / Currency risk
The financial risks arising to the Company include foreign exchange risk.
43. Transfer of broking and depository business and discontinued operations
The Board of Directors of the Company, in its meeting held on 28 July 2023, approved the proposed transfer of the
Company’s securities broking business and its related activities (‘the business’) as a ‘going concern’ on ‘slump sale’ basis
to Geojit Investments Limited (‘GIL’), a wholly owned subsidiary of the Company, to comply fully with the applicable
regulations. The transfer was subsequently approved by the shareholders of the Company in the extraordinary general
meeting held on 4 October 2023.
The business was not previously classified as a discontinued operation pending approvals from the relevant regulatory
authorities. On receipt of approvals, pursuant to a Business Transfer Agreement dated 13 December 2024 , the Company
has transferred net assets amounting to H 48,561.18 lakhs to GIL for a total consideration of H 48,561.18 lakhs on 21 March
2025, settled by cash. The comparative standalone statement of profit and loss has been re-presented to show the
discontinued operation separately from continuing operations.
45. Audit trail
As per the Ministry of Corporate Affairs (MCA) notification, proviso to Rule 3(1) of the Companies (Accounts) Rules,
2014, for the financial year commencing April 1, 2023, every company which uses accounting software for maintaining
its books of account, shall use only such accounting software which has a feature of recording audit trail of each and
every transaction, creating an edit log of each change made in the books of account along with the date when such
changes were made and ensuring that the audit trail cannot be disabled.
The Company has used an accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) facility that has operated throughout the financial year for all relevant transactions except:
1 For Accounting software used to maintain general ledger, which is operated by a third-party software service
provider, the service provider auditor has not reported controls with respect to audit trail in the Independent
auditor’s report. Further, there is a system limitation with respect to disablement of audit trail feature available
at the application layer. Management is currently in the process of getting this fixed with the service provider.
Additionally, the audit trail has been preserved by the Company as per the statutory requirements for record
retention at the application layer.
2 For Accounting software used to maintain payroll, revenue and client related balances including loan (except PMS
revenue), the audit trail feature has been enabled from 19 August 2024 onwards.
3 For Accounting software used to maintain PMS revenue and its client balances, the audit trail feature has not been
enabled. With effect from 1 April 2025, the Company has moved from its legacy software to a new software, for
which audit trail feature is enabled.
46. Revenue from contracts with customers
The Company is engaged in the business of retail and institutional broking and distribution of financial products.
In accordance with Ind AS 115, Revenue from Contracts with Customers, the revenue is accounted in the following
manner for each head:
a) Brokerage income:
The Company provides trade execution and settlement services to the customers in retail and institutional
segment. There is only one performance obligation of execution of the trade and settlement of the transaction
which is satisfied at a point in time. The brokerage charged is the transaction price and is recognised as revenue on
trade date basis. Related receivables are generally recovered in a period of 1 day as per the settlement cycle. This
business has been transferred by the Company to its wholly owned subsidiary Geojit Investments Limited. Also
refer Note 45 (Transfer of broking and depository business and discontinued operations)
b) Distribution of financial products:
The Company distributes various financial products and other services to the customers on behalf of third party
i.e. the Company acts as an intermediary for distribution of financial products and services. The Company executes
contracts with the Principal, viz AMC’s, Mutual Funds, Bank, Insurance Company etc. to procure customers for its
products. As a consideration, the Company earns commission income from the third parties for the distribution of
their financial products. The commission is accounted net of claw back if any, due to non-fulfilment of contract by
the customer with the principal. The customer obtains control of the service on the date when customer enters
into a contract with principal and hence subscription or contract date is considered as the point in time when the
performance obligation has been satisfied.
c) Depository and portfolio management services
Income from depository services, penal charges and portfolio management services are recognised on the basis
of agreements entered into with clients and when the right to receive the income is established. It is recognised
at the point in time for transaction charges and performance based PMS fee and others are recognised over the
period of service as applicable. Depository business has been transferred by the Company to its wholly owned
subsidiary Geojit Investments Limited. Also refer Note 43 (Transfer of broking and depository business and
discontinued operations)
H583.76 lakhs has been transferred to wholly owned subsidiary, Geojit Investments Limited on account of business
transfer. (Refer note 43)
47. Additional regulatory information pursuant to the requirement in Division III of Schedule III to
the Companies Act, 2013
i) The Company does not have any Benami property, nor any proceeding has been initiated or pending against the
Company for holding any Benami property.
ii) The Company does not have any transactions with struck off companies.
iii) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible
assets or both during the current or previous year.
iv) The Company has not traded or invested in cryptocurrency or virtual currency during the financial year.
v) The Company has not any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such
as, search or survey or any other relevant provisions of the Income Tax Act, 1961)
vi) None of the entities in the Company have been declared wilful defaulter by any bank or financial institution or
government or any government authority.
vii) The Company has complied with the number of layers prescribed under the Companies Act, 2013.
viii) The Company has not entered into any scheme of arrangement, other than disclosed under Note 43 which has an
accounting impact on current or previous financial year.
ix) The ratios as specified in the new amendments under clause B (VI)(xiv) of "Division III of Schedule III" under "Part
I - Balance Sheet - General Instructions for preparation of Balance Sheet" are not applicable to the Company as the
Company is primarily into distribution of financial products and portfolio management services, which is covered
under "Division III of Schedule III".
x) The Company has not obtained any term loans during the year.
48 a) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any
other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities
("Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary
shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Company ("Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries.
b) No funds have been received by the Company from any persons or entities, including foreign entities ("Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly
or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party ("Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.
As per our report of even date attached
for B S R & Associates LLP for and on behalf of the Board of Directors of
Chartered Accountants Geojit Financial Services Limited
Firm registration number: 116231W/W-100024 CIN : L67120KL1994PLC008403
Arpan Jain C. J. George A. Balakrishnan
Partner Chairman and Managing Director Executive Director
Membership No.: 125710 DIN: 00003132 DIN: 00050016
Mini Nair Liju K. Johnson
Chief Financial Officer Company Secretary
Membership No.: A21438
Kochi Kochi
21 May 2025 21 May 2025
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