Employee benefits

Employee benefits include short term employee benefits,
provident fund, employee's state insurance, gratuity and
compensated absences.

Defined benefit plans

For defined benefit plans, the cost of providing benefits is
determined using the Projected Unit Credit Method, with
actuarial valuations being carried out at each balance
sheet date. Remeasurement, comprising actuarial gains
and losses, the effect of the changes to the asset ceiling
and the return on plan assets (excluding interest), is
reflected immediately in the balance sheet with a charge
or credit recognised in other comprehensive income in the
period in which they occur. Past service cost, both vested
and unvested, is recognised as an expense at the earlier of

(a) when the plan amendment or curtailment occurs; and

(b) when the entity recognises related restructuring costs
or termination benefits.

The retirement benefit obligations recognised in the
balance sheet represents the present value of the defined
benefit obligations reduced by the fair value of scheme
assets. Any asset resulting from this calculation is limited
to the present value of available refunds and reductions in
future contributions to the scheme.

The Group provides benefits such as gratuity, pension
and provident fund (Company managed fund) to its
employees which are treated as defined benefit plans.

Defined contribution plans

Contributions to defined contribution plans are
recognised as expense when employees have rendered
services entitling them to such benefits.

The Group provides benefits such as superannuation,
provident fund (other than Company managed fund) and
foreign defined contribution plans to its employees which
are treated as defined contribution plans.

Short-term employee benefits

All employee benefits payable wholly within twelve
months of rendering the service are classified as short¬
term employee benefits. Benefits such as salaries, wages
etc. and the expected cost of ex-gratia are recognised
in the period in which the employee renders the related
service. A liability is recognised for the amount expected
to be paid when there is a present legal or constructive

obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated
reliably.

Termination benefits

Termination benefits are expensed at the earlier of when the Group is obligated to pay those benefits and when the Group
recognises costs for a restructuring.

Provident fund

The Company contributes to a recognized provident fund, which is a Defined Contribution Scheme. The Company makes
specified monthly contributions towards Provident Fund. The contributions are accounted for on an accrual basis and
recognized in the Statement of Profit and Loss.

9. Dividends

Interim Dividend on equity shares paid during the financial year 2025-26

The Board of Directors, at its meeting held on 04^th August, 2025 had declared and paid the First Interim dividend of ?4/-per
share during the financial year 2025-2026. This resulted in a cash outflow of C42.62 million.

The Board of Directors, at its meeting held on 13^th November, 2025 had declared and paid the Second Interim dividend of
?4/-per share during the financial year 2025-2026. This resulted in a cash outflow of C42.62 million.

The Board of Directors, at its meeting held on 4^th February, 2026 had declared and paid the third Interim dividend of ?4/-per
share during the financial year 2025-2026. This resulted in a cash outflow of C42.62 million.

10. Earnings per share

Basic earnings per share are calculated by dividing the net profit for the period (excluding other comprehensive income)
attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during
the financial year.

Note- Dividends paid to directors or KMPs are corporate actions executed uniformly across all equity shareholders based on
their shareholding percentage. Since it provides no special privilege or distinct transfer of resources outside standard investor
right it is not separately reported.

12. Taxation

Tax expense comprises of current tax (i.e. amount of tax for the year determined in accordance with the Income Tax Act, 1961),
and deferred tax charge or benefit (i.e. reflecting the tax effect of timing differences between accounting income and taxable
income for the year).

Current tax

Provision for current tax is recognized based on estimated tax liability computed after adjusting for allowances, disallowances
and exemptions in accordance with the Income Tax Act, 1961.

Deferred Tax

Deferred income tax reflects the current period timing differences between taxable income and accounting income for the
period and reversal of timing differences of earlier years/period. Deferred tax assets and liabilities are measured using the tax
rates and tax law that have been enacted or substantively enacted by the Balance Sheet date.

Deferred tax assets are recognized when there is reasonable certainty that the asset can be realized in future, however, where
there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized to the extent
there is virtual certainty of realization of the assets.

Deferred tax assets are reviewed as at each balance sheet date and written down or written up to reflect the amount that is
reasonably/virtually certain, as the case may be, to be realized.

13. Segment Reporting - IND AS 108

An operating segment is a component of the Company that engages in business activities from which it may earn revenues
and incur expenses, whose operating results are regularly reviewed by the company's Chief Operating Decision Maker
("CODM") to make decisions for which discrete financial information is available. /Based on the management approach as
defined in Ind AS 108 - Operating Segments, the CODM evaluates the Company's performance and allocates resources based
on an analysis of various performance indicators by business segments and geographic segments. The Company operates in
single segment namely Provision of financial services to its client.

14. Foreign Currency Transactions

The company has not entered into any Foreign currency transaction during the year except miniscule payment for subscription
of research materials.

16. Corporate social responsibility

As per Section 135 of the Companies Act, 2013, a Company, meeting the applicability threshold needs to spend at least 2% of
its average net profit for the immediately preceding three financial years on Corporate Social Responsibility (CSR) activities.

17. Financial Risk Management

The Company's risk management policies are established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are
reviewed regularly to reflect changes in market conditions and the Company's activities. The Company, through its training
and management standards and procedures, aims to maintain a disciplined and constructive control environment in which
all employees understand their roles and obligations.

The audit committee oversees how management monitors compliance with the company's risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The
audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews
of risk management controls and procedures, the results of which are reported to the audit committee.

A. Market Risk

Market risk is the risk that the fair value or future Cash flows of a financial instrument will fluctuate because of changes in
market prices. The objective of market risk management is to manage and control market risk exposures within acceptable
parameters, while optimizing the return.

i. Foreign currency risk

The company is not dealing in any foreign exchange therefore foreign currency risk is not applicable to the company.

ii. Interest rate risk

The Company's interest rate risk arises from interest bearing deposits with bank. Such instruments expose the Company
to fair value interest rate risk. Management believe that the interest rate risk attached to this financial asset are not
significant due to the nature of this financial assets.

iii. Market price risks

The Company is exposed to market price risk, which arises from FVTPL and FVOCI investments. The management monitors
the proportion of these investments in its investment portfolio based on market indices. Material investments within the
portfolio are managed on an individual basis and all buy and sell decisions are approved by the appropriate authority.

B. Liquidity Risk

Liquidity risk is the risk that the entity will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial asset. The entity's approach to managing liquidity is to ensure, as far
as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to the entity's reputation.

Looking to the company's business activity of broking services, the company has absolutely minimum liquidity risk.

The table below summarises the maturity profile of the Company's financial liabilities based on the contractual undiscounted
payments.

C. Credit Risk

It is risk of financial loss that the Group will incur a loss because its customers or counter parties to financial instruments fails
to meet its contractual obligation.

The Group's financial assets comprise of cash and bank balances, trade receivables, investments and other financial assets
which comprise mainly of deposits.

The maximum exposure to credit risk at the reporting date is primarily from Group's trade receivable.

Following provides exposure to credit risks for trade receivables and loans:

Cash and cash equivalents

The company maintains its Cash and cash equivalents and Bank deposits with banks having good reputation, good past track
record and high quality credit rating and also reviews their credit-worthiness on an on-going basis.

The above receivables which are past due but not impaired are assessed on individual case to case basis and relate to a
number of independent third party customers from whom there is no recent history of default. These financial assets were
not impaired as there had not been a significant change in credit quality and the amounts were still considered recoverable
based on the nature of the activity of the customer portfolio to which they belong and the type of customers. There are no
other classes of financial assets that are past due but not impaired except for Trade receivables as at March 31,2026.

19. Subsequent Event:

The Board of Directors in their meeting held on 29^th May,
2026 have proposed a final dividend of C1/- per equity
share for the year ended 31^st March, 2026 which is subject
to the approval of shareholders at the ensuing Annual
General Meeting and if approved, would result in a cash
outflow of approximately C10.65 million.

20. There were no Micro, Small and Medium Enterprises, to
whom the Company owed dues, which were outstanding
for more than 45 days as at March 31, 2026. This
information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act, 2006
has been determined to the extent, such parties have
been identified on the basis of information available with
the Company.

21. Other Notes On Accounts

(i) Estimated amount of contracts remaining to be
executed on Capital Account: C NIL

(ii) We have relied on internal evidences certified by
management, in case where external evidences in
respect of expenses are not available.

(iii) Previous year's figures have been regrouped /
reclassified and rearranged wherever necessary to
correspond with the current year's classification /
disclosure.

22. Contingent Liabilities and Commitments

In the ordinary course of business, the Company faces
claims and assertions by various parties. The Company
assesses such claims and assertions and monitors
the legal environment on an ongoing basis, with the
assistance of external legal counsel, wherever necessary.
The Company records a liability for any claims where a
potential loss is probable and capable of being estimated
and discloses such matters in its financial statements, if
material. For potential losses that are considered possible,
but not probable, the Company provides disclosure in the
financial statements but does not record a liability in its
accounts unless the loss becomes probable.

The following is a description of claims and assertions
where a potential loss is possible, but not probable.
The Company believes that none of the contingencies
described below would have a material adverse effect on
the Company's financial

Condition, results of operations or cash flows. Also, the
below amount excludes consequential interest and
penalty, if any.

Litigation

The Company is involved in legal proceedings, both as
plaintiff and as defendant. There are claims, which the
Company does not believe to be of material nature, other
than those described below.

Income Tax

The Company has received orders under Section 148A (d)
of the Income-tax Act, 1961 for reopening the assessment
proceedings for Assessment Years 2016-17 and 2019-20,
after obtaining the approval of the appropriate authority.
The Company has challenged the validity of the said
orders by filing writ petitions before the Hon'ble Gujarat
High Court. The Hon'ble High Court has granted an ad-
interim stay on the impugned proceedings, and the
matter is presently pending for adjudication.

Based on the legal advice obtained, the status of the
proceedings, and management's assessment of the
facts and circumstances, management believes that the
possibility of any economic outflow in respect of the
above matter is remote. Accordingly, no provision has
been recognised, and the matter has not been disclosed
as a contingent liability in these financial statements.

Goods and Service Tax

The adjudicating authority under the Goods and Services
Tax laws has raised a demand aggregating to C 1.01 Crore
against the Company for the financial years 2020-21,2021¬
22 and 2022-23, primarily alleging issuance of invoices
without the actual supply of services. The Company has
challenged the said demand by filing an appeal before the
First Appellate Authority, where the matter is presently
pending adjudication.

Based on the facts of the case, legal advice obtained, and
management's assessment of the merits of the matter,
management believes that the likelihood of any economic
outflow is remote. Accordingly, no provision has been
recognised, and the matter has not been disclosed as a
contingent liability in these financial statements.

23. Disclosure for maintenance of books with audit trail

The Ministry of Corporate Affairs(MCA) has issued a
notification dated 24^th March 2021 (Companies(Accounts)
Amendments Rules,2021) which is effective from April
01,2023, states that 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, and
further 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. In respect of software related to Mutual Fund
Business which is internally developed software by the
Company, no audit trail was enabled for all relevant
transactions at the database level to log any direct data
changes but the Company has taken necessary action to
safeguards all its data at transactions level.

24. Other statutory information

(a) The Company does not have any benami property,
where any proceeding has been initiated or pending
against the Company for holding any benami property.

(b) The Company has not traded or invested in Crypto
currency or Virtual Currency during the financial year.

(c) The Company has not advanced or loaned or
invested funds to any other person(s) or entity(ies),
including foreign entities (Intermediaries) with the
understanding that the Intermediary shall:

(i) 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

(ii) provide any guarantee, security or the like to or on
behalf of the ultimate beneficiaries.

(d) The Company has not received any fund from
any person(s) or entity(ies), including foreign
entities (funding party) with the understanding
(whether recorded in writing or otherwise) that the
Company shall:

(i) 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

(ii) provide any guarantee, security or the like on
behalf of the ultimate beneficiaries

(e) The Company does not have 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).

(f) The Company do not have any charges or satisfaction
which is yet to be registered with ROC beyond the
statutory period.

(g) The Company does not have any transactions with
companies which are struck off.

(h) The Company has not taken any loan from bank or
financial institutions. Consequently, filling of quarterly
returns or statements of current assets with bank or
financial institutions is not applicable to Company.

25. The standalone financial statements were authorized
for issue in accordance with a resolution of the Board of
Directors on May 29^th, 2026.