1. The Company has created pledge on the shares of Nuvama Wealth Finance Limited (formerly Edelweiss Finance & Investments Limited) ("NWFL"):-

A) 19,03,114 (Previous year: 19,03,114) equity shares have been pledged towards intraday facility taken by Nuvama Clearing Services Limited (formerly Edelweiss Custodial Services Limited), a wholly owned subsidiary of the Company in favour of ICICI bank.

B) 46,38,000 (Previous year: 46,38,000) equity shares have been pledged towards non-convertible debentures issued by Nuvama Wealth and Investment Limited (formerly Edelweiss Broking Limited), a wholly owned subsidiary of the Comapny in favour of Catalyst Trusteeship Limited.

C) 25,47,000 (Previous year: 25,47,000) equity shares have been pledged towards non-convertible debentures issued by Nuvama Wealth and Investment Limited (formerly Edelweiss Broking Limited) , a wholly owned subsidiary of the Comapny in favour of Beacon Trusteeship Limited.

2. During the year ended March 31, 2024, the Company has provided an impairment of Rs. 6.82 crore for impairment in value of investment in Nuvama Capital Services (IFSC) Limited (formerly Edelweiss Securities (IFSC) Limited).

Advances to others represents advance consideration paid by EGWML to EFSL towards wealth management business. This was transferred to the Company pursuant to Composite scheme of arrangement as referred to in note 2.54. Further, during the financial year 2023-24, the said advance is adjusted against the wealth management business demerged into the Company pursuant to Scheme of arrangement as referred to in note 2.55.

Trade Payables includes Rs. 99.50 million (Previous year: Rs. 39.13 million) payable to "Suppliers" registered under the Micro, Small and Medium Enterprises Development Act, 2006. No interest has been paid / is payable by the Company during the year to "Suppliers" registered under this Act. The aforementioned is based on the responses received by the Company to its inquiries with suppliers with regard to applicability under the said Act.

1 Pursuant to the Scheme of arrangement, on June 09, 2023, 10,512,660 equity shares of Rs. 10 each held by Edelweiss Financial Services Limited ('EFSL') in the Company had been extinguished and cancelled. Further, 10,528,746 equity shares of Rs. 10 each were issued to the equity shareholders of EFSL as on the record date, as a consideration for transfer of Demerged undertaking to the Company. (refer note 2.55)

2 The Company had issued 100 equity shares of Rs. 10 each on April 27, 2022 to Edelweiss Financial Services Limited as a consideration for transfer of Wealth Management Business Undertaking to the Company (Refer note 2.54).

3 17,555,986 equity shares of Rs. 10 each held by Edelweiss Global Wealth Management Limited in the Company had been extinguished and cancelled on April 26, 2022 (Refer note 2.54).

4 On May 10, 2022, the Company had issued 17,871,263 equity shares of Rs. 10 each on account of conversion of its entire Compulsorily convertible debentures of Rs. 22,439.88 million.

5 Share suspense account represents cancellation of Equity shares of the Company held by Edelweiss Global Wealth Management Limited pursuant to the composite scheme of arrangement (Refer note 2.54).

B. Terms/rights attached to equity shares:

The Company has only one class of Equity shares having a par value of Rs. 10 per share. Each holder of Equity shares is entitled to one vote per share held. In the event of liquidation of the Company, the equity shareholders will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts, if any, in proportion to the number of Equity shares held by the shareholders.

1) Pursuant to the Composite scheme of arrangement, 22,044,000 CCDs held by PAGAC Ecstasy Pte Ltd (PAG) in Edelweiss Global Wealth Management Limited (EGWML) have been demerged from EGWML into the Company. On April 27, 2022, the Company had reissued 22,044,000 CCDs to PAG in lieu of CCDs held by PAG in EGWML.

2) Further, on May 10,2022 the Company had converted entire 22,439,875 CCDs into 17,871,263 Equity shares of Rs. 10 each thereby crediting Equity Share Capital by Rs. 178.71 million and Securities Premium by Rs. 22,261.16 million.

A. Nature and purpose of reserves

a) Share Application Money Pending Allotment

Share application money pending allotment represents the amount received on exercise of ESOP application on which allotment is not yet made.

b) Capital Reserve

Capital reserve represents the gains of capital nature which is not freely available for distribution.

c) Capital Redemption Reserve

The Company has recognised capital redemption reserve on redemption of Redeemable preference shares.

d) Securities Premium Reserve

Securities premium reserve is used to record the premium on issue of shares. The reserve can be utilised only for limited purposes in accordance with the provisions of the Companies Act, 2013.

e) General Reserve

Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net income at a specified percentage in accordance with applicable regulations. This reserve can be utilised only in accordance with the specific requirements of Companies Act, 2013.

f) Revaluation Reserve

The revaluation reserve relates to the revaluation of class of asset (i.e. building)

g) Deemed Capital Contribution - ESOP

Deemed capital contribution relates to share options granted to eligible employees of the Company by the Edelweiss Financial Services Limited, erstwhile parent company, under its employee share option plan.

h) ESOP Reserve

The employee stock options reserve represents reserve in respect of equity settled share options granted to the employees of the Company.

i) Retained Earnings

Retained earnings comprises of the Company's undistributed earnings after taxes.

During year ended March 31, 2023 the Company incurred expenses for senior management cost and shared premises cost, these costs expended plus markup are recovered from subsidiaries and associate, and represented in other income as a Corporate cost allocation and rental income. For the year ended March 31, 2024, these costs expended are recovered as a cost reimbursement without mark-up & thus such costs so expended are presented net of recoveries in notes 2.8, 2.9, 2.27, 2.28 & 2.30.

1) Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) has granted Employee Stock Option Plans ("ESOP") to the Group's employees on an equity-settled basis. The Company has recognised share based payment expenses of Rs. 116.95 million & Rs. 116.13 million for the year ended March 31, 2024 and for the year ended March 31, 2023 respectively, based on fair value as on the grant date calculated as per option pricing model. (refer note 2.42).

2) Edelweiss Financial Services Limited ("EFSL") an entity exercising significant influence over the Company (upto March 30 2023), has granted ESOP/Stock appreciation rights option to acquire equity shares of EFSL that would vest in a graded manner to Company's employees. Based on policy, EFSL has charged the fair value of such stock options, and Company has accepted such cross charge and accordingly recognised the same under the employee cost for the year ended March 31, 2024 and March 31, 2023.

* To give impact to the Composite scheme of arrangement and in line with IND AS requirements, the Company has recorded net losses of Rs. 11.61 million pertaining to the Wealth Management business undertaking in its statement of profit & loss account for the year ended March 31, 2023 (refer note 2.54). However, since the effective date of the said Wealth Management business undertaking is April 26 2022 as per the Composite scheme of arrangement, the said losses will be claimed / accounted for by the Demerged Company in its Income tax Return appropriately.

** To give the impact of Scheme of arrangement, the Company has recorded profit after tax from March 26, 2021 to May 18, 2023 amounting to Rs. 364.33 million pertaining to the Demerged Undertaking in its statement of profit & loss account for the year ended March 31, 2024 and the same is not taxable in the hands of the Company (refer note 2.55). The said profit has been offered by Edelweiss Financial Services Limited in its income tax return appropriately.

I ncome for each segment has been specifically identified. Expenditure, assets and liabilities are either specifically identified with individual segments or have been allocated to segments on a systematic basis. Based on such allocations, segment disclosures relating to revenue, results, assets and liabilities have been prepared.

Since the business operations of the Company are primarily concentrated in India, the Company is considered to operate only in the domestic segment and therefore there is no reportable geographic segment.

2.34 Disclosure pursuant to Indian Accounting Standard 19 - Employee Benefits

A) Defined contribution plan (Provident fund and national pension scheme)

Amount of Rs. 50.56 million (Previous year: Rs. 48.20 million) is recognised as expenses in "Employee benefit expenses" - note 2.27 in the statement of profit and loss.

The following tables summarise the components of the net employee benefit expenses recognised in the statement of profit and loss, the funded status and amount recognised in the balance sheet for the gratuity benefit plan.

2.37 Contingent liabilities, commitments and lease arrangements

A. Contingent liabilities (to the extent not provided for)

a) Taxation matters in respect of which appeal is pending Rs. Nil (Previous year: Rs. Nil).

b) Litigation pending against the Company amounting to Rs. 6.84 million (Previous year: Rs. 6.84 million).

The Company's pending litigations mainly comprise of claims against the Company pertaining to proceedings pending with income tax and other authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in the financial statements. The amount of provisions / contingent liabilities is based on management's estimate, and no significant liability is expected to arise out of the same.

c) The Company has received demand notices from tax authorities on account of disallowance of expenditure for earning exempt income under Section 14A of Income Tax Act 1961 read with Rule 8D of the Income Tax Rules, 1962. The Company has filed appeal/s and is defending its position. Based on the favourable outcome in Appellate proceedings in the past and as advised by the tax advisors, Company is reasonably certain about sustaining its position in the pending cases, hence the possibility of outflow of resources embodying economic benefits on this ground is remote.

d) The Company has provided corporate guarantees to banks for securing credit facilities & bank guarantees and to debenture trustees for issue of debentures on behalf of its subsidiary companies and associate Rs. 42,568.00 million (Previous year: Rs. 24,618.00 million) and utilized amount as on March 31, 2024 is Rs. 27,446.50 million (Previous year: Rs. 21,133.50 million).

B. Capital commitments (to the extent not provided for)

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 19.70 million (net of advances) (Previous year: Rs. 45.93 million).

The Company has sponsor capital commitments (net of investments) Rs. 91.55 million (Previous year Rs. 85.40 million)

C. Lease commitments

The Company has entered into commercial lease for premises.

1. Amortisation on Right of Use is gross of reimbursement received of Rs. 90.96 million for the year ended March 31, 2024. (Previous Year: Nil)

2. Accretion of interest on lease liabilities is gross of reimbursement received of Rs. 34.98 million for the year ended March 31, 2024. (Previous Year: Nil)

During the year ended March 31, 2023, Edelweiss Financial Services Limited (EFSL) held 29.99% directly and 43.74% indirectly along with its subsidiaries in the equity shares of the Company. Thus, EFSL was disclosed as a party excercising significant influence over the Company. Further, transactions with its subsidiaries were also disclosed under category D above 'Subsidiaries of entity exercising significant influence with whom the Company has transactions (upto March 30, 2023)'. During the financial year ended March 31, 2023, pursuant to the amendment in the shareholders agreement, MOA and AOA of the Company, effective March 30, 2023, EFSL ceases to excercise significant influence over the Company. Accordingly, Transactions with EFSL and its subsidiaries have been disclosed only till March 30, 2023.

2.39 Capital management

The primary objective of the Company's capital management policy is to ensure that the Company complies with externally imposed capital requirements and maintains strong credit ratings and healthy capital ratios in order to support its business and to maximise shareholder value.

The Company manages its capital structure and makes adjustments to it according to changes in economic conditions and the risk characteristics of its activities. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividend payment to shareholders, return capital to shareholders or issue capital securities. No changes have been made to the objectives, policies and processes from the previous years. However, they are under constant review by the Board.

In addition to above, the Company is required to maintain minimum net worth as prescribed by various regulatory authorities. The management ensures that this is complied.

2.41 Cost sharing

The Company incurred expenditures like branding fee, senior management cost, technology, rent and administrative cost etc., which is for the common benefit of itself, its subsidiaries, associate & joint venture. These costs expended are reimbursed by these subsidiaries, associate & joint venture on the basis of number of employees, actual identifications etc. On the same lines, branch running costs expended (if any) by the Company for the benefit of its subsidiaries, associate & joint venture are recovered by the Company. Accordingly, and as identified by the management, the expenditure heads in note 2.8, 2.9, 2.27, 2.28 & 2.30, include reimbursements paid and are net of reimbursements received based on the management's best estimate.

2.42 Share based payments

Nuvama Wealth Management Limited has granted Employee Stock Option Plans ("ESOP") under the plan ESOP 2021 to its employees on an equity-settled basis as tabulated below. The ESOPs provide a right to its holders (i.e., Nuvama group employees) to purchase one Nuvama share for each option at a pre-determined strike price on the expiry of the vesting period. The ESOP hence represents an European call option that provides a right but not an obligation to the employees of the Nuvama group to exercise the option by paying the strike price at any time on completion of the vesting period, subject to an outer boundary on the exercise period.

Nuvama Wealth Management Limited , has recognised share based payment expenses for the year ended March 31, 2024 based on fair value as on the grant date calculated as per option pricing model.

2.43 Risk Management framework:-

a) Regulatory controls

Introduction and risk profile

The Company's overall objective is to manage its broking & merchant banking business, and the associated risks, (such as credit risk, liquidity risk, market risk, operational risk etc.) in a manner that balances serving the interests of its customers and investors and protects the safety and soundness of the Company.

The Company is regulated by SEBI & respective exchanges with special focus on trade execution & clearing, client fund/security management, exchange & client reporting, merchant banking business, etc. The Company strives for continual improvement through efforts to enhance systemic & manual controls, ongoing employee training and development and other measures.

Risk Management Structure

The Company has a well-defined risk management process framework for risk identification, assessment and control in order to effectively manage risks associated with the various business activities. The risk function is monitored primarily by the business risk group. At the Company level, there is a 'Global Risk Group' which is responsible for managing the risks arising out of various business activities at a central level.

The Company's multi-level risk management process ensures that the margin monitoring processes withstand market volatility. As a result, the Company follows strict margin call process and limits are set and monitored on an ongoing basis.

The Company's board of directors have overall responsibility for the establishment and oversight of the Company's risk management framework. They are 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.

Risk mitigation and risk culture

The Company's business processes ensure complete independence of functions and a segregation of responsibilities. Client introduction, client on-boarding, credit control processes, centralised operations unit, independent internal auditors for checking compliance with the prescribed policies/processes at each transaction level are all segregated. The Company's risk management processes and policies allow layers of multiple checks and verifications.

b) Approach to capital management

The Company is governed by rules and regulation described by Securities Exchange Board of India (SEBI) and various stock exchanges registered with. As prescribed schedule VI of Securities And Exchange Board of India (Stock - Brokers and Sub - Brokers) Regulations, 1992 and (Merchant Banker) Regulations, 1992.

2.44 The Company does not have any long-term contracts including derivative contracts for which there are any material foreseeable losses.

2.45 Credit risk

Credit risk arises when a customer or counterparty does not meet its obligations under a customer contract or financial instrument, leading to a financial loss. The Company is exposed to credit risk from its operating activities primarily trade receivables.

The Company's management policy is to closely monitor creditworthiness of counterparties by reviewing their credit ratings, financial statements and press release on regular basis.

The Company's financial assets are subject to the expected credit loss model are only short-term trade and other receivables. All trade receivables are expected to be collected in less than twelve months. Company applies the expected credit loss model for all financial assets and simplified approach for trade receivables for recognition of impairment loss. Expected credit loss allowance based on simplified approach in respect of receivables is computed based on a provision matrix which takes into account historical credit loss experience.

Market risks

Risk which can affect the Company's income or the value of its holdings of financial instruments due to adverse movements in market prices of instrument due to price risk.

Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in the level of individual investment in prices of financial instruments.

Liquidity Risk:

Liquidity risk is defined as the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Liquidity risk arises because of the possibility that the Company might be unable to meet its payment obligations when they fall due as a result of mismatches in the timing of the cash flows under both normal and stress circumstances.

Liquidity risk emanates from the mismatches existing on the balance sheet due to differences in maturity and repayment profile of assets and liabilities. These mismatches could either be forced in nature due to market conditions or created with an interest rate view. Such risk can lead to a possibility of unavailability of funds to meet upcoming obligations arising from liability maturities. To avoid such a scenario, the Company ensures maintenance of adequate Liquidity Cushion in the form of Fixed Deposits, Cash & bank balance, etc. These assets carry minimal credit risk and can be liquidated in a very short period of time. Further, the Company has undrawn bank facilities.

2.46 Industry wise analysis of risk concentration:

The Company provides broking, research services to various institutional clients and merchant banking services to various clients. The Company has significant concentration in the financial services industry.

2.47 Collateral held and other credit enhancements

The tables on the following pages show the maximum exposure to credit risk by class of financial asset. They also shows the total fair value of collateral, any surplus collateral (the extent to which the fair value of collateral held is greater than the exposure to which it relates), and the net exposure to credit risk.

2.51 (a) The Company has complied with the Rule 3 of Companies ( Accounts) Rules, 2014 amended on August 5,2022 relating to maintenance of electronic books of account and other relevant books and papers. The Company's books of accounts and relevant books and papers are accessible in India at all times and backup of accounts and other relevant books and papers are maintained in electronic mode within India and kept in servers physically located in India on daily basis.

(b) The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, there are no instance of audit trail feature being tampered with.

* For March 31, 2023 The amount spent towards corporate social responsibility as mentioned above has been incurred towards various projects in the area of Community Resilience and Climate Action. (Schedule VII (ii) & (iv) of the Companies Act, 2013).

** For March 31, 2024, the average net profit of last three years as per sec. 198 of the Companies Act, 2013 is negative, hence no contribution has been made for CSR activities.

2.53 Transactions with struck off companies

The Company does not have any transactions with struck off companies during the year ended March 31, 2024 and March 31, 2023.

2.54 Composite scheme of arrangement

The Board of Directors of the Company at its meeting held on April 07, 2021, had approved the Composite scheme of arrangement amongst Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) ("NWML"), Edelweiss Securities And Investments Private Limited ("ESIPL"), Edelweiss Global Wealth Management Limited ("EGWML") and their respective shareholders and creditors, under section 230 to 232 and other applicable provisions of the Companies Act, 2013, which inter-alia envisaged the following:

(i) Demerger of Asset Management Business Undertaking ("Demerged Undertaking 1" as defined in the Scheme) of the Company into ESIPL.

(ii) Demerger of Wealth Management Business Undertaking ("Demerged Undertaking 2" as defined in the Scheme) of EGWML into the Company.

The National Company Law Tribunal Bench at Mumbai (Tribunal) has approved the aforementioned scheme vide its order dated March 31, 2022 under the applicable provisions of the Companies Act, 2013. Certified copy of the said order of the Tribunal was received by the Company on April 05, 2022 and filed with the Registrar of Companies on April 22, 2022.

Accordingly, the Board of Directors of the respective companies at its meeting held on April 22, 2022 have decided to give effect to the Scheme in the following manner based on the order of Tribunal:

(i) Demerger of Asset Management Business with effect from Appointed date April 01, 2021.

(ii) Demerger of Wealth Management Business Undertaking with effect from Appointed date April 26, 2022.

As per the Scheme, the Company will transfer assets and liabilities of Asset Management Business Undertaking to ESIPL at their respective book values from the appointed date. Also, EGWML will transfer assets and liabilities of Wealth Management Business Undertaking to the Company at their respective book values from the appointed date.

Since the Scheme was sanctioned by the NCLT on March 31, 2022, for the financial year ended March 31, 2022, it was an adjusting event in accordance with IND AS 10. Accordingly, the financial statements for the year ended March 31, 2022 were presented after taking effect of aforementioned demerger considering book value of assets and liabilities of Asset Management Business and Wealth Management Business Undertaking.

Demerger of Asset Management Business of the Company into ESIPL

Assets and Liabilities of Asset Management Business Undertaking as at Appointed date i.e April 01, 2021

* Bank balances amounting to Rs. 1,022.44 million in FY 2021-22 pertains to Asset Management Business undertaking to be demerged from the Company into Edelweiss Securities And Investments Private Limited (ESIPL). Since the said amount does not pertain to the Company, a liability of equivalent amount is created in schedule 2.15 as 'Payable on account of composite scheme of arrangement' . Subsequently, on April 25, 2022, the Company has transferred the aforementioned amount to ESIPL pursuant to the Composite scheme of arrangement.

The excess of the book value of asset over liabilities of Rs. 1473.13 million have been debited to retained earnings.

Pursuant to the Composite Scheme of Arrangement, ESIPL had issued 456,710 equity shares of Rs. 10 each to EGWML and Edelweiss Financial Services Limited, the specified equity shareholders of the Company, as a consideration for transfer of Asset Management Business Undertaking.

Demerger of Wealth Management Business Undertaking of EGWML into the Company

Demerger of Wealth Management Business Undertaking of EGWML into the Company has been accounted under 'Pooling of Interests Method' in accordance with Appendix C of IND AS 103 (Business Combinations of entities under common control). Accordingly comparative financial statements has been restated from March 26, 2021 (the date from which the said business undertaking was in common control with respect to NWML and EGWML).

Pursuant to the Composite Scheme of Arrangement and upon the Scheme coming into effect -

i. The Company has issued 100 equity shares of Rs. 10 each on April 27, 2022 to Edelweiss Financial Services Limited, being equity shareholder of EGWML, as a consideration for transfer of Wealth Management Business Undertaking to the Company.

ii. 17,555,986 equity shares of Rs. 10 each held by EGWML in the Company have been extinguished and cancelled on April 26, 2022.

iii. The Company has on April 27, 2022 issued 22,044,000 CCDs of Rs. 1,000 each to PAGAC Ecstasy Pte Limited in lieu of 22,044,000 CCDs of Rs. 1,000 held by PAGAC Ecstasy Pte Limited in EGWML.

2.55 Scheme of arrangement

The Board of Directors of the Company at its meeting held on May 13, 2022, had approved the Scheme of arrangement between Edelweiss Financial Services Limited ('EFSL') and Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) ('NWML') and their respective shareholders and creditors, under section 230 to 232 read with applicable provisions of the Companies Act, 2013, which inter-alia envisaged demerger of Wealth Management Business Undertaking (including Merchant banking business) of EFSL into the Company ('Demerged Undertaking' as defined in the Scheme).

The National Company Law Tribunal Bench at Mumbai (Tribunal) has approved the aforementioned Scheme vide its order dated April 27, 2023 under the applicable provisions of the Companies Act, 2013. Certified copy of the said order of the Tribunal was received by the Company on May 12, 2023 and filed with the Registrar of Companies on May 18, 2023. Accordingly, Effective date of the scheme is May 18, 2023.

As per the Scheme, EFSL transferred assets and liabilities of Demerged Undertaking to the Company and Company recognised all assets and liabilities of Demerged Undertaking using acquisition method.

Pursuant to the Scheme of Arrangement -

(i) 10,512,660 equity shares of Rs. 10 each held by EFSL in the Company had been extinguished and cancelled on June 09, 2023

(ii) The Company had issued 10,528,746 equity shares of Rs. 10 each to the equity shareholders of EFSL as on the record date, as a consideration for transfer of Demerged undertaking to the Company. The record date for determining the eligibility of the shareholders of EFSL for allotting shares of the Company was June 2, 2023.

2.56 Subsequently after the effective date of the Scheme of arrangement, the Company received requisite registration from SEBI and complied with conditions of SEBI by June 30, 2023. Consequently, the Company has accounted for the said Demerged Undertaking in its books of accounts in accordance with the Scheme; arrangement between EFSL, the Company and its shareholders to implement the scheme, and the provisions of IND AS as follows:

(i) Profit after tax of Demerged Undertaking from March 26, 2021 till May 18, 2023 amounting to Rs. 364.33 million has been accounted as Net income pertaining to Demerged Undertaking and the same is not taxable in the hands of the Company.

(ii) the business of the Demerged Undertaking was carried on by EFSL in trust for the Company from May 19, 2023 to June 30, 2023 and accordingly, the Profit before tax of the Demerged Undertaking amounting to Rs. 78.47 million from May 19, 2023 to June 30, 2023 has been accounted as Net income pertaining to Demerged Undertaking.

1. Debt-equity Ratio = Total debt [Debt securities Borrowings (other than debt securities)] / Net worth

2. Net worth = Equity share capital Other equity

3. Debt Service Coverage Ratio = (Profit before Tax and Finance cost excluding IND AS 116 impact) / (Finance cost excluding IND AS 116 impact Total debt)

4. Interest Service Coverage Ratio = (Profit before Tax and Finance cost excluding IND AS 116 impact) / (Finance cost excluding IND AS 116 impact)

5. Total debt to Total assets = Total debt / Total assets

6. Net profit margin = Net profit for the year / Total income

7. Current ratio, Long term debt to working capital, Bad Debts to account receivables ratio, Current liability ratio, Debtors turnover, Inventory turnover and Operating margin (%) are not applicable owing to the business model of the Company.

2.58 Additional regulatory information required under (WB) (xiv) of Division III of Schedule III amendment, disclosure of ratios, is not applicable to the Company as it is in the broking business and not an NBFC registered under section 45-IA of Reserve Bank of India Act, 1934.

2.59 Other statutory information

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

(ii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory year.

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

(iv) 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:

(a) 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

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(v) 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:

a. 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

b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

(vi) The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the period 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)

The accompanying notes are an integral part of the standalone financial statements