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HFCL Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 13228.13 Cr. P/BV 4.29 Book Value (Rs.) 21.40
52 Week High/Low (Rs.) 118/56 FV/ML 1/1 P/E(X) 43.95
Bookclosure 30/09/2023 EPS (Rs.) 2.09 Div Yield (%) 0.22
Year End :2023-03 

HFCL Limited

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTSOPINION

We have audited the accompanying standalone financial statements of HFCL LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as the "standalone financial statements").

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of reports of the branch auditors, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, and its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.

BASIS FOR OPINION

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us along with the consideration of audit reports of the branch auditors referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

S. No. Key Audit Matters

Auditor's Response

1. Customer contracts - accuracy of revenue recognition,

Our procedures included, among others, obtaining an

valuation of contract assets, work in progress (WIP),

understanding of the project execution processes and relevant

trade and other receivables, and accuracy of contract liabilities

controls relating to the accounting for customer contracts.

For the year ended March 31, 2023, revenue from customer contracts amounts to '4,395.68 crores whereas as at March 31, 2023, contract assets amount to '318.32 crores, the balance of work in progress (WIP) amounts to '174.15 crores and retention amounts to '239.79 crores.

For the revenue recognised throughout the year, we tested selected key controls, including results reviews by management, for their operating effectiveness and performed procedures to gain sufficient audit evidence on the accuracy of the accounting for customer contracts and related financial statement captions.

The application of the revenue accounting standard

These procedures included reading significant new contracts

(Ind AS 115, Revenue from Contracts with Customers)

to understand the terms and conditions and their impact on

involves certain key judgements relating to identification

revenue recognition. We performed enquiries with management

of distinct performance obligations, determination

to understand their risk assessments relating to customer

of transaction price of the identified performance

contracts.

obligations, the appropriateness of the basis used to

On a sample basis, we reconciled revenue to the supporting

measure revenue recognised over a period. Additionally,

documentation, validated costs, tested the mathematical accuracy

revenue accounting standard contains disclosures

of calculations and the adequacy of accounting of customer

which involves collation of information in respect of disaggregated revenue and periods over which the remaining performance obligations will be satisfied subsequent to the balance sheet date.

contracts.

S. No.

Key Audit Matters

Auditor's Response

(Refer Notes 31 to the standalone financial statements).

During order fulfilment, contractual obligations may need to be reassessed. In addition, change orders or cancelations have to be considered. As a result, total estimated contract costs may exceed total contract

We further performed testing on a sample basis to confirm the appropriate application of revenue recognition policies and to verify valuation of WIP balances. This included reconciling accounting entries to supporting documentation. When doing this, we specifically put emphasis on those transactions occurring close before or after the balance sheet date to obtain sufficient

revenues and therefore require write-offs of contract assets, receivables and the immediate recognition of the

evidence over the accuracy of cut-off.

expected loss as a provision.

We further reviewed samples of contracts with unbilled revenues

Regarding the revenue recognised at a point in time (PIT), the risks include inappropriate revenue recognition

to identify possible delays in achieving milestones, which require change in estimated efforts to complete the remaining

from revenue being recorded in the wrong accounting

performance obligations.

period or at amounts not justified as well as overstated

Performed analytical procedures and test of details for

WIP that requires impairment adjustments.

reasonableness of incurred and estimated efforts.

Our procedures did not identify any material exceptions.

2.

Valuation of accounts receivable - risk of credit losses

Our audit incorporated the following activities:

Company has a concentration of credit exposure on a number of major customers mainly Government and large organisation. Some of these major customers are facing difficult business conditions. In order to avoid significant credit losses, proper monitoring and management of

• Assessing and updating our understanding of internal controls over financial reporting with respect to credit risk;

• Assessment of the Company's credit policy outlining authority for approving and responsibility to manage credit limits;

credit risk is key factor. Accounts receivable is a significant

• Inquiries with committee in order to understand and assess

item in the Company's standalone financial statements

governance and follow-up/monitoring of key customers;

amounting to '2207.46 crores as of March 31, 2023 and provisions for impairment of receivables is an area which

• Analytical procedures and inquiries with Business Area;

is influenced by management's estimates and judgment.

• Detailed testing and assessment of receivables to ensure these

The provision for impairment of receivables amounted to

are in line with Ind AS, with a focus on significant new provisions.

'19.29 crores as at March 31,2023.

We had a particular focus in our audit on how Company manages

Refer Note 15 to the standalone financial statements

credit risk for key customers with respect to credit insurance and procedures for credit management. We also assessed and challenged management's assumptions and adherence to the Company's accounting policies with respect to provisions for impairment of receivables.

The level of the provision made against accounts receivables including credit impaired receivables and accrued balances was deemed appropriate and corresponds to the risks identified.

3.

Recoverability of project and other vendor advances

As at March 31, 2023, current financial assets include '456.86 crores in respect of project and other vendor advances and are pending to be adjusted/settled.

Management exercises significant judgment when determining whether to record any impairment loss on advances

As the carrying amount of project and other vendor advances accounts for a relatively high proportion of assets, there would be a material impact on the financial statements if such advances cannot be settled on schedule or fail to be recovered /settled. Therefore, we

Our audit procedures involve the following activities:

• Assessing and updating our understanding of internal controls over financial reporting with respect to advances given;

• Assessment of the Company's procurement policy outlining authority for approving and responsibility to manage vendor advances;

• Inquiries with management in order to understand and assess governance and follow-up/monitoring of key vendors;

• Analytical procedures and inquiries with Business Area;

• Obtain balance confirmations from selected parties to ensure existence thereof

• Review of Purchase orders and/or agreements for selected

regard the recoverability of project and other vendor

parties and enquire management regarding reasons for

advances as a key audit matter.

unsettled advances as on date.

Refer Note 19 to the Standalone Financial Statements.

We agree with management's view that there is no reduction in the value of the advances outstanding in the books.

S. No.

Key Audit Matters

Auditor's Response

4.

Recoverability relating to Goods and Services Tax

Our audit procedure involves the following activities:

recoverable:

Assessing and updating our understanding of internal

As at March 31,2023, under other current assets, indirect

control over financial reporting with respect to recording of

taxes recoverable include '161.10 crores in respect of

invoices of suppliers

GST Input Tax credit receivables.

Reviewing the management continuing process for

The Company has accounted for input credit on material

reconciliation, updation and follow up with the vendors.

and services received from suppliers and is carrying out continuous process of reconciliation.

We have relied upon the management's assessment.

We focused on management's estimate of getting input tax credit which involves significant judgment.

Refer Note 21 to the Standalone Financial Statements.

5.

Recoverability and Contingencies relating to other

We performed the following substantive procedures:

Indirect tax matters

Understanding the process of estimation, recording and

As at March 31,2023, "Indirect Tax Recoverable" includes

reassessing tax provisions and contingencies.

'4.06 crores in respect of Commercial taxes recoverable which are pending adjudication.

Involving tax specialists to assist in analyzing the judgements used to determine provisions for tax matters.

The Company has open/pending tax assessments in

We have involved our internal experts to review the nature of the amounts recoverable, the sustainability and the likelihood of recoverability upon final resolution.

various states. The determination of provisions and contingent liabilities arising from the open tax assessments make this a particular area of significant judgement.

We focused on management's assessment of the likely

Inspecting the correspondence with tax authorities.

outcome and quantification of tax exposures which

Inspecting reports on open tax assessments prepared by the

involves significant judgement.

Company and other appropriate documentation considered

Refer Note 21 to the Standalone Financial Statements.

necessary to understand the position and conclusions made by the Company.

We

also assessed the adequacy of the Company's financial

statements disclosure in respect of the tax positions and contingent liabilities.

We agree with management's evaluation.

OTHER INFORMATION

The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board's Report including Annexures to Board's Report, Business Responsibility and Sustainability Report, Corporate Governance and Shareholder's Information, but does not include the financial statements and our auditors' report thereon. The other information comprising the above documents is expected to be made available to us after the date of this auditors' report.

Our opinion on the standalone financial statements does not cover the other information and we will not express any form of assurance conclusion thereon. In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit, or otherwise appears to be materially misstated.

When we read the other information comprising the above documents, if we conclude that there is a material misstatement

therein, we are required to communicate the matter to those charged with governance and take necessary actions as per applicable laws and regulations.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant

to the preparation and presentation of the standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financial reporting process.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to

continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the foreign branches of the Company. We are responsible for the direction, supervision and performance of the audit of the standalone financial statements of the Company of which we are the independent auditors. For the foreign branches included in the standalone financial statements, which have been audited by other auditors, such branch auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in the section titled 'Other Matters' in this audit report.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.


OTHER MATTERS

The Standalone Financial Statements includes financial performance of three foreign branches which reflects total assets of ?75.27 crores, total revenue of ?52.95 crores, Net Profit after tax of ?8.69 crores and total comprehensive income of ?8.42 crores and net cash outflow amounting to ?0.16 crores for the year ended on 31st March 2023, which were audited by respective independent branch auditors. The independent branch auditor's report on the financial statements of these branches have been furnished to us by the management and our opinion on the standalone financial statements, in so far as it relates to the amounts and disclosures included in respect of these branches is solely based on the report of such independent branch auditor's.

Our opinion is not modified in respect of this matter.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

A. As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the "Annexure-A" a statement on the matters specified in paragraphs 3 and 4 of the Order.

B. As required by Section 143(3) of the Act, based on our audit, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) I n our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The reports on the accounts of foreign branch offices audited by independent branch auditors have been furnished to us by the management of the Company and have been properly dealt with by us in preparing this report.

d) the Standalone Balance Sheet, the Standalone Statement of Profit and Loss including Other Comprehensive Income, the Standalone Statement of Cash Flows and Standalone Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.

e) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act, read with relevant rules made thereunder.

f) On the basis of the written representations received from the directors as on March 31, 2023, taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2023 from being appointed as a director in terms of Section 164 (2) of the Act.

g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and

the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company's internal financial controls with reference to standalone financial statements.

h) With respect to the other matters to be included in the Auditor's Report in accordance with the requirements of Section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of Section 197 of the Act.

i) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements - Refer Note 48 to the standalone financial statements;

ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer Note 48 to the standalone financial statements;

iii. There has been no delay in transferring amount, required to be transferred, to the Investor Education and Protection Fund by the Company

iv. (a) The Management has represented that,

to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) 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 person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity,

including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, 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;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. (a) The final dividend declared and paid by the Company during the year is in accordance with Section 123 of the Act, as applicable.

(b) As stated in Note 42 to the standalone financial statements, the Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing

Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act, as applicable.

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April 1, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31,2023.

For S Bhandari & Co. LLP For Oswal Sunil & Company

Chartered Accountants Chartered Accountants

Firm Registration No. Firm Registration No. 016520N

000560C/C400334

(P. D. Baid) (Sunil Bhansali)

Partner Partner

Membership No: 072625 Membership No: 054645

UDIN: 23072625BGXCTF5627 UDIN: 23054645BGYNGI5435

Place: New Delhi Place: New Delhi

Date: May 08, 2023 Date: May 08, 2023


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