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ABM International Ltd. Directors Report
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You can view full text of the latest Director's Report for the company.
Market Cap. (Rs.) 57.25 Cr. P/BV 3.15 Book Value (Rs.) 19.34
52 Week High/Low (Rs.) 74/31 FV/ML 10/1 P/E(X) 0.00
Bookclosure 16/09/2023 EPS (Rs.) 0.00 Div Yield (%) 0.00
Year End :2016-03 

To,

The Members,

ABM International Limited

The Directors are pleased to present their report on the affairs of the Company Financial Year ended 31st March, 2016.

FINANCIAL RESULTS

CURRENTYEAR 2015-2016 (Rs.)

PREVIOUS YEAR 2014-2015 (Rs.)

Turnover

108,21,75,630

155,94,55,870

Profit before depreciation

135,05,435

126,71,679

Depreciation

19,72,281

20,83,673

Net Profit after depreciation

115,33,153

105,88,005

Provision for taxation (Net)

(39,19,987)

(39,99,877)

Net Profit(Loss) for the year after tax

76,13,166

65,88,128

Surplus brought forward from previous year

10,77,57,506

10,18,06,155

Surplus available for Appropriation

11,53,70,672

10,83,94,283

Appropriation General Reserve

Proposed Dividend

(4,90,000)

Tax on proposed dividend

(99,754)

Additional Depreciation pursuant to change in lives of Assets as per Companies Act, 2013

--

(6,36,777)

Balance carried over to next year

11,47,80,918

10,77,57,506

KEY HIGHLIGHTS

The turnover for the year under review has decreased to Rs. 108.22 Cr. in 2015-16 as against Rs. 155.95 Cr. in 2014-15, resulting in a decline of 30.60%. However, the Net Profit for the year increased to Rs. 76.13 Lakhs in 2015-16 from Rs. 65.88 Lakhs in the previous year.

The Earning per share (EPS) for the year is Rs.3.88 per share as compared to Rs 3.36 per share of the previous year.

DIVIDEND

Your Directors in their meeting held on 28th May, 2016, have recommended dividend of Rs. 0.25 per Equity Share for the Financial Year ended March 31, 2016. The total Dividend appropriation for the financial year 2015-16 is Rs. 4,90,000. The dividend payout is subject to approval of members at the ensuing Annual General Meeting to be held on 20th September, 2016 and will be paid on and from September 21, 2016.

The Register of Members and Share Transfer Books will remain closed from 19th September, 2016 to 20th September, 2016 for the purpose of payment of the final dividend for the financial year 2015-16.

The dividend will be paid to members whose name appear in the Register of members of the Company, as at the close of business hours on September 20, 2016 after giving effect to all valid transfers in physical form lodged with the Company and/or its Registrar and Transfer Agent; and

In respect of shares held in electronic form, to all beneficial owners as per the details furnished by NSDL and CDSL at the close of business hours on September 20, 2016.

TRANSFER TO RESERVES

During the year under review, the company has not transferred any amount to the General Reserve.

DEPOSITS

Your Company has neither accepted nor received any fixed deposits which were outstanding as of the Balance Sheet date. STATE OF COMPANY'S AFFAIR

The company is primarily engaged in import of plastic raw materials and has continued with this business in the current year also. The decline in the sales is due to unfavourable domestic demands and high global prices. Your board is hopeful that during the current year your company will do better.

LISTING STATUS

Company had applied for the Listing of 19,60,000 equity shares of Rs. 10/- each of the Company, in conformity of listing requirement of the National Stock Exchange of India Limited (NSE) and executed a fresh listing agreement with NSE with the approval of Board of Directors at their meeting held on 27th January, 2016. The Company received the letter of approval for listing of shares on June 14, 2016 and the shares are now admitted for dealing and trading on the exchange w.e.f. June 14, 2016 as per the details given below:

Sr.

Description of

Symbol

No.

Distinctive Number

Mkt

No.

Security

of Securities

Range

Lot

1

Equity Shares of Rs. 10/- each

ABMINTLTD

1960000

1 to 1960000

1

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END OF THE FINANCIAL YEAR AND DATE OF REPORT

There are no material changes affecting the affairs of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of this report.

CHANGE IN THE NATURE OF BUSINESS

There is no change in the nature of the business during the financial year under review.

NUMBER OF MEETINGS OF THE BOARD

The Board met 8 (eight) times during the Financial Year 2015-16, on 18th May, 19th June, 9 th July, 30th July, 24th September, 28th October and 18th November in the year 2015 and 27th January in the year 2016.

DIRECTORS AND OTHER KEY MANAGERIAL PERSONNEL

During the year Mr. Sunil Gupta was appointed as Additional Director w.e.f. 24th September, 2015, based on the recommendations of the Nomination and Remuneration Committee, who shall hold office upto the date of ensuing Annual General Meeting.

Mr. Kawaljit Singh Bhatia who ceased to be a Director on the Board w.e.f. 24th September, 2015, as per section 161 of the Companies Act, 2014 was further appointed as Additional Director w.e.f. 28th October, 2015, based on the recommendations of the Nomination and Remuneration Committee of the Company, who shall hold office upto the date of ensuing Annual General Meeting.

As per the provisions of the Companies Act, 2013, Mrs. Sangeeta Gandhi would retire at the ensuing Annual General Meeting and being eligible, offers herself for re-appointment. The Board recommends her re-appointment for approval of the members in the forthcoming Annual General Meeting.

Pursuant to the provisions of Section 203 of the Companies Act, 2013, the Key Managerial Personnel of the Company are Mr. Virender Kumar Gandhi, Managing Director, Mrs. Sangeeta Gandhi, Whole Time Director and Chief Financial Officer and Ms. Puneeta Ahuja, Company Secretary. There has been no change in the Key Managerial Personnel during the year.

DECLARATION BY INDEPENDENT DIRECTORS

Pursuant to the provisions of section 149 of the Companies Act, 2013, Mr. Suresh Singh Virendranath Rana and Mr. Mannapra Sundara Venkateswaran were appointed as independent directors at the annual general meeting of the Company held on September 19, 2014. They have submitted a declaration that each of them meets the criteria of independence as provided in section 149(6) of the Act and there has been no change in the circumstances which may affect their status as independent director during the year.

DIRECTORS’ RESPONSIBILITY STATEMENT

Your Directors confirm that:

(a) in the preparation of the annual accounts, the applicable accounting standards had been followed and there is no material departures;

(b) they had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit of the company for that period;

(c) they had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) they had prepared the annual accounts on a going concern basis;

(e) they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

(f) they had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

EXTRACT OF THE ANNUAL RETURN

The extracts of Annual Return in Form MGT-9 pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and Administration) Rules, 2014 is furnished in Annexure A attached to this Report.

AUDITORS & AUDITORS REPORT

Statutory Auditors

M/S Salarpuria & Partners, Chartered Accountants, are eligible for reappointment to hold office from the conclusion of this Annual General Meeting to the conclusion of next Annual General Meeting. A written declaration has already been received from them that, if appointed, their re-appointment will be within the limits specified under Section 141.of the Companies Act, 2013. Accordingly, the Board recommends their reappointment at this AGM.

Auditors Report does not contain any observation(s)/qualification(s), hence same does not call for any explanation. The Auditors' Report is enclosed with the financial statements in the Annual Report.

Secretarial Auditors

Pursuant to the provision of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company with the approval of the Board, appointed Shri Rupinder Singh Bhatia (PCS No. 2514), Practicing Company Secretary to conduct the Secretarial Audit of the Company for the financial year 2015

16, as required under Companies Act, 2013. The Secretarial Audit Report forms part of the Annual Report Annexure B to the Board's Report.

The Secretarial Audit Report contains a qualification that 5.86% of promoter's shareholding as on 31.03.2016 is still in physical form which is in contravention to compliance of Regulation 31(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

With reference to the above remark your management explains that due to certain procedural formalities there is delay in the process of dematerialization of such share. Further, the company shall comply with the requirement soon.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY’S OPERATIONS IN FUTURE

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and company's operations in future.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

In terms of the provisions of regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Management Discussion and Analysis report is attached and forms part of this report.

INTERNAL FINANCIAL CONTROL

The Board has adopted the policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures. The Company's Internal Control Systems are commensurate with the nature of its business and the size and complexity of its operations.

RISK MANAGEMENT

Pursuant to Section 134(3)(n) of the Companies Act, 2013, the Company has developed and implemented the Risk Management Policy for the Company including identification therein of elements of risk, if any, which is in the opinion of the Board may threaten the existence of the Company. These are discussed at the meeting of the Audit Committee.

At present the Company has not identified any element of risk which may threaten the existence of the Company.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 of the Companies Act, 2013

The company has not made any loan, investment or guarantee under Sec 186 of the Companies Act, 2013.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Pursuant to the provisions of Section 135 of the Companies Act, 2013 every company having net worth of Rupees Five Hundred Crore or more, or turnover of Rupees One Thousand Crore or more or a net profit of Rupees Five Crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board and shall formulate a Corporate Social Responsibility Policy. Your Company is not falling under the preview of said section during the year.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

During the year under review, the Company has not entered into any related party transaction falling under sub-section (1) of Section 188 of the Companies Act, 2013. Form for disclosure of particulars of contracts/arrangements as required under clause (h) of sub-section (3) of section 134 of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014) is provided in the Board Report in the form AOC 2 as Annexure C.

SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANIES

The Company has one Associate as on March 31, 2016. There is no Subsidiary or Joint Venture of the Company. Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 read with Rule 5 of Companies (Accounts) Rules, 2014, a statement containing salient features of the financial statements of the Company's subsidiaries, associates and joint venture companies in Form AOC-1 is attached as Annexure D.

PERFORMANCE AND CONTRIBUTION OF ASSOCIATE COMPANY COMPOSITION OF COMMITTEES Audit Committee

As per the provisions of Section 177 of the Companies Act, 2013 your Company has Constituted Audit committee. The Company's Audit Committee comprise of all the Independent Directors. All the members of the Committee have relevant experience in financial matters. The details of the composition of the Committee are set out in the following table:

S. No.

Name

Designation

1.

Mr. M. S. Venkateswaran

Chairman

2.

Mr. Suresh Singh Virendranath Rana

Member

3.

Mr. Kawaljit Singh Bhatia

Member

Nomination and Remuneration Committee

As per the provisions of Section 178 of the Companies Act, 2013 your Company has Constituted Nomination and Remuneration committee. The Company's Nomination and Remuneration Committee comprise of all non executive Independent Directors. The details of the composition of the Committee are set out in the following table:

S. No.

Name

Designation

1.

Mr. M. S. Venkateswaran

Chairman

2.

Mr. Suresh Singh Virendranath Rana

Member

3.

Mr. Kawaljit Singh Bhatia

Member

POLICY ON DIRECTORS’APPOINTMENT AND REMUNERATION

The current policy is to have an appropriate mix of executive and independent directors to maintain independence of the Board, and separate its function of governance and management. As on March 31, 2016, the Board consists of six members, two of whom are executive directors and four are non executive independent directors.

The Policy of the Company on director's appointment and remuneration, including criteria for determining qualifications, positive attributes, independence of a director and other matters, as required under sub-section (3) of Section 178 of the Companies Act, 2013, is available on the Company website (www.abmintl.in). There has been no change in the policy since the last financial year. We affirm that the remuneration paid to the Directors is as per the terms laid out in the Nomination and Remuneration policy of the Company.

ESTABLISHMENT OF VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES

The Company has established a vigil mechanism for Directors and employees to report their genuine concerns, as approved by Board on recommendation of Audit Committee and the same is uploaded on the company's website www.abmintl.in. There has been no change during the financial year 2015-16 to the Policy adopted by the company.

FORMAL ANNUAL EVALUATION

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, mandates that the Board shall monitor and review the Board evaluation framework. The framework includes the evaluation of directors on various parameters such as:

- Board dynamics and relationships

- Information flows

- Decision-making

- Relationship with stakeholders

- Company performance and strategy

- Tracking Board and committees' effectiveness

- Peer evaluation

The Companies Act, 2013 states that a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors. Schedule IV of the Companies Act, 2013 states that the performance evaluation of independent directors shall be done by the entire Board of Directors, excluding the director being evaluated. The evaluation of all the directors and the Board as a whole was conducted based on the criteria and framework adopted by the Board and expressed its satisfaction.

CORPORATE GOVERNANCE

As per Regulation 15(2) of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, compliance with the Corporate Governance provisions as specified in regulation 17 to 27 and clause (b) to (i) of the sub-regulation (2) of regulation 46 and Para C, D, and E of Schedule V shall not apply to the company having paid up equity share capital not exceeding Rs. ten Crore and net worth not exceeding Rs. twenty five Crore, as on the last day of the previous financial year. The Company is covered under the limit as prescribed in Regulation 15(2) of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, therefore Company is not require to comply with the said provisions.

PRTICULARS OF EMPLOYEES

Information required with respect to Section 197(12) of the Companies Act, 2013 Read With Rule 5(1) Of The Companies (Appointment And Remuneration Of Managerial Personnel) Rules, 2014

(i) The ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the financial year under review___

Name of Director / KMP

Ratio of Remuneration of each Director to median remuneration of Employees

Percentage increase in Remuneration

Mr. Virender Kumar Gandhi (MD)

14.3

1

-.

Mrs. Sangeeta Gandhi (WTD & CFO)

2.7

1

-

Mr.Suresh Singh Virendra Nath Rana (Director)

0.0060

1

-

Mr. M. S. Venkateswaran (Director)

0.010

1

-

Mr. Kawaljit Singh Bhatia (Additional (Director)

0.0075

1

-

Mr. Sunil Gupta (Additional Director)

0.0045

1

-

Ms. Puneeta Ahuja (Company Secretary)

-

10

(ii) The Median Remuneration of Employees is Rs. 3, 32,400 and Rs. 3, 01, 290 in year 2016 and 2015 respectively. The percentage increase in the median remuneration of Employees for the financial year 2016, as compared to year 2015 is 10.36%.

(iii) The Company has 8 permanent Employees on the rolls of Company as on 31st March, 2016.

(iv) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration

The average percentage increase made in the salaries of total employees other than the Key Managerial Personnel for Financial year 2016 was around 10 % in the last financial year, while the average increases in the remuneration of the Key Managerial Personnel (Company Secretary) was10% in the last financial year. There was no increase in the Salaries of MD, WTD and CFO during the period 2015-16.

(v) Affirmation that the remuneration is as per the remuneration policy of the Company The Company affirms remuneration is as per the remuneration policy of the Company.

Information required with respect to Section 197(12) of the Companies Act, 2013 Read With Rule5(2) OfThe Companies

(Appointment And Remuneration Of Managerial Personnel) Rules, 2014

Details of Employees in terms of remuneration drawn -

Employee

Name

Designation

Gross Remuneration (Rs.)

Nature of employment

Qualification

Experience (in years)

Year of

commencement of employment

Age

Last

employment

% of Equity Shares

Weather employee is relative of Director or Manager

Mr. Virender

Kumar

Gandhi

Managing

Director

47,53,723

Permanent

Graduate

54

1962

75

NA

40.19

Relative of Mrs. Sangeeta Gandhi (Whole Time Director)

Mrs.

Sangeeta

Gandhi

Whole Time Director

9,00,000

Permanent

Graduate

21

1996

43

NA

11.30

Relative of Mr.Virender Kumar Gandhi (Managing Director)

Mr. V.

Mahalingam

Manager

(Operations)

3,30,680

Permanent

Graduate

48

1985

67

NA

NIL

NIL

Mr. Sita Ram

Manager

(Liaision)

3,33,200

Permanent

Graduate

20

2002

44

NA

NIL

NIL

Mr. Sushil Gambhir

Manager

(Accounts)

3,28,800

Permanent

Graduate

15

2006

38

NA

NIL

NIL

Ms. Puneeta Ahuja

Company

Secretary

2,41,895

Permanent

Graduate,CS

3

2014

29

NA

NIL

NIL

Mr. Vijay Kumar

Driver

1,92,107

Permanent

Metric

15

2004

49

NA

NIL

NIL

Mr.

Ratneshwar

Jha

Supervisor

1,46,869

Permanent

Metric

25

1995

56

NA

NIL

NIL

- The Company has 8 permanent employees on the rolls of Company as on 31st March, 2016.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION (A) Conservation of energy-

(i) the Steps taken or impart on conservation of energy :- NA

(ii) the Steps taken by the company for utilizing alternate sources of energy:- NA

Since your company does not have any factory or other thing where heavy power is used, therefore, no information is required to be given.

(iii) the Capital Investment on energy conservation equipments:- NIL

(B) Technology absorption

(I) the efforts made towards technology absorption:- NIL

(ii) the benefits derived:- NIL

FOREIGN EXCHANGE EARNINGS AND OUTGO

(Amount in Rs.)

S. No.

PARTICULARS

CURRENTYEAR

PREVIOUSYEAR

1.

Foreign Exchange Earnings

NIL

NIL

2.

Foreign Exchange Outgo

1012131

300223

3.

F.O.B. Value of Exports

NIL

NIL

4.

C.I.F. Value of Imports

1056568207

1551523552

ACKNOWLEDGEMENTS

The Board of Directors acknowledges with gratitude the co-operation extended by the Company's Bankers and also appreciates the continued trust and confidence reposed by the Shareholders in the management. They also place on record their appreciation for the valuable contribution and whole hearted support extended by the Company's employees at all levels.

Place: New Delhi Virender Kumar Gandhi

Date : 28th July, 2016 Chairman and Managing Director

Registered Office: DIN No. 00244762

10/60, Industrial Are^ Kirti Nagan Resi. Add. : D-1/16, Vasant Vihar,

New Delhi-110057

Tel: 011-41426055

E-mail: abmintl@vsnl .com,

Website: www.abmintl.in

Corporate Identification Number

(CIN):L51909DL1983PLC015585


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