r) Provisions and contingent liabilities

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of past events, and
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a
reliable estimate can be made of the amount of the obligation. When the effect of the time value of money is material, the
Company determines the level of provision by discounting the expected cash flows at a pre-tax rate reflecting the current
rates specific to the liability. The expense relating to any provision is presented in the statement of profit and loss net of any
reimbursement.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will
be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the
control of the Company or a present obligation that arises from past events where it is either not probable that an outflow
of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.

s) Borrowing Cost

Borrowing cost includes interest, Bang Guarantee Charges, amortization of ancillary costs incurred in connection with the
arrangement of borrowings. All borrowing costs are expensed in the period in which they occur.

t) Earnings per share

The Company reports basic and diluted earnings per share in accordance with Ind AS 33 on Earnings per share.

(i) Basic earnings per share

Basic EPS is calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting
preference dividend and attributable taxes) by the weighted average number of equity shares outstanding during the
year.

(ii) Diluted Earnings per share

For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity
shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of
all dilutive potential equity shares. Dilutive potential equity shares are deemed converted as of the beginning of the
period, unless they have been issued at a later date. In computing the dilutive earnings per share, only potential equity
shares that are dilutive and that either reduces the earnings per share or increases loss per share are included.

u) Insurance Claims

Insurance claims are accounted for on the basis of claims admitted/expected to be admitted and to the extent that there is
no uncertainty in receiving the claims.

v) Rounding off

All amounts disclosed in the standalone financial statements and notes have been rounded off to the nearest "crores" as per
the requirement of Schedule III, unless otherwise stated.

w) Contributed Equity

Equity shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax,
from the proceed.

x) Dividends

The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends
are recorded as a liability on the date of declaration by the Company's Board of Directors. Income tax consequences of
dividends on financial instruments classified as equity will be recognized accordingly.

y) Events after reporting date

Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting
period, the impact of such events is adjusted within the standalone financial statements. Otherwise, events after the balance
sheet date of material size or nature are only disclosed.

2.2. Key accounting judgments, estimates and assumptions

The preparation of the Company's financial statements requires the management to make judgements, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of
contingent liabilities.Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment
to the carrying amount of assets or liabilities affected in future periods.

This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more
likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed
information about each of these estimates and judgements is included in relevant notes together with information about the basis
of calculation for each affected line item in the standalone financial statements.

♦ Estimation of current tax expense recognition of deferred tax assets- Note 30

♦ Estimation of defined employee benefit obligation - Note 31

♦ Impairment of investment in foreign subsidiary - Note 6

♦ Evaluation if an arrangement qualifies as 'lease' under Ind AS 116.

♦ Fair valuation of share based payments - Note 41

Estimates and judgements are evaluated continually. They are based on historical experience and other factors, including expectations
of future events that may have a financial impact on the Company and that are believed to be reasonable under the circumstances.

Nature and purpose of reserve
Retained earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to statutory reserves, general reserve
and divided distributed to shareholders.

General reserve

The reserves can be distributed/utilised by the Company,in accordance with the Companies Act, 2013
Capital reserve

Capital reserve is the excess of net assets taken over cost of consideration paid in the financial year 2013-2014, in terms of the
Scheme of Amalgamation (the scheme) of wholly owned subsidiaries amalgamated with the Company.

Securities premium

Securities premium represents the surplus proceeds received over the face value of shares, at the time of issue of shares
Share based payment reserve

This reserve is created on account of ESOP granted by the Company

b) Defined benefit plans

The Company has a defined benefit gratuity plan in India (funded). The Company's defined benefit gratuity plan is a final salary
plan for its employees, which requires contributions to be made to a separately administered fund. The gratuity plan is governed
by the Payment of Gratuity Act, 1972. Under the act, employee who has completed five years of service is entitled to specific
benefit. The level of benefits provided depends on the member's length of service and salary at retirement age.

The following tables summarise the components of net benefit expense recognised in the statement of profit and loss and the
funded status and amounts recognised in the balance sheet for the respective plans:

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring
at the end of the reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the Defined Benefit Obligation
as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be
correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the Defined Benefit Obligation has been calculated
using the projected unit credit method at the end of the reporting period,which is the same method as applied in calculating
the Defined Benefit Obligation as recognised in the balance sheet.

32 Segment information

The Company has identified two reportable business segments. Business segments comprise of Stock broking services and Investment
banking services. Revenues and expenses directly attributable to segments are reported under each reportable segment. All other
expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses. Assets and liabilities that
are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are
disclosed as unallocable. The Company does not have any reportable geographic segment.

36 Capital management

The Company considers total equity as shown in the balance sheet including retained profit to be managed capital. The Company aim
to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to shareholders. The
Company's policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors
and market confidence and to sustain future development.There are no non-compliance with any covenants of borrowings.

38 Fair value measurement

Financial Instruments by Category

Carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, are
presented below. It does not include the fair value information for financial assets and financial liabilities not measured at fair value if
the carrying amount is a reasonable approximation of fair value.

standalone financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the
Company has classified its financial instruments as prescribed under the Ind AS 113.

As the reporting date, there are no financial instruments which are measured at FVTOCI and FVTPL

b) Valuation technique used to determine fair value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal
(or most advantageous) market at the measurement date under current market conditions (i.e. an exit price), regardless of
whether that price is directly observable or estimated using a valuation technique.

Specific valuation techniques used to value financial instruments include:

♦ the fair value of the remaining financial instruments is determined using discounted cash flow analysis and the discount rates
used were adjusted for counter party or own credit risk.

c) Valuation Process

The finance department of the Company performs the valuations of financial assets and liabilities required for financial reporting
purposes. This team directly reports to the chief financial officer (CFO). Discussion on valuation processes are help periodically
between CFO and the team.

d) Fair value of financial assets and liabilities measured at amortised cost

For financial assets and financial liabilities that have a short-term maturity, the carrying amounts are a reasonable approximation
of their fair value. Such instruments include, cash and bank balances, bank deposits, trade and other receivables, security
deposits, loans to employees, other financial assets and trade and other payables. Such amounts have been classified as Level 3
on the basis that no adjustments have been made to the balances in the balance sheet.

For financial assets and financial liabilities measured at fair value, the carrying amounts are equal to the fair values.

39 Financial risk management39.01 Introduction

Risk management is an integral part of the business practices of the Company. The framework of risk management concentrates on
formalising a system to deal with the most relevant risks, building on existing management practices, knowledge and structures. The
Company's senior management has the overall responsibility for the establishment and oversight of the Company's risk management
framework. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company's
activities.

The risk management framework of the Company is enforced by the finance team and experts of business division that provides
assurance that the Company's financial risk activities are governed by appropriate policies and procedures and that financial risks
are identified, measured and managed in accordance with the Company's policies and risk objectives. The activities are designed to:

i) protect the Company's financial results and position from financial risks;

ii) maintain market risks within acceptable parameters, while optimising returns;

iii) protect the Company's financial investments, while maximising returns.

39.02 Credit risk

Credit risk is the risk of suffering financial loss, should any of the Company's,clients or market counterparties fail to fulfill their contractual
obligations to the Company. Credit risk arises mainly from trade and other receivables.

i) Trade and other receivables

Trade and other receivables are reviewed and assessed for default on an individual basis. The credit risk is perceived to be low
due to regular monitoring of receivables, historically low default rate and escrow mechanisms for capital market trades.

ii) Other financial assets

The Company maintains exposure in cash and cash equivalents, deposits with banks, and other financial assets. Cash and cash
equivalents and bank deposits are held with only high rated banks/financial institutions only, therefore credit risk is perceived to
be low. Further, for debt instruments carried at fair value through profit and loss, the Company has no significant concentration
of credit risk.

39.03 Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. Prudent liquidity
risk management implies maintaining sufficient cash and liquid investments. The Company believes that current cash and bank
balances, bank deposits and investments in liquid investments are sufficient to meet liquidity requirements. Accordingly, liquidity risk
is perceived to be low. The following table shows the maturity analysis of financial liabilities of the Company based on contractually
agreed undiscounted cash flows as at the balance sheet date:

The tables below analyse the Company's financial liabilities into relevant maturity Companyings based on their contractual maturities.
The amounts disclosed in the table are the contractual undiscounted cash flows.

39.04 Market Risk

Market risk is the risk of loss of future earnings, volatility of future cash flows and fluctuations in fair value of financial assets. The
fair value of a financial asset may fluctuate because of changes in interest rates, foreign currency exchange rates, equity prices and
other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial
instruments.

i) Interest rate risk:

Interest rate risk is the risk that the fair value of a financial instrument will fluctuate because of changes in market interest rates.
The Company is exposed to fair value changes due to interest rate risk from investments held in units of debt-oriented mutual
funds. The Group's exposure in investment held in units of debt oriented mutual funds in ? Nil (March 31, 2025 ? Nil )

ii) Foreign currency risk:

The Company operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions,
primarily with respect to the USD, GBP , EUR and SGD. Foreign exchange risk arises from commercial transactions and recognised
assets and liabilities denominated in a currency that is not the functional currency (INR) of the Company.

The management does not undertake any hedging activity or otherwise to offset or mitigate the foreign currency risk. Foreign
currency exposure is partly balanced by purchasing of services in the respective currencies, which acts as a natural hedge for the
Company.

Exposure

The Company's exposure to foreign currency risk at the end of the year expressed in INR are as follows:

Sensitivity

The table below summaries the sensitivity of profit and loss to changes in the exchange rates arising from above referred
outstanding balances as at March 31. The analysis is based on the assumption that the increase & decrease by 5%, with all other
variables constant would have lead to an approximate increase/(reduction) in profit & loss in the following:

iii) Price risk

Price risk is the risk that the fair value of a financial instrument will fluctuate because of changes in market prices caused by factor
affecting all similar instruments traded in the market. The Company's exposure to the price risk arises from investment in quoted
equity instrument classified as FVTOCI as at March 31. The Company's exposure in quoted equity instrument classified as FVTOCI
as at March 31,2026 is Nil (March 31, 2025 ^ Nil)

42 Disclosure of Financial Ratio

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

43 There were no amounts which were required to be transferred to the Investor Education and Protection by the Company.

44 The Company, as a process, reviews and ensures to make adequate provisions for material foreseeable loss, if any, on all long-term
contracts. As on the reporting date there is no material foreseeable loss on any long-term contract.

45 The Company, has no undisclosed transactions / income for the current financial year.

46 There are no transactions which are not recorded in the books of account which have been surrendered or disclosed as income for
the year ended March 31, 2026 and for the year ended March 31, 2025 in the tax assessments under the Income Tax Act, 1961.

47 The Company has not been declared wilful defaulter by any bank or financial institution or government or any government
authority.

48 There is no proceedings initiated and pending against the Company for holding any Benami properties under the Benami transactions
( Prohibitions ) act, 1988. (45 of 1988) and the rules there made under.

49 The Company, has not traded or invested in Crypto Currency or Virtual Currency.

50 The Company has no satisfaction of charges which are pending to be filed with ROC.

51 The Company does not have any transactions for the year ended March 31, 2026 and for the year ended March 31, 2025 with
Companies struck off under section 248 of the Companies Act,2013 or section 560 of the Companies Act,1956.

52 There are 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 other 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, 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

53 There are 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, 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

55 New Labour Code

On November 21, 2025, the Central Government issued four separate notifications in the Official Gazette announcing implementation
of four Labour Codes, viz., the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the
Occupational Safety, Health and Working Conditions Code, 2020. These four codes replace and consolidate 29 existing labour laws.
Following the implementation of the four labour codes, the Central Government has pre-published the draft rules on December 31, 2025
under the respective Labour Codes, for public comment and the final rules are expected to be notified in due course. To ensure smooth
implementation, the Ministry of Labour and Employment has also issued the Frequently Asked Questions (FAQs) on the four codes.

The four codes prescribe an inclusive definition of the term 'wages', which among other matters is relevant for determination of post¬
employment benefits including gratuity to all employees. In accordance with the definition, certain specified items forming part of
remuneration are not included in the wages and these excluded items cannot exceed 50% of total remuneration. If there is an excess,
then it is presumed that excess amount also forms part of wages. The four codes also introduce changes related to leave entitlement
and encashment for workers. Going forward, workers' leave balance in excess of 30 days will be encashed at the end of each calendar
year and workers will have a right to demand encashment for entire leave.

The Company has assessed the impact of these changes on the basis of legal view obtained by the and the best information available till
authorisation of the financial statements for issue. The Company has recognized the impact of the changes notified in the Code during the
year ended March 31, 2026 as a past service cost for provision on gratuity payable to employees amounting to ^ 0.63 crores which is included
under "employee benefit expenses". Considering that it is emerging topic and the finalisation of Central/ State Rules is still pending, the
Company will continue monitoring changes and provide appropriate accounting effect as required based on future developments.

56 Subsequent events

The Board of Directors in their meeting held on May 22, 2026 have proposed final dividend of ^ 1 per equity share for the year ended
March 31, 2026.