To the Members
Amforge Industries Limited
Report on the audit of financial statements Opinion
We have audited the accompanying financial statements of Amforge Industries Limited ("the Company"), which comprises the Balance Sheet as at 31stMarch,2024, Statement of Profit and Loss (including other comprehensive income), Statement of Cash Flows and Statement of Changes in Equity for the year then ended, and notes to the financial statements, including a summary of material accounting policies information , other accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by 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 the accounting principles generally accepted in India, of the state of affairs of the Company as at 31stMarch,2024 , its loss, total comprehensive in come and its cash flows and the changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors responsibilities for the audit of the 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 together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.
Key Audit Matter
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. ese matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. e auditor determines that there are no Key Audit Matter during the year.
Information other than the Ind AS Financial Statements and Auditors Report thereon
e other information comprises the information included in the Annual Report, but does not include the Ind AS financial statements and our auditors report thereon.
e Annual Report is expected to be made available to us after the date of this auditors report. Our opinion on the 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 financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.
Responsibilities of Management and ose Charged with Governance for the Financial Statements
e Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income and cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India,including the Indian Accounting Standards specified under Section 133 of the Act. is responsibility also includes maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Companys 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. e Board of Directors are also responsible for overseeing the companys financial reporting process.
Auditors Responsibilities fort he Audit of the Ind AS Financial Statements:
Our objectives are to obtain reasonable assurance about whether the Ind AS financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors 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 financial statements.
As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatements of the financial statements,whether due to fraud or error, design and perform audit procedures responsive to those risks,and obtain audit evidence thats sufficient and appropriate to provide a basis for our opinion. e 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 control 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 the accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of the managements use of 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the 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 auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and the content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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 de_ciencies 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 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.
Report on Other Legal and Regulatory Requirements:
1) As required by the Companies (Auditors Report) Order,2020 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act,2013, we give in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2) As required by section 143(3) of the Act, 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) In 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) e Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act.
(e) On the basis of written representations received from the directors as on 31stMarch,2024, taken on record by the Board of Directors, none of the directors is disqualified as on 31stMarch, 2024, from being appointed as a director in terms of Section 164(2) of the Act.
(f) With respect to the adequacy of internal financial controls over financial reporting of the Company, and the operating effectiveness of such controls, refer to our separate report in "Annexure A".
(g) With respect to the other matters to be included in the Auditors 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.
(h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014in our opinion and to the best of our information and according to the explanations given to us:
(i) e Company has disclosed the impact of pending litigations on its financial position vide Note 20.1 in its financial statements.
(ii) e Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.
(iii) ere has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
(iv) (a) e management has represented that, to the best of its knowledge and belief,no funds have been advanced or loaned or invested(either from borrowed funds or share premium orany other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities ("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 ("Ultimate Beneficiaries") by or on behalf of the Company or provide any guarantee,security or the like to or on behalf of the Ultimate Beneficiaries;and (b) e management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any persons or entities, including foreign entities ("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 ("Ultimate Beneficiaries") by or on behalf of the Funding Party or provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries; and (c) Basedonsuchauditproceduresasconsideredreasonableandappropriateinthecircumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (d)(i) and (d)(ii) contain any material misstatement.
(v) e Company has not declared nor paid any dividend during the year.
(vi) e reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable with effect from 1st April, 2023. a. Based on our examination which included test checks, the Company has used accounting so_ware for maintaining its books of account for the financial year ended 31st March, 2024 which have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the So_ware. b. Further, the audit trail (edit log) facility was enabled and operated throughout the year for the accounting so_ware, we did not come across any instance of the audit trail feature being tampered with.
Annexure"A" to the Independent Auditors Report
( e Annexure referred to in paragraph(2)(f)under Report on Other Legal and Regulatory Requirements section of our report of even date)
Report on the Internal Financial Controls over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act").
We have audited the internal financial controls over financial reporting of Amforge Industries Limited ("the Company") as of 31stMarch, 2024 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
e Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India ("ICAI"). ese responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companys 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 information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note")issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. ose Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. e procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding there liability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that(1)pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of the management and directors of the Company;and(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31stMarch,2024based on the criteria for internal financial controls over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India.
Annexure"B"to the Independent Auditors Report
( e Annexure referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report of even date) (i) a) (A) e Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.
(B) e Company has maintained proper records showing full particulars of intangible assets during the year. b) e Company has a regular programme of physical verification of its property, plant and equipment by which all property, plant and equipment are verified in a regular manner. In our opinion,this periodicity of physical verification is reasonable having regard to size of the Company and the nature of its assets. Pursuant to the program,property, plant and equipment were physically verified by the Management during the year. According to the information and explanations given to us,no material discrepancies were noticed on such verification. c) According to the information and explanations given to us and the records examined by us including registered title deeds,we report that,the title deeds, comprising all the immovable properties of the Company are held in the name of the Company except in case of
Description of property | Gross carrying value (INR in 000) | Held in the name of | Whether promoter, director or their relative or employee | Period held | Reason for not being held in the name of the Company |
Building | 458.00 | 1. R S Chauhan 2. AG Patil 3. AG Rane | No | 25 years | Pending Litigation |
d) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not revalued its Property, Plant and Equipment (including Right of Use assets)or intangible assets or both during the year.
e) According to the information and explanations given to us and the records examined by us, no proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
(i) a) e nature of business of the Company does not require it to have any inventory. Hence, the requirement of clause
(ii)(a)ofparagraph3o_hesaid Order is not applicable to the Company.
b) According to the information and explanation given to us,the Company has not availed/taken any working capital limits from banks/financial institutions during the year on the basis of security of its current assets. Hence,the requirement of clause(ii)(b)ofparagraph3o_hesaidOrderisnotapplicableto the Company.
(iii) According to the information and explanation given to us, the Company has not provided any guarantee or security or granted any loans or advances in the nature of loans,secured or unsecured,to companies,firms,Limited Liability Partnerships or any other parties during the year, except as disclosed under:
(a) e Company has provided inter corporate deposit to entities other than subsidiary, Joint venture and associate,aggregate amount during the year amounting to INR 714,68 thousands and balance outstanding at the balance sheet date amounting to INR 615,74 thousands.
(b) According to the information and explanations given to us, the Investments and the terms and conditions of grant of all loans and advances in the nature of loans made by the company are not prejudicial to the interest of the Company.
(c) In respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been stipulated and the repayments of principal amounts and receipts of interest are regular as per stipulation.
(d) According to the information and explanations given to us, there are no amounts overdue during the year.
(e) According to the information and explanations given to us, the advance in the nature of inter corporate deposits granted by the company has fallen due during the year, has not been renewed to the settle the existing loans.
(f) According to the information and explanations given to us, the Company has not granted any loans or advances either repayable on demand or without specifying the terms or period of repayment. Hence, reporting under this clause is not applicable.
(iv) In our opinion and according to information and explanations given to us,the Company has complied with provisions of Section 185 and 186 of the Act in respect of grant of loans, making investments and providing guarantees and securities,as applicable.
(v) In our opinion and according to the information and explanations given to us,the Company has not accepted any deposit from the public in accordance with the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under. Accordingly, paragraph 3(v) of the Order is not applicable to the Company.
(vi) In our opinion and according to the information and explanations given to us, it has been explained to us that the maintenance of cost records has not been prescribed under section 148(1) of the Companies Act, 2013.
(vii) According to the information and explanations given to us and the records of the Company examined by us, in respect of statutory dues:
a) e Company has been generally regular in depositing undisputed statutory dues,including Provident Fund,Employees State Insurance,Income-tax, Sales-tax, Service Tax, Excise Duty,Value Added Tax,Goods and Service Tax, Cess and other material statutory dues applicable to it to the appropriate authorities.
b) ere were no undisputed amounts payable in respect of Provident Fund, Employees State Insurance, Income-tax, Service Tax,Value Added Tax, Goods and Service Tax, Cess and other material statutory dues in arrears as at 31stMarch,2024 for a period of more than six months from the date they became payable except tax deducted at source amounting to Rs142.64 thousand and Profession Tax amounting to INR 6.30 thousand.
c) ere were no dues of income Tax,sales Tax,service Tax,duty of Customs and duty of excise or value added tax or goods and service Tax except dues of sales tax & excise duty which have not been deposited as at 31st March, 2024 on account of any disputes are given below:
Name of the statute | Nature of dues | Period to which the amount relates | Forum where dispute is pending | Amt. in INR(000) |
Central Excise Act,1944 | Excise Duty | F.Y.2003-04 | CESTAT Mumbai Asst./ Addl./Joint commissioner of Central Excise | 46,524.00 |
Central Sales Tax Act,1956 | Sales Tax | F.Y.2005-06 | Joint Commissioner of State Tax Appeals, Pune | 3,126.00 |
Value Added Tax Act, 2002 | Sales Tax | F.Y.2005-06 | Joint Commissioner of State TaxAppeals, Pune | 10,041.00 |
(viii) According to the records of the Company examined by us and as per the information and explanations given to us,there were no unrecorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).
(ix) (a) According to the records of the Company examined by us and as per the information and explanations given to us,the Company has not defaulted in repayment of loan or other borrowings or in the payment of interest thereon to any lender during the year.
(a) According to the information and explanations given to us,the Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
(b) According to the information and explanations given to us,the Company has not taken any term loan during the year and there are no unutilised term loans at the beginning of the year and hence, reporting under clause (ix)
(b)of the Order is not applicable.
(c) According to the information and explanations given to us and on an overall examination of the financial statements of the Company, funds raised on short- term basis have,primafacie, not been utilised during the year for long-term purposes by the Company.
(d) According to the information and explanations given to us,the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries or associates during the year and hence, reporting under clause (ix)(e) of the Order is not applicable.
(e) According to the information and explanations given to us, the Company has not raised loans during the year on the pledge of securities held in its subsidiaries or associate companies.
(x) (a) According to the information and explanations given to us, the Company has not raised any money by way of initial public offer or further public offer (including debt instruments). Accordingly, clause 3(x)(a) of the Order is not applicable to the Company.
(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company,the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly, clause 3(x)(b) of the Order is not applicable to the Company.
(xi) (a) To the best of our knowledge and according to the information and explanations given to us and based on audit procedures performed, no fraud by the Company and no fraud on the Company has been noticed or reported during the year.
(b) According to the information and explanations given to us,no report under sub-section (12) of Section 143 of the Act has been filed by the auditors in Form ADT-4asprescribedunderrule13ofCompanies(Aud it and Auditors)Rules, 2014 with the Central Government.
(c) We have taken into consideration the whistle blower complaints received by the Company during the year while determining the nature, timing and extent of our audit procedures.
(xii) According to the information and explanations given to us, the Company is not a Nidhi Company as prescribed under section 406 of the Act. Accordingly, reporting under clause (xii) of the Order is not applicable to the Company.
(xiii) To the best of our knowledge and according to the information and explanations given to us, all transactions with the related parties are in compliance with section 177 and 188 of the Companies Act,2013where applicable and the details have been disclosed in the financial statements asrequired by the applicable Accounting Standards.
(xiv) e size and nature of the business does not require it to have any internal audit system. Hence, the requirement of clause(xiv)(a)and(b)ofparagraph3o_hesaid Order is not applicable to the Company.
(xv) To the best of our knowledge and according to the information and explanations given to us,the Company has not entered into any non-cash transactions with directors or persons connected with him andhenceprovisionsofsection192o_he Companies Act, 2013 are not applicable to the Company during the year.
(xvi) (a) eCompanyisnotrequiredtoberegisteredunderSection45-IAo_he Reserve Bank of India Act,1934. Accordingly,clause 3(xvi)(a) of the Order is not applicable to the Company.
(b) eCompanyisnotrequiredtoberegisteredunderSection45-IAo_he Reserve Bank of India Act,1934. Accordingly, clause 3(xvi)(b)of the Order is not applicable to the Company.
(c) e Company is not a Core Investment Company(CIC)as defined in the regulations made by the Reserve Bank of India. Accordingly, clause 3e
(xvi)(c) of the Order is not applicable to the Company.
(d) According to the information and explanations provided to us during the course of audit,the Company(as per the provisions of the Core Investment Companies (Reserve Bank) Directions, 2016) does not have any CIC.
(xvii) e Company has not incurred cash losses in the financial year and in the immediately preceding financial year.
(xviii) ere has been no resignation of the statutory auditors during the year. Accordingly, clause 3
(xviii) of the Order is not applicable to the Company.
(xix) On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities,other information accompanying the financial statements, the auditors knowledge of the Board of Directors and management plans,the auditor is of the opinion that no material uncertainty exists as on the date of the audit report that company is capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.
(xx) To the best of our knowledge and according to the information and explanations given to us, the provisions of Section 135o_heActarenotapplicabletothe Company. Accordingly, clauses (xx)(a)and 3
(xx)(b)of the Order are not applicable.
J Singh & Associates |
Chartered Accountants |
(Firm Registration No. 110266W) |
CA Hitesh Pandya |
(Partner) |
(Membership No.:049727) |
UDIN:24049727BKEGPE2227 |
Place: Mumbai |
Dated: 24/05/2024 |
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