Betala Global Securities Ltd Management Discussions

Pursuant to Regulation 34(2)(e) read with Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), the Management Discussion and Analysis Report for the Financial Year ended 31st March, 2026 is presented below:

The Indian economy continued to demonstrate resilience during the financial year despite global economic uncertainties arising from geopolitical developments, inflationary pressures and fluctuations in the global financial markets. The financial services sector continued to play a significant role in supporting economic growth through increased financial inclusion, capital formation and investment activities. The Indian capital markets witnessed sustained investor participation supported by robust domestic inflows, increasing retail participation and continuous regulatory reforms introduced by the Securities and Exchange Board of India (SEBI). Although market volatility remained a characteristic feature during the year, the long-term outlook for the financial services and investment sector continues to remain positive. The Company continues to monitor developments in the financial markets and regulatory environment while evaluating opportunities consistent with its business objectives.

The Company is primarily engaged in investment activities and allied financial services. During the year under review, the Company continued to focus on prudent financial management, strengthening its corporate governance framework and ensuring compliance with applicable statutory and regulatory requirements.

During the financial year, the Company undertook various measures to strengthen its compliance framework and governance practices, with a focus on aligning its operations with the applicable provisions of the Companies Act, 2013, the SEBI Listing Regulations and other applicable laws.

The Company has also made significant progress in relation to its application submitted to BSE Limited for revocation of suspension of trading of its equity shares. The Company has substantially complied with the observations and requirements communicated by BSE Limited from time to time and has submitted the requisite information and documents as called for by the Stock Exchange. The application is presently under consideration by BSE Limited, and the Company continues to extend its full cooperation and comply with any further requirements. Any revocation of suspension and restoration of trading of the Companys equity shares shall be subject to the approval of BSE Limited and compliance with the applicable regulatory requirements.

During the Financial Year under review, the Company continued its operations in accordance with its business objectives.

The Company reported a net loss of 441.50 Thousands during the financial year ended 31st March, 2026, as compared to a net loss of 2,693.39 Thousands during the previous financial year.

The decrease in the loss during the year was primarily attributable to lower overall expenditure as compared to the previous year, including lower listing and revocation-related expenses and other administrative costs.

The management continues to focus on improving operational efficiency, strengthening the financial position of the Company and exploring suitable business opportunities for long-term value creation.

The Company believes that the Indian financial services sector continues to offer significant long-term opportunities driven by:

- Continued growth of the Indian economy;

- Increasing participation in the capital markets;

- A robust regulatory framework promoting transparency and investor confidence;

- Expanding opportunities in investment and allied financial services.

The Company remains committed to strengthening its business operations, enhancing corporate governance standards and identifying suitable opportunities for sustainable growth. Subject to receipt of the requisite regulatory approvals in relation to the Companys application before BSE Limited, the management expects that restoration of trading of the Companys equity shares would enhance market visibility and facilitate broader participation by investors.

The Companys business is exposed to various risks, including:

- Volatility in the capital markets;

- Changes in economic and regulatory policies;

- Interest rate and liquidity risks;

- Geopolitical developments and macroeconomic uncertainties;

- Regulatory and compliance-related risks.

The Company has established appropriate internal processes for identifying, monitoring and mitigating business risks. The Board of Directors periodically reviews the Companys risk management framework and takes appropriate measures to address emerging risks.

The Company has an adequate system of internal financial controls commensurate with the size, nature and complexity of its operations. The internal control framework is designed to ensure the orderly and efficient conduct of business, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records and timely preparation of reliable financial information.

The effectiveness of the internal control systems is periodically reviewed by the management and the Audit Committee, and appropriate corrective measures are implemented wherever considered necessary.

The Company believes that its employees are valuable assets and continues to foster a work environment based on professionalism, integrity, transparency and mutual respect.

The relationship between the management and employees remained cordial throughout the financial year.

The Company remains committed to strengthening its governance framework, improving operational efficiency and pursuing sustainable growth opportunities in line with its long-term business strategy.

The management will continue to evaluate suitable strategic opportunities for business expansion while maintaining a prudent approach towards risk management and regulatory compliance.

The Company also remains focused on completing the ongoing regulatory processes relating to the revocation application submitted to BSE Limited and will continue to comply with all applicable statutory and regulatory requirements.

Statements contained in this Management Discussion and Analysis Report describing the Companys objectives, expectations, estimates, projections or outlook may constitute "forward-looking statements" within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed or implied due to various economic, regulatory, market and other factors beyond the control of the Company. The Company undertakes no obligation to publicly update or revise any forward-looking statements based on subsequent events, developments or information.