c d s l Management discussions


Annexure-C

About CDSL

Central Depository Services (India) Limited (CDSL) was found in 1999 and since then it has been at the forefront of providing convenient, dependable and secured depository services.

Notably, CDSL stands as the first and sole depository in the Asia-Pacific region to get listed in June 2017, a testament to its aim to utmost governance and transparency.

Driven by cutting-edge technology, CDSLs ultimate aspiration is to empower every retail & institutional investor, DP, Issuers, to participate in the Indian capital markets with self-sufficiency and confidence. We strive to provide the finest tools and ensure utmost security, contributing to the realization of our nations growth while fulfilling the dreams of Atmanirbharta of countless investors.

A detailed list of our services are mentioned on page 18.

Economic Overview Global economy Review

The global economy demonstrated recovering growth driven by resilience at the backdrop of global uncertainties.

The International Monetary Fund (IMF) projects a gradual recovery, with world economic growth anticipated to reach 2.8% in 2023 and further accelerate to 3.0% in 2024, driven by robust Asian economies, particularly India and China. The IMF also forecasts a moderation in global inflation to 6.6% in 2023, gradually declining to 4.3% in 2024, albeit remaining above the long-term average.

Global GDP Growth Trend

2022 2023E 2024E
World Output 3.4% 2.8% 3.0%
Advanced Economies 2.7% 1.3% 1.4%
Emerging Economies 4.0% 3.9% 4.2%

Source: IMF April Outlook1

Indian economy Review

While the global economy is passing through uncertain times, the Indian economy continues to remain a bright spot. The Indian economy displayed exemplary resilience

post-pandemic and rebounded strongly from a contraction of GDP of 5.8% in FY 2020-21 to a growth of 9.1% in FY 2021-22 and 7.2% in GDP in FY 2022-23 - making us the

fastest growing major world economy. However, India too experienced high inflation that mostly remained above the upper band of RBIs target range (6%). However, in recent months, there are signs of some softening in inflation, with headline inflation easing to 4.25% in May 2023 from the peak of 7.8% in April 2022.

To counter inflation and currency depreciation, RBI, like the other Central Banks delivered a cumulative policy rate hike of 250 basis points since March 2022. RBI hit the pause button and has not raised interest rates since the last two Monetary Policy Committee Meetings as inflation in India has started to cool down. In fact, for April 2023, the CPI eased sharply to 4.7%, lowest since October 2021. However, the RBI reiterated that the decision to leave the policy rates unchanged should be viewed as a pause and not a pivot.

Even through the rate hikes, India registered a strong 7.2% GDP growth in fiscal 2023 and emerged as the fastest growing major world economy. For FY 2022-23 fiscal, the index of industrial production (IIP) grew 5.1%, coming on the back of a growth of 11.4% for FY 2021-22. For the financial year, the manufacturing sector grew 4.5% Y-O-Y, electricity grew 8.9% Y-O-Y and mining grew 5.8% Y-O-Y.

India GDP

FY22-23 FY21-22
7.2% 9.1%

Source: CSO, RBI

Indian equity markets

Indian Capital Markets now rank 5th globally in terms of market capitalisation. The year was characterized by contradictory forces of relatively strong domestic growth, resilient corporate earnings, large inflows into domestic institutional investors into equities on one hand and monetary tightening by major central banks, volatility in commodity prices, currency depreciation and large Foreign Portfolio Investment (FPI) selling on the other hand. Midcaps performed largely in line with large-caps but small caps underperformed. The performance of major global equity indices was mixed with European markets performing better than US and Asian markets.

Demat accounts in India:

Indias demat accounts stood at 11.45 crore as on March 31, 2023, a 28% increase from March 31, 2022. 73% of these demat accounts are registered by CDSL.

Market Volumes:

The Indian equities ended FY 2022-23 on a lower note Y-O-Y The equity market cumulative Average Daily Turnover (as per the BSE & NSE website) reduced by 25% to ^57,566 crore for the financial year 2022-23 basis compared to ^72,195 crore for the financial year 2021-22.

Money raised through IPOs Lakh crore)

FY19 FY20 FY21 FY22 FY23
0.22 0.21 0.31 1.13 0.52

Source: Prime Database

The Indian IPO market remained lacklustre with 37 companies raising ^52,116 crore in FY 2022-23, almost half of ^1,11,547 crore raised in FY 2021-22. The largest life insurer in India, LICs IPO at ^20,557 crore accounted for around 39% of the total fundraising in FY 2022-23.

Foreign Portfolio Investors (FPIs) and Domestic Institutional Investors (DIIs) flows:

In FY 2022-23, FPIs sold equities worth $6.3 billion, down from $17.1 billion in FY 2021-22, as economic uncertainties and a stronger dollar led foreign investors to seek safe havens like the US. However, DII buying, primarily by insurance and mutual funds, more than compensated for this. DIIs purchased equities worth $32.2 billion, compared to $29.5 billion in FY 2021-22. Both Indian and global fixed income markets faced challenges, with Indias G-sec yield curve shifting up due to synchronized tightening by major central banks, higher government borrowings, RBI rate hikes, and increased CRR. The short-term yields rose faster than the long-term yields, flattening the curve. The 10-year G-sec yield ended at 7.31%, up by 48 bps, and the 1-year G-sec yield rose by 247 bps. The capital market industry had a mixed performance, with some segments growing while retail market participation remained subdued.

Industry Overview and Outlook

Depositories in India

A depository is a financial institution that holds investors investments in shares and securities in dematerialized form and maintain ownership records of the securities. There are two depositories in India regulated by the Securities and Exchange Board of India (SEBI) - Central Depository Services (India) Limited (CDSL) and National Securities Depository Limited (NSDL). Investors need to open a demat account through Depository Participants (DPs) before they start trading. The records of trades reflect in this demat account. Using this information provided by the depositories, listed companies send investors notifications related to Corporate Actions including dividend rights, stock splits, etc. Investors cannot directly choose depositories and can only open a demat account with Depository Participants (DPs) of the respective depository.

Market Size

Currently only about 7-8% of Indians have demat accounts. The demat accounts in India as on March 31, 2018 was 3.00 crore and as on March 31, 2023 the number stood at approximately 12.00 crore which depicts a CAGR of 31%. This is following the long term trend of financialisation of savings or diversification of investments from traditional asset classes of FDs and real estate to risk assets, which in turn is caused by increasing incomes, young population, financial inclusion, digitisation and increasing aspiration to achieve decent returns on savings.

FY 2022-23 was a slow year for retail investment participation including subdued indices, lack of IPOs on one hand and rising interest rates giving rise to fixed income participation on the other. The participation of retail investors in Indias direct equity market fell as evident from the share of retail investors in the total turnover of the NSE dipped to 40.7% in FY 2021-22 from a high of 45% in FY21. The number further fell to 36.5% in FY 2022-23. The number of active retail retail participants in the cash segment (equities market) of NSE was around 0.3 crore in January 2020, just before the lockdowns began. It surged to a peak of 1.17 crore in January 2022, but since then, their numbers have fallen by nearly 0.4 crore to 0.8 crore in March 2023.

Business Overview

CDSL is currently the largest depository in India in terms of number of demat accounts opened. In February 02, 2023, CDSL became the first depository in India to open more than 8 crore active demat accounts. As on March 31, 2023. CDSL held assets worth ^37.2 lakh crore with over 580 depository participants associated with CDSL. CDSL has in place, a robust infrastructure system with multiple back-up levels and world class information security and cyber security practices. It is due to the depository system that paper-based certificates, which were prone to be fake, forged and, counterfeit, resulting in bad deliveries have effectively been eliminated. CDSL offers an efficient and instantaneous transfer of securities held in electronic form in demat accounts. The company strives to provide convenient, dependable and secure depository services at an affordable cost for all market participants.

Strengths & Opportunities

Market share

Number of Active Client Accounts

The Company is the leading securities depository in India by incremental growth of Beneficial Owners (BOs) accounts, from 108 lakhs in FY 2015-16 to 830 lakhs in FY 2022-23. The Company has a wide network of DPs, who act as points of service. As on March 31, 2023, CDSL had over 580 registered DPs with over 21,500 India. The DPs are spread across 28 states and 8 union territories. The 830 lakhs demat account holders maintained with CDSL too, are spread across the country and we cover atleast 98% of the pin-codes.

Strong distribution network

The Company also has a wide network of DPs, who act as points of service. As on March 31, 2023, CDSL had more than 580 registered DPs with more than 20,000 India. The DPs are spread across 28 states and 8 union territories. The 8.3 crore demat account holders maintained with CDSL too, are spread across the country and we cover atleast 99% of the pin-codes.

Financialisation of savings

Currently, India has an urban population of 35%, which is set to grow to 50% by 2050. Increasing urbanisation is likely to aid high consumer aspiration. As per-capita income & urban population grows, the middle-class population will also grow. Crisil expects middle-class households in India to grow from 4.1 crore in 2012 to 18.1 crore by 2030. The aspirations for generating higher than inflation returns along with impactful role by regulatory bodies in developing a transparent financial ecosystem has led to financialisation of savings. Today, retail investors are quickly transitioning from traditional savings instruments like Fixed deposits, to new age risk asset class like stocks, REITs, digital gold among others.

Share of equities in Indian households has gone up from 2.7% in FY17 to 4.8% in FY 2021-22 as per report by Smallcase and Zinnov titled "Rise of Indian Retail Investor".

Exhibit 2: Breakup of incermental household saving flows

Regulatory environment

The most critical parts of capital market ecosystem are the regulator & the market infrastructure institutions. A transparent, robust and forward-looking regulatory framework and Government-led innovation has given the system the much-desired strong momentum. Visionary initiatives like Aadhar, eKYC, eSign, UPI, Digilocker, and online PAN verification have set the stage and built the financial superhighway for the success of the fintech ecosystem.

SEBI is leading the way in safeguarding investors and creating a safe and secured ecosystem. T+1 settlement, demat accounts across all brokers, guardrails on margin lending, strict protection on users transaction data etc are all global first pioneer services being innovated in India, etc.

Digital acceleration during challenging times:

Your Company embraced the challenges and came out stronger with digital initiatives like eAGM and eDIS, new pledge/re-pledge mechanism, etc. These new initiatives ensured that the services for the investors are developed with the changing times and needs and are accessible from the comfort of ones home.

At CDSL, we believe that digitisation has a great potential for the Indian Capital markets to grow with sustainability. By connecting the stakeholders electronically, CDSL ensures paperless transactions and thus takes active steps to reduce carbon footprints and the harm they do to the environment. Through the electronic form of operations, we have helped the stakeholders to go green.

Enablement of e-KYC for capital market intermediaries:

Ministry of Finance (Department of Revenue) has recognized CDSL and CVL as a reporting entity to perform Aadhaar Authentication via the gazette notification No. CG-DL-E- 22042020-219106 dated April 22, 2020. Also, Securities and Exchange Board of India ("SEBI") came out with a Circular No. SEBI/HO/ MIRSD/DOP/CIR/P/2020/73 dated April 24, 2020 regarding clarification on Know Your Client ("KYC") Process and Use of Technology for KYC. In the circular, SEBI has given clarification on Online KYC process for establishing account- based relationship with registered intermediary ("RI"), Investors KYC can be completed through Online / App based KYC, In- Person Verification through Video, Online submission of Officially Valid Document (OVD) / other documents using e-sign of the investors.

The above initiative by SEBI & Ministry of Finance will help registered capital market intermediaries to open trading and demat accounts digitally.

Many large broking houses & discount broking firms are likely to get benefits due to the same.

Risks, Threats & Challenges

Competition: The Companys securities depository business competes closely with its competitor for DPs, investor accounts and number of securities pertaining to various instruments on its depository systems.

The ability to effectively manage our growing DP network and any potential disruptions in our supply or distribution infrastructure is crucial. Failure in these areas could have adverse implications for our business, financial condition, and overall performance.

Tariff constraints by SEBI: CDSL Tariff charges for Depository Participants ("DPs") as well as Issuers and RTAs are approved by SEBI. Your Companys operational income is dependent on the capital market activities. If the markets remain volatile, your Companys market driven revenues could be challenged.

Technological change: Operating in an environment characterized by rapid technological advancements, we face the risk of interruptions or malfunctions in our IT systems. Such disruptions not only pose a threat to our reputation but also result in financial losses for the business.

Market Trends and Economic Conditions: Our business is subject to broad market trends, economic fluctuations, and various external factors beyond our control. Unfavourable changes in these conditions could significantly decrease the demand for our services and harm our business, financial condition, and overall performance.

Insufficient System Capacity and Cyber Security Risks:

Inadequate system capacity and system failures pose significant risks to our business operations. As we increasingly rely on technology, the potential for cyber threats and data privacy breaches has also escalated. Addressing these risks is crucial to safeguarding our business interests.

A breach can cause business losses, loss of brand image, customer trust and investors interest in the Company. Considering the threat landscape and recent cyberattacks on businesses globally, your Company has upgraded its Cyber Security Technologies and the Security Operations Centre (SOC) which will provide the Company greater cyber resilience.

Talent Acquisition: Attracting and retaining talented professionals is essential for the successful implementation of our strategic initiatives. The loss of key management personnel and the inability to promptly replace them could have adverse consequences for our business.

Technological Adaptation: Our ability to adapt to rapid technological changes in the industry is vital for maintaining a competitive edge.

Regulatory Compliance: Operating in a highly regulated industry, we must ensure strict compliance with legal and regulatory obligations. Failure to meet these obligations could lead to fines, legal proceedings, and reputational damage.

Strategy

Our key strategies outlined this year reflects our commitment to driving growth, enhancing operational efficiencies, and fostering innovation in the Indian securities market. These strategies have been designed to align with market trends and customer demands, ensuring our continued success and value creation.

Technological Advancement and Infrastructure Enhancement: Technology remains a key driver and differentiator in our market infrastructure ecosystem. We are committed to maintaining a competitive edge by continuously upgrading our technology infrastructure. By investing in cutting-edge systems and tools, we ensure seamless and efficient operations, enabling our clients to transact securely and effortlessly. We will also explore emerging technologies and industry best practices to stay at the forefront of innovation.

Market Expansion: Our primary focus is on expanding our market presence and enhancing our annuity income. Through targeted marketing campaigns and strategic partnerships, we aim to tap into emerging investor segments. By offering tailored solutions and exceptional customer service, we strive to establish long-term relationships with our clients and position ourselves as their preferred choice in the industry.

Service: In line with our growth objectives, we are focused on expanding and enhancing our portfolio of services. By introducing new offerings, such as Financial Information Provider (FIP) for Account Aggregator model, we have already demonstrated our ability to adapt to market needs.

We are committed to delivering inventive solutions that cater to the evolving demands of the markets. Our commodity and insurance repositories will also play a crucial role in fulfilling this objective. These strategies will guide our actions in the coming year, as we strive to create sustainable value for our stakeholders, maintain a strong competitive position, and contribute to the growth and development of the Indian securities market. With a clear focus on market expansion, technological advancement, and product diversification, we are confident in our ability to deliver superior services and drive our business forward.

Operational Performance

Revenue streams

The Company offers services to several sub-sectors of the Indian capital markets including retail investors, institutional investors such as AIF, Mutual Funds, etc. The Company derives its operating income from the fixed annual charges collected from the registered Issuer companies and transaction-based fees collected from Depository Participants. The Company offers dematerialisation for a wide spectrum of securities including equity shares, preference shares and bonds of public (listed and unlisted) and private companies, units of mutual funds, government securities, commercial papers and certificates of deposits. The Company also charges account maintenance charges to corporate account holders and monthly maintenance charges to clearing members for maintenance of settlement accounts. Other consistent revenue-generating services offered by the Company include e-Voting, email address updation facility for companies/Issuers and e-notice services to the registered companies enabling their shareholders to receive notices in electronic form and to allow shareholders to cast their votes electronically, remotely or at the meeting venue.

Operational Income Break-up FY 2022-23

Annual Issuer charges for FY 2022-23 are at ^18,321.51 lakh as compared to ^11,540.21 lakh for FY 2021-22, up by 59%. Transaction charges are at ^15,864.92 lakh in FY 2022-23 as compared to ^19,948.35 lakh for FY 2021-22, decreased by 20%. IPO and Corporate Action charges decreased by 18% to ^4,976.15 lakh in FY 2022-23 as compared to ^6,053.12 lakh for FY 2021-22. Online Data charges decreased by 28% to ^8,680.24 lakh in FY 2022-23 as compared to ^11,997.96 lakh in FY 2021-22. Income from others increased by 37% to ^7,665.86 lakh for FY 2022-23 as compared to ^5,593.44 lakh for FY 2021-22.

Financial Performance

Standalone:

The Company clocked Operational Revenue of ^45,059.96 lakhs in FY 2022-23 as against ^41,480.33 lakhs in FY 2021-22, registering an increase of 9%. Other Income increased by 43% to ^9,346.79 lakhs in FY 2022- 23 as against ^6,537.50 lakhs in FY 2021-22. CDSLs main costs are employee benefits, computer technology related expenses, Computer Technology Related Expenses which are largely fixed in nature. Total expenditure in FY 2022-23 stood at ^19,957.86 lakhs against ^14,283.16 lakhs in FY 2021-22, up 40% as compared to the previous year. Employee wages and benefits increased by 67%. Computer technology related expenses increased by 42%, depreciation increased by 57% and other expense increased by 20% as compared to previous year. EBITDA increased to ^36,035.22 lakhs in FY 2022-23 as against ^34,744.69 lakhs in FY 2021-22. PAT increased to ^27,208.17 lakhs, up 3% over the previous year. The Net Worth of the Company stood at ^96,585.54 lakhs as on March 31, 2023 as compared to ^85,012.69 lakhs as on March 31, 2022. The cash generated from operations stood at ^28,238 lakhs during FY 22-23. There is net cash generated from operating activities of ^20,657 lakhs during FY 2021-22.

Consolidated

Revenue from operations includes transaction charges, account maintenance charges and settlement charges paid by DPs, annual fees, corporate action charges and e-voting charges paid by companies and KYC charges paid by intermediaries. The Company clocked operational revenue of ^55,508.68 lakh in FY 22-23 as against ^55,133.08 lakh in FY 2021-22. As compared to the previous year Annual Issuer Charges increased by 59%, Transaction Charges decreased by 20%, IPO Corporate Action Charges decreased by 18% and Online Data Charges that is income from KYC decreased by 28%. The increase in revenues is attributable to higher from Annual issuer charges. Other Income increased by 21% to ^6,584.83 lakh in FY 2022-23 as against ^5,456.88 lakh in FY 2021-22 due to higher investment income as compared to previous year.

CDSLs main costs are Employee Benefits, Computer Technology Related Expenses which are largely fixed in nature. Total expenditure in FY 22-23 stood at ^25,135.74 lakh against ^19,594.04 lakh in FY 2021-22, up by 28% as compared to the previous year. Employee Wages and Benefits increased by 60% Computer Technology Related Expenses increased by 45%, Depreciation increased by 70% and Other Expense increased by 5% as compared to previous year. EBITDA stood at to ^38,905.81 lakhs in FY 2022-23 as against ^42,142.20 lakhs in FY 2021-22. PAT decreased to ^27,596.01 lakhs, down 11% over the previous year.

The Net Worth of the Company stood at ^1,21,373 lakhs as on March 31, 2023 as compared to ^1,09,292 lakhs as on March 31, 2022. The Cash Generated from operations stood at ^34,199 lakhs during FY 2022-23. There is net cash from Operating Activities of ^24,883 lakhs during FY 2022-23.

Key financial ratios:

Change in key financial ratios (Consolidated)

Sr. No. Ratios FY 2022-23 FY 2021-22 % Change
1 Debtors Turnover 13 13 0
2 Inventory Turnover NA NA NA
3 Interest Coverage Ratio NA NA NA
4 Current Ratio 4 5 (31)
5 Debt Equity Ratio NA NA NA
6 Operating Profit Margin (%) 60 68 (12)
7 Net Profit Margin (%) 59 57 4
8 Sector-specific equivalent ratios, as applicable. - - -

The decrease in current ratio is due to investment of surplus cash flows in non convertible debentures having a maturity of more than one year.

Return on Net-worth (RONW):

Ratio FY 2022-23 FY 2021-22
RONW 23.06% 30.33%

The RONW has decreased due to 11% decrease in Profit as compared to previous year.

Internal Financial Control Systems and its adequacy:

Internal financial controls include the policies and procedures adopted by the company for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, 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.

The Company had already developed and implemented a framework for ensuring internal controls over financial reporting. This framework includes entity level policies, process and operating level standard operating procedures.

Some significant features of our Internal Financial Control System are:

1) Adequate documentation and maintenance of the records that are reasonably detailed, accurate and fairly reflect the transactions and records of the assets of the company;

2) The policies and procedures are designed to provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statement in accordance with generally accepted accounting principles and Indian Accounting Standards (IAS), and that receipts and expenditures of the company are being made only in accordance with authorizations of management and director of the company and

3) Company has aligned its current systems with the requirement of the Companies Act, 2013 on the lines of the globally accepted risk based framework as issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission, so as to provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the companys assets that could have a material effects on the financial statements.

During the year, such internal controls over financial reporting were tested by management, internal auditors and statutory auditors. No reportable material weakness in design and effectiveness was observed.

Risk Management:

We continue to adapt strategies to manage these dynamic risks and its impact on our Companys business and operations.

Strict internal processes and controls enable the Company to effectively manage the business risks encountered on a daily basis. Risk Management Framework of the Company ensures achievement of its strategic and operational objectives.

The framework is supported by risk processes, risk identification, assessments, response, risk mitigation,control testing, reporting and monitoring.

The Board of Directors have constituted a Risk Management Committee (RMC) to frame, implement and monitor the Risk Management Framework ("RMF"/"framework") of the Company. As devised by the RMC, the framework is periodically reviewed and monitored in order to improve standard operating procedures and to reflect changes in the market condition and business activities. The focus of the RMC is to assess the unpredictability of the ever-changing environment and to mitigate potential adverse effects on the overall performance.

The framework includes Risk Management Policy as devised by the RMC. The Committee monitors and identifies risks at regular intervals to set appropriate risk limits and controls. The Companys Risk Management system covers various aspects of the business.

The Company also has in place a special contingency insurance policy to cover risks associated with depository operations which covers the Company and registered Depository Participants (DPs). A special contingency insurance policy covers your Company and the registered DPs from risks associated with depository operations including cyber security risks.

The Company ensures that its clients comply with applicable regulatory provisions by conducting regular inspections of both DPs and RTAs and provides compliance training across the country for DPs. In addition to the bi-annual internal audits, the Company has made it mandatory for all registered DPs to appoint independent Chartered Accountant or Company Secretary or Cost Accountant in practice to conduct concurrent audits of risk prone areas. The Company has also made it mandatory for the registered DPs to audit their systems through a CERT-In empanelled auditor. The auditor reports are then submitted by the DPs to the Depository on an annual basis.

India is witnessing a digital revolution at an unprecedented scale and digital technology has become a key driver of Indias economic growth. While the digital revolution has brought substantial convenience and accessibility, it has led to significant dependence on and increased usage of digital technologies. CDSL continues to focus on large scale digital transformation/adoption of technology across its operations. A digital security breach or disruption to digital infrastructure caused by intentional or unintentional actions, such as cyber-attacks, data breaches or human error, could have a serious impact on business. This impact could include loss of process control, impact on business continuity or damage to assets and services, harm to the environment, loss of sensitive data or information, legal and regulatory noncompliance, reputational damage as well as revenue loss.

The Company subjects its networks and systems to security penetration tests on a continuous basis. CDSL invests significant resources to ensure cybersecurity resilience and data protection. Periodically, regulatory as well as independent assessments are carried out to validate and improve resilience to cybersecurity attacks. These encompass technical security controls, secure operational processes, cybersecurity incident monitoring mechanisms, disaster recovery controls and trained manpower. CDSLs cybersecurity measures are aligned to the growth and diversification of the Company. CDSLs information technology systems and processes are now re-certified with ISO 27001 and ISO 22301 standards. CDSL regularly exchanges cybersecurity intelligence with industry peers and government bodies. Cybersecurity awareness training and tests are regularly conducted.

Human Resources:

As a part of recruitment of Key Resources, the Chief Data & Operations Officer has been appointed during FY 2022-23. Apart from this, total 65 employees were hired, and 32 employees left, retired, or transferred out from the Company during the FY 2022-23. There were 279 employees on the payrolls of the Company as on March 31, 2023.

For and on behalf of the Board

Central Depository Services (India) Limited

Balkrishna V Chaubal

Chairperson

(DIN: 06497832)

Place: Mumbai

Date: June 24, 2023