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Housing & Urban Development Corporation Ltd Auditor Reports

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Housing & Urban Development Corporation Ltd Share Price Auditors Report

TO THE MEMBERS OF HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED Report on the Audit of the Standalone Financial Statements

This revised Independent Auditors Reports is being issued in supersession of our earlier Independent Auditors Reports dated 24th May, 2024 and 23rd July, 2024. The Revised Report is being issued in view of the observation, pointed out by the C&AG of India on our earlier reports. Further, we confirm that there is no change in the opinion as expressed earlier and also none of the figures have undergone any change in the financial statements of the company as at 31st March, 2024.

1. Opinion:

We have audited the accompanying Standalone Financial Statements of Housing and Urban Development Corporation Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2024, the Statement of Profitand Loss (including other Comprehensive Income), the statement of changes in equity and the Statement of Cash Flow for the year then ended, and Notes to the Standalone financial statements including a summary of Material Accounting Policies and other explanatory information (hereinafter referred to as "the Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone financial statements give the information required by the Companies Act, 2013 ("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 other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 st March, 2024, its profit (including other comprehensive income), changes in equity and its cash flows for the year ended on that date.

2. Basis for Opinion:

We conducted our audit of the Standalone financial statements 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 Standalone 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 ("ICAI") together with the ethical requirements that are relevant to our audit of the Standalone financial statements under the provisions of the Companies Act, and the Rules there under,andwehavefulfilledour other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is basis for our opinion on the Standalone financial statements.

3. Emphasis of Matter: a. We draw attention to the following matter in the Para 3 of Note 40 to the Standalone financial statements: The company has recognized interest income on "No Lien AGP Account" amounting to Rs. 29.01 Crores for the year ended 31st March 2024 (Rs.28.51 Crores for the previous year ended 31st March, 2023). The same has been shown in Note 28 (Other Income) under head ‘Interest on Construction Project.

The balance outstanding as at the end of the year is Rs. 592.65 Crores Debit (Rs. 558.97 Crores Debit as at the end of the previous year ended 31st March 2023) in "No Lien AGP Account". The company is in discussion with MoHUA for recovery/reimbursement of outstanding amount including interest as well as expenses being booked. Our opinion is not modified in respect of this matter. b. We draw your attention to Note 4.14 (b) (Financial Instruments- Derivative Financial Instruments) of the Standalone Financial Statements which refers to the Accounting Policy for the Hedge Accounting/ Cash Flow Hedge/ Fair Value Hedge. This policy is being adopted first time by the company.

Our opinion is not modified in respect of this matter. c. We draw your attention to Note 40(4) of the Standalone Financial Statements which refers to the confirmation (No objection) received from KFW for the de recognition of the amounts of Rs. 107.42 Crores lying under other financial liabilities. Accordingly, the same has been taken as income and shown in Note 28 (Other Income) head ‘Miscellaneous Income.

Our opinion is not modified in respect of this matter.

4. Key Audit Matters:

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements of the current year. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our reports:

No. Key Audit Matter

Our Audit Procedures Included:

01. Ind AS 109 on Financial Instruments establishes a comprehensive framework for determining expected credit losses, accuracy of classification, recognition, de-recognition and measurement requirements for all the financial assets and liabilities. Our procedures and audit approach consisted and included, but were not limited to testing of the design and operating effectiveness of the internal controls and substantive testing as follows:
Considering the materiality of the amounts involved, the significant management judgment required in estimating the expected credit losses as well as measuring Financial Assets and Financial Liabilities and such estimates and judgments being inherently subjective, this matter has been identified as a key audit matter for the current year audit. Obtained an understanding of the systems, processes and controls implemented by management for recording and calculating Expected credit losses (ECL), recognition, de-recognition and measurement of Financial Assets and Financial Liabilities, for classifying financial assets portfolio into stages based on credit risk.
(Refer Notes: 6, 7, 8, 9, 10, 11, 15, 16, 17, 18, 19, 33,36, 37, 38, 39 and 40 to Standalone financial statements) Discussed with appropriate senior management and evaluated managements underlying key assumptions in estimating the expected credit losses and measuring Financial Assets and Financial Liabilities.
Selected the sample and tested the operating effectiveness of the internal control, relating to recognition, measurement and de- recognition of, financial assets and financial liabilities and calculation of ECL. We carried out a combination of procedures involving enquiry and observation, performance and inspection of evidence in respect of operation of these controls.
Tested the relevant information technology systems access and change management controls relating to contracts and related information used in recording financial assets/ liabilities and calculation of ECL in accordance with the said Ind AS.
Tested the appropriate staging of assets basis, their days past due and other loss indicators on sample basis.

5. INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND AUDITORS REPORT THEREON:

The Companys management and Board of Directors are responsible for the other information. The other information comprises the information included in the Companys Annual Report, but does not include the Standalone financial statements and our auditors report thereon. The Annual report for the year ending 31st March 2024 is expected to be made available to us after the date of this auditors report. Our opinion on the Standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone 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 Standalone financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. When we read the other information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take appropriate actions, if required.

6. Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements: The 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 theseStandalonefinancialstatements that give a true and fair view of the position, financial performance including other Comprehensive income, Changes in Equity, and Cash flows of financial the Company in accordance with the accounting principles generally accepted in India, including the Indian accounting Standards (IndASs)specifiedunder Section 133 of the Act with relevant rules issued there under and other accounting principles generally accepted in India and in compliance with Regulation 33, Regulation 52 and Regulation 54 of the Listing Regulations. This responsibility also includes a. maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; b. selection and application of appropriate accounting policies; c. making judgments and estimates that are reasonable and prudent and d. 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 Standalonefinancialstatements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, the Board of Directors 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 Board of Directors either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Companys financial reporting process

7. Auditors Responsibilities for the Audit of the Standalone Financial Statements:

Our objectives are to obtain reasonable assurance about whether the Standalone 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 influencethe economic decisions of users taken on the basis of these Standalone Financial Statements.

As Part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. 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 Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financialcontrols with reference to Standalone Financial Statements in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of managements use of the 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 Standalone 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 content of the Standalone Financial Statements, including the disclosures, and whether the Standalone financial statements representing the underlying transactions and events in a manner that achieves fair presentation.

Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent applicable.

Materiality is the magnitude of misstatement in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonable knowledgeable user of the Financial Statements may materiality and qualitative factors in (i) Planning the scope of our audit work beinfluenced. and in evaluating the results of our work: and (ii) to evaluate the effect of any identified misstatements in the Financial Statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significantauditfindings,includinganysignificantdeficiencies 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 Standalone 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.

8. Report on Other Legal and Regulatory Requirements:

A. 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 Act, we give in the Annexure- "A", a statement on the matters specified in Paragraph 3 and 4 of the said Order, to the extent applicable.

B. The Comptroller and Auditor General of India has issued the directions indicating the areas to be examined in term of sub-section 5 of Section 143 of the Act, the compliance of which is set out in Annexure- "B".

C. 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 accounts as required by law have been kept by the company so far as it appears from our examination of those books except for the matter stated in para(h)(vi) below on reporting under proviso to Rule 3(1) of the Companies (Accounts) Rules,2014; c) The Standalone Balance Sheet, the Statement of Profit and loss [including Other Comprehensive income], Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account; d) In our opinion and to the best of our information and explanation given to us, the aforesaid Standalone Financial Statements comply with the Ind AS specified under Section 133 of the Act read with relevant rules; e) The provisions of section 164(2) of the Companies Act, 2013 in respect of disqualifications of directors are not applicable to the Company being Government Company in terms of notification no. G.S.R. 463(E) dated 5th June 2015 issued by the Ministry of Corporate affairs; f) With respect of the adequacy of the Internal Financial Controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report inAnnexure- "C"; g) As per notificationnumber G.S.R 463(E) dated June 5, 2015 issued by Ministry of Corporate Affairs, Section 197 of the Act regarding remuneration to Director is not applicable to the Company, since it is a Government Company and 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, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on financial position on its Standalone financial statements; (Refer Para 2(a) of Note no. 40 to Standalone financial statements) ii. The Company does not have any material foreseeable losses on long terms contracts including derivative contracts; (Refer Para 44(d) of Note no. 40 to Standalone financial statements) iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company; (Refer Para 21 of Note no. 40 to Standalone financial statements) iv. (a) The management has represented that, to the best of its knowledge and belief, as disclosed in management representations, no funds have been advanced or loaned invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any persons or entities, including foreign entities (the intermediaries), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (the Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries; (b) The management has represented that, to the best of its knowledge and belief, as disclosed in management representations, no funds have been received by the Company from any persons or entities, including foreign entities (the Funding Parties), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether 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 and (c) Based on such audit procedures performed as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the management representations under Sub-clauses (a) and (b) above contain any material misstatement. v. As stated in Note no. 40 (33) to the Standalone Financial Statements:

The final dividend proposed for the previous year, declared and paid by the company during the year is in compliance with section 123 of the companies Act, 2013, as applicable;

The interim dividend declared and paid by the company during the year and until the date of this report is in compliance with section 123 of the companies Act, 2013 and

The Board of director of the company have proposed final dividend for the year which is subject to the approval of the member at the ensuing Annual General Meeting. The amount of the dividend proposed is in accordance with section 123 of the companies Act, 2013, as applicable. vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 with respect to using accounting software for maintaining its books of account which has certain features e.g. edit log etc. as enumerated in aforesaid April 1, 2023. proviso is applicable to the Company with effect from Based on our examination which included test checks, the Company is using accounting software for maintaining its books of account, which has an inbuilt facility to extract audit trail for all relevant transactions recorded in the system. However, the audit trail or edit log is not a front-end feature of the accounting system. The audit trail is available at back end and can be generated on request for a particular set of transactions.

Section 128(5) of the Act, which requires books of account to be preserved by companies for a minimum period of eight years, the company would need to retain audit trail for a minimum period of eight years i.e., effective from the date of applicability of the Account Rules (i.e., currently April 1, 2023, onwards). Based on our examination and according to the explanations provided to us by the company, it has been observed that since the audit trail (edit log) is not a regular feature of the accounting system, there is no system being followed by the company for retaining/preserving the edit log.

9. NHB/RBI Directions:

The Company is complying with National Housing Banks (NHB)/Reserve Bank of Indias (RBI) credit concentration norms in respect of loans to private sector agencies. However, in case of loans to State Governments/State Government Agencies/Central Government Agencies, the said norms have been relaxed by the NHB/RBI vide its circular number DOR.CRE.70/21.01.003/2023-24 dated January 15, 2024 (Refer Para no.19 of Note No.40).

In reference to the above, all exposures except, exposures which are secured by Central Government/State Governments guarantees and direct borrowings by the government have been considered for computing the exposure for purposes of credit concentration norms.

For A P R A & Associates LLP Chartered Accountants (Firm Registration No. 011078N / N500064)

Sd/-(Ashok Gupta) Partner Place : New Delhi (Membership No. 085683) Date : 31st July, 2024 UDIN: 24085683BKFVMJ2810

ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT ON THE AUDIT OF STANDALONE FINANCIAL STATEMENTS

(Referred to in Paragraph 8 (A) under ‘Report on Other Legal and Regulatory Requirements section of our report of even date to the members of Housing and Urban Development Corporation Limited on the Standalone Financial Statements for the year ended March 31st, 2024).

To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that: i. In respect of the Companys Property, Plant and Equipment and Intangible Assets: a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant & Equipment. The Company has maintained proper records showing full particulars of intangible assets. b) Based on information and explanation given to us, the companys management carries out the physical verification of all its Property, Plant & Equipment once every year at the end of the financial year which, in our opinion, is reasonable having regard to the size of the company and the nature of its Property, Plant & Equipment. Pursuant to the program, Property, Plant & Equipment were physically verified by the management at the end of the financial year. In our opinion and as per the information given by the management, the discrepancies observed, were not material and have been appropriately accounted for in the books. c) The title deeds of all the immovable properties (including investment properties) held by the company (other than properties where the company is the lessee and the lease agreements are duly executed in favor of the lessee) disclosed in the Standalone financial statements are held in the name of the Company, except for the following properties:

Description of property

Gross carrying value (In Crore) Held in name of Whether promoter, director or their relative or employee Period held Reason for not held in name of the company

NIL

The company is having Leasehold Lands/ Flats/ building measuring 11521.52 square meters having cost of measuring 4844.66 square meters having cost of Rs.3.24 crore, Rs.33.99croreandFreeholdland/flats/ for which lease deeds are pending for execution in the name of the Company. Details are as follows:

Details of Plots/Building/ Flats of HUDCO Owned Properties for which lease deeds have not been exectued.

Name of Regional Office

Address of Property

AREA (Sq. Mt.)

Nature of Ownership

Cost of the purchase of property including applicable Stamp Duty & Reg. charges (Amount in Rs.)

Status of Lease Deed/status of construction of plot

Reason for non execution

Patna

Residential flat- Flat No. N-1302, Udaigiri Apartment, Budh Marg, Patna 195 Lease hold 14,57,500 Not Executed The land for construction of this society flat was provided by the State Govt to State Housing Board. However Govt. is yet to decid the rate for land. Pending a decision about the land rate and payment of dues by other allottes, the leasedeed has not been executed.
Bhubaneshwar Flat No. A-503, Block-1 (Hira), Toshali Apartment Satyanagar, Bhubaneshwar 123.65 Lease hold 8,27,976 Not Executed
Bhubaneshwar Flat No. B-304,B-305 & B-306 Block-IV (Rupa), Toshali Apartment Satyanagar, Bhubaneshwar 223.8 Lease hold 17,25,900 Not Executed Orissa State Housing Board (OSHB) has yet to decide the modalities of execution of lease deeds.
Bhubaneshwar Garage No.(4 Nos.) 76,77,78 & 79, Block- IV (Rupa), Toshali Apartment, Satyanagar, Bhubaneshwar Part of flats Lease hold 5,57,920 Not Executed Orissa State Housing Board (OSHB) has yet to decide the modalities of execution of
Bhubaneshwar Garage No.(1 No.), 15, HIRA Block No. 1, Toshali Apartment, Satya Nagar, Janpath, Bhubaneshwar 15.05 Lease hold 1,06,700 Not Executed lease deeds.
Chennai Regional Office: 5th floor, CMDA Tower-I, Gandhi Irwin Road, Egmore, Chennai-600 008 2388 Freehold 1,91,24,731 Not Executed Guideline value are yet to be finalised Revenue Dept. of State Govt., pending which the deed cant be executed.
Chandigarh Plot: Plot No. 3, Part-II, Sector-25., Panchkula, Chandigarh 2456.66 Freehold 1,32,45,767 Not Executed
Chandigarh Flat No. 3067/1(GF) HIG(L),Sector 44-D Chandigarh 49.93 Lease hold 6,25,906 Not Executed
Chandigarh Flat No. 3067/2, (GF) HIG(L), Sector 44-D Chandigarh 49.93 Lease hold Not Executed Chandigarh Housing Board has yet to decide the modalities of execution of lease deed
Chandigarh Flats: Flat No. 1501(GF) HIG(U), Sector 43-B, Chandigarh 92 Lease hold 2,46,184 Not Executed
Chandigarh Flat No. 3067(GF) HIG(L), Sector 44-D Chandigarh 49.93 Lease hold 2,86,184 Not Executed
Mumbai Staff Qtr, Flat No. 32, Bldg. No. 24 Anand Sagar, CHS Ltd., Bandra Reclamation, Bandra (West), Mumbai-400 050 60.3 Lease Hold 5,69,449 Not Executed
Mumbai Staff Qtr, Flat No. 32, Bldg. No. 18,Samundra Darshan CHS Ltd., Bandra Reclamation, Bandra (West), Mumbai-400 050 50.64 Lease hold 4,25,788 Not Executed
Mumbai Staff Qtr, Flat No. 33, Bldg. No. 18,Samundra Darshan CHS Ltd., Bandra Reclamation, Bandra (West), Mumbai-400 050 50.64 Lease Hold 3,88,740 Not Executed These flats at Mumbai, located in societies were purchased from MHADA and there is no practice of execution of lease deed by MHADA in favour of individual pruchaser.
Mumbai Staff Qtr, Flat No. 51, Bldg. No. 5, Hira CHS Ltd., Bandra Reclamation, Bandra (West), Mumbai- 400 050 44.64 Lease Hold 5,64,842 Not Executed MHADA only issues allotment letter and possession letter which forms the proof of ownership of property. MHADA will only execute the conveyance deed in respect of the entire property in favour of the Society.
Mumbai Staff Qtr, Flat No. 52, Bldg. No. 5, Hira CHS Ltd., Bandra Reclamation, Bandra (West), Mumbai- 400 050 44.64 Lease Hold 5,64,842 Not Executed As such, there is no leasedeed documents executed between HUDCO and MHADA
Mumbai Staff Qtr, Flat No. 61, Bldg. No. 5, Hira CHS Ltd., Bandra Reclamation, Bandra (West), Mumbai- 400 050 44.64 Lease Hold 5,64,842 Not Executed
Mumbai Staff Qtr, Flat No. 104, Bldg. No. 21, Oshiwara Gulmohar CHS Ltd., Plot H-56,MHADA, Oshiwara, Andheri (West), Mumbai- 400 053 86.05 Lease Hold 21,10,483 Not Executed
Mumbai Staff Qtr, Flat No. 204, Bldg. No. 21, Oshiwara Gulmohar CHS Ltd.,Plot H-56, MHADA,Oshiwara, Andheri (West), Mumbai-400 053 86.05 Lease Hold 21,56,363 Not Executed
Mumbai Staff Qtr, Flat No. 501, Bldg. No. 21, Oshiwara Gulmohar CHS Ltd.,Plot H-56, MHADA,Oshiwara, Andhari (West), Mumbai-400 053 86.05 Lease Hold 22,94,004 Not Executed These flats at Mumbai, located in societies were purchased from MHADA and there is no practice of execution of lease deed by MHADA in favour of individual pruchaser. MHADA only issues allotment letter and possession letter which forms the proof of
Mumbai Staff Qtr, Flat No. 604, Bldg. No. 21, Oshiwara Gulmohar CHS Ltd., Plot H-56,MHADA,Oshiwara, Andhar, (West), Mumbai-400 053 86.05 Lease Hold 23,39,884 Not Executed ownership of property. MHADA will only execute the conveyance deed in respect of the entire property in favour of the Society. As such, there is no leasedeed documents executed between HUDCO and MHADA
Mumbai Staff Qtr, Flat No. 704, Bldg. No. 21, Oshiwara Gulmohar CHS Ltd.,Plot H-56, MHADA,Oshiwara, Andhari (West), Mumbai-400 053 86.05 Lease Hold 23,85,764 Not Executed
Delhi HUDCO Bhawan, IHC, Lodhi Road, New Delhi 8600 Lease Hold 28,84,67,754 Not Executed India Habitat Centre yet to execute sub lease deeds with all allottees including HUDCO.
Delhi Hudco House, Lodhi Road, New Delhi 619.94 Lease Hold 58,38,202 Not Executed BHEL is the prime allottee who has yet to execute Lease Deed with L&DO
Delhi C-24, C-25, C-26 (6 Flats), Jangpura Extn. New Delhi (C-24 GF- 1378.87 sft FF-1407.34 sft (each)) 776.54 Lease Hold 2,53,97,247 Not Executed HPL is prime allottee of land and is yet to sign lease deed with L&DO. Therefore sale deed of flats Jangpura flats

d) 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 information and explanations given by the management, no proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act,1988 (45 of 1988) and rules made there under. ii. The nature of business of the company does not require it to have any inventory. Hence, the requirements of sub clause (a) and (b) of clause (ii) of Paragraph 3 of the said order are not applicable to the company. iii. According to the information and explanation given to us, the company has not made any investments in, or provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies, other parties covered in the register required to be maintained under section firms, 189 of the Companies Act, 2013 (‘the Act). Hence, reporting under clauses 3 (iii) (a), (b), (c), (d), (e) and (f) of the order is not applicable to the company. iv. In our opinion and according to the information and explanation given to us, the Company has not granted any loans or provided any guarantees or security to the parties covered under Section 185 of the Act. The Company has complied with the provisions of Section 186 of the Act in respect of Investments made or loans or guarantee or security provided to the parties covered under Section 186 of the Act. v. The company has not accepted any deposits from public within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended) during the year under review. According to the information and explanation given to us, the company had discontinued accepting/ renewing Public Deposit under the Public Deposit Scheme w.e.f.1 July 2019. However, the company has complied with directions issued by National Housing Bank / Reserve Bank of India; and the provisions of section 73 to 76 and other applicable relevant provisions of the Companies Act 2013 and the rules framed hereunder with regard to deposits outstanding during the year. vi. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under subsection (1) of Section 148 of the Companies Act, 2013, in respect of the business of the Company. Accordingly, the provisions of clause 3(vi) of the Order are not applicable to the Company. vii. (a) According to the information and explanation given to us and on the basis of our examination of the books of account, and records, the company has generally been regular in depositing undisputed statutory dues including

Provident Fund, Employees State Insurance, Income-Tax, Goods & Service Tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with the appropriate authorities.

(b) According to the information and explanations given to us, statutory dues referred to in sub-clause (a), which have not been deposited on account of any dispute are as under:

Name of the Statue

Nature of Dues

Amount (in Rs. crore) Period to which amount relates Forum where the dispute is pending

Income Tax Act, 1961

Disputed Income Tax Demand

20.30# AY 1996-97, AY 1998-99 Add. CIT and High Court

Income Tax Act, 1961

Disputed Income Tax Demand

20.66# AY 2004-05 AY 2015-16 ITAT and Add. CIT

Income Tax Act, 1961

Disputed Income Tax Demand

40.66# AY 2010-11 to AY 2012-13 and AY 2014- 15 ITAT

Income Tax Act, 1961

Disputed Income Tax Demand

37.70# AY 2013-14, AY 2016-17 and AY 2017-18 CIT (A)

Income Tax Act, 1961

Disputed Income Tax Demand

85.13# AY 1998-99 to AY 2003-04 Add.CIT

Income Tax Act, 1961

Disputed Income Tax Demand

78.05# AY 2005-06 to AY 2009-10 Add. CIT, ITAT and supreme court

Income Tax Act, 1961

Disputed Income Tax Demand

13.38# AY 1997-98 CBDT and Add. CIT

Income Tax Act, 1961

Disputed Income Tax Demand

2.59# AY 2018-2019 CIT(A) and AO
Wealth Tax Act,1957 Wealth Tax 0.01@ AY 1995-96 Add. CIT

Income Tax Act, 1961

Disputed Income Tax Demand

8.86# AY 2019-20 AO

Income Tax Act, 1961

Disputed Income Tax Demand

0.39# AY 2020-21 AO

Income Tax Act, 1961

Disputed Income Tax Demand

0.18# AY 2021-22 AO
TRACES Demand TDS 0.04 FY 2007-08 Onwards AO
Service Tax- Finance Disputed Service Tax 0.07* FY 2005-06 to 2008-09 CESTAT
Act 1994 Demand
Service Tax- Finance Disputed Service Tax 0.01* FY 2008-09 to 2009-10 DY COMMISSIONER
Act 1994 Demand

Service Tax- Finance Act 1994

Disputed Service Tax Demand

1.54* FY 2015-16 to 2017-18 DY COMMISSIONER AND COMMISSIONER OF CENTRAL TAX

Service Tax- Finance Act 1994

Disputed Service Tax Demand

2.16* FY 2018-19 AO

Goods & Service Tax

Disputed Tax and Interest

0.02^ FY 2017-18 to 2019-20 DY COMM./ ASST. COMM.

TOTAL

311.75

# against disputed Income tax / Traces demand amounting to Rs.307.91 crore, Rs.301.70 Crore has been adjusted by authorities or paid by the Company under protest from time to time and remaining Rs.6.21 Crore has not been paid. @ Wealth tax demand amounting to Rs.0.01 Crore paid under Protest by the Company.

* Against disputed Service tax demand of Rs. 3.78 Crores, the company has paid Rs. 0.29 Crores under protest. ^ Against disputed GST demand of Rs. 0.02 Crores, an amount of Rs. 7930/- has been paid under protest. viii. According to the information and explanations given to us, any transactions not recorded in the books of account have not 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 information and explanations given to us and based upon the audit procedures performed, the company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender. b. According to the information and explanations given to us, the company has not been declared willful defaulter by any bank or financial institution or other lender. c. According to the information and explanations given to us, term loans were applied for the purpose for which the loans were obtained. d. According to the information and explanations given to us and on the basis of our examination of the records, no funds raised on short term basis have been used for long term purposes by the company other than temporary usage pending receipts from long term sources. e. 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, associates or joint ventures. f. 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, joint ventures or associate companies. x. a) According to the information and explanations given to us, the Company has not raised money by way of Initial public offer or further public offer (including debt instruments) during the year. b) According to the information and explanations given to us, the company has not made any preferential allotment or private placement of shares or convertible debentures but has made private placement of non-convertible debentures during the year. Provisions of Section 42 and section 62 of the Act have been complied with and the funds raised have been used for the purposes for which the funds were raised. xi. i. Based upon the audit procedure performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations provided by the management, except for the two frauds on the company mentioned below, no other fraud by the company or on the company has been noticed or reported during the year.

NATURE OF FRAUD

AMOUNT INVOLVED

Criminal breach of trust-Borrower has mortgaged the land as collateral security out of which significant parcel of land was already sold.

Rs. 281.01 Lacs

Misappropriation and criminal breach of trust-Sale of part of Land prior to mortgage and executing power of attorney to sell the land

Rs. 100.00 Lacs

ii. Based upon the audit procedure performed for the purpose of reporting the true and fair view of the financial statements, no report under sub-section (12) of section 143 of the Companies Act has been filed by any of the auditors of the company in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government during the year and up to the date of this report. iii. According to the information and explanations given to us, no whistle-blower complaints were received during the year by the company. xii. According to information and explanation given to us, the Company is not a Nidhi Company. Hence the Nidhi Rules, 2014 are not applicable to the Company. Accordingly, clause 3(xii) of the Companies (Auditors Report) Order 2020 is not applicable to the Company. xiii. In our opinion and according to the information and explanation given to us, transactions during the year with related parties were approved by the Audit Committee and are in compliance with Section 177 of the Companies Act, 2013 where applicable. Since the said transactions were in the ordinary course of business of the Company and were at arm length basis, the provisions of Section 188 are not applicable. The details have been disclosed in the Standalone Financial Statements, as required by the applicable Indian accounting standards (Ind AS) (Refer Note No. 40(39)) xiv.

(a) In our opinion and according to the information and explanations provided by the management, the company gets its Internal Audit done on quarterly basis and have an internal audit system commensurate with the size and nature of its business.

(b) We have considered the internal audit reports for the year under audit, issued to the Company during the year and till date, in determining the nature, timing and extent of our audit procedures. xv. According to the information and explanations given to us, in our opinion during the year the Company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence provisions of Section 192 of the Companies Act, 2013 are not applicable. xvi. (a) The Company is registered with National Housing Bank vide Registration No. 01.0016.01 by which NHB has granted status of Housing Finance Company (HFC) to the Company on 31st July 2001.

Further, Reserve Bank of India has issued notification RBI/2020 21/60 DOR. NBFC (HFC) CC.No.118/03.10.136/2020-21 dated 22 October 2020 on regulatory framework for HFCs by which the definition of HFCs has undergone a change. The company is not meeting principal business criterion as mentioned in the notification for Housing Finance Companies.

Accordingly, the company is required to get itself registered as NBFC in terms of the said notification. HUDCO had submitted application to RBI on 29th March, 2022 to convert from HFC to NBFC-IFC. In reference thereof, RBI vide letter dated December 22, 2022 expressed its inability to accede to HUDCOs request for conversion of certificate of registration (CoR) to an NBFC-IFC owing to non-fulfillment of certain condition of RBI Master Directions for NBFCs. After detailed deliberation and ensuring compliance with the RBI Master Directions for NBFCs, HUDCO had resubmitted the application with necessarydocumentswithRBIforconversionofcertificateas NBFC-IFC on February 22, 2023. RBI vide letter dated 25th October, 2023 again expressed its inability to consider HUDCOs request stating that HUDCO is not meeting the criteria specified for NBFC-IFC as per Para 3(xvi)(a) of the Master Direction 2016 i.e. minimum criteria of 75% of its total assets deployed in infrastructure loans, Based on the discussions and submissions made by the company to RBI, RBI has decided to process the request of the company for conversion of CoR on merit. As advised by RBI, the company has again submitted the application form along with necessary documents including revised roadmap to RBI on 9th May, 2024 for registration of HUDCO as NBFC-IFC.

Till such time RBI decides on the application of the company, HUDCO continues to retain the status of HFC. (b) According to the information and explanations provided to us, the company is a Housing Finance company and has conducted Housing Finance activities during the year.

(c) According to the information and explanations given to us, the Company is not a core investment company (CIC) as defined in the regulations made by the Reserve Bank of India, hence reporting under clause 3 (xvi) (c) of the order is not applicable. (d) In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3 (xvi) (d) of the order is not applicable. xvii. Based upon the audit procedures performed and according to the information and explanations provided by the management, the company has not incurred cash losses in the financial year and in the immediately year. xviii. There has been no resignation of the statutory auditors during the year. Accordingly, the provisions of clause 3(xviii) of the Order are 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, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not 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 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.

(a) According to the information and explanations given to us, an amount of Rs.18.30 crore was outstanding as on 31/03/2023 related to unspent CSR (other than ongoing projects) and same has been transferred to fund specified in Schedule VII within 6 month from end of the financial year as per second proviso to sub section (5) of Section 135 of the Companies Act 2013.

(b) According to the information and explanations given to us, an amount of Rs. 26.68 crore was outstanding as on 31/03/2023 related to unspent CSR for ongoing projects and same has been transferred to special account ‘Unspent CSR account opened with a Scheduled bank in April 2023 as per provision of sub- section (6) of section 135 of the Companies Act 2013. xxi. According to the information and explanations given to us, the company also prepares Consolidated Financial Statements consolidating the Associates and Joint Ventures in accordance with Ind AS requirements and there have been no qualifications or adverse remarks by the respective auditors in the Companies (Auditors Report) Order (CARO) reports of the companies included in the Consolidated Financial Statements.

For A P R A & Associates, LLP Chartered Accountants (Firm Registration No. 011078N / N500064)

Sd/-(Ashok Gupta) Partner Place : New Delhi (Membership No. 085683) Date : 31st July, 2024 UDIN: 24085683BKFVMJ2810

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT ON THE AUDIT OF STANDALONE FINANCIAL STATEMENTS

(Annexure referred to in paragraph 8 (B) under ‘Report on Other Legal and Regulatory Requirements section of our report of even date to the members of Housing and Urban Development Corporation Limited on the Standalone Financial Statements for the year ended 31st March, 2024).

As required under Section 143(5) of the Companies Act 2013 with respect to the directions issued by The Comptroller & Auditor General of India, we report that:

Sr.No. DIRECTIONS

REPLIES

01 Whether the Company has system in place to process all the accounting transactions through IT system? If, yes, the implications of processing of accounting transactions outside IT system on the integrity of the accounts along with the financial implications, ifany, Payable on bonds and Borrowings, Depreciation etc. may be stated. The Company has the system in place to process all the accounting transactions through IT systems with some exceptions. It has been observed that all the basic calculation like finalization of PDS Interest, Interest are processed outside IT systems i.e. through excel sheets. Once the calculations are finalized vouchers are passed through various IT system. During the course of verification on test check basis, we have not come across any major calculation mistake. The company is using Lenovo Server, Web Logic, Linux OS and Developer forms/Oracle for maintaining the "Holfin" in which accounting entries/ vouchers are routed through.
The company is in the process of implementation of ERP system and some of the modules have been operationalized during the Year 2022-23 and 2023-24.
02 Whether there is any restructuring of an existing loan or cases of waiver/write off of debts/ loans/ interest etc. made by a lender to the company due to the companys inability to repay the loan? If yes, the financial impact may be stated. Whether such During the Financial Year 2023-24, no case of restructuring of an existing loan or case of waiver/write- off of debts/loans/ Interest etc. made by a lender to the company due to the companys inability to repay the loan has been observed.
cases are property accounted for. (In case lender is
a government company, then these directions also applicable for statutory auditor of lender company) However, the company being a lender, it has implemented certain restructuring/ resolutions plans during the year.
The details are as under:
1. One NPA account namely Pipavav Defense and Offshore Engineering Co. Limited was restructured as per NCLT order dated 23/12/2022 with Principal write off of Rs. 46.58 Crores.
2. Interest to the tune of Rs. 5092/- was waived in case of one Standard account wherein the penal interest had been charged due to transitional delay in Banking Process.
3. There was interest waiver of Rs. 552.37 Crores in three NPA accounts (Himachal Sorang Power Private Limited, Jain Steel Power Limited and Pipavav Defense and Offshore Engineering Co. Limited) which had already been derecognized and hence were waived off in the memorandum accounts.
4. Apart from the above-mentioned cases, OTS for 2 agencies (MUCO and ZIDCO) from Mizoram was approved by the board during the financial year 2023-24. These agencies have paid 25% of the OTS amount. The OTS will be fully implemented as and when the agencies pay the full OTS amount.

Sr.No. DIRECTIONS

REPLIES

03 Whether funds (Grants/subsidy etc.) received/ receivable for specific schemes from Central/State Government or its agencies were properly accounted for/ utilized as per its terms and conditions? List the cases of deviation. On the basis of selective audit procedures, we have observed that the company has not received any grant/ subsidy from Central/State Govt. agencies for their own utilization. The company acts as a channelizing agency for different Govt. of Indias Programs. The funds received/ receivable for specific schemes from Central/ State agencies in this regard were properly accounted for/ utilized as per its terms and conditions.

For A P R A & Associates LLP Chartered Accountants (Firm Registration No. 011078N / N500064)

Sd/-(Ashok Gupta) Partner Place : New Delhi (Membership No. 085683) Date : 31st July, 2024 UDIN: 24085683BKFVMJ2810

ANNEXURE "C" TO THE INDEPENDENT AUDITORS REPORT ON THE AUDIT OF STANDALONE FINANCIAL STATEMENTS

(Annexure referred to in paragraph 8 (C) (f) under ‘Report on Other Legal and Regulatory Requirements section of our report of even date to the members of Housing and Urban Development Corporation Limited on the Standalone Financial Statements for the year ended 31st March, 2024)

Report on the adequacy of Internal Financial Controls over financial reporting of the Company and the operating effectiveness of such controls, under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls with reference to the Standalone financial statements ofHOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED ("the Company") as of March 31, 2024 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

01. Managements Responsibility for Internal Financial Controls

The 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". These include the design, implementation and maintenance of adequate internal financial controls that were operating effectively forensuringtheorderlyandefficient conduct of its business, including adherence to 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.

02. Auditors Responsibility

Our responsibility is to express an opinion on the Companysinternalfinancialcontrols over financial reporting 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") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section143 (10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those 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 financialreporting was 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 financialcontrols over financial reporting included obtaining an understanding of internal financialcontrols over financialreporting, 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. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the Standalone financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficientand on the Companys internal financial controls system over financial reporting.

03. 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 the reliability of financial reporting and the preparation of financial 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 Standalone 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 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 Standalone Financial Statements.

04. 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.

05. Qualified Opinion

According to the information and explanations given to us and based on our audit, the following deficiencies have been identified during the course of our audit for the year ended on March 31, 2024:

1. The company needs to revise the terms in relation to the refundable security deposits for the operating leases on investment properties. The security deposit needs to be increased in the same proportion as the increase in property rent. In absence of the same, security deposit for some of the investment properties are inadequate to cover 3 months rent as per the agreed terms.

2. It has been identified in respect of entity level controls aswellasfinancialclosure processes with regard to cut off procedures, reconciliations of various accounts carrying old credit/debit balances and supervision and monitoring of flow of information to/from regional offices/out sourced agencies to corporate office, necessary for financialclosure and reporting, leading to deficiencies in operating effectiveness of the Companys Internal financial controls with reference to financial statements as at March 31, 2024.

3. The company needs to strengthen the record keeping and reconciliation between books of accounts and GST returns. Backup Data relating to GST input tax credit and Reconciliation thereof with GSTR 2B has not been made available to us in respect of a few regional offices.

4. For taking CSR utilization certificates from the agencies, the company has a policy wherein Utilization certificate has to be signed by the Auditor/ Chartered Accountant of the agency or from a Practicing Chartered Accountant. It has been observed in a few cases wherein the policy has not been adhered to and utilization certificates are signed by officer of the Agency only.

5. The Company has a procedure for seeking confirmation of outstanding balances at each quarter end from all the borrowers except cases under litigation. In case of receipt of balance confirmation from the agency for any Quarter of the year, the same is treated as confirmed during the year. Balance confirmation procedure should be undertaken proactively to obtain balance confirmation as at 31 March every year in the absence of which auditor is not having supporting and corroborative audit evidence to support the loan balances as appearing at the balance sheet date.

6. The company is calculating Probability of default based on report of CRISIL, which is being issued by Crisil at regular intervals. Management should review and implement the same on annual basis.

In our opinion, considering the nature of business, size of operation and organizational structure of the entity, except for the effects/possible effects of the deficiencies described above on the achievement of the objectives of the control criteria, the Company has maintained, in all material respects, adequate internal financial controls over financial reporting and such reportingwereoperatingeffectivelybased the internal control over financialreporting 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.

We have considered thedeficiencies identifiedand reported above in determining the nature, timing, and extent of audit tests applied in our audit of the March 31st, 2024 Standalone Financial Statements of the Company, and these deficiencies does not affect our opinion on the Standalone financial statements of the Company.

For A P R A & Associates, LLP Chartered Accountants (Firm Registration No. 011078N / N500064)

Sd/-(Ashok Gupta) Partner

Place : New Delhi (Membership No. 085683)

Date : 31st July, 2024 UDIN: 24085683BKFVMJ2810

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