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Indegene Ltd Auditor Reports

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Indegene Ltd Share Price Auditors Report

To the Members of Indegene Limited (formerly known as Indegene Private
Limited)

Report on the Audit of the Standalone Financial Statements

We have audited the standalone financial statements of Indegene Limited (formerly known as Indegene
Private Limited) (the "Company") which comprise the standalone balance sheet as at 31 March 2023, and
the standalone statement of profit and loss (including other comprehensive income), standalone statement
of changes in equity and standalone statement of cash flows for the year then ended, and notes to the
standalone financial statements, including a summary of significant accounting policies and other
explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone financial statements give the information required by the Companies Act, 2013
("Act) in the manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as at 31 March 2023, and its profit and
other comprehensive income, changes in equity and its cash flows for the year ended on that date.

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
Section 143(10) of the Act. Our responsibilities under those SAs 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 together with the ethical requirements that are relevant to our audit of the standalone
financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion
on the standalone financial statements

The Companys Management and Board of Directors are responsible for the other information. The other
information comprises the information included in the Companys directors report, but does not include
the financial statements and auditors report(s) thereon.

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 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. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report in
this regard.

The Companys Management and Board of Directors are responsible for the matters stated in Section
134(5) of the Act with respect to the preparation of these standalone financial statements that give a true

and fair view of the state of affairs, profit/ loss and other comprehensive income, changes in equity and
cash flows of the Company in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. This
responsibility also includes 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; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the standalone
financial statements 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 Management and Board of Directors are 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 the Board of Directors
either intends 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.

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 influence the 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. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible
for expressing our opinion on whether the company has adequate internal financial controls with
reference to 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 the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors use of the going concern
basis of accounting in preparation of standalone financial statements 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 represent the underlying
transactions and events in a manner that achieves fair Dresentation

We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies 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.

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order") issued by the Central
Government of India in terms of Section 143(11) of the Act, we give in the "Annexure A" a statement
on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2 A. As required by Section 143(3) of the Act, we report that:

a. We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit.

b. In our opinion, proper books of account as required by law have been kept by the Company so
far as it appears from our examination of those books.

c. The standalone balance sheet, the standalone statement of profit and loss (including other
comprehensive income), the standalone statement of changes in equity and the standalone
statement of cash flows dealt with by this Report are in agreement with the books of account.

d. In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified
under Section 133 of the Act.

e. On the basis of the written representations received from the directors as on 31 March 2023 taken
on record by the Board of Directors, none of the directors is disqualified as on 31 March 2023
from being appointed as a director in terms of Section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls with reference to financial
statements of the Company and the operating effectiveness of such controls, refer to our separate
Report in "Annexure B".

B 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.

a. The Company has disclosed the impact of pending litigations as at 31 March 2023 on its financial
position in its standalone financial statements - Refer Note 28 to the standalone financial
statements

b. The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses.

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

d (i) The management has represented that, to the best of its knowledge and belief, as disclosed in
the Note 34 to the standalone financial statements, no funds have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources or kind of funds) by
the Company to or in any other person(s) or entity(ies), including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(ii) The management has represented that, to the best of its knowledge and belief, as disclosed in

the Note 34 to the standalone financial statements, no funds have been received by the Company
from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the
understanding, whether recorded in writing or otherwise, that the Company shall directly or
indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Parties (Ultimate Beneficiaries1) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.

(iii) Based on the audit procedures performed that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (i) and (ii) above,
contain any material misstatement.

e. The Company has neither declared nor paid any dividend during the year.

C. With respect to the matter to be included in the Auditors Report under Section 197(16) of the Act:

In our opinion and according to the information and explanations given to us, the remuneration paid
by the Company to its directors during the current year is in accordance with the provisions of Section
197 of the Act The remuneration paid to any director is not in excess of the limit laid down under
Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under
Section 197(16) of the Act which are required to be commented upon by us.

For B S R & Co. LLP
Chartered Accountants
Firms Registration No.:101248WA/V-100022
Vikash Gupta
Partner
Place: Bengaluru Membership No.: 064597
Date: 29 April 2023 ICAI UDIN:23064597BGYQPQ8137

Annexure A to the Independent Auditors Report on the Standalone Financial

Statements of Indegene Limited (formerly known as Indegene Private Limited)

for the year ended 31 March 2023

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory
Requirements section of our report of even date)

(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative
details and situation of Property, Plant and Equipment.

(B) The Company has maintained proper records showing full particulars of intangible assets.

(i) (b) According to the information and explanations given to us and on the basis of our examination

of the records of the Company, the Company has a regular programme of physical verification
of its Property, Plant and Equipment by which all property, plant and equipment are verified in
a phased manner over a period of three years. In accordance with this programme, certain
property, plant and equipment were verified during the year. In our opinion, this periodicity of
physical verification is reasonable having regard to the size of the Company and the nature of
its assets. No material discrepancies were noticed on such verification.

(c) The Company does not have any immovable property (other than immovable properties where
the Company is the lessee and the leases agreements are duly executed in favour of the
lessee). Accordingly, clause 3(i)(c) of the Order is not applicable.

(d) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, the Company has not revalued its Property, Plant and Equipment
(including Right of Use assets) or intangible assets or both during the year.

(e) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, there are no proceedings initiated or pending against the
Company for holding any benami property under the Prohibition of Benami Property
Transactions Act, 1988 and rules made thereunder.

(ii) (a) The Company is a service company, primarily rendering analytics, technology and commercial,

medical, regulatory and safety services to life science and healthcare
organisations. Accordingly, it does not hold any physical inventories. Accordingly, clause 3(ii)(a)
of the Order is not applicable.

(b) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, the Company has been sanctioned working capital limits in
excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of
security of current assets. In our opinion, the quarterly returns or statements filed by the
Company with such banks or financial institutions are in agreement with the books of account
of the Company

(iii) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, the Company has not provided any guarantee or security to
companies, firms, limited liability partnerships or any other parties during the year. The Company
has not made any investments in firm, limited liability partnership or any other parties. The
Company has not granted any loans, secured or unsecured, to firms and limited liability
partnerships or any other parties during the year.

(b) According to the information and explanations given to us and based on the audit procedures
conducted by us, in our opinion the investments made, guarantees provided, security given
during the year and the terms and conditions of the grant of loans and advances in the nature
of loans and guarantees provided during the year are, prima facie, not prejudicial to the interest
of the Company.

(c) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, in the case of loans given and in the case of advances in the
nature of loans given, in our opinion the repayment of principal and payment of interest has
. been stipulated and the repayments or receipts of interest and principal have been regular.

(d) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, there is no overdue amount for more than ninety days in respect
of loans given. Further, the Company has not given any advances in the nature of loans to any
party during the year.

(e) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, there is no loan or advance in the nature of loan granted falling
due during the year, which has been renewed or extended or fresh loans granted to settle the
overdues of existing loans given to same parties.

(f) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, the Company has not granted any loans or advances in the
nature of loans either repayable on demand or without specifying any terms or period of
repayment.

(iv) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, the Company has not provided any guarantee or security as
specified under Section 185 and 186 of the Companies Act, 2013 ("the Act"). In respect of the
investments made and loan given by the Company, in our opinion the provisions of Section 186
of the Act have been complied with.

(v) The Company has not accepted any deposits or amounts which are deemed to be deposits from
the public. Accordingly, clause 3(v) of the Order is not applicable

(vi) According to the information and explanations given to us, the Central Government has not
prescribed the maintenance of cost records under Section 148(1) of the Act for the services
provided by it. Accordingly, clause 3(vi) of the Order is not applicable

(vii) (a) The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and

Value added tax during the year since effective 1 July 2017, these statutory dues has been
subsumed into GST.

According to the information and explanations given to us and on the basis of our examination
of the records of the Company, in our opinion amounts deducted / accrued in the books of
account in respect of undisputed statutory dues including Goods and Service Tax, Provident
Fund, Employees State Insurance, Income-Tax, Duty of Customs or Cess or other statutory
dues generally have been regularly deposited with the appropriate authorities, though there
have been delays in deposit of provident fund dues ranging from 15 to 273 days. As explained
to us, the Company did not have any dues on account of duty of customs.

According to the information and explanations given to us and on the basis of our examination
of the records of the Company, no undisputed amounts payable in respect of Goods and Service
Tax, Provident Fund, Employees State Insurance, Income-Tax, Duty of Customs or Cess or
other statutory dues were in arrears as at 31 March 2023 for a period of more than six months
from the date they became payable, except as mentioned below:

Name of the

statute

Nature of the dues Amount (INR in Million) Period to which the amount relates Due date Date of payment Remarks , if any
Employee Provident Fund act 1952 Provident

Fund

INR 0.43 From April 2022 to August 2022 15th May 2022 to 15lh

September

2022

Not yet paid

(b) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, statutory dues relating to Goods and Service Tax, Provident
Fund, Employees State Insurance, Income-Tax, Duty of Customs or Cess or other statutory
dues which have not been deposited on account of any dispute are as follows:

SI. No. Name of the statute Nature of the dues Amount

(INRin

Million)

Period to which the amount relates Forum where dispute is pending Remarks , if any
1. The Income Tax Act, 1961 Transfer

Pricing

matter

INR

1.52

AY 2018-19 Income

Tax

Appellate

Tribunal

(viii) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, the Company has not surrendered or disclosed any transactions,
previously unrecorded as income in the books of account, in the tax assessments under the
Income Tax Act, 1961 as income during the year.

(ix) (a) According to the information and explanations given to us and on the basis of our examination

of the records of the Company, the Company did not have any loans or borrowings from any
lender during the year. Accordingly, clause 3(ix)(a) of the Order is not applicable to the
Company.

(b) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, the Company has not been declared a wilful defaulter by any
bank or financial institution or government or government authority

(c) According to the information and explanations given to us by the management, the Company
has not obtained any term loans during the year. Accordingly, clause 3(ix)(c) of the Order is not
applicable.

(d) According to the information and explanations given to us and on an overall examination of the
balance sheet of the Company, we report that no funds raised on short-term basis have been
used for long-term purposes by the Company.

(e) According to the information and explanations given to us and on an overall examination of the
standalone financial statements of the Company, we report that the Company has not taken any
funds from any entity or person on account of or to meet the obligations of its subsidiaries as
defined under the Act.

(f) According to the information and explanations given to us and procedures performed by us, we
report that the Company has not raised loans during the year on the pledge of securities held in
its subsidiaries (as defined under the Act).

(x) (a) The Company has not raised any moneys by way of initial public offer or further public offer

(including debt instruments). Accordingly, clause 3(x)(a) of the Order is not applicable.

(b) According to the information and explanations given to us and on the basis of our examination
of the records of the Company, the Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures during the year. Accordingly, clause
3(x)(b) of the Order is not applicable.

(xi) (a) Based on examination of the books and records of the Company and according to the
. information and explanations given to us, no fraud by the Company or on the Company has

been noticed or reported during the course of the audit.

(b) According to the information and explanations given to us, no report under sub-section (12) of
Section 143 of the Act has been filed by the auditors in Form ADT-4 as prescribed under Rule
13 of the Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) As represented to us by the management, there are no whistle blower complaints received by
the Company during the year.

(xii) According to the information and explanations given to us, the Company is not a Nidhi Company.
Accordingly, clause 3(xii) of the Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us, the transactions
with related parties are in compliance with Section 177 and 188 of the Act, where applicable,
and the details of the related party transactions have been disclosed in the standalone financial
statements as required by the applicable accounting standards.

(xiv) (a) Based on information and explanations provided to us and our audit procedures, in our opinion,

the Company has an internal audit system commensurate with the size and nature of its
business.

(b) We have considered the internal audit reports of the Company issued till date for the period
under audit.

(xv) In our opinion and according to the information and explanations given to us, the Company has
not entered into any non-cash transactions with its directors or persons connected to its directors
and hence, provisions of Section 192 of the Act are not applicable to the Company.

(xvi) (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India

Act, 1934. Accordingly, clause 3(xvi)(a) of the Order is not applicable.

(b) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India
Act, 1934. Accordingly, clause 3(xvi)(b) of the Order is not applicable.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by
the Reserve Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable.

(d) The Company is not part of any group (as per the provisions of the Core Investment Companies
(Reserve Bank) Directions, 2016 as amended). Accordingly, the requirements of clause
3(xvi)(d) are not applicable.

(xvii) The Company has not incurred cash losses in the current and in the immediately preceding
financial year.

(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, clause
3(xviii) of the Order is not applicable.

(xix) According to the information and explanations given to us and on the basis of the financial ratios,
ageing and expected dates of realisation of financial assets and payment of financial liabilities,
other information accompanying the standalone 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 the 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, however, state that this is not an assurance
as to the future viability of the Company. We further state that our reporting is based on the facts
up to the date of the audit report and we neither give any guarantee nor any assurance that all
liabilities falling due within a period of one year from the balance sheet date, will get discharged
by the Company as and when they fall due.

, (xx) (a) In our opinion and according to the information and explanations given to us, there is no unspent

Annexure A to the Independent Auditors Report on the Standalone Financial

Statements of Indegene Limited (formerly known as Indegene Private Limited)

for the year ended 31 March 2023 (Continued)

amount under sub-section (5) of Section 135 of the Act pursuant to any project other than
ongoing projects. Accordingly, clause 3(xx)(a) of the Order is not applicable.

(b) In respect of ongoing projects, the Company has transferred the unspent amount to a Special
Account within a period of 30 days from the end of the financial year in compliance with Section
135(6) of the said Act.

For B S R & Co. LLP
Chartered Accountants
Firms Registration No.:101248W/W-100022
Vi kashj Gupta
Partner
Place: Bengaluru Membership No.: 064597
Date: 29 April 2023 ICAI UDIN:23064597BGYQPQ8137

Annexure B to the Independent Auditors Report on the standalone financial

statements of Indegene Limited (formerly known as Indegene Private Limited)

for the year ended 31 March 2023

Report on the internal financial controls with reference to the aforesaid standalone
financial statements under Clause (i) of Sub-section 3 of Section 143 of the Act

(Referred to in paragraph 2(A)(f) under ‘Report on Other Legal and Regulatory
Requirements section of our report of even date)

We have audited the internal financial controls with reference to financial statements of Indegene Limited
(formerly known as Indegene Private Limited) ("the Company) as of 31 March 2023 in conjunction with
our audit of the standalone financial statements of the Company for the year ended on that date.

In our opinion, the Company has, in all material respects, adequate internal financial controls with
reference to financial statements and such internal financial controls were operating effectively as at
31 March 2023, based on the internal financial controls with reference to financial statements 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 (the "Guidance Note").

The Companys Management and the Board of Directors are responsible for establishing and maintaining
internal financial controls based on the internal financial controls with reference to financial statements
criteria established by the Company considering the essential components of internal control stated in the
Guidance Note. These responsibilities include the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of
its business, including adherence to 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 Act.

Our responsibility is to express an opinion on the Companys internal financial controls with reference to
financial statements based on our audit. We conducted our audit in accordance with the Guidance Note
and the Standards on Auditing, prescribed under Section 143(10) of the Act, to the extent applicable to
an audit of internal financial controls with reference to financial statements 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 with reference to financial
statements were established and maintained and if such controls operated effectively in all material
respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls with reference to financial statements and their operating effectiveness. Our audit of
internal financial controls with reference to financial statements included obtaining an understanding of
internal financial controls with reference to financial statements, 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 judgement, 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 sufficient and appropriate to provide a basis for
„ our audit opinion on the Companys internal financial controls with reference to financial statements.

A companys internal financial controls with reference to financial statements is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of
standalone financial statements for external purposes in accordance with generally accepted accounting
principles. A companys internal financial controls with reference to financial statements include 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 authorisations of management and
directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection
of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect
on the standalone financial statements

Because of the inherent limitations of internal financial controls with reference to financial statements,
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 with reference to financial statements to future periods are subject to the risk that the
internal financial controls with reference to financial statements may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

For B S R & Co. LLP
Chartered Accountants
Firms Registration No.:101248W/W-100022
Vikash Gupta
Partner
Place: Bengaluru Membership No.: 064597
Date: 29 April 2023 ICAI UDIN:23064597BGYQPQ8137

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