TO THE MEMBERS OF KRISHNA VENTURES LIMITED
The Directors take pleasure in presenting the 43rd (Forty Third) Annual Report together with the Audited Financial Statements for the Year ended on March 31, 2025.
1. FINANCIAL RESULTS
(Rs. In Lakhs)
Financial Year | Financial Year | |
Particulars |
||
2024-25 | 2023-24 | |
Revenue from Operation |
172.59 | 219.35 |
Other Income |
44.09 | 6.72 |
Total Income |
216.68 | 226.07 |
Total Expenditure |
304.04 | 273.17 |
Profit Before Tax |
(87.35) | (47.11) |
Tax Expenses |
(0.20) | (0.15) |
Profit After Tax |
(87.55) | (46.96) |
Appropriations: |
||
Proposed Dividend |
- | - |
Balance carried forward to Balance Sheet |
(38.28) | 48.44 |
2. BRIEF DESCRIPTION OF THE COMPANYS STATE OF AFFAIRS
During the year under review the Company incurred the Loss of Rs. (87.55) Lakh/- (Rupees Eighty Seven Lakh Fifty Five Thousand only). Your Company is hopeful and optimistic that by adding the new line of business it will increase the revenue of the Company in coming years.
3. GENERAL RESERVE
The Company has not transferred any sum amount to the General Reserve for the Financial Year 2024-25.
4. DIVIDEND
(i) No Dividend was declared for the financial year 2024-25.
(ii) Since there was no unpaid / unclaimed Dividend declared and paid last year, the provisions of section 125 of the Companies Act, 2013 does not apply.
5. SHARE CAPITAL
During the year, there was no change in the capital structure of the Company. The paid up equity share capital as on March 31, 2025 was Rs. 10,80,00,000/- (Rupees Ten Crores Eighty Lakh only) divided into 1,08,00,000 (One Crore Eight Lakh) equity shares of Rs. 10/- (Rupees Ten only) each. As on March 31, 2025, Directors of the Company hold shares of the Company.
a) Buy Back of securities: The Company has not bought back its shares /securities during the year under review.
b) Sweat Equity: No Sweat Equity Shares are issued during the year under review.
c) Bonus Shares: No Bonus Shares were issued during the year under review.
d) Employees Stock Option Plan: The Company has not provided any Stock Option Scheme to the employees.
6. CHANGES IN THE NATURE OF BUSINESS
During the Financial Year 2024-25, there has been no change in the nature of the business of the Company.
7. DEPOSITS:
The Company has not accepted deposit from the public falling within the ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.
8. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
Details of Loans, Guarantees and Investments covered under the provisions of section 186 of the Companies Act, 2013 are given in the Financial Statements forming part of this Annual Report.
9. REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS:
The Total Revenue of the Company is Rs. 172.59 Lakhs in the Financial Year 2024-25 as compare to the Previous Financial Year 2023-24 in which the Total Revenue was Rs. 219.35 Lakhs.
The Company incurred Net loss of Rs. 87.55 Lakhs in the Financial Year 2024-25 as compare to the Previous Financial Year 2023-24 in which the amount of Net loss was Rs. 46.96 Lakhs.
10. MANAGEMENT DISCUSSION & ANALYSIS REPORT:
Management Discussion and Analysis Report for the Financial Year 2024-25, as stipulated under regulation 34 read with schedule V of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (Listing Regulations, 2015) forms the part of this Annual Report.
11. CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES:
The Company has not developed and implemented any Corporate Social Responsibility initiatives as the provisions of section 135 of the Companies Act, 2013 are not applicable to the Company.
12. DEPOSITORY SYSTEM/E-VOTING MECHANISM
The Company has entered into a Tripartite Agreement with both the Depositories viz. National Securities Depository Limited (NSDL) and Central Depository Services (1) Ltd (CDSL) along with Registrars M/s. Skyline Financial Services Pvt. Ltd,, for providing electronic connectivity for dematerialization on the Companys shares, facilitating the investors to hold the shares in electronic form and trade in those shares. Further, in accordance with provisions stipulated under Companies Act, 2013, the facility of e-voting is also made available to all shareholders of the Company. The instructions regarding e-voting is enclosed along with this report. All shareholders are also requested to update their email ids with the Company or our RTA, M/s. Skyline Financial Services Pvt. Ltd.
13. TRANSFER OF UNCLAIMED DIVIDEND AMOUNT TO INVESTOR EDUCATION AND
PROTECTION FUND (IEPF) AUTHORITY
Pursuant to the provisions of Sections 124 and 125 of the Companies Act, 2013, there was no unclaimed dividend amount, due for transfer to the IEPF Authority, during the year.
14. ANNUAL RETURN:
Pursuant to Section 92 of the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return is available on the website of the Company on the following link: http://www.krishnaventuresltd.com.
15. MATERIAL CHANGES / COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH FINANCIAL STATEMENTS RELATE AND THE DATE OF THIS REPORT:
The Company has acquired M/s Leel Electricals Limited as a going concern. For which, the Liquidator of M/s Leel Electricals Limited issued the Sale Certificate for sale of the Company as going concern pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016 (Code).
16. RISK MANAGEMENT :
The Company has laid down a well-defined Risk Management Mechanism covering the risk mapping and trend analysis, risk exposure, potential impact and risk mitigation process. A detail exercise is being carried out to identify, evaluate, manage and monitoring of both business and non-business risks. The Board periodically reviews the risks and suggests steps to be taken to control and mitigate the same through a properly defined framework. The Company has adopted a Risk Management Policy which is displayed on the website of the Company at www.krishnaventuresltd.com.
17. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The strong internal control culture is pervasive in the Company in commensuration with the size, scale and complexity of its operations.
The Internal Audit Function monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies of the organization. Periodically, the Audit Committee, the Internal Auditors and Statutory Auditors identifies the discrepancies and the flaws of the Internal Audit System and reports the Board their observations / remarks, if any, which in turn enables the Board to undertake corrective actions in the respective areas and thereby strengthen the controls.
Pursuant to Section 138 of the Companies Act, 2013 read with rule 13 of the Companies (Accounts) Rules, 2014, the Proprietor of M/s. Sahu Khandelwal & Associates (Firm Registration Number: 005338; Membership Number: 47094) was appointed as the Internal Auditor of the Company from the Financial Year 2022-23 to Financial Year 2027-28.
18. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has established a Whistle Blower Policy that enables the Directors and Employees to report instance of fraud or mismanagement. The policy also provides for adequate safeguards against victimization of persons who use the mechanism and also direct access to the Chairperson of the Audit Committee of the Board of Directors of the Company in appropriate or exceptional cases. Details of the Whistle Blower Policy are made available on the Companys website http://www.krishnaventuresltd.com/.
19. HOLDING, SUBSIDIARIES AND ASSOCIATE COMPANIES:
As on date M/s Ashva Energy Private Limited and M/s Freshplate Agro Foods Private Limited are the associate companies of Krishna Ventures Limited.
The Company does not have any Subsidiary and Holding company.
20. APPOINTMENT/RESIGNATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:
During the period 2024-25 under review there were movements in the Directorships in the Company.
None of the Directors of the Company are disqualified as per the provisions of Section 164 of the Companies Act, 2013.
There were movements in the Directors/ KMP during the year 2024-25 as follows:-
S.NO. |
NAME | DESIGNATION | PARTICULARS |
DATE OF EVENT |
|||||
1) |
Shivam Garg | Chief Financial Officer |
Appointed | as | Chief | Financial | August 20, 2024 |
||
Officer | |||||||||
2) |
Renu Kaur | Non-Executive | - | Regularization as the Independent |
September | 20, | |||
Independent Director |
Director | 2024 | |||||||
3) |
Namrata | Non-Executive | - | Regularization as the Independent |
September | 20, | |||
Sharma | Independent Director |
Director | 2024 | ||||||
4) |
Mahesh | Non-Executive | - | Regularization as the Independent |
September | 20, | |||
Chandra Sharma | Independent Director |
Director | 2024 |
21. DECLARATION BY INDEPENDENT DIRECTORS:
The Independent Directors have submitted their disclosures to the Board confirming that they fulfil the requirements enumerated under Section 149(6) of the Companies Act, 2013 (hereinafter the Act) and Regulation 25 of The Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015. Independent Director of the Board attends an orientation program, to familiarize the new inductees with the strategy operation and functions of our Company.
22. EVALUATION OF BOARDS PERFORMANCE:
Pursuant to the provisions of the Companies Act, 2013 and Listing Regulations, 2015, the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Stakeholders Relationship Committee and Nomination & Remuneration Committee. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.
23. REMUNERATION POLICY:
The Board has, upon the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and fixing their remuneration. The Remuneration Policy is stated in the Corporate Governance Report. The Remuneration Policy also displayed on the website of the Company www.krishnaventuresltd.com.
24. MEETINGS:
During the year, Seven (7) Board Meetings, Seven (7) Audit Committee Meetings, Three (3) Stakeholders Relationship Committee Meetings and Three (3) Nomination & Remuneration Committee Meetings were convened and held as per the applicable provisions of the Companies Act, 2013 and Listing Regulations, 2015. The details of Board and Committee meetings held during the Financial Year are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
25. DIRECTORS RESPONSIBILITY STATEMENT:
To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:
a) that in the preparation of the Annual Financial Statements for the year ended March 31, 2025, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;
b) that such accounting policies as mentioned in note no. 1 of the Notes to the Financial Statements have been selected and applied consistently and judgment and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2025 and of the profit of the Company for the year ended on that date;
c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
[(ca) details in respect of frauds reported by auditors under sub-section (12) of section 143 other than those which are reportable to the Central Government]
d) that the annual financial statements have been prepared on a going concern basis;
e) that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively. f) that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.
26. COMPLIANCE OF SECRETARIAL STANDARD:
The Company has complied with the Secretarial Standards issued by The Institute of Company Secretaries of India wherever applicable.
27. RELATED PARTY TRANSACTIONS:
During the year under review there are no significant related party transactions made by the Company with related parties including promoters, directors, or other designated persons which were attract the provisions of Section 188 of the Companies Act, 2013. Thus, disclosure in Form AOC-2 is not required. However, there are certain transactions as per AS-18 which are prescribed in the Financial Statements of the company for the Financial Year ended on 31st March 2025.
The policy on Related Party Transactions as approved by the Board is placed on the website of the Company www.krishnaventuresltd.com.
28. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
There are no significant material orders passed by the Regulators / Courts which would impact the going concern status of the Company and its future operations.
29. AUDITORS & AUDITORS REPORT:
(i) STATUTORY AUDITORS
Pursuant to the provisions of Section 139 of the Companies Act, 2013, M/s Vivek Mittal & Associates, Chartered Accountants (Firm Registration No. 005847C), were appointed by the Audit Committee and by the Board as Statutory Auditors of the Company for a term of five consecutive years, to hold the office from the conclusion of Forty Second Annual General Meeting until the conclusion of Forty Seventh Annual General Meeting to be held in the year 2029.
The Statutory Auditors M/s Vivek Mittal & Associates, have submitted their Report on the Financial Statements of the Company for the Financial Year 2024-25, which forms part of this Annual Report.
Fraud Reporting:
During the year under review, no incident of fraud has been reported by the Statutory Auditors to the Audit Committee pursuant to the provisions of Section 143(12) of the Companies Act, 2013.
Basis for Opinion/qualifications given by the Statutory Auditors:
(i) Current / Non-Current advances given by Company are subject to confirmation, adjustment and pending for reconciliation. Out of totals advances, Rs. 2,50,42,231.23 are disputed and recovery proceeding has been initiated by Company.
(ii) Details of MSME suppliers /vendors are not available, hence we are not able to comment whether they have been paid in time or not Effect of qualifications on financial statements. The effect of our observations at para no. 2(i) shall have effect of reducing the net profit by Rs 2.50 Crore, reduction in Current / Non Current by Rs. 2.50 Crore.
Reply of the management of the Company:
The Audit Committee and the Board of Directors of the Company has taken note of the opinion of the Statutory Auditor of the Company and ensure to compliance with the respective requirements in the shorter period of time.
(ii) SECRETARIAL AUDITORS
Pursuant to the provisions of section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company appointed Mr. Aakash Goel, the proprietor of M/s. G Aakash & Associates, Company Secretaries (ACS No. A57213; CP No.: 21629), to undertake the Secretarial Audit of the Company for the Financial Year 2024-25. There was no observation or any remark has been given by the auditors during the year under review. The Secretarial Audit Report has been enclosed as Annexure A.
(iii) COST AUDITORS
Provisions of Section 148 of the Companies Act, 2013, read with the Companies (Cost Records and Audit) Rules 2014, are not applicable on the company. Hence, no cost auditor has been appointed by the company.
30. PARTICULARS OF EMPLOYEES:
The information required pursuant to section 197(12) read with rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Companies (Particulars of Employees) Rules, 1975, in respect of employees of the Company and Directors as on March 31, 2025 is furnished herewith in Annexure B. The Company has not employed any individual whose remuneration falls beyond the purview of the limits prescribed under the provisions rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
31. INSIDER TRADING REGULATIONS:
Based on the requirements under SEBI (Prohibition of Insider Trading) Regulations, 2015, the Insider Trading Code to regulate, monitor and report trading by insiders and the Code of Practices and Procedures for fair disclosure of Unpublished Price Sensitive Information are in force.
32. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY
AND BANKRUPTCY CODE, 2016 DURING THE YEAR
No applications have been made and no proceedings are pending against the Company under the Insolvency and Bankruptcy Code, 2016 during the year under review.
33. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF
ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF
The disclosure under this clause is not applicable as the Company has not undertaken any one-time settlement with the banks or financial institutions during the year under review.
34. DISCLOSURE ON SEXUAL HARASSMENT:
The Company during the year under the review has not received any complaints pertaining to sexual harassment at the work place.
35. CORPORATE GOVERNANCE:
The Company has complied with the Corporate Governance requirements under the Companies Act, 2013 and as stipulated under the Listing Regulations, 2015. A separate section on Corporate
Governance under the Listing Regulations, 2015 along with a certificate from Mr. Aakash Goel, the proprietor of M/s. G Aakash & Associates, Company Secretaries (ACS No. A57213; CP No.: 21629), Practicing Company Secretarys Certificate, confirming the compliance, is annexed and forms part of this Annual Report.
36. BUSINESS RESPONSIBILITY REPORT:
Pursuant to regulation 34 of the Listing Regulations, 2015, Business Responsibility Report is not applicable to the Company.
37. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under section 134(3)(m) of the Companies Act, 2013 read with rule 8 of the Companies (Accounts) Rules, 2014, are as below: Energy Conservation: During the period under review there has been optimal Energy Conservation. Technology Absorption: During the period under review there was no Technology Absorption. Foreign Exchange Earnings and Outgo: During the period under review there was no foreign exchange earnings or out flow.
38. BOARD COMMITTEES:
The Company has three Committees of Board, viz. (i) Audit Committee, (ii) Stakeholders Relationship Committee and (iii) Nomination and Remuneration Committee. Details of all the Committees along with their composition, terms of reference and meetings held during the year are provided in report on Corporate Governance, forming part of this Annual Report.
39. ENHANCING SHAREHOLDERS VALUE:
Your Company believes that its Members are among its most important stakeholders. Accordingly, your Companys operations are committed to the pursuit of achieving high levels of operating performance and cost competitiveness, consolidating and building for growth, enhancing the productive asset and resource base and nurturing overall corporate reputation. Your Company is also committed to create value for its other stakeholders by ensuring that its corporate actions positively impact the socioeconomic and environmental dimensions and contribute to sustainable growth and development.
40. ACKNOWLEDGEMENTS:
Your Directors thank the various Central and State Government Departments, Organizations and Agencies for the continued help and co-operation extended by them. The Directors also gratefully acknowledge all stakeholders of the Company viz. members, customers, dealers, vendors, banks and other business partners for the excellent support received from them during the year. The Directors place on record their sincere appreciation to all employees of the Company for their unstinted commitment and continued contribution to the Company.
41. CAUTIONARY STATEMENT:
Statements in the Boards Report and the Management Discussion & Analysis Report describing the Companys objectives, expectations or forecasts may be forward-looking within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed in the statement. Important factors that could influence the Companys operations include global and domestic market conditions affecting cost as well as the selling prices of the services, changes in government regulations, tax laws, economic developments within the country and other factors such as litigation and industrial relations.
(Annexure A)
Form No. MR-3
SECRETARIAL AUDIT REPORTFOR THE FINANCIAL YEAR ENDED MARCH 31, 2025
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014] To, The Members,
KRISHNA VENTURES LIMITED CIN: L45400MH1981PLC025151
Off. No-2, 7th Floor, Crystal Paradise Premise Off, Veera Desai Road, Shah Ind. Estate, Above Pizza Express, Andheri-West, Mumbai, Maharashtra-400058
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by KRISHNA VENTURES LIMITED (hereinafter referred to as the Company). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
Based on our verification of the Companys books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, We hereby report that in our opinion, the company has, during the audit period covering the financial year ended on March 31, 2025 (Audit Period) complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter along with Annexure-A attached to this report.
I.We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on March 31, 2025 according to the provisions of: i. The Companies Act, 2013 (the Act) and the rules made thereunder; ii. The Securities Contracts (Regulation) Act, 1956 (SCRA) and the rules made thereunder; iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
iv. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment (FDI), Overseas Direct Investment (ODI) and External Commercial Borrowings (ECB); (Not applicable to the Company during the Audit Period)
v. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (SEBI Act):-
a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
b) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended till date;
c) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015; d) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018; * e) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021; * f) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008; * g) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client; h) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; *
i) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; * [*Note: During the year under report, no event has occurred attracting provisions of these Regulations]
vi. Other Laws applicable to the Company:-
We have examined the framework, processes, and procedures of compliances of laws applicable on the Company in detail. We have examined reports, compliances with respect to applicable laws on test basis.
Other Miscellaneous and state laws. a) Income Tax Act, 1961; b) Goods and Services Tax Act, 2017
We have also examined compliance with the applicable clauses of the following: a) Secretarial Standards issued by The Institute of Company Secretaries of India; b) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time and the Listing Agreements entered into by the Company with BSE Limited (BSE). c) During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, and Guidelines to the extent applicable, Standards, etc. mentioned above subject to following:
Based on the information received and records maintained, we further report that:
1. The Board of Directors of the Company is duly constituted with proper balance of Executive, Non-Executive, women and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.
2. Adequate notice of at least seven days was given to all directors to schedule the Board Meetings along with agenda and detailed notes on agenda and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting in compliance of the Act.
3. Majority decision is carried through and recorded in the minutes of the Meetings. Further as informed, no dissent was given by any director in respect of resolutions passed in the board and committee meetings.
Based on the compliance mechanism established by the company and on the basis of the Compliance Certificate (s) placed and taken on record by the Board of Directors at their meeting (s), we further report that;
There are adequate systems and processes in the company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that during the audit period the company has not incurred any specific event / action that can have major bearing on the companys affairs in pursuance of above referred laws, rules, regulations; guidelines, standards etc.
For G Aakash & Associates Company Secretaries
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