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Sikko Industries Ltd Directors Report

Jul 19, 2024|09:44:52 AM

Sikko Industries Ltd Share Price directors Report


The Members of

Sikko Industries Limited

The Board of Directors hereby submits the report of the business and operations of your Company, along with the Audited Financial statements, for the financial year ended March 31, 2023.


(^ in Lakhs)

Particulars F.Y. 2022-23 F.Y. 2021-22
Revenue from operations 4,967.03 5,102.64
Other income 25.48 21.69
Total Income 4,992.51 5,124.34
Less: Total Expenses before Depreciation, Finance Cost and Tax 4,483.98 4,746.55
Operating Profits before Depreciation, Finance Cost and Tax 508.52 377.79
Less: Finance cost 44.24 54.26
Less: Depreciation 58.99 62.51
Profit / (Loss) Before Tax 405.30 261.01
Less: Current Tax 117.86 77.95
Less: Deferred Tax Liabilities/ (Assets) (1.81) (4.65)
Profit/ (Loss) after tax (PAT) 289.25 187.70


During the year under review, the Company has earned total income of ^ 4,992.51 Lakhs as against the total income of ^ 5,124.34 Lakhs of previous year which states 2.57% decrease in the total income as compared to previous year. The profit before tax in the financial year 2022-23 stood at ^ 405.30 Lakhs as compared to profit of ^ 261.01 Lakhs for last year and net profit after tax stood at ^ 289.25 Lakhs as compared to profit of ^ 187.70 Lakhs for the previous year which state 55.28% increase in profit of the Company.


The Board of Directors, at their meeting, held on December 21, 2022, have declared and paid 1st Interim Dividend for the financial year 2022-23, at the rate of ^ 0.15/- (1.5%) per equity share having face value of ^ 10/- each fully paid-up, absorbing a sum of ^ 25.20 Lakhs, to those shareholders whose names appear in the Register of Members and / or Depositories respectively, as at the close of working hours on Wednesday, December 28, 2022, being the Record Date fixed by the Company for this purpose (Previous Year - Nil).

The dividend payout is in accordance relevant provisions of companies Act, 2013 and rules made thereunder and in accordance with applicable provisions of other statutes.

The Details of Shareholders whose Dividend is unpaid or unclaimed are uploaded on the Website of the Company at www.sikkoindia.com.

Members who have not yet encashed their dividend warrant(s) for the above financial years, are requested to make their claims before relevant due dates without any delay to the Company or Registrar and Transfer Agents (RTA), Purva Sharegistry (India) Private Limited.

Shareholders are also informed that pursuant to the provisions of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the Rules") the 1st Interim Dividend declared for the financial year 2022-23, which remained unclaimed for a period of seven years will be credited to the IEPF on or before February 24, 2030. The corresponding shares on which dividend was unclaimed for seven consecutive years will also be transferred as per the procedure set out in the Rules.

Accordingly, Shareholders are requested to claim the 1st Interim Dividend declared for the financial year 2022-23 before the same is transferred to the IEPF.


Your directors do not propose transfer of any amount to the General Reserves. Full amount of net profit is carried to reserve & Surplus account of the Company.


During the year, there was no change in the nature of business of the Company.

However, during the year under review and with a view to explore the opportunities in the field of Pharmaceutical Products and Agriculture Commodities, the activities relates to Pharmaceutical Products and Agriculture Commodities were added in the main object clause of Memorandum of Association of the Company vide special resolutions passed through postal ballot by the Members of the Company on October 13, 2022.


Authorized Capital:

During the year under review, the authorised share capital of the company was increased from ^ 1,200.00 Lakhs divided into 12000000 (One Crore Twenty Lacs only) Equity Shares of ^ 10/ - (Rupees Ten Only) each, to ^ 1,750.00 Lakhs divided into 17500000 (One crore Seventy-Five Lacs Only) Equity Shares of ^ 10/- (Rupees Ten Only).

As on the date of this report the Authorized Capital of the Company is ^ 1,750.00 Lakhs divided in to 17500000 Equity Shares of ^ 10.00 each.

Issued, Subscribed & Paid-Up Capital:

Further, with a view to capitalize the free reserves and to rationalize the capital structure, the members of the company, vide Special resolutions passed through postal ballot on October 13, 2022 approved issuance of 5600000 bonus equity shares in the ration of 1:2 (i.e. One bonus fully paid-up new equity share of ^ 10/ - for every Two fully paid-up equity shares of ^ 10/- each held) to those shareholders whose names appear as on October 28, 2022 being the record fixed for the purpose.

As on the date of this report the Issued, Subscribed and Paid-up Capital of the Company is ^ 1,680.00 Lakhs divided in to 16800000 Equity Shares of ^ 10.00 each.


Constitution of Board:

The Constitution of the Board of Directors and other disclosure related to the Board of Directors are given in the Report on Corporate Governance.

Board Meeting:

Regular meetings of the Board are held, inter-alia, to review the financial results of the Company. Additional Board meetings are convened, as and when required, to discuss and decide on various business policies, strategies and other businesses. The Board meetings are generally held at registered office of the Company.

During the year under review, Board of Directors of the Company met 12 (Twelve) times, viz April 04, 2022, May 30, 2022, August 12, 2022, September 09, 2022, October 20, 2022, October 29, 2022, December 21, 2022, December 31, 2022, January 26, 2023, January 31, 2023, February 10, 2023 and March 23, 2023.

The details of attendance of each Director at the Board Meetings and Annual General Meeting are given in the Report on Corporate Governance.

Independent Directors:

In terms of Section 149 of the Companies Act, 2013 and rules made there under and Listing Regulations, the Company has three Non-Promoter Non-Executive Independent Directors. In the opinion of the Board of Directors, all three Independent Directors of the Company meet all the criteria mandated by Section 149 of the Companies Act, 2013 and rules made there under and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and they are Independent of Management.

A separate meeting of Independent Directors was held on March 23, 2023 to review the performance of Non-Independent Directors and Board as whole and performance of Chairperson of the Company including assessment of quality, quantity and timeliness of flow of information between Company management and Board that is necessary for the board of directors to effectively and reasonably perform their duties.

The terms and conditions of appointment of Independent Directors and Code for Independent Director are incorporated on the website of the Company at https://sikkoindia.com/wp-content/uploads/ 2022/ 04/Terms-and-conditions-of-Independent-Director.pdf.

The Company has received a declaration from the Independent Directors of the Company under Section 149(7) of Companies Act, 2013 and 16(1)(b) of Listing Regulations confirming that they meet criteria of Independence as per relevant provisions of Companies Act, 2013 for financial year 2023-24. The Board of Directors of the Company has taken on record the said declarations and confirmation as submitted by the Independent Directors after undertaking due assessment of the veracity of the same. In the opinion of the Board, they fulfill the conditions for Independent Directors and are independent of the Management. All the Independent Directors have confirmed that they are in compliance with Rules 6(1) and 6(2) of the Companies (Appointment and Qualification of Directors) Rules, 2014, with respect to registration with the data bank of Independent Directors maintained by the Indian Institute of Corporate Affairs.

None of Independent Directors have resigned during the year. However, after the closure of financial year 2022-23, due to his personal reasons, Mr. Rupen Jayantibhai Patel (DIN 09247614) has resigned from the post of Non-Executive Independent Director w.e.f. June 16, 2023.

Information on Directorate:

During the year under review, there was no change in the composition of board of directors of the company.

However, after the closure of financial year 2022-23, on recommendation of the Nomination and Remuneration Committee, Mr. Ashvinkumar Ramnikbhai Trapasiya (DIN: 10198672), has been appointed as an Additional Non-Executive Independent Director of the company for a period of five years w.e.f. June 13, 2023, subject to approval of the Members. Moreover, due to his personal reasons, Mr. Rupen Jayantibhai Patel (DIN 09247614) has resigned from the post of Non-Executive Independent Director w.e.f. June 16, 2023. The Board places on record its appreciation for the guidance and contribution made by Mr. Rupen Jayantibhai Patel (DIN 09247614) during his tenure on the Board.

Further, the company has received a notice in writing under Section 160 of the Act from a Members proposing the candidature of Mr. Ashvinkumar Ramnikbhai Trapasiya (DIN: 10198672) for the post of Independent Director of the company. Therefore, the Board of Directors proposes the appointment of Mr. Ashvinkumar Ramnikbhai Trapasiya (DIN: 10198672) as an independent director of the company for a period of five years w.e.f. June 13, 2023 to June 12, 2028, not liable to retire by rotation.

In accordance with the provisions of the Articles of Association and Section 152 of the Companies Act, 2013, Mr. Ghanshyam Mohanbhai Kumbhani (DIN: 00587855), Whole Time Director of the Company retires by rotation at the ensuing Annual General Meeting. He, being eligible, has offered himself for re-appointment as such and seeks re-appointment. The Board of Directors recommends his appointment on the Board.

The relevant details, as required under Regulation 36 (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") and Secretarial Standards-II issued by ICSI, of the person seeking re-appointment as Directors are annexed to the Notice convening the 23rd Annual General Meeting.

Key Managerial Personnel:

During the year under review and in accordance with Section 203 of the Companies Act, 2013, the Company has Mr. Ghanshyambhai Kumbhani (DIN: 00587855) who is acting as Chairman & Whole Time Director, Mr. Jayantibhai Kumbhani (DIN: 00587807) who is acting as a Managing Director, Mr. Mukesh Shah who is acting as Chief Financial Officer.

During the financial year 2022-23, Ms. Ankita Kanubhai Lunagariya, who was acting as Company Secretary and Compliance officer of the Company, has resigned from the post of w.e.f. January 1, 2023. The Board had, in her place, appointed Ms. Ishita Nayankumar Shah as Company Secretary and Compliance officer w.e.f. January 01, 2023. However, Ms. Ishita Nayankumar Shah had also resigned from the post of Company Secretary and Compliance officer w.e.f. April 18, 2023. Later on, the Board has appointed Mr. Dhruvitkumar Pareshbhai Mandliya as Company Secretary and Compliance officer of the Company since June 01, 2023.

Performance Evaluation:

The Board of Directors has carried out an annual evaluation of its own performance, board committees, chairman and individual directors pursuant to the provisions of the Companies Act, 2013 in the following manners;

> The performance of the board was evaluated by the board, after seeking inputs from all the directors, on the basis of the criteria such as the board composition and structure, effectiveness of board processes, information and functioning etc.

> The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings, etc.

> The board and the nomination and remuneration committee reviewed the performance of the individual directors on the basis of the criteria such as the contribution of the individual director to the board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc.

> In addition, the performance of chairperson was also evaluated on the key aspects of his role.

Separate meeting of independent directors was held on March 23, 2023 to evaluate the performance of non-independent directors, performance of the board as a whole and performance of the chairperson, considering the views of executive directors and non-executive directors. Performance evaluation of independent directors was done by the entire board, excluding the independent director being evaluated.

Directors Responsibility Statement:

Pursuant to section 134(5) of the Companies Act, 2013, the board of directors, to the best of their knowledge and ability, confirm that:

a) In preparation of annual accounts for the year ended March 31, 2023, the applicable accounting standards have been followed and that no material departures have been made from the same;

b) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for that year;

c) The Directors had taken proper and sufficient care 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;

d) The Directors had prepared the annual accounts for the year ended March 31, 2023 on going concern basis;

e) The Directors had laid down the internal financial controls to be followed by the Company and that such Internal Financial Controls are adequate and were operating effectively; and

f) The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.


The Board of Directors, in line with the requirement of the act, has formed various committees, details of which are given hereunder:

1. Audit Committee

2. Stakeholders Relationship Committee

3. Nomination and Remuneration Committee

The composition of each of the above Committees, their respective role and responsibility are detailed in the Report on Corporate Governance annexed to this Report.

Audit Committee:

The Company has formed Audit Committee in line with the provisions Section 177 of the Companies Act, 2013 and Regulation 18 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

As at March 31, 2023, the Audit Committee comprised Mr. Rupen Patel (Non-Executive Independent Director) as Chairperson and Mr. Hasmukhbhai Vavaiya (Non-Executive Independent Director), Mrs. Mamtaben Thumbar (Non- Executive Independent Director) and Mr. Jayantibhai Kumbhani (Executive Director) as Members.

After the closure of the financial year, the Board has re-constituted the Committee by inducting Mr. Ashvinkumar Ramnikbhai Trapasiya (DIN: 10198672), Additional Non-Executive Independent Director as Chairperson of the Committee w.e.f. June 13, 2023. Moreover, Mr. Rupen Patel, Non-Executive Independent Director ceased to be Chairperson / Member of the Committee due to his resignation from the directorship of the Company.

Recommendations of Audit Committee, wherever/whenever given, have been accepted by the Board of Directors.


The Company has not accepted any deposits from Shareholders and Public falling within the ambit of Section 73 of the Companies Act, 2013 and rules made there under. Hence, the directives issued by the Reserve Bank of India & the Provision of Section 73 to 76 of the Company Act, 2013 or any other relevant provisions of the Act and the Rules there under are not applicable.


The Company has established a vigil mechanism and accordingly framed a Whistle Blower Policy. The policy enables the employees to report to the management instances of unethical behavior, actual or suspected fraud or violation of Companys Code of Conduct. Further the mechanism adopted by the Company encourages the Whistle Blower to report genuine concerns or grievances and provide for adequate safe guards against victimization of the Whistle Blower who avails of such mechanism and also provides for direct access to the Chairperson of the Audit Committee, in exceptional cases. The functioning of vigil mechanism is reviewed by the Audit Committee from time to time. None of the Whistle blowers has been denied access to the Audit Committee of the Board. The Whistle Blower Policy of the Company is available on the website of the Company www.sikkoindia.com.


Nomination and Remuneration Policy in the Company is designed to create a high performance culture. It enables the Company to attract motivated and retained manpower in competitive market, and to harmonize the aspirations of human resources consistent with the goals of the Company. The Company pays remuneration by way of salary to its Executive Directors and Key Managerial Personnel. Annual increments are decided by the Nomination and Remuneration Committee within the salary scale approved by the members and are effective from April 1, of each year.

The Nomination and Remuneration Policy, as adopted by the Board of Directors, is placed on the website of the Company at www.sikkoindia.com.


The details of remuneration/sitting fees paid during the financial year 2022-23 to Executive Directors/Directors of the Company is provided in Report on Corporate Governance which is the part of this report.


Details of Loans, Guarantees, Investments and Security covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statement. However, during the year under review, the Company has not made any loans, guarantees, investments and security covered under the provisions of Section 186 of the Companies Act, 2013.


The Annual Return of the Company as on March 31, 2023 is available on the Companys website and can be accessed at https: / / sikkoindia.com/ wp-content/ uploads/2023/ 08/ Annual-return.pdf.


There are no materially significant Related Party Transactions made by the Company with Promoters, Directors, Key Managerial Personnel which may have a potential conflict with the interests of the Company at large. All Related Party Transactions are placed before the Audit Committee and the Board for approval, if required. Prior omnibus approval of the Audit Committee is obtained for the transactions which are of a foreseen and repetitive in nature.

The Company has developed an Internal Guide on Related Party Transactions Manual and prescribed Standard Operating Procedures for the purpose of identification and monitoring of such transactions. The Policy on Related Party Transactions as approved by the Board is uploaded on the Companys website at www.sikkoindia.com.

Particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013, in the prescribed Form AOC-2 is annexed to this Report as " Annexure - A". There was no contracts, arrangements or transactions which was executed not in ordinary course of business and/ or at arms length basis.


The ratio of the remuneration of each executive director to the median of employees remuneration as per Section 197(12) of the Companies Act,

2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed to this Report as "Annexure - B".

The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,

2014, is provided in a separate annexure forming part of this report. Further, the report and the accounts are being sent to the Members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection in electronic form. Any Member interested in obtaining a copy of the same may write to the Company Secretary.


There are no material changes and commitments, affecting the financial position of the Company, have occurred between the end of financial year of the Company i.e. March 31, 2023 to the date of this Report.


The Company has maintained adequate cost records as required to be maintained by the Company under the provisions of Section 148 of the Companies Act, 2013 read with the relevant rules made framed thereunder.


There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Companys operations in future.


To foster a positive workplace environment, free from harassment of any nature, we have institutionalized the Anti-Sexual Harassment Initiative (ASHI) framework, through which we address complaints of sexual harassment at the all workplaces of the Company. Our policy assures discretion and guarantees non-retaliation to complainants. We follow a gender-neutral approach in handling complaints of sexual harassment and we are compliant with the law of the land where we operate.

During the year under review, there were no incidences of sexual harassment reported.


The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Act read with rule 8 of The Companies (Accounts) Rules, 2014, as amended from time to time is annexed to this Report as "Annexure - C".


A well-defined risk management mechanism covering the risk mapping and trend analysis, risk exposure, potential impact and risk mitigation process is in place. The objective of the mechanism is to minimize the impact of risks identified and taking advance actions to mitigate it. The mechanism works on the principles of probability of occurrence and impact, if triggered. A detailed exercise is being carried out to identify, evaluate, monitor and manage both business and non-business risks.


Though the various risks associated with the business cannot be eliminated completely, all efforts are made to minimize the impact of such risks on the operations of the Company. Necessary internal control systems are also put in place by the Company on various activities across the board to ensure that business operations are directed towards attaining the stated organizational objectives with optimum utilization of the resources. Apart from these internal control procedures, a well-defined and established system of internal audit is in operation to independently review and strengthen these control measures, which is carried out by a reputed firm of Chartered Accountants. The audit is based on an internal audit plan, which is reviewed each year in consultation with the statutory auditor of the Company and the audit committee. The conduct of internal audit is oriented towards the review of internal controls and risks in its operations.

The Internal Auditor of the Company carry out review of the internal control systems and procedures. The internal audit reports are reviewed by Audit Committee and Board.

Your Company has also put in place adequate internal financial controls with reference to the financial statements commensurate with the size and nature of operations of the Company. During the year, such controls were tested and no material discrepancy or weakness in the Companys internal controls over financial reporting was observed.


Your Company strives to incorporate the appropriate standards for corporate governance. As stipulated in Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Report on Corporate Governance and Certificate of the Practicing Company Secretary with regards to compliance with the conditions of Corporate Governance is annexed to the Boards Report as "Annexure - D".


In terms of Regulation 34, and Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 a review of the performance of the Company, for the year under review, Management Discussion and Analysis Report, is presented in a separate section forming part of this Annual Report.


Pursuant to the provisions of Section 139 of the Companies Act, 2013 read with rules made thereunder, M/s. D G M S & Co., Chartered Accountants, Jamnagar (FRN: 0112187W), were appointed as Statutory Auditors of the Company to hold office till conclusion of the 24th Annual General Meeting (AGM) of the company to be held in the calendar year 2024.

The Notes to the financial statements referred in the Auditors Report are self-explanatory and therefore do not call for any comments under Section 134 of the Companies Act, 2013. The Auditors Report does not contain any qualification, reservation or adverse remark. The Auditors Report is enclosed with the financial statements in this Annual Report.


The Company has appointed Mr. Anand Sureshbhai Lavingia, Practicing Company Secretary, to conduct the secretarial audit of the Company for the financial year 2022-23, as required under Section 204 of the Companies Act, 2013 and Rules thereunder. The Secretarial Audit Report for the financial year 2022-23 is annexed to this report as an "Annexure - E - 1".

The Annual Secretarial Compliance Report for the financial year ended March 31, 2023 issued by Mr. Anand Sureshbhai Lavingia, in relation to compliance of all applicable SEBI Regulations/ Circulars/ Guidelines issued thereunder, pursuant to requirement of Regulation 24A of the Listing Regulations read with Circular no. CIR/CFD/CMD1/27/2019 dated 8th February, 2019 (including any statutory modification(s) or reenactment(s) thereof for the time being in force) is annexed to this report as an "Annexure - E - 2".

The above reports contain remark regarding that 1) the the Board of Directors of the Company had announced the Bonus Issue on September 9, 2022. Since, the Bonus Issue was required to be approved by the Shareholders of the Company, the Company should have completed the Bonus Issue by November 8, 2022 i.e. Trading Approval must have been issued by that date. However, the Trading Approval was issued on November 11, 2022. Accordingly, there was delay of three days for completions of Bonus Issue.

Your Directors submit that the delay in Trading Approval occurred due to improper communication between the RTA and NSE regarding DNR for Corporate Action. Management is taking due care for such instances and ensures that no such miscommunication happens in future.


The Auditors of the Company have not reported any fraud as specified under Section 143(12) of the Companies Act, 2013.


The assets of your Company have been adequately insured.


There are no proceedings initiated/ pending against your Company under the Insolvency and Bankruptcy Code, 2016 which materially impact the Business of the Company.


As per Regulation 46 of SEBI (LODR) Regulations, 2015, the Company has maintained a functional website namely "www.sikkoindia.com" containing basic information about the Company. The website of the Company is also containing information like Policies, Shareholding Pattern, Financial Results and information of the designated officials of the Company who are responsible for assisting and handling investor grievances for the benefit of all stakeholders of the Company, etc.


The company has prepared the opening balance sheet as per Ind AS as of 1 April 2019 (the transition date) by recognizing all assets and liabilities whose recognition is required by Ind AS, not recognizing items of assets or liabilities which are not permitted by Ind AS, by reclassifying items from previous GAAP to Ind AS as required under Ind AS, and applying Ind AS in measurement of recognized assets and liabilities.

There were no significant reconciliation items between cash flows prepared under previous GAAP and those prepared under Ind AS.


The Company does not have any Subsidiary, Joint venture or Associate Company.


The applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to Meetings of the Board of Directors and General Meetings, respectively, have been duly complied by your Company.


Your Directors wish to place on record their sincere appreciation for significant contributions made by the employees at all levels through their dedication, hard work and commitment, enabling the Company to achieve good performance during the year under review.

Your Directors also take this opportunity to place on record the valuable co-operation and support extended by the banks, government, business associates and the shareholders for their continued confidence reposed in the Company and look forward to having the same support in all future endeavors.

Registered Office

For and on behalf of Board of Directors

508, Iscon Elegance, Nr. Jain Temple,

For, Sikko Industries Limited

Nr. Prahladnagar Pick up Stand,
Vejalpur, Ahmedabad - 380 051. Ghanshyambhai M. Kumbhani Jayantibhai M. Kumbhani
Place: Ahmedabad Chairman & Whole-time Director Managing Director
Date: August 11, 2023 DIN: 00587855 DIN: 00587807

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