Indian Economy
Amid evolving global headwinds,
India sustained its position as one of the worlds fastest-growing major economies. The Indian economy demonstrated commendable resilience and steady momentum throughout the financial year 202425, underpinned by prudent fiscal management, a calibrated monetary policy and continuity of structural reforms.
Real GDP is estimated to have expanded by 6.5% during FY 2024-25, with nominal GDP growth pegged at 9.9%, as per the Ministry of Statistics and Programme Implementation.
This expansion was broad-based, supported by robust domestic
consumption, infrastructure-led public investment and a recovering services sector.
Inflation remained within manageable bounds. Retail inflation, measured by the Consumer Price Index (CPI), moderated to 3.16% in April 2025. The year-on-year housing inflation rate for April 2025 is 3.00%. The corresponding inflation rate for March 2025 was 3.03%. The housing index is compiled for the urban sector only. The Reserve Bank of India continued its measured approach toward supporting growth. RBI cut its benchmark repo rate by 50 basis points on June 6, marking the third straight rate cut by the central bank, following two previous ones
in February and April. This move is expected to lower borrowing costs and stimulate credit growth across housing and infrastructure sectors.
On the fiscal front, the Union Budget 2025-26 reaffirmed the governments emphasis on capital expenditure. An outlay of ?11.21 lakh crore was earmarked for infrastructure development, reinforcing long-term productivity and urban transformation. Strategic investments in railways, smart cities and affordable housing are expected to yield multiplier effects for the broader economy. Indias labour market also showed signs of gradual stabilisation. According to newly released data from the National
Sample Survey Office (NSSO), the national unemployment rate stood at 5.1%. Urban areas, which house a growing share of Indias working population, registered slightly higher unemployment levels, reflecting structural shifts in the services and manufacturing ecosystems.
Urbanisation continued to rise, with over 522 million people residing in Indian citiesa 2.27% year-on-year increase. This trend, coupled with a youthful demographic and rising household aspirations, is fuelling long-term demand across housing, infrastructure and lifestyle-oriented services.
The financial system remained stable and sufficiently liquid. Notably, Non-Banking Financial Companies (NBFCs) tapped into overseas funding aggressively, accounting for 43% of total External Commercial Borrowings (ECBs) in FY25a significant increase from historical levels. This points to improved investor confidence and diversified access to capital.
Meanwhile, Indias capital markets and alternative investment platforms, particularly Real Estate Investment Trusts (REITs), exhibited strong traction. The first quarter of 2025 alone witnessed real estate transactions exceeding $1 billion, driven by REITs and private equity firmsa testament to deepening institutional participation and rising transparency in asset markets. Government regulatory frameworks remained supportive. Initiatives such as RERA, GST harmonisation and targeted urban renewal schemes continued to strengthen investor confidence and reduce systemic risk. While affordable housing incentives
were not significantly revamped in the latest Union Budget, the cumulative thrust from earlier policies and sustained capital allocation underscores the governments longterm commitment to housing for all.
With strategic agility, India navigated uncertain geopolitical currents, supply chain realignments and commodity price fluctuations globally. While global interest rate cycles and climate-related challenges remain watchpoints, Indias macroeconomic fundamentals, policy continuity and demographic dynamism offer a strong foundation for continued growth.
Outlook
The Reserve Bank of India (RBI) forecasted Indias GDP growth projection for FY2025-26 to 6.5% and set the retail inflation target at 4%, assuming a normal monsoon. Despite external challenges, domestic indicators such as robust agricultural output, a revival in manufacturing and resilient services suggest a cautiously optimistic outlook for the Indian economy.
Sources:
Real Estate in India
1. Residential:
The housing property markets across the top 8 Indian cities have stayed strong in the financial year 2024-25, with over 5 lakh units sold, an 18% year-on-year growth. New launches remained at a similar level of 4.3 lakh units, indicating confidence from real estate developers.
Property prices inched 3.7% higher, backed by steady demand and fewer launches. With current inventory levels staying efficient, theres little risk of a price correction and moderate price growth is more likely.
2. Capital raising:
Capital raising in Indias real estate sector in the financial year 2025 (FY25) tripled to 17 deals, raising ?32,852.6 crore, from five deals raising ?10,955.4 crore in FY24. The sharp uptick was driven by a rise in private equity and M&A activity, both domestically and internationally, as well as an increase in average transaction value. This capital-raising surge highlights the sectors resilience, institutionalisation and long-term growth potential, making it a focus area for PE funds, strategic investors and capital market stakeholders.
Private equity investment in Indias real estate projects has declined by 43% over the past five financial years, dropping from US$6.7 billion in FY21 to US$3.7 billion in FY25. This decrease is attributed to reduced foreign activity amidst heightened global macroeconomic uncertainty and geopolitical volatility.
Sources: Business Standard, NDTV Profit
1 https://economictimes.indiatimes.com/industry/services/property-/-cstruction/indias-top-8-property-markets-fy25-sales-up-18-despite-8-drop-in-launches/ articleshow/120734456.cms?utm
2 https://www.business-standard.com/industry/news/real-estate-capital-raising-india-fy25-pe-ma-reits-invit-equirus-125050901022_1.html
3 https://www.business-standard.com/finance/personal-finance/pe-investments-in-india-drop-43-in-5-yrs-84-of-fy25-funding-from-foreign-125040700420_1.html
4 https://www.ndtvprofit.com/real-estate/indias-office-market-hits-all-time-high-net-absorption-in-2024-bengaluru-tops-chart
Union Budget 2025-26: Impact on the Real Estate Sector
01. Tax Reforms: The budget increased the annual income tax exemption limit to H12 lakh, enhancing disposable income for middle-class home buyers. Additionally, the threshold for Tax Deducted at Source (TDS) on rental income was raised from H2.4 lakh to H6 lakh per annum, reducing compliance burdens for landlords and encouraging rental housing investments.
02. Urban Development Initiatives: A H1 lakh crore Urban Challenge Fund was established to support urban infrastructure projects, including affordable housing, sanitation and smart city initiatives. This fund is expected to catalyse urban redevelopment and attract private investment through Public-Private Partnerships (PPPs).
O^. Urban Reform Push: Budget 2025-26 introduces a H1 lakh crore Urban Challenge Fund to promote "Cities as Growth Hubs," creative redevelopment and sanitation. The fund will cover up to 25% of bankable project costs, with the remaining financed via bonds, loans, or PPPs. H10,000 crore is allocated for FY26. Additionally, a National Geospatial Mission will be launched to modernise land records and urban planning through the PM Gati Shakti initiative.
While the budget did not introduce direct incentives for the luxury housing segment, the overall emphasis on infrastructure development and urban planning is expected to spill over high-end real estate markets positively.
Sources: The Economic Times, Housiey, KPMG
1 https://housiey.com/blogs/union-budget-2025-a-game-changer-for-india-real-estate-sector?utm
2 https://kpmg.com/in/en/blogs/2025/02/five-ways-in-which-budget-2025-impacts-the-real-estate-sector.html?utm
3 https://www.pib.gov.in/PressReleasePage.aspx?PRID=2098385&utm
Delhi and Gurugram Markets: Micro-Market Analysis
Delhi
Development Initiatives: Delhi is undergoing a transformative infrastructure renaissance. Indias longest 5.1 km Dwarka Expressway- to-IGI Airport tunnel aim to streamline traffic flow and alleviate congestion on the Delhi-Gurugram axis. Simultaneously, the Centre has approved a ?3,500 crore, five- kilometre twin-tube tunnel between Shiv Murti-Mahipalpur and Nelson Mandela Road (Vasant Kunj), set to become a signal-free spine upon construction. Complementing these road upgrades is the proposed ?11,150 crore, 16 km expansion of metro connectivity, linking the RK Ashram-Indraprastha, Aerocity- Terminal 1 and Tughlakabad-Kalindi Kunj corridors. These integrated developmentsroad tunnels, expressway enhancements and metro expansionpromise to dramatically improve mobility, ease travel times and catalyse real estate growth across Delhis key zones.
The formation of a new government in Delhi has bolstered optimism for accelerated decision-making and smoother execution of urban development projects. With an emphasis on infrastructure upgrades, transparent governance and investment-friendly policies, the administration is expected to fast-track approvals, enhance civic amenities and attract greater private- sector participation. This renewed policy momentum is likely to sustain buyer confidence and stimulate both residential and commercial real estate activity in the city.
Price Trends: Residential property prices in Delhi have seen a significant surge, with certain localities experiencing a price jump of more than 70% over the past five years, indicating strong buyer confidence.
Gurugram
Market Performance: Gurugrams real estate market has seen a nearly 76% price increase over the past two years, driven by key infrastructure projects such as the Dwarka Expressway and expanded metro corridors. This surge reflects strong buyer sentiment and continued demand momentum.
Luxury Segment: The city continues to attract HNWIs and NRIs, with luxury housing projects witnessing high demand. The Gurugram market recorded robust pre-sales activity in FY25, with several marquee projects achieving record-breaking sales, reflecting strong buyer confidence and a bullish outlook on high-end developments in the region.
Luxury Real Estate in India: An Expanding Horizon
The Indian luxury real estate segment has emerged as one of the fastest- growing segments of the countrys property market, riding on the back of rising affluence, global investment flows and evolving consumer aspirations.
As per the latest industry estimates, the luxury residential market is projected to reach US$44.1 billion by the end of 2025, growing at an impressive CAGR of over 21%, with expectations of reaching US$118 billion by 2030. This growth trajectory is underpinned by several reinforcing dynamics that create a vibrant, opportunity-rich landscape.
The Indian luxury housing space has been particularly shaped by the rise of High-Net-Worth Individuals (HNIs)and Ultra-High-Net-Worth Individuals (UHNWIs), which is set
to cross 125,000 by 2025. Alongside, non-resident Indian (NRI) investments have soared and the sectors stability, aspirational appeal and attractive currency advantages have attracted them. While previously considered a niche segment, luxury housing has expanded its influence across key urban centres, including Delhi, Gurugram, Mumbai, Bengaluru and Hyderabad, with developers pivoting towards high-end offerings that promise exclusivity, design excellence and lifestyle enhancement.
Post-pandemic preferences have further accelerated demand for expansive homes with dedicated workspaces, wellness amenities and integrated smart home systems. Buyers today look beyond mere square footage. They seek curated living experiences, often expressed through branded residences, private
concierge services and sustainable, eco-friendly living environments.
Luxury housing has outperformed mid-income segments, with overall national price growth in luxury running ahead of 6-7%. However, the sector has challenges, including regulatory delays, rising costs of premium construction materials and intensifying competition among marquee developers.
Sources:
1. https://www.mordorintelligence.com/ industry-reports/india-luxury-residential-real- estate-market
2. https://www.linkedin.com/pulse/indias- luxury-real-estate-market-trends-investment- 36bvf
3. https://www.mordorintelligence.com/ industry-reports/india-luxury-residential-real- estate-market
4. https://www.tribuneindia.com/news/business/ indias-luxury-real-estate-market-booms- with-demand-surge-from-high-net-worth- individuals-nris-report/
LUXURY HOMES DOMINATE 2024 SALES
Amid higher willingness to pay for quality homes and rising property prices, apartments priced above H1 crore accounted for more than 50% share in annual sales for the first time ever. There has also been a significant growth of ~86% in the premium (H 3-5 crore) segment sales and ~80% growth in luxury (Rs 5 crore and above) segment sales when compared to 2023, driven by a rise in high-net-worth individuals, increasing disposable income levels and evolving buyer preference for bigger, tech-enabled and future-ready homes.
Source: JLL
https://www.jll.com/en-in/newsroom/indias-luxury-homes-dominate-2024-sales-crossing-50-percent-mark
Luxury in the Delhi-NCR Region
Over the years, the Delhi-NCR region has firmly established itself as a powerhouse in Indias luxury real estate sector, experiencing an unprecedented surge in high- end property sales and investor confidence. According to PropEquity, this region has surpassed Mumbai and Hyderabad to emerge as the top-selling housing market in 2024, driven by a 66% growth in sales value in Gurugram alone. The report also indicated that, with this performance,
Delhi-NCRs share of the national home sales value increased from 16% in 2023 to 23% in 2024.
Meanwhile, emerging corridorsmost notably Golf Course Extension Road in Gurugram outperformed in luxury real estate. Connecting Cyber Hub, NH-48/Sohna Road and Gurugrams commercial business district, Golf Course Extension Road, has evolved into the epicentre of luxury real estate evolution. Property prices here have more than doubled from ?8,800 per
sq. ft. in 2019 to over ?20,000 per sq. ft. in 2024, with absorption climbing by 79%driven by condominiums, villas and integrated communities from marquee developers. This remarkable growth has established Golf Course Extension Road as the prime investment destination in both Delhi-NCR and across India.
Source: Financial Express
https://www.financialexpress.com/money/delhi-
ncr-emerges-as-indias-leading-luxury-realty-hub-
heres-why-3803087/
Delhi: The Heartbeat ofIndias Ultra-Luxury Market Delhi, particularly its Central and South zones, remains the crown jewel of Indias ultra-luxury real estate segment. Iconic localities such as Golf Links, Jor Bagh, Amrita Shergil Marg and Chanakyapuri continue to command unmatched per-square- foot values, often exceeding ?50,000, with heritage bungalows crossing the ?100 crore mark. In parallel, neighbourhoods like Greater Kailash, Panchsheel Park, Defence Colony and Hauz Khas have emerged as hotspots for redevelopment, where modern villas and independent floors with smart features and private amenities attract HNI and NRI buyers alike. These areas reflect not only wealth and exclusivity but also a deep-rooted cultural identity that buyers aspire to be part of. Despite regulatory complexities and a scarcity of land,
sustained end-user interest continues to uphold the markets resilience.
While heritage zones retain their timeless appeal, the real momentum is now building across new growth corridors driven by a wave of transformative infrastructure investments. The Dwarka Expressway tunnel to IGI Airport, the upcoming Nelson Mandela-Shiv Murti tunnel, metro network expansions and direct connectivity upgrades across West, Southwest and South Delhi have unlocked development potential at a scale rarely seen in the capital. This has catalysed the rise of large-format, master-planned luxury communities led by marquee developers such as TARC. These projects introduce a new paradigm of city living, offering scale, sustainability, modern design, curated amenities and seamless access to key destinations, all within Delhis urban fabric.
As these next-generation residential hubs mature, Delhis luxury real estate market is poised for a generational upswing. With limited fresh supply in traditional areas and increasing appetite from affluent end-users and global investors, the city is entering a phase of peak demand underpinned by structural fundamentals. The convergence of legacy value and contemporary infrastructure is repositioning Delhi not just as Indias political capital, but as its most aspirational residential addressone that blends the gravitas of the past with the promise of the future.
Sources: https://economictimes.indiatimes.com/
wealth/real-estate/delhis-luxury-homes-demand
https://www.knightfrank.com/research/
article/2025-india-prime-residential-market-index
https://economictimes.indiatimes.com/wealth/
real-estate/delhis-luxury-homes-demand
Gurugram: Indias Fastest-Growing Luxury Hub
Just across the Delhi border, Gurugram (Gurgaon) has evolved into one of the countrys most dynamic luxury real estate markets. From the iconic Golf Course Road, home to marquee client projects, to emerging corridors like Dwarka Expressway, Southern Peripheral Road and New Gurgaon, the city presents a diverse and rapidly expanding luxury landscape.
Gurugrams luxury segment has benefited immensely from superior infrastructure, proximity to Delhi Airport and a thriving ecosystem of luxury retail, fine dining and five-star hospitality. In FY25, new launches along Golf Course Road fetched between ?30,000-?40,000 per sq. ft., while upcoming luxury pockets along Dwarka Expressway ranged from ?18,000-?25,000 per sq. ft.
Domestic and international investors are particularly drawn to Gurugrams robust rental yields, typically ranging between 4-6% per annum for luxury assets. The citys luxury market also benefits from master-planned townships and new greenfield developments.
Nonetheless, challenges persist, including infrastructural bottlenecks in emerging sectors, potential market saturation with multiple high-end launches and a reliance on pre-launch sales to fund ongoing construction. Developers who can combine strong brand credibility, superior design and timely delivery are best positioned to capture and consolidate market share.
Sources:
1. https://www.aurumproptech.in/pulse/media/ gurgaon-property-surge-luxury-real-estate- market-boom
2. https://economictimes.indiatimes.com/ markets/stocks/news/trump-towers-in- gurugram-298-flats-priced-up-to-rs-15-crore- sold-in-a-day-whats-driving-the-billionaire- rush/articleshow/121208340.cms
3. https://globalacres.in/gurgaon-real-estate- smart-investment-2025
About the Company
TARC Limited currently stands as a distinguished entity within Indias luxury real estate sector, established through the vision and determination of its Founder and Chairman, Mr.
Anil Sarin. What commenced as a modest enterprise, shaped by Indias aspirations and enduring values, has evolved over the years into one of the nations foremost luxury real estate development companies. Anchored in steadfast belief, a longterm vision and trusted relationships, TARCs journey epitomises not only entrepreneurial ambition but also a profound commitment to excellence and creativity.
Business Performance
In FY2024-25, TARC Limited reaffirmed its position in Indias luxury residential real estate sector, marked by appreciable market acceptance and continued momentum across key urban geographies, especially Delhi and Gurugram. The Companys refined focus on luxury residential development reflects its commitment to delivering exceptional quality, design and customer-centric offerings.
Key Project Highlights TARC Tripundra, New Delhi: An
IGBC Gold-certified luxury residential development offering thoughtfully designed 3 and 4 bedroom apartments. The project blends contemporary international aesthetics with ultra-modern amenities and curated recreational environments. Situated near Pushpanjali Farms, it offers proximity to Delhi Airport and key hubs.
TARC Kailasa, Patel Road,
New Delhi: Our flagship ultra-luxury project, TARC Kailasa, redefines elevated city living with expansive 3 and 4 bedroom large-format residences set amidst a signature six-layer Forest Court, 170,000 sq. ft. of indulgent club amenities, an Olympic- length swimming pool and generous private and guest parking.
TARC Ishva, Sector 63A, Gurugram
Located in the heart of the Gurugram- Golf Course Extension growth corridor, this premium development offers four-side open residences with panoramic views of the Aravalis. Designed with timeless elegance and integrated green elements, it offers a refined living experience that harmonises urban accessibility with natural tranquillitymaking it an address of aspiration.
TARC remains focused on execution excellence, backed by its strategic land bank, curated partnerships and a design philosophy rooted in sustainability and customer-centricity. These fundamentals empower the Company to shape enduring benchmarks in Indias luxury residential segment.
Internal Control Systems and Their Adequacy
TARC Limited has established a robust and well-structured internal control framework, thoughtfully designed to align with the scale, complexity and nature of its luxury real estate operations. Comprehensive and well- documented policies and standard operating procedures guide the Companys day-to-day activities, ensuring operational consistency, risk management and performance optimisation across all functions.
The Company utilises integrated information technology (IT) systems to support its business operations, facilitating real-time monitoring, seamless data management and informed decision-making. This digital infrastructure significantly enhances the effectiveness of internal controls by delivering timely and accurate operational insights.
To ensure the adequacy and effectiveness of its internal control systems, TARC engages an independent audit firm to conduct regular reviews. These audits assess the Companys adherence to established policies, evaluate regulatory compliance and identify opportunities for enhancing accounting and operational processes. The internal auditors present their observations and recommendations to the Audit Committee, which routinely reviews implementation progress and outcomes.
The Audit Committee plays a crucial role in overseeing the Companys internal control environment.
By thoroughly evaluating audit reports and maintaining continuous dialogue with management and auditors, the Committee provides strategic guidance to strengthen the Companys governance framework and ensure the integrity, transparency and efficiency of TARCs internal processes.
Ratio |
FY 2024-25 | FY 2023-24 | % Change | Reason for Change (if change is more than 25%) |
Debtors Turnover (In times ) |
0.04 | 0.12 | -70% | Due to decrease in revenue from operations during the year as compared to previous year and also due to decrease in trade receivable. |
Inventory Turnover |
0.02 | 0.15 | -84% | Due to decrease in Revenue from operations in current year as compared to previous year and increase in inventory on account of cost allocated to project. |
Interest Coverage Ratio |
0.01 | 1.29 | -99% | Increase in finance cost during the year |
Current Ratio (In times ) |
1.16 | 2.69 | -57% | Due to decrease in current assets and increase in current liabilities in current year. |
Debt Equity Ratio |
0.94 | 1.06 | -12% | |
Operating Profit Margin (in %) |
-684% | -70% | 880% | Decline due to decrease in sales and increase in expenses during the year |
Net Profit Margin (in %) |
-770% | 23% | -3506% | Decrease in revenue from operations during the year as compared to previous year and also due to loss in current year as compared to profit in previous financial year. |
Return on Net Worth (in %) |
-8% | 1% | -881% | Due to losses incurred by the company during the current year. |
Human Resources TARC Limited prioritises the creation of a supportive and secure work environment, emphasising employee well-being, engagement and continuous learning. Through targeted initiatives, the Company enhances technical, functional and behavioural skills, while also promoting volunteer activities that foster creativity beyond formal roles. TARC is committed to diversifying its talent pool to meet the evolving demands of the market. As of March 31,2025, the Company (incl. subsidiaries) employed 360 permanent staff.
Risk Management and Mitigation
TARC Limited recognises that operating in the luxury real estate sector entails exposure to various strategic, operational, financial and market risks. To safeguard stakeholder interests and ensure long-term sustainability, the Company has instituted a structured risk management framework, supported by proactive mitigation measures, internal controls and strong governance oversight.
MITIGATION MEASURES |
||
Market Risk Fluctuations in luxury real estate demand, changes in customer preferences, economic slowdowns, or oversupply in Delhi/Gurugram. |
Maintain a diversified portfolio across prime locations, tailor product positioning to meet high-end customer expectations and monitor market trends to adjust launches accordingly. |
|
Operational/Execution Risk Delays in project approvals, construction, or delivery, as well as contractor and supplier performance issues and cost escalations. |
Partner with best-in-class contractors; implement robust project management systems; ensure strong supplier relationships; maintain disciplined cost control and quality monitoring. |
|
Regulatory & Compliance Risk Changes in real estate regulations, environmental norms, or RERA guidelines; lapses in compliance leading to penalties or reputational damage. |
Maintain robust internal control systems, engage regularly with legal and compliance experts, conduct periodic internal audits and adhere strictly to regulatory and ESG frameworks. |
|
Financial Risk Liquidity constraints, rising interest rates, or unfavourable financing conditions are impacting project cash flows and profitability. |
Leverage legacy low-cost land bank; ensure stable cash flows through phased project launches; maintain prudent capital allocation and financial discipline; optimise operating margins. |
|
Customer & Brand Risk Failure to meet the expectations of luxury buyers, reputational setbacks, or service quality lapses can undermine brand equity. |
Focus on delivering exceptional luxury experiences, integrating technology-driven customer solutions, enhancing customer engagement and building ESG- aligned, green-certified luxury developments. |
|
Sustainability/ESG Risk Rising stakeholder expectations on environmental, social and governance performance; risks from climate change and resource constraints. |
Expand green building portfolio; embed ESG principles into operations and disclosures; set measurable sustainability targets; align projects with global environmental standards. |
Through disciplined governance, strong partnerships and a customer-centric approach, TARC Limited has built a resilient platform to navigate sectoral risks while leveraging opportunities for sustained growth. The Companys proactive risk management practices ensure alignment with its long-term vision of market leadership in Indias luxury real estate space.
CAUTIONARY STATEMENT
THIS DOCUMENT CONTAINS FORWARD-LOOKING STATEMENTS REGARDING TARC LIMITEDS EXPECTED FINANCIAL AND OPERATIONAL PERFORMANCE, WHICH ARE BASED ON CURRENT ASSUMPTIONS AND SUBJECT TO INHERENT RISKS AND UNCERTAINTIES. FACTORS SUCH AS GLOBAL ECONOMIC CONDITIONS, COMPETITIVE PRESSURES, RAW MATERIAL COST FLUCTUATIONS and REGULATORY CHANGES MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED. STAKEHOLDERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE STATEMENTS, AS THEY REFLECT PROJECTIONS THAT MAY NOT FULLY MATERIALISE.
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016, BSE Enlistment Number (RA): 5016
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.