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Motilal Oswal Financial Services Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 10621.55 Cr. P/BV 4.68 Book Value (Rs.) 155.72
52 Week High/Low (Rs.) 1045/545 FV/ML 1/1 P/E(X) 18.92
Bookclosure 28/01/2019 EPS (Rs.) 38.55 Div Yield (%) 1.17
Year End :2018-03 

To the Members of Motilal Oswal Financial Services Limited Report on the Standalone Financial Statements

1. This Report is issued in supersession of our earlier report dated 21 May 2018.

2. We have audited the accompanying standalone financial statements of Motilal Oswal Financial Services Limited ('the Company'), which comprise the Balance Sheet as at 31 March 2018, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information, refer paragraph 10 below.

Management's Responsibility for the Standalone Financial Statements

3. The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the 'Act') with respect to the preparation of these standalone financial statements, that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended). This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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.

Auditor's Responsibility

4. Our responsibility is to express an opinion on these standalone financial statements based on our audit.

5. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

6. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether these standalone financial statements are free from material misstatement.

7. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial controls relevant to the Company's preparation of the standalone financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the standalone financial statements.

8. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on these standalone financial statements.

Opinion

9. 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 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 2018, and its profit and its cash flows for the year ended on that date.

Emphasis of Matter

10. We draw attention to Note 2(o) of the accompanying standalone financial statements which describes that the standalone financial statements of the Company for the year ended 31 March 2018, approved by the Board of Directors in its meeting held on 21 May 2018, have been revised prior to placing of these in the Annual General Meeting for consideration by the shareholders, so as to give effect to the scheme of amalgamation entered between the Company, Motilal Oswal Securities Limited (wholly owned subsidiary) and their respective shareholders ('the Scheme'). The Scheme was approved by the Honorable National Company Law Tribunal, Mumbai Bench ('NCLT') vide its order dated 30 July 2018, which was filed by the Company with the Registrar of Companies on 21 August 2018 and has an appointed date of 1 April 2017, which has been given effect to as decided by the Board of Directors. These financial statements have now been approved by the Board of Directors on 21 August 2018 and our report dated 21 May 2018, stands updated only to the extent of giving effect to the referred Scheme. Further, our audit procedures on the subsequent events for the period 21 May 2018 to 21 August 2018 are restricted solely to such amendment of the accompanying standalone financial statements. Our opinion is not modified in respect of this matter.

Other Matter

11. The standalone financial statements of the Company and the wholly owned subsidiary for the year ended 31 March 2017 were audited by predecessor auditor of the Company, whose report dated 27 April 2017, expressed an unmodified opinion on those statements. Our audit report is not qualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

12. As required by the Companies (Auditor's Report) Order, 2016 ('the Order') issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure I, a statement on the matters specified in paragraphs 3 and 4 of the Order.

13. Further to our comments in Annexure I, 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 purpose 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 financial statements 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 Accounting Standards prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended);

e. on the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2018 from being appointed as a director in terms of Section 164(2) of the Act;

f. we have also audited the internal financial controls over financial reporting (IFCoFR) of the Company as on 31 March 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date and our report dated 21 August 2018 as per Annexure II expressed unmodified opinion; and

g. with respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and according to the explanations given to us:

i. the Company, as detailed in Note 30(d) to the standalone financial statements, has disclosed the impact of pending litigations on its financial position;

ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;

iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company; and

iv. the disclosure requirements relating to holdings as well as dealings in specified bank notes were applicable for the period from 8 November 2016 to 30 December 2016, which are not relevant to these standalone financial statements. Hence, reporting under this clause is not applicable.

Annexure I to the Independent Auditor's Report of even date to the members of Motilal Oswal Financial Services Limited, on the standalone financial statements for the year ended 31 March 2018

Based on the audit procedures performed for the purpose of reporting a true and fair view on the standalone financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that:

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment.

(b) The property, plant and equipment have been physically verified by the management during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification of the fixed assets is reasonable having regard to the size of the Company and the nature of its assets.

(c) The title deeds of all the immovable properties (which are included under the head 'Property, plant and equipment') are held in the name of the Company.

(ii) The Company is a non-banking finance company, primarily engaged in the business of lending and does not hold any inventories. Accordingly, the provisions of clause 3(ii) of the Order are not applicable and;

The Transferor Company does not have any tangible inventory. Accordingly, the provisions of clause 3(ii) of the Order are not applicable.

(iii) The Company has granted unsecured loans to companies covered in the register maintained under Section 189 of the Act; and with respect to the same:

(a) in our opinion the terms and conditions of grant of such loans are not, prima facie, prejudicial to the company's interest.

(b) the schedule of repayment of the principal has been stipulated wherein the principal amounts are repayable on demand and since the repayment of such loans has not been demanded, in our opinion, repayment of the principal is regular; and the schedule of payment of interest has been stipulated and the receipts of the interest are regular;

(c) there is no overdue amount in respect of loans granted to such companies.

(iv) In our opinion, the Company has complied with the provisions of Sections 185 and 186 of the Act in respect of loans, investments, guarantees and security.

(v) In our opinion, the provisions of the section 73 to 76 of the Act are not applicable to the Company being an NBFC and also the Company has not accepted any deposits from public within the meaning of sections 73 to 76 of the Act. Accordingly, the provisions of clause 3(v) of the Order are not applicable and;

The Transferor Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) of the Order are not applicable.

(vi) The Central Government has not specified maintenance of cost records under sub -section (1) of Section 148 of the Act, in respect of Company's services. Accordingly, the provisions of clause 3(vi) of the Order are not applicable.

(vii) (a) Undisputed statutory dues including provident fund, employees' state insurance, income -tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, goods and service tax, cess and other material statutory dues, as applicable, have generally been regularly deposited to the appropriate authorities, though there has been a slight delay in a few cases. Further, no undisputed amounts payable in respect thereof were outstanding at the year end for a period of more than six months from the date they became payable.

The Transferor Company's undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, goods and service tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, have generally been regularly deposited to the appropriate authorities, though there has been a slight delay in a few cases. Undisputed amounts payable in respect of stamp duty thereof, which were outstanding at the year-end for a period of more than six months from the date they became payable are as follows:

Statement of arrears of statutory dues outstanding for more than six months

Name of the Statute

Nature of the dues

Amount (RS, In Lakhs)

Period to which amount related

Due date

Date of Payment

Indian Stamp

Act, 1899

Stamp Duty

104

Financial Year

2016-17

Not available, as stamp duty is collected in states where payment and levy mechanism is not defined

Not paid as on 18 May 2018

Indian Stamp

Act, 1899

Stamp Duty

150

Financial Year 2017-18

(b) The dues outstanding in respect of income-tax, sales-tax, service tax, goods and service tax, duty of customs, duty of excise and value added tax on account of any dispute, are as follows:

Statement of Disputed Dues

Name of the statute

Nature of dues

Amount (RS, in lakhs)

Amount paid under Protest (RS, in lakhs)

Period to which the amount relates

Forum where dispute is pending

Income Tax Act, 1961

Income tax

17

7

Assessment year 2007-08

Income Tax Appellate Tribunal

Income Tax Act, 1961

Income tax

13

-

Assessment year 2008-09

Income Tax Appellate Tribunal

Income Tax Act, 1961

Income tax

28

-

Assessment year 2009-10

Income Tax Appellate Tribunal

Income Tax Act, 1961

Income tax

15

15

Assessment year 2009-10

Commissioner of Income Tax (Appeals)

Income Tax Act, 1961

Income tax

65

65

Assessment year 2010-11

Income Tax Appellate Tribunal

Income Tax Act, 1961

Income tax

87

33

Assessment year 2011-12

Income Tax Appellate Tribunal

Income Tax Act, 1961

Income tax

26

-

Assessment year 2012-13

Commissioner of Income Tax (Appeals)

Income Tax Act, 1961

Income tax

95

5

Assessment year 2013-14

Commissioner of Income Tax (Appeals)

Income Tax Act, 1961

Income tax

143

9

Assessment year 2014-15

Commissioner of Income Tax (Appeals)

Income Tax Act, 1961

Income tax

774

92

Assessment year 2015-16

Commissioner of Income Tax (Appeals)

The Transferor Company's dues outstanding in respect of income-tax, sales-tax, goods and service tax, service tax, duty of customs, duty of excise and value added tax on account of any dispute, are as follows:

Statement of Disputed Dues

Name of the statute

Nature of dues

Amount (RS, in Lakhs)

Amount paid under Protest (RS, in Lakhs)

Period to which the amount relates

Forum where dispute is pending

Income Tax Act, 1961

Income tax

48

370

Assessment Year 2007-08

High Court

Income Tax Act, 1961

Income tax

152

200

Assessment Year 2008-09

High Court

Income Tax Act, 1961

Income tax

24

102

Assessment Year 2009-10

High Court

Income Tax Act, 1961

Income tax

15

-

Assessment Year 2010-11

High Court

Income Tax Act, 1961

Income tax

19

-

Assessment Year 2011-12

High Court

Income Tax Act, 1961

Income tax

88

20

Assessment Year 2012-13

Commissioner of Income Tax (Appeals)

Income Tax Act, 1961

Income tax

39

-

Assessment Year 2013-14

Income Tax Appellate Tribunal

Income Tax Act, 1961

Income tax

1,725

100

Assessment Year 2014-15

Commissioner of Income Tax (Appeals)

Income Tax Act, 1961

Income tax

16

-

Assessment Year 2015-16

Deputy Commissioner of Income Tax (Appeals)

(viii) The Company has not defaulted in repayment of loans or borrowings to any financial institution or a bank or government or any dues to debenture-holders during the year.

(ix) The Company did not raise moneys by way of initial public offer or further public offer (including debt instruments). In our opinion, the term loans were applied for the purposes for which the loans were obtained.

The Transferor Company did not raise moneys by way of initial public offer or further public offer (including debt instruments). In our opinion, the term loans were applied for the purposes for which the loans were obtained, though surplus funds which were not required for immediate utilisation have been invested in liquid investments, payable on demand.

(x) No fraud by the Company or on the Company by its officers or employees has been noticed or reported during the period covered by our audit.

(xi) Managerial remuneration has been paid and provided by the Company in accordance with the requisite approvals mandated by the provisions of Section 197 of the Act read with Schedule V to the Act.

(xii) In our opinion, the Company is not a Nidhi Company. Accordingly, provisions of clause 3(xii) of the Order are not applicable.

(xiii) In our opinion all transactions with the related parties are in compliance with Sections 177 and 188 of Act, where applicable, and the requisite details have been disclosed in the financial statements as required by the applicable accounting standards.

(xiv) During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures.

(xv) In our opinion, the company has not entered into any non-cash transactions with the directors or persons connected with them covered under Section 192 of the Act.

(xvi) The Company is required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934 and such registration has been obtained by the company; and

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

Annexure II to the Independent Auditor's Report of even date to the members of Motilal Oswal Financial Services Limited, on the standalone financial statements for the year ended 31 March 2018 Annexure II Independent Auditor's Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ('the Act')

1. This Report is issued in supersession of our earlier report dated 21 May 2018.

2. In conjunction with our audit of the standalone financial statements of Motilal Oswal Financial Services Limited ('the Company') as at and for the year ended 31 March 2018, we have audited the internal financial controls over financial reporting ('IFCoFR') of the Company, refer paragraph 9 below.

Management's Responsibility for Internal Financial Controls

3. The Company's Board of Directors is responsible for establishing and maintaining internal financial controls based on 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 ('the Guidance Note') issued by the Institute of Chartered Accountants of India ('ICAI').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 the Company's business, including adherence to the Company's 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.

Auditor's Responsibility

4. Our responsibility is to express an opinion on the Company's IFCoFR based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by ICAI and deemed to be prescribed under Section 143(10) of the Act, to the extent applicable to an audit of IFCoFR, and the Guidance Note issued by the ICAI. 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 IFCoFR were established and maintained and if such controls operated effectively in all material respects.

5. Our audit involves performing procedures to obtain audit evidence about the adequacy of the IFCoFR and their operating effectiveness. Our audit of IFCoFR includes obtaining an understanding of IFCoFR, 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 auditor's judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.

6. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's IFCoFR.

Meaning of Internal Financial Controls over Financial Reporting

7. A Company's IFCoFR 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 Company's IFCoFR 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 authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could have a material effect on the standalone financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

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

Emphasis of Matter

9. We draw attention to Note 2(o) of the accompanying standalone financial statements which describes that the standalone financial statements of the Company for the year ended 31 March 2018, approved by the Board of Directors in its meeting held on 21 May 2018, have been revised prior to placing of these in the Annual General Meeting for consideration by the shareholders, so as to give effect to the scheme of amalgamation entered between the Company, Motilal Oswal Securities Limited (wholly owned subsidiary) and their respective shareholders ('the Scheme'). The Scheme was approved by the Honourable National Company Law Tribunal, Mumbai Bench ('NCLT') vide its order dated 30 July 2018, which was filed by the Company with the Registrar of Companies on 21 August 2018 and has an appointed date of 1 April 2017, which has been given effect to as decided by the Board of Directors. These financial statements have now been approved by the Board of Directors on 21 August 2018 and our report dated 21 May 2018, stands updated only to the extent of giving effect to the referred Scheme. Further, our audit procedures on the subsequent events for the period 21 May 2018 to 21 August 2018 are restricted solely to such amendment of the accompanying standalone financial statements. Our opinion is not modified in respect of this matter.

Opinion

10. In our opinion, the Company has, in all material respects, adequate internal financial controls over financial reporting and such controls were operating effectively as at 31 March 2018, based on criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm's Registration No.: 001076N/N500013

Sudhir N. Pillai

Partner

Membership No.: 105782

Place: Mumbai

Date : 21 August 2018


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