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Motilal Oswal Financial Services Ltd. Notes to Accounts
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You can view the entire text of Notes to accounts of the company for the latest year
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 

*Borrowings from Non-Banking Financial Company is secured against units of mutual funds and approved list of shares and securities. It consists of loan of Rs 15,000 lakhs from Bajaj Financial Services Limited and Rs 5,000 Lakhs from Aditya Birla Finance Limited carrying interest rate of 8.75% p.a. and 9% p.a. respectively which are repayable on demand

#The bank overdraft is secured against Mutual Funds / Fixed deposits / Property pledged with the banks (includes Motilal Oswal Tower) / hypothecated against book debts.

Of the above balance Rs 16,875 lakhs as on 31 March 2018 and Rs 25,759 lakhs as on 31 March 2017 has been considered fro discontinuing operations (refer note 56)"

*Of the above balance of Current maturity of long term borrowing Rs 2651 lakhs as on 31 March 2017 has been considered for discontinuing operations (refer note 56).

AOf the above, book overdraft of V 288 lakhs as on 31 March 2018 and V Nil as on 31 March 2017 has been considered for discontinuing operations (Refer note 56).

* Part of the premises have been given on lease.

@ As at 31 March 2018, the Company has mortgaged its Immovable Property 'Motilal Oswal Tower' (Gross block Rs 26,113 lakhs [Previous year Rs 16,942 lakhs] and Net Value Rs 19,684 lakhs [Previous year Rs 13,526 lakhs] as at 31 March 2018) to HDFC Bank Limited for the banking facilities availed by transferor company.

Of the above assets , assets of value Rs 4 lakhs as on 31 March 2018 and Rs 3 lakhs as on 31 March 2017 have been considered fro discontinuing operations

*Employee benefit expenses in relation to discontinuing operations of Rs 1,008 Lakhs and Rs 806 Lakhs for the year ended 31 March, 2018 and 31 March, 2017 respectively has been shown separately under Note No. 56 on discontinuing operations.

*Depreciation and amortization expenses in relation to discontinuing operations of Rs 2 Lakhs for the year ended 31 March, 2018 and 31 March, 2017 has been shown separately under Note No. 56 on discontinuing operations.

*Other expenses in relation to discontinuing operations of Rs 726 lakhs and Rs 594 lakhs for the year ended 31 March, 2018 and 31 March, 2017 respectively has been shown separately under Note No. 56 on discontinuing operations.

(a) The Company has given corporate guarantees of Rs 500 lakhs (Previous year: Rs 500 lakhs) to a bank for its subsidiary Motilal Oswal Commodity Brokers Private Limited. In the previous year 2016-17, the Company had pledged units of mutual funds of Rs 18,750 lakhs for loan taken by transferor company of Rs 15,672 lakhs inclusive of accrued interest.

The Company has provided bank guarantees aggregating to Rs 1,075 lakhs as on 31 March 2018 for the following purposes to:

1) BSE Limited – Rs 550 lakhs for meeting margin requirements.

2) National Stock exchange – Rs 500 lakhs for meeting margin requirements.

3) Unique Identification Authority - Rs 25 lakhs for security deposit

The Company has pledged fixed deposits with banks aggregating of Rs 550 lakhs for obtaining bank guarantee.

(b) Demand in respect of income tax matters for which appeal is pending is Rs 3,388 lakhs (Previous year Rs 468 lakhs). This is disputed by the Company and hence not provided for in the books of accounts. The Company has paid demand by way of deposit / adjustment of refund of Rs 1,018 lakhs (Previous year Rs 127 lakhs) till date. Above liability does not include interest u/s 234B and 234C as the same depends on the outcome of the demand.

The Company is contesting the demands and the management believes that its position will likely be upheld in the appellant process. No tax expenses has been accrued in the financial statement for the tax demand raised. The management believes that ultimate outcome of this proceeding will not have a material adverse effect on the Company's financial position and results of operations.

(c) In respect of the legal matters in dispute, the Company is hopeful of succeeding in appeals and does not expect any significant liabilities to materialize.

(d) Claims against the Company:

Note 1: Segment reporting

As per AS 17 para 4, Segment has been disclosed in Consolidated financial statement, Hence no separate disclosure has been given in standalone financial statements of the Company.

Note 2:

Revenue from operations includes Rs 1111 lakhs (Previous year: Nil) towards partnership gain, which is based on management accounts of India Realty Excellence Fund II LLP.

Note 3:

Vide notification OFC (COC) number 99 ED (JRP)/97, dated 6 December 1997 issued by Reserve Bank of India under section 45NC of the Reserve Bank of India Act, 1934, provisions of sections 45IA, 45IB, 45IC, 45MB and 45MC of the Reserve Bank of India Act, 1934 does not apply to the Transferor company as it is doing the business of a Stock Broker and holding a valid certificate of registration obtained under Section 12 of Securities Exchange Board of India Act, 1992.

For Transferee company

The Transferee company has given office premises and lease for the period of 1 year to 5 years. Agreement is cancellable, by giving prior notice of 30 days by either of the parties.

For Transferor company

i) Lease rentals are charged on the basis of agreed terms

ii) Office premises are given on lease for a period of 5 years

iii) The Transferor company has entered into lease/license agreement in respect of immovable properties with a party. It contain escalation clause related to lease rentals/license fees with 15% from the 4th year in case of non cancelable lease. However, in case of cancellable lease, the same can be terminated by giving prior notice of 30 days.

During the year Rs 2,350 lakhs (Previous year Rs 1,721 lakhs) has been recognized as rent income in the statement of profit and loss under the head "Income from Operations".

Note 4 :

The Transferee company gives secured loans to its customers, wherein towards such loan the customers give their owned securities (shares) as a security to the Company which are either pledged in favour of the Company or are transferred to Company's Depositary participant account. Such shares are kept by the Transferee company in a separate depositary participant account maintained by the Transferee company for all such purposes.

Note 5 : Ratings assigned by credit rating agencies

1) Crisil Limited reaffirmed the Credit Rating of ""CRISIL A1 "" (pronounced 'CRISIL A One Plus') to the Commercial Paper Programme of Rs 1,30,000 lakhs (Previous year 25,000 lakhs) of the Company.

2) India Ratings and Research affirmed the Credit Rating of ""IND A1 "" (pronounced 'IND A One Plus') to the Commercial Paper Programme of Rs 1,30,000 lakhs (Previous year: not applicable) of the Company.

3) ICRA has reaffirmed the rating of ""ICRA AA"" rating with stable outlook (pronounced ICRA double A rating with stable outlook') to the long term debt programme of the Company for Rs 20,000 lakhs in the current year (previous year Rs 15,000 lakhs ). These ratings indicate strong degree of safety regarding timely servicing of financial obligations "

Note 6 : Due to Micro, small and medium enterprises

The Company has sent letters to vendors to confirm whether they are covered under micro, small and medium enterprise development act 2006 as well as they have filed required memorandum with prescribed authority. Out of the letter sent to the party, only one confirmation have been received till the date of finalization of balance sheet. Based on and to the extent of the information received by the Company from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) and relied upon by the auditors, the relevant particulars as at the yearend are furnished below:"

Note 7: Business support:

The Transferor company provides business support to its subsidiaries, fellow subsidiaries and holding Company for activities like finance, accounting, human resources, information technology, back office operations, corporate planning, administrative services and various other services for which it recovers business support charges.

Note 8:

During the current year, the Transferee Company has made / (reversed) a provision R(6 Lakhs) (Previous year R 53 lakhs) being 0.40% (previous year 0.35%) of its standard assets as per the Notification No. RBI/DNBR2016-17/45 dated 1 September 2016) issued by RBI.

(b) Defined benefit plan

The Company provides for gratuity benefit which is a defined benefit plan covering all its eligible employees. This plan is unfunded. The gratuity benefits are subject to a maximum limit of up to Rs 20 lakhs.

The following table set out the status of the gratuity plan as specified under section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules 2014 (as amended) under Accounting Standard 15 "Employee benefits" and the reconciliation of opening and closing balances of the present value of the defined benefit obligation.

Note : Experience history of last five years in case of other long term benefits is not applicable since, provision for the same is made from financial year 2016-17

Note 9 : Related Party Disclosure :

As per Accounting Standard 18 - Related Party Disclosures, specified under section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules 2014 (as amended), the name of related party where control exists / able to exercise significant influence along with the transactions and year end balances with them as identified and certified by the management are as follows:

I. List of related parties and their relationship a) Holding Company

- Passionate Investment Management Private Limited

b) Subsidiary / Step-down subsidiaries companies

- Motilal Oswal Investment Advisors Limited (formerly known as Motilal Oswal Investment Advisors Private Limited)

- MOPE Investment Advisors Private Limited

- Motilal Oswal Commodities Broker Private Limited

- Motilal Oswal Capital Markets Limited (formerly known as Motilal Oswal Capital Markets Private Limited)

- Motilal Oswal Wealth Management Limited

- Motilal Oswal Fincap Private Limited (formerly known as Motilal Oswal Insurance Brokers Private Limited)

- Motilal Oswal Asset Management Company Limited

- Motilal Oswal Asset Management (Mauritius) Private Limited

- Motilal Oswal Trustee Company Limited

- Motilal Oswal Capital Market (Hong Kong) Private Limited

- Motilal Oswal Capital Markets (Singapore) Pte. Limited

- Motilal Oswal Securities International Private Limited

- Motilal Oswal Real Estate Investment Advisors Private Limited

- Motilal Oswal Real Estate Investment Advisors II Private Limited

- Aspire Home Finance Corporation Limited

- India Business Excellence Management Company

- Motilal Oswal Capital Limited

c) Fellow subsidiaries

- Nagori Agro and Cattle Feeds Private Limited

d) Associate enterprises

- India Realty Excellence Fund II LLP

e) Key management personnel

- Mr. Motilal Oswal - Chairman and Managing Director

- Mr. Raamdeo Agarawal - Joint Managing Director

f) Relatives of Key management personnel

- Vimla Oswal - Spouse of Chairman and Managing Director

- Vimaladevi Salecha - Sister of Chairman and Managing Director

- Rajendra Gopilal Oswal - Brother of Chairman and Managing Director

- Suneeta Agarawal - Spouse of Joint Managing Director

- Dr. Karoon Ramgopal Agarawal - Brother of Joint Managing Director

- Vinay R. Agrawal - Brother of Joint Managing Director

- Sukhdeo Ramgopal Agarawal - Brother of Joint Managing Director

- Govinddeo R. Agarawal - Brother of Joint Managing Director

- Satish Agrawal - Brother of Joint Managing Director

- Suman Agrawal - Sister of Joint Managing Director

- Anita Anandmurthy Agrawal - Sister of Joint Managing Director

g) Enterprises in which Key Managerial Personnel have control

- OSAG Enterprises LLP

- VISU Associates - Partnership firm (Dissolved from 31 March 2017)

h) Enterprises in which Key Managerial Personnel and their relatives exercise significant influence

- Raamdeo Agarawal (HUF )

- Jain International Trade Organisation

- Textile Exports Private Limited

- Motilal Oswal Foundation (Trust)

- Motilal Oswal HUF

Note 10 : Disclosure relating to Employee Stock Option Purchase Plan Details of stock options

The Company has four employees stock option schemes

Motilal Oswal Financial Services Limited -Employees Stock Option Scheme -III (ESOS-III)

The Scheme was approved by Board of Directors on 23 January 2006 and by the shareholders in EGM dated 03 February 2006 and EGM dated 28 April 2006 and is for issue of 1,167,275 options representing 1,167,275 Equity shares of Rs 2 each.

Motilal Oswal Financial Services Limited -Employees Stock Option Scheme -V (ESOS-V)

The Scheme was approved by Board of Directors on 18 October 2007 and by the shareholders on 4 December 2007 by postal ballot and is for issue of 2,500,000 options representing 2,500,000 Equity shares of RS, 1 each

Motilal Oswal Financial Services Limited -Employees Stock Option Scheme -VI (ESOS-VI)

The Scheme was approved by Board of Directors on 21 April 2008 and by the shareholders in AGM dated 08 July 2008 and is for issue of 5,000,000 options representing 5,000,000 Equity shares of RS, 1 each

Motilal Oswal Financial Services Limited -Employees Stock Option Scheme -VII (ESOS-VII)

The Scheme was approved by Board of Directors on 19 July 2014 and by the shareholders in AGM dated 22 August 2014 and is for issue of 2,500,000 options representing 2,500,000 Equity shares of V 1 each

Motilal Oswal Financial Services Limited -Employees Stock Option Scheme -VIII (ESOS-VIII)

The Scheme was approved by Board of Directors on 27 April 2017 and by the shareholders in AGM dated 27 July 2017 and is for issue of 30,00,000 options representing 30,00,000 Equity shares of V 1 each

Employees' Stock Options Scheme (ESOS) :

During the year, Nil Employee Stock Options have been granted to the employees of the Company and its subsidiary Companies (Previous year 9,40,975).

Effective 1 April 2017, the Company has changed its accounting policy for ESOPs valuation from intrinsic value method to fair value method for more appropriate presentation of financial statements . The change is applied retrospectively, accordingly accumulated expense of Rs 1838 Lakhs has been debited to the Statement of profit and loss of the year ended 31 March 2018. Had the Company continued to use the earlier method of accounting profit before tax would have been higher by Rs1838 Lakhs for the year ended 31 March 2018.

Exercise Pricing Formula Scheme III

The Committee shall have the authority to determine the Exercise Price having regard to the valuation report of an independent practicing chartered accountant that may be based on such valuation method, as may be considered suitable by him, including but not restricted to the Net asset value method, discounted cash flow method, earnings capitalization method, dividend yield model, etc. and may also rely upon the future projections of the Company which would be prepared by the management from time to time having regard to the future potential and prospects of the Company. The Committee shall in its absolute discretion, have the authority to grant the Options at such discount as it may deem fit.

Scheme V

Exercise price shall be the closing price of the Company's equity shares quoted on the BSE immediately preceding the date of Grant of the Stock Options, which for this purpose shall be the date on which the Committee grant the Stock Options, discounted by such percentage as may be determined by the Committee in the best interest of the various stakeholders in the prevailing market conditions

Scheme VI

Exercise price shall be the closing price of the Company's Equity Shares, prior to the date of grant of the Options, on the Stock Exchanges where the highest trading volume is recorded, discounted/increased by such percentage as may be determined by the Committee.

Scheme VII

Exercise price shall be the closing price of the Company's Equity Shares, prior to the date of grant of the Options, on the Stock Exchanges where the highest trading volume is recorded, discounted/increased by such percentage as may be determined by the Committee.

Scheme VIII

Exercise price shall be the closing price of the Company's Equity Shares, prior to the date of grant of the Options, on the Stock Exchanges where the highest trading volume is recorded, discounted/increased by such percentage as may be determined by the Committee.

Note 11:

All the figures presented in the disclosures as per guidelines for NBFC-ND-SI as regards to capital adequacy, liquidity and other disclosure norms, have been presented based on the financial statement of the Transferee company without giving effect to the Scheme of Merger.

Disclosures as per guidelines for NBFC-ND-SI as regards capital adequacy, liquidity and disclosure norms

*Provision for depreciation includes provision for diminution in value of Investment.

C. Derivatives

The Company has no transactions/exposure in derivative during the current and previous year.

The Company has no unheeded foreign currency exposure as on March 31, 2018 (Previous Year: Nil)

D. Disclosures relating to securitization

(i) The Company has not entered into securitization transactions during the current and previous year.

(ii) Details of financial assets sold to securitization/reconstruction company for asset reconstruction: The Company has not sold any financial assets to securitization/reconstruction company for asset reconstruction in the current and previous year."

(iii) Details of assignment transactions: There are no assignment transaction during the current and previous year

(iv) Details of non-performing financial assets purchased/sold - The Company has not purchased/sold any non-performing financial asset during the current and previous year.

Note:

1. The above maturity pattern is determined on management estimation.

2. Borrowing does not include accrued interest on borrowings

3. The Company does not accepts public deposits.

4. Terms and conditions of the advances does not have any repayment schedule. They are repayable on demand. Hence the categorization of advances over various maturity patterns as shown above is as per the past trends, which has been identified by the management and relied upon by the auditors.

F.3 Details of financing of parent Company products: Nil (Previous year Nil) F.4 Details of Single borrower limits (SBL) / Group borrower limit (GBL) exceeded by the applicable NBFC

The Company has not exceeded the Single Borrower Limit (SBL) or Group Borrower Limit (GBL) as defined in RBI (Previous year : Nil).

F.5 Unsecured advances

During the year, the Company has not given any advance against collateral of rights, licenses, authority, etc. (Previous year : Nil).

G Miscellaneous G.1 Registration obtained from other financial sector regulators

No registration has been obtained from other financial sector regulators.

G.2 Penalties or Fines imposed by Reserve Bank of India

During the Financial year 2017-18, no penalties or fines have been imposed by Reserve Bank of India (Previous year : Nil).

G.3 Related Party Transactions

Refer note no. 50 for transaction with related parties

G.4 Ratings assigned by credit rating agencies and migration of ratings during the year

1) Crisil Limited reaffirmed the Credit Rating of ""CRISIL A1 "" (pronounced 'CRISIL A One Plus') to the Commercial Paper Programme of Rs 25,000 lakhs (Previous year 25,000 lakhs) of the Company.

2) India Ratings and Research affirmed the Credit Rating of ""IND A1 "" (pronounced 'IND A One Plus') to the Commercial Paper Programme of Rs 25,000 lakhs (Previous year: not applicable) of the Company.

3) ICRA has reaffirmed the rating of ""ICRA AA"" rating with stable outlook (pronounced ICRA double A rating with stable outlook') to the long term debt programme of the Company of Rs 15,000 lakhs in previous year (current year: not applicable).

These ratings indicate strong degree of safety regarding timely servicing of financial obligations "

Notes:

1. Provisioning norms shall be applicable as prescribed in Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015 whichever is applicable.

2. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt.

3. In respect of investment in subsidiaries, Net Asset value is computed on the basis of book value.

4. In respect of investment in Private Equity fund, unquoted debentures and Investment in property, book value has been taken as fair value due to unavailability of fair value and for investment in mutual funds, NAV has been taken for calculation of fair value.

5. Lease assets include the value of Fixed Assets at Written Down Value.

6. The figures are not netted with provision against standard assets as it is not a specific provision.

7. Exposure to related party by way of demand loans are considered at the closing balance of the demand loan as on 31 March 2018.

Note 12:

The Company has derecognized the opening accumulated Minimum Alternative Tax (MAT) credit balance as at 31 March 2017 of Rs 530 lakhs on account of uncertainty around the time frame within which income tax will be payable under the normal provisions against which the MAT credit can be utilized.

Note 13 : Corporate social responsibility

The Ministry of Corporate Affairs has notified Section 135 of the Companies Act, 2013 on Corporate Social Responsibility with effect from 1 April 2014. As per the provisions of the said section, the Company has undertaken the following CSR initiatives during the financial year 2017-18. CSR initiatives majorly includes supporting under privileged in education, medical treatments, etc and various other charitable and noble aids."

a) Gross amount required to be spent by the Company during the year Rs 319 lakhs (Previous year Rs 58 lakhs)

(c) Above includes a contribution of Rs 250 lakhs (Previous year Rs 52 lakhs) to Motilal Oswal Foundation which is classified as related party under Accounting Standard 18- "Related Party Disclosures".

(d) The Company has provision for corporate social responsibility expenses of R Nil (Previous year Rs 7 lakhs) which is already paid through Motilal Oswal Foundation.

Note 14 :

Previous year figures have been regrouped/reclassified wherever necessary. Due to the merger of Transferor Company with the Transferee Company from appointed date of 1 April 2017, the figures of the current year will not be comparable to the corresponding figures of the previous year.

Note 15 : Discontinuing Operations

The Board vide resolution passed by circulation on 10 January 2018 has made partial modification to resolution dated 4 November 2017, so as to transfer the Company's lending business to existing wholly owned subsidiary of the Company, namely, Motilal Oswal Capital Markets Limited ("MOCML"). The Company has transferred the lending business by way of a slump sale on a going concern basis to MOCML as contemplated in the Business Transfer Agreement ("BTA") dated 20 August 2018 for a consideration of Rs, 5,000 lakhs (subject to usual post completion adjustments).

Accordingly, all the assets, liabilities, income, expenses and cash flow relating to lending business as identified by the management and relied upon by the auditors, has been disclosed as discontinuing operations.


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