SENSEX 655.04 0.90%
73651.35
 
NIFTY 203.25 0.92%
22326.90
 
Nasdaq 83.82 0.51%
16399.52
 
Nikkei 225 364.70 0.90%
40762.73
 
FTSE 100 1.00 0.01%
7932.00
 
YOU ARE ON
Equity
Equity Analysis
Price
Gainers & Losers
Out & Under Performers
Only Buyers & Sellers
Advances & Declines
New Highs & Lows
Weightage
5 Day's Up & Down
Historical Returns
Volume
Analysis
News Analysis
Corporate Action
Corporate Info
Other Market
 
Mahindra & Mahindra Financial Services Ltd.
 
March 2016

DIRECTORS' REPORT

TO,

THE MEMBERS OF

MAHINDRA & MAHINDRA FINANCIAL SERVICES LIMITED

Your Directors are pleased to present their Twenty-Sixth Report together with the audited financial statements of your Company for the Financial Year ended 31st March, 2016.

Transfer to Reserves

The Company proposes to transfer an amount of Rs. 67.2 Crores to the General Reserve and Rs.134.5 Crores to the Statutory Reserve. An amount of Rs. 2,240.5 Crores is proposed to be retained in the Statement of Profit and Loss.

Dividend

Your Directors are pleased to recommend a dividend of Rs. 4 per Equity Share of the face value of Rs. 2 each payable to those Members whose names appear in the Register of Members as on the Book Closure date. The dividend including dividend tax will absorb a sum of Rs. 271.3 Crores [as against Rs. 271.7 Crores on account of dividend of Rs. 4 per Equity Share paid for the previous year].

Operations

Your Company continued to offer a wide range of financial products and services to its customers during the year under review. Your Company is continuously expanding its product offerings beyond vehicle financing and diversifying its skill sets along product lines to meet the various lifecycle needs of its customers in the rural and semi-urban geographies. Despite difficult market conditions, the overall disbursement registered a growth of 9.8% at Rs. 26,706.3 crores as compared to Rs. 24,331.1 crores in the previous year. Your Company was able to retain its leadership position in financing the Mahindra range of vehicles and tractors in addition to extending its lending to vehicles of other Original Equipment Manufacturers (OEMs).

Your Company has consolidated its position as a leading financier for Maruti vehicles in semi-urban and rural India by financing over 1,00,000 vehicles during this fiscal. The Company continues to take pioneering effort in introducing technology based solutions and demonstrate effective use of its resources to enhance customer service.

Your Company has a pan-India presence with a network of 1167 offices, which is one of the largest amongst Non-Banking Financial Companies. The new branches opened by the Company in the villages have enabled speedier collections and providing services closer to the customers' doorsteps. Your Company's nationwide network of branches and locally recruited employees have facilitated in catering to the diverse financial requirements of its customers. Your Company has earned the trust and confidence of its customers with its consistent, transparent and reliable services. With its wide presence covering even the most remote areas of the country, your Company is helping customers everywhere to 'RISE' in line with its 'RISE' philosophy.

Your Company has cumulatively financed over four million customers since its inception.

During the year under review, your Company continued to expand its reach in the Micro Small and Medium Enterprises (MSME) segment. MSME Assets Under Management crossed more than Rs. 2,180 crores during the period under review, covering more than 1,316 customers.

Total Income grew by 6% to Rs. 5,905.1 Crores for the year ended 31st March, 2016 as compared to Rs. 5,584.7 Crores for the previous year. Profit Before Tax (PBT) declined by 17% to Rs. 1,038.2 Crores as compared to Rs. 1,253.6 Crores for the previous year. Profit After Tax (PAT) declined by 19% to Rs. 672.6 Crores as compared to Rs. 831.8 Crores in the previous year.

During the year under review, the Assets Under Management stood at Rs. 40,933 Crores as at 31st March, 2016 as against Rs. 36,878 Crores as at 31st March, 2015.

There is no change in the nature of business of the Company during the year under review.

Distribution of Mutual Fund Products

During the year under review, the activity of distribution of Mutual Fund Products (MFP) was carried out across 158 branches covering 23 States. As on 31st March, 2016, the amount of Assets Under Management outstanding through the Company's Advisory and Distribution Services on MFP, aggregate of institutional and retail segment, was Rs. 1,724.08 Crores and the number of clients stood at 52,454.

Management Discussion and Analysis Report

A detailed analysis of the Company's performance is discussed in the Management Discussion and Analysis Report, which forms part of this Annual Report.

Corporate Governance

Your Company practices a culture that is built on core values and ethical governance practices and is committed to transparency in all its dealings. A Report on Corporate Governance along with a Certificate from the Statutory Auditors of the Company regarding the compliance of conditions of Corporate Governance as stipulated in regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of regulation 46 and paragraph C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 are annexed to this Report.

Share Capital

The issued, subscribed and paid-up Equity Share Capital as on 31st March, 2016 was Rs.113.75 Crores comprising of 56,87,64,960 Equity Shares of the face value of Rs.2 each. During the year under review, the Company has neither issued shares with differential rights as to dividend, voting or otherwise, nor has issued sweat equity, other than Employee Stock Options under the Employees' Stock Option Scheme referred to in this Report. As on 31st March, 2016, none of the Directors of the Company holds instruments convertible into Equity Shares of the Company.

Stock Options

During the year under review, on the recommendation of the Nomination and Remuneration Committee of your Company, the Trustees of the Mahindra & Mahindra Financial Services Limited Employees' Stock Option Trust have granted 57,920 Stock Options to Eligible Employees under the Mahindra & Mahindra Financial Services Limited Employees' Stock Option Scheme-2010. No new Options have been granted under the Mahindra & Mahindra Financial Services Limited Employees' Stock Option Scheme - 2005 (hereinafter collectively referred to as "the Schemes"). The Company does not have any scheme to fund its employees to purchase the shares of the Company. No employee has been issued stock options during the year, equal to or exceeding 1% of the issued capital of the Company at the time of grant.

The Schemes of the Company are in compliance with the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and there were no material changes to the Schemes. The details of the Employees Stock Options and the Company's Employees Stock Option Trust as required under the Securities and Exchange Board of India (Share Based Employee Benefits)

Regulations, 2014 read with SEBI Circular CIR/CFD/

POLICY CELL/2/2015 dated 16th June, 2015 have been uploaded on the Company's website and can be accessed at the web-link : <http://www.mahindrafinance>. com/annual-reports.aspx.

Voting rights on the Shares issued to employees under the aforesaid schemes are either exercised by them directly or through their appointed proxy.

Economy

In 2015, global economic activity remained subdued. Growth in emerging market and developing economies— while still accounting for over 70% of global growth— declined for the fifth consecutive year, while a modest recovery continued in advanced economies. Three key transitions continue to influence the global outlook: (1) the gradual slowdown and rebalancing of economic activity in China away from investment and manufacturing towards consumption and services, (2) lower prices for energy and other commodities, and (3) a gradual tightening in monetary policy in the United States in the context of a resilient U.S. recovery as several other major advanced economy central banks continue to ease monetary policy. Monetary easing in the euro area and Japan is proceeding broadly as previously envisaged, while in December 2015 the U.S. Federal Reserve lifted the federal funds rate from the zero lower bound. Overall, financial conditions within advanced economies remain very accommodative. Prospects of a gradual increase in policy interest rates in the United States as well as bouts of financial volatility amid concerns about emerging market growth prospects have contributed to tighter external financial conditions, declining capital flows, and further currency depreciations in many emerging market economies.

Domestic economic activity lost pace in the second half of 2015-16, slowed down by muted investment and a prolonged contraction in exports. While private consumption has been the mainstay in holding up aggregate demand, it has largely been an urban phenomenon; coincident indicators of rural consumption have generally remained weak or in negative territory. Aggregate supply moderated with the impact of deficient monsoons on agriculture. Gross value added in industry benefited from the decline in input costs while services remained in expansion mode. Headline Consumer Price Index inflation is projected to moderate in 2016-17 to around 5 % while real GDP growth is projected to improve gradually to 7.6% in 2016-17.

By contrast, rural consumption remained weak in H2; with moderation in wage growth, rural incomes have been depressed by shocks to farm activity from back-to-back deficient monsoons. In Q4, however, there was a pick-up in sales of tractors and two-wheelers which could be indicative of a turning point in the rural economy. The prospects for Consumption Expenditure have been brightened by the proposal to implement the 7th Pay Commission award and one-rank-one-pension for retired defence personnel. The focus of the Union Budget 2016­17 on reviving the rural economy and doubling rural incomes could support rural consumption demand more enduringly going forward.

With easing of inflationary conditions, the Reserve Bank of India (RBI) signalled softening of the monetary policy stance by cutting policy repo rates by 25 bps in June and 50 bps in September to 6.75%. RBI through active liquidity management operations ensured that Liquidity conditions remained broadly stable and it continued to provide liquidity through overnight and term repos. Liquidity conditions are expected to be comfortable in the coming year. These conditions should augur well for a reinvigoration of private consumption demand. This coupled with a stable government, thrust on rural infrastructure and reforms, it is expected that India's growth will be strong.

Your Company has maintained its leadership position for vehicles and tractors in the rural and semi-urban markets. Despite unfavourable monsoons affecting the tractor segment, the Company maintained a healthy growth of business backed by growth in the overall auto industry. All vehicle categories were in the positive territory except for Tractors, which are gradually moving towards positive territory.

Finance

During the year under review, the Reserve Bank of India (RBI) maintained its accommodative stance and remained focused on keeping the economy on a disinflationary glide path. The RBI remained vigilant about inflation, geo­political risks, global oil and commodity prices, monsoon, domestic demand and external volatility impacting the exchange rate. In FY15-16, the RBI intermittently cut the policy rates on the basis of available data, first by 25bps in the month of June 2015 and then a frontloaded 50 bps in the month of September 2015. With this, in this rate-cutting cycle that began on January 2015, the RBI has brought down the repo rate by 125 bps (75 bps in FY 2015-16). Liquidity conditions remained in a deficit but stable mode throughout the year barring last quarter wherein the pace of Government expenditure slowed and liquidity deficit increased substantially. RBI through active liquidity management operations ensured that liquidity conditions remained broadly stable and it continued to provide liquidity through overnight and term repos. Sovereign and corporate bond yields which had started to ease ahead of the monetary policy easing cycle - got increasingly disconnected and firmed up through the second half of 2015-16. However, after the announcement of the Union Budget, yields steadily eased.

During FY 2015-16, the median base rate of Banks, declined by around 50 bps (in a late reaction to the rate cutting cycle). Your Company was able to take advantage of reduction in interest rates by having appropriate borrowing strategies and ensuring that prudent Asset Liability Management Guidelines are adhered to.

During the year under review, your Company continued with its diverse methods of sourcing funds in addition to regular borrowings like Secured and Unsecured Debentures, Term Loans, Commercial Paper, etc., and maintained prudential Asset/ Liability match throughout the year. Your Company sourced long term debentures and loans from banks and other institutions at attractive rates.

Your Company also issued Subordinated Debt amounting to Rs. 175 Crores and successfully completed four at par securitisation transactions aggregating to Rs. 855.9 Crores.

Public Issuance of Non-Convertible Debentures

During the year under the review, the Board of Directors of your Company approved the proposal of raising of funds by way of a public issue of Non-Convertible Debentures including Subordinated Debentures (NCDs) for an amount not exceeding Rs. 1,000 Crores, in one or more tranches, pursuant to the provisions of the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 and other applicable laws.

The Company has filed the Draft Shelf Prospectus with the Securities and Exchange Board of India and the BSE Limited, being the designated Stock Exchange for the proposed NCD issue and has received the in-principal approval for listing of the NCDs from the BSE Limited on 28th March, 2016.

Investor Relations

During the year under review, your Company continued to engage with investors in many ways, including one on one meetings, telepresence meetings, participation in investor conferences and quarterly earnings calls. Your Company interacted with Indian and overseas investors and analysts in a number of investor meets organised by reputed Global and Domestic Broking Houses, both in India and abroad, to communicate details of performance, important developments and exchange of information. Your Company ensures that critical information about the Company is available to all the investors by hosting all such information on the Company's website.

Capital Adequacy

As on 31st March, 2016, the Capital to Risk Assets Ratio (CRAR) of your Company was 17.3%, which is well above 15.0% CRAR prescribed by the RBI.

RBI Guidelines

The Company has complied with all the applicable regulations of the Reserve Bank of India (RBI).

As a prudent practice, your Company makes accelerated provisioning for Non-Performing Assets (NPAs) than that required by RBI for NBFCs. Your Company continues to make a general provision at 0.40% on the standard assets outstanding as against 0.30% mandated by the RBI.

Achievements

During the year under review, your Company won several awards. Select few awards are enumerated hereunder:

$ Best Innovative Workplace Practices

$ 'Excellence in HR' at the Business World HR

Excellence Award $ I ndian Development Foundation (IDF) Award for CSR  initiatives

$ Best Innovative CSR Project Category by India CSR Awards

$ "Best HR and Talent Practice" (in NBFC Category) in the "Inspiring Workplaces Awards 2015"

$ "Best Integrated Rural Marketing Campaign" for "Bharat ko Pehchante Hai Hum" campaign in "The Rural Marketing Forum and Awards" organised by  CMO Asia

$ "Cooperatives Summit Gujarat 2015 Award" for the Best Infrastructure Solutions 'Document Storage Management System'

During the year your Company was appraised and rated at level 3 of the People Capability Maturity Model (People-  CMM).

Fixed Deposits and Loans/Advances

Your Company offers Fixed Deposit schemes that cater to various classes of investors. The Deposits carry attractive interest rates with superior service enabled by robust processes and technology. In order to tap rural savings your Company proposes to expand its network and make its presence felt in the most remote areas of the country.

As on 31st March, 2016, your Company has mobilized funds from Fixed Deposits to the tune of Rs. 4,784.3 Crores, with an investor base of over 1,60,457 investors.

Your Company has initiated several customer centric measures on an ongoing basis to further strengthen its processes in sync with the requirements of the Fixed Deposit holders. The Company communicates various intimations via SMS, e-mails, post, etc., to its investors. During the year under review your Company has introduced:

$ Online renewal facility

$ Online generation of TDS certificates from  customer/broker portal

$ Reminder emails to clients whose TDS is likely to be deducted before any payout/accrual.

$ Seamless Investment process for employees

As at 31st March, 2016, 1,592 deposits amounting to Rs. 6.87 Crores had matured for payment and remained unclaimed. The unclaimed deposits have since reduced to 1,177 deposits amounting to Rs. 5.26 Crores.

Your Company being a Non-Banking Financial Company, the disclosures required as per Rule 8 (5)(v) and (vi) of the Companies (Accounts) Rules, 2014 read with sections 73 and 74 of the Companies Act, 2013, are not applicable to it.

The information pursuant to Part III - Direction 5 of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998, regarding overdue of public deposits/unclaimed public deposits as on 31st March, 2016 is furnished below:

i. total number of accounts of public deposits of the Company which have not been claimed by the depositors or not paid by the Company after the date on which the deposit became due for repayment: 1,579.

ii. the total amounts due under such accounts remaining unclaimed or unpaid beyond the dates referred to in clause (i) as aforesaid: Rs. 6,86,51,124.

Your Company sends intimation letters via registered post every 3 months to all those fixed deposit holders whose deposits have matured as well as to those whose deposits remain unclaimed.

The particulars of loans/advances and investment in its own shares by listed companies, their subsidiaries, associates, etc., required to be disclosed in the Annual Accounts of the Company pursuant to Regulation 34 read with paragraph A of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, are furnished separately.

Particulars of Loans, Guarantees or Investments in Securities

Pursuant to section 186(11) of the Companies Act, 2013 ('the Act'), the provisions of section 186 (4) of the Act requiring disclosure in the financial statements of the full particulars of the loans made and guarantees given or securities provided by a Non-Banking Financial Company in the ordinary course of its business and the purpose for which the loan or guarantee or security is proposed to be utilised by the recipient of the loan or guarantee or security are exempted from disclosure in the Annual Report.

Further, pursuant to the provisions of section 186 (4) of the Act, the details of investments made by the Company are given in the Notes to the Financial Statements.

Sustainability Initiatives

Your Company continues to protect and sustain the rural livelihoods through a sustainable business model. The business model aims at transforming rural lives and driving positive change in the community. Your Company has been reporting on Triple Bottom Line Performance; i.e., People, Profit and Planet since the Financial Year 2008-09 through the Mahindra Group Sustainability Report.

During the Financial Year 2015-16, your Company released its third standalone Sustainability Report for the previous Financial Year 2014-15. This Report portrays a balanced approach towards economic activity, environmental and social dimensions on aspects important and material for the organisation. This Report is externally assured and in line with international reporting standards of latest Global Reporting Initiative (GRI) G4 Guidelines. The theme of the Report is 'Inspiring Transformation, Realizing Aspirations' and the same has been hosted on the Company's website at the web-link: www.mahindrafinance.com/sustainability.aspx

During the year under review, your Company continued with its focus on sustainability awareness for employees, vendors, suppliers and customers and took various initiatives in this direction. Your Company made proactive efforts to fight against global warming through Project 'Mahindra Hariyali', by planting more than 93,500 saplings across the country. Various initiatives were also taken for road safety, energy, paper and waste conservation and e-waste management.

In addition to this, your Company continues to report on Carbon Disclosure Project (CDP) from the Financial Year 2011-12. CDP seeks information on carbon emissions disclosures from world's largest companies and focuses on how companies are geared up, to deal with the challenges of climate change in a carbon constrained economy. During the year under review, your Company also became part of CDP's Carbon Disclosure Leadership Index (CDLI) 2015 in India for second time in a row, acknowledging the Company's efforts for climate change mitigation.

Your Company has been listed on the Dow Jones Sustainability Index (DJSI) Emerging Market Trends for the third consecutive year. To be incorporated in the DJSI, companies are assessed and selected based on their long term Environmental Social Governance (ESG) asset management plans. Your Company is the only Indian Company from amongst the Diversified Financial Services Companies in India to have made it to this list.

Your Company is working comprehensively on sustainability. During the year under review your Company has constituted a Sustainability Council which comprises of senior members representing different functions of the organization. This cross functional team approach facilitates optimum use of all relevant resources, experience and knowledge from all levels to guide sustainability initiatives.

Business Responsibility Report

In accordance with Regulation 34(2)(f) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Listing Regulations"), the inclusion of Business Responsibility Report (BRR) as a part of the Annual Report is mandated for top 100 listed entities for the year 2015-16 based on the market capitalization. Although the BRR is not mandatory for the Company for the year 2015-16, as a responsible corporate citizen, your Company has proactively decided to prepare the BRR in the format prescribed by SEBI. The Company's BRR will be available on its website at the web-link:www.mahindrafinance com/sustainability.aspx. Any shareholder interested in obtaining a physical copy of the same may write to the Company Secretary of the Company.

Corporate Social Responsibility

Through its various Corporate Social Responsibility ("CSR") initiatives, the Mahindra Group is enabling entire communities to 'RISE'. With a vision of transforming the lives of youth from socially weaker and economically disadvantaged sections of society, the Mahindra Group is committed to 'building possibilities' to enable them to 'RISE' above their limiting circumstances by innovatively supporting them through programs in the domains of education, health and environment.

The Company has duly constituted a CSR Committee in accordance with section 135 of the Companies Act, 2013 to assist the Board and the Company in fulfilling the corporate social responsibility objectives of the Company. The CSR Committee presently comprises Mr. Piyush Mankad (Chairman), Mr. Ramesh Iyer, Mr. V. Ravi and Dr. Anish Shah.

During the year under review, your Company organized a nationwide Blood Donation Drive, Health check-up camps, visits to municipal schools, visits to Orphanages/ Differently-abled Homes/Old-age homes, to re-affirm its pledge to the society. The 'Lifeline Express', a hospital on wheels, in association with Impact India Foundation, catered to the medical needs of 7,421 underprivileged people in Bhadohi (Uttar Pradesh).

As a part of its commitment to Corporate Social Responsibility, during the year your Company implemented projects for scholarships to undergraduate and graduate students, vocational training and financial literacy, supported technology incubators, ambulance and medical care equipment donation and sanitation. The Company also continued to offer assistance to Nanhi Kali which provides educational support to the underprivileged  girls from poor urban, remote rural and conflict afflicted communities across India and Mahindra Pride School to empower youth from socially and economically disadvantaged sections of society by providing them with livelihood training, to enable them to gain employment based on their skills, implemented by the K.C. Mahindra Education Trust.

Your Company also participated in the Prime Minister's clean India campaign "Swachh Bharat Swachh Vidyalaya" by constructing toilets for girls in Government Schools as well as maintenance of such toilets.

The Company's Employee Social Options (Esops) program supports employees in creating volunteering projects based on the needs of underprivileged communities in and around their places of work.

During the year under review, your Company has spent Rs. 29.06 Crores towards Corporate Social Responsibility on CSR projects/programs. Your Company is in compliance with the statutory requirements in this regard.

The CSR Policy of the Company is hosted on the Company's website at the link <http://www.mahindrafinance.com/> csr.aspx and a brief outline of the CSR Policy and the CSR initiatives undertaken by the Company during the year as per Annexure prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014 have been appended as Annexure I to this Report.

Extract of Annual Return

Pursuant to sub-section 3(a) of section 134 and sub­section (3) of section 92 of the Companies Act, 2013, read with Rule 12 of the Companies (Management and Administration) Rules, 2014, an extract of the Annual Return as at 31st March, 2016 forms part of this Report and is appended herewith as Annexure II.

Board Meetings and Annual General Meeting

The calendar of the Board/ Committee Meetings and the Annual General Meeting are circulated to the Directors in advance to enable them to plan their schedule for effective participation at the respective meetings. Additional Board Meetings are convened by giving appropriate notice to address business exigencies. At times certain decisions are taken by the Board/Committee through circular resolutions.

All the decisions and urgent matters approved by way of circular resolutions are placed and noted at the subsequent Board/Committee Meeting.

The Board met five times in the financial year 2015-16 viz., on 23rd April, 2015, 24th July, 2015, 21st October, 2015, 21st January, 2016 and 18th March, 2016. The gap between two Meetings did not exceed one hundred and twenty days. The 25th Annual General Meeting ("AGM") of the Company was held on 24th July, 2015.

Detailed information on the meetings of the Board, its Committees and the AGM is included in the Report on Corporate Governance, which forms part of this Annual Report.

Meetings of Independent Directors

The Independent Directors met twice during the year under review. The Meetings were conducted in an informal manner without the presence of the Whole-time Directors, the Non-Executive Non-Independent Directors, or any other Management Personnel.

Committees of the Board of Directors

The Company has various Committees which have been constituted as a part of the good corporate governance practices and the same are in compliance with the requirements of the relevant provisions of applicable laws and statutes.

Your Company has an adequately qualified and experienced Audit Committee with Mr. C. B. Bhave as the Chairman and Mr. Dhananjay Mungale, Mr. M. G. Bhide, Ms. Rama Bijapurkar, Mr. Piyush Mankad, Mr. V. S. Parthasarathy and Dr. Anish Shah as Members. The recommendations of the Audit Committee were duly approved and accepted by the Board during the year under review.

The other Committees of the Board are:

i) Nomination and Remuneration Committee

ii) Stakeholders Relationship Committee

iii) Corporate Social Responsibility Committee

iv) Risk Management Committee

v) Asset Liability Committee

vi) Strategy Committee for Acquisitions

The details with respect to the composition, powers, roles, terms of reference, Meetings held and attendance of the Directors at such Meetings of the relevant Committees are given in detail in the Report on Corporate Governance of the Company which forms part of this Annual Report.

Directors and Key Managerial Personnel Directors

Mr. Bharat N. Doshi, Non-Executive Non-Independent Director of the Company, resigned as the Chairman and

Member of the Board of Directors of the Company with effect from 9th March, 2016, in view of his appointment as a Director on the Central Board of Reserve Bank of India.

Mr. Doshi has been associated with the Company since its inception in 1991. He led the initiative of conceptualizing, establishing and then nurturing and growing the Company far beyond the captive status it had in its formative years. He was a Member of the Board of Directors of the Company from March 1992, and its Chairman from April 2008.

The Board Members unanimously complimented Mr.

Doshi on the illustrious services rendered by him to the Company and the Financial Services Sector. The Board also acknowledged Mr. Doshi's contribution to the Company and placed on record its deep appreciation on the invaluable counsel rendered by him to the Company and his immense contribution in guiding the management during his tenure as the Chairman of the Company.

In the light of Mr. Doshi relinquishing his office as the Chairman and Director of the Company, the Board at its Meeting held on 18th March, 2016 unanimously decided to appoint Mr. Dhananjay Mungale, Independent Director, as the Chairman of the Company with effect from the date of the said Board Meeting.

Mr. Dhananjay Mungale has been a Member of the Board of Directors of the Company since 1st March, 1999 and was also the Chairman of the Audit Committee of the Board from 27th October, 2008.

Further, the Board at its Meeting held on 18th March, 2016, had on the recommendation of the Nomination and Remuneration Committee, unanimously decided to elevate Mr. Ramesh Iyer, Managing Director to the position of Vice-Chairman, designated as "Vice-Chairman & Managing Director" of the Company.

Mr. Ramesh Iyer has been associated with the Company since 1995 and was promoted to the position of Chief Executive Officer in May 1999. Mr. Iyer was then appointed as Managing Director of the Company with effect from 30th April, 2001.

Further, on the recommendation of the Nomination and Remuneration Committee, the Board at its Meeting held on 18th March, 2016 has appointed Dr. Anish Shah, as an Additional Director of the Company.

Dr. Anish Shah holds office upto the date of the ensuing AGM of the Company.

The Board at its adjourned Meeting held on 24th July, 2015 [after conclusion of the Annual General Meeting (AGM)] had appointed Mr. V. Ravi as an Additional Director with effect from 25th July, 2015 and subject to the approval of the Shareholders, appointed Mr. V. Ravi as the Whole-time Director designated as "Executive Director & Chief Financial Officer" effective from 25th July, 2015. Mr. V. Ravi holds office upto the date of the ensuing AGM of the Company.

The Board at its Meeting held on 23rd April, 2016 has decided to place the aforesaid proposals for the appointment of Mr. V. Ravi and Dr. Anish Shah for the approval of the Members by means of a Postal Ballot.

The Company has received notices from the Members under section 160 of the Act, signifying their intention to propose Mr. V. Ravi and Dr. Anish Shah as a candidate for the office of Director of the Company to be placed for approval of the Members by way of a Postal Ballot voting process.

The term of office of Mr. Ramesh Iyer, Vice-Chairman & Managing Director of the Company, expires on 29th April, 2016.

On the recommendation of the Nomination and Remuneration Committee, the Board at its Meeting held on 23rd April, 2016, has approved the re-appointment of Mr. Ramesh Iyer, as the Vice-Chairman & Managing Director of the Company from 30th April, 2016 to 29th April, 2021, subject to the approval of the Members to be obtained by way of Postal Ballot.

As mentioned in the previous Annual Report, Mr. Uday Y. Phadke did not seek re-appointment and accordingly ceased to be a Director upon expiry of his term at the 25th Annual General Meeting held on 24th July, 2015.

Mr. V. S. Parthasarathy, Non-Executive Non-Independent Director, retires by rotation at the forthcoming Annual General Meeting and, being eligible, offers himself for re-appointment.

None of the Independent Directors are due for re-appointment.

Key Managerial Personnel

Mr. Ramesh Iyer, Vice-Chairman & Managing Director, Mr. V. Ravi, Executive Director & Chief Financial Officer and Ms. Arnavaz M. Pardiwala, Company Secretary of the Company have been designated as the Key Managerial Personnel of the Company (KMP) pursuant to the provisions of sections 2(51) and 203 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

None of the KMP has resigned during the year under review.

Declaration by Independent Directors

The Company has received declarations from all the Independent Directors of the Company confirming that they fulfill the criteria of independence as prescribed under sub-section (6) of section 149 of the Companies Act, 2013 and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015.

Directors' Responsibility Statement

Pursuant to the provisions of section 134(5) of the Companies Act, 2013, ('the Act') your Directors confirm that:

i. In the preparation of the annual accounts for financial year ended 31st March, 2016, the

applicable accounting standards have been followed and there are no material departures in adoption of these standards;

ii The Directors have 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 as at 31st March, 2016 and of the profit of the Company for the year ended on that date.

iii. The Directors have taken proper and sufficient care for the 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 fraud and other irregularities.

iv. The Directors have prepared the annual accounts for financial year ended 31st March, 2016 on a going concern basis.

v. The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and have been operating efficiently.

vi. The Directors have devised proper systems to ensure compliance with provisions of all applicable laws and that such systems were adequate and operating effectively.

Performance Evaluation of the Board

The Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Listing Regulations") stipulate the evaluation of the performance of the Board, its Committees, Individual Directors and the Chairperson.

The Company has formulated a Policy for performance evaluation of the Independent Directors, the Board, its Committees and other individual Directors which includes criteria for performance evaluation of the Non-Executive Directors and Executive Directors.

The evaluation framework for assessing the performance of Directors comprises of various key areas such as attendance at Board and Committee Meetings, quality of contribution to Board discussions and decisions, strategic insights or inputs regarding future growth of the Company and its performance, ability to challenge views in a constructive manner, knowledge acquired with regard to the Company's business/activities, understanding of industry and global trends, etc.

The evaluation involves self-evaluation by the Board Member and subsequent assessment by the Board of Directors. A member of the Board will not participate in the discussion of his/her evaluation.

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17 of the Listing Regulations, the Board has carried out an annual performance evaluation of its own performance, the Directors individually (including Independent Directors) as well as the evaluation of the working of its Committees.

Well-defined and structured questionnaires were prepared after taking into consideration inputs received from the Directors, covering various aspects of the Board's functioning such as adequacy of the composition of the Board and its Committees, Board culture, areas of responsibility, execution and performance of specific duties, obligations and governance, compliance, oversight of Company's subsidiaries, etc.

A separate exercise was carried out to evaluate the performance of individual Directors who were evaluated on several parameters such as level of engagement and contribution, independence of judgment safeguarding the interest of the Company and its minority shareholders and knowledge acquired with regard to the Company's business/activities.

The performance evaluation of the Independent Directors was carried out by the entire Board excluding the Director being evaluated. The performance evaluation of the Chairman and the Non-Independent Directors was carried out by the Independent Directors. Qualitative comments and suggestions of Directors were taken into consideration by the Chairman of the Board and the Chairman of the Nomination and Remuneration Committee. The Directors have expressed their satisfaction with the evaluation process.

Familiarisation Programme for Independent Directors

The details of programmes for familiarisation of Independent Directors with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company and related matters along with details of number of programmes and number of hours spent by each of the Independent Directors during the Financial Year 2015-16, as required pursuant to the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are available on the website of the Company at the link: <http://www>. mahindrafinance.com/pdf/familiarisation-programme- for-IDs.pdf.

Policies on Appointment of Directors and Remuneration of Directors, Key Managerial Personnel and Employees

In accordance with the provisions of section 134(3)

(e) of the Companies Act, 2013 ("the Act") read with section 178(2) of the Act and Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, your Company has adopted a Policy on Appointment of Directors and Senior Management and succession planning for orderly succession to the Board and the Senior Management, which inter alia, includes the criteria for determining qualifications, positive attributes and independence of Directors.

Your Company has also adopted the Policy on Remuneration of Directors and the Remuneration Policy for Key Managerial Personnel and Employees of the Company in accordance with the provisions of sub-section (4) of section 178, and the same are appended as Annexure III-A and Annexure III-B and form part of this Report.

The criteria for determining qualifications, positive attributes and independence of a Director and the Remuneration Policy for Directors, Key Managerial Personnel and other employees have been discussed in detail in the Report on Corporate Governance.

Auditors

Statutory Auditors

Messrs. B. K. Khare & Co., Chartered Accountants, [ICAI Firm Registration No.105102W] the Statutory Auditors of the Company, hold office till the conclusion of the forthcoming Annual General Meeting (AGM) and are eligible for re-appointment. Pursuant to the provisions of section 139 of the Companies Act, 2013 and the Rules framed thereunder, it is proposed to appoint Messrs. B. K. Khare & Co., as the Statutory Auditors of the Company from the conclusion of the forthcoming AGM till the conclusion of the next AGM.

As required under the provisions of section 139(1) of the Companies Act, 2013 the Company has received a written consent from Messrs. B. K. Khare & Co., Chartered Accountants to their re-appointment and a Certificate, to the effect that their re-appointment, if made, would be in accordance with the provisions of the Companies Act, 2013 and the Rules framed thereunder and that they satisfy the criteria provided in section 141 of the Companies Act, 2013 read with Rule 4(1) of the Companies (Audit and Auditors) Rules, 2014.

The Auditors' Report does not contain any qualification, reservation or adverse remark.

Secretarial Auditor

The Board of Directors of the Company has appointed KSR & Co., Company Secretaries LLP to conduct the Secretarial Audit of the Company pursuant to the provisions of section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. In accordance with the provisions of sub-section (1) of section 204, the

Secretarial Audit Report for the Financial Year 2015-16 is appended to this Report as Annexure IV.

The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

Reporting of Frauds by Auditors

During the year under review, the Statutory Auditors and the Secretarial Auditor have not reported any instances of frauds committed in the Company by its Officers or Employees to the Audit Committee under section 143(12) of the Companies Act, 2013, details of which needs to be mentioned in this Report.

Particulars of Contracts or Arrangements with Related Parties

All contracts/arrangements/ transactions entered into by the Company during the Financial Year with related parties were in the ordinary course of business and on an arm's length basis. During the year, the Company had not entered into any contract/ arrangement/ transaction with related parties which could be considered material in accordance with the Policy on Related Party Transactions. Pursuant to section 134(3) (h) read with Rule 8(2) of the Companies (Accounts) Rules, 2014, there are no transactions to be reported under Section 188(1) of the Companies Act, 2013. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3)(h) of the Companies Act, 2013 in Form AOC 2 is not applicable.

The Policy on Related Party Transactions as approved by the Audit Committee and the Board of Directors of the Company is uploaded on the website of the Company and same can be accessed on the web link: <http://www>. mahindrafinance.com/policies.aspx

Material Changes and Commitments affecting the Financial Position of the Company

There have been no material changes and commitments, affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of this Report.

Risk Management Policy

Your Company has a comprehensive Risk Management Policy in place and has laid down a well-defined risk management framework to identify, assess and monitor risks and strengthen controls to mitigate risks. Your Company has established procedures to periodically place before the Risk Management Committee and the Board of Directors, the risk assessment and minimisation procedures being followed by the Company and steps taken by it to mitigate these risks.

The development and implementation of Risk Management Policy adopted by the Company is discussed in detail in  the Management Discussion and Analysis chapter, which forms part of this Annual Report.

Whistle Blower Policy/Vigil Mechanism

The Company promotes ethical behaviour in all its business activities and has established a vigil mechanism for its Directors, Employees and Stakeholders associated with the Company to report their genuine concerns.

The Vigil Mechanism as envisaged in the Companies Act, 2013 and the Rules prescribed there under and the Listing Regulations is implemented through the Whistle Blower Policy, to provide for adequate safeguards against victimization of persons who use such mechanism and make provision for direct access to the Chairperson of the Audit Committee.

As per the amended Whistle Blower Policy implemented by the Company, the Employees, Directors, customers, dealers, vendors, suppliers, or any Stakeholders associated with the Company are free to report illegal or unethical behaviour, actual or suspected fraud or violation of the Company's Codes of Conduct or Corporate Governance Policies or any improper activity to the Chairman of the Audit Committee of the Company or Chairman of the Company or Convenor of the Corporate Governance Cell.

The Whistle Blower Policy provides for protected disclosure and protection to the Whistle Blower. Under the Whistle Blower Policy, the confidentiality of those reporting violation(s) is protected and they are not subject to any discriminatory practices. Protected disclosures can also be made by sending an email at the designated email id : mmfsl_whistleblower@mahindra.com

The Whistle Blower Policy has been appropriately communicated within the Company and has also been hosted on the website of the Company: <http://www>. mahindrafinance.com/pdf/MMFSL_VigilMechanism.pdf < No personnel have been denied access to the Audit Committee.

Subsidiaries, Joint Venture and Associates

A Report on the performance and financial position of each of the subsidiaries and the joint venture company as per the Companies Act, 2013 is provided in Form AOC-1 as Annexure A to the Consolidated Financial Statement and hence not repeated here for the sake of brevity. The policy for determining material subsidiaries as approved may be accessed on the Company's website at the web link: <http://www.mahindrafinance.com/policies.aspx>

Subsidiaries

Mahindra Insurance Brokers Limited

During the year under review, Mahindra Insurance Brokers Limited (MIBL) serviced 1.3 million insurance cases, with a total of 13,30,929 cases for both Life and Non-Life Retail business. The customized Life insurance cover "Mahindra Loan Suraksha" (MLS) increased from 4,59,781 lives covered with a Sum Assured of Rs. 13,515.4 crores in the Financial Year 2014­15 to 5,13,093 lives covered with a Sum Assured of Rs.14,792.8 crores in the Financial Year 2015-16. This is in spite of the general economic slowdown witnessed during the year having a cascading impact on the auto-manufacturing and auto financing industry. A substantial portion of MLS continues to be covered in the rural markets.

MIBL achieved a growth of 24% in Gross Premium facilitated for the Corporate and Retail business lines, increasing from Rs. 1,002.7 crores in the Financial Year 2014-15 to Rs. 1,238.6 crores in the Financial Year  2015-16.

The Total Income of MIBL increased by 18% from Rs. 126.2 crores in the Financial Year 2014-15 to Rs. 149.2 crores in the Financial Year 2015-16. The Profit before Tax increased by 15% from Rs. 65.3 crores to Rs. 75.2 crores, and the Profit after Tax increased by 13% from Rs. 42.9 crores to Rs. 48.5 crores during the same period.

Mahindra Rural Housing Finance Limited

Mahindra Rural Housing Finance Limited (MRHFL) has during the year ended 31st March, 2016, disbursed loans aggregating Rs. 1,552.5 crores (previous year Rs. 989.6 crores) achieving a growth of 57% over the previous year. Profit after tax was 42% higher at Rs. 62.7 crores as compared to Rs. 44.2 crores for the previous year. The outstanding loan portfolio as at 31st  March, 2016 stood at Rs. 3,264.5 crores.

MRHFL continued its focus on serving customers in rural India. Majority of the loans disbursed were to customers in villages with an average annual household income of less than Rs. 1.5 lakhs. During the year under review, around 1,25,074 families were given home loans (in addition to around 2,63,080 existing families as on 31st  March, 2015).

MRHFL has been expanding its geographical presence, to provide affordable services for rural households and has also entered the semi-urban market segment.

Mahindra Asset Management Company Private Limited

The Securities and Exchange Board of India vide its letter dated 4th February, 2016 has granted the certificate of registration to 'Mahindra Mutual Fund' ("the Fund") and approval to the Company's wholly-owned subsidiary Mahindra Asset Management Company Private Limited (MAMCPL), to act as the asset management company/  investment manager to the Fund. During the year under review, MAMCPL has not commenced any business activities.

Mahindra Trustee Company Private Limited

The Securities and Exchange Board of India vide its letter dated 4th February, 2016 has granted the certificate of registration to 'Mahindra Mutual Fund' ("the Fund"). Mahindra Trustee Company Private Limited (MTCPL), the wholly-owned subsidiary of the Company, will be engaged as a Trustee to the Fund. During the year under review, MTCPL has not commenced any business activities.

Joint Venture

Mahindra Finance USA LLC.

The joint venture company's disbursement registered a growth of 27.5% to USD 6,807.75 Lacs for the year ended 31st March, 2016 as compared to USD 5,337.09 Lacs for the previous year.

Income grew by 42.04% to USD 313.09 Lacs for the year ended 31st March, 2016 as compared to USD 220.43 Lacs for the previous year. Profit Before Tax was 26.36% higher at USD 89.70 Lacs as compared to USD 70.99 Lacs for the previous year. Profit After Tax grew at a healthy rate of 26.02% to USD 57.30 Lacs as compared to USD 45.47 Lacs in the previous year.

Names of companies which have become or ceased to be subsidiaries, joint ventures or associate companies during the year

During the year under review, no company has become or ceased to be a subsidiary, joint venture or associate of the Company.

The Company shall provide the copy of the annual accounts of its subsidiary companies and the related information to the Members of the Company on their request. The annual accounts of the subsidiary companies will also be kept open for inspection by any Member at the Registered Office of the Company and also at the Registered Office of the respective subsidiary companies during working hours upto the date of the Annual General Meeting.

The Annual Reports of the subsidiaries will also be available on your Company's website at the link: <http://> www.mahindrafinance.com/annual-reports.aspx

Material Subsidiary

Pursuant to Regulation 16(1)(c) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, if the income or net worth of any subsidiary company exceeds 20% of the consolidated income or net worth respectively of the listed holding company and its subsidiaries in the immediately preceding accounting year; that subsidiary would be termed as a 'Material Subsidiary'.

In view of the above, there is no material subsidiary of your Company for the Financial Year 2015-16.

Consolidated Financial Statements

The Consolidated Financial Statements of the Company and its four subsidiaries viz. Mahindra Insurance Brokers Limited, Mahindra Rural Housing Finance Limited, Mahindra Asset Management Company Private Limited and Mahindra Trustee Company Private Limited prepared in accordance with Accounting Standard AS 21 prescribed by The Institute of Chartered Accountants of India, form part of this Annual Report. The Consolidated Financial Statements presented by the Company include the financial results of its subsidiary companies and its joint venture viz. Mahindra Finance USA LLC.

Details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and the Company's operations in future

There are no significant and material orders passed by the regulators or courts or tribunals that would impact  the going concern status of the Company and its future operations.

Details in respect of adequacy of internal financial controls with reference to the Financial Statements

Your Company has in place adequate internal financial controls with reference to financial statements, commensurate with the size, scale and complexity of its operations. Review of the internal financial controls environment of the Company was undertaken during the year which covered verification of entity level control, process level control and IT controls, identification, assessment and definition of key business processes and analysis of risk control matrices, etc.

Reasonable Financial Controls are operative for all the business activities of the Company and no material weakness in the design or operation of any control was observed.

Mr. Ramesh Iyer, Vice-Chairman & Managing Director and Mr. V. Ravi, Executive Director & Chief Financial Officer of the Company do not receive any remuneration or commission from any of the subsidiaries of the Company. However, Mr. Iyer has been granted stock options under the Employees' Stock Option Scheme of the holding Company, Mahindra & Mahindra Limited.

The Company had 19 employees who were in receipt of remuneration of not less than Rs.60 lakhs during the year ended 31st March, 2016 or not less than Rs. 5,00,000 per month during any part of the year.

A Statement giving details of employee remuneration as required under provisions of section 197 of the Companies Act, 2013 read with Rule 5(2) and 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is appended separately and forms part of this Report. In terms of the first proviso to section 136 of the Act, the Report and Accounts are being sent to the Shareholders excluding these particulars. The details are also available at the Registered Office of the Company during working hours 21 days before the Annual General Meeting and shall be made available to any Shareholder on request. Such details are also available on your Company's website at:  <http://www.mahindrafinance.com/annual-reports.aspx>

None of the employees listed in the said Statement is a relative of any Director of the Company.

None of the employees holds either by himself/herself or along with his/her spouse or dependent children, more than two per cent of the Equity Shares of the Company.

Disclosure under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

Your Company is an equal opportunity employer and is committed to ensuring that the work environment at all its locations is conducive to fair, safe and harmonious relations between employees. It strongly believes in upholding the dignity of all its employees, irrespective of their gender or seniority. Discrimination and harassment of any type are strictly prohibited.

The Company has in place an appropriate Policy in accordance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, to prevent sexual harassment of its employees

Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment.

All employees (permanent, contractual, temporary and trainees) are covered under this Policy.

The Company ensures that no employee is disadvantaged by way of gender discrimination.

The following is a summary of Sexual Harassment complaints received and disposed off during the year 2015-16, pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules framed thereunder:

(a) Number of complaints of Sexual Harassment received during the year - 3

(b) Number of complaints disposed off during the year - 3

(c) Number of cases pending for more than 90 days - 0

(d) Number of workshops/awareness programme against sexual harassment carried out - 10 workshops were conducted. Awareness on sexual harassment was carried out in branches pan-India for all employees of the Company.

(e) Nature of action taken by the employer or District Officer - one case was withdrawn, two warning letters have been issued by the Company.

Conservation of Energy, Technology Absorption, and Foreign Exchange Earnings and Outgo

The particulars in respect of conservation of energy, technology absorption and foreign exchange earnings and outgo, as required under sub-section (3) (m) of section  134 of the Companies Act, 2013 read with Rule (8)(3)  of the Companies (Accounts) Rules, 2014 are given as under :

(A) Conservation of Energy

(i) The steps taken or impact on conservation of energy: The operations of your Company are not energy intensive. However, adequate measures have been initiated to reduce energy consumption. Select few steps are listed :

a) Installation of Solar UPS in different States.

b) LED Light in office in place of CFL in offices.

c) I nstallation of windmills and solar panels in various offices.

(ii) The steps taken by the Company for utilizing alternate sources of energy:

During the year the Company has spent Rs.0.11 crores towards implementing solar power system in various branches.

(iii) The capital investment on energy conservation equipments: Nil

(B) Technology Absorption

(i) The efforts made towards technology absorption: Not Applicable.

(ii) The benefits derived like product improvement, cost reduction, product development or import substitution: Not Applicable.

(iii) I n case of imported technology (imported during the last three years reckoned from the beginning of the Financial Year): Not Applicable.

(a) Details of Technology Imported;

(b) Year of Import;

(c) Whether the Technology has been fully absorbed;

(d) i f not fully absorbed, areas where absorption has not taken place, and the reasons thereof.

(iv) Your Company has not incurred any expenditure on Research and Development during the year under review.

(C) Foreign Exchange Earnings and Outgo

The information on foreign exchange outgo is furnished in the Notes to the Accounts. There were no foreign exchange earnings during the year.

For and on behalf of the Board

Dhananjay Mungale

Chairman

Place: Mumbai

Date : 23rd April, 2016

ADINATH STOCK BROKING PVT LTD  :   SEBI REGISTRATION NUMBERS : Bombay Stock Exchange(BSE): CASH -INZ000204337 & DERIVATIVE -INZ000204337 Member ID-3175 National Stock Exchange(NSE): CASH- INZ000204337 & DERIVATIVES -INZ000204337 Member ID-12805 MCX-SX Stock Exchange(MCX-SX): Currency Derivative : INZ000204337 Member ID-44400 United Stock Exchange(USE): Currency Derivative: Central Depository Services Ltd(CDSL)- IN -DP-452/2008 DP ID 12055200
ADINATH COMMODITIES  :   COMMODITIES SEBI REGISTRATION NUMBERS : INZ000042629 MultiCommodity Exchange Ltd (MCX):Member ID -10140 National Commodity and Derivatives Exchange Ltd (NCDEX):Member ID -00622.
ATTENTION INVESTORS :   "Prevent unauthorised transactions in your Broking & demat account--> Update your mobile numbers/email IDs with your stock brokers & depository participate. Receive information of your transactions directly from Exchange & CDSL on your mobile/email at the end of the day......................Issued in the interest of Investors"
ATTENTION INVESTORS :   "KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary."
ATTENTION INVESTORS :   "No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."
ATTENTION INVESTORS :   1. Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020. 2. Update your mobile number & email Id with your stock broker/depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge. 3. Pay 20% upfront margin of the transaction value to trade in cash market segment 4. Investors may please refer to the Exchange's Frequently Asked Questions (FAQs) issued vide circular reference NSE/INSP/45191 dated July 31, 2020 and NSE/INSP/45534 dated August 31, 2020 and other guidelines issued from time to time in this regard. 5. Check your Securities /MF/ Bonds in the consolidated account statement issued by NSDL/CDSL every month. "Issued in the interest of Investors"
| Disclaimer | Privacy Policy | Feedback | Terms and Conditions | Careers | Investor Grievances | Download | Investor Protection | SCORES | Site Map
Investor Charter - DP | Investor Charter - Stock Broker | e-voting | Investor Education
Useful links: NSE | BSE | MCX-SX | CDSL | SEBI | MCX | NCDEX | FMC | Smart ODR
SEBI Registration No.INZ000042629
Copyright © 2011 Adinath Stock Broking Pvt Ltd                             Designed, Developed & Content Powered By Accord Fintech Pvt.Ltd.