Dear Members,
The Board of Directors have pleasure in presenting the 41st Annual Report of your Company on business and operations of the Company along with the Audited Standalone and Consolidated Financial Statement and the Auditors Report for the year ended March 31, 2023. Consolidated performances of the Company and its subsidiaries have been referred to wherever required.
Key aspects of Consolidated and Standalone financial performance of your Company for the financial year 2022-23 along with the previous financial year 2021-22 are tabulated below:(Rs in Lakhs)
Particulars |
Consolidated |
Standalone |
||
As on 31.03.2023 |
As on 31.03.2022 |
As on 31.03.2023 |
As on 31.03.2022 |
|
Revenue from Operations |
8,365.16 | 10,650.32 | 4,449.80 | 7,696.58 |
Other Income |
210.20 | 125.62 | 327.45 | 248.70 |
Total |
8,575.36 | 10,775.94 | 4,777.25 | 7,945.28 |
Profit before Depreciation & Amortization |
839.35 | 911.28 | 815.58 | 614.68 |
Depreciation & Amortization |
606.24 | 532.30 | 170.69 | 148.73 |
Profit Before Tax |
233.11 | 378.98 | 644.89 | 465.95 |
Tax Expenses: |
||||
1) Current Tax |
243.16 | 120.93 | 175.00 | 120.71 |
2) Deferred Tax (Net) |
(404.98) | 108.33 | (110.04) | 126.83 |
3) Excess provision for Taxation for earlier years |
15.27 | -- | -- | -- |
Profit After Tax |
379.66 | 149.72 | 579.93 | 218.41 |
Share of profit in Associate |
59.58 | -- | -- | -- |
4) Other Comprehensive Income |
460.29 | 291.22 | (7.10) | 57.52 |
5) Total Comprehensive Income for the year |
899.53 | 440.94 | 572.83 | 275.93 |
6) Net Profit/(Loss) after tax Attributable to : |
||||
a) Owner of the Company |
422.80 | 106.31 | 579.93 | 218.41 |
b) Non-Controlling Interest |
16.44 | 43.41 | -- | -- |
7) Total Comprehensive Income/(Loss) for the year attributable to : |
||||
a) Owners of the Company |
881.29 | 397.50 | 572.83 | 275.93 |
b) Non-controlling interest |
18.24 | 43.44 | -- | -- |
There are no material changes and commitments occurred between the end of the financial year and the date of this report which could affect the companys financial position except as disclosed in this report. There was no change in the nature of business during the year.
As mandated by the Ministry of Corporate Affairs, the Consolidated and Standalone financial statements for the quarter and year ended on March 31, 2023 has been prepared in accordance with the Indian Accounting Standards (IND AS) notified under Section 133 of the Companies Act, 2013 (hereinafter referred to as "The Act") read with the Companies (Accounts) Rules, 2014 as amended from time to time. The estimates and judgments relating to the Financial Statement are made on a prudent basis, so as to reflect in a true and fair manner, the form and substance of transactions and reasonably present the Companys state of affairs, profits and cash flows for the quarter and year ended March 31, 2023. The Notes to the Financial Statements adequately cover the standalone and consolidated Audited Financial Statement and form an integral part of this Financial Statements.
As per the Dividend Distribution Policy adopted by the Company, your Directors do not recommend any dividend for the Financial Year 2022-23. The Dividend Distribution Policy can be accessed at https://www.mitconindia.com/policies/
During the year under review, no amount was transferred to General Reserves the profit continues to be in Profit and Loss Reserve account
Further, they have included their names in the data bank of Independent Directors maintained with the Indian Institute of Corporate Affairs in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014.
Performance evaluation of Independent Directors was done by the entire Board, excluding the Independent Director being evaluated. The Nomination and Remuneration Committee (NRC) has approved a framework / policy for performance evaluation of the Board, Committees of the Board and the individual Members of the Board (including the Chairperson) that includes criteria for performance evaluation, which is reviewed annually by the Committee. A questionnaire for the evaluation of the Board, its Committees and the individual Members of the Board (including the Chairperson), has been designed in accordance with the said framework and covering various aspects of the performance of the Board and its Committees, including composition and quality, roles and responsibilities, processes and functioning, adherence to Code of Conduct and Ethics and best practices in Corporate Governance as mentioned in the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017. Pursuant to the provisions of the Act and SEBI LODR Regulations, 2015, the Board has carried out annual evaluation of its Committees and Individual Directors. The Board performance was evaluated on inputs received from all the Directors after considering criteria as mentioned aforesaid. The performance of the Committees was evaluated by the Board of Directors on inputs received from all Committee Members after considering criteria as mentioned aforesaid. Pursuant to SEBI LODR Regulations, 2015. Performance evaluation of Independent Director was done by the Board of Directors, excluding the Independent Director being evaluated. The performance of non-Independent Directors and the Board as a whole (including the Chairperson) was carried out by the Independent Directors. The Independent Directors have also assessed the quality, quantity and timeliness of the flow of information between the Management and the Board, which is necessary for the Board to effectively and reasonably perform its duties.
During the year under review, Independent Directors met on 04th August 2022 to evaluate performance of Non-Executive Directors, Board and Board Committee. The evaluation process for performance during FY 2022-23 was done at the Independent Director Meeting held on 17th May 2023.
Board Meetings
The Meetings of the Board are scheduled at regular intervals to decide and discuss on business performance, policies, strategies and other matters of significance. The schedule of the meetings is circulated in advance, to ensure proper planning and effective participation in meetings. In certain exigencies, decisions of the Board are also accorded through Circular Resolution.
During the year under review, the Board of Directors met five (5) times. The details pertaining to the composition, terms of reference,and other details of the Board of Directors of your Company and the meetings thereof held during the Financial Year 2022-23 are given in the Report on Corporate Governance forming part of this Annual Report.
Committees of the Board
The details of the powers, functions, composition, and meetings of all the Committees of the Board held during the year under report are given in the Report on Corporate Governance forming part of this Annual Report.
Audit Committee
The details pertaining to the composition, terms of reference, and other details of the Audit Committee of the Board of Directors of your Company and the meetings thereof held during the Financial Year 2022-23 are given in the Report on Corporate Governance forming part of this Annual Report. The recommendations of the Audit Committee in terms of its Charter were considered positively by the Board of Directors of your Company from time to time during the year under Report.
Nomination and Remuneration Committee
The details including the composition and terms of reference of the Nomination and Remuneration Committee and the meetings thereof held during the Financial Year 2022-23 and the Remuneration Policy of the Company and other matters provided in Section 178(3) of the Act are given in the Report on Corporate Governance forming part of this Annual Report.
The Nomination and Remuneration Policy is also available on your Companys website at https://www.mitconindia.com/policies/.
Corporate Social Responsibility Committee
Pursuant to the Section 135 of the Companies Act, 2013 and The Companies (Corporate Social Responsibility Policy) Rules, 2014, the constitution of CSR Committee is not required where the amount to be spent for CSR activities does not exceed Rs 50 lakhs, and such functions can be performed by the Board of the Company. Therefore, the CSR Committee of the Company is dissolved and all the powers of CSR Committee have been discharged by the Board of Directors of the Company for the year 2022 23.
The CSR Policy is also available on your Companys website at https://www.mitconindia.com/policies/.
Report on CSR activities of your Company under the provisions of the Act during the Financial Year 2022-23 is annexed hereto as
Annexure "F."
Stakeholders Relationship Committee
The details pertaining to the composition and other details of the Stakeholders Relationship Committee of the Board of Directors of your Company and the meetings thereof held during the Financial Year are given in the Report on Corporate Governance forming part of this Annual Report.
Terms of reference
Stakeholders Relationship Committee has been constituted as per the provisions of Section 178 of the Companies Act, 2013. The Committee shall oversee all matters pertaining to Investors of the Company.
The terms of reference of the Committee are:
Your Company believes that in todays day and age, the definition of the stakeholders must be extended beyond what is traditionally considered as stakeholders. Accordingly, your Company has decided to adopt a broader definition of stakeholders to explicitly include the society, customers, partners, our employees, the shareholders, vendors and even the environment.
The Company is committed and dedicated in providing a healthy and harassment free work environment to every individual of the Company, a work environment that does not tolerate sexual harassment. We highly respect dignity of everyone involved at our work place, whether they are employees, suppliers or our customers. We require all employees to strictly maintain mutual respect and positive attitude towards each other. In accordance with Sexual Harassment of Women at Work place (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed their under, the Company has formed an Internal Complaints Committee and also framed and adopted the policy for Prevention of Sexual Harassment at Workplace.
The following is the summary of Sexual Harassment complaints received and disposed of during the year 2022-23:
Number of complaints pending as on the beginning of the financial year: | Nil |
Number of complaints filed during the financial year: | Nil |
Number of complaints pending at the end of the financial year: | Nil |
The details and Members of the Committee are displayed on the website of the Company https://www.mitconindia.com/policies/
Pursuant to the provisions of Section 203 of the Companies Act, 2013, the Key Managerial Personnel (KMP) of the Company as under:
Sr. No. | Name of the Person | Designation |
1 | Mr. Anand Chalwade | Managing Director |
2 | Mr. Ram Mapari | Chief Financial Officer |
3 | Ms. Ankita Agarwal | Company Secretary & Compliance Officer |
The Company has all the required policies for the time being in force and as required under the Companies Act, 2013 and SEBI LODR Regulations, 2015 to protect and safeguard the interest of the employees. The policies pertaining to the Code of Conduct for Employees, Senior Management Team and Directors, Harassment free policy as required under the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, policy on Insider Trading as required under SEBI Prohibition of Insider Trading Regulations, 1992, Whistle Blower Policy etc. have been uploaded on the website of the Company https://www.mitconindia.com/policies/
Your Company as part of its Care & Dignity policy, have taken the following measures:
Health & Hygiene
Office Premises and work stations were sanitized regularly.
Learning and development (L&D)
The Company has introduced mandatory Learning and development (L&D) sessions for each employee for empowering employees with specific skills to drive better business performance.
Statutory Auditor
The Members of your Company at the 37th Annual General Meeting (AGM) held on July 13, 2019, appointed M/s. J Singh & Associates, Chartered Accountants (Firm Registration No. 110266W) as the Statutory Auditors of your Company to hold such office for a period of 5 (Five) years i.e. up to the conclusion of the 42nd AGM to be held in the year 2024.
Further, in terms of the Regulation 33(1)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the Listing Regulations), the Statutory Auditors of your Company are subjected to the Peer Review Process of the Institute of Chartered Accountants of India (ICAI). M/s. J Singh & Associates, Chartered Accountants have confirmed that they hold a valid certificate issued by the Peer Review Board of ICAI and have provided a copy of the said certificate to your Company for reference and records.
The Statutory Auditors Report on standalone and consolidated financial statement do not contain any qualification, observation or adverse remarks.
Secretarial Auditor
In terms of the provisions of Section 204 of the Companies Act, 2013, M/s M P Sanghavi & Associates, LLP, a firm of Company Secretaries in Practice was appointed to undertake secretarial audit of the Company for the year ended 31st March, 2023.
Accordingly, the Secretarial Auditor has given the report, which is annexed hereto as Annexure E. The comments of the Board on the observations of the Secretarial Auditor are as follows:
Observations by the Secretarial Auditor: Delay in obtaining approval of Shareholders for confirmation of appointment of an Additional Director by the Board, beyond the period prescribed in Regulation 17(1C).
Comments by the Board: It was inadvertent.
Further, the Secretarial Audit Reports of material subsidiaries viz. M/s MITCON Credentia Trusteeship Services Limited (Formerly known as MITCON Trusteeship Services Limited), M/s Shrikhande Consultants Limited (Formerly known as Shrikhande Consultants Private Limited) and M/s Krishna Windfarms Developers Private Limited has been annexed hereto as Annexure E.
Cost Records and Cost Audit
Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Companies Act, 2013 are not applicable for the business activities carried out by the Company: except for Wind Power Generation business for which maintenance of cost record is mandatory and have been complied.
Reporting of Frauds by Auditors
During the year under review, neither the Statutory Auditors nor the Secretarial Auditor have reported to the Audit Committee, under Section 143(12) of the Act, any instances of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned in the Boards report.
Adequacy of Internal Financial Controls
Your Board is responsible for establishing and maintaining adequate internal financial control as per Section 134 of the Act.
Your Board has laid down policies and processes with respect to internal financial controls and such internal financial controls were adequate and were operating effectively. The internal financial controls covered the policies and procedures adopted by your Company for ensuring orderly and efficient conduct of business including adherence to your Companys policies, safeguarding the assets of your Company, prevention, and detection of fraud and errors, accuracy and completeness of accounting records and timely preparation of reliable financial information.
Internal Audit
Internal Audit is an independent function involving continuous and critical appraisal of the functioning of an organization with a view to suggest improvements thereto and add value to the governance mechanism of the organization. It helps the organization to evaluate the effectiveness of risk management and internal control implemented and provides recommendation for improvement in compliance with the provisions of Companies Act, 2013.
Your Company has appointed M/s Galgali and Associates, Chartered Accountants, Pune to conduct internal audit across the organization. We have strengthened the in-house internal audit and compliance team to supplement and support the efforts of M/s Galgali and Associates, Chartered Accountants, Pune.
In compliance with provisions of Section 134(3)(g) of the Act, particulars of loans, guarantees, investments and securities given under Section 186 of the Act are given in the Notes No. 6 & 7 to the Financial Statement forming part of this Annual Report.
In terms of the provision of Sections 73 and 74 of the Act read with the relevant Rules, your Company has neither accepted nor renewed any fixed deposits during the year under report.
All transactions entered into by the Company Related Parties for the year under review were on arms length basis and in ordinary course of business.
The policy to determine the materiality of related party transactions and dealing with related party transactions as approved by the Board of Directors is available on your Companys website at https://www.mitconindia.com/policies/ .
The related party transactions are entered into based on considerations of various business requirements, such as synergy in operations, sectoral specialization and your Companys long-term strategy for sectoral investments, optimization of market share, profitability, legal requirements, liquidity, and capital resources of subsidiaries.
Pursuant to section 177 of the Companies Act, 2013 and regulation 23 of SEBI LODR Regulations, 2015, all Related Party Transactions were placed before the Audit Committee for its approval. Prior omnibus approval from the Audit Committee is obtained for transactions which are repetitive and also in ordinary course of business. During the year under review, there were no material related party transactions under Regulation 23 (4) of SEBI LODR Regulations, 2015 entered into by the Company, which necessitates approval of Shareholders.
As stipulated by Section 134(3) (h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014, particulars of Related Party Transactions are given in Form No. AOC 2 as Annexure H and the same form an integral part of this report.
The relevant information and the details of employees whose remuneration is required to be disclosed in terms of the provisions of Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 are appended to this Report as Annexure I
The Companys ESOP Scheme has been implemented in accordance with Special Resolution passed by the shareholders on 22nd September 2021 and the Securities Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 and the relevant provisions of the Companies Act, 2013 along with the Rules made thereunder including any amendments made there to or notifications thereof.
Details required to be provided under Section 62 of the Act and Rule 12(9) of Companies (Share Capital and Debenture Rules 2014 and Regulation 14 of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 are disclosed on the Companys website at https://www.mitconindia.com/investors/.
Report of Secretarial Auditor as per Regulation 13 has been uploaded on companys website at
https://www.mitconindia.com/employee-stock-ownership-plan-esop/
ESOP Scheme is uploaded on the Companys website at https://www.mitconindia.com/investors/
During the year, your Company has complied with all the applicable requirements stipulated under Regulations 17 to 27 read with Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").
A separate Report on Corporate Governance with a detailed compliance report as stipulated under the Listing Regulations and any other applicable law for the time being in force form an integral part of this Report.
Compliance Certificate from the Practicing Company Secretary regarding the compliance of conditions of Corporate Governance as stipulated in the Listing Regulations forms an integral part of this Annual Report as Annexure B
Report on Management Discussion and Analysis Report as stipulated under the Listing Regulations and any other applicable laws for the time being in force based on audited consolidated financial statements for the Financial Year 2022-23 forms an integral part of this Annual Report as Annexure A.
In order to increase transparency of sustainability reporting to the Stakeholders, your Company has adopted Business Responsibility and Sustainability Report. BRSR incorporates several KPIs of the international frameworks in an attempt to bring it on par with global ESG reporting trends.
In November 2018, the Ministry of Corporate Affairs (MCA) constituted a Committee on Business Responsibility Reporting ("the Committee"). The Committee recommended some disclosures to be made by companies based on ESG parameters, compelling organizations to holistically engage with stakeholders and go beyond regulatory compliances in terms of business measures and their reporting. SEBI, vide its circular dated May 10, 2021, made BRSR mandatory for the top 1,000 listed companies (by market capitalization) from fiscal 2023, while disclosure is voluntary for fiscal 2022. Our company has adopted the BRSR voluntarily for fiscal 2022 to increase transparency practices and priorities of the Company. The BRSR disclosures form a part of Annual Report as Annexure D.
On the social front, our emphasis is on the development of people, through energy transition, reducing the carbon footprint, paperless office initiatives, delivering technology for good and energizing the communities we work in.
The Board of Directors of the Company has delegated the responsibility to frame, implement and monitor the risk management plan for the Company to the Audit Committee. The Committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The Audit Committee has additional oversight in the area of financial risks and controls. The major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. The Company has voluntarily implemented Risk Management Policy which defines roles and responsibilities at various levels and has a structured approach for handling risk. The same policy has been hosted on the Companys website https://www.mitconindia.com/policies/.
The development and implementation of risk management policy has been covered in the Management Discussion and Analysis Report, which forms part of this report.
The details of the vigil mechanism (whistle blower policy) are given in the Report on Corporate Governance forming part of this Annual Report. Your Company has uploaded the policy on its website at https://www.mitconindia.com/policies
The Ministry of Corporate Affairs has notified the Secretarial Standard on Meetings of the Board of Directors (SS 1), Secretarial Standard on General Meetings (SS2), Secretarial Standard on Dividend (SS3) and Secretarial Standard on Report of the Board of Directors (SS-4).
The Company complies with Secretarial Standards and guidelines issued by the Institute of Company Secretaries of India (ICSI).
Your Company maintains a matured Information Security Management System with Policies, Processes and Controls to minimize the Cyber Exposer Risks. The governance and management of security compliance and risk is reviewed periodically.
Your Companys internal team has taken a holistic and comprehensive approach to address the need of securing the employees laptops, their smartphones, the corporate network and the confidential data through VPN Connections against inadvertent and malicious attacks, including the customer-specific security requirements. Specific steps include allocation of laptops to every employee, installation of disk encryption and next generation antivirus solution, enhanced data leakage prevention solutions covering laptops and cloud assets, implementation of Multi Factor Authentication and security controls on personal smartphones.
The team has also provisioned critical data backup, improved incoming email scanning and enhanced the security and network monitoring solutions. Periodic external security assessments and proactive security drills help us stay vigilant to security threats. Mandatory annual employee awareness training to reinforce the security imperatives is key to keeping your Company safe. Vulnerability Penetration Test implemented in the company for ensuring potential vulnerabilities in the IT system of the Company which helps to detect and exploit weaknesses in your system and to map network/data security.
During the year, your Company along with its subsidiaries including wholly owned subsidiaries have directly or indirectly incorporated the following entities;
However, MSPL Unit 4 Private Limited and MSPL Unit 5 Private Limited have not commenced their operations during the year.
Pursuant to the provisions of Section 129(3) of the Act, a statement containing the salient features of financial statements of the Companys subsidiaries in Form AOC 1 as Annexure G is attached to this report.
Further, pursuant to the provisions of Section 136 of the Act, the financial statements of the Company including the consolidated financial statements along with relevant documents and separate audited financial statements in respect of subsidiaries, are available on the Companys website at https://www.mitconindia.com/financial-statement-of-group-companies/
The Policy for determining material subsidiaries of your Company is available on your Companys website at https://www.mitconindia.com/policies. According to the said Policy, M/s MITCON Credentia Trusteeship Services Limited (Formerly known as MITCON Trusteeship Services Limited), M/s Shrikhande Consultants Limited (Formerly known as Shrikhande Consultants Private Limited) and M/s Krishna Windfarms Developers Private Limited are the material subsidiaries of your Company.
In accordance with the Companies Act, 2013, the annual return in the prescribed format (MGT-7) for the Financial Year 2022-23 is available at https://www.mitconindia.com/financials-and-regulatory-filings/annual-report-and-annual-return/
No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the companys going concern status and your Companys operations in future. There were no proceedings initiated by or against the Company under Insolvency and Bankruptcy Code during the year under review.
Your Company believes that conservation of energy is essential and as a responsible corporate citizen, your Company must encourage all employees, vendors and other stakeholders to act on ensuring reduced usage of energy on a perpetual basis. Your Company has procured various energy saving devices and systems, which help in conserving energy and has resulted into a significant savings in the energy cost. Carbon management and sustainable development provide business with some of the greatest opportunities towards sustainability. Your Company reduced carbon footprints by taking energy conservation measures. Thanks to the reduced travel, both because of video conferences and used public transportation, the carbon footprint this year is lower. Your Company continues to take various measures on energy saving and sustainability as follows:
Energy Efficiency Activities:
MITCON was the first engineering consulting company in India to have set emission reduction targets approved by the Science Based Targets initiative (SBTi), designed to meet the goals of the Paris Agreement on climate change. Some of the majors undertaken towards our target are:
Renewable Energy Initiatives, Water Management and Waste Management Initiatives of the Company for the FY 2022-23 are given in the Business Responsibility and Sustainability Report forming part of this Annual Report.
Customer experience, operational excellence on Green activities
An amount of INR 140.64 Lakhs (US $ 174540.32) and INR9.32 Lakhs (EUR 10000) were received during the year on account of Professional fees. (Previous Year INR 58.28 Lakhs (US $ 79300 and INR6.90 Lakhs (EUR 8100).
Expenditure in Foreign Currency during the year was INR 42.84 Lakhs (US $ 53504.64) on account of Consulting fees, INR 0.09 Lakhs (EUR94.30) on account of expenses (Previous year INR 1953.58 Lakhs (US $ 2608628) Value of Import and INR 15.40 (US $20000) towards Consulting fees and INR 0.51 Lakhs (CHF600) other expenses.
There was no instance during the year attracting this provision.
In compliance with the provisions of Section 134(3) (c) read with Section 134(5) of the Act, your Directors state that:
Your Board places on record the support received from the Ministry of Corporate Affairs, the Ministry of Finance, the Ministry of Commerce and Industry, the Reserve Bank of India and the Securities and Exchange Board of India throughout the Financial Year.
Your Board wish to express their deep gratitude to various departments of the Auditors, Consultants, Central and State Governments, Banks, Financial Institutions, Business Associates, Customers, Distributors, Suppliers, Vendors, Investors, Analysts, Medical Professionals and Members for extending excellent support and cooperation.
Your Board places on record its deep sense of appreciation for the committed services of the associates of your Company at all levels. Your Board thanks the investors and shareholders for placing immense faith in them.
Your Board takes this opportunity to express its sincere appreciation for the contribution made by the employees at all levels of your Company. The consistent growth was made possible by their hard work, solidarity, cooperation, and support.
For and on behalf of the Board of Directors
MITCON Consultancy & Engineering Services Limited
Sd/- Sd/-
Mr. Anand Chalwade Mr. Ajay Agarwal
Managing Director Chairman
DIN: 02008372 DIN: 00200167
Pune, June 16th 2023
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