StockHolding_Securities_IFSC_Ltd_-_Annual_Report_2023-24

TH
6 ANNUAL REPORT
2023-2024
StockHolding Securities IFSC Limited

Mission Statement
“To be a world class technology

driven and client focused market
leader in financial and technical
services at GIFT IFSC.”
CONTENTS
Company Informa on .............. 2
Director's Report .............. 3
Annexure – A
Disclosure of par culars of contracts/arrangements entered by
the company with related par es in prescribed from AOC – 2 .............. 13
Annexure – B
Report of Corporate Governance .............. 14
Annexure – C
Secretarial Audit Report .............. 19
Independent Auditor's Report .............. 23
Comments of the Comptroller and Auditor General of India .............. 34
Balance Sheet .............. 35
Statement of Profit and Loss .............. 36
Cash Flow Statement .............. 37
Statement of Changes in Equity .............. 38
Notes to the Financial Statement .............. 42
STOCKHOLDING SECURITIES IFSC LIMITED | 1

COMPANY INFORMATION
BOARD OF DIRECTORS (as on August 12, 2024)
Shri Manoj Kumar Parida NonExecu ve Director and Chairman
Shri. Krishnan Iyer Mani NonExecu ve Director
Shri. Shreekant Patwardhan Nominee Director
Mrs. Shikha Gupta NonExecu ve Director
Shri. Manish Kumar Agrawal Director (Managing Director)
Management Team
Shri. Manish Kumar Agrawal Chief Execu ve Officer
Smt. Ara Bha Chief Financial Officer
Statutory Auditors M/s Ramanlal G. Shah & Co.,

(CAG appointed statutory auditor) Chartered Accountants,
Ahmedabad
Secretarial Auditor M/s RRBP & Company,

Prac cing Company Secretaries,
Ahmedabad
Internal Auditor M/s Manubhai & Shah LLP,

Chartered Accountants,
Ahmedabad
Bankers ICICI Bank Limited

Kotak Mahindra Bank Limited
State Bank of India
HDFC Bank Limited
Axis Bank Limited
Registered office Unit 518, 5th Floor, Hiranandani Signature Tower,

Block 13B, Zone1, GIFT IFSC, Gi City,
Gandhinagar, Gujarat – 382355
Corporate Iden ty Number U65990GJ2018GOI103278
Registrar & Share Transfer Agent M/s. Link In me India Pvt Limited
Website h ps://stockholdingifsc.com/
2 | 6th ANNUAL REPORT 2023-24

DIRECTORS' REPORT
To
The Members,
StockHolding Securi es IFSC Limited
Your Directors' are pleased to present the Sixth (6th) Annual Report of your Company along with the Audited
Statement of Accounts for the financial year ended March 31, 2024.
Financial Performance
Pursuant to the no fica on dated February 16, 2015, issued by the Ministry of Corporate Affairs, your company has
adopted the Indian Accoun ng Standards (Ind AS) no fied under the Companies (Indian Accoun ng Standards)
Rules, 2015.
During the period ended March 31, 2024, your company has reported a gross income of USD 89,720 (INR 74,27,422).
The Profit/(Loss) a er tax was USD (1,51,868) i.e., [INR (1,25,54,847)]. The Total Comprehensive Income/(loss) for the
year was USD (80) i.e., [INR (18,49,205)]. The financial results are summarized below:
202324 202324 202223 202223

Par culars
(Amt in USD) (Amt in INR) (Amt in USD) (Amt in INR)
Total Income 89,720 74,27,422 43,538 34,99,986
Total Expenditure 2,41,218 1,99,51,476 2,72,874 2,19,73,988
Profit/ (Loss) Before Tax (1,51,499) (1,25,24,054) (2,29,336) (1,84,74,002)
Profit/ (Loss) A er Tax (1,51,868) (1,25,54,847) (2,30,390) (1,85,60,669)
Total Comprehensive Income (1,51,948) (1,07,05,642) (2,19,912) (69,02,587)
Net Worth 15,79,974 13,16,57,190 17,31,921 14,23,62,832
Book Value per Equity Share of Rs 10 0.079 6.582 0.089 7.354
Earnings per share (0.01) (0.63) (0.01) (0.96)
StockHolding Securi es IFSC Limited (SSIL) at IFSC, Gi City

Your company is a SEBI registered Stockbroker and a wholly owned subsidiary of StockHolding Corpora on of India
Limited (StockHolding). As a BrokerDealer, your company offers Broking and Clearing Services to all eligible investors
at the Interna onal Financial Services Centre (IFSC) at Gi City, Gandhinagar, Gujarat.
Your company is a TMCM of India Interna onal Exchange (INDIA INX), NSE Interna onal Exchange (NSE IX) and
India Interna onal Bullion Exchange (IIBX). Your company is also a Depository Par cipant with India Interna onal
Depository IFSC Limited (IIDI).

Business and opera ons review
During the FY 202324 your Company was ac vely engaged in facilita ng various business opera ons. Your Company
has facilitated the trading of various financial instruments, including stocks, deriva ves, and commodi es. One
notable achievement is the onboarding of one Trading Member for our clearing services. Furthermore, your Company
is ac vely engaged in tradingclearing for bullion exchange and is providing services to clients for execu ng trades on
bullion exchange. This new ini a ve reflects our commitment to con nuously diversify our offerings and cater to the
evolving needs of our clients. In the current year, your Company is also providing access to the Global Access (GA)
pla orm of India INX to eligible investors. NSE IFSCSGX Connect at Interna onal Financial Service Centre in GIFT
City became opera onal from July 03, 2023, a er the transi on of SGX Ni y deriva ves to NSE IFSC. The index has
also been renamed as GIFT Ni y. The shi of the exchange to India inaugurates the fullscale opera ons of NSE IFSC
SGX Connect, a planned collabora on between SGX and NSE for trading stock indexbased products and for
promo ng global investments on Indian shores. Your company is also exploring business opportunity by applying for
corporate agency for distribu on of Insurance products to eligible investors. Your Company is op mis c on GIFT
NIFTY and opportuni es this connect brings to GIFT City.
Regulatory development
The regulatory development happened during the year under review and/or a er the end of FY but before the signing
of the report are as follows:
1. Various key developments were announced by the Government for GIFT IFSC are summarized as follows:
a. Government of India no fied bookkeeping, accoun ng, taxa on and financial crime compliance services as
'financial services' under sec on 3 of IFSCA Act 2019
b. The Central Government no fied that no deduc on of tax shall be made under the provisions of the Income
tax Act in respect of the payments for certain ac vi es made by any 'payer' to a person being a Unit of IFSC,
(referred as 'payee'). The no fica on issued by the Central Government came into force on April 1, 2024.
c. Government of India, on January 24, 2024, no fied the Foreign Exchange Management (Nondebt
Instruments) Amendment Rules, 2024 and the Companies (Lis ng of Equity Shares in Permissible
Jurisdic ons) Rules, 2024 providing the framework for enabling direct lis ng of equity shares by public
Indian companies on the Interna onal Exchanges in GIFT IFSC
2. IFSCA, the regulatory authority of IFSC en es, has issued following rules/regula ons/direc ves related to
capital market such as:
a. IFSCA has cons tuted an Expert Commi ee for the development of a robust and vibrant ecosystem for
REITs and InvITs in GIFT IFSC
b. IFSCA cons tuted an Expert Commi ee for developing GIFT IFSC as “Global Finance and Accoun ng hub”
c. IFSCA had released the consulta on paper on Dra IFSCA (Bookkeeping, Accoun ng, Taxa on and
Financial Crime Compliance
d. IFSCA issued a circular on the format and manner of seeking authoriza on as Payment Service Provider,
which will enable applicants applying for the Payment service provider in GIFT IFSC.
e. IFSCA issued a circular on the Repor ng Norms for Capital Market Intermediaries which mandates the
Capital Market Intermediaries to submit informa on to the Authority in the prescribed format.
f. IFSCA issued a circular on the Monitoring of Investments from countries sharing land borders with India
regarding the Direct Lis ng of Indian companies on the stock exchanges in IFSC.

g. IFSCA issued a circular on the Inclusion of “Finance Company” and “Finance Unit”, wherein the en es
engaged in ac vi es like lending in the form of loans, commitments, and guarantees, as well as ac vi es
such as factoring and forfei ng among others, have been included by IFSCA under the defini on of 'credit
ins tu ons' under the Credit Informa on Companies (Regula on) Act, 2005.
h. IFSCA issued a circular regarding registra on on FIUIND FINNET 2.0 portal for compliance with IFSCA (An
Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022 wherein all
Regulated En es are directed to complete their registra on on FIUIND FINNET 2.0 portal.
i. IFSCA (Fund Management) Regula ons, 2022 provide certain flexibili es to the "Accredited Investors" and
the Fund Management En es that deal with them.
j. IFSCA issued a circular on Bullion Trading Members and Clearing Members in GIFTIFSC, wherein the
Authority has extended the me period by addi onal 6 months from January 28, 2024, to July 28, 2024, or
ll the me IFSCA issues revised guidelines/ handbook/circular specifying the requirements of minimum
Net worth and Base Minimum Capital for Bullion intermediaries, whichever is earlier.
k. IFSCA had no fied a circular on Ease of doing business: Se lement of Client's Funds lying with Broker Dealer
wherein se lement of funds shall be done as per the Agreement/Consent Le er between the Broker Dealer
and its client unless it is specified by IFSCA. The Circular also highlights that Stock Exchanges in IFSC shall put
in place a mechanism for monitoring clients' funds lying with the Broker Dealers.
l. IFSCA issued a circular for improving the processing melines of crossborder payments.
m. IFSCA vide circular dated March 22, 2024, informed all stakeholders about the Indian Financial System Code
(IFSC code) allo ed to IFSC Banking Units (IBUs).
Change in nature of business
The company has not undergone any changes in the nature of the business during the financial year 202324.
Details of subsidiary, joint venture or associates
Your Company does not have any subsidiary, Joint Venture or Associate company.
Dividend
In view of the loss incurred by the company during the year under review, your Board of Directors do not recommend
any dividend for the financial year 202324.
Amount transferred to reserves
In view of the loss, no amount was available for transferring to the reserves for the FY 202324.
Issue of shares
The authorized share capital is INR 20,00,00,000/ (Indian Rupees Twenty Crores) and paidup share capital is of INR
20,00,00,000/ (Indian Rupees Twenty Crores), 2,00,00,000 shares of face value of INR 10 each.
Dematerializa on of equity shares of your Company
The equity shares of your Company are admi ed in demat with Na onal Securi es Depository Limited (NSDL). M/s.
Link In me India Pvt Limited has been appointed as Registrar and Transfer Agent. As on date 100% of your Company's
equity shares are in dematerialized form.

Annual Return
The provisions of Sec on 92(3) of the Companies Act, 2013 regarding placing of annual return on the website of the
Company is specifically exempted by Ministry of Corporate Affairs for the IFSC public companies through no fica on
no. G.S.R. 08(E) dated January 04, 2017.
Par culars of Loans, Guarantee and Investments

Your company has not given any loans, guarantees or investments within the purview of sec on 186 of the Companies
Act, 2013.
Fixed Deposits
The company has not accepted any Fixed Deposits from the public during the financial year 202324.
Par culars of contracts or arrangements with related par es

During the year under review, your Company has not entered into the transac ons with related par es as referred to
in subsec on (1) of Sec on 188 of the Companies Act, 2013, the details of which are provided in the financial
statement of the Company.
Pursuant to sec on 134(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules,
2014, Form AOC2 is annexed as AnnexureA to this Report.
Material changes affec ng the financial posi on of the company

There were no material changes and commitments that took place and affected the financial posi on of the company
a er the end of the financial year ended March 31, 2024.
Code of Conduct to regulate, monitor and report trading

Your company, being an Interna onal Financial Services Centre Authority (IFSCA)/SEBI regulated intermediary has
formulated and implemented the Code of Conduct to regulate, monitor and report trading by its employees /
directors.
Details of Directors and Key Managerial Personnel

Your Company presently has five Directors. The remunera on of NonExecu ve Directors (except StockHolding
nominated/represented directors) comprises si ng fees for a ending the mee ngs of Board/Commi ees of the
Board of the company. None of the directors were en tled to stock op ons.
Shri Ramesh N.G.S. (06932731) has resigned as NonExecu ve Chairman and Director with effect from April 17, 2023,
due to his superannua on from the StockHolding and subsequently, Shri Manoj Kumar Parida (09230827) has been
appointed as Addi onal Director and NonExecu ve Chairman from StockHolding in his place with effect from January
19, 2024. The Board records apprecia on for the invaluable contribu ons made and guidance provided by Shri
Ramesh N. G. S. during his tenure.
Shri. Manoj Kumar Parida has a bachelor's degree in Technology (B.Tech) from Orissa University of Agriculture &
Technology and Diploma in Business Management from the Ins tute of Management Technology (IMT), Ghaziabad.
He has more than two decades of extensive experience and exper se in business development, Structuring of loan
products, funding to large and medium corporates, financing infrastructure and other projects, project monitoring,
providing resolu on for nonperforming loans and stranded assets in Banking and Finance Sector. He has worked in
private as well as public sector banks and development financial ins tu ons in mul ple roles from Credit Manager to
Credit Head and from State Head to Regional Head. Currently he is General Manager in IFCI Limited and on deputa on
to StockHolding as Chief Opera ng Officer (COO).
Shri Prabhat Kumar Dubey (09327875) has resigned from the post of Managing Director & CEO with effect from close
of business hours on April 17, 2023, pursuant to his repatria on by the parent company. Subsequently, your Board has
appointed Shri Manish Kumar Agrawal (10099187) as an Addi onal Director and designated him as the Managing
Director & CEO with effect from April 18, 2023. Shri Manish Kumar Agrawal was regularised along with Shri Krishna
Iyer Mani and Ms. Shikha Gupta at the 5th Annual General mee ng of the Company held on 15th September 2023.
Ms. Ekta Shukla (A52677) resigned from the post of Company Secretary & Head Compliance w.e.f. June 24, 2024.
Subsequently, the recruitment of Company Secretary & Head Compliance is underway.
The directors of the Company also adhere to the Fit and Proper person criteria as specified in IFSCA Regula ons.
Disclosure under Sec on 164 of the Companies Act, 2013

Your Company has received disclosures as required under Sec on 164 of the Companies Act, 2013 and has noted that
none of the directors is disqualified on account of noncompliance with any of the provisions of the Companies Act,
2013 read with the Companies (Appointment and Qualifica on of Directors) Rules, 2014.
Receipt of any commission by Managing Director (MD)/Whole Time Director (WTD) from a Company or for receipt
of commission/remunera on from it Holding or subsidiary
MD/WTD has not received any commission from a company, its Holding company or subsidiary during the financial
year 202324.
Number of mee ngs of the Board

During the year, total six Board Mee ngs were convened and held. The intervening gaps between the mee ngs were
within the period prescribed under the Companies Act, 2013. The details of Board Mee ngs are given in the Corporate
Governance Report.
Commi ees of the Board

Your company, being an IFSC public company, is exempt from the provisions of sec on 177 and 178 of the Companies
Act, 2013 pertaining to cons tu on of an Audit Commi ee and Nomina on & Remunera on Commi ee. However, in
the interest of good governance prac ce and transparency, the company had cons tuted three commi ees viz. Audit
Commi ee, Nomina on & Remunera on Commi ee and Risk & New Ini a ve Commi ee. Details of the Commi ees
are as follows:
Audit Commi ee
In terms of good governance prac ce, your company had cons tuted Audit Commi ee comprising 3 members as per
the provisions of the sec on 177 of the Companies Act, 2013. The composi on of Audit Commi ee is as under:
Sr.No. Name of Member Designa on

Shri. Krishna Iyer Mani
1 Chairman & Member
(Addi onal NonExecu ve Director)
Shri. Shreekant Patwardhan
2 Member
(Nominee Director)
Mrs. Shikha Gupta
3 Member

The Audit Commi ee held five mee ngs during the year ended March 31, 2024. The details of audit commi ee
mee ngs are given in the Corporate Governance Report.
Nomina on & Remunera on Commi ee (NRC)
In terms of good governance prac ce, your company had cons tuted NRC with 3 members as per the provisions of
sec on 178 of the Companies Act, 2013. The composi on of NRC is as under:
Mrs. Shikha Gupta Chairperson & Member
1
2 Member
3 Member
(Nominee Director)
The directors of the company are nominee director of the parent company, however, since its cons tu on, such
appointments are placed before the NRC for their recommenda on to the Board for the appointment of nominee
directors. Further, the NRC, to the extent feasible and prudent, shall comply with the provisions of the sec on 178 of
the Companies Act, 2013 for the recommenda on the appointment of nonexecu ve director/s, appointment of
KMPs and their remunera on, if any., to the Board. There were 2 NRC mee ng held during the year ended March 31,
2024. The details of Commi ee mee ngs are given in the Corporate Governance Report.
Risk & New Ini a ve Commi ee (R&NIC)
In terms of good governance prac ce, your company had cons tuted R&NIC. The R&NIC has three members and the
Composi on of R&NIC is as under:

1 Chairman & Member
2 Member
(Nominee Director)
Mrs. Shikha Gupta
3 Member
(NonExecu ve Director)
However, Audit and Risk & New Ini a ves Comi tees were merged during the year 20232024 thereby new
commi ee Audit, Risk & New Ini a ves Commi ee of the Board (ARNB) was formed.
One mee ng was held during the year ended March 31, 2024 and the details of ARNB mee ng is given in the
Corporate Governance Report.

Corporate Social Responsibility (CSR)
Your Company does not transcend the threshold limits as required under Sec on 135 of the Companies Act, 2013 and
accordingly is not required to cons tute a CSR Commi ee to discharge the func ons mandated under the provisions
so prescribed.
Corporate Governance
Your company is not a listed company even though it endeavors to comply with Corporate Governance norms. Report
on Corporate Governance is annexed as AnnexureB.
Whistle Blower Policy
Your Company has formulated a Whistle Blower/Vigil Mechanism pursuant to Sec on – 177(10) of the Companies Act,
2013, enabling repor ng of any concern of unethical conduct, behaviour, suspected fraud or viola on and safeguard
the whistle blower.
The Sexual Harassment of Women at Workplace (Preven on, Prohibi on and Redressal) Act, 2013
As per requirements, a company employing ten or more employees needs to have an ICC in place comprising of at
least four members. But as the number of employees in the company is less than ten therefore, the company has not
formed an Internal Complaints Commi ee (ICC). However, with a view to provide a safe working environment for the
women employees, the company has adopted Preven on of Sexual Harassment (POSH) Policy and has laid down a
procedure to refer to all ma ers falling in the ambit of the POSH policy to the ICC of the parent company.
Risk Management Policy
Your company recognizes that risk is an integral part of business and is commi ed to managing the risk in a protec ve
and efficient manner. Your company has a Board adopted Risk Management Policy and Risk Management Policy
(opera ons) and are reviewed annually. Your company also has an internal risk commi ee to iden fy risks on a me
to me basis and address them through mi ga on ac ons on a con nuous basis.
Statement in Respect of Adequacy of Internal Financial Control with Reference to the Financial Statements
Regarding the internal financial controls in the company, the management of the company has appointed M/s.
Chandabhoy & Jassoobhoy to conduct an internal financial control audit annually. The Auditors review the en ty level
controls, trading and clearing, finance, procurement, human resources, asset management, legal & secretarial,
informa on & technology and financial closure. The report of IFC audit has been placed before the Board a er
necessary review of Audit Commi ee. The report does not contain any qualifica ons, reserva ons, or adverse
remarks.
Conserva on of energy, technology absorp on, foreign exchange earnings and outgo
Conserva on of energy & technology absorp on
Your company does not carry out any manufacturing ac vi es. However, it has taken steps towards conserva on of
energy and con nues to use the latest technologies for improving the produc vity and quality of its services. Your
company uses energy efficient LED lights equipped with the latest technology having features of lower power usage
and improved performance. Your company is using energy efficient chilled water cooling for air condi oning. These
efforts result in a significant reduc on in energy consump on.
Foreign exchange earnings and outgo
The func onal currency of your company is USD, and the presen ng currency is INR. Hence, for the purpose of the
repor ng of foreign exchange earnings and outgo, any earning in currency other than USD is considered while the

conversion of currency form USD to INR (for mee ng expenses) is reported herein. The Company generates its
revenue from opera ons and investment income in USD only.
Foreign exchange earnings and outgo during the year under review:
Foreign Exchange Earnings – *INR 10,11,802
Foreign Exchange Outgo – **USD 1,16,000
*(INR 10,11,802 credited into Special NonResident Rupee Account towards various receipts comprising of Subsidy
from Government of Gujarat, Si ng Fees from NICCL and Income Tax refund for A.Y. 202324)
**(INR 95,99,700/ credited into Special NonResident Rupee Account for incurring expenses for incurring expenses)
Par culars of Employees
None of the employees of your company were in receipt of remunera on in excess of the limits as laid down under
Rule 5 of the Companies (Appointment and Remunera on of Managerial Personnel) Rules, 2014.
Auditors & Auditor's Report
C&AG and Statutory Auditor
Being subsidiary of a Government Company, your company is also a Government Company. As per the sec on 139 of
the Companies Act, 2013, M/s. Ramanlal G Shah & Co., Chartered Accountants, Ahmedabad, were appointed by the
office of Comptroller and Auditor General of India (CAG) vide its le er dated September 13, 2023, as Statutory
Auditor of your company for the financial year 202324.
The Statutory Auditor M/s Ramanlal G Shah & Co. conducted the audit of the financial statements of the company for
the financial year ended March 31, 2024 and given their report which is part of the Annual Report. The report does not
contain any qualifica ons, reserva ons, or adverse remarks.
With reference to Sec on – 143 of the Companies Act, 2013, the Audit of the accounts of Government companies is
administered by the Comptroller and Auditor General of India. Also, the appointment and reappointment of the
Auditor at Government Company are made by the Comptroller and Auditor General of India. The comment(s)/report
of the Comptroller & Auditor General of India on the statutory audit report is to be placed before the shareholder
along with Auditor's Report.
Secretarial Auditor
Your company, being a public limited company but having a paidup capital of less than INR 50 crores and not having
specified turnover or loan, does not belong to the class of companies that are required to obtain a secretarial audit
report. However, in the interest of good governance prac ce, the Board of Directors of your company has appointed
M/s RRBP & Co., Ahmedabad, Prac cing Company Secretaries, as Secretarial Auditor of the company to conduct
Secretarial Audit of your company for the financial year 202324 as per the provisions of Sec on 204 of the Companies
Act, 2013. The Secretarial Audit Report is annexed herewith as AnnexureC. The report does not contain any
qualifica ons, reserva ons, or adverse remarks.
Internal Auditor
Your company has appointed M/s Manubhai & Shah LLP, Chartered Accountants, Ahmedabad, as Internal Auditor to
carry out an internal audit of all func ons and ac vi es of the company as per the scope approved by the Audit
Commi ee (earlier Audit, Risk and New Ini a ve Commi ee) of the Board. The quarterly internal audit reports have
been placed before the mee ngs of the Audit Commi ee / ARNB and then to the Board.
Details to be reported u/s 134 (3) (ca) of the Companies Act, 2013
No frauds have been no ced/ or reported by Auditors during the year.
Maintenance of cost records
The company is not required to maintain accounts and records as specified by the Central Government under sub
sec on (1) of sec on 148 of the Companies Act, 2013, pertaining to the Maintenance of Cost Records.
Details of significant & material orders passed by the Regulators or Courts or Tribunal
There are no material orders passed by the regulators or courts or tribunals impac ng the going concern status and
the Company's opera ons in future.
Details of applica on made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016
The company has neither made any applica on, nor any proceeding is pending under the Insolvency and Bankruptcy
Code, 2016 during the year ended March 31, 2024.
Details of difference between amount of the valua on done at the me of one me se lement and the valua on
done while taking loan from the Banks or Financial Ins tu ons along with the reasons thereof
The company has not availed any one me se lement facility and has not taken any loan from the banks and financial
ins tu ons during the year under review. Therefore, the company was not required to provide the details with
reference to the difference in the amount of valua on done at the me of one me se lement and valua on done
while taking loan from the banks or financial ins tu ons.
Directors' Responsibility Statement
To the best of their knowledge and belief, your Directors make the following statements in terms of Sec on 134(5) of
the Companies Act, 2013 and confirm that:
a) in the prepara on of the annual accounts for the financial year ended March 31, 2023, the applicable
accoun ng standards had been followed along with proper explana on rela ng to material departures;
b) the directors had selected such accoun ng policies and applied them consistently and made judgements and
es mates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your
Company as at March 31, 2024, and of the profit and loss of the Company for the year ended on that date;
c) the Director had taken proper and sufficient care for the maintenance of adequate accoun ng records in
accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and
for preven ng and detec ng fraud and other irregulari es;
d) the Directors had been prepared the annual accounts on a going concern basis;
e) internal financial controls were in place and such financial controls are adequate and opera ng effec vely;
f) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and
such systems are adequate and opera ng effec vely.
Acknowledgements
The Directors are grateful for the support and coopera on extended by IFCI Ltd (ul mate holding company), Stock
Holding Corpora on of India Limited (Holding/parent Company)and StockHolding group companies and look forward
to their con nued support and coopera on. The Directors expresses its sincere thanks to Interna onal Financial
Services Centres Authority (IFSCA), the Central Excise Customs and Service Tax at IFSCGi City, Gujarat Interna onal
Finance TecCity (Gi City), Kandla Special Economic Zone (KASEZ), India Interna onal Exchange (IFSC) Limited (India

INX), India Interna onal Clearing Corpora on (IFSC) Limited, NSE IFSC Limited (NSE IX), NSE IFSC Clearing
Corpora on Limited, India Interna onal Bullion Exchange (IIBX), India Interna onal Depository IFSC Limited. The
Directors would like to place on record their apprecia on of the contribu on made by the employees at all levels for
the development of the Company.
For and on behalf of the Board of Directors

Place: Gandhinagar
Date: 19th July 2024
SD/
_____________________________
Manoj Kumar Parida
DIN: 09230827
NonExecu ve Chairman

Annexure A
FORM AOC 2
[Pursuant to clause (h) of subsec on (3) of sec on 134 of the Companies Act, 2013 and Rule 8(2) of the
Companies (Accounts) Rules, 2014]
Form for disclosure of par culars of contracts/arrangements entered into by the company with related par es
referred to in Sec on 188(1) of the Companies Act, 2013 including certain arm's length transac ons under third
proviso thereto
1. Details of contracts or arrangements or transac ons not at arm's length basis: None
(a) Name (s) of the related party and nature of rela onship
(b) Nature of contracts/arrangements/transac ons
(c) Dura on of the contracts / arrangements/transac ons
(d) Salient terms of the contracts or arrangements or transac ons including the
value, if any
(e) Jus fica on for entering into such contracts or arrangements or transac ons Not
(f) Date(s) of approval by the Board Applicable
(g) Amount paid as advances, if any:
(h) Date on which the special resolu on was passed
(i) Amount paid as advances, if any
(j) Date on which special resolu on was passed in general mee ng as required
under first proviso to Sec on 188 of the Companies Act,2013
2. Details of material contracts or arrangement or transac ons at arm's length basis: None
(a) Names(s) of the related party and nature of rela onship

(b) Nature of contracts/arrangements/transac ons
(c) Dura on of the contracts/arrangements/transac ons
Not
(d) Salient terms of the contracts or arrangements of transac ons including the
Applicable
value, if any
(e) Date(s) of approval by the Board, if any
(f) Amount paid as advances, if any
For and on behalf of the Board of Directors

Place: Gandhinagar
Date: 19th July 2024
SD/
_____________________________
Manoj Kumar Parida
DIN: 09230827
NonExecu ve Chairman

Annexure B
REPORT ON CORPORATE GOVERNANCE

(Forming part of Directors' Report for financial year ended March 31, 2024)
Your Company's philosophy on Code of Governance
The company is not a listed en ty. Nevertheless, it endeavours to comply with Corporate Governance norms as
specified under Securi es and Exchange Board of India (Lis ng Obliga ons and Disclosure Requirements)
Regula ons, 2015. The company's philosophy on corporate governance recognizes the accountability of the Board &
Officers and the importance of decisions to all cons tuents, including customers, employees, investors, business
associates, regulatory authori es, and the community at large. Your company believes that all its opera ons and
ac ons must serve the underlying goal of enhancing overall shareholder value over a period of me.
Board of Directors
The Board sets the strategic goals for your company, defines its policies and oversee the implementa on of these
policies to enable ac ons that would lead to the a ainment of the goals.
The Board presently consists of 5 members and the daytoday management of the company vests in the hands of the
MD & CEO.
The details of Directorships held by the directors as on July 19, 2024, in other companies are as follows:
Shri.
Name Krishna Iyer
of the Mani
Director Date of Category Directorships
Appointment
Manoj Kumar Parida January 19, 2024 Chairman Non Execu ve 1. StockHolding Services Limited
– NonExecu ve Chairman & Director
2. ITCOT Limited – NonExecu ve Director
3. IIDL Realtors Private Limited
– Nonexecu ve Director
Shikha Gupta Nov. 14, 2022 Non Exeucitve Director NIL
Krishna Iyer Mani Nov. 04, 2022 Non Execu ve Director NIL
Shreekant Gopal June 01, 2022 Non Execu ve Director NIL

Patwardhan
Manish Kumar April 18, 2023 MD & CEO NIL

Agrawal
Details of the Board Mee ng and A endance
The Board of Directors meets at least once in every three months. Six mee ngs were held during the period ended
March 31, 2024. Details of Board Mee ngs held are as follows :

Total number of Number of
Sr.No. Date of the Board Mee ng Directors on the Directors % of A endance
date of the mee ng a ended
1 17.04.2023 5 4 80
2 03.05.2023 4 4 100
3 22.07.2023 4 4 100
4 20.10.2024 4 4 100
5 19.01.2024 5 5 100
6 07.03.2024 5 5 100
A endance of Directors at Board Mee ngs and Annual General Mee ng (AGM) during the period ending March
31, 2024, are as follows:
A endance at the Board Mee ngs A endance

Sr. Name of the at the AGM
No. Director 17.04. 05.07. 22.07. 20.10. 19.01. 07.03. held on
2023 2023 2022 2024 2024 2024 15.09.2023
1 Shri. Manoj Kumar Parida
(appointed on 19.01.2024) NA NA NA NA √ √ NA
Shri Manish Kumar Agrawal
2
(appointed w.e.f. 18.04.2023) NA √ √ √ √ √ √
Shri N. G. S. Ramesh
3 (resigned w.e.f. 17.04.2023) LOA NA NA NA NA NA NA
4 √ √ √ √ √ √ √
5 √ √ √ √ √ √ √
Mrs. Shikha Gupta
6 √ √ √ √ √ √ √
7 Shri. Prabhat Kumar Dubey √ NA NA NA NA NA NA
(resigned w.e.f. 17.04.2023)
LOA = Leave of absence; √ = a ended; NA = Not a member of the Board of Directors on the date of the mee ng
Details of Audit Commi ee Mee ngs and A endance
The accounts of your company are audited every quarter and the quarterly and annually audited financial statements
along with auditor's report are placed before the Audit Commi ee for their recommenda on to the Board for their
approval.
The terms of reference of the Audit Commi ee of the Board inter alia includes the terms referred to under Sec on 177
(4) of the Companies Act, 2013. As on March 31, 2024, the Audit Commi ee of the Board comprised of three
members. During the financial year 20232024, five audit commi ee mee ngs were held and details of a endance of
the members at Audit Commi ee mee ngs are as follows:

A endance at the Audit Commi ee Mee ngs
Sr.
No. Name of Member
03.05.2023 22.07.2023 20.10.2023 19.01.2024 07.03.2024
1 Shri. Shreekant Patwardhan √ √ √ √ √

2 Shri. Krishna Iyer Mani √ √ √ √ √
3 Mrs. Shikha Gupta √ √ √ √ √
Details of Nomina on & Remunera on Commi ee (NRC) and A endance

The appointment of directors, and KMP and their remunera on are placed before the NRC for their recommenda on
to the Board for approval. As on March 31, 2024, the NRC of the Board comprised of three members. During the
financial year 202324, two mee ngs were held on 17.04.2023 & 20.10.2023
Sr. A endance at the NRC Mee ngs

Name of Member
No. 17.04.2023 20.10.2023
1 Mrs. Shikha Gupta √ √

2 Shri. Krishna Iyer Mani √ √
3 Shri. Shreekant Patwardhan √ √
General Mee ngs

Your company held its fourth (5th) Annual General Mee ng (AGM) on September 15, 2023, through video
conferencing or other audiovisual means. The company was complied with the provisions of the Companies Act,
2013 and the circulars issued by the Ministry of Corporate Affairs (MCA) for conduc ng the AGM through video
conferencing.
Disclosures
There were no transac ons of your company of material nature with its Directors, KMP or their rela ves etc. that may
have poten al conflict with the interest of your company at large.
Dividend History
Since your company has incurred losses in the financial years 201819, 201920, 202021, 202122, 202223 and 2023
24, dividends have not been declared and paid.
Shareholder Informa on
a) Annual General Mee ng
Date, Time & Mode of the Annual General Mee ng
September 13, 2024, at 04:00 P.M., through video conferencing or other audiovisual means
b) Dividend Payment Date
Not Applicable

c) Lis ng on Stock Exchange
The company's shares are not listed on any stock exchange.
d) Annual Report
The Annual Report containing inter alia Audited Annual Accounts, Directors' Report, Auditor's Report,
and other important informa on is circulated to members and other en tled thereto. The Annual Report
of the company is also available on the website of the company i.e., www.stockholdingifsc.com, in a
downloadable form.
e) Distribu on of shareholding as on March 31, 2024
The Company is wholly owned subsidiary of Stock Holding Corpora on of India Limited (StockHolding).
f) Address for correspondence
To,
Company Secretary
StockHolding Securi es IFSC Limited
518, Signature Tower, IFSC, Gi SEZ,
Gi City, Gandhinagar, Gujarat382355.
Dated: 19th July 2024

RRBP & COMPANY
Practicing Company Secretaries
Annexure C
FORM NO. MR3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED ON MARCH 31, 2024
[Pursuant to Sec on 204(1) of the Companies Act, 2013 and Rule 9 of the Companies
(Appointment and Remunera on Personnel) Rules, 2014]
To,
The Members,
STOCKHOLDING SECURITIES IFSC LIMITED
CIN: U65990GJ2018GOI103278
Unit No.518, Signature, 5th Floor,
Block 13B, ZoneI, GIFT SEZ GIFT CITY,
Gandhinagar – 382355, Gujarat, India.
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to
good corporate prac ces by STOCKHOLDING SECURITIES IFSC LIMITED (hereina er called the Company) for the
financial year ended on 31st March, 2024. Secretarial Audit was conducted in a manner that provided us a reasonable
basis for evalua ng the corporate conducts/statutory compliances and expressing our opinion thereon.
Based on our verifica on of the Company's books, papers, minute books, forms and returns filed and other records
maintained by the company and also the informa on provided by the Company, its officers, agents and authorized
representa ves during the conduct of secretarial audit, We hereby report that in our opinion, the company has,
during the audit period covering the financial year ended on 31st March, 2024 complied with the statutory provisions
listed hereunder and also that the Company has proper Boardprocesses and compliancemechanism in place to the
extent, in the manner and subject to the repor ng made hereina er:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the
Company for the financial year ended on 31st March, 2024 according to the provisions of:
I. The Companies Act, 2013 (the Act) and the rules framed thereunder;
II. The Securi es Contracts (Regula on) Act, 1956 ('SCRA') and the rules framed thereunder;
III. The Depositories Act, 1996 and the Regula ons and Byelaws framed thereunder;
IV. The Special Economic Zones Act, 2005 and the rules and Byelaws framed thereunder;
V. Foreign Exchange Management Act, 1999 and the rules and regula ons framed thereunder to the extent
applicable to IFSC Company;
VI. The following Regula ons and Guidelines prescribed under the Securi es and Exchange Board of India Act,
1992 are applicable to the Company:

RRBP & COMPANY
Company Secretaries
a. The Securi es and Exchange Board of India (Registrars to an Issue and Share Transfer Agents)
Regula ons, 1993;
b. The Securi es and Exchange Board of India (Intermediaries) Regula ons, 2008.
c. Interna onal Financial Services Centres Authority (Capital Market Intermediaries) Regula ons,
2021.
VII. The following Regula ons and Guidelines prescribed under the Securi es and Exchange Board of
India Act, 1992 ('SEBI Act') are Not Applicable to the Company:
a. The Securi es and Exchange Board of India (Substan al Acquisi on of Shares and Takeovers)
Regula ons, 2011;
b. The Securi es and Exchange Board of India (Prohibi on of Insider Trading) Regula ons, 2015;
c. The Securi es and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regula ons, 2018;
d. The Securi es and Exchange Board of India (Employee Stock Op on Scheme and Employee Stock
Purchase Scheme) Guidelines, 1999;
e. The Securi es and Exchange Board of India (Share Based Employee Benefits and Sweat Equity)
Regula ons, 2021;
f. The Securi es and Exchange Board of India (Issue and Lis ng of NonConver ble Securi es)
Regula ons, 2021;
g. The Securi es and Exchange Board of India (Delis ng of Equity Shares) Regula ons, 2021;
h. The Securi es and Exchange Board of India (Buyback of Securi es) Regula ons, 2018;
I The Securi es and Exchange Board of India (Se lement Proceedings) Regula ons, 2018;
j. The Securi es and Exchange Board of India (Lis ng Obliga ons and Disclosure Requirements)
Regula ons, 2015.
VIII. The following Regula ons prescribed by Interna onal Financial Services Centres Authority
(IFSCA) under Interna onal Financial Services Centres Authority Act, 2019 are applicable to the
Company:
a. Interna onal Financial Services Centres Authority (Bullion Exchange) Regula ons, 2020;
b. Interna onal Financial Services Centres Authority (Capital Market Intermediaries) Regula ons,
2021.

RRBP & COMPANY
Company Secretaries
c. Interna onal Financial Services Centres Authority (An Money Laundering, CounterTerrorist
Financing and Know Your Customer) Guidelines, 2022.
II. The following Secretarial Standards issued by The Ins tute of Company Secretaries of India are Not Applicable
to the Company:
a. Secretarial Standards with respect to the Mee ngs of the Board of Directors and Commi ee
Mee ngs of the Board (SS1) and General Mee ngs (SS2).
During the period under review the Company has complied with the provisions of the Act, Rules, Regula ons,
Guidelines, Standards, etc. men oned above.
We further report that:
The Board of Directors of the Company is duly cons tuted. The changes in the composi on of the Board of
Directors/Key Managerial Personnel that took place during the period under review were carried out in compliance
with the provisions of the Act.
Adequate no ce is given to all directors to schedule the Board Mee ngs, agenda and detailed notes on agenda were
sent at least seven days in advance except in some instance wherein shorter no ce was consented by the directors in
compliance of Rules, and a system exists for seeking and obtaining further informa on and clarifica ons on the
agenda items before the mee ng and for meaningful par cipa on at the mee ng.
Decisions at the mee ngs of Board of Directors / Commi ees were carried through on the basis of majority. There
were no dissen ng views by any members of Board in the mee ngs held during the year under review that were
required to be captured and recorded as part of minutes.
We further report that:
There are adequate systems and processes in the company commensurate with the size and opera ons of the
company to monitor and ensure compliance with applicable laws, rules, regula ons and guidelines.
Note: This report is to be read with our le er of even date which is annexed as “AnnexureA” and forms an integral
part of this report.
For, RRBP & COMPANY

(Prac cing Company Secretaries)
SD/
Date : April 10, 2024 CS Ravindra Rawal
Place: Ahmedabad Partner
FCS: 11277
COP: 17784
Peer Review Cert. No.: 973/2020
UDIN:F011277F000081138

RRBP & COMPANY
Company Secretaries
“ANNEXURE A”
To,
The Members,
(CIN: U65990GJ2018GOI103278)
Unit No. 518, Signature, 5th Floor, Block 13B, ZoneI,
GIFT SEZ, GIFT CITY, Gandhinagar 382355 (Gujarat) India
Our report of even date is to read along with this le er.
1. Maintenance of secretarial records is the responsibility of the management of the Company. Our
responsibility is to express an opinion on these secretarial records based on our audit.
2. We have followed the audit prac ces and processes as were appropriate to obtain reasonable assurance
about the correctness of the contents of the Secretarial records. The verifica on was done on test basis to
ensure that correct facts are reflected in secretarial records. We believe that the processes and prac ces, we
followed provided a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Book of Accounts of the
Company.
4. Wherever required, we have obtained the management representa on about the compliance of laws, rules
and regula ons and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regula on, standards is the
responsibility of management. Our examina on was limited to the verifica on of procedures on the test
basis.
6. The Secretarial audit report is neither an assurance as to the future viability of the Company nor of the
efficiency or effec veness with which the management has conducted the affairs of the Company.
For, RRBP & COMPANY

(Prac cing Company Secretaries)
SD/
Date : April 10, 2024 CS Ravindra Rawal
Place: Ahmedabad Partner
FCS: 11277
COP: 17784
Peer Review Cert. No.: 973/2020
UDIN:F011277F000081138

ANNEXURE
RECOMMENDATIONS MADE BY THE COMMITTEE ON PAPERS LAID ON THE TABLE (RAJYA SABHA) IN ITS
150TH REPORT DETAILS TO BE PROVIDED IN THE ANNUAL REPORT.
Details to be provided in the Annual Report in terms of recommenda ons made by the Commi ee on Papers laid on
the Table (Rajya Sabha) in its 150th Report are as under
1. Details of the vigilance cases for the FY 202324
Opening Vigilance cases

received during Disposed off
balance as on Balance
01.04.2023 to
01.04.2023 31.03.2024
NIL NIL NIL NIL
2. Details of Pending C&AG Audit Paras and Management Replies
Management
Sr. No. Audit Report Para No. Par culars
Response
NONE NONE NONE

RAMANLAL G. SHAH & CO.
CHARTERED ACCOUNTANTS
Telephone : 079-26578819, 26575530, 26578861
Website : www.ramanlalgshahandco.in SHREEJI HOUSE, BEHIND M.J. LIBRARY,
E-mail : ramanlalgshahandco@gmail.com ELLISBRIDGE, AHMEDABAD - 380 006.
INDEPENDENT AUDITOR'S REPORT
To the Members of StockHolding Securi es IFSC Limited

Report on the Financial Statements
Opinion
We have audited the accompanying financial statements of StockHolding Securi es IFSC Limited which comprises the
Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other Comprehensive Income),
Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the financial
statements, including a summary of significant accoun ng policies and other explanatory informa on. In our opinion
and to the best of our informa on and according to the explana ons given to us, the aforesaid financial statements
give the informa on required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and
fair view in conformity with the accoun ng principles generally accepted in India, of the state of affairs of the
Company as at March 31, 2024, its Loss including other comprehensive income, the changes in equity and its cash
flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Audi ng (SAS) specified under sec on 143(10) of the
Companies Act, 2013. Our responsibili es under those Standards are further described in the Auditor's
Responsibili es for the Audit of the Financial Statements sec on of our report. We are independent of the Company
in accordance with the Code of Ethics issued by the Ins tute of Chartered Accountants of India together with the
ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies
Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibili es in accordance with these
requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Other Informa on
The Company's Board of Directors is responsible for other informa on. The other informa on comprises informa on
included in the Management Discussion and Analysis, Board's Report including annexures to Board's Report and
Report on Corporate Governance but does not include the standalone financial statements and our Auditor's Report
thereon.
Our opinion on the standalone financial statements does not cover the other informa on and we do not express any
form of assurance conclusion thereon. In connec on with our audit of the standalone financial statements, our
responsibility is to read the other informa on and in doing so, consider whether the other informa on is materially
inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears
to be materially misstated. If, based on work we have performed, we conclude that there is a material misstatement
in this other informa on; we are required to report that fact.
We have nothing to report in this regard.
Responsibili es of Management and those charged with governance for the financial Statements
The Company's Board of Directors is responsible for the ma ers stated in sec on 134(5) of the Companies Act, 2013
("the Act") with respect to the prepara on of these financial statements that give a true and fair view of the financial

posi on, financial performance, including other comprehensive income, changes in equity and cash flows of the
Company in accordance with accoun ng principles generally accepted in India, including Indian Accoun ng Standards
(Ind AS) prescribed under sec on 133 of the Act read with the Companies (Indian Accoun ng Standards) Rules, 2015,
as amended. This responsibility also includes maintenance of adequate accoun ng records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and for preven ng and detec ng frauds and other
irregulari es; selec on and applica on of appropriate implementa on and maintenance of accoun ng policies;
making judgments and es mates that are reasonable and prudent; and design, implementa on and maintenance of
adequate internal financial controls that were opera ng effec vely for ensuring the accuracy and completeness of the
accoun ng records, relevant to the prepara on and presenta on of the financial statement that give a true and fair
view and are free from material misstatement, whether due to fraud or error. In preparing the financial statements,
management is responsible for assessing the Company's ability to con nue as a going concern, disclosing, as
applicable, ma ers related to going concern and using the going concern basis of accoun ng unless management
either intends to liquidate the Company or to cease opera ons, or has no realis c alterna ve but to do so. The Board
of Directors are also responsible for overseeing the company's financial repor ng process.
Auditor's Responsibili es for the Audit of financial statements

Our objec ves are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scep cism
throughout the audit. We also:
• Iden fy and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detec ng a material misstatement resul ng from
fraud is higher than for one resul ng from error, as fraud may involve collusion, forgery, inten onal omissions,
misrepresenta ons, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under sec on 143(3)(i) of the Companies Act, 2013, we are also responsible
for expressing our opinion on whether the company has adequate internal financial controls system in place and
the opera ng effec veness of such controls.
• Evaluate the appropriateness of accoun ng policies used and the reasonableness of accoun ng es mates and
related disclosures made by management.
• CConclude on the appropriateness of management's use of the going concern basis of accoun ng and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or condi ons that may cast
significant doubt on the Company's ability to con nue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw a en on in our auditor's report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor's report. However, future events or condi ons
• Evaluate the overall presenta on, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transac ons and events in a manner that
achieves fair presenta on.
We communicate with those charged with governance regarding, among other ma ers, the planned scope and
ming of the audit and significant audit findings, including any significant deficiencies in internal control that we
iden fy during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all rela onships and other
ma ers that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), issued by the Central Government of
India in terms of subsec on (11) of sec on 143 of the Companies Act, 2013, we give in the “Annexure A” a
statement on the ma ers specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required under sec on 143(5) of the Act and in accordance with the direc ons and sub direc ons issued by
the Comptroller & Auditor General of India, under sec on 143(5) of the Act, we have complied with all the
direc ons issued and our comments thereon is as per Annexure “C & D” to this report.
3. As required by Sec on 143(3) of the Act, we report that:
a) We have sought and obtained all the informa on and explana ons which to the best of our knowledge and
belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears
from our examina on of those books.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report
are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the Indian Accoun ng Standards specified
under Sec on 133 of the Act.
e) On the basis of the wri en representa ons received from the directors as on 31st March 2024 taken on
record by the Board of Directors, none of the directors is disqualified as on 31st March, 2024 from being
appointed as a director in terms of Sec on 164 (2) of the Act.
f) With respect to the adequacy of the Internal Financial Control over financial repor ng of the Company and
the opera ng effec veness of such controls, refer to our separate Report in "Annexure B".
g) With respect to the other ma ers to be included in the Auditor's Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our informa on and according
to the explana ons given to us:
1) The Company has no pending li ga ons which may have an effect on its on its financial posi on in its
financial.
2) The Company did not have any longterm contracts including deriva ve contracts for which there
were any material foreseeable losses.

3) There were no amounts which were required to be transferred to the Investor Educa on and
Protec on Fund by the Company.
4) The management has represented that, to the best of it's knowledge and belief, other than as
disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or kind of funds) by the company to or
in any other person (s) or en ty (ies), including foreign en es (“Intermediaries”), with the
understanding, whether recorded in wri ng or otherwise, that the Intermediary shall, whether,
directly or indirectly lend or invest in other persons or en es iden fied in any manner whatsoever
by or on behalf of the company (“Ul mate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ul mate Beneficiaries.
5) The management has represented, that, to the best of its knowledge and belief, other than as
disclosed in the notes to the accounts, no funds have been received by the company from any
person/s or en ty/s, including foreign en es (“Funding Par es”) , with the understanding,
whether recorded in wri ng or otherwise, that the company shall, whether, directly or indirectly,
lend or invest in other persons or en es iden fied in any manner whatsoever by or on behalf of the
Funding Party (“Ul mate Beneficiaries”) or provide any guarantee, security or the like on behalf of
the Ul mate Beneficiaries.
6) Based on such audit procedures that we considered reasonable and appropriate in the
circumstances, nothing has come to our no ce that has caused us to believe that the representa ons
under subclause (4) and (5) contain any material misstatement.
7) No dividend has been declared or paid during the year by the Company.
8) Based on our examina on which included test checks, the company has used accoun ng so ware for
maintaining its books of account which has a feature of recording audit trail (Edit Log) facility and the
same has operated throughout the period for all relevant transac ons recorded in the so ware.
Further, during the course of our audit we did not come across any instance of audit feature being
tampered with.
For RAMANLAL G. SHAH & CO.

Chartered Accountants
(Firm Reg. No. 108517W)
Date : 16th April, 2024
Place: Ahmedabad SD/
(Vivek S. Shah)
Partner
Membership No.112269
UDIN: 24112269BKFZXI1442

ANNEXURE A TO AUDITORS' REPORT

(Referred to in paragraph under the heading of "Report on Other Legal and Regulatory Requirements"
of our report of even date)
(i) (a) The Company has maintained proper records showing full par culars including quan ta ve details and
situa on of Property, Plant & Equipment as well as intangible assets.
(b) The Property, Plant & Equipment were physically verified during the year by the management as per the
cycle of physical verifica on fixed there for. The discrepancies no ced on such verifica on, which were
not significant, have been properly dealt with in thebooks of account.
(c) The tle deeds of immovable proper es are held in the name of the Company.
(d) During the year, the Company has not revalued any of its assets.
(e) There are no proceedings ini ated against the Company during the year under the Benami Transac ons
(Prohibi on) Act, 1988 (45 of 1988) for holding any benami property.
(ii) Due to the nature of opera ons of the Company, there is no inventory held by the Company during the year.
(iii) The Company has not been sanc oned any working capital limits from any bank or financial ins tu on during
the year.
(iv) According to the informa on and explana ons given to us, during the year, the Company has neither made
any investment in nor given any loans, security or guarantee or advances in the nature of loans, secured or
unsecured to any other company, firm, limited liability partnerships or any other par es.
(v) According to the informa on and explana ons given to us, the Company has not given loans, made
investments, given guarantees or security in terms of sec ons 185 and 186 of the Companies Act, 2013.
(vi) In our opinion and according to the informa on and explana ons given to us, the Company has not accepted
deposits, within the meaning of sec ons 73 to 76 or any other relevant provisions of the Companies Act, 2013
and the rules framed thereunder. No order has been passed by Company Law Board or Na onal Company Law
Tribunal or Reserve Bank of India or any court or any other Tribunal.
(vii) The maintenance of cost records has not been prescribed by the Central Government under subsec on (1) of
sec on 148 of the Act.
(viii) (a) In our opinion and according to the informa on and explana ons given to us, the Company is generally
regular in deposi ng undisputed statutory dues including provident fund, employees' state insurance,
incometax, Good & Service Tax, duty of customs, duty of excise, value added tax, cess and any other
statutory dues to the appropriate authori es. There are no such arrears as at 31st March, 2024 for a
period more than six months from the date they became payable.
(b) In our opinion and according to the informa on and explana ons given to us, there are no dues of
income tax or Good & Service Tax or duty of customs or duty of excise or valueadded tax that have not
been deposited as on 31 March, 2024 on account of any dispute.
(ix) According to the informa on and explana ons given to us, there are no transac ons which are unrecorded in
the books of account of the Company and have been surrendered or disclosed as income during the year in
the tax assessment under Income Tax Act, 1961.

(x) (a) According to the records of the Company examined by us and the informa on and explana ons given to
us, the Company has not defaulted in repayment of loans or borrowings or interest thereon to any banks,
financial ins tu ons or government or debenture holders as at the balance sheet date.
(b) According to the informa on and explana ons given to us, the Company has not been declared 'wilful
defaulter' by any bank or financial ins tu on or any other lender.
(c) According to the records of the Company examined by us and the informa on and explana ons given to
us, the Company has applied proceeds of term loans for the purposes for which they were raised.
(d) According to the records of the Company examined by us and the informa on and explana ons given to
us, the Company has not raised short term funds during the year.
(e) According to the records of the Company examined by us and the informa on and explana ons given to
us, during the year, the Company has not taken any funds from any en ty or person to meet the
obliga ons of subsidiary, associates or joint ventures.
(f) According to the records of the Company examined by us and the informa on and explana ons given to
us, during the year, the Company has not raised any loan on pledge of security held in its subsidiary,
associates or joint ventures.
(xi) (a) During the year, the Company has not raised moneys by way of ini al public offer or further public offer
(including debt instruments).
(b) In our opinion and according to the informa on and explana ons given to us, the Company has not made
any preferen al allotment or private placement of shares or fully or partly conver ble debentures during
the year.
(xii) (a) According to the informa on and explana ons given to us, no fraud by the Company or on the Company
has been no ced or reported during the year.
(b) According to the informa on and explana ons given to us, there were no whistle blower complaints
received during the year by the Company.
(xiii) The Company is not a Nidhi Company. Consequently, requirements of clause (xii) of paragraph 3 of the Order
are not applicable.
(xiv) In our opinion and according to the informa on and explana ons given to us, all transac ons with the related
par es are in compliance with sec ons 177 and 188 of Companies Act, 2013 and the details have been
disclosed in the financial statements etc., as required by the applicable accoun ng standards.
(xv) (a) In our opinion and according to the informa on and explana ons given to us, the Company has an
internal audit system commensurate with the size and nature of its business.
(b) We have considered the reports of the internal auditors for the period under audit.
(xvi) In our opinion and according to the informa on and explana ons given to us, the Company has not entered
into any noncash transac ons with directors or persons connected with them.
(xvii) In our opinion, considering the nature of opera ons of the Company at present, the Company is not required
to be registered under sec on 45IA of the Reserve Bank of India Act, 1934, nor is the Company a NBFC or a
Core Investment Company.

(xviii) The Company has not incurred cash losses during the year and the immediately preceding financial year.
(xix) There is no resigna on of statutory auditors during the year.
(xx) On the basis of the financial ra os, ageing and expected dates of realisa on of financial assets and payment of
financial liabili es, other informa on accompanying the financial statements, our knowledge of the Board of
Directors and management plans, we are of the opinion that no material uncertainty exists as on the date of
the audit report that Company is capable of mee ng its liabili es exis ng at the date of balance sheet as and
when they fall due within a period of one year from the balance sheet date.
(xxi) In our opinion and according to the informa on and explana ons given to us, provisions of sec on 135 of the
Companies Act, 2013 are not applicable to the Company.
(xxii) The Company does not have any subsidiary or associate and thus, provisions of clause (xxi) of paragraph 3 of
the Order are not applicable.

Date : 16th April, 2024
(Vivek S. Shah)
Partner

ANNEXURE B TO AUDITORS' REPORT

Report on internal Financial Controls under Clause (i) of sub sec on 3 of sec on 143 of the Companies Act, 2013
We have audited the internal financial controls over financial repor ng of StockHolding Securi es IFSC Limited
as at 31st March, 2024 in conjunc on with our audit of the financial statements of the Company for the year ended on
that date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internal financial controls based on
principles as codified under the Guidance Note on Audit of Internal Financial Controls over Financial Repor ng
issued by the Ins tute of Chartered Accountants of India. These responsibili es include the design,
implementa on and maintenance of adequate internal financial controls that were opera ng effec vely for
ensuring the orderly and efficient conduct of its business, including adherence to company's policies, the
safeguarding of its assets, the preven on and detec on of frauds and errors, the accuracy and completeness of the
accoun ng records, and the mely prepara on of reliable financial informa on, as required under the Companies
Act, 2013.
Auditors' Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over financial repor ng
based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial
Controls Over Financial Repor ng (the "Guidance Note") and the Standards on Audi ng, issued by ICAI and deemed
to be prescribed under sec on 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal
financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Ins tute of
Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal
financial controls over financial repor ng was established and maintained and if such controls operated effec vely in
all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls system over financial repor ng and their opera ng effec veness. Our audit of internal financial
controls over financial repor ng included obtaining an understanding of internal financial controls over financial
repor ng, assessing the risk that a material weakness exists, and tes ng and evalua ng the design and opera ng
effec veness of internal Control based on the assessed risk. The procedures selected depend on the auditor's
judgement, including the assessment of the risks of material misstatement of the financial statements, whether due
to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion on the Company's internal financial controls system over financial repor ng.
Meaning of Internal Financial Controls over Financial Repor ng
A company's internal financial control over financial repor ng is a process designed to provide reasonable assurance
regarding the reliability of financial repor ng and the prepara on of financial statements for external purposes in
accordance with generally accepted accoun ng principles. A company’s internal financial control over financial
repor ng includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail accurately and fairly re ect the transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as necessary to permit preparation of

financial statements in accordance with generally accepted accoun ng principles, and that receipts and expenditures
of the company are being made only in accordance with authoriza ons of management and directors of the company;
and (3) provide reasonable assurance regarding preven on or mely detec on of unauthorized acquisi on, use, or
disposi on of the company's assets that could have a material effect on the financial statements.
Inherent Limita ons of Internal Financial Controls over Financial Repor ng

Because of the inherent limita ons of internal financial controls over financial repor ng, including the possibility of
collusion or improper management override of controls, material misstatements due to error or fraud may occur and
not be detected. Also, projec ons of any evalua on of the internal financial controls over financial repor ng to future
periods are subject to the risk that the internal financial control over financial repor ng may become inadequate
because of changes in condi ons, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial
repor ng and such internal financial controls over financial repor ng were opera ng effec vely as at 31stMarch, 2024,
based on Guidance Note on Audit of Internal Financial Controls over Financial Repor ng issued by the Ins tute of
Chartered Accountants of India.

Date: 16th April, 2024
(Vivek S. Shah)
Partner

ANNEXURE C AUDITORS' REPORT
REPORT OF THE STATUTORY AUDITORS UNDER SECTION 143 (5) OF THE COMPANIES ACT, 2013
FOR FINANCIAL YEAR 202324
NAME & ADDRESS OF THE COMPANY

StockHolding Securi es IFSC Limited,
Unit No. 518, Signature Building, 5th Floor,
Block 13B, Zone I, GIFT SEZ GIFT City,
Gandhinagar 382355
Sr.No. QUESTIONNAIRE RESPONSE / REMEDIAL MEASURES

1. Whether the Company has system in place to Yes, the company is using Tally Primeso ware for
process all the accoun ng transac ons through IT accoun ng of all accoun ng transac ons through IT
system? If no, the implica ons of processing of systems. The Company does not process any
accoun ng transac ons outside IT system on the accoun ng transac on outside of this system.
integrity of the accounts along with the financial
implica ons, if any, may be stated.
2. Whether there is any restructuring of an exis ng There are no cases of restructuring of loans or
loan or cases of waiver/write off of debt/ loan/ waiver of debts / loan / interest etc. during the year.
interest, etc. made by a lender to the Company due Further, the Company is not a lender Company.
to the Company's inability to repay the loan? If yes,
the financial impact may be stated.
Whether such cases have been properly accounted
for? (In case lender is a government company, then
its direc on is also applicable statutory auditor of
lender company).
3. Whether funds (grants/ subsidy) received/ Yes
receivable for specific schemes from Central/ State
agencies were properly accounted for/ u lized as
per its terms and condi ons? List the cases of
devia on.

(Vivek S. Shah)
Partner

ANNEXURE D AUDITORS' REPORT
REPORT OF THE STATUTORY AUDITORS UNDER SECTION 143 (5) OF THE COMPANIES ACT, 2013
FOR FINANCIAL YEAR 202324
NAME & ADDRESS OF THE COMPANY

StockHolding Securi es IFSC Limited,
Unit No. 518, Signature Building, 5th Floor,
Block 13B, Zone I, GIFT SEZ GIFT City,
Gandhinagar 382355
Addi onal Directors to Statutory Auditors for 202324
Sr.No. QUESTIONNAIRE RESPONSE / REMEDIAL MEASURES

1. 1.Whether the inves ble funds received by Yes
Company were invested in accordance with
the direc ons of the applicable Statutory
Regulators (regula ons and rules framed by
them).
Whether the funds invested under the schemes /
products by the Company are in Compliance with
2. Yes
direc ons of Investment Commi ee, Risk
Commi ee cons tuted by Board, Investment
Manual etc. which prescribes the process /
procedure, threshold, Exposure limits, quality of
security etc.

(Vivek S. Shah)
Partner

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6) (b) OF THE
COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF STOCKHOLDING SECURITIES IFSC LIMITED FOR
THE YEAR ENDED 31 MARCH 2024
The prepara on of financial statement of StockHolding Securi es IFSC Limited for the year ended 3l Match
2024 in accordance with the financial repor ng framework prescribed under the Companies Act, 2013 (Act) is the
responsibility of the management of the company. The statutory auditor appointed by the Comptroller and Auditor
General of India under sec on 139(5) of the Act is responsible for expressing opinion on the financial statements
under sec on 143 of the Act based on independent audit in accordance with the standards on audi ng prescribed
under sec on 143(10) of the Act. This is stated to have been done by them vide their Audit Report dated 16 April 2024.
I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of the
financial statements of StockHolding Securi es IFSC Limited for the year ended 31 March 2024 under sec on
143(6)(a) of the Act. This supplementary audit has been carried out independently without access to the working
papers of the statutory auditors and is limited primarily to inquiries of the statutory auditor and company personnel
and a selec ve examina on of some of the accoun ng records.
On the basis of my supplementary audit nothing significant has come to my knowledge which would give
rise to any comment upon or supplement to statutory auditors' report under sec on 143(6)(b) of the Act.
For and on behalf of the

Comptroller & Auditor General of India
SD/
(Guljari Lal)
Director General of Audit (Shipping), Mumbai
Place: Mumbai
Date: 01.07.2024

(CIN: U65990GJ2018GOI103278)
Balance Sheet As at 31March2024
As at 31Mar2024 As at 31Mar2023
Par culars Note
INR USD INR USD
I. ASSETS
1 NonCurrent Assets
(a) Property, Plant and Equipment 2a 11,07,508 19,207 19,39,846 29,511
(b) Intangible assets 2b 54,893 1,430 1,57,266 2,658
(c) Other Assets Right to Use 2c 23,62,018 22,229 26,84,167 26,093
(d) Financial Assets
(i) Advances & Deposits 3 3,91,99,951 4,70,171 3,86,46,005 4,70,049
(e) Other Financial Assets
(f) Deferred tax assets (net) 4 1,57,910 2,290 1,57,910 2,290
(g) NonCurrent Tax Asset 5 5,84,183 7,007 2,43,919 2,967
2 Current Assets
(a) Current Investments 6 0 0 40,395 491
(b) Inventories
(b) Financial Assets
(i) Trade receivables 7 623 7 0 0
(ii) Cash and cash equivalents 7a 1,24,92,916 1,49,842 91,93,167 1,11,816
(iii) Bank balances other than (ii) above 7b 3,46,00,169 4,15,000 4,80,96,887 5,85,000
(iv) Advances and Deposits 8 8,23,14,742 9,87,296 7,07,10,680 8,60,050
(v) Others (to be specified) 9 51,43,857 61,696 25,36,464 30,851
(c) Current Tax Assets (Net)
(d) Other current assets
Total 17,80,18,770 21,36,175 17,44,06,703 21,21,777
II. EQUITY AND LIABILITIES
1 EQUITY
(a) EQUITY SHARE CAPITAL 10 20,00,00,000 27,97,608 20,00,00,000 27,97,607
(b) OTHER EQUITY 11 (6,83,42,810) (12,17,634) (5,76,37,168) (10,65,686)
13,16,57,190 15,79,974 14,23,62,832 17,31,921
2 NonCurrent Liabili es
(a) Financial Liabili es
(i) Borrowings unsecured loans 0 0 0 0
(ii) Trade payables
(iii) Other financial liabili es (other than
those specified in (b) below, to be specified)
(b) Provisions
(c) Deferred tax liabili es (Net) 4 1,82,658 2,324 1,51,865 1,954
(d) Other noncurrent liabili es 12 12,42,324 14,901 15,33,660 18,654
3 Current Liabili es
(a) Financial Liabili es
(IBorrowings
(ii) Trade and other payables 13a
Dues to Micro and Small enterprises 0 0 0 0
Other than micro and small enterprises 1,47,38,072 1,76,771 83,96,667 1,02,128
(iii) Other financial liabili es (other than 13b 3,01,93,593 3,62,147 2,19,41,208 2,66,870
Noncurrent those specified in (b) below,
to be specified)
(b) Other current liabili es 14 4,933 59 20,471 249
© Provisions
(d) Current Tax Liabili es (Net)
Total 17,80,18,770 21,36,175 17,44,06,703 21,21,777
See accompaning notes to the Financial Statement 1 to 26
The Notes referred to above form an integral part of the Statement of Profit and Loss
As per our report of even date
For and On behalf of the Board of StockHolding Securi es IFSC Ltd.
For Ramanlal G Shah & Co Ara Bha Ekta Shukla
Chartered Accountants CFO Company Secretary
Firm Reg. No. 108517W Place: Gandhinagar Place: Gandhinagar
CA VIVEK SHAH Manish Kumar Agrawal Shreekant Patwardhan
PARTNER MD & CEO Director
MEM. NO: 112269 DIN: 10099187 DIN: 08490827
Place: Gandhinagar Place: Mumbai
Place: Ahmedabad

(CIN: U65990GJ2018GOI103278)
Statement of Profit and Loss for the period April 01, 2023 to Mar 31, 2024
Par culars Note
INR USD INR USD
I Revenue from Opera ons 15 4,81,019 5,810 3,95,044 4,914
II Other Income 16 69,46,404 83,909 31,04,942 38,624
III TOTAL REVENUE (I + II) 74,27,422 89,720 34,99,986 43,538
IV EXPENSES
Employee Benefit Expenses 17 1,08,15,473 1,30,646 1,21,76,501 1,51,469
Finance Costs 18 2,22,117 2,683 1,82,395 2,269
Deprecia on and Amor za on Expenses 2a,2b & 2c 12,56,861 15,396 17,08,471 20,781
Other Expenses 19 76,57,025 92,493 79,06,621 98,354
TOTAL EXPENSES 1,99,51,476 2,41,218 2,19,73,988 2,72,874
V Profit/(Loss) before Tax (IIIIV) (1,25,24,054) (1,51,499) (1,84,74,002) (2,29,336)
VI Tax Expense
Current Tax
Deferred Tax 30,793 369 86,666 1,054
VII Profit/(Loss) for the period from Con nuing (1,25,54,847) (1,51,868) (1,85,60,669) (2,30,390)
Opera ons(VVI)
VIII Profit/(Loss) from Discon nuing Opera ons
IX Tax Expense of Discon nuing Opera ons
X Profit/(Loss) from Discon nuing Opera ons (a er tax)
XI Profit (Loss) for the Period(VII+X) (1,25,54,847) (1,51,868) (1,85,60,669) (2,30,390)
XII Other Comprehensive income
A Items that will not be reclassified to profit or loss
(i) Remeasurement of defined benefit plan
(ii) Income tax rela ng to items that will not be
reclassified to profit or loss
(iii) Prior period adjustment for DTL recogni on
B Items that will be reclassified to profit or loss
(i) Foreign Currency transla on reserve 18,49,205 (80) 1,16,58,081 10,478
(ii) Income tax rela ng to items that will be
reclassified to profit or loss
Total other comprehensive income for the period 18,49,205 (80) 1,16,58,081 10,478
Total comprehensive income for the period (XI+XII) (1,07,05,642) (1,51,948) (69,02,587) (2,19,912)
XIII Earnings per Equity Share 20 (0.63) (0.01) (0.96) (0.01)
Basic (0.63) (0.01) (0.96) (0.01)
Diluted (0.63) (0.01) (0.96) (0.01)
See accompaning notes to the Financial Statement 1 to 26
The Notes referred to above form an integral part of the Statement of Profit and Loss


MEM. NO: 112269 DIN: 10099187 DIN: 08490827
Place: Ahmedabad

(CIN: U65990GJ2018GOI103278)
Cash flow statement for the period ended March 31, 2023
From April 01, 2023 to the period
Par culars Note ended March 31, 2024
(Amount in INR) (Amount in USD)
Cash flow from opera ng ac vi es
Profit / (loss) A er Tax for the period ( 1,25,54,847) ( 1,51,868)
Adjustment to reconcile profit before tax to net cash flows :
Deprecia on and Amor sa on Expenses 12,56,861 15,396
Subsidy Received from Government of Gujarat (6,23,871) (7,568)
Income from Core Se lement guarantee fund
Foreign Currency transla on reserve 18,49,205 (80)
Adjustments for Changes in opera ng Liability and Assets
Increase/(Decrease) in Trade payable 63,41,405 74,643
Remeasurement of Defined benefit plan provisions
Increase/(Decrease) in Other Liabili es 79,45,511 91,334
Deferred Tax Asset 30,793 369
(Increase)/Decrease in Other Assets ( 1,50,65,895) ( 1,61,769)
(1,08,20,838) (1,39,542)
Taxes paid
Net cash generated from opera ng ac vi es A (1,08,20,838) (1,39,542)
Cash flow from inves ng ac vi es
Purchase of property, plant and equipment & intangible assets.
Fixed Deposits with Banks 1,34,96,715 1,70,000
Net cash generated/(Used in) from investment ac vi es B 1,34,96,715 1,70,000
Cash flow from Financing ac vi es

Proceeds from allotment of equity shares
Subsidy from Government (Deferred Income)
Subsidy from Government (Other Income) 6,23,871 7,568
Net cash generated from financing ac vi es C 6,23,871 7,568
Net increase in cash and cash equivalents D = (A+B+C) 32,99,749 38,026
Cash and cash equivalents at the end of the period
ICICI Bank Ltd (IBU)USD 3,37,836 4,052
ICICI Bank Ltd (SNRR)INR 1,95,508 2,345
ICICI Bank Client AccountUSD 63,79,161 76,513
ICICI BANK IICCL Se lement AccountUSD 4,83,524 5,799
ICICI BANK NICCL Se lement Account USD 46,21,713 55,434
Kotak Mahindra Bank IBU 5,968 72
State Bank of India USD 45,474 545
Yes Bank Ltd Client Account IBU 41,687 500
HDFC Bank IBU 1,341 16
Axis Bank Exchange Due Account 30,827 370
ICICI Bank Cash Segment Account 58,362 700
Axis Bank Own Account USD 1,90,368 2,283
ICICI Bank Exchange Dues USD 1,01,148 1,213
E 1,24,92,916 1,49,842
Cash and cash equivalents at the beginning of the period
ICICI Bank Ltd (IBU)USD 6,43,309 7,825
ICICI Bank Ltd (SNRR)INR 16,03,079 19,498
ICICI Bank Client AccountUSD 26,78,791 32,582
ICICI BANK IICCL Se lement AccountUSD 30,87,068 37,548
ICICI BANK NICCL Se lement Account USD 6,32,028 7,687
Kotak Mahindra Bank IBU 1,12,767 1,372
State Bank of India USD 44,843 545
Yes Bank Ltd IBU 41,108 500
HDFC Bank IBU 1,99,378 2,425
Axis Bank Exchange Due Account 30,170 367
Axis Bank Client Account 16,443 200
ICICI Bank Exchange DuesUSD 1,04,181 1,267
F 91,93,167 1,11,816
Changes In cash and cash equivalents G = (EF) 32,99,749 38,026
Cash and cash equivalents at the end of the period H = (D+F) 1,24,92,916 1,49,842
Cash and bank balance 1,24,92,916 1,49,842
Notes : 1. The above Cash Flow Statement has been prepared under the “Indirect Method” as set out in the Indian Accoun ng Standard (Ind AS).
2. Cash and cash equivalents comprise balances in current account.

MEM. NO: 112269 DIN: 10099187 DIN: 08490827
Place: Ahmedabad

A Equity Share Capital
I For the period ended March 31, 2024
Restated Changes in
Balance at the Changes in
balance at the equity share Balance at the
beginning of the Equity Share
Par culars beginning of the capital end of the current
repor ng date Capital due to
current repor ng during the repor ng period
Amount In Rs. prior period errors period current year
Balance as at Mar 31, 2024 20,00,00,000 20,00,00,000 20,00,00,000
ii) For the period ended March 31, 2023

Restated Changes in

Amount In Rs. prior period errors period current year
Balance as at Mar 31, 2023 18,00,00,000 18,00,00,000 2,00,00,000 20,00,00,000
STANDALONE STATEMENT OF CHANGES IN OTHER EQUITY FOR PERIOD ENDED Mar 31, 2024
Reserves & Surplus Exchange items
Share Equity Debt Equity differences on Other Money
instruments Effec ve of Other
applica on component Other Instruments por on of transla ng Comprehensive received
money of compound through through
Revalua on the financial against Total
Par culars Capital Securi es Reserves Retained Other Other Cash Flow Surplus statements Income
pending financial Reserve Premium (specify Earnings Comprehensive Comprehensive Hedges of (specify share
allotment instruments nature) Income a foreign nature)* warrants
Income opera on
Balance at the beginning of the

current reporting period
- - - - - (8,07,34,811) 2,32,28,039 (1,30,397) (5,76,37,168)
(CIN: U65990GJ2018GOI103278)
Changes in accounting policy or -

prior period errors
Restated balance at the beginning (8,07,34,811) 2,32,28,039 (1,30,397) (5,76,37,168)
of the current reporting period*
Total Comprehensive Income for (1,25,54,847) 18,49,205 (1,07,05,642)
the current year

Dividends
Transfer to retained earnings
Any other change (to be specified)
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED MARCH 31, 2024
Balance at the end of the (9,32,89,657) 2,50,77,244 (1,30,397) (6,83,42,810)

current reporting period
*Prior period adjustment for DTL recogni on
STANDALONE STATEMENT OF CHANGES IN OTHER EQUITY FOR PERIOD ENDED Mar 31, 2023
instruments Effec ve transla of Other
applica on component Other Instruments por on of ng Comprehensive received
money of compound through through Other
Revalua on the financial
against Total
Par culars Capital Securi es Reserves Retained Other Cash Flow Surplus statements of Income
pending financial Reserve Premium (specify Earnings Comprehensive Comprehensive Hedges (specify share
allotment instruments nature) Income a foreign nature)* warrants
Income opera on
Balance at the beginning of the
current reporting period - - - - - (6,21,74,142) 1,15,69,958 (1,30,397) (5,07,34,581)
Changes in accounting policy or

prior period errors
Restated balance at the beginning (6,21,74,142) 1,15,69,958 (1,30,397) (5,07,34,581)
of the current reporting period
Total Comprehensive Income for (1,85,60,669) 1,16,58,081 (69,02,587)
the current year
Dividends
Balance at the end of the

current reporting period (8,07,34,811) 2,32,28,039 (1,30,397) (5,76,37,168)
In terms of our report a ached


MEM. NO: 112269 DIN: 10099187 DIN: 08490827
Place: Ahmedabad

A Equity Share Capital
I For the period ended March 31, 2024
Balance at the Restated Changes in

Changes in
beginning of the balance at the equity share Balance at the
Equity Share
Par culars repor ng date beginning of the capital end of the current
Capital due to
Amount In current repor ng during the repor ng period
prior period errors
USD period current year
Balance as at March 31, 2024 27,97,608 27,97,608 27,97,608
ii) For the period ended March 31, 2023

Restated Changes in

Amount In USD prior period errors period current year
Balance as at March 31, 2023 25,44,756 25,44,756 2,52,852 27,97,608
STANDALONE STATEMENT OF CHANGES IN OTHER EQUITY FOR PERIOD ENDED March 31, 2024
instruments Effec ve transla of Other
applica on component Other Instruments por on of ng Comprehensive received
money of compound through through Other
Revalua on the financial
against Total
Par culars Capital Securi es Reserves Retained Other Cash Flow Surplus statements of Income
pending financial Reserve Premium (specify Earnings Hedges (specify share
allotment instruments Comprehensive Comprehensive
Income a foreign warrants
nature) Income nature)*
opera on
Balance as at April 01,2023 - - - - - (10.83.497) 19,531 (1,720) (10,65,686)
(CIN: U65990GJ2018GOI103278)
Changes in accounting policy or

prior period errors -
Restated balance at the beginning

of the current reporting period* (10.83.497) 19,531 (1,720) (10,65,686)
Total Comprehensive Income for

the current year (1,51,868) (80) (1,51,948)
Dividends
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED March 31, 2024
Balance as at Mar 31,2024 (12,35,365) 19,451 (1,720) (12,17,634)

STANDALONE STATEMENT OF CHANGES IN OTHER EQUITY FOR THE YEAR ENDED March 31, 2023
instruments Effec ve of Other
applica on component Other Instruments por on of transla ng Comprehensive received
money of compound through through
Revalua on the financial against Total
Par culars Capital Securi es Reserves Retained Other Other Cash Flow Surplus statements Income
pending financial Reserve Premium (specify Earnings Hedges of (specify share
allotment instruments Comprehensive Comprehensive
Income a foreign warrants
nature) Income nature)*
opera on
Balance as at April 01, 2022 - - - - - (8,53,107) 9,053 (8,44,054)
Changes in accounting policy or 1,720 (1,720)

prior period errors
Restated balance at the beginning (8,53,107) 9,053 (1,720) (8,45,774)
of the current reporting period
Total Comprehensive Income for 10,478 (2,19,912)
the current year (2,30,390)
Dividends
Balance as at March 31, 2023 (10,83,497) 19,531 (10,65,686)

* Opening balance adjustment pertaining to F.Y. 21-22 for which adjustment effect has been given in the last year’s accounts.
In terms of our report a ached

MEM. NO: 112269 DIN: 10099187 DIN: 08490827
Place: Ahmedabad

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2024
Note 1
These notes form an integral part of and should be read in conjunc on with the accompanying financial statements.
Corporate informa on
StockHolding Securi es IFSC Limited (SSIL or Company) was promoted by the public financial ins tu ons and
incorporated as a limited company on July 16, 2018. It’s registered office and principal place of business is 518,
Signature Building, Gi SEZ, Gi City, Gandhinagar, Gujarat 382355, India.
The company is a wholly owned subsidiary of Stock Holding Corpora on of India Limited. With effect from
28th March, 2014, Stock Holding Corpora on of India Ltd. (StockHolding) the Holding Company, has become a
subsidiary of IFCI Ltd. & hence, IFCI Ltd. is the Ul mate Holding Company for StockHolding Securi es IFSC Ltd. from
the date of incep on.
During the FY 202021, the Government of India has no fied Interna onal Financial Services Centres
Authority (IFSCA) as a unified authority for the development and regula on of financial products, financial
services and financial ins tu ons in the Interna onal Financial Services Centre (IFSC) in India. Accordingly, w.e.f
October 1, 2020 the opera ons of the Company are governed by the regula ons issued by IFSCA from me to me.
The financial statements of the Company have been prepared in accordance with IndAS as issued by the Ministry of
Corporate Affairs (MCA). SSIL is a SEBI approved Trading and Clearing member opera ng out of GIFT IFSC, Gi City,
Gandhinagar. SSIL has also received approval for Depository Par cipant Services and Trading Clearing Membership
of India Interna onal Bullion Exchange from IFSCA.
In accordance with the provisions of the GIFT SEZ as applicable to IFSC jurisdic on, the Company maintains its
accounts in USD which is the func onal currency. Investments, deposits, income, provisions and expenses
arising and se led in IFSC or any other foreign jurisdic on are accounted and se led in USD currency. All other
revenue expenses, provisions, write backs and asset procurements are incurred and se led in INR currency
and accounted for in the func onal currency.
1. Material Accoun ng Policy Informa on
Overall considera on
The financial statements have been prepared using the material accoun ng policies and measurement bases
summarised below. These were used throughout all periods presented in the financial statements, except where
the company has applied certain accoun ng policies and exemp ons upon transi on to Ind AS.
1.1. Basis of prepara on
The financial statements are prepared in accordance with Indian Accoun ng Standards (Ind AS)
under the historical cost conven on on the accrual basis except for certain assets and liabili es
where fair value model has been used, e.g. certain financial assets and liabili es measured at fair value, etc.
The Ind AS are prescribed under sec on 133 of the Companies Act 2013 read with Rule 3 of the Companies
(Indian Accoun ng Standards) Rules, 2015 and relevant amendment rules issued therea er.
Accoun ng policies have been consistently applied except where a newly issued accoun ng standard
is ini ally adopted or a revision to an exis ng accoun ng standard requires a change in the accoun ng
policy hitherto in use.
The Ind AS is applicable to the Company with effect from 16th July,2018, being a Subsidiary of the Stock
Holding Corpora on of India Limited.
1.2. Use of Es mates

The prepara on of the financial statements in conformity with Ind AS requires management to make
es mates, judgments and assump ons. These es mates, judgments and assump ons affect the
applica on of accoun ng policies and their reported amounts of assets and liabili es, the disclosures of
con ngent assets and liabili es at the date of the financial statements and reported amounts of revenues
and expenses during the period. Accoun ng es mates could change from period to period. Actual results
could differ from those es mates. Appropriate changes in es mates are made as management becomes
aware of changes in circumstances surrounding the es mates. Changes in es mates are reflected in the
financial statements in the period in which changes are made and, if material, their effects are disclosed in
the notes to the financial statements.
1.3. Current/noncurrent classifica on
Assets and liabili es in the balance sheet are classified into current/ noncurrent. An asset is classified as
current when it is:
· Expected to be realised orintended to be sold or consumed in normal opera ng cycle
· Held primarily for the purpose of trading
· Expected to be realised with in twelve months a er the repor ng period, or
· Cash or cash equivalent unless restricted from being exchanged or used to se le a liability for at least
twelve months a er the repor ng period
All other assets are classified as noncurrent.
A liability is classified as current when:
· It is expected to be se led in normal opera ng cycle
· It is held primarily for the purpose of trading
· It is due to be se led within twelve months a er the repor ng period, or
· There is no uncondi onal right to defer the se lement of the liability for at least twelve months a er
the repor ng period
All other liabili es are classified as noncurrent.
Deferred tax assets and liabili es are classified as noncurrent assets and liabili es respec vely.
1.4. Foreign currency transla on
Func onal and presenta on currency
The financial statements are presented in INR, which is the repor ng or presenta on currency. In addi on,
the corresponding figures for USD which is the func onal currency are also stated alongside to meet any
requirements for an SEZ company.
Foreign currency transac ons and balances
i) Transac ons denominated in foreign currency (i.e., other than the func onal currency) are normally
recorded at the exchange rate prevailing at the date of transac on.

ii) Invoices raised in INR currency are recorded as per (i) above and the same are paid in INR currency. Any
income or expenses on account of exchange difference either on se lement or on transla on is
recognised in the Statement of Profit and Loss.
iii) Monetary items denominated in foreign currencies at the end of the period are restated at the closing
rates.
iv) Nonmonetary items denominated in foreign currencies are carried at cost.
1.5. Revenue
The Company recognises revenue from contracts with customers based on a five step model as set out in
IndAS 115, Revenue from Contracts with Customers, to determine when to recognize revenue and at what
amount. Revenue is measured based on the considera on specified in the contract with a customer.
Revenue arises from the rendering of services and Revenue towards sa sfac on of a performance
obliga on is measured at the amount of transac on price (net of variable considera on) allocated to that
performance obliga on. The transac on price of services rendered is excluding Goods and Services Tax and
reduced by various discounts allowed/schemes offered by the Company as a part of the contract.
The Company applies the revenue recogni on criteria set out below to each separately iden fiable
component of the sales transac on. The considera on received from these mul plecomponent
transac ons is allocated to each separately iden fiable component in propor on to its rela ve transac on
price.
(a) Rendering of Services
Service charges received are recognised as income on comple on of posttrading opera ons. A post
trading opera on is treated as complete on se lement under the electronic segment.
Account set up charges received from trading members / beneficiary account holders for depository
services are recognised at the me of opening of the depository account.
Commission and brokerage income recognised on accrual basis.
(b) Interest and Dividends
Interest income, for all financial instruments measured at amor sed cost, interest income is recorded
using the effec ve interest rate (EIR). EIR is the rate that exactly discounts the es mated future cash
payments or receipts over the expected life of the financial instrument or a shorter period, where
appropriate to the net carrying amount of the financial asset. Interest income is included in other
income in the statement of profit and loss.
Dividend income is recognised when the right to receive dividend is established.
1.6. Segment and Revenue Repor ng
The company has started opera ons w.e.f. October 31,2019 and is opera ve in only one segment i.e.
Capital Market Segment and hence for the period ending March 31,2024, segment repor ng does not
apply.
1.7. Opera ng expenses
Opera ng expensesare recognised in profit or loss upon u lisa on of the serviceor as incurred.

1.8. Property, plant and equipment

Where Items of Property, Plant and Equipment (PP&E) are installed for use, the same are stated at cost of
acquisi on less accumulated deprecia on and accumulated impairment losses, if any.
Items of property, plant and equipment (PP&E) are stated at cost of acquisi on less accumulated
deprecia on and accumulated impairment losses, if any. Subsequent expenditure related to anitem of
PP&E are added to its book value only if they increase the future benefits from the exis ng asset beyond
itspreviously assessed standard of performance.
Deprecia on on PP & Discharged under the straightline method over the useful life of the assets as
specified in Schedule II to the Companies Act, 2013 or at such higher rates for assets wherein a lesser useful
life has been es mated due to rapid advancement in technology.
The residual values, useful lives and methods of deprecia on of property, plant and equipment are
reviewed at each financial year end and adjusted prospec vely, if appropriate.
1.9. Intangible assets
Intangible assets acquired separately are measured on ini al recogni on at cost.
Where computer so ware which forms an integral part of the related hardware, it is capitalised along with
the hardware as fixed asset. So ware which are not an integral part of computer hardware and from which
future economic benefits are expected are treated as intangible assets.
So ware developed internally or major customisa ons to acquired so ware is recognised as an asset at
cost when significant economic benefits are expected to accrue in future. Cost comprises all expenditure
that can be directly a ributed for crea on, produc on and making the so ware ready for its intended use.
1.10 Lease Assets
A rightofuse asset represen ng the right to use the underlying asset and a lease liability represen ng the
obliga on to make lease payments is recognized for all leases over 1 year on ini al recogni on basis.
Discounted commi ed & expected future cash flows and deprecia on on the asset por on on straightline
basis & interest on liability por on (net of lease payments) on EIR basis is recognised over the expected
lease term.
Opera ng Lease
Opera ng lease payments are recognized as an expense in the Statement of Profit and Loss on a
straight line basis over the lease term except where another systema c basis is more representa ve of
me pa ern in which economic benefits from the leased assets are consumed.
1.11. Income taxes
Tax expense for the Period, comprising current tax and deferred tax, are included in the determina on of
the net profit or loss for the period. Provision for current income tax is made on the basis of the assessable
income under the Income tax Act, 1961.
Tax expense recognised in profit or loss comprises the sum of deferred tax and current tax not recognised in
other comprehensive income or directly in equity.

Calcula on of current tax is based on tax rates and tax laws that have been enacted or substan vely enacted
by the end of the repor ng period. Deferred income taxes are calculated using the liability method.
Deferred tax assets are recognised to the extent that it is probable that the underlying tax loss or deduc ble
temporary difference will be u lised against future taxable income. This is assessed based on the
Company's forecast of future opera ng results, adjusted for significant nontaxable income and expenses
and specific limits on the use of any unused tax loss or credit.
1.12. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short term,
highly liquid investments that are readily conver ble into known amounts of cash and which are subject to
an insignificant risk of changes in value. Bank balances held in INR (in SNRR Account) are converted to
func onal currency USD at the period rate for the purpose of repor ng.
1.13. Financial Assets at FVTPL:
Investments including deriva ves held for trading is classified at FVTPL (Fair Value through Profit & Loss
Account). Financial assets included within the FVTPL category are measured at fair values with all changes
in the statement of profit and loss.
1.14. Equity and Reserves
Share capital represents the nominal (par) value of shares that have been issued. Share premium includes
any premiums received on issue of share capital. Any transac on costs associated with the issuing of shares
are deducted from share premium, net of any related income tax benefits. Other components of equity
include the following:
• remeasurement of net defined benefit liability – comprises the actuarial losses from changes
• in demographic and financial assump ons and the return on plan assets
Retained earnings include all current and prior period retained profits.
All transac ons with owners of the parent are recorded separately within equity.
1.15. Employment benefits
The company currently has employees deputed from the holding company i.e StockHolding
Corpora on of India Limited and three employees on the rolls of SSIL. The deputed employees are
covered under the applicable plans of the holding company for employee benefit plans, defined
contribu on plans etc. The Provident Fund Scheme contribu ons for the employees of SSIL are
being paid as scheduled and a suitable policy for insurance is in place while policy for post
employment benefits is under formula on.
1.16. Provisions
Provisions are recognised when the Company has a present obliga on (legal or construc ve) as a result of
past event, it is probable that an ou low of resources embodying economic benefits will be required to
se le the obliga on and as realisable es mate can be made of the amount of the obliga on. When the
Company expects some or all of the provision to be reimbursed, for example, under an insurance
contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is
virtually certain. The expense rela ng to a provision is presented in the statement of profit and loss
net of any reimbursement.
If the effect of the me value of money is material, provisions are discounted using a current pre tax rate
that reflects, when appropriate, the risks specific to the liability. When discoun ng is used, the increase in
the provision due to passage of me is recognised as a finance cost.
1.17. Material accoun ng judgements, es mates and assump ons
When preparing the financial statements, management makes a number of judgements, es mates and
assump ons about the recogni on and measurement of assets, liabili es, income and expenses.
Previous period figures have been regrouped / reclassified and rearranged wherever necessary to
correspond with the current period classifica on / disclosure.
The following are material management judgements in applying the accoun ng policies of the
Company that have the most material effect on the financial statements.
a) Recogni on of deferred tax assets
The extent to which deferred tax assets can be recognised is based on an assessment of the
probability that future taxable income will be available against which the deduc ble temporary
differences and tax loss carryforwards can be u lised. In addi on, significant judgement is
required in assessing the impact of any legal or economic limits or uncertain es in various tax
jurisdic ons.
b) Useful lives of depreciable assets
Management reviews its es mate of the useful lives of depreciable assets at each repor ng date, based
on the expected u lity of the assets. Uncertain es in these es mates relate to technological obsolescence
that may change the u lity of certain so ware and IT equipment.
Deprecia on on PP&E is charged under the straight line method over the useful life of the assets as
specified in Schedule II to the Companies Act, 2013 except for some items as listed in the below
tabulated class of assets wherein a lesser useful life has been es mated due to rapid advancement in
technology:
Useful Life Useful Life as per
Asset Class
adopted Companies Act, 2013
Computer Servers and Networks 4 years 6 years
Office Equipment 5 years 5 years
Electrical Installa ons and Equipment 10 years 10 years
Computer So ware 3 years 3 years
Furniture & Fixtures 10 years 10 years
Vehicles 3 years 8 years
Mobiles 2 years 5 years

1.18. Government grants are recognised where there is reasonable assurance that the grant will be
received and all a ached condi ons will be complied with. As per Ind AS 20, the grant has been
recognised using the income approach. When the grant relates to an expense item, it is recognised as
income on a systema c basis over the periods that the related costs, for which it is intended to
compensate, are expensed. When the grant relates to depreciable asset, it is recognised in the
profit or loss over the periods and in the propor ons in which deprecia on expense on those assets is
recognised.

NON CURRENT ASSETS
2a) Property, Plant and Equipment
The changes in the carrying value of Property, Plant and Equipment for the period ended March 31, 2024 are as follows:
Gross carrying value as at April 1, 2023 8,52,055 12,267 1,58,560 2,282 11,10,900 15,111 17,05,545 23,312 2,02,330 2,913 2,76,891 3,940 9,16,178 12,103 52,22,459 71,929
Additions 0 0
Deletions 0 0
Gross carrying value as at Mar 31,2024 8,52,055 12,267 1,58,560 2,282 11,10,900 15,111 17,05,545 23,312 2,02,330 2,913 2,76,891 3,940 9,16,178 12,103 52,22,459 71,929
Accumulated depreciation as at April 1,2023 3,60,794 4,706 41,473 541 7,37,818 9,368 10,08,587 12,988 77,107 1,006 2,12,610 2,890 8,44,222 10,919 32,82,611 42,418
Additions 94,932 1,139 10,600 127 2,65,982 3,190 3,18,466 3,820 20,288 243 50,115 601 71,956 1,184 8,32,339 10,305
Deletions 0 0
Accumulated depreciation as at Mar 31,2024 4,55,726 5,845 52,072 668 10,03,800 12,558 13,27,053 16,807 97,395 1,249 2,62,725 3,491 9,16,178 12,103 41,14,950 52,722
Carrying value as at Mar 31,2024 3,96,329 6,422 1,06,488 1,614 1,07,100 2,553 3,78,492 6,505 1,04,934 1,664 14,166 449 0 0 11,07,508 19,207
2b) Intangible Assets

The changes in the carrying value of Intangible Assets for the period ended March 31, 2024 are as follows:
Computer So ware Total
Par culars
Amount in Rs Amount in USD Amount in Rs Amount in USD
Gross carrying value as at April 1,2023 8,67,534 11,929 8,67,534 11,929
Additions 0 0 0 0
Deletions
Gross carrying value as at Mar 31,2024 8,67,534 11,929 8,67,534 11,929
Accumulated depreciation as at April 1,2023 7,10,268 9,272 7,10,268 9,272

Additions 1,02,373 1,228 1,02,373 1,228
Deletions
Accumulated depreciation as at Mar 31,2024 8,12,641 10,499 8,12,641 10,499
Carrying value as at Mar 31,2024 54,893 1,430 54,893 1,430
2c) Other Assets Right to Use

The changes in the carrying value of Other Intangible Asset for the period ended March 31, 2024 are as follows:
Leasehold Premises Total
Par culars
Gross carrying value as at April 1,2023 39,75,386 42,310 39,75,386 42,310
Additions 0 0
Deletions 0 0
Gross carrying value as at Mar 31,2024 39,75,386 42,310 39,75,386 42,310
Accumulated depreciation as at April 1,2023 12,91,219 16,218 12,91,219 16,218

Addition 3,22,149 3.864 3,22,149 3,864
Deletion 0 0
Accumulated depreciation as at Mar 31,2024 16,13,368 20,082 16,13,368 20,082
Carrying value as at Mar 31,2024 23,62,018 22,229 23,62,018 22,229

NON CURRENT ASSETS
2a) Property, Plant and Equipment
The changes in the carrying value of Property, Plant and Equipment for the period ended March 31, 2023 are asfollows:
Gross carrying value as at April 1,2022 8,52,055 12,267 1,58,560 2,282 10,21,200 13,951 13,30,045 18,477 2,02,330 2,913 2,97,890 4,226 9,16,178 12,103 47,78,258 66,220
Additions 89,700 1,160 3,75,500 4,835 4,65,200 5,995
Deletions 20,999 286 20,999 286
Gross carrying value as at March 31,2023 8,52,055 12,267 1,58,560 2,282 11,10,900 15,111 17,05,545 23,312 2,02,330 2,913 2,76,891 3,940 9,16,178 12,103 52,22,459 71,929
Accumulated depreciation as at April 1,2022 2,66,122 3,555 30,902 412 4,41,548 5,765 5,97,375 7,986 56,875 760 1,69,516 2,371 5,38,830 7,204 21,01,168 28,053
Additions 94,673 1,152 10,571 129 2,96,270 3,604 4,11,212 5,002 20,233 246 59,924 730 3,05,393 3,714 11,98,275 14,576

Deletions 16,830 211 16,830 211
Accumulated depreciation as at Mar 31, 2023 3,60,795 4,706 41,473 541 7,37,818 9,368 10,08,587 12,988 77,108 1,006 2,12,610 2,890 8,44,223 10,919 32,82,612 42,418
Carrying value as at March 31,2023 4,91,260 7,561 1,17,087 1,741 3,73,082 5,743 6,96,958 10,325 1,25,222 1,907 64,281 1,050 71,955 1,185 19,39,846 29,511
2b) Intangible Assets

The changes in the carrying value of Intangible Assets for the period ended March 31, 2023 are as follows:
Computer So ware Total
Par culars
Gross carrying value as at April 1, 2022 8,04,034 11,112 8,04,034 11,112
Additions 63,500 818 63,500 818
Deletions
Gross carrying value as at March 31, 2023 8,67,534 11,929 8,67,534 11,929
Accumulated depreciation as at April 1, 2022 5,22,221 6,984 5,22,221 6,984

Additions 1,88,047 2,287 1,88,047 2,287
Deletions
Accumulated depreciation as at March 31, 2023 7,10,268 9,272 7,10,268 9,272
Carrying value as at March 31, 2023 1,57,266 2,658 1,57,266 2,658
2c) Other Assets Right to Use

The changes in the carrying value of Other Intangible Asset for the period ended March 31, 2023 are as follows:
Leasehold Premises Total
Par culars
Gross carrying value as at April 1, 2022 39,66,216 42,199 39,66,216 42,199
Additions 9,169 112 9,169 112
Deletions 0 0
Gross carrying value as at March 31, 2023 39,75,385 42,310 39,75,385 42,310
Accumulated depreciation as at April 1, 2022 9,69,070 12,299 9,69,070 12,299

Addition 3,22,149 3,918 3,22,149 3,918
Deletion 0 0
Accumulated depreciation as at March 31, 2023 12,91,219 16,218 12,91,219 16,218
Carrying value as at March 31, 2023 26,84,167 26,093 26,84,167 26,093

Financial Assets Non Current

3. Advances & Deposits
Par culars
Base Minimum Capital with Exchanges (USD) 1,59,03,571 1,90,750 1,56,82,874 1,90,750
Security Deposit with Exchanges,
Clearing Corpora ons & Depository (USD) 2,29,69,509 2,75,500 2,26,09,648 2,75,000
Security Deposit Others:** 3,15,413 3,783 2,90,596 3,535
a) Premises 1,95,684 2,347 1,75,399 2,133
b) Custody Fees 1,04,839 1,257 1,03,384 1,257
c) Electricity Deposit 14,890 179 11,813 144
Staff Loans considered good 11,457 137 62,887 765
Total 3,91,99,951 4,70,171 3,86,46,005 4,70,049
**Comprise of various deposits given in INR
4. Deferred Tax Asset (DTA)/Deferred Tax Liability (DTL)

Par culars
Opening Balance DTA 1,57,910 2,290 1,96,906 4,485
Adjustment to Opening Balance for last year's (1,720)
prior period item*
Add: Timing Diff due to Deprecia on as per

Income Tax & Companies Act
Prior period adjustment for Preliminary Exps
(38,997) (474)
& Deprecia on
Adjusted Opening Balance Deferred Tax Asset (net) 1,57,910 2,290 1,57,910 2,290
Opening Balance DTL 1,51,865 1,954 1,04,195 1,374

Add:Preliminary Expenses (1/5th wri en off

as per Income Tax Act)
Prior period adjustment for Preliminary Exps
30,793 369 47,670 580
& Deprecia on
Deferred Tax Liability (net) 1,82,658 2,324 1,51,865 1,954
*Opening Balance (USD) of DTA account adjusted for this amount, pertaining to F.Y. 2122 for which adjustment effect has been
given in the last years'accounts
5. Non Current Tax Asset
Par culars
Tax Deducted at Source (USD) 5,84,183 7,007 2,43,919 2,967

Financial Assets – Current

6. Current Investments
Par culars
Investment in UDR 40,395 491
7. Trade Receivables
Outstanding for following periods from due date of payment as at 31Mar2024
Amount in Rs. Amount in USD
Par culars Less 6 12 23 More Total Less 6 12 23 More Total
Than Months Years Years than Rs Than Months Years Years than Rs
6 to 3 years 6 to 3 years
Months 1 year Months 1 year
I Undisputed Trade
Receivables considered 623 623 7 7
good
ii. Undisputed Trade
Receivables considered
Doub ul
iii. Disputed Trade
Good
iv. Disputed Trade
Doub ul

Par culars Less 6 12 23 More Total Less 6 12 23 More Total
Than Months Years Years than Rs Than Months Years Years than USD
6 to 3 years 6 to 3 years
Months 1 year Months 1 year
I Undisputed Trade
Receivables considered 0 0 0 0
good*
ii. Undisputed Trade
Doub
ul
iii. Disputed Trade

Good

iv. Disputed Trade

7a. Cash & Cash Equivalents

Par culars
Balances with Banks in current accounts held in
1,22,97,408 1,47,497 75,90,087 92,318
USD **
Balance with Bank in current account held in
1,95,508 2,345 16,03,079 19,498
INR SNRR Account ***
Total 1,24,92,916 1,49,842 91,93,167 1,11,816
** Balances As on Mar 31,2024 with Banks in Current Accounts held in USD includes: balances held in separate client account USD 77,012.68
*** Balance in the SNRR current account are held in INR currency and converted to USD for repor ng purpose.
7b. Bank Balances other than Cash & Cash Equivalents

Par culars
Balances with Banks in Deposit Accounts in
USD with maturity more than 3 months 3,46,00,169 4,15,000 4,80,96,887 5,85,000
(With premature withdrawal op on)
8. Advances & Deposits
Par culars
Margin Fixed Deposits with Clearing 8,14,56,300 9,77,000 6,98,84,365 8,50,000
Corpora ons (USD)
Se lement Obliga on from Clearing Corpora on 1,78,087 2,136 0 0
(Receivable)
Prepaid Expenses (paid in USD & INR) 6,80,355 8,160 8,26,315 10,050
Total 8,23,14,742 9,87,296 7,07,10,680 8,60,050
9. Other Financial Assets
Par culars
Accrued FD Interest on USD Deposits 51.37.721 61,623 24,99,511 30,401
Input Credit Goods & Service Tax 6,136 74 36,952 449
Total 51,43,857 61,696 25,36,464 30,851
10. Equity Share Capital

Par culars
Authorised Capital
2,00,00000 Equity shares of Rs 10/ each 20,00,00,000 27,97,608 20,00,00,000 27,97,608
Issues, Subscribed and Paid–up Capital

Opening Balance 20,00,00,000 27,97,608 18,00,00,000 25,44,756
Addi on during the half year 0 0 2,00,00,000 2,52,852
Closing Balance 20,00,00,000 27,97,608 20,00,00,000 27,97,608

a. Terms/rights a ached to equity shares
The company has only one class of equity shares having a par value of Rs.10 per share. Each holder of
equity share is en tled to one vote per share.
b. Equity shares held by holding company
Name of Shareholder StockHolding Corpora on of India Limited

Number of equity shares held 2,00,00,000
Percentage of Holding 100
Percentage Change NIL
c. Informa on regarding issue of shares in the last five years

• The company has issued 1,50,00,000 shares of Rs 10 each at par on 9th January 2019 for cash
received
• The company has issued 10,00,000 shares of Rs. 10 each as preferen al allotment on September
25, 2021 for cash received
• The company has issued 10,00,000 shares of Rs. 10 each as preferen al allotment on December
06, 2021 for cash received
• The company has issued 10,00,000 shares of Rs. 10 each as preferen al allotment on March 02,
2022 for cash received
• The company has issued 10,00,000 shares of Rs. 10 each as preferen al allotment on June 24, 2022
for cash received
• The company has issued 10,00,000 shares of Rs. 10 each as preferen al allotment on August 30,
2022 for cash received
• The company has not issued any shares without payment being received in cash.
• The company has not issued any bonus shares.
• The company has not undertaken any buyback of shares
11. Other Equity

Par culars
Profit & Loss Account

Opening Balance (8,07,34,811) (10,83,497) (6,21,74,142) (8,53,107)
(+) Net profit/ (Net loss) for the Current Period (1,25,54,847) (1,51,868) (1,85,60,669) (2,30,390)
Closing balance (9,32,89657) (12,35,365) (8,07,34,811) (10,83,497)
Other Comprehensive Income

Opening Balance 2,30,97,642 17,811 1,14,39,561 9,053
Adjustment to Opening Balance for last year's
(1,720)
prior period item*
(+) Net profit/(Net loss) for the Current Period
Foreign Exchange Transla on Reserve 18,49,205 (80) 1,16,58,081 10,478
Prior Period Adjustment for DTL recogni on
Closing balance 2,49,46,847 17,731 2,30,97,642 17,811
Total (6,83,42,810) (12,17,634) (5,76,37,168) (10,65,686)
Cash Loss for the Current Period (1,12,97,986) (1,36,472) (87,57,987) (1,11,523)
*Opening Balance (USD) of DTA account adjusted for this amount, pertaining to F.Y. 2122 for which adjustment effect has been given in
the last years' accounts

NonCurrent Liabili esFinancial Liabili es

12. Other Non Current Liabili es
Par culars
Right to use Liabili es 12,42,324 14,901 15,33,660 18,654

TOTAL 12,42,324 14,901 15,33,660 18,654
Current Liabili esFinancial Liabili es

13a) Trade and other payables
Par culars Less 12 23 More Total Less 12 23 More Total
Than Years Years than Rs Than Years Years than USD
1 3 years 1 3 years
Year Year
i. Dues to Micro and Small
0 0 0 0
enterprises (Refer Note:20)
ii. Other than micro and small
66,97,941 80,40,131 0 1,47,38,072 80,336 96,435 1,76,770.81
enterprises
iii Disputed Dues MSME
iv. Disputed Dues Others

Par culars Less 12 23 More Total Less 12 23 More Total
Than Years Years than Rs Than Years Years than USD
1 3 years 1 3 years
Year Year
I Dues to Micro and Small

enterprises (Refer Note:20)
ii. Other than micro and small
83,96,667 0 83,96,667 1,02,128 0 1,02,128
enterprises
iii Disputed Dues MSME
iv. Disputed Dues Others
13b) Other Financial Liabili es

Par culars
Imprest Balances, Margins and Security

2,89,68,447 3,47,452 1,92,22,619 2,33,804
Deposits from Clients (USD)*
Provision for Expenses 12,03,772 14,438 23,67,330 28,794
Se lement Obliga on from Clearing
0 0 1,74,592 2,124
Corpora on (Payable)
Other Payables 21,374 256 1,76,668 2,149
Total 3,01,93,593 3,62,147 2,19,41,208 2,66,870
*Balances held in separate Client Bank Account or in the Clearing Corpora on Se lement Account for mee ng client obliga on

14. Other Current Liabili es
Par culars
Statutory Dues Provident Fund 20,471 249

IGST Payable 4,933 59 0 0
Total 4,933 59 20,471 249
15. Revenue from Opera ons

Par culars
Service Charges (USD) 3,82,659 4,622 3,76,528 4,684

Brokerage Income 41,061 496 18,516 230
DP Income 52,154 630 0 0
Commission 5,144 62 0 0
4,81,019 5,810 3,95,044 4,914
16. Other Income

Par culars
Income from Proprietary

9,639 116 2,54,482 (3,165.62)
Trading (USD)
LES incen ve 0 0 4,094 50.93
Interest on Fixed Deposits (USD) 57,37,088 69,301 31,13,286 38,728
Interest on IT Refund 9,581 116 7,510 93
Dividend Income
13 0 15,746 196
Amounts wri en back 3,93,113 4,749 0 0
Miscellaneous Income (Provisions

7,96,970 9,627 2,18,787 2,722
wri en back, Si ng Fees & Others)
Total 69,46,404 83,909 31,04,942 38,624
17. Employee benefit expense

Par culars
Salary Allowances and Bonus 94,37,152 1,13,996 1,07,55,887 1,33,798

Contribu on to provident and
8,57,424 10,357 8,63,194 10,738
other funds
Gratuity 1,09,740 1,326 1,15,411 1,436
Staff Welfare Expenses 4,11,157 4,967 4,42,010 5,498
Total 1,08,15,473 1,30,646 1,21,76,501 1,51,469

18. Finance Costs

Par culars
ROU Interest 2,22,117 2,683 1,82,395 2,269

2,22,117 2,683 1,82,395 2,269
19. Other Expenses

Par culars
Rent, Taxes & Energy Cost

Electricity & Chilled Water Charges 1,47,629 1,783 1,27,197 1,582
Repairs & Maintenance
Repairs & maintenance Building 76,098 919 72,626 903
Repairs & maintenance Others 1,21,464 1,467 1,07,033 1,331
Communica on Costs
Connec vity Charges 2,09,111 2,526 2,18,405 2,717
Telephone & Communica on 69,156 835 51,129 636
Postage & Courier 6,956 84 7,016 87
Prin ng & Sta onary 72,075 871 1,72,400 2,145
So ware Expenses 16,99,830 20,533 20,55,143 25,565
Adver sement & Publicity
Adver sement & Business Promo on 84,686 1,023 1,37,425 1,710
Board & Commi ee Mee ng Expenses & Si ng Fees 17,28,653 20,881 16,85,431 20,966
Audit Fees (Refer Note: 23) 1,95,318 2,359 2,15,800 2,684
Legal & Professional Charges
Legal Fees 0 0 7,216 90
Professional and Retainership Fees 10,30,028 12,442 17,56,411 21,849
Insurance Expenses 25,573 309 20,176 251
Other Expenditure
Outsources Expenses 2,47,286 2,987 1,15,990 1,443
Exchange, Depository & IFSCA Charges 91,953 1,111 27,438 341
Bank Charges 25,888 313 46,627 580
Custody Fees 45,445 549 1,56,374 1,945
Travelling & Conveyance 2,33,227 2,817 2,74,345 3,413
Website Expenses 2,39,849 2,897 15,750 196
Membership & Subscrip on 10,84,233 13,097 5,31,209 6,608
Interest Payable on Client Margin FD 21,223 256 10,505 131
Seminar, Training & Recruitment Expenses 18,891 228 20,609 256
Miscellaneous Expenses 91,715 1,108 52,204 649
Vehicle Expenses 90,737 1,096 22,160 276
Total 76,57,025 92,493 79,06,621 98,354
Previous period figures have been regrouped / reclassified and rearranged wherever necessary to correspond with the current
period classifica on / disclosure.
20. Earnings per Share
Par culars
Profit for the period as per Statement of Profit

(1,25,54,847) (1,51,868) (1,85,60,669) (2,30,390)
and Loss
No. of shares ay the beginning of the year 2,00,00,000 2,00,00,000 1,80,00,000 1,80,00,000
No of shares at the end of the period 2,00,00,000 2,00,00,000 2,00,00,000 2,00,00,000
Weighted average number of shares outstanding
2,00,00,000 2,00,00,000 1,93,56,164 1,87,15,846
during the period (Nos)
Earning per share for the year in Rs (0.63) (0.01) (0.96) (0.01)
Basic/ Diluted Rs (0.63) (0.01) (0.96) (0.01)
21. Details of dues to Micro, Small and Medium Enterprises as defined under the MSMED Act, 2006
Based on the informa on with the Company, the amount overdue to the suppliers as defined under the Micro, Small
and Medium Enterprises Development Act, 2006 as at Mar 31, 2024 on account of principal amount together with
interest is INR NIL (USD NIL) (Previous Year: Rs. NIL).
The details of amounts outstanding to Micro, Small and Medium Enterprises based on informa on available with the
Company is as under:
Par culars
Principal amount due and remaining unpaid 0 0 0 0

Interest due on above and the unpaid interest
Interest paid
Payment made beyond the appointed day

during the year
Interest due and payable for the period of delay
Interest accrued and remain unpaid
Amount of further interest remaining due and
payable in succeeding year
22. Managerial Remunera on

Par culars
M.D & CEO, CFO and CS
Salary & Allowances 68,70,330 82,990 78,75,985 97,973
Contribu on to provident and other funds 8,40,459 10,152 4,34,936 5,410
Total 77,10,789 93,143 83,10,921 1,03,384
23. Auditors Remunera on

Par culars
As Auditor:
Audit Fees Statutory Audit Fees 99,294 1,199 97,777 1,216
Audit Fees cer fica on & Other Fees 96,025 1,160 1,18,023 1,468
Total 1,95,318 2,359 2,15,800 2,684

24. Ra os
Explanation
Numerator Denominator Ratio Numerator Denominator Ratio % Change for changes
Name of the Ra o in ratio for
more than
As at 31-Mar-2024 As at 31-Mar-2023 25%
Current Ratio (Current Assets/Current

13,45,52,307 4,49,36,598 2.99 13,05,37,197 3,03,58,347 4.30 -30.36 N.A.
Liabilities)
Debt - Equity Ratio (Total Liabilities/Total N.A.

4,63,61,580 13,16,57,190 0.35 3,20,43,872 14,23,62,832 0.23 56.45
Shareholder's Equity)
Debt Service Coverage Ratio N.A.

- - - - - -
(EBIT/Interest Expense)
Return on Equity Ratio (PAT/Shareholder's -1,25,54,847 13,16,57,190 -10% -1,85,60,669 14,23,62,832 -13% -26.86 N.A.
Equity)
Inventory Turnover Ratio - - - - - -

Trade Receivable Turnover Ratio N.A.
4,81,019 311 154469% 3,95,044 0 0.00% 0.00
(Turnover/Average Debtors)
Trade Payable Turnover Ratio (Turnover/

4,81,019 1,15,67,370 0.04 3,95,044 41,98,334 9% -55.81 N.A.
Average Creditors)
Net Capital Turnover Ratio (Turnover/Net 4,81,019 13,16,57,190 0.37% 3,95,044 14,23,62,832 0.28% 31.66 N.A.
Equity)
Net Profit Ratio (PAT/Turnover) -1,25,54,847 4,81,019 -2610% -1,85,60,669 3,95,044 -4698% -44.45 N.A.
-1,25,24,054 13,16,57,190 -10% -1,84,74,002 14,23,62,832 -13% -26.69 N.A.

Return on Capital Employed (EBIT/Net
Equity)
Return on Investment (PAT/Total Assets) -1,25,54,847 13,16,57,190 -10% -1,85,60,669 14,23,62,832 -13% -26.86 N.A.

25. Foreign Currency Exposure

Par culars
Par culars of unhedged foreign currency

exposure as at the balance sheet date*
Total 0 0 0 0
* Transac ons (income as well as expenses) in GIFT IFSC are incurred in foreign currency and the books of accounts are
maintained in foreign currency. Expenses incurred in INR are through a designated Bank Account (SNRR Account) funded by
transferring funds from the foreign currency bank account. Since the fund transfer is an ongoing process does not require
hedging.
26. Related Par es

a. List of Related Par es
Ul mate Holding Company IFCI Limited
Holding Company Stock Holding Corpora on of India Limited
Key Management Personnel
Shri. Manoj Parida (appointed w.e.f. January, 19,2024) NonExecu ve Chairman
Shri. Krishna Iyer Mani Non Execu ve Director
Smt. Shikha Gupta Non Execu ve Director
Shri. Shreekant Patwardhan Nominee Director
Shri. Manish Kumar Agrawal (appointed w.e.f. April 18,2023) Managing Director & CEO
Shri. Prabhat Dubey (resigned w.e.f. April 17,2023) Managing Director & CEO
Ms. Ara Bha Chief Financial Officer

Ms. Ekta Shukla Company Secretary
* The ICAI Ind AS Transi on facilita on group's bulle n dated July 31,2017 clarified independent directors coverage under
defini on of KMP under para 9 of Ind AS 24. Disclosures being made in this sec on accordingly for said purposes

b. Transac ons with related par es during the year
Transac ons (including accruals) with related par es for the year ended March 31, 2024.
Amount in Rs.(USD)
Ul mate Holding Key
Par culars Holding Associate Management
Company Company Subsidiaries Personnel
Reimbursement of deputed employees
salary & gratuity and other funds:
As on Mar 31,2024 5,43,428 77,10,789

(USD 6,564) (USD 93,141)
As on Mar 31,2023 7,03,566 83,10,921
(USD 8,752) (USD 1,03,384)
Si ng Fees Paid:
As on Mar 31,2024 5,79,389 5,26,868 5,79,389
(USD 6,999) (USD 6,364) (USD 6,999)
As on Mar 31,2023 5,30,313 7,75,072 3,44,026

(USD 6,597)) (USD 9,642) (USD 4,280)
Other Expenses Paid :

As on Mar 31,2024 2,350
(USD 28)
As on Mar 31,2023 1,442

(USD 18)
Balances Outstanding:
Trade & Other Payables:
As on Mar 31,2024 1,47,31,940
(USD 1,76,697)
As on Mar 31,2023 79,28,560

(USD 96,435)
In terms of our report a ached For and On behalf of the Board of StockHolding Securi es IFSC Ltd.
MEM. NO: 112269 DIN: 10099187 DIN: 08490827
Place: Ahmedabad Place: Gandhinagar Place: Mumbai

NOTES

NOTES

BOARD OF STOCKHOLDING SECURITIES IFSC LIMITED
Shri. Manoj Kumar Parida Shri. Shreekant Patwardhan

NonExecu ve Chairman & Director Nominee Director
Shri. Krishna Iyer Mani Mrs. Shikha Gupta

Addi onal NonExecu ve Director Addi onal NonExecu ve Director
Shri. Manish Kumar Agrawal

Managing Director & CEO

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TH

StockHolding Securities IFSC Limited

“To be a world class technology

Director's Report .............. 3

Independent Auditor's Report .............. 23

Comments of the Comptroller and Auditor General of India .............. 34

Balance Sheet .............. 35

Statement of Proﬁt and Loss .............. 36

Cash Flow Statement .............. 37

Statement of Changes in Equity .............. 38

Notes to the Financial Statement .............. 42

STOCKHOLDING SECURITIES IFSC LIMITED | 1

Statutory Auditors M/s Ramanlal G. Shah & Co.,

Secretarial Auditor M/s RRBP & Company,

Internal Auditor M/s Manubhai & Shah LLP,

Bankers ICICI Bank Limited

Registered oﬃce Unit 518, 5th Floor, Hiranandani Signature Tower,

Corporate Iden ty Number U65990GJ2018GOI103278

2 | 6th ANNUAL REPORT 2023-24

2023­24 2023­24 2022­23 2022­23

StockHolding Securi es IFSC Limited (SSIL) at IFSC, Gi City

STOCKHOLDING SECURITIES IFSC LIMITED | 3

4 | 6th ANNUAL REPORT 2023-24

Change in nature of business

Details of subsidiary, joint venture or associates

Amount transferred to reserves

Dematerializa on of equity shares of your Company

STOCKHOLDING SECURITIES IFSC LIMITED | 5

Par culars of Loans, Guarantee and Investments

Par culars of contracts or arrangements with related par es

Material changes aﬀec ng the ﬁnancial posi on of the company

Code of Conduct to regulate, monitor and report trading

Details of Directors and Key Managerial Personnel

Disclosure under Sec on 164 of the Companies Act, 2013

Number of mee ngs of the Board

Commi ees of the Board

Sr.No. Name of Member Designa on

STOCKHOLDING SECURITIES IFSC LIMITED | 7

Nomina on & Remunera on Commi ee (NRC)

Risk & New Ini a ve Commi ee (R&NIC)

Sr.No. Name of Member Designa on

8 | 6th ANNUAL REPORT 2023-24

STOCKHOLDING SECURITIES IFSC LIMITED | 9

STOCKHOLDING SECURITIES IFSC LIMITED | 11

For and on behalf of the Board of Directors

12 | 6th ANNUAL REPORT 2023-24

(a) Names(s) of the related party and nature of rela onship

For and on behalf of the Board of Directors

STOCKHOLDING SECURITIES IFSC LIMITED | 13

REPORT ON CORPORATE GOVERNANCE

Shikha Gupta Nov. 14, 2022 Non­ Exeucitve Director NIL

Shreekant Gopal June 01, 2022 Non­ Execu ve Director NIL

Manish Kumar April 18, 2023 MD & CEO NIL

Details of the Board Mee ng and A endance

14 | 6th ANNUAL REPORT 2023-24

A endance at the Board Mee ngs A endance

STOCKHOLDING SECURITIES IFSC LIMITED | 15

1 Shri. Shreekant Patwardhan √ √ √ √ √

Details of Nomina on & Remunera on Commi ee (NRC) and A endance

Sr. A endance at the NRC Mee ngs

202324 202324 202223 202223

Shikha Gupta Nov. 14, 2022 Non Exeucitve Director NIL

Shreekant Gopal June 01, 2022 Non Execu ve Director NIL

1. Details of the vigilance cases for the FY 202324

ANNEXURE C AUDITORS' REPORT

ANNEXURE D AUDITORS' REPORT

Addi onal Directors to Statutory Auditors for 202324

Changes In cash and cash equivalents G = (EF) 32,99,749 38,026

Balance as at Mar 31, 2024 20,00,00,000 20,00,00,000 20,00,00,000

Balance as at Mar 31, 2023 18,00,00,000 18,00,00,000 2,00,00,000 20,00,00,000