ICICI Securities Limited Annual Report FY2020 21

CORPORATE STATUTORY FINANCIAL
OVERVIEW REPORTS STATEMENTS
1
Contents
Introduction Year in Review Our Approach to
Report Profile 02 Our Capitals 10 Value Creation
FY2021 in Summary 04 Message from the Chairperson 12 Business Model 30
Message from the MD & CEO 16 Operating Context 32
ICICI Securities Leadership Views 34
Key Performance Indicators 20
at a Glance
COVID-19 Response 22 Stakeholder Engagement 38
Who we are 06
Strategy 40
Business Segments 08 Being there never
mattered more
Innovation 24
Digital 26
Customer Satisfaction 28
Being there never FY2021 highlights
mattered more Financial
Revenue
FY2021 was an extraordinary year with overwhelming
` 25,862 Mn
challenges in our operating environment. However,
this was the time when our stakeholders, particularly
our customers, needed us the most and we were
there. We were prepared and proactive in serving the 50%
requirements of our existing and new clients across all
lines of businesses. Truly, being there never mattered
PAT
more for our clients and for us as well.
Our customers needed the comfort and assurance of being able to

access their investments at all times and benefit from right advice.
` 10,677 Mn
We delivered on their expectations through various initiatives by 97%
launching innovative products with a strong digital ecosystem to
help them navigate the environment.
Return on Equity
Our teams served customers and we looked after their needs by
70%
ensuring a safe work environment, and security of employment.
We also provided our teams the convenience and safety of working
from home, constantly checked on their wellbeing and helped them
whenever needed. Serving the community through our various
outreach initiatives was also a priority for us during the year.
Operational
Upholding our culture of transparency, we regularly informed
our investors and other stakeholders about our performance, Total client assets
adhered to a high level of corporate governance and a strong risk-
management framework. Our scenario analysis and risk mapping
ensured that we were able to capitalise on the market opportunity
without taking unnecessary risks, so that the interests of our
3.8 Tn
`85%
customers, investors and other stakeholders are protected.
• Powered by innovation and partnerships - By harnessing
our internal knowledge and partnering with leading external Active clients
1.91 Mn
organisations, we use new technology and digital expertise to
deliver an excellent customer experience. (Read more on 24)
• Leveraging technology - Our primary focus during the current
pandemic has been to support and do what is right for our
29%
customers. We continued to enhance our digital propositions,
with a focus on speed, convenience, personalisation and
Client Base
control. (Read more on 26)
• Leading customer experience – Building deeper
relationships and evolving our propositions to meet the needs of
our customers throughout their lives. (Read more on 28)
5.4 Mn
Our Focus Statutory Reports

on Sustainability Directors’ Report 66
Governance Annexures 91
To read or download this report,
Governance Framework 44 Management Discussion please log on to
Board of Directors 46 and Analysis 106 www.icicisecurities.com
Risk Management 48
Financial Statements
Social
Standalone 122
People 50
Consolidated 188
CSR 54
Environment 58
Customer Testimonials 62
Awards 64
Integrated Annual Report 2020-21
Report Profile
About our
Integrated Report
We are committed to serve and create lasting value for all
stakeholders and build a more sustainable future for all. In
continuance of that overarching objective, we consider it essential
to share insights into our progress, milestones, challenges and
prospects with all our valued stakeholders annually.
Scope of Reporting
Reporting period Stakeholders
This Report is produced and published annually. Our relationships with our stakeholders play a key role
It provides material information relating to our in our efficiency to deliver integrated business solutions
strategy and business model, operating context, to our customers.
material risks, stakeholder interests, performance,
prospects and governance, from April 1, 2020 to
March 31, 2021. Customers Communities
Reporting boundary
The non-financial information in the integrated
Government and Business partners
report largely covers data on the India operations of
regulatory bodies and vendors
ICICI Securities.
Financial and non-financial reporting

The Report extends beyond financial reporting and Shareholders Employees
includes non-financial performance, opportunities, and investors
risks and outcomes attributable to or associated
with our key stakeholders, which have a significant Read more on 38
influence on our ability to create value.
Strategy
Our capitals We aim to be the most comprehensive digital platform
All organisations depend on various forms of serving the life stage investment, protection and
capital for their value creation. Our ability to create borrowing needs of Indians.
long-term value is interrelated and fundamentally
dependent on various forms of capitals available Our strategic anchors
to us (inputs), how we use them (value-accretive
activities), our impact on them and the value we Ramping up Monetising
deliver (outputs and outcomes). S1 S2
scale and volume client value
Improving customer Robust technology

S3 S4
experience and digital agility
Operating leverage
S5
through cost efficiency
Read more on 40
2 Being there never mattered more

Standards and framework

The non-statutory section of the Report follows the
Integrated Reporting Framework recommended by Report navigation
the International Integrated Reporting Council (IIRC).
The other statutory reports, including the Directors’
Financial Intellectual
Report, its annexures, including the Management
capital capital
Discussion and Analysis (MDA), and the Corporate
Governance Report, are as per the Companies Act, 2013
(including the Rules framed thereunder), Securities
and Exchange Board of India (Listing Obligations and Human Natural
Disclosure Requirements) Regulations, 2015 and the capital capital
revised Secretarial Standards issued by The Institute of
Company Secretaries of India. The financial statements
are in accordance with the Indian Accounting Standards.
Social and
Board responsibility statement Manufactured
relationship
The Board of Directors acknowledges its responsibilities capital
capital
to ensure the integrity of this Integrated Report.
The Board has accordingly applied its collective
mind and believes the Report addresses all material
Page
issues and presents the integrated performance of the
reference
Company and its impact in a fair and accurate manner.
Feedback
We welcome feedback on our report to ensure that we
continue to disclose information that is pertinent and
conducive to stakeholder decision-making. Please refer
queries or suggestions to [email protected].
ICICI Securities Limited 3

FY2021 in Summary
Progress Made
during the Year
Our technology platforms and strong processes quickly adapted to
the lockdown period and continued to meet the expectations of our
customers through digital means. We focused more on providing
services to our customers through our digital platforms and seamless
trading experience. While we served our customers without any
interruption through an increased digital mode, at the same time we
took care of the safety and well being for our employees. During the year,
our franchise strengthened, our business became more open architecture
and we added more products, helping us diversify our revenues across
various retail product revenue streams.

Leveraging digital New products launched

• Digitised the entire client onboarding process • Introduced ICICI NEO as discount brokerage
from completely manual to end-to-end online offering in the trading segment, where it offered
• Added Chatbot and Whatsapp to the various zero brokerage in futures, ` 20 in Options and
servicing options for clients to provide 24/7 Intraday per order
instant assistance using artificial intelligence • Launched a plethora of tools and solutions like
• Digital sourcing engines started adding customers iTrack, iAlert, iLens and Payoff analyser
at a faster pace • Scaled One-Click Portfolio range, offering
• Strengthened digital tools and solutions that our customers proprietary in research baskets
helped customers to regularly take stock of of stocks with seamless execution with a
their investments one‑click platform both through the mobile
and on the web platforms
Expanded portfolio Enhanced partnerships

• Scaled up distribution of loan products by adding • Partnered with Federal Bank for offering 3-in-1
12 more offerings like Home Loans, Loan against accounts
Property (LAP), Lease Rental Discounting (LRD), • Tied up with multiple lending partners for higher
Business Loans etc., which further fills our approval rates and more choices for our customers.
offerings in the financial life-cycle needs of our Post tie-ups with new lending partners such as
customers across investments, protection and banks, NBFCs and HFCs, more choices are now
borrowing. available under one roof for our customers
• Scaled our non-brokerage (allied) revenues in the • Expanded protection offering by on-boarding Max
equity business by scaling up or launching slew Bupa Health Insurance Company Limited on our
of value propositions including loan products, platform, thereby bringing more choice to customers.
subscription fees and other value added services
• Launched commodity derivatives trading, where
we have added 50k customers since its launch
Global investment
platform
• Launched the global Investments platform
through which ICICIdirect customers can
now invest in the US securities seamlessly
and digitally. The facility has since then been
extended to five new markers – UK, Japan,
Singapore, Hong Kong, and Germany

Who we are
India’s leading Full-service

Fintech Powerhouse
ICICI Securities is an integrated technology-based securities firm
offering a wide range of services including retail and institutional
broking, financial products distribution, private wealth management,
and issuer and advisory services.
It is one of the pioneers in the e-brokerage business in India. ICICI Securities operates www.icicidirect.com,
India’s leading virtual financial supermarket, meeting the three need sets of its clients - investments,
protection, and borrowing.
We endeavour to become a comprehensive fintech solutions provider to life cycle investment, protection
and borrowing needs of retail Indians in a digital and open architecture format. We are well placed as a
leading name in the industry driven by end-to-end technology platforms, experienced management, diversified
product portfolio and supported by physical presence at strategic locations to support the digital business.
Sustainable and
responsible business Unwavering client focus
We promote social and We provide differentiated
economic development by experiences to customers
supporting sustainable finance, through product and
being a responsible company technology innovation.
and promoting inclusive
communities.
Sound risk culture

Risk management is an integral part Extensive reach through
of ensuring that we deliver on the omni-channel model
promises we have made to our We have a robust reach
customers. We have developed a through online channel, led by
culture of stringent risk management What our unique platform and
for identifying, assessing and seamlessly supported by a pan
managing risks throughout the makes us India relationship network.
organisation.
different
Domain expertise
One-stop digital We have deep understanding
financial supermarket of capital markets and financial
We have implemented digital needs of customers across
solutions across business Trusted brand profiles, products and services.
value chain for higher We have earned the trust We have a robust research
operational efficiency. of all our stakeholders by team, relationship managers
providing consistent and product specialists.
experiences, valuable insights
and by keeping their interests at
the centre of our business for
over two decades. We take pride
in partnering our clients across
their life journey in achieving
their goals and humbly act as a
custodian of their life time
savings and assets.

Key facts
One of the largest

equity franchise
Total assets*
` 3.8 Tn
Client base#
5.4 Mn
Overall active clients#
1.91 Mn
*Assets of our clients including equity demat assets maintained
with ICICI Bank and excluding promoter holding
# As at FY2021, active clients are for trailing 12 months

Who we are
Business Segments
Overview Products Performance

and services
Retail equity
Offer all investment and Investment and trading across Retail equity and
trading solutions across asset asset classes including equity, allied revenue
classes to retail investors commodity, derivatives,
through our comprehensive currency, margin trading ` 15,983 Mn
platform and a bouquet of funding, offshore investments 70%
digital properties etc
Distribution of
financial products
We service the wide client Mutual Fund, Gold Bonds, Distribution revenue
base with a bouquet of ETFs (Exchange Traded
proprietary as well as third Funds), NPS (National Pension ` 4,279 Mn
party products designed for Scheme), Corporate FDs
varied life stage needs. Our (Fixed Deposits) and Bonds,
1%
omni-channel model which is Insurance (Life, General and
a combination of platform and Business), Credit (Home Mutual Fund revenue
platform assisted approaches, Loans, Loan against Securities
offers a hyper personalised / Property / FD / Bonds / MF), ` 2,385 Mn
experience to our clients Rental Discounting, Asset 5%
Financing and Overdraft
Private wealth
management
Service High Networth clients Investment solutions like Total AUM
by providing innovative Equity, Fixed Income, Offshore
products and solutions across and Alternate Investments; ~ ` 1.68 Tn
their investment, business value-added services like
and allied needs Protection, Mortgages & 102%
Loans, Tax Advisory and
Estate Planning Revenue
Engagement with customers ` 4,503 Mn

on business needs like raising 74%
equity capital, debt syndication
and monetising assets

Overview Products Performance

and services
Institutional equity
Offers domestic and Equity brokerage service for Revenue
international institutional domestic and international
clients brokerage services and institutional clients ` 1,599 Mn
is empanelled with a large
cross section of institutional Value-added products and
24%
clients. We also work with trade services, including Block
aggregators. We also provide Deal, Algo Trading, Corporate Research coverage
solutions like block deals, Access, Investor Meets, and
which provide liquidity and Equity Research 308
enable them to trade on Indian
stock exchanges as per their
companies
specific requirements.
Institutional research
analysts ranked in top 5
of Asiamoneypoll
Issuer and advisory

services Full-service investment bank Revenue
Services include M&A providing services including,
advisory, structured products, Equity Capital Market, ` 1,613 Mn
private equity, restructuring Debt Advisory, Mergers &
advisory etc. across US, Acquisitions, Advisory, Private
111%
Europe, Asia and India Equity Services, Structured
Products and Restructuring Ranking in ECM fund raise1
#1
ECM mobilisation1
~` 1.9 Tn
ECM mobilisation
market share1
Source:
76%
1 Prime database, FY2021

Our Capitals
Resources We Deploy to
Create and Protect Value
All organisations depend on various forms of capital for their value
creation. We comprehend that doing business in a sustainable and
responsible manner is important to ensuring our future viability. We use
our six capitals to generate and sustain value for all our stakeholders.
Financial Capital Manufactured Capital Human Capital

Financial capital (includes Manufactured capital is the Our employees are pivotal to our
shareholders’ equity and Company’s tangible and success, and we are committed
debt) is a critical input in intangible assets used for value to provide them with all the
executing business activities creation through continued tools necessary to maximise
and in generating, accessing business activities. their capabilities.
and deploying other forms
of capital. Over the years, we
have leveraged our strong
financial capital to invest in
business expansion to sustain
market leadership.
Revenue Branches Employees
` 25,862 Mn 148 3,766

Average training
Dividend paid* Presence through partners* hours per employee
` 21.5 per share 18,400+ 41.14

*Including proposed final *Independent Advisors (IA),
dividend of ` 13.5 per share Independent Financial Advisors (IFA),
Sub brokers, Authorised Personnel (AP)
Page 20 Page 43 Page 50

Intellectual Capital Social and Relationship Natural Capital

The collective expertise and Capital Our operations rely on natural
knowledge of our people, our It refers to the relationships resources and we recognise the
digital capabilities and our ability the Company fosters with its impact of our operations on the
to provide best-in-class offerings clients, investors, regulators, natural ecosystem. We focus
to our customers provide us with suppliers and the community at on utilising the scarce natural
a sustainable competitive edge. large to create societal value as resources in an optimal manner.
a responsible corporate citizen.
At ICICI Securities, we believe
that as a responsible corporate,
we have a larger role to play in
supporting and helping create
social and economic value for all
stakeholders.
New products and Carbon emissions offset by

product enhancements New customers added optimising electricity usage
600+ 0.69 Mn 1,650 MT

Expenditure on Indirect jobs created through Y-o-Y reduction in
technology infrastructure Fintech Incubator programme paper consumption
` 154 Mn 700 73%
Page 26 Page 54 Page 58

Message from the Chairperson
Mixing Maturity and

Agility to Deliver Value
Your Company has immense reserves

of inherent strengths to capitalise on the
opportunities. The biggest amongst these
is its ability to constantly reinvent itself
to remain relevant for the customer’s
changing and evolving needs.
Vinod Kumar Dhall

Chairman

Dear Shareholders,
It has been an exceptionally trying globe adopted a counter-cyclical commercial mining, agri reforms
time for the world, including fiscal policies by embarking on etc. are expected to further help
for our country. The COVID-19 unprecedented fiscal spending to in achieving the broader goals of
induced pandemic, a typical pull their respective economies economic growth and self-reliance.
black swan event, that swept out of the recession caused by
Gradually, after the government
across the world has ravaged the the once-in-a-century crisis;
eased covid related restrictions
global economy at a scale never these measures met with visible
on mobility, economic activity
seen before. The post‑pandemic success. Growth recovered in the
has started limping back and we
world will in many ways be unlike second half of Calendar Year 2020
closed the year with Q4FY2021
the world before. and high frequency economic
real GDP growth of 1.6%, which
indicators such as global Purchasing
was the strongest quarter of the
Seeing the big picture Managers’ Index (PMI) showed
year. The IMF expects India to be
unfold that the momentum in economic
the fastest growing economy in
recovery continues.
Mankind however is resilient the world during CY2021 at 12.5%
enough to confront new challenges At home too, the Indian government GDP growth. Structural reforms
and adjust to developing situations. took series of measures to minimise and pro-growth policies of the
Significant changes in human the impact of the pandemic and to Government have the potential to
history have evolved in response kickstart the economy. Measures extend the growth momentum for
to major crises. For instance, the like the stimulus package, the India beyond CY2021.
American civil war was followed Atmanirbhar Bharat campaign,
The global GDP too is expected
by the end of slavery. The World liberalisation of FDI rules, focused
to grow by 6% in CY2021, after
War II was followed by the creation industry-specific incentives, and
contracting by 3.3% in CY2020.
of peace keeping institutions like financial and food assistance to the
Emerging economies are expected
the United Nations, which became needy helped to cushion the dire
to grow faster at 6.7% than
an influential organisation for effects of the pandemic. Steps like
advanced economies at 5.1%.
preventing the recurrence of such support to MSMEs, permission for
large scale transnational conflicts.
Similarly, the global financial crisis
of mid to late 2000s led to tighter
banking regulations.
We see such examples even at
home. In times of major crises, the
system has responded forcefully.
Food shortage during the early
decades of independence led to
the green revolution, transforming
the farm sector and ultimately
making India a net exporter of food
products from being an importer
earlier. The 1992 stock market
scam gave birth to electronic
trading and better regulation.
The balance of payments crisis in
1991 led to the liberalisation of the
Indian economy. These tectonic
reforms short-circuited years of
incremental change.
Swift response by
governments globally
When the global economy went
into recession in 2020 due to the
COVID-19 impact, central banks
embarked on record monetary
stimuli and governments across the

Message from the Chairperson

The Indian equity markets had an Our value-creation Their objectives and aspirations are
eventful year: first, the bourses opportunity different from those of the previous
dipped into bear territory but soon Your Company has been a generations. And they also need to
reversed to a spectacular bull run, beneficiary of the broader market be served differently. This is one
with the benchmark index NIFTY50 trend playing out in the form big area of focus for your Company
rallying 71% during FY2021. The of formalisation of savings and as it readies the next generation
rally was secular and broad- huge retail interest in equity, of tools and features to cater to
based, with small and midcaps that is reflected in its stellar these customers.
outperforming headline indices. FY2021 financial and operational Your Company has immense
This was on the back of mirroring performance. Going forward, we see reserves of inherent strengths to
global markets as well as the a long runway for growth as under capitalise on the opportunities.
expansionary FY2022 Union Budget almost all financial parameters like The biggest amongst these is its
which incorporated a counter- penetration of direct or managed ability to constantly reinvent itself to
cyclical fiscal policy with focus on equity, ratio of physical vs. financial remain relevant for the customer’s
reviving growth. assets etc. we have a long way to changing and evolving needs. The
The year saw record number (up catch up with the rest of the world. Company has constantly innovated
~3x Y-o-Y) of new demat account India has a large youth population and added products, features and
holders entering the market. There joining the workforce every year. services to its arsenal, many of
was significant surge in trading The younger millennials and Gen which have gone on to become
volumes (average daily turnover Z are digital natives. They think, industry standards.
almost doubled) led by historic act, spend, or invest differently.
levels of volatility arising out of
the pandemic, lower interest rate
regime in the market, and aided by
the work-from-home environment.
Demand for retail financial products
like loans, fixed income products,
corporate bonds, deposits,
insurance, etc. was impacted in
the first half of the financial year,
as these businesses are largely
contact based and got affected by
the COVID-19 related restrictions,
with business improving only in
the second half of the financial year.
While direct equity investments
gained popularity, as indicated by
the number of new demat accounts
opened, the managed products
saw muted investor interest. Even
as Mutual Fund Investor accounts
registered a growth of 10% to reach
99 Million accounts in FY2021,
average monthly SIP inflows
saw a dip of 4%.
Your Company has been a

beneficiary of the broader
market trend playing out in
the form of formalisation
of savings and huge retail
interest in equity, that is
reflected in its stellar FY2021
financial and operational
performance.

Your Company partnered towards The Prime Minister’s Citizen Your Company has joined hands
with IIT-Kanpur to Assistance and Relief in Emergency with the Society for Innovation
successfully develop Situations (PM CARES) Fund in and Entrepreneurship (SINE), a
ground-up, a completely order to support the Government not-for-profit Technology Business
indigenized, portable and in its fight against the pandemic. In Incubator (TBI), at IIT Bombay, to
affordable ventilator. another initiative, which may have support a couple of projects that
a long term impact in making the have potential large scale social
country self-sustained in medical impact. The first project is in the
devices, your Company partnered area of Integrated Water Technology
Compassion for the with IIT-Kanpur to successfully (IWT) for treating sewage/dirty
Community develop ground-up, a completely water and reuse in farming,
Reflecting your Company’s deep indigenized, portable and gardening, etc. The second project
commitment to social responsibility, affordable ventilator. is in baggage screening using
during the year, it undertook Artificial Intelligence, for enhancing
With respect to creation of new jobs
various community initiatives in security in public places such as
and businesses, besides partnering
the areas of skills development, metro/railway stations, airports, etc.
with the ICICI Foundation for
sustainable livelihood, creation
of job opportunities, healthcare,
Inclusive Growth (ICICI Foundation) In conclusion
in its job-oriented skill training, we I would like to reiterate that ICICI
empowering of women, and senior
initiated a unique programme, in Securities Limited is 26-year-
citizens’ welfare. In healthcare, we
partnership with the N.S. Raghavan old company but yet a young
humbly contributed ` 100 Million
Centre of Entrepreneurial Learning enterprise in mindset. It works
(NSRCEL) at the Indian Institute of with the maturity of an established
Management Bangalore (IIMB), to firm and agility of a startup. As a
provide assistance to 10 fintech consumer-centric organisation,
startups as we believe they have the while we are proud of our legacy,
potential to quickly generate large we do not rest on our laurels. We
scale employment. Through this have kept augmenting customer
initiative, around 150 direct and 700 trust, refreshed our talent, invested
indirect jobs have been created. We substantially in technology,
have also tied up with an agency to maintained high level of corporate
train people in eldercare, meeting governance, and constantly
the twin needs of fulfilling a demand endeavored to give back to the
gap in shortage of trained care society. We continue to invest in
givers and employment generation. people, processes, and technology
For women empowerment, we are towards greater stakeholder
engaged with the World Wildlife value creation.
Fund’s (WWF) Hameri programme, I take this opportunity to thank
under which women around the all of you - and our customers,
Jim Corbett National Park area partners, associates, employees,
in Uttarakhand are trained in communities, and the regulators -
community-based food processing for the continued support and trust
and handicraft enterprises. This by all in our long-term story, and
also reduces their dependency solicit your continued support going
on the forest, thus, aiding forward. And finally, along with all of
environment conservation. you, we look forward to a brighter,
The Company, in association with stronger post-covid future for our
HelpAge India, has taken up the country and its people.
project to set up Model Old Age Regards
Homes with Active Ageing Concept
across 3 cities of Gurdaspur in Vinod Kumar Dhall
Punjab, Cuddalore in Tamil Nadu, Chairman
and Shey Village in Leh, Ladakh.
Various activities and initiatives
have been undertaken in these
centres for the overall wellness
of the elderly.

Message from the MD and CEO
Strengthening the Core

Anchors of our Business
As we remain focused on meeting

and exceeding our customers’
expectation, we continue to expand
the horizons of our business.
Vijay Chandok
MD & CEO
Consolidated revenue
` 25,862 Mn
~50%
Retail client base
~5.4 Mn
Consolidated Profit after Tax
10,677 Mn
97%
EPS
` 33.14

Dear Shareholders, We are witnessing the trend Strengthening our core

The year that went by was an of consolidation of market Our strategy - be a comprehensive
apocalyptical one as we faced share towards digital players fintech solutions provider by
the a-once-in-a-century kind of or those who are able to fulfil a meeting retail Indians’ life cycle
disruption which brought life as large part of customers’ needs needs in a digital and open
we knew it, to a virtual standstill. digitally. This is true across architecture format - unveiled by
categories and can be witnessed us two years ago has remained
For us, being there for our if we look around us and more relevant now than ever. It has
customers and stakeholders during compare our own consumption helped us broad-base our presence
these trying times, therefore never pattern now compared to even in the financial services landscape,
mattered more. In this context I wish 15 -18 months ago. diversify our offerings and
to acknowledge the exemplary granularise our revenue streams.
contribution of our employees, These changes have an
who ensured business continuity, immediate and long-term impact Our approach has been to
despite huge challenges. on your Company. The number strengthen the core aspects of
of newcomers in the market has our business, while building for
The COVID-19 induced pandemic gone up by a factor of almost the future by focusing on five
has redefined the way we humans 3, with a record 14.3 Million key strategic anchors, which are:
communicate, do commerce, demat accounts being opened Ramp-up scale and value, Monetise
and maintain relationships. in FY2021, against 5 Million in Client Value, Enhance Customer
Even now, the challenges remain FY2020. Similarly, the average Experience, increase Digital Agility,
in the form of scars left behind by daily turnover (ADTO) on our and demonstrate Cost Efficiency.
the second wave and preparing bourses have almost doubled We have made significant progress
for any future wave. during FY2021 as compared to against all these anchors.
FY2020. The year saw one of the
A new business paradigm largest fundraising by India Inc. While the number of customers
The pandemic has bought about with ` 2,505 Billion being raised sourced through ICICI Bank
significant change for our business. through various routes in FY2021 channels has scaled up in FY2021,
To begin with, we have seen a as compared with ` 1,472 Billion our open architecture and digitally
strong behavioural shift of customer raised in FY2020. sourced ones have also resulted
accessing and making investments
digitally. This change has happened
in a very short period of time which
under normal circumstances,
would have taken many years.
More and more young people
and from smaller cities and towns
are now entering the capitals and
financial market.
During this period, we saw that

in order to prepare themselves
for an uncertain business
environment, corporates have
undertaken conserving capital
and strengthening their balance
sheet in a big way. This led to
many of them raising capital from
the market through a multitude
of ways including IPOs/OFS/
Rights issuances etc.
The pandemic has triggered

investor mind-set towards savings,
investments and protection. People
have increasingly begun to prioritise
these over discretionary spends to
prepare themselves better for an
uncertain tomorrow.

Message from the MD and CEO

in diversification of our channel increasing by 97% to ` 10.68 Billion. Improved traction in both retail and
mix with ~55% of new customers Our net profit margin increased to institutional client base helped us
coming through this channel in 41% in FY2021, compared to 31% a improve our blended equity market
FY2021, as compared with 20% year ago. The Board has proposed a share to 10.4% in FY2021 from
in FY2020. During the year, we final dividend of ` 13.5/ share, which 8.7% in FY2020.
on-boarded Federal Bank as our would take the full year dividend to
partner by offering our trading ` 21.5/share compared to ` 11/share Distribution of Financial
platform to their customers, paid in FY2020. Products
which we expect will further add Your Company is a leading distributor
to diversification of new account Retail & Institutional Equity of financial products such as Mutual
sourcing going forward. During the year, we had our Funds (MFs), Exchange Traded Funds
best ever retail client addition of (ETFs), National Pension Scheme
During the year, we launched a ~0.7 Million and a total retail client (NPS), Sovereign Gold Bonds
number of products and services base of ~5.4 Million with over (SGBs), RBI bonds, Corporate Fixed
such as Neo (our zero brokerage 1.91 Million active clients and over Deposits (CFD), REITs (Real Estate
plan), Global Investments 1.58 Million NSE active clients. Investment Trusts), protection and
(to facilitate investments to other More than half of new customers loan products. Our distribution
markets such as the US, UK, were below 30 years of age and revenues increased marginally from
Hong Kong, Singapore, Japan, about 2/3rd are from tier II & III ` 4.23 Billion to ` 4.28 Billion. Due to
and Germany), expansion of cities. Our fully digital customer pandemic related restrictions, most
1Click equity portfolios, iAlert acquisition capabilities and open of the first half of the year remained
(to alert customers against risky architecture model aided us in muted with growth returning only in
trades), ICICIdirect Money app adding momentum to our client the second half.
(to simplify buying and selling of acquisition initiatives.
MFs), and many more to enhance We remain the second largest
customer experience and monitise The Retail Equity and Allied income non-bank MF distributor with our
client value. The result is that we grew by 70% from ` 9.41 Billion in MF AUM reaching an all-time high
improved our cross-sell ratio from FY2020 to ` 15.98 Billion in FY2021. of ` 455 Billion as at March 2021.
1.64 to 1.78 and currently have over Revenue from our institutional Our market share in SGB has now
a Million clients utilising more than equity business increased by 24% expanded to ~10% for FY2021 and
one product from our stable. from ` 1.29 Billion in FY2020 to share in non-institutional ETF assets
` 1.60 Billion in FY2021. stands at 13% for March 2021.
ICICIdirect platform is known for
its stability, safety, and speed.
It has handled traffic of 102,000+
concurrent users, processing at
peak 4.1 Million orders plus trades
in a day. We have launched our
APIs which is integrated with a
diverse set of fintech players and
other partners. We constantly
analyse the market for unique
offerings, which would be of benefit
for our clients. We are currently
in the process of re-engineering
our mobile app including
introducing the new UI/UX.
Strong performance
backed by growth across
all KPIs
We have delivered robust
performance for the year with
consolidated revenue increasing
by 50% to ` 25.86 Billion in FY2021
and consolidated profit after tax

Cross-sell ratio Putting customers at We are enriching our product stack

the center of our growth to tap into white spaces that have
1.78 strategy opened up and also as propositions
to attract new to platform clientele.
The pandemic has changed the
Our channel stack comprising
business landscape at a fast pace.
our omni-channel model and our
Green shoots are visible in some
approach of partnerships are
of the secular and structural trends
aimed at creating a strong network
in terms of accelerated digital
Private Wealth Management effect propelling the scale of our
embracement for investment
Our Private Wealth Management impact universe.
transactions, increased pace of
revenue jumped 74% to ` 4.50
formalisation, digitisation, and
Billion in FY2021 on the back of an We are looking at using data driven
equitisation of savings. In such
expanded client base of ~47,400, analytical insights to personalise the
a context we are continuously
up from ~32,000 a year ago, leading manner of engagement with clients.
digitising to remain at the center
to an assets under management of Our approach is to view ecosystems
of evolving customer preferences.
` 1.68 Trillion as at March 31, 2021, rather than just segments and
We do believe this focus would be
up by 102% from ` 0.83 Trillion in provide comprehensive solutions.
pivotal to sustain and accelerate
as at March 31, 2020.
the growth momentum in
This journey of transforming the
the market place.
Issuer & advisory services platform to a market place for entire
Owing to a significant uptick in gamut of financial products as well
Your Company has historically
capital raising and deal activities, as a community , a partner in the
demonstrated its capability to
our Issuer and Advisory Services life journey will need investments
continuously innovate and sustain
business reported a 111% rise and execution. We are making
market leadership position across
in revenue from ` 0.76 Billion in investments in technology, people
market cycles. Our business is a
FY2020 to ` 1.61 Billion in FY2021. and our brand to realise the
business of Trust and we remain
During the year, we successfully opportunity ahead of us.
focussed in our efforts to reinforce
managed 56 deals compared
the trust that we have earned in
to 30 in FY2020. Together with my colleagues, and
the last two plus decades of our
encouraged by the support of all
existence. As at March 31, 2021, we
Beyond Business our stakeholders, we will continue
had client assets worth ` 3.8 Trillion
Our endeavour has been to to forge ahead and contribute to
against ` 2.1 Trillion a year ago, a
participate wholeheartedly India’s transformational journey
strong validation of the trust that
in every element of wider towards self-reliance. I would also
our clients repose in us.
societal opportunity. We have like to thank our customers and
redoubled our commitment shareholders for their continued
Way ahead faith in our abilities and for their
towards Environment, Societal,
We feel excited at the opportunity unwavering support for all our
and Governance (ESG) efforts.
that lies ahead. The canvass is endeavours. Along with the right
This would be the second year
very broad. On one hand, we have team and strategy, we are confident
we would be disclosing our ESG
a demographic dividend with a of delivering long-term sustainable
initiatives with a commitment
whole new generation, the GenZ, growth for all our stakeholders.
to further improve upon them.
commencing their economic life
Our CSR initiatives have been very
and on the other hand, we have With best wishes,
focused towards COVID relief and
large pool of wealth getting created
healthcare, senior citizen welfare, Vijay Chandok
and transmitted at the upper end
environment protection, and
of the spectrum with growing MD & CEO
employment generation. During
affluence, growing need for
the year, besides other initiatives,
retirement corpus etc.
we also contributed towards PM
Cares to help fight the pandemic.
We see ourselves as life stage
partners in this journey straddling
full spectrum and are gearing our
Our endeavour has been to
platform to play a pivotal role in all
participate wholeheartedly
the financial needs of customers
in every element of wider
in this journey.
societal opportunity

Key Performance Indicators
Delivering Stable and

Profitable Growth
FY2021 was a year marked by huge economic volatility and overall
uncertainty in the market. In such an environment, our financial
performance was strong on the back of our business model and
resilient franchise.
Revenue (` Million) PAT (` Million) Cost to income ratio (%)
10,677
63
25,862
56
56
54
45
18,610
17,270
17,249
14,042
5,535
5,420
4,907
3,386
FY2017 FY2018 FY2019 FY2020 FY2021 FY2017 FY2018 FY2019 FY2020 FY2021 FY2017 FY2018 FY2019 FY2020 FY2021
Revenue during the year PAT growth was driven by revenue Cost to income ratio stood at
increased by 50% on account increase along with continued focus 45% due to improved operating
of growth across all businesses on enhancing operating leverage leverage achieved through cost
which driven by reduction in branch efficiency measures
and employee count
Earnings Per Share (`) Dividend Per Share (`) Networth (` Million)
21.5*
18,221
33.14
12,095
10,473
17.18
11.0
16.83
8,477
15.23
9.4
9.4
10.51
6.4
4,896
FY2021 EPS grew by We have been consistently paying over Networth grew by 51% Y-o-Y,
97% Y-o-Y 50% of our PAT as dividend for the led by PAT growth
past few years. In FY2021 our dividend
pay out ratio was 65%
*Including interim dividend of ` 8.00 and

proposed final dividend of ` 13.5 per share

We proactively invested resources to scale up our digital acquisition of

customers across markets and also launched new products by partnering
with various Fintech companies with all possible required services.
Total Assets* (` Trillion) Assets – Wealth Management Mutual Fund Average AUM
(` Billion) (` Billion)
3.8
367
1,677
362
347
302
2.4
990
2.2
212
2.1
906
832
1.8
683
Assets of our clients grew by 85% Total assets of our wealth Sustained focus on input parameters
to over ` 3.8 Trillion, driven by management clients increased to like one click portfolio, SIP,
all‑round growth across businesses ` 1.7 trillion, a growth of 102% Y-o-Y
led by strong client flows and ICICIdirect Money app helped our
buoyant equity markets Mutual fund AUM to reach at an all
time high in FY2021
* Assets of our clients including equity
demat assets maintained with ICICI Bank
and excluding promoter holding
New Customers (Million) Active Clients (Million) Equity Market Share (%)
Acquired (all products)
0.69
1.9
10.4
8.7
1.5
7.7
7.4
1.3
7.1
0.46
0.45
1.2
0.42
0.39
1.0
Digital sourcing helped in scaling of Our focus on micro-segmenting our Expanding customer acquisition
new client acquisition client base by providing a personalised channels augmented by our distinct
experience using analytics, new age product and service propositions like
tools etc. helped us increase our cross Prime/Prepaid/NEO helped us grow
sell ratios which led to expansion in our equity market share
our overall active customer base

COVID-19 Response
Stepping up the Fight

against the Pandemic
The COVID-19 pandemic has had a profound impact on markets and people
across the world, disrupting the way we live and work. Our business, too,
faced several challenges, but we responded rapidly and with agility to
sail through this storm. Our success is built on our ability to anticipate
and respond to the challenges and opportunities we face today and in the
future. During the pandemic outbreak, our focus was on largely three areas:
ensuring safety of employees, ensuring business continuity, and reaching
out to customers and other stakeholders virtually.
Business continuity
As our Company is a part of the ‘essential services’ To manage market risks, we have a comprehensive
in the country, we made sure that our services were system for risk management and internal controls,
available, and customers had access to their investments whose objective is to ensure that various risks are
and markets at all times. During these uncertain times, identified, measured and mitigated. Proactive, prudent
we observed that customers had a greater need to reach and real-time risk management polices backed by our
out to their Relationship Managers (RMs). Given the robust technology helped us navigate better, amid a
pandemic situation, keeping the safety of our employees high level of market volatility.
in mind, we ensured a large part of our workforce and
relationship management teams were enabled to work
from home with necessary digital tools and enablers to
connect and serve the customers.

Employee health and safety

As a caring organisation, we value employee well‑being
and safety. During the pandemic, we ensured the
safety and sanitisation of our premises with utmost
diligence as per the guidelines issued by various local
authorities. We provided sanitisers, masks, face shields
to our employees / associates who had to come to
our premises on a rostered basis. In larger offices
or central locations, we started conducting proactive
RTPCR tests for our people.
We continued to reach out to employees through digital

medium to enquire about their and their immediate
family wellbeing and extend necessary support
Wherever required, the hospitalisation of employees &/
wherever required. We arranged for isolation facility
or their immediate family members was also arranged.
for our employees and their family members in six cities,
We took care of hospitalisation expenses of employees
who were suffering from COVID-19 and needed to be
even beyond the regular claim limits. We also assisted
isolated. Digital engagement platforms were provided
employees in getting themselves and eligible family
to employees to facilitate virtual team meetings. Digital
members vaccinated in line with the Government’s
learning programmes were offered to employees in
defined eligibility norms.
order to help them adapt to the new normal.
In order to check on employee well-being, 20 HR

managers were made responsible to connect with 20 Consultations held for
employees each on a daily basis everyday till October employees with respect to
2020. We tied up with a mobile based medical concierge physical health and mental well-being
service provider for employees and their dependents to
seek online consultation during the pandemic period. In 486
FY2021, 486 consultations were held, of which 74 were
psychologist consultation sessions.
Technology preparedness
The recent market volatility tested the robustness and
the ability of our technology platform to deal with
concurrent users, uptime, response time, and so on.
Our platform passed this ‘stress test’ with flying colours.
We handled record volumes of 4 Million+ orders and
trades processed in a day on our platform. We also
managed peak concurrent users of over 1,02,000
without any downtime.
Peak Trade orders

executed on our platform
4 Mn +
Peak concurrent users
managed without any downtime
1,02,000

Innovation
Being Ahead with Advanced

Technology, Partnerships and
Product Propositions
We leverage our resources to expand our customer base and
provide best-in-class products and services. By focusing on our
knowledge and partnering with leading external organisations,
we adopt advanced technology and digital expertise and
endeavor to deliver an excellent customer experience.
A well integrated open architecture

platform
We introduced our open architecture system
in FY2021 to make our electronic brokerage
platform seamless and inter-operable by allowing
our customers to link any bank account to their
trading and demat account and provide them
greater flexibility in the use of their money.
This has increased our addressable market size
by opening new customer sourcing channels.
Our technological architecture integrates the
internal systems and the systems of third parties
whose products we distribute. The underlying
IT infrastructure is robust and scalable, designed
with redundancy in mind and with a three-tier
disaster recovery process. The platform allows the
customers to transact across different assets classes
and asset managers, review portfolio and extract
reports. For example, clients have access to best
of the breed Portfolio Management Schemes, high
performing Alternate Investment funds, etc.
ICICIdirect Money
Introduced ‘ICICIdirect Money’ mobile app, which
provides a vast array of services related to mutual
funds such as investment, redemption, setting up
or cancellation of SIP mandates, one click basket of
Mutual Funds, our theme based investment baskets,
among others. It is seeing a healthy download traction
and has high-user rating.

a path-breaking zero brokerage plan

This is a one-of-its-kind plan targeted at equity and
derivative traders, offering unlimited trading with zero
brokerage on all Futures trades and flat ` 20 per order
for intra day and Options trades.
ICICIdirect Neo customers also get a host of additional
distinctive features comprising:
• Instant liquidity, where customers get cash within
30 minutes of selling stocks as per their chosen plan
• Access to ICICIdirect’s award winning research with
300+ companies under fundamental coverage
• Access to One-Click Portfolios - baskets of
research‑curated and theme-based (fundamental
or technical or a combination of both) stocks or MFs
• Access to proprietary and third-party trading tools to
get the best out of any market situation
• Margin Trading Funding at attractive market leading pricing
Collaborated with Interactive Brokers

LLC to invest in the US markets
We have partnered with Interactive Brokers, a US-based
multinational brokerage firm, operating the largest
electronic trading platform in the U.S. by number of
daily average revenue trades. The partnership was
launched in Aug 2020 and by March 31, 2021, close to
4,000 customers have invested about $14 million in US
securities through this initiative. The alliance will enable
our 5.4+ Million clients to diversify their investments
outside of the Indian market and access multi-asset
investment opportunities. Domestic investors can
trade in US markets across stocks, ETFs, and fixed
income products as well as five additional markets -
UK, HK, Singapore, Japan, and Germany.
ICICIdirect customers can now

New partnerships add value
invest in US, UK, HK, Singapore, • Launched Sensibull, a third-party derivative strategy
Japan, and Germany platform, to offer advanced trading suggestions and
strategies for ICICIdirect customers
• Launched i-Lens (Integration of Traders Tool) which
provides screeners to help customers identify stocks,
based on pre-defined conditions or trends
• Integration with Federal Bank to provide the
ICICIdirect trading platform for Federal Bank’s demat
account customers
• A new Private Wealth Management partner
universe has been created. It provides a dashboard
in which summary and detailed information of linked
customers can be seen
Commodity derivatives trading
Launched commodity derivatives trading on the
icicidirect.com platform. With this, I-Sec’s ~5.4 Million Number of customers registered
client base can now trade in commodities futures on for commodity trading
the Multi Commodity Exchange (MCX), India’s largest
commodity exchange with a market share of over 94%. 75,000
Digital
Being Able to Enhance

Capabilities in Smarter Ways
Digital revolution and the rapid pace of technological advancement
is reshaping the way we work. Evolution and quick adoption of a wide
range of technologies and platforms (mobile, analytics, social media,
artificial intelligence, machine learning, RPA, NLP Cloud) are
presenting new opportunities for business growth and sustainability.
The adoption of digital technologies is not only redefining the way
we work, but also the way systems and processes enable us to
maximise human potential.
Key facts
Peak Order + Trade:
4+ Mn
25% vs FY2020
Average (Order + Trade):
2.8+ Mn
90% vs FY2020
Peak Execution:
0.88 Mn
16% vs FY2020
Response time:
<40 milliseconds
App Downloads in FY2021:
ICICIdirect:
1+ Mn

Using digital ecosystem Being omni-channel is

for customer sourcing being always available
and service • The use of digital assets is helping us make significant
differences in the way we service our customers. We
Our digital ecosystem is robust, scalable and makes
offer new-age self-servicing channels such as Chatbot,
the customer onboarding seamless, while ensuring
Whatsapp bot, iCommunity along with traditional
convenience at every step of the customer’s life cycle.
channels including phone, email, Chats as well as
walk-in to our branches. Being there when customer
• We moved business processes and customer
needs assistance is what drives satisfaction in the online
engagement from physical to ‘phygital’ and ‘digital’,
investment world. Pre-empting and offering help is
enabling the online account opening journey to under
taking customer service to the next level.
10 minutes. This includes online KYC verification,
account setup and activation. Online Account • Looking at the complexities of the products that we
Opening (OAO) has been integrated from Facebook deal in, a lot of effort is put in to ensure that our service
messenger as well. officers are well-trained and equipped to respond to
customer queries quickly and correctly. The call centre
• Customer servicing has also moved on to the digital
and email services are hosted using state-of-the-art
and Do-It-Yourself (DIY) mode, with chat bot and co
technology to respond to the customers. The team uses
browsing implementation. ICICIdirect WhatsApp is
a sophisticated CRM system and an integrated platform
a 24X7 go-to platform for all routine enquiries about
for Inbound/Outbound and email interactions. During the
investments – from checking their portfolio profits, to
pandemic, the team ensured the continuity of services
knowing status of the orders, etc.
by adopting the ‘Work from Home’ model. The entire
customer service team has been enabled for WFH to
ensure continuous services to our customers. The year
saw our icommunity registrations crossing 5 Lakh
customers and an average of 1 Lakh/ month unique
Going ahead customers using chatbot services. Investments,
monitoring, rebalancing, and liquidation of portfolios
can be done in a single click.
• We are implementing Customer Data
Platform to hosts transaction and customer
interaction detail, enabling 360-degree view
of the customer that can be used for various icommunity registrations
campaigns, cross-sell, upsell and other
such actionable analytics 5 Lakh
• We are in the process of incorporating data
mining, data exploration & visualisation,
and machine learning for advanced data
analytics and data science capability to
mine customer data. The goal is to achieve
various business insights like market share,
business-wise analysis, etc.

Customer Satisfaction
Being Able to
Elevate Customer
Experience Proactively
At ICICI Securities, customer service is one of the key differentiators.
Customer expectations are ever evolving – from the speed and ease of
service to the degree of choice and personalisation available to them.
We are determined to anticipate, meet and surpass these expectations.
Our focus is on earning our customers’ trust through a suite of products
that are easy to understand, provide value for money, achieve lifecycle
investment goals and are supported by superior service architecture.

Passionate about doing Bringing innovation to

it right our products
We are passionate about customer service and • Expanded our OneClick equity investments portfolio
security and are continuously looking for innovative offering to include research-backed, small ticket, and
ways to solve our customers’ issues to elevate their theme-based baskets of stocks and ETFs. Here entire
experience. To deliver consistent service, we have baskets can be bought or sold in a single click
customer service council and dedicated customer
• Our Consolidated Portfolio Analysis helps in getting
experience officers. To give our customers the
an in-depth analysis and single-window view of the
best browsing experience, we monitor even the
customer’s overall portfolio across advisors and asset
minutest of issues on our portal on a real-time
classes. Customers can upload their NSDL‑CAS/ CAM /
basis to resolve it within the shortest possible time
Karvy statements and get a single view instantly
frame. We are proud of our effective governance,
comprising of a well-defined customer grievance • Launched insta loan against mutual fund facility
redressal mechanism and a product governance on ICICIdirect. A unique proposition which provides
forum which looks at suitability of products to a an seamless solution to a liquidity challenge that our
customer type. clients may face, and prevents them from having to
dip into their savings
• Launched currency trading on ICICIdirect mobile app
• Launched Premium Portfolio facility for the mass
affluent customers where ICICIdirect and third-party
research backed portfolio of stocks is offered to
customers. Investments, monitoring, rebalancing,
and liquidation of portfolios can be done in a
single click
Measuring ourselves to i-Alert – to safeguard

improve service customers’ investments
We use Net Promoter Score (NPS) to measure Launched ‘i-Alert’, an automated alert mechanism
the overall experience of our customers with our on ICICI direct platform, to help investors gauge the
processes and services. NPS as a tool is used to risks associated with the stocks that they choose to
understand the customer experience around various buy. The system prompts the customers when they
touch points such as account opening, website commence the purchase of stocks of a particular
response time and application, RM/ Advisor/ Partner company about the fundamentals of the company,
and overall service quality. The NPS scores have and rule / AI driven algorithms alert our clients in
shown an improvement from 22% in Q1 FY2021 to case the stock selection by the client is risky based
30.4% in Q4 FY2021. on our research. Enabling them to be aware of the
risks associated and take an informed decision.
NPS score in Q4 FY2021
30.4%

Business Model
Leveraging Strengths
to Create Lasting Value
Capitals Inputs Principal activities
Financial
• Total equity ` 18,221 Million
• Borrowings ` 35,210 Million
Governance
Financial
Vision Mission
Manufactured
• Call centre executives 108
• Number of call centre facilities 2
• Expenditure on infrastructure ` 257 Million
Key Aspects
Manufactured • Investment to create open architecture
fully digital platform capability for Retail
client acquisition Product Choice of
Mass
Proposition Products
affluent
INDIVIDUAL
Intellectual
• Mutual Funds schemes available for distribution Affluent
2,600+
HNI Acquisition Engagement
• Expenditure on technology infrastructure ` 154
Million Ultra HNI
Intellectual • Retail research team 39 Research
• Institutional research team 31 Family Technology & Advisory
• Investment banking team 60+ Office
Distribution Advanced
Analytics
Human
• Number of employees 3,766
Strong Execution
• Total Training hours 1,54,927* Entrepreneurs Capability
• Gender diversity 76:24
Sector Expertise
Human • Workforce under 30 yrs 38%
*Does not include man hours invested in mandatory
certifications like AMFI, IRDA, etc. Corporates
INSTITUTIONAL
Raise Pre-IPO
Social and relationship Funds

Government
• CSR spend ` 160 Million Bodies
• Retail client base 5.4 Million Invest Liquidity
• Active clients 1.91 Million Funds
Social and • Sub-brokers, Authorised persons, IFAs and
DIIs
IAs 18,400+
relationship
Strong Direct
FIIs Market Access
Natural Capabilities
• Key resources used Water, Land, Power
Natural Support functions

At ICICI Securities, we focus on delivering sustainable value to our

customers and the wider fraternity of stakeholders, despite challenges
such as industry volatilities or economic hardships. We take a longer
view of the business and evolve an appropriate roadmap to strengthen
the core fundamentals of our business.
Value
generated Outcomes
For providers of Financial
financial capital • Revenue ` 25,862 Million (Y-o-Y 50%)
• PAT ` 10,677 Million (Y-o-Y 97%)
We deliver consistent,
• EPS ` 33.14
profitable and responsible
• RoE 70%
growth.
• Dividend ` 21.5 per share (includes
interim and final dividend)
Code of Policy Framework
Conduct Governance Structure For customers
Value to customers by
providing superior products. Manufactured
• Branches 148
• Cities 70
For our people • ICICI Bank branches presence ~4,350+
We strive to provide equal • Response time <40 ms
opportunities to all our • Reach expanded to 26,000+ pincodes
employees, ensure capacity in India and over 150 countries
building, training, and a safe
work environment. Intellectual
• Products launched and enhanced 600+
High
• Retail broking research coverage
Trust stickiness For business partners 350 companies
We engage and collaborate • Institutional broking research coverage
308 companies
with our partners closely for
knowledge enhancement, • Research reports published
2,100 (Institutional) 3,030 (Retail)
process improvements and
• Retail research strike rate ~75%
product applications
Human
Equity
• Employees trained 99.20%
Advisory & Deal Franchise For communities
• Revenue generated per employee
Mentorship of the ICICI around us ` 6.9 Million
Research Group We contribute towards • Average endorsement score of
improving the living Employee Alignment study 88
conditions of community’s
around us through our
IPO Post-IPO
CSR activities; at the same
Corporate Life cycle time we ensure that our Social and relationship
production processes do not • Number of customer added 0.69 Million
Research Corporate have any adverse impact on • Growth in active clients 29%
the environment around us. • Contributed to the PM CARES Fund
Access ` 100 Million
• Tied-up with IIT K for development of
affordable ventilators
• Joined hands with NSRCEL, IIM-B to
support 10 fintech startups
Research Long-lasting
Team Relationship Natural
• Reduction in paper consumption
58% Y-o-Y
Human Resources, Finance and Accounts, • Solar power generated
Compliance, IT, Customer Service, Legal, ~32,965 units
Risk, Secretarial, Research, Facilities • Reduction in power consumption
Management, Corporate Communications, ~2,012,590 units Y-o-Y
Marketing, CSR

Operating Context
Participating in
Dynamic Trends
Although the pandemic has adversely impacted every aspect of life,
it has catalysed digitalisation, enhanced household savings and
retail participation in India’s financial markets like never before,
which are positive trends for our business. Our objective is to
refine our strategies in line with broad trends and take advantage
of emerging opportunities, while minimising our risk index.
Financialisation of savings
to continue to grow
Household financial savings in India should continue This, along with the ease of accessibility with different
to grow, given that India has traditionally been investment products on a single platform will also
a high‑savings economy. High level of savings bolster growth. The share of financial assets has been
and investments are key to India’s persistent and increasing steadily growing from 58% in 2015 to 61% in
robust long-term growth. Going forward, the share 2019. Within that the share of equity, Mutual funds has
of savings in financial assets is also expected to been growing steadily to increase from (MF+Equity)%
increase, propelled by lower attractiveness of gold in 2015 to 18%. It is expected to grow further to 26% in
and real estate as well as enhanced financial literacy. 2024 as per Industry research reports.
Allocation of wealth into assets
FY2015 FY2019
Equity
22% Mutual Funds

19% 17% 15%
2%
3% Insurance
8%
9% Fixed Income
E 280 Tn E 430 Tn 3%
22% Alternate Assets
24% 21%
20%
Cash & equivalent
14% 0% 14% 0%
Gold & Others
Real Estate
Total Financial Total Financial
Assets J 161 tn (58%) Assets J 262 tn (61%)
Source: Industry research reports FY2015, 2019; Financial assets: Total assets excluding Gold
and Real Estate

Continued growth Rising scope for wealth

in equities and management
innovative products According to Industry research reports, by 2024
To bolster India’s economic growth further and at a the individual wealth in India is estimated to have a
faster pace, growth of capital markets is important. healthy growth rate of 13% to reach ` 799 lakh crore.
The Indian equity market is growing in terms of number This is almost double the current wealth of ` 465 lakh
of listed companies and market capitalisation, extending crore. The financial assets allocation is projected to
the playing field for equity firms. Advanced products be 66%, while the physical asset allocation would be
segment is growing rapidly, demonstrated by the steep 34%. With an increasing amount of understanding
rise in the growth of derivatives trading. Growing retail and exposure, people want to enjoy the luxuries of life
participation helps tap the untapped market. Also, and therefore have a desire to save for lifestyle needs.
growing financial awareness is likely to increase the Subsequently, the inclination to hire a professional
proportion of population participating in this market. advisor to manage one’s wealth has been increasing.
Gross derivative average

daily turnover
(in ` Billion)
Digitalisation engine
moves faster
27,256
Digital technologies have emerged as a key growth

enabler, providing increased expediency and
transparency. Further, the rapidly rising internet
penetration, creation of smart devices and the
government’s ‘Digital India’ initiative are driving
13,994
6,707
innovation in the securities space as well. Today,

3,806
9,581
customers are increasingly preferring to access

digital channels for availing their needs. Digital
transactions via mobile and other means have
FY2017 FY2018 FY2019 FY2020 FY2021 seen faster adoption of emerging technologies by
customers. According to The Internet and Mobile
Source: NSE, BSE, SEBI Association of India (IAMAI) Kantar ‘ICUBE 2020’
report, the total active internet population is likely
to touch 900 Million by 2025.
avourable
F
demographics
Millennials and Gen Z are the most significant
demographic and economic force of our times. India
Our response
is among the few nations with the highest youth
population, with a median age of 28 years. Such a large Over the years, we have endeavoured to diversify
share of the working population, expected growth of our product and service offerings, which combined
Indian economy, increasing urbanisation and rising with our strong brand and large customer
consumerism are some of the key drivers implying base, place us to be the recipient of growth in
market growth potential for established financial digitisation and transformational changes in the
service providers in India. Indian financial savings market. We have been
a leader in driving digitalisation in the Indian
In addition, there’s a large number of retirees who have securities industry. We continue to invest in best
specific financial needs related to wealth protection available technologies to improve processes, train
and transfer. There is also an opportunity arising from and reskill resources, and strengthen our digital
growing affluence of the middle class segment which platforms for customers, distributors and business
is demanding a superior experience and are willing partners. We are also leveraging data analytics
to participate actively in financial investments. An tools for deriving actionable insights to improve
established and trusted brand like us with a nationwide customer experience.
physical presence is ideally suited to serve these
emerging demographic opportunities.

Leadership Views
Leading with Excellence

From a period of uncertainty to record capital
rise by India Inc., the year was very eventful.
Given the backdrop of COVID, the need of
the hour was to decipher the market, instill
confidence and filter out noise from reality.
We navigated the situation using this approach
which helped us catch the trend early and
launch the first IPO since the pandemic hit.
This incidentally was also the first all-digital IPO
for India- meaning all legs of the IPO process
were concluded digitally, hitherto unthinkable.
We eventually closed the year at the top of
the Leagues Table.
Ajay Saraf
Executive Director and Head -
Investment Banking & Institutional Equities
Right from the start of the pandemic, we

remained available for our clients and stood by
them to help them sail smoothly throughout
their investment journey. We worked towards
their two key priorities; ensuring continuous
access to markets and their investments, and
help them navigate the uncertain environment
by leveraging our research expertise. We further
strengthened our digital platform by launching
a number of simplified and innovative products
and features to keep our clients stay ahead in a
dynamic market environment. We value the trust
that our clients place on us and are driven to
deliver on this trust.
Vishal Gulechha
Head – Retail Equities

We were available for our clients, largely owing

to the indomitable spirit of team ISEC. Our people,
undoubtedly are our greatest assets. We took
extreme care of all of our team and partner’s staff
by enabling Work from Home, creating a roster,
and isolation bubbles at various strategic locations
from where our teams could operate at the bare
minimum capacity. We constantly monitored the
dynamic situation to ensure business continuity
and strict adherence to all health and safety
protocols. We helped employees and their family
members access doctors, hospitals and other
specialists/ agencies in their time of need. We also
tied up with a medical concierge for providing
24X7 assistance and are currently focused on
getting all eligible employees (including family
members) and colleagues from partner / vendor
organisations to get vaccinated quickly.
Sohandeep Hattar
Head – HR
The pandemic presented a scenario specific to

Private Wealth where the engagement model
has traditionally been high touch oriented.
We took a number of steps to navigate this;
first by proactively reaching out to clients and
assuring them our availability to help them
see through the uncertain times. Second,
we digitised the entire client onboarding and
engagement journey including researching,
transacting, and reviewing portfolio in just a few
clicks, from the safety of their homes. We also
came out with enhanced digital proposition and
innovative products so that they can continue
with their wealth creation journeys despite any
pandemic led constrains.
Anupam Guha
Head – Private Wealth Management

Leadership Views
As an organisation and as a relationship team,

we managed the triple priority of - safety of our
employees, well-being and interests of our clients,
and business continuity. Our teams rose up to
the challenge and apart from being available to
our clients throughout this period, went beyond
the call of duty in helping clients secure hospital
availability, access appropriate medical advice etc.
in their times of need. We found customers were
increasingly searching for protection products,
particularly health, and understanding their
immediate need, we ramped up our digital health
insurance offerings and broadened our partner
network to create an insurance market place.
We also launched a simplified MF investment app
called Idirect Money through which an investor can
buy/sell MFs and also access research.
Kedar Deshpande
Head – Retail Distribution
We kept our ears to the ground and sensed the

changing environment quickly. We intensified
our engagement via digital modes and leveraged
our knowledge of Indian landscape through our
differentiated research, sales and corporate
access. We served our clients spanning full
tapestry of Indian economy – corporates, DIIs,
FIIs as well as Government by providing them
actionable insights and timely, topical, and
differentiated access to experts, and policy
makers to explain and explore relevant and
emerging issues.
Jaideep Goswami
Head – Institutional Equities

While the client facing organisation was focused

on being available for the clients, the backend
teams worked tirelessly to ensure the right
balance between safety of our employees,
managing risk for the firm, as well as meeting
customer expectations. We ensured smooth
settlements, transactions, reportings, etc. in
a business-as-usual-mode. We managed to
quickly implement, a fully digital on-boarding
as soon as regulatory enablements were
notified. We also transitioned and implemented
several changes to the operating processes
as required by new digital environment, new
regulatory requirements and several business
originated initiatives.
Prasannan Keshavan
Head – Operations
This was by far one of the most intense year for

the technology landscape for the Company and
our time tested, robust platform stood yet another
test of a truly trying times. We successfully
made progress on our transformation agenda
by implementing fully digital on-boarding and
launching 619 products and features. Along with
that we were able to ensure availability of the
platform, high uptime, response times less than
40 ms with 3X the peak load compared to last
year. We worked towards serving our businesses
and other teams to ensure continuity of their
operations. Another factor that we diverted
substantial attention this year was cyber risk and
information security to make our environment
extremely secure despite an almost 100%
work from home for the entire organisation.
Subhash Kelkar
Chief Technology & Digital Officer

Stakeholder Engagement
Fostering Long-term
Relationships
Listening, connecting, and partnering with stakeholders help us better
analyse their expectations and concerns and produce positive outcomes
for customers, partners, investors, society and the environment.
Our accountability to our stakeholders begins with acknowledging that our success comes from understanding
their interests and requirements. It is our constant endeavour to find common, collaborative solutions for
progress. We consider our key stakeholders to be those who can create considerable business impact and be
significantly impacted by it.
The stakeholders are determined based on the significance of their impact on the business and the impact of the
business on them. Key concerns were discovered through our interactions over the course of the business and
through various modes of engagement with them.
Key Importance and Engagement methods Our response How we deliver

stakeholders expectations value
They are central • Omni-channel distribution • Sustained investments • Wide bouquet

to our business network and engagement in new and advanced of products
success. They expect (email, SMS, app, technologies and services
superior experience, calls, chatbot, postal • Systematic upgrade of • Continuous
competitive pricing, communication, call centre, customer care centres for innovation
Customers innovative products digital platform, website) better service to develop
and services, and channels next in class
• Wide and innovative range
robust advice from us • Customer satisfaction propositions
of products and services
to grow their wealth. measurement and • Employing knowledgeable • Further
relationship management developing
staff
• Media campaigns, systems and
advertising, road / reverse processes
road shows
• Special engagement services
for senior citizens and women
• Dedicated RMs
• iCommunity engagement
platform for investment
community
They formulate • Meetings with key regulatory • Timely contribution to • Suggestions

legislations and bodies exchequer and views in
policies that have • Written communications • Strict adherence to industry issues
a bearing on our relevant and prevailing • High
• Presentations
business, provide laws to support India’s compliances
Government sanctions and • Industry associations
socio-economic growth with
and Regulators clearances, and and sustainable capital regulations
have the ability to market practices • Support
revoke a licence. • Ethical business practices government
They expect us to
• Participation in industry initiatives
comply with statutory
and legal guidelines bodies and forums to
and contribute to contribute to policy
national development formation and table
discussions relevant to
business environment and
industry
• Provide feedback to
regulator on various
business operating aspects

Key Importance and Engagement methods Our response How we deliver

stakeholders expectations value
They provide us with • Quarterly results • Robust business strategy • ` 21.5 per
funds and expect • Investor presentations in place to support efficient share –
long-term, sustainable and sustainable scaling of Dividend*
• Annual Report
returns through a clear operations (95% Y-o-Y
consistent strategy, • Annual General Meeting growth)
• Strong leadership and
Shareholders strong governance • Investor/analysts calls and Board supervision • Market
and Investors framework, and meet capitalisation
full access to the • Media releases up by ~38%
required Company data. • Website over the
previous year
*Including proposed
final dividend of
` 13.5
They give us the social • Community Development • Financial contribution • Invested

licence to operate and Initiatives • Driving economic and ` 160.4 million
expect us to undertake • Proposals and Requests for social transformation as CSR funds
developmental and New Initiatives through business activities towards
welfare initiatives, ongoing
Communities • Interviews with local • Project-specific partnership
generating employment livelihoods
NGOs and community with recognised NGOs
opportunities. and other
representatives • Environment sustainability programmes
• Meetings with associations/ Initiatives for
NGOs communities
• Local community meetings • Supported
• Press releases livelihoods
• Social media of the under-
• Joint R&D projects served
communities
through
our CSR
programmes
and
partnerships
They support us • Channel partner meets, • Adherence with obligations • Timely

and help grow our workshops, conferences and • Maintaining good long- payments to
operations and forums term relationships partners and
strengthen our • One-to-one meetings vendors
• Supporting with
market reputation. • Prompt
Business • Telephonic and email digital tools, advanced
They expect us to resolution of
communication technologies and training
partners and fulfil contractual issues
obligations, ensure • Vendor communications and • Regular business with
vendors relationships opportunity to grow • Guidance,
ease of doing tools and
business, long- support to
term business grow their
sustainability, and business
transparent practices.
Their skills, knowledge • Senior leaders’ • Training, development and • 99% Training
and commitment communication/talk mentoring coverage
drive our continued • Town hall briefings • Communicating • World-class
success. They organisation strategy and performance
• Review meetings
expect fair reward key focus areas with all management
Employees and recognition, • HR newsletter and portal
employees and career
job security, and • Workshops, learning and development
• Technology skilling
career development training intervention programmes
opportunities • Performance linked
• Engagement, wellness for employees
and enabling rewards
initiatives and off-sites
work environment. • Grievance redressal system
• Surveys
• Reward and Recognition
Programmes
• Employee engagement
activities

Strategy
Making Decisive
Moves To Deliver Value
Our strategy aims to deliver strong and sustainable returns to our
shareholders, best-in-class and innovative products to customers and
consistent value to all stakeholders.
We have positioned ourselves as a partner of our clients through their
complete financial life-cycle journey, straddling their investments,
protection as well as borrowing needs. This we wish to achieve through
a highly personalised, digital, and open architecture format. To achieve
this, we are making investments in technology, people and our brand.
S1 S2 S3 S4 S5
Strategic Ramping up Monetising Enhancing Digital agility Cost efficiency

scale and client value customer & robust
anchors
volume experience technology
• Broad basing business model

Imperatives • Diverse and granular revenue streams
Attract
Intended Increase our
Profitability
Loyalty & millennials and Operating
outcome competitiveness penetration improve customer leverage
experience
Broadening the positioning by focusing on strategic anchors
Mutual
Funds
Equity PMS
Fixed Income & Deposits International Investing

Wealth &
Investments
Digital Loan General
Assets &
Loans Protection
Distribution
MTF & ESOP Health
Mortgage Life
LAS
To emerge as a provider of financial services requirements across life stages of

Retail Indian powered digitally in an open architecture format

Our strategic anchors

Ramping up scale and value by
S1
augmenting and aligning growth engines
Progress made during the year Business outcomes Priorities for 2021-22
• Arrangement with ICICI Bank to • Scaled up sourcing 3X from • Leverage the scale of client
help deepen penetration in higher 30,000 pm in FY2020 to 100,000+ acquisition already built to
value segment pm exit FY2021 enhance business
• Open architecture digital sourcing • Diversified sourcing mix with • Augment the scale of client
contribution of non-bank acquisition by
• Launched products like Prime and
channels up from 20% in FY2020
Neo to attract customers (i) scaling up digital channel
to 55% in FY2021
• Ramped up business partner • Tapped into new customer and (ii) augmenting digital and
network to augment reach in Tier geography base phygital partnerships
II and III cities • 50% of new clients < 30 years
(iii) setting up new engagement
• Tie up with additional banking • 65% new clients from Tier II/
interfaces like money app
partner e.g. Federal Bank III cities
• Quality of sourcing improved (iv) enabling more product
from 60% in FY2020 to 78% in categories to acquire new
FY2021 platform customers
Capitals impacted
S2 Monetising client value
• Focus on Margin Trade Financing • Scaled up average MTF and • Create a financial products
(MTF) and Employee Stock ESOP book 2X from ` 8.3 Billion market place
Options Plan (ESOP) financing in FY2020 to ` 17.9 Billion in • Leverage and develop digital
• Launched global investing, FY2021 properties to cross sell across the
commodity trading, proprietary • Developing traction in new life stage needs of the customers
PMS products launched
• Expanded the suite of loan • $14 Million AUM in global
products that we originate for investing
our partners to 12 • ` 2.2 Billion AUM of Proprietary
• Tied up with Care Health PMS
Insurance Company Limited and • ` 14.3 Billion loans disbursed
Star Health and Allied Insurance in FY2021
Company Limited to offer • Prime subscribers up from
full suite of Health Insurance over 3.1 Lakh to 6.5 Lakh Capitals impacted
products to our customers online • Non brokerage revenues
including Prime subscription fees,
• Added new revenue streams in
Neo fees and charges, interest
equity business by products like
income etc. make up for 16% of
Prime and Neo
retail equity business revenues

Strategy
S3 Improving customer experience
• Designed and launched a series • Cross sell ratio up from 1.64 • Follow an ecosystem
of products and experiences to to 1.78 approach to identify gaps and
engage customers digitally • 1.02 Million clients have >1 provide solutions
• One Click range of products for products • Integrate customer experience
portfolio investing in equities and • Increase in total revenue across all digital properties
mutual funds generating clients from 1.48 • Hyper-personalised
• Tools like Sensibull, iTrack, iAlert, Million to 1.91 Million experience through persona
iLens, Payoff analyser • Increase in client assets from based marketing and omni
• Used analytics to provide hyper ` 2.1 Trillion to ` 3.8 Trillion channel engagement model
personalised experience (Assets of our clients • Invest in skills and capabilities
• Launched iDirect Money App as including equity demat assets in domain of data science and
a simple interface for non-equity maintained with ICICI Bank analytics
investments and excluding promoter
• Upgraded the website and holding)
Capitals impacted
focused on client journey to • Increase in Net Promoter
enhance experience Score (NPS - a measure of
client satisfaction) from 20.8%
in Q4-FY2020 to 30.4% in
Q4‑FY2021
S4 Robust technology and digital agility
• Created an agile tech architecture • 102,000 concurrent users • Partnership with Fintechs for
using APIs to help integrate with (Peak) enhancing digital experiences
ecosystem players and niche new • 4.1 Million orders plus trades • Upgrading/re-engineering client
age fintechs in a day (Peak) engagement platforms including
• Created an open architecture • Integrated with 17 partners new UI/UX
format to enable linking with any and created as many products • Enhance agility
bank account seamlessly in conjunction with them • Investments in Cyber risk
• Invested in data infrastructure
• Right skill hiring in cloud, ML,
comprising warehousing,
AI etc.
analysis and leveraging AI/ML
for varied use cases, ranging
from client experience, servicing,
personalisation and more
• Rapidly invested in creating
additional layers of safety
(towards cyber risk protection)
and in enhancing spare capacity
to take on higher business loads
Capitals impacted

Operating leverage through

S5
cost efficiency
• Re-evaluated branch • 148 branches as on March 31, • Optimise expenses and keep
infrastructure cost based on 2021 as compared to 172 in rationalising branch count
productivity, area, efficiency March 31, 2020
and rentals • Variable cost contribution
• Centralised certain verticals increased to >40% in
to optimise infrastructure and Q4‑FY2021 from <30% in
manpower cost Q1‑FY2020
• Harnessing synergies within
teams and business groups to
optimise manpower Capitals impacted
• Migrated to digital/low touch
coverage models
Financial Manufactured Human Intellectual Social and Natural

Capital Capital Capital Capital Relationship Capital Capital

Corporate Governance
An Entrenched Culture of
Integrity and Ethical Behaviour
We are dedicated to the principles of transparency, accountability and
independence to augment value for all investors and other stakeholders.
At ICICI Securities, strong ethics and sound corporate governance underpin our policies and strategies.
They are embedded in our organisational culture and are fundamental to the effective delivery of our
business mandate. Our deep-rooted ethical culture establishes us as a reliable partner and ensures
long‑term business growth.

Board’s roles and Board Profile

responsibilities >20 years experience Age - 56-70 years
Our Board of Directors leads from the front to ensure

effective governance at all times. We have a diversified
100% 50%
Board with skilled leaders drawn from varied
professional and academic backgrounds. Their rigour Age - 36-55 years Average tenure of
of ensuring adherence to all compliance and regulatory Independent Directors
requirements is crucial to earning and retaining the 50%
trust of our stakeholders. 4.6 years
Board balance chart Average attendance Number of board
rate in Board meetings meetings held in FY2021
100% 07
25%
Executive Directors
50%
Non-executive Directors Number of Additional
Board Level
25% Independent Directors Committees/Councils/
Forums Constituted
10
Board Committees
The Board has delegated its authority to various Board committees with the mandate to deal with
governance issues and report to the Board on their activities after every quarter. Each committee operates
under terms of reference which set out roles and responsibilities, composition and scope of authority.
These are reviewed annually.
• Audit Committee
• Nomination & Remuneration Committee
• Corporate Social Responsibility Committee
• Stakeholders Relationship Committee
• Risk Management Committee

Board of Directors
Providing Informed
Guidance and Oversight
Mr. Vinod Kumar Dhall Mr. Ashvin Parekh

Chairman (Independent Director) Independent Director
C M C C M
Mr. Anup Bagchi Mr. Pramod Rao

Non-Executive Director Non-Executive Director
M M
Nomination and Corporate Social

Audit Committee Remuneration Committee Responsibility Committee
C Committee Chairperson M Committee Member

Mr. Subrata Mukherji Ms. Vijayalakshmi Iyer

Independent Director Independent Director
M M C C M
Mr. Vijay Chandok Mr. Ajay Saraf

Managing Director & CEO Executive Director
M M M M M M
Stakeholders Relationship Risk Management

Committee Committee

Risk Management
Managing and Mitigating

Evolving Challenges
The potential risks in our operating environment are many owing to
multiple factors. Therefore an efficient risk management is important
to the successful delivery of the Company’s strategy and purpose of
creating long-term stakeholder value.
We are exposed to a range of external as well as internal risks that have a significant impact on our performance.
In order to efficiently manage these, we have built a strong risk management architecture. We identify, quantify,
manage and report on the principal risks that could affect our ability to implement our strategies and deliver on our
commitments. Our robust enterprise risk management program propels our culture of informed and responsible
risk handling to achieve the desired growth.
Risk management framework

Our Board oversees the Risk Management Committee, frames and reviews risk management processes and
controls. We have a comprehensive system of risk management and internal controls, whose objective is to ensure
that various risks are identified, measured, and mitigated, and also that policies, procedures and standards are
established to address these risks. Our risk management system features a ‘three lines of defence’ approach:
First line This comprises our operational departments, which assume primary responsibility for their own risks
and operate within the limits stipulated in various policies approved by the Board or by committees
of defence constituted by the Board.
Second line This comprises specialised departments such as risk management and compliance. They employ
specialised methods to identify and assess risks faced by the operational departments, and provide
of defence these departments with specialised risk management tools and methods; facilitate and monitor the
implementation of effective risk management practices; develop monitoring tools for risk management,
internal control and compliance; report risk-related information; and promote the adoption of
appropriate risk prevention measures.
Third line This comprises the Internal Audit department and External Audit functions. They monitor and conduct
periodic evaluations of the risk management, internal control and compliance activities to ensure the
of defence adequacy of risk controls and appropriate risk governance.
Top emerging risks – COVID-19 risk

The pandemic triggered a significant sell-off in the market and resulted in investors becoming
wary of the future. At such times, risk management becomes extremely critical. Our proactive and
real-time risk management, backed by the best available technology and prudent risk management
framework helped us tide over the market volatility without any material impact.
We entered into risk-mitigation mode in March 2020 and systematically reduced exposure to
products like MTF and ESOP. We also took a cautious approach with respect to our offerings of
margin-based products.

Risk Description Mitigation measures Capitals impacted
Risks arising from Market risks relating to clients’ transactions

fluctuation in the value
Our products allow clients to take leveraged positions by placing
of financial instruments
requisite upfront margins with us, which may not be sufficient to
due to volatility in market
cover the losses in case of extreme volatility.
Market risk variables such as stock
prices, interest rates, Mitigation
currency rates, credit
spreads and other asset • A robust corporate risk and investment
prices. Being a financial • Policy that specifies risk management measures and controls
services intermediary, to minimise the impact of possible financial loss
our business is
vulnerable to such risks, • In our institutional broking business, we have set terminals and
including that pertaining dealer level limits to mitigate the risk of erroneous order flows
to our proprietary
Market risk management related to treasury group transactions
trading activities.
• The Corporate Risk and Investment Policy specifies various risk
management limits and guidelines that govern transactions in
financial instruments by the treasury group
• Limit set for overall exposure – Value at risk limit, stress test
limit etc.
Risks arising due to • Overall and counter-party level exposure limits for investments
investments in fixed in fixed income instruments specified in Corporate Risk and
income instruments as Investment Policy
well as those arising
• Receivables from clearing houses is low risk because of low
Credit risk out of receivables from
probability of them defaulting. Also, such receivables are
our customers and
short-term in nature related to securities settlement
clearing house of stock
exchanges. • Receivables from customers primarily comprise collateralised
receivables relating to securities transactions and have low
credit risk, because of the value of the collateral received and
their short-term nature
Risk arising on account • Liquidity Risk Management Policy to guide our actions
of our capital market-
• Continual monitoring of asset-liability gaps across maturity
related business and
buckets to assess the liquidity requirements
trading and investment
activities.
Liquidity risk
Inability to effectively • Operational Risk Management Policy, Outsourcing Policy and

manage operations and Fraud Risk Management Policy to address the diverse types of
come up with effective operational risk
products and services
• Approval of new products by Risk Management Committee /
may lead to losses.
Operational Product Committee and review of new processes / products by
risk Product and Process Approval Committee
• Periodic monitoring of the risk management, internal control,
and compliance activities by the Internal Audit department
Risks arising from • Digital agility through API architecture to seamlessly on-board
growing competition customers alongside making sustained investment in emerging
from fintechs and technologies to deliver superior service
non-discount brokers,
• Investment in building a stable, secure, and reliable technology
evolving customer needs
Technology system
for technology-based
risk servicing as well as • Information Technology risk management framework for
the need to protect IT safeguarding IT assets and data
systems and processes
from damage and cyber • Information Security Management Policy and Cyber Security
threats. and Cyber Resilience Policy for protecting the organisation’s
cyberspace against cyber-attacks, threats and vulnerabilities
• Business Continuity Plan (BCP) in place for critical processes to
address any service disruption, ensure operational continuity
and limit losses

People
Unlocking Possibilities
of our Talent pool
At ICICI Securities, we believe that our people are the cornerstones
of our long-term success story. We are committed to providing
them with an enabling work environment that encourages
collaboration and a cross-pollination of ideas.
Our business is built around the cultural ethos of empowers our growing talent pool to shoulder
strong customer focus, innovation and agility within more responsibilities, realise their professional and
the guardrails of compliance with conscience and personal ambitions and care for our customers and
risk management. Our work culture enables and all other stakeholders.
Strengthening a culture of learning and

entrepreneurship
We enjoy a mutually valuable relationship with our employees. This relationship is characterised by the
investment we make towards providing challenging roles and assignments, opportunities for personal
growth, relevant and timely performance support, training and an enabling environment.
Our cultural ethos is embodied in our DNA Anchors (Leadership Competencies). There are a total of
10 DNA anchors, which explain the expectations (in terms of leadership behaviours) from all employees.
People Leadership Task Leadership

• Nurturing Talent • Leadership through
• Collaboration Execution
• Sensitivity • Strategic Agility
• Leading Change
• Organisation
Capability
Vision 2025
Threshold
Vision 2025 is a strategic initiative wherein
• Passion
around 90 high performing employees were
• Customer First
identified to articulate the Company’s growth
• Compliance with Conscience
strategy for the next five years. Their mandate
was to reimagine and redesign the business,
keeping in mind the evolving needs of
These DNA Anchors also articulate a set of customers, market opportunity, regulations and
behaviours called DYNAMIC behaviours, which competitive landscape.
stand for Digital, Young, Nurturing, Agile,
Mindful, Inclusive and Connected. This has led to identification and creation of
around 25 new themes/projects, which will
The DYNAMIC behaviours have been articulated further accentuate the Company’s strategic
to reinforce certain behaviors in the context of impact. The project groups have now been further
evolving environment. These behaviours remind organised into smaller implementation teams,
us that we have been leaders and we need to called squads, with each squad working on their
continue to be DYNAMIC to remain leaders. identified sub-project for faster delivery.

#Ideas to Execution (#I2E) Key people demographics

With our continued focus on creating an innovation-led We are a people-centric organisation and value the
organisation, we launched #I2E for employees to share contributions our employees make towards the
ideas on-the-go. Every idea that gets shared on the organisation’s growth. Their sense of purpose and
platform is evaluated and the final selected ideas are put commitment propel the business forward.
to implementation. In FY2021, since the launch of #I2E
in September 2020, 702 ideas were received and put to The headcount of the Company, as on March 31, 2021
evaluation and subsequent implementation. was 3,766 employees. The Company has around 24%
of the workforce comprising women employees. About
38% of the total workforce is under 30 years, with the
average age being 32 years. We believe in the power of
ICICI Securities Day youth and around 55% of FY2021 hiring was conducted
through campuses.
We continue to augment our teams by lateral hiring of

critical, new and niche skills across business verticals in
line with our business strategy. Our senior management
team has an average work experience of around 22+
years and around 71% have a vintage of 5+ years with
either the Company or ICICI Group.
We provide growth opportunities to deserving

employees with consistent performance track record.
In FY2021, around 15% of the total workforce got
promoted to take up larger job responsibilities as career
growth. The Company offers long term incentives
(LTI), both in cash & ESOPs, to high performing/high
potential employees.
It is the single biggest platform which celebrates The Company has a framework of Leadership Cover
those individuals and teams who demonstrate the Index (LCI) wherein key and critical positions are
Company’s cultural ethos as well as achievement identified in advance and necessary leadership
orientation. In FY2021, ICICI Securities Day cover (immediate successor & successor bench) is
celebrated the spirit of 1I-Sec (One I-Sec) and was maintained from within the Company as well as from
organised virtually for all employees of the Company. the ICICI Group.
The celebration was designed around strengthening
the theme of working together, transcending
functional/product/business boundaries. It also Total Women Workforce less
provided a platform to recognise success stories of workforce employees than 30 years
teams/individuals who have delivered outstanding
results by working together as a single unit. 3,766 24% 38%
Building future-readiness
Learning and growth are a key employee value We experienced a complete transition from physical
proposition, and the Company facilitates capability training delivery to virtual training delivery in FY2021
building through a blended learning model that uses an due to the COVID-19 pandemic.
optimal mix of classroom, self-paced learning and on-
the-job training. Employees demonstrating specialised Training hours and coverage
skills/ leadership potential/high performance are also FY2021 FY2020 FY2019
offered job rotation opportunities and opportunities
Total training 1,54,927 96,687 81,534
for career progression. The learning & development hours*
initiatives at ICICI Securities is based on a holistic Total employees as 3,766 3,790 4,051
approach which focuses on building the domain on March 31, 2021
expertise along-with nurturing the leadership skills at Training coverage 99% 94% 88%
various levels. (% of employees
covered)
Total training hours *Does not include man hours invested in mandatory certifications
done by employees like AMFI, IRDA, and so on (16,082 additional
1,54,927 person hours in FY2021 for 593 employees)

The learning framework operates on a 4 tier model and the key initiatives
taken in FY2021 under each
New Hire Assimilation - Domain & Selling Skills - ~2,100 employees

~850 employees
• BLEND - Product training • Virtual effectiveness
• 100 day induction for campus suite covering Mutual
• Creating Relationship
hires & sourcing teams upto Fund, Equity, Fixed Income,
Value (CRV)
6 days of induction for non Insurance and Loans.
sourcing teams • Influencing deal closures
• Financial modelling and
business evaluation
• Nomination based external
workshops
Managerial Effectiveness - Leadership Development - Mandatory Workshops

~460 employees ~350 employees
• Prevention of Sexual
• Growing Together • Leadership Mentoring Harassment at Workplace
programme
• Build your brand • Anti Money Laundering
• Leadership engagement
• ilead • Women Safety
series
• Information Security
Awareness
Performance Management The five anchors of PLEDGE are Pride @ Workplace,

Care, Growth & Learning, Enabling Work Environment
The performance management philosophy is committed & Meritocracy. Each of the five anchors specifies
to uphold meritocracy which is also one of the key value promise statements that we aim to deliver to
pillars of employee value proposition (‘Pledge‘). employees at all times.
The performance management process involves setting
high performance standards and linking rewards to We promote a culture wherein employees can freely
performance through the Balanced Scorecard (BSC) raise and discuss issues concerning themselves with
framework keeping in mind the organisation’s strategy, their Superiors, or Regional HR Managers. We have
which further cascades into department and employee several channels through which employees can discuss,
level goals. The multi-level review and ratification have an engagement, and seek clarifications on their
serves as a check & balance mechanism to ensure issues. We have a robust policy on Prevention of Sexual
fairness and equity. Harassment at the Workplace (POSH) and a formal
process for dealing with harassment or discrimination
complaints. It is ensured that all complaints are resolved
within defined timelines and mandatory training is
provided to all employees to create awareness.
Employees covered under

We launched our employee value proposition (EVP) POSH training in FY2021
called ‘PLEDGE’ which is a formal articulation of
what we as a company promise to our employees. 3,200

Communication and engagement

We believe active communication and engagement lead to successful team effort. This is facilitated by
providing various platforms and forums to employees to engage regularly with the senior leadership as well as
with each other.
CEO Connect: Regular sessions for Townhalls: We conduct regular Feedback: Integral to the Company’s
all employees through our virtual townhalls with business leaders, way of working, feedback is
platform ‘CEO Connect’ through focused group meetings with a continuous process and we
which the Managing Director and employees to communicate the encourage feedback through various
CEO directly engages with all strategy, business outlook as forms (on-job feedback, project-
employees and informs them about well as address the concerns/ based feedback sessions as well as
the Company’s performance, strategy queries of employees. feedback on overall performance at
updates and key themes. the time of annual assessments).
360 Degree Feedback Process

This process is used to provide feedback to employees in middle management and above levels around the
leadership competencies and behaviours. The feedback obtained from this process is also used as one of the
inputs for identification of leadership potential and identifying leadership bench, and also as a developmental tool
for the employees.
An Employee Engagement study was conducted in August 2020 to understand how employees experience the EVP.
About 3,500 employees participated. At the company level, the average endorsement score was 88%, indicating
88% of the employees have either marked a strongly agree or an agree response to all the propositions. At an
anchor level, the endorsement % varies from 96% for Pride @ workplace to 86% for Growth & Learning.
Top 3 endorsements in each PLEDGE anchors

PLEDGE Anchor Statement
I am aware about workplace safety measures

Care ICICI Securities is a caring organisation
At ICICI Securities, colleagues provide support during personal emergencies
At ICICI Securities, there is no discrimination based on caste, colour, religion, region, etc.
High performers are recognised at ICICI Securities
Meritocracy
For a performing employee, the longer he / she spends at ICICI Securities, better are the
growth prospects
I see ICICI Securities as a long term career option
Growth and Learning I can look up to my colleagues and other seniors for my development
At ICICI Securities, there is freedom to try out new ideas and learn from the experience
At ICICI Securities, superiors are accessible
Enabling Work Environment ICICI Securities provides an enabling work environment
I have clarity about my current goalsheet
I am proud to be an employee of ICICI Securities
Pride @ Workplace I understand how my work contributes in achieving the current strategy of ICICI Securities
ICICI Securities is a trusted partner to its clients/customers for their investment needs

Corporate Social Responsibility
Engaging Closely
with our Communities
We are a responsible corporate citizen and are determined to
create value for our communities and play a proactive role in
their upliftment. We leverage our position within the financial
services industry to nurture an ecosystem that multiplies value
for both our customers and the communities within which we
operate. For us, acting responsibly and giving back is synonymous
with good business practice and creating value for society by
protecting and supporting our communities.
Our corporate social responsibility policy is focused on skilling for sustainable livelihood generation,
health care, women empowerment and senior citizens’ welfare.

Skill development and Training to care givers

sustainable livelihood ICICI Securities has tied up with Age Ventures India
- ICICI Foundation for to train people in eldercare, meeting the twin need of
Inclusive Growth fulfilling a demand gap in shortage of trained care givers
and employment generation for the trained. Awareness
generation activities were conducted to mobilise youth
Over 14,000 youth have been trained in FY2021
for taking up training included door-to-door campaign
with women participation of 49%. ICICI Foundation
and auto announcements, etc.
has undertaken training through digital medium
and practical training was commenced in smaller
The first batch has been enrolled and classroom-based
batches. The National Skill Development Corporation
trainings have commenced. The training uses blended
(NSDC) had accredited the digital courses of ICICI
approach wherein expert lectures, self and group
Foundation. The market for job placements has been
learning are rendered. Besides key domain vocational
severely impacted during the pandemic. The overall
skills, youth is also being provided training on soft skills
placement for FY2021 is close to 84%. Cumulatively
like Interpersonal skills and workplace communication.
the initiative has reached out to over 159,000 lesser
privileged youth till date.
Youth trained in FY2021 Youth reached out till date
14,000 159,000
Women participation
49%
Creation of jobs through Fintech Incubator Programme

Promoting entrepreneurship and incubating innovative 10 ventures were finally selected for an intensive
ideas by leveraging technological developments are nine‑month incubation journey with funding from the
essential to achieve sustainability and create job CSR fund of ICICI Securities. Through this initiative,
opportunities. Job creation can only be successful around 200 direct jobs and an estimated 500 indirect
if there is a pool of talent with the requisite jobs have been created. There are around 20,000 users
entrepreneurial skills needed to supply the demand. who have used the products and/or services.
With the immense potential of the Financial Technology
(Fintech) as a key element in economic growth and The senior management of ICICI Securities Limited also
creating job opportunities, we have partnered with provided mentoring sessions and were part of the panel
N.S. Raghavan Centre of Entrepreneurial Learning to select the top 10 ventures. The selection criteria were
(NSRCEL) at the Indian Institute of Management based on the problem areas being addressed, proposed
Bangalore (IIMB), which is one of the oldest incubator solution fitment, team’s ability to build the product and
cells in the country. The programme received over progress during pre-incubation phase.
240 applications from all over the country, of which
25 ventures underwent a three months pre‑incubation
programme. These ventures went through mentoring Jobs created Fintechs incubated
sessions in various areas such as articulating their
value proposition, Public Relations, Marketing, ~700 10
raising funds, business, launch and product growth
strategy, regulatory and compliance sessions apart Users who have used
from providing them networking skills. products and services
20,000

Corporate Social Responsibility

Empowering women The details are being worked on support for product
through livelihood development, standardization, packaging, promotion,
market linkage and sale of products for 50 SHGs including
generation opportunities GST registration and setting up of food processing and
handicraft-based micro enterprise units.
The World Wide Fund for Nature - India (WWF-India)
Hameri programme aims to train women in livelihood
generation through the promotion of community-based
food processing and handicrafts and by reducing
dependency on natural forest resources for environment
conservation. The initiative commenced in January 2020,
and in spite of lockdown slowing down the execution,
510 women got trained during the year. The team
has on-boarded a consultant for developing online
marketing platform. Exposure visits of SHG members
on Food Processing and Handicraft based activities
are being planned.
Women trained through

World Wide Life Fund
510
Senior citizen welfare
ICICI Securities, in association with HelpAge India, has taken up the project to set up Model Old Age Homes, with
Active Ageing Concept across 3 cities:
a. Gurdaspur, Punjab b. Cuddalore, Tamil Nadu c. Shey Village, Leh, Ladakh
Gurdaspur
The project commenced in January 2020 but due to
the COVID-19 pandemic, it got carry forwarded to
FY2021. It started by conducting a location study,
developing the layout, designing the plan, marking
the areas, levelling the ground surface, mounting the
physiotherapy equipment for an Elders’ Gym. Fixing
benches and setting up the kitchen garden. The facility
was formally launched on October 1, 2020, which is
also International Day of Older Persons.
Cuddalore
Tamaraikulam Elders Village was set up by HelpAge
India, to provide shelter for Tsunami affected elders.
ICICI Securities launched an Active Ageing Centre,
on January 25, 2021. Through this initiative, ICICI
Securities has ensured that the inmates living in
this home have holistic wellness care that include
physiotherapy centre, mental care centre, games
centre, skills training etc.

Shey Village
Shey village, in Leh, Ladakh was the worst affected by
flash floods, that had created people homeless. The
Model Old-age home in Leh, Ladakh is being set to:
(i) To establish age friendly community living facility
for the elderly
(ii) To provide social, psychological and emotional
support to the residents and also giving
opportunities for recreation activities to overcome
social isolation.
The construction is currently in process. At the same

time, procurement of essential items is in process.
Contribution to Society COVID-19 initiatives

for Innovation and Contribution to ‘Prime Minister’s
Entrepreneurship (SINE) Citizen Assistance and Relief in Emergency
Situations Fund’ (‘PM CARES Fund’): We provided
SINE is a not-for-profit Technology Business Incubator financial support to help the Government in it’s
(TBI), hosted in IIT Bombay. ICICI Securities has fight against COVID-19 by contributing ` 100 Million
partnered with SINE, to support a couple of startup to PM CARES Fund under CSR activities of the
ventures that have potential social impact. The first Company for FY2021.
venture is working on a project is in the area of
Integrated Water Technology (IWT) for treating sewage/
dirty water and reuse the water for farming, gardening, Contribution to PM CARES
city beautification initiatives like clean lakes, etc. The
second venture is in baggage screening using Artificial
Intelligence, for enhancing security in public places such
` 100 Mn
as metro/railway stations, airports, etc.
Development of
indigenised affordable
mechanical ventilator
ICICI Securities partnered with IIT-Kanpur as a
‘Technology Development Partner’ for a Research
and Development project to make a completely
indigenised, invasive, portable and affordable
mechanical ventilator, that would be used as a life
support to the COVID-19 patients. Prototypes were
developed and used for a series of testing and
validation such as in-house testing and validation,
pre-clinical and clinical testing. The ventilator has
been certified by the technical evaluation committee
of the Directorate General of Health Services. The
ventilator, branded as Noccarc V310, has been
successfully launched for treating patients.

Environment
Optimising Resource
Consumption
A key part of our responsibility to society is to reduce our impact on
the environment. As one of the leading securities firm, we remain
steadfast to responsible environment stewardship to ensure our
operations have minimum impact on the surrounding environment.
Our approach towards environment protection and conservation of
natural resources is guided by our internal policies and applicable
external standards. As we are progressing, we are ensuring that
our business model becomes more inclusive and sustainable.

Building sustainable
green workspace
Being a financial services organisation, our processes across the organisation, minimising paper,
environmental impact and carbon footprint are energy and water consumption, eliminating use of
inherently low. It is limited to the extent of natural plastics and increasing the use of renewable energy.
resources we consume and how we reduce, recycle
and reuse them. We offset carbon emissions of 2,493
metric tonnes (MT) (1,650 in electricity + 123 in Paper Carbon emission offset by
and Plastic +719 in Travel + 0.56 in Toner usage), by undertaking measures towards
undertaking measures, wherever possible, to contribute a cleaner and greener world
towards a cleaner and greener world. We endeavour to
reduce our carbon footprint by focusing on digitising 2,493 MT*
Optimising the usage of

conventional resources
As a financial services provider, we do not operate • We have invested ₹1,288,665 in procuring
energy- or resource-intensive processes in the offices energy efficient air conditioners and LED Lights
and data centres that comprise our direct business also conducted electrical hygiene audits which
operations, nor are we aware of any environmental has helped us save our overall consumption
incidents relating to these activities. We seek to of 2,012,590 units and saved approximately
incorporate climate considerations into management ₹16,100,717 over FY2020.
actions across our business. We take steps to mitigate
the environmental impact of our direct operations, for
Carbon emissions offset by
example by minimising our energy consumption and
optimising electricity usage
using renewable electricity.
• 24 Degree Temperature policy is being followed and
monitored this keeps the ACs working at standard
1,650 MT*
optimum Temperatures
Y-o-Y percentage reduction in
• Regular electrical audits are carried out and power reduction
improvement areas are addressed
• We as a firm always make it a point to procure ~20,12,590 units
equipments which have the highest rating as per the
standards set by respective bodies thus maintaining
uniformity and energy efficiency
Harnessing energy from renewable
• 698 units of LED lights have been procured in FY2021
sources
for 69 branches across India
The solar panels installed at our registered Corporate
• We also track and monitor the breakdown and Office in Mumbai produced ~32,965 units of green
subsequent repair of critical equipments so that the power in FY2021 and the same has been utilized
rectification is not delayed and thus maintaining by ICICI Bank , ICICI Securities and ICICI Securities
health and effective working of the equipment Primary Dealership.
• We also make sure all critical equipments are covered
under AMCs so as to get the first hand rectification
done by the OEMs thus preserving quality of parts
and longevity of equipments
*Amount of CO2 - a key greenhouse gas - which has been prevented from being released
into atmosphere due to environment friendly initiatives taken

Environment
Water optimisation
We recognise the importance of water as a scarce focus area is to install rainwater harvesting facility
resource. While our water consumption is primarily for across large offices for which feasibility analysis is
drinking and sanitation purposes, we are undertaking being conducted.
measures like putting visual reminders, installing water
efficient fixtures and sensor-based urinal flush fittings Y-o-Y Reduction in water
and sensitising employees to avoid wastage. Our next consumption in FY2021
~2,272 kl
Paper and plastic

use optimisation
We have implemented strong measures for digitising Carbon emission offset by
processes to reduce the need for paper. Minimising optimising and cutting down
the usage of paper across offices is an ongoing of paper and plastic usage
activity. Customer accounts have now transitioned
to digital opening. The documents required as 123 MT*
supporting are also uploaded digitally. We have
started issuing and receiving Digital invoices.
Y-o-Y reduction in paper
Issuance has increased as compared to last year.
consumption in FY2021
Usage of paper based office stationary is being
controlled and monitored which has helped us
save paper equivalent of ~6,259 trees for FY2021. 73%
Travel optimisation
We have implemented automated end-to-end travel Carbon emission offset

process through Online Booking Tool and increased by optimising travel
usage of audio/video conferencing for meetings to
reduce the overall number of trips, which in turn has 719 MT*
reduced traffic and pollution. Our focus on remote
working necessitated by COVID-19 is helping us further
curb trips. We encourage carpooling and also provide
bus services to the employees. We have tied up with
an electric car operator, which will further help us in
reducing fossil fuel-based travelling. We have offset
719 metric tonnes of carbon emission in FY2021 by
optimising travel.
*Amount of CO2 - a key greenhouse gas - which has been prevented from being released
into atmosphere due to environment friendly initiatives taken

Sensitising employees
We believe that behavioral change is the key to Earth’ initiative which focuses on planting trees. We
achieving long-term and sustainable positive impact on have also implemented an organisation-wide Go Green
the environment. We are undertaking various initiatives drive, whereby all our electronic assets remain off when
to spread awareness among the employees. This not in use, and the Go Paperless drive.
includes organising the “Environmental Week” on World
Environment Day and starting the ‘Save Trees Save
Waste management
We have eliminated plastic by commencing the use printer and toners, they take care of recycling of the
of glass bottles and discarding the distribution of empty toners at their end. We offset 0.56 MT of carbon
plastic folders for stationery supplies. We use 100% emission in FY2021 by reduced use of toners.
biodegradable plastic garbage bags above 50 microns
for collection/disposal of dry and wet waste. We are Carbon emission offset by
also ensuring eco-friendly disposal of e-waste which reduced use of toners
includes computers, servers, scanners, printers,
and fax machines. are in contract with canon for 0.56 MT*

Customer Testimonials
When Our Customers

Speak for Us
ICICI Securities has been the most incredible partner in helping me out
with my personal finances. With their expertise, their proactive teams
take out the hassles of managing my portfolio on a day-to-day basis
and allow me to focus on what I do best. My relationship manager
keeps me updated on exciting new opportunities and helps me to
choose the right one.
I also appreciate the fact I can invest in global markets through their
platform. It truly makes a difference for me. For other clients that
are considering Private Wealth management with ICICI Securities,
I would say ‘Do it!’. ‘It’s a great company that you can trust for all
your investments.”
Mr. Akshaypat Singhania

CMD J K Intl Ltd, Director - J K Organisation, Former Whole Time Director &
Promoter-Raymond Ltd
I can vouch for the credibility and performance of ICICI Securities as

a happy customer. The Company manages all my family accounts.
I truly appreciate the Company’s platter of investment offerings
and best experiences on one of the most advanced and user-
friendly web-based platforms. I prefer the Company’s intuitiveness,
informative digital content, and above all customer-friendly,
dedicated knowledgeable workforce.”
Narasareddy Kunam
Hyderabad
I am holding an ICICI direct account since 2007, and their products

and services are one of the best in the industry. I found the ICICI
direct portal most user-friendly, with multiple offerings of all kinds
of financial products such as PMS, Insurance, Bonds, Mutual
funds FD, and so on.
I sincerely appreciate ICICI Direct’s efforts in my financial journey.”
Mitul Patel
Vadodara

We want to place on record our sincere thanks and appreciation on the

various services provided by ICICI Securities. We have been a customer
for many years and both my wife and I are very happy and extremely
satisfied in doing all our investments through ICICI Securities.
As senior citizens we greatly value your timely advice and suggestions

- which has greatly benefited us all along. Your new web-based
platforms are very user-friendly and informative. Having used many
other web portals - your portal is the BEST in all respects. You have
done an excellent work in developing a very competent, knowledgeable
and helpful team. Keep up the good work!
We wish you all the very best and look forward to a long and pleasant
association with your organisation.
K V Iyer & Geetha Iyer

Hyderabad
ICICI Securities is a one-stop solution for my financial needs. In this

market, where investment firms and advisories are in every nook and
corner, faith in the brand and top-notch services have been the most
attractive proposition for me to invest with ICICI Securities.”
Mr. Amardeep Singh Harbhajan Singh Sethi

Nagpur
“I am using the ICICI Direct portal since January 2021 after my

superannuation. I find the site very user-friendly and responsive.
It offers facilities such as online help from RM (who is extremely
helpful), VTC, instant payment eATM, research and corporate news.
Honestly, without the help and support of the friendly and helpful
teams at ICICI Direct, I would have got nowhere. To say the least,
I am enjoying multiplying my savings and regret that I did not use it
till I completed 65 years of age.”
Hitesh Bhat
Anand, Gujarat

Awards
Honours that
Motivate Us
‘Private Wealth Management

Outlook Business Retail Experts of the Year –
Broker of the Year India’ by ‘APAC Insider
Award 2021 – Gold Business Awards, 2020’
‘Outstanding Private Banking

Technology Platform Offering’ by ‘Excellence in BCP for
Private Banker International (PBI), Corporates’ by ‘iNFHRA
Private Banking & Wealth Workplace excellence
Management awards 2020-2021’
London Awards, 2020
‘PROGRESSIVE 100-CIO
Outlook Business - WINNERS’: Mr. Subhash Kelkar,
Institutional financial Chief technology and digital
Distributors of the year officer by ‘CIO100 symposium
Award 2021 – Silver and awards, 2020’

‘Digital Wealth Manager ‘Best analyst for Metal

of the Year – India’ by and mining’: Mr. Abhijit Mitra
‘The Asset Triple A, by ‘Asiamoney
Digital Awards, 2021 Broker poll, 2020’
‘Best Customer Experience ‘Best analyst for Utility’:

of the Year’ for the ICICIdirect Mr. Rahul Modi,
Global platform by ‘ETBFSI, by ‘Asiamoney
Excellence Awards, 2020’ Broker poll, 2020’

Directors’ Report
To the Members In FY2021, Domestic Institutional Investors (‘DIIs’) were net
sellers of ` 1,340 billion of equities while Foreign Portfolio
The Directors are pleased to present the Twenty-Sixth Investors (‘FPIs’) bought ` 2,761 billion. FII buying sustained
Annual Report of ICICI Securities Limited (‘the Company’) throughout FY2021 with very little volatility in flows. Funds
along with the audited financial statements for the financial raised through equity remained range bound during the
year ended at March 31, 2021. year and witnessed recovery in FY2021 with fund raising
via Initial Public Offerings (IPOs), Follow-on Public Offerings
Performance (FPOs), InvIT and REIT, Offer for Sale (OFS), Qualified
Industry overview Institutional Placement (QIP) and Rights issues rising from
Most global equity markets rallied in FY2021 as Central ` 1.5 Trillion in FY2020 to ` 2.5 Trillion in FY2021.
Banks across the world embarked on record monetary
stimulus while Governments adopted a counter-cyclical Company overview
fiscal policy by embarking on fiscal spending to pull their ICICI Securities Limited is a leading technology-based
respective economies out of recession. securities firm in India operating across capital market
segments including retail and institutional equity, financial
Indian equities entered a bull market environment in FY2021 product distribution, private wealth management and
after first dipping into bear market towards the end of investment banking. The Company is amongst the leading
FY2020 on COVID-19 fears. In one of the most spectacular equity house in the country with ~5.4 Million customers
rallies since FY2010 post the GFC (Global Financial Crisis), and total client assets worth ` 3.8 Lakh Crore (assets of
Indian benchmark index (NIFTY50) rallied 71% during our clients including equity demat assets maintained with
FY2021. Unlike the pre-COVID period, the rally was ICICI Bank Limited and excluding promoter holding). The
broad-based with small and midcaps outperforming Company operates www.icicidirect.com, India’s leading
headline indices like the NIFTY50. Also, there were signs of a virtual financial supermarket, meeting the three need sets
return to value investing from growth investing after several of its clients - investments, protection and borrowing.
years of underperformance by the former class of stocks. The Company assists its customers like retail investors,
corporates, financial institutions, High Net Worth Individuals
Bullish sentiment for Indian equities was further fueled by (HNI) and Ultra HNIs in meeting their financial goals by
the expansionary FY2022 Union Budget which provided providing them with research, advisory and execution
for a counter-cyclical fiscal policy with focus on reviving services. Headquartered in Mumbai, the Company operates
growth while ensuring adequate resources for tackling the out of ~70 cities in India and wholly-owned subsidiary in
pandemic by expanding the fiscal deficit to a higher than US and its branch in Singapore.
expected level of 9.5% for FY2021 and 6.8% for FY2022.
Financial highlights
The table below summarises the key financials of your Company for FY2021:
` Million
Standalone Consolidated
Particulars
FY2020 FY2021 Change % FY2020 FY2021 Change %
Gross Income 17,220.6 25,854.4 50.1 17,249.4 25,861.7 49.9
Profit/(Loss) before Depreciation 8,088.0 14,849.3 83.6 8,143.3 14,849.6 82.4
and Tax
Depreciation 611.7 541.6 (11.5) 614.0 541.8 (11.8)
Profit/(Loss) before Tax 7,476.3 14,307.7 91.4 7,529.3 14,307.8 90.0
Provision for Tax 2,109.2 3,632.2 72.2 2,109.3 3,630.6 72.1
Profit/(Loss) After Tax 5,367.1 10,675.5 98.9 5,420.0 10,677.2 97.0
Other Comprehensive Income (net (59.1) 25.1 (142.5) (59.1) 25.1 (142.5)
of tax)
Total comprehensive income 5,308.0 10,700.6 101.6 5,360.9 10,702.3 99.6
Balance brought forward from 7,534.0 8,977.3 19.2 7,613.3 9,109.5 19.7
previous year
Amount available for appropriation 12,842.0 19,677.9 53.2 12,974.2 19,811.8 52.7
Surplus carried forward 8,977.3 14,925.8 66.3 9,109.5 15,059.7 65.3
Earnings per share on equity shares
of ` 5 each
Basic (in `) 16.66 33.14 98.9 16.83 33.14 96.9
Diluted (in `) 16.65 33.07 98.6 16.81 33.08 96.8
Note: Figures in parenthesis are negative

Appropriations An appropriation of ` 4,752.1 Million towards interim and

Your Company has ` 19,677.9 Million available for final dividend has been approved by the Board resulting in
appropriation, comprising total comprehensive income profit of ` 14,925.8 Million being the surplus carried forward.
of ` 10,700.6 Million for FY2021 and balance of ` 8,977.3 Your Company does not propose any transfer to reserves.
Million brought forward from the previous financial year.
` Million
Standalone
Particulars
FY2020 FY2021
Balance brought forward from previous year 7,534.0 8,977.3
Add: Total comprehensive income 5,308.0 10,700.6
Amount available for appropriation* 12,842.0 19,677.9
Appropriations:
Transfer to Reserves - -
Equity Dividend 3,205.8 4,752.1
Tax on Equity Dividend 658.9 -
Surplus carried forward 8,977.3 14,925.8
*amount available for appropriation includes other comprehensive income of ` (109.4) Million as at March 31, 2021 [` (134.5) Million as at
March 31, 2020] which is not available for distribution as dividend
Dividend provisions of IEPF Authority (Accounting, Audit, Transfer

The Board has recommended a final dividend of ` 13.5 and Refund) Rules, 2016 (‘IEPF Rules’) and other applicable
per equity share (270%) for FY2021. The Board had also provisions, all monies remaining unpaid or unclaimed
approved payment of interim dividend of ` 8 (160%) per for a period of seven years from the date of transfer to
equity share for FY2021, aggregating to ` 21.5 per equity unpaid/unclaimed dividend account are required to be
share (430%) for FY2021 vs ` 11/- per equity share (220%) transferred to IEPF.
paid in FY2020. The payment of interim dividend along
with the proposed final dividend would result in cumulative Pursuant to the provisions of Rule 7 of IEPF Rules, Raju
dividend payout ratio of 65% of the standalone profits. The Nanwani, Senior Vice President & Company Secretary
final dividend is subject to the approval of the Members at of the Company is the Nodal Officer for the purposes
the ensuing Annual General Meeting (‘AGM’). The payment of verification of claims and co-ordination with IEPF
of interim and final dividend is in line with the Dividend Authority under IEPF Rules. Further, Rupesh Jadhav, Senior
Distribution Policy of the Company. Manager, Secretarial is the Deputy Nodal Officer to assist
the Nodal Officer in connection with the verification of
claims and for co-ordination with IEPF Authority. The said
Transfer of Unclaimed/Unpaid Amounts
details can be viewed at the following link: https://www.
to the Investor Education and Protection icicisecurities.com/Upload/ArticleAttachments/Details_
Fund (‘IEPF’) of_NodalDeputy_Nodal_officer_of_the_Company_for_
In terms of the provisions of Section 124 of the Companies coordination_with_IEPF.pdf.
Act, 2013 (‘the Act’) and the rules made thereunder, the
Information relating to unclaimed dividend and the due dates by which it can be claimed by the shareholders are as under:
Financial Year Date of Declaration Last date for claiming unpaid dividend
2017-18 (Final dividend) August 30, 2018 September 30, 2025
2018-19 (Interim dividend) October 19, 2018 November 18, 2025
2019-20 (Interim dividend) October 22, 2019 November 21, 2026
2020-21 (Interim dividend) October 28, 2020 December 3, 2027
Subsidiary, Associate and Joint Venture During FY2021, no Company has become or ceased
Companies to be Subsidiary, Joint Venture or Associate Company
At March 31, 2021, the Company has two subsidiaries of the Company.
(including step-down subsidiary) and has no associate and
joint venture companies. The subsidiaries are: A separate statement containing the salient features
of the financial statements of the subsidiaries required
a. ICICI Securities, Inc.; and to be disclosed under Form AOC-1 is enclosed as
Annexure A to this Report.
b. ICICI Securities Holdings, Inc. (subsidiary of ICICI
Securities, Inc.).

Risk Management Framework Internal Financial Controls and its Adequacy

Our Board oversees our risk management and has The internal financial controls with reference to financial
constituted a Risk Management Committee, which frames statements as designed and implemented by the Company
and reviews risk management processes and controls. A are adequate. The internal financial controls procedure
comprehensive system for risk management and internal adopted by the Company is adequate for safeguarding its
controls for all our businesses has been established to assets, the prevention and detection of frauds and errors,
manage the risks we are exposed to. The objective of the accuracy and completeness of the accounting records
our risk management framework is to ensure that various and the timely preparation of reliable financial information.
risks are identified, measured and mitigated and also that Further, the Statutory Auditors have verified the systems
policies, procedures and standards are established to and processes and confirmed that the internal financial
address these risks and to ensure a systematic response controls over financial reporting are adequate and such
in the case of crystallisation of such risks. controls are operating effectively.
The key risks associated with our business have been Statutory Auditors Report
classified into implied market risk, market risk, operational There were no qualifications, reservations, adverse
risk, information technology/cyber security risk, liquidity remarks or disclaimers in the report of Statutory Auditors
risk, credit risk and reputation risk. The policies have been of the Company.
framed with respect to such risks which set forth limits,
mitigation strategies and internal controls. These policies No frauds were reported by the auditors under Section
include corporate risk and investment policy, liquidity 143 (12) of the Act.
risk management policy, operational risk management
policy, outsourcing policy, fraud risk management
Annual Return
policy, information technology risk management policy,
The annual return for FY2021 comprising of the information
information security management policy, cyber-security
available upto the date of this report can be viewed at the
& cyber resilience policy, business continuity policy and
following link:
surveillance policy.
https://www.icicisecurities.com/Upload/
We are particularly sensitive to the risks emanating from the
ArticleAttachments/Annual_Return_FY2020_21.pdf.
introduction of new products and services. All new products
are approved by the Committees constituted by the Board.
The said annual return shall be further updated as
In case a product entails taking credit risk or market risk
soon as possible but not later than sixty days from the
on the Company’s books or entails offering margin based
date of the AGM.
products to clients, then, the risk management framework
for such products is approved by our Risk Management
Committee. In case of all other new product offerings, Share Capital
approval is sought from our Product Committee which During FY2021, the Company has allotted 80,970 equity
is a Committee constituted by our Board. Before we shares of ` 5/- each pursuant to exercise of stock options
launch a new product or service, it is also reviewed and under the ICICI Securities Limited - Employees Stock
approved by our Risk Management Group, Compliance and Option Scheme – 2017.
Operations Groups and the Process Approval Committee
set up for this purpose. These Groups and Committees Public Deposits
review the product/service through the lenses of regulatory Your Company has not accepted any public deposits and
compliance, risk management and integration with the as such, no amount on account of principal or interest
existing risk management systems. on public deposits was outstanding as on the date of
the balance sheet.
During the year, the operations of the Company were
impacted by the onset of the COVID-19 pandemic. The Particulars of Loans, Guarantees or
business continuity plan was invoked and several initiatives Investments
were undertaken to ensure that operations of the Company
Details of loans, guarantees and investments covered
continued without disruptions. The initiatives undertaken
under Section 186 of the Act are given in Annexure B
included operating critical functions from multiple locations,
to this report.
rolling out Work From Home initiatives, accessing various
applications through use of virtual private networks and
rapidly enhancing digitisation across all levels within Related Party Transactions
the organisation. During this period, the focus was on The Company has put in place a policy for related party
proactive and real-time risk management in the wake of transactions (‘RPT policy’) which has been approved by the
high volatility and operational challenges on account of Board of Directors. The RPT policy provides for identification
limited mobility of staff. The risk management framework of related party transactions, necessary approvals by
and digital capabilities of the Company responded well the Audit Committee/Board of Directors/Shareholders,
to the situation. reporting and disclosure requirements in compliance
with the Act and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (‘Listing Regulations’).

The said RPT policy has been uploaded on the website of an invaluable input to the Company’s strategic direction and
the Company and can be accessed at the following link: decision making. His contributions and guidance during
the deliberations at the Board and Committee meetings
https://www.icicisecurities.com/UPLOAD/ARTICLEIMAGES/ have been of immense help to the Company. Pursuant to
Policy_on_RPT.pdf the provisions of Rule 6 of the Companies (Appointment
and Qualifications of Directors) Rules, 2014, Ashvin Parekh
All transactions executed by the Company during the (DIN: 06559989) is not required to pass an online proficiency
financial year with related parties were on arm’s length self-assessment test conducted by the ‘Indian Institute of
basis and in ordinary course of business. All such related Corporate Affairs at Manesar’.
party transactions were placed before the Audit Committee
for approval, wherever applicable. The Board of Directors, at its meeting held on April 21,
2021, based on the recommendation of the Nomination &
Pursuant to the provisions of Regulation 23 (4) of Listing Remuneration Committee, have re-appointed Ajay Saraf
Regulations, approval of the Members was obtained at (DIN: 00074885) as an Executive Director of the Company for
the Annual General Meeting held on August 11, 2020 for: a period of 5 (five) consecutive years or uptil his retirement,
whichever is earlier, with effect from May 25, 2021 upto
• enhancement of the existing limit of material related May 24, 2026, subject to the approval of the Members of
party transaction(s) with ICICI Bank Limited (‘the Bank’) the Company. Accordingly, approval of the Members is
(Holding Company) to avail short term borrowings by being sought at the ensuing AGM for his re-appointment.
way of credit facility from the Bank on such term(s) and Ajay Saraf currently heads the Investment Banking and
condition(s) as may be agreed, subject to the maximum Institutional Broking divisions at the Company and the
outstanding balance of ` 25.00 Billion on any day-end; continued association of Ajay Saraf would be beneficial
and to the Company and it is desirable to continue to avail his
services as Executive Director of the Company.
• approval of material related party transaction(s) with
ICICI Bank Limited (‘the Bank’) (Holding Company) to
Declaration of Independence
place fixed deposits with the Bank on such term(s) and
All Independent Directors have given declarations that
condition(s) as may be agreed, subject to the maximum
they meet the criteria of independence as laid down
outstanding balance of ` 5.00 Billion (excluding accrued
under Section 149 of the Act and Regulation 16 of Listing
interest thereon).
Regulations which have been relied upon by the Company.
The details of related party transactions under Section
188 (1) of the Act required to be disclosed under Form Based on the declarations received from the Independent
AOC-2 pursuant to Section 134 (3) of the Act are given in Directors, the Board is of the opinion that the Independent
Annexure C enclosed to this report. Directors fulfil the criteria of independence as specified
in Listing Regulations and the Act and are independent of
Directors and other Key Managerial the Management.
Personnel
All Independent Directors have given declarations that they
The Board of Directors of the Company as at March
have complied with the Code for Independent Directors
31, 2021 consists of eight Directors, out of which four
prescribed in Schedule IV of the Act and Code of Conduct
are Independent Directors, two are Non-executive
and Business Ethics of the Company.
Non-independent Directors and two are Whole-time
Directors.
Retirement by rotation
In terms of Section 152 of the Act and the Articles of
As at the end of FY2021, Vijay Chandok (DIN: 01545262)
Association of the Company, Anup Bagchi (DIN: 00105962),
- Managing Director & CEO, Ajay Saraf (DIN: 00074885)
Director of the Company, would retire by rotation at the
- Executive Director, Harvinder Jaspal - Chief Financial
ensuing AGM and being eligible for re-appointment, has
Officer and Raju Nanwani - Company Secretary are the
offered himself for re-appointment.
key managerial personnel as per the provisions of the Act
and the rules made thereunder.
Brief details of the Directors proposed to be re-appointed
as required under Regulation 36 (3) of Listing Regulations
Changes in the composition of the Board of
are provided in the Notice of the ensuing AGM.
Directors and other Key Managerial Personnel
The Board of Directors, at its meeting held on April 21,
2021, based on the recommendation of the Nomination Corporate Governance and Compliance
& Remuneration Committee, have re-appointed Ashvin Philosophy on Corporate Governance
Parekh (DIN: 06559989) as an Independent Director of the The Company’s corporate governance philosophy
Company for a period of 5 (five) consecutive years with encompasses regulatory and legal requirements, which
effect from August 25, 2021 upto August 24, 2026, subject aims at a high level of business ethics, effective supervision
to the approval of the Members of the Company by way of and enhancement of value for all stakeholders.
Special Resolution. Accordingly, approval of the Members
is being sought at the ensuing AGM for his re-appointment. The Company considers its stakeholders as partners
Ashvin Parekh (DIN: 06559989) is a person of high repute, in success and the Company remains committed to
integrity and has rich and varied experience which will be maximising stakeholders’ value. The Company believes

that sound corporate governance mechanism is critical to of Audit Committee without necessarily informing his/her
retain and enhance stakeholders’ trust. The Company is supervisors and without revealing his/her identity, if he/she
committed to exercise overall responsibilities rigorously so chooses. The Policy governs reporting and investigation
and diligently throughout the organisation, managing its of allegations of suspected improper activities.
affairs in a manner consistent with corporate governance
requirements. The Company’s corporate governance The employees of the Company are encouraged to use
philosophy is based on an effective independent Board, guidance provided in the Policy for reporting all allegations
the separation of Board’s supervisory role from the of suspected improper activities. In all instances, the
executive management and the Board Committees, Company retains the prerogative to determine when
generally comprising a majority of Independent/ circumstances warrant an investigation and accordingly,
Non-executive Directors and chaired by Independent in conformity with the Policy and applicable laws and
Directors, to oversee critical areas. regulations, the appropriate investigative process is
employed. The Policy complies with the requirements of
The Company firmly believes that strong corporate Vigil Mechanism as stipulated under Section 177 of the Act.
governance and compliance practices are of paramount
importance to maintain the trust and confidence of its Any employee who makes a disclosure or raises a concern
stakeholders and the reputation of the Company. To ensure under the Policy will be protected, if the employee
transparency, fairness and objectivity in the organisation’s discloses his/her identity, discloses the information in
functioning and unquestioned integrity of all personnel good faith, believes it to be substantially true, does not
involved, the Company has proactively adopted various act maliciously nor makes false allegations and does not
policies and best practices towards ensuring compliance seek any personal or financial gain. The Company strictly
with Corporate Governance norms. The Company’s policy prohibits any attempt of retaliation by anyone against any
on compliance with external regulatory requirements is employee who raises a concern under the Policy in good
backed by stringent internal policies and principles to faith. Nothing in this Policy precludes or is intended to
ensure, inter alia, maintenance of confidentiality of client preclude a complainant from seeking a monetary award
information and prevention of insider trading through from a Government, administrative or law enforcement
adoption of various policies, the details in respect of authority, as provided for by law.
which are as under:
The details of establishment of the Whistle Blower Policy/
Code of Conduct and Business Ethics Vigil Mechanism have been disclosed on the website of
The Code of Conduct and Business Ethics (‘Code’) of the Company. Excerpts of Whistle Blower Policy can be
the Company aims at ensuring consistent standards viewed at the following link:
of conduct and ethical business practices across the
Company. This Code is reviewed atleast once in two years https://www.icicisecurities.com/UPLOAD/ARTICLEIMAGES/
and the latest Code is available on the website of the Whistleblower_Policy_One_Pager.pdf.
Company (www.icicisecurities.com). Pursuant to Listing
Regulations, a confirmation from the Managing Director Dividend Distribution Policy
& CEO regarding compliance with the Code by all the In accordance with Regulation 43A of Listing Regulations,
Directors and senior management of the Company forms your Company has formulated a Dividend Distribution
part of the Annual Report. Policy and the same is given in Annexure D to this report
and is also uploaded on the website of the Company at the
Code of Conduct for Prohibition of Insider following link: https://www.icicisecurities.com/UPLOAD/
Trading ARTICLEIMAGES/ddp2017.pdf.
In accordance with the requirements of SEBI (Prohibition
of Insider Trading) Regulations, 2015, the Company has Policy on Related Party Transactions
instituted a comprehensive code of conduct to regulate, The Company has a policy on dealing with related party
monitor and report trading activities of its directors, transactions which can be viewed on the web-link:
employees and other connected persons in the securities
of the Company as a listed entity and in the securities of https://www.icicisecurities.com/UPLOAD/ARTICLEIMAGES/
all the listed companies as SEBI registered intermediary. Policy_on_RPT.pdf
Whistle Blower Policy Policy for Determining Material Subsidiaries

The Company has in place a Whistle Blower Policy (‘the The Company has a policy for determining ‘material’
Policy’) which aims to set up a mechanism that enables subsidiaries which can be viewed on the web-link:
employees to report about potentially illegal and/or
unacceptable practices. It seeks to enable employees to https://www.icicisecurities.com/UPLOAD/ARTICLEIMAGES/
report such practices without fear of victimisation and Policy_for_Determining_Material_Subsidiaries.pdf
reprisal. The Policy aims to administer good governance
practices in the Company and to ensure that serious According to Regulation 16 (1) (c) of Listing Regulations,
concerns are properly raised and addressed. a ‘Material subsidiary’ shall mean a subsidiary, whose
income or net worth exceeds 10% of the consolidated
The purpose of the Policy is to enable a person who income or net worth respectively, of the listed entity and
observes an unethical practice (whether or not a violation its subsidiaries in the immediately preceding accounting
of law) to approach Head - Compliance & Legal/Chairman

year. There are no material subsidiaries of the Company CEO/CFO Certification

as per the said provision. In terms of Listing Regulations, the certification by the
Managing Director & CEO and the Chief Financial Officer
Familiarisation Programme for Independent on the financial statements and internal controls relating
Directors to financial reporting has been obtained.
Independent Directors are familiarised with their roles,
rights and responsibilities in the Company as well as Total fees for all services paid by the listed
with the nature of industry and business model of the entity and its subsidiaries, on a consolidated
Company through induction programmes at the time of basis, to the statutory auditor and all entities in
their appointment as Directors and through presentations the network firm/network entity of which the
on economy and industry overview, global and domestic statutory auditor is a part:
macro-economic outlook, key regulatory developments, ` Million
strategy and performance which are made to the Directors For the year ended For the year ended
Payments to the auditor
March 31, 2021 March 31, 2020
from time to time. The details of the familiarisation
For audit fees 7.3 6.7
programmes have been hosted on the website of the
For taxation matters 0.7 0.7
Company and can be accessed on the following link:
For other services 1.5 2.6
For reimbursement of 0.7 1.2
https://www.icicisecurities.com/Upload/ expenses
ResearchAttachments/Familiarisation_Programme_for_ Total 10.2 11.2
Independent_Directors.pdf.
Credit Ratings obtained by the Company

Your Company has obtained credit rating from:
Credit rating
If Rating
Name of the credit obtained in Amount Issue Date/
Ratings Given Validity of Rating Downgraded
rating agency respect of various (` in Million) Revalidation
(Specify reason)
securities
CRISIL Non-Convertible 500.0 AAA/Stable March 8, 2021 180 days Rating not
Debentures downgraded
CRISIL Commercial 45,000.0 CRISIL A1+ March 8, 2021 30 days Rating not
Papers downgraded
ICRA Non-Convertible 500.0 AAA/Stable March 12, 2021 Review on Rating not
Debentures annual basis downgraded
ICRA Commercial 45,000.0 ICRA A1+ March 5, 2021 3 months Rating not
Papers downgraded
Board and Committees of the Board and Risk Management Committee. The constitution of
The Company’s Board is constituted in compliance with these Committees is in compliance with the provisions of
the Act and Listing Regulations. The Board of the Company the Act and Listing Regulations.
at March 31, 2021 consisted of eight Directors, comprising
of four Independent Directors, two Non-executive The Board of Directors of the Company meets at regular
Non-independent Directors and two Whole-time Directors. intervals to discuss and decide on business policy and
Except the Managing Director & CEO and the Executive strategy apart from other business. The Board of Directors
Director, all other Directors including the Chairman of met seven times during FY2021 on May 7, 2020, May 28,
the Board are Non-executive Directors. There is a clear 2020, July 22, 2020, August 26, 2020, October 28, 2020,
segregation of responsibility and authority between the January 25, 2021 and March 25, 2021.
Directors and the executive management. The Managing
Director & CEO and the Executive Director oversee There were no inter-se relationships between any of the
implementation of strategy, achievement of the business Directors of the Company. Further, except Anup Bagchi
plans and day-to-day operations. There is an appropriate (DIN: 00105962), Non-executive Non-independent Director
mix of Executive, Non-executive and Independent Directors. who holds 1,932 equity shares of the Company as on
The Board has one Independent Woman Director. The March 31, 2021, none of the Non-executive Directors
Board functions either as a full Board or through various hold any equity shares or convertible instruments
Committees constituted to oversee specific areas. The of the Company.
Board has, inter alia, constituted requisite mandatory
Committees, viz., Audit Committee, Nomination &
Remuneration Committee, Stakeholders Relationship
Committee, Corporate Social Responsibility Committee

The names of the Directors, their attendance at Board Meetings during the financial year, attendance at the last AGM
and the number of other directorships and committee memberships held by them as at the end of FY2021 are set out
in the following table:
Number of Committee
No. of Directorships in other
Number of Board Meetings Attendance Memberships (including this
Companies
at the last Company)#
Name of the Director AGM held on No. of No. of post of
Entitled to August 11, Public Other Memberships Chairperson
Attended 2020
Attend Companies Companies held in held in Listed
Companies entities@
Independent Directors
Vinod Kumar Dhall, Chairman 7 7 Present 3 0 2 1
(DIN: 02591373)
Ashvin Parekh (DIN: 06559989) 7 7 Present 3 0 5 3
Subrata Mukherji 7 7 Present 0 0 1 0
(DIN: 00057492)
Vijayalakshmi Iyer 7 7 Present 9 0 10 4
(DIN: 05242960)
Non-executive Non-Independent
Directors
Anup Bagchi (DIN: 00105962) 7 7 Present 5 0 1 0
Pramod Rao (DIN: 02218756) 7 7 Present 2 0 1 0
Executive Directors
Vijay Chandok (DIN: 01545262) 7 7 Present 0 0 1 0
Ajay Saraf (DIN: 00074885) 7 7 Present 0 0 1 0
#
Membership/Chairmanship of only Audit Committee and Stakeholders Relationship Committee has been considered.
@
For the purpose of computation of listed entities, listed entities as per the Ministry of Corporate Affairs (MCA) Portal have been considered.
Details of Directorships held in other listed entities by the Directors of the Company as at the end of FY2021 and the
Category of their Directorship are set out in the following table:
Name of the Director Name of the Listed Entity@ Category

Independent Directors
Vinod Kumar Dhall, Chairman 1. Schneider Electric Infrastructure Limited 1. Independent Director
(DIN: 02591373) 2. Advani Hotels & Resorts (India) Limited 2. Independent Director
Ashvin Parekh 1. ICICI Lombard General Insurance Company Limited 1. Independent Director
(DIN: 06559989) 2. Nippon Life India Asset Management Limited 2. Independent Director
Subrata Mukherji Nil -
(DIN: 00057492)
Vijayalakshmi Iyer 1. Religare Enterprises Limited 1. Independent Director
(DIN: 05242960) 2. GIC Housing Finance Limited 2. Independent Director
3. Magma Fincorp Limited 3. Independent Director
4. Aditya Birla Capital Limited 4. Independent Director
5. Computer Age Management Services Limited 5. Independent Director
Non-executive Non-Independent
Directors
Anup Bagchi 1. ICICI Bank Limited 1. Executive Director
(DIN: 00105962) 2. ICICI Prudential Life Insurance Company Limited 2. Non-Executive Director
Pramod Rao Nil -
(DIN: 02218756)
Executive Directors
Vijay Chandok Nil -
(DIN: 01545262)
Ajay Saraf Nil -
(DIN: 00074885)
@
For the purpose of computation of listed entities, listed entities as per the Ministry of Corporate Affairs (MCA) Portal have been considered.
The number of committees (Audit Committee and Stakeholders Relationship Committee) of public limited companies in
which a Director is a Member/Chairperson were within the limits provided under Listing Regulations, for all the Directors
of the Company. The number of directorships of each Independent Director is also within the limits prescribed under
Listing Regulations.

Core skills/expertise/competencies of the Board Name of the Director Areas of Expertise

of Directors Vijayalakshmi Iyer • Business Strategy
As required under Regulation 34 read with Schedule V • Banking & Finance
of Listing Regulations in the context of the Company’s • Investment Banking
business for effective functioning, the Company has • Insurance
• Business Management
distinguished individuals on its Board of Directors with each
• Technology
of the Directors having the requisite core skills/expertise/ • Human Resources Development
competence as well as several years of vast experience • Portfolio/Asset and Project
and knowledge in various diversified functions and fields, Management
viz., corporate & international banking, treasury, corporate • Risk Management
planning, project & portfolio/asset management, economics, Anup Bagchi • Business Strategy
capital markets, investment banking, institutional & retail • Retail Banking
broking, private equity fund management, financial services, • Retail Broking
competition & corporate law, corporate affairs, commerce, • Information Technology
• Rural and Inclusive Banking,
economic regulations, technology, business strategies Corporate Banking and Investment
and management, institutional strengthening & business Banking
transformation, banking & finance, corporate laws, business • Treasury control and services
and finance laws, insurance, human resources development, • Financial Services
venture capital, retail & rural banking, SME/Commercial • Business Management
banking, rural and inclusive banking, etc. The Board has • Capital Markets
• MSME (Mirco, Small & Medium
a right blend of dynamism, leadership and experience.
Enterprise) Business
Pramod Rao • Banking and Finance Laws
The Independent Directors are members of the Board
• Competition and Corporate Law
of Directors of various reputed companies including • Finance & Banking
listed entities and they provide their treasured inputs and • Economic Regulation
guidance at the Meetings of the Board which have been of • Financial Services
immense help to the Company in pursuing strategic goals. • Business Management
• Capital Markets
The Board is suitably equipped to understand the ever • Corporate Governance
• Law & Technology
changing business dynamics of the stock broking,
• Corporate Project & Structured
distribution, wealth management and investment banking Finance
sectors in which the Company operates and ensures that • Restructuring, Insolvency &
appropriate strategies are articulated benefitting the Bankruptcy
Company in the long run. • Joint ventures
• Mentoring entrepreneurs and start-
The details of the core skills/expertise/competencies ups
• Online dispute resolution
possessed by the existing directors of the Company are
• Fintech & start-up collaborations
detailed as under:
Vijay Chandok • Business Strategy
Name of the Director Areas of Expertise • SME banking
• Retail Broking
Vinod Kumar Dhall • Corporate Affairs • Institutional Broking
• Competition and Corporate Law • Commercial banking
• Finance & Banking • International and Corporate Banking
• Economic Regulation • Retail and rural banking
• Business Strategy • Business Management
• Business Management • Capital Markets
• Insurance • Private Equity Fund Management
• Investment Banking • Investment Banking
Ashvin Parekh • Business Strategy • Retail equity and Distribution
• Corporate Planning • Wealth Management
• Institutional Strengthening Ajay Saraf • Investment Banking
• Business Transformation • Institutional Broking
• Technology • Corporate Banking
• Finance • SME banking
• Business Management • Business Strategy
• Portfolio/Asset Management • Business Management
• Project Management • Finance
• Legal and Regulatory
Subrata Mukherji • Business Strategy
Separate Meeting of Independent Directors
• Banking & Finance
• Investment Banking During FY2021, a separate meeting of the Independent
• Economics Directors was held on May 6, 2020, which was chaired by
• Business Management Vinod Kumar Dhall (DIN: 02591373), Independent Director.
• Venture Capital

The terms of reference of the mandatory Committees f. To recommend to the Board, the appointment,
constituted by the Board, their composition and attendance re-appointment and, if required, the replacement or
of the respective members at the various Committee removal of the statutory auditor and/or branch auditor
Meetings held during FY2021 are set out below: and the fixation of audit fees.
Audit Committee g. To approve payment to statutory auditors for any

Terms of Reference other services rendered by the statutory auditors.
a. To oversee the financial statements, the process of
Company’s financial reporting and the disclosure of h. To review and monitor, with the management,
its financial information to ensure that the financial performance of statutory auditors, the auditor’s
statement is correct, sufficient and credible. independence and effectiveness of audit process.
b. To oversee the procedures and processes established i. To discuss with statutory auditors before the audit
to attend to issues relating to maintenance of books of commences, about the nature and scope of audit
account, administration procedures, transactions and as well as post-audit discussion to ascertain any
other matters having a bearing on the financial position area of concern.
of the Company, whether raised by the auditors or by
any other person. j. To call for the comments of the auditors about internal
control systems, the scope of audit, including the
c. Review of housekeeping note placed. observations of the auditors and review of financial
statements before their submission to the Board
d. To review, with the Management, the quarterly financial and also to discuss any related issues with the
statements and the certificate in respect of internal internal and statutory auditors and the management
controls over financial reporting, before submission of the Company.
to the Board for approval.
k. To recommend to the Board, the appointment,
e. To review, with the Management, the quarterly, re-appointment and, if required, the replacement or
half-yearly and annual financial statements alongwith removal of the internal auditors/concurrent auditors/
the auditors’ report thereon before submission to the special auditors and the fixation of their remuneration.
Board for approval, with particular reference to:
l. To appoint Auditors for SEBI half-yearly Internal Audit.
i) Any changes in accounting policies and practices;
m. To review, with the management, performance of
ii) Major accounting entries based on exercise of internal auditors.
prudent judgement and estimates by management;
n. To review the adequacy of internal audit function,
iii) Modified opinions in draft audit report; if any, including the structure of the internal audit
department, staffing and seniority of the official
iv) Significant adjustments arising out of audit; heading the department, reporting structure, coverage
and frequency of internal audit.
v)
Compliance with listing and other legal
requirements concerning financial statements; o. To set up procedures and processes to address
all concerns relating to adequacy of checks and
vi) To review the management discussion and analysis control mechanisms.
of financial condition and results of operations;
p. To review the findings of any internal investigations
vii) Matters required to be included in the director’s by the internal auditors into matters where there is
responsibility statement to be included in the suspected fraud or irregularity or a failure of internal
board’s report in terms of clause (c) of sub-section control systems of a material nature and reporting
(3) of Section 134 of the Companies Act, 2013; the matter to the Board.
viii) Any related party transactions i.e. transactions of q. To review:

the Company of material nature, with promoters
i) Code of Conduct & Business Ethics
or the management, their subsidiaries or relatives,
etc. that may have potential conflict with the ii) Anti-Bribery and Anti-Corruption Policy
interests of the Company at large; and
iii) Conflict of Interest Policy
ix) To approve any subsequent modification of iv) Code of Conduct for Prevention of Insider Trading
transactions of the Company with related parties.
v) Whistle Blower Policy
Provided that the Committee may grant omnibus
approval for related party transactions proposed
r. To review the functioning of the Whistle Blower
to be entered into by the Company subject to
mechanism or other confidential mechanisms for
such conditions as may be prescribed.

employees to report ethical and compliance concerns bb. To review the following matters:
or potential breaches or violations.
i) Reports of the different types of audits conducted
s. To establish procedures for: by the internal auditors and their periodicity
and scheduling;
i) the receipt, retention and treatment of complaints
received regarding accounting, internal ii) Follow-up action on the audit reports, particularly
accounting controls or auditing matters; and concerning unsatisfactory areas of operations;
ii) the confidential, anonymous submission by iii)

Compliance with the observations of the
employees regarding questionable accounting internal auditors;
or auditing matters.
iv) Omissions on the part of the auditing team to
t. To review internal reports on internal controls and on detect serious irregularities.
proactive compliance activities aimed at increasing
the Company’s ability to meet its legal and ethical cc. To approve compliance programmes, review their
obligations, on identified weaknesses, lapses, breaches effectiveness on a regular basis and review material
or violations and the controls and other measures in compliance issues or matters.
place to help detect and address the same.
dd. To review the Anti Money Laundering (AML)/Counter
u. To review, with the management, the adequacy of the – Financing of Terrorism (CFT) policy annually
internal control systems. and review the implementation of the Company’s
AML/CFT programme.
v. To monitor the compliance function and the Company’s
risk profile in respect of compliance with external laws ee. To look into the reasons for substantial defaults in
and regulations and internal policies. the payment to the depositors, debenture holders,
shareholders (in case of non-payment of declared
w.
To evaluate internal financial controls and risk dividends) and to look into substantial delays in the
management systems. payment to creditors.
x. To report any significant findings (including Audit Issue ff. To investigate any activity within its terms of reference.
Rectification Index [AIRI]) to the Risk Management
Committee of the Company on a quarterly basis. gg. To seek information from any employee; to obtain
outside legal or other professional advice; and to
y. To discuss with the internal auditors of any significant secure attendance of outsiders with relevant expertise,
findings and follow up thereon. if it considers necessary.
z. To review the following: hh.

To engage, without seeking Board approval,
independent counsel and other advisors, as it
i) Penal action taken against the Company under determines necessary to carry out its duties.
various laws and statutes;
ii. To scrutinise inter-corporate loans and investments.
ii) Reports of inspection by regulatory authorities
viz., SEBI, BSE, NSE, IRDA, PFRDA, AMFI; jj. To undertake valuation of undertakings or assets of
the Company, wherever it is necessary.
iii) Follow-up action on the inspection reports;
kk. To the extent applicable, review with the management,
iv)
Compliance with the inspection reports of Statement of deviations, specifically the quarterly
regulatory authorities; statement of deviation submitted to the stock
exchanges under Regulation 32 (1) and the annual
v) Accountability for unsatisfactory compliance statement of funds utilized for purposes other than
with inspection reports, delay in compliance and those stated in the offer documents under Regulation
non-rectification of deficiencies. 32 (7) of the Securities and Exchange Board of India
(Listing obligations and Disclosure Requirements)
aa. To review the following matters: Regulations, 2015 (the “Listing Regulations”).
i) Reports of the audits conducted by the statutory ll. To investigate into any matter in relation to the terms
auditors and their periodicity and scheduling; of reference of the audit committee or referred to it by
the Board and for this purpose, to obtain professional
ii)
Compliance with the observations of the advice from external sources and have full access to
statutory auditors. information contained in the records of the Company.

mm. To review the utilization of loans and/or advances from/ of Association and the special professional
investment by the holding company in the subsidiary skills required for efficient discharge of the
exceeding ` 1 Billion or 10% of the asset size of the Board’s functions;
subsidiary, whichever is lower including existing loans/
advances/investments. b. Directors liable to retire by rotation;
nn. Approval of appointment of chief financial officer c. Identifying persons who are qualified to become
or any other person heading the finance function directors and who may be appointed in senior
or discharging that function after assessing the management in accordance with the criteria
qualifications, experience and background, etc. of laid down, recommend to the Board their
the candidate; and appointment and removal.
oo. To carry out any other function, if any, as is mentioned “Senior Management” shall mean officers/
in the terms of reference of the Audit Committee and personnel of the listed entity who are members
any other terms of reference as may be decided by the of its core management team excluding board
Board and/or specified/provided under the Companies of directors and normally this shall comprise all
Act, 2013 or the Listing Regulations, or by any other members of management one level below the
regulatory authority. Chief Executive Officer/Managing Director/Whole
Time Director/Manager (including Chief Executive
Composition Officer/Manager, in case they are not part of the
During FY2021, the composition of the Audit Committee was board) and shall specifically include Company
in compliance with the provisions of Section 177 (2), other Secretary and the Chief Financial Officer.
applicable provisions of the Act and Listing Regulations.
2. To evaluate the performance of the whole-time
During FY2021, there was no change in the constitution of Directors of the Company.
the Audit Committee.
3. To evaluate the performance of the Board, the
As at the end of FY2021, the Audit Committee comprised individual Members of the Board and the Committees
of following as it members: of the Board on certain pre-determined parameters
as may be laid down by the Board as part of a
• Ashvin Parekh (DIN: 06559989), Independent Director self-evaluation process or get such performance
(Chairman); evaluation done by an independent external agency
and review its implementation and compliance.
• Subrata Mukherji (DIN: 00057492), Independent Director;
• Vijayalakshmi Iyer (DIN: 05242960), Independent 4. To determine and recommend to the Board from time
Director; and to time all remuneration, in whatever form, including
performance or achievement bonus, Long Term
• Pramod Rao (DIN: 02218756), Non-executive
Incentives and perquisites payable to the whole-time
Non-Independent Director.
Directors and the senior management of the Company.
During FY2021, eight meetings of the Audit Committee were
held on April 22, 2020, May 7, 2020, July 15, 2020, July 22, 5. a. To approve the policy for and quantum of variable
2020, October 15, 2020, October 28, 2020, January 15, 2021 pay payable to the employees of the Company.
and January 25, 2021. The details of the attendance at the
meetings are set out in the following table: b. To recommend to the Board a policy, relating to
the remuneration for the directors, key managerial
Number of
Meetings held
Number of personnel and other employees.
Name of the Director Meetings
during the tenure
attended
of the Director 6. To formulate code of ethics and governance.
Ashvin Parekh (Chairman) 8 8
Subrata Mukherji 8 8 7. To recommend, if required and based on merits, to
Vijayalakshmi Iyer 8 8 the Board Governance, Remuneration and Nomination
Pramod Rao 8 8 Committee of ICICI Bank Limited (BGRNC of ICICI Bank)
for its recommendation to the Board of ICICI Bank for
Nomination & Remuneration Committee the grant of Employee Stock Options of ICICI Bank to
Terms of Reference the whole-time Directors of the Company.
1. To submit recommendations to the Board
with regard to – 8. To formulate the criteria for determining qualifications,
positive attributes and independence of a director.
a. Filling up of vacancies in the Board that might
occur from time to time and appointment of 9. To formulate the criteria for evaluation of performance
additional non whole-time Directors. In making of independent directors and the board of directors
these recommendations, the Committee shall and to extend or continue the term of appointment of
take into account the provisions of the Articles

the independent director, on the basis of the report 2. To review proposals, approve and recommend
of performance evaluation of independent directors. the amount of expenditure which shall be incurred
on the activities indicated in the Corporate Social
10. To determine and recommend to the Board from time Responsibility Policy;
to time, the amount of commission and fees payable
to the Directors within the applicable provisions 3. To identify Corporate Social Responsibility Policy
of the Companies Act, 2013 and other applicable partners and Corporate Social Responsibility
statutes, if any. Policy programmes;
11. To devise a policy on diversity of the Board. 4. To recommend the amount of Corporate Social
Responsibility Policy expenditure for the corporate
12. Performing such functions as are required to be social responsibility activities and the distribution of
performed by the Committee under the Securities the same to various corporate social responsibility
and Exchange Board of India (Share Based programmes undertaken by our Company;
Employee Benefits) Regulations, 2014 as amended
from time to time. 5.
To monitor the implementation of Corporate
Social Responsibility Policy of the Company and
13. Performing such other activities as may be delegated issuing necessary directions as required for proper
by the Board and/or specified/provided under the implementation and timely completion of corporate
Companies Act, 2013 or the Securities and Exchange social responsibility programmes;
Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended, or by 6. To delegate responsibilities to the corporate social
any other regulatory authority. responsibility team and supervise proper execution
of all delegated responsibilities; and
Composition
During FY2021, the composition of the Nomination & 7. Perform such other duties and functions as the Board
Remuneration Committee (‘NRC’) was in compliance with may require the Corporate Social Responsibility
the provisions of Section 178, other applicable provisions Committee to undertake to promote the corporate
of the Act and Listing Regulations. social responsibility activities of our Company.
During FY2021, there was no change in the Composition

constitution of NRC. During FY2021, the composition of the Corporate Social
Responsibility (‘CSR’) Committee of the Company was
As at the end of FY2021, NRC comprised of following in compliance with Section 135 and other applicable
as its members: provisions of the Act.
• Ashvin Parekh (DIN: 06559989), Independent Director During FY2021, there was no change in the constitution of
(Chairman); the CSR Committee.
• Vinod Kumar Dhall (DIN: 02591373), Independent
As at the end of FY2021, CSR Committee comprised of
Director; and
following as its members:
• Anup Bagchi (DIN: 00105962), Non-executive
Non-Independent Director. • Vinod Kumar Dhall (DIN: 02591373), Independent
Director (Chairman);
During FY2021, four meetings of NRC were held on May 7,
• Vijay Chandok (DIN: 01545262), Managing Director &
2020, May 28, 2020, July 22, 2020 and October 28, 2020.
CEO; and
The details of the attendance at the meetings are set out
in the following table: • Ajay Saraf (DIN: 00074885), Executive Director.
Number of
Meetings held
Number of During FY2021, four meetings of CSR Committee were
Name of the Director Meetings held on May 6, 2020, July 22, 2020, October 28, 2020 and
during the tenure
attended
of the Director January 22, 2021. The details of the attendance at the
Ashvin Parekh (Chairman) 4 4 meetings are set out in the following table:
Vinod Kumar Dhall 4 4
Number of
Anup Bagchi 4 4 Number of
Meetings held
Name of the Director Meetings
during the tenure
attended
of the Director
Corporate Social Responsibility Committee
Terms of Reference Vinod Kumar Dhall 4 4
(Chairman)
1. To formulate and recommend to the Board, a Corporate
Social Responsibility Policy which shall indicate Vijay Chandok 4 4
the activities to be undertaken by the Company as Ajay Saraf 4 4
specified in Schedule VII of the Act;

The Annual Report on Corporate Social Responsibility as 2021. The details of the attendance at the meetings are set
per the Companies (Corporate Social Responsibility Policy) out in the following table:
Rules, 2014 is given in Annexure E enclosed to this report.
Number of
Number of
Meetings held
Stakeholders Relationship Committee Name of the Director Meetings
during the tenure
attended
Terms of Reference of the Director
1. Resolving the grievances of the security holders Vijayalakshmi Iyer 4 4
of the listed entity including complaints related to (Chairperson)
transfer/transmission of shares, non-receipt of annual Vijay Chandok 4 4
report, non-receipt of declared dividends, issue of Ajay Saraf 4 4
new/duplicate certificates, general meetings, etc.;
Raju Nanwani, Senior Vice President & Company Secretary
2. Allotment of shares, approval of transfer or transmission is the Compliance Officer of the Company pursuant to the
of shares, debentures or any other securities; requirements of Listing Regulations.
3. Investigating complaints relating to allotment of The SCORES website of SEBI for redressal of grievances
shares, approval of transfer or transmission of shares, of the investors is being visited at regular intervals by the
debentures or any other securities; officials of the Company. The Company had received one
complaint from the shareholders during FY2021. As at the
4. Issue of duplicate certificates and new certificates on end of FY2021, no complaints were pending.
split/consolidation/renewal;
Risk Management Committee
5. Review of measures taken for effective exercise of Terms of Reference
voting rights by shareholders; 1. Risk Management Policies
a. To approve and review risk management policies
6. Review of adherence to the service standards adopted in respect of the following:
by the listed entity in respect of various services being
i. Market Risk,
rendered by the Registrar & Share Transfer Agent;
ii. Credit Risk,
7. Review of various measures and initiatives taken by
iii. Operations Risk,
the listed entity for reducing the quantum of unclaimed
dividends and ensuring timely receipt of dividend iv. Fraud Risk,
warrants/annual reports/statutory notices by the
v. Information Technology Risk,
shareholders of the company; and
vi. Information Security and Cyber Security Risk,
8. Carrying out any other function as may be decided
vii.
Liquidity Risk,
by the Board or prescribed under the Companies
Act, 2013, the Securities and Exchange Board of India viii.
Surveillance Policy,
(Listing Obligations and Disclosure Requirements)
ix. Business Continuity and Disaster Recovery.
Regulations, 2015, as amended, or any other
applicable law.
b. To monitor the implementation of various risk
management policies.
Composition
During FY2021, the composition of the Stakeholders
c. To analyze and monitor various product limits as
Relationship Committee (‘SRC’) of the Company was in
well as the credit and market risks associated with
compliance with Section 178 (5), other applicable provisions
the different business activities of the Company.
of the Act and Listing Regulations.
2. ICAAP and Stress Testing:
During FY2021, there was no change in the constitution of
the Stakeholders Relationship Committee. a. To review stress testing results;
b. To review the submission made to ICICI Bank
As at the end of FY2021, SRC comprised of following
Limited for Internal Capital Adequacy Assessment
as its members:
Process (ICAAP).
• Vijayalakshmi Iyer (DIN: 05242960), Independent
3. Risk Dashboard
Director (Chairperson);
To review key risk indicators with respect to major risk
categories as detailed below on a quarterly basis:
CEO; and
a. Credit risk
• Ajay Saraf (DIN: 00074885), Executive Director.
b. Market risk and implied market risk
During FY2021, four meetings of SRC were held on April
c. Liquidity risk
22, 2020, July 15, 2020, October 15, 2020 and January 14,

d. Operational risk During FY2021, four meetings of RMC were held on April
22, 2020, July 15, 2020, October 15, 2020 and January 14,
e. Technology risk including Cyber-Security threats
2021. The details of the attendance at the meetings are set
f. Reputation risk out in the following table:
Number of
4. Other risk related reviews Meetings held
Number of
Name of the Member Meetings
during the tenure
a. To review the operational loss data. of the Member
attended
Vijayalakshmi Iyer 4 4
b.
To assess the risk of investments in (Chairperson)
securities undertaken by the proprietary desk
Ashvin Parekh 4 4
of the Company.
Subrata Mukherji 4 4
Vijay Chandok 4 4
c.
To analyze and monitor various products/
Ajay Saraf 4 4
processes/policies of the Company from the
operational risk perspective as well and suggest Ripujit Chaudhuri 4 4
risk controls to ensure that the residual risk of Harvinder Jaspal 4 4
various business activities undertaken is within
tolerable limits. Compliance Certificate from the Auditors
The certificate obtained from a practicing company
d. To ensure that all ongoing outsourcing decisions secretary regarding compliance of conditions of Corporate
taken by the Company and the activities Governance as stipulated in Listing Regulations is
undertaken by the third-party are in accordance given in Annexure F.
with the Outsourcing Policy of the Company.
A certificate from a company secretary in practice that none
e. To review the macro-economic changes, global of the directors on the Board of the Company have been
emerging trends and regulatory changes/ debarred or disqualified from being appointed or continuing
requirements so that the Company is positioned as directors of Companies by the Securities and Exchange
to face the changes in the external environment Board of India/Ministry of Corporate Affairs or any such
and internal developments. statutory authority as stipulated in Listing Regulations is
given in Annexure G.
5. Oversight on risks of subsidiaries
Review the risk profile of the subsidiaries. Performance Evaluation of the Board,
Committees and Directors
Composition The Company has in place an evaluation framework for
During FY2021, the composition of the Risk Management evaluation of the Board, Directors and Chairman. The
Committee (‘RMC’) of the Company was in compliance Board also carries out an evaluation of the working of the
with the provisions of Regulation 21 of Listing Regulations. Audit Committee, Nomination & Remuneration Committee,
Stakeholders Relationship Committee, Corporate
During FY2021, there was no change in the constitution of Social Responsibility Committee and Risk Management
the Risk Management Committee. Committee. The evaluation of the Committees is based
on the assessment of the compliance with the terms of
As at the end of FY2021, RMC comprised of following reference of the Committees.
as its members:
The evaluations for the Directors and the Board were done
• Vijayalakshmi Iyer (DIN: 05242960), Independent through circulation of questionnaires for evaluation of the
Director (Chairperson); performance of the Board, the Committees of the Board and
the individual members of the Board, which assessed the
• Ashvin Parekh (DIN: 06559989), Independent Director;
performance of the Board on selected parameters related
• Subrata Mukherji (DIN: 00057492), Independent Director; to roles, responsibilities and obligations of the Board and
functioning of the Committees including assessing the
quality, quantity and timeliness of flow of information
CEO;
between the Company management and the Board that
• Ajay Saraf (DIN: 00074885), Executive Director; was necessary for the Board to effectively and reasonably
perform their duties. The evaluation criteria for the Directors
• Ripujit Chaudhuri, Head - Risk; and
(including Independent Directors) was based on their
• Harvinder Jaspal, Chief Financial Officer. participation, contribution and offering guidance to and

understanding of the areas that were relevant to them in Disclosure

their capacity as members of the Board. The Company would make the requisite disclosure
on remuneration paid to NEDs in the Annual
With respect to the Whole-time Directors, the NRC Financial Statements.
has oversight over payment of compensation. The
NRC defines Key Performance Indicators (‘KPIs’) for Review
Whole-time Directors and the organisational performance The Policy would be reviewed annually by the NRC.
norms. The KPIs include both quantitative and
qualitative aspects. The NRC assesses organisational Compensation Policy for the Whole-Time
performance as well as the individual performance of the Directors and Key Managerial Personnel as
Whole-time Directors.
well as other Employees
The Company already has in place a Compensation Policy
Policy/Criteria for Directors’ Appointment
applicable to Whole-time Directors (WTDs), Key Managerial
The Company with the approval of its NRC has put in place
Personnel (KMP), Senior Management and other employees.
a policy on Directors’ appointment and remuneration
including the criteria for determining qualifications,
The Compensation Policy is available on the website of
positive attributes and independence of a Director. The
the Company under the section titled ‘Corporate Policies’
NRC evaluates the composition of the Board and vacancies
and can be accessed on the following link https://
arising in the Board from time to time. The NRC, as and
www.icicisecurities.com/UPLOAD/ARTICLEIMAGES/
when required while recommending candidature of a
Compensation_Policy.pdf.
Director, considers the requisite special knowledge or
expertise possessed by the candidate. The NRC assesses
Key features and objectives of Compensation
the fit and proper credentials of the candidate. The
Policy
NRC also evaluates the prospective candidate for the
The Compensation Policy of the Company is applicable for
position of Director from the perspective of the criteria for
the Whole-time Directors, Key Managerial Personnel, Senior
independence prescribed under the Act. The NRC based on
Management and all other employees of the Company.
the above assessment makes suitable recommendations
The Compensation Policy is framed under the guidance
on the appointment of Directors to the Board. The NRC
of the Nomination & Remuneration Committee (‘NRC’ or
evaluates the performance of the Executive Directors of
‘the Committee’) to ensure effective governance and drive
the Company on an annual basis.
meritocracy under a prudent risk framework.
Remuneration Policy for Non-Executive Directors
The Committee defines Key Performance Indicators (‘KPIs’)
The remuneration payable to non-executive/independent
for the organisation based on the financial and strategic plan
Directors (‘NEDs’) of ICICI Bank Limited is governed by the
approved by the Board. The KPIs include both quantitative
provisions of Banking Regulation Act, 1949, RBI guidelines
and qualitative aspects. The NRC assesses organisational
issued from time to time and the provisions of the Act and
performance as well as the individual performance of
its applicable rules to the extent it is not inconsistent with
Whole-time Directors. Based on its assessment, it makes
the provisions of the Banking Regulation Act, 1949/RBI
recommendations to the Board regarding compensation
guidelines. The Company, being a subsidiary of ICICI Bank
for Whole-time Directors, Key Managerial Personnel and
Limited, has adopted practices on these lines with respect
Senior Management along-with bonus and long-term
to remuneration payable to non-executive/independent
incentive plan (LTIP) for employees. Eligible employees
Directors of the Company.
are covered under the ICICI Securities Limited - Employees
Stock Option Scheme - 2017.
Considering the above, the permitted modes of
remuneration for the NEDs, would be sitting fee for attending
The Company follows a philosophy of meritocracy, which
each meeting of the Committee/Board as approved by the
is the relative differentiation of employees based on
Board from time to time and profit related commission,
performance delivered. The design of the variable pay is
within the limits as provided under the Act and related
linked to individual employee’s performance rating which
rules thereunder.
is arrived at basis assessment of performance delivered
against a set of pre-defined performance objectives. These
All the non-executive Directors/independent Directors
objectives are a balanced mix of financial, customer,
would be entitled to reimbursement of expenses for
process and compliance related objectives. To ensure
attending Board/Committee meetings, official visits and
effective alignment of compensation with prudent risk
participation in various forums on behalf of the Company.
parameters, the Company will take into account various
risk parameters along with other pre-defined performance
Profit related Commission
objectives of the Company. Acts of gross negligence and
The NEDs would be entitled for profit related commission,
integrity breach and reasonable evidence of deterioration
in compliance with the provisions of the Act (as amended
in financial performance shall be covered under the
from time to time) and other applicable law.
purview of the Compensation Policy. The deferred part

of the performance bonus (variable pay) will be subject Pecuniary Relationship of the Non-Executive
to malus, under which the Company will prevent vesting Directors With the Company
of all or part of the variable pay in the event of an enquiry Apart from receiving sitting fees for attending Board and
determining gross negligence or integrity breach. Committee meetings and profit related commission by
the Non-executive Directors of the Company, there is no
Changes in the Compensation Policy pecuniary relationship of the Non-executive Directors with
a)
No changes were proposed to be made in the Company. Non-executive Non-independent Directors
the Company’s Compensation Policy for the neither draw any remuneration from the Company nor
Whole-time Directors, Key Managerial Personnel, receive any sitting fees.
Senior Management and other employees of the
Company during FY2021.
Details of Remuneration Paid to Whole-Time
b) No changes were proposed to be made in the Directors During FY2021
Remuneration Policy for the Non-executive Directors The following table sets out the details of remuneration
of the Company during FY2021. (including perquisites and retiral benefits) paid to
Whole-time Directors during FY2021:
Details of remuneration (`)

Particulars Vijay Chandok –
Ajay Saraf – Executive
Managing Director
Director
& CEO
April 1, 2020 – April 1, 2020 –
Period
March 31, 2021 March 31, 2021
Basic 2,22,24,250 94,93,900
Performance Bonus paid out in FY20211 92,44,249 1,05,16,243
Allowances2 2,37,84,280 1,16,20,392
Perquisites3 82,87,906 37,99,198
Contribution to provident fund 26,66,903 11,39,268
Contribution to gratuity fund 18,51,280 7,90,843
Stock Options of the Company (Numbers)
Granted in FY2021 (for FY2020) 5,86,000 1,32,500
Granted in FY2020 (for FY2019) - 1,99,600
Stock Options of ICICI Bank Limited (Numbers)
Granted in FY2021 (for FY2020) - -
Granted in FY2020 (for FY2019) - 41,400
Note: For the year ended March 31, 2021, the remuneration details pertain to the amount paid/options granted during FY2021. Given the
prevailing scenario and the unprecedented challenges posed by COVID-19 pandemic, the WTDs had voluntarily opted to take a 10% salary
reduction effective May 2020 in their basic, retirals and supplementary allowances for the remaining months in FY2021. Further, Mr. Vijay
Chandok (DIN: 01545262) has also voluntarily decided to forgo performance bonus and stock options for FY2021 and any increase in salary for
FY2022.
1
The bonus amount paid in FY2021 includes the deferred portion of bonus approved in earlier years, wherever applicable.
2
Allowances include components like house rent allowance, running and maintenance expenses of car (including fuel, repairs and maintenance,
insurance, driver’s salary), leave travel allowance, personal pay, domiciliary medical reimbursement of ` 15,000/- per annum.
3
Perquisites (evaluated as per Income Tax rules wherever applicable and otherwise at actual cost to the Company) such as the benefit of the
gas, electricity, soft furnishing, club fees, group insurances like mediclaim, personal accident and life insurance, Company car (including fuel,
repairs and maintenance, insurance, driver’s salary), telephone and internet usage at residence or reimbursement of expenses in lieu thereof,
domiciliary medical reimbursement, leave, children education benefits, interest subsidy on home loan, were provided in accordance with the
scheme(s) and rule(s) applicable from time to time.
Details of Remuneration Paid to Information on the total sitting fees paid to each
Non-Executive Directors Non-executive Director during FY2021 for attending
As per the provisions of Section 197 of the Act, the fees meetings of the Board and its Committees is set out in
payable to a Non-executive Director for attending a Meeting the following table:
of the Board or Committee thereof are decided by the Board Name of the Director Amount (`)
of Directors from time to time within the limits prescribed
Vinod Kumar Dhall (DIN: 02591373) 11,00,000/-
by the Act and the rules thereunder.
Ashvin Parekh (DIN: 06559989) 19,00,000/-
During FY2021, the Directors were paid an amount of Subrata Mukherji (DIN: 00057492) 17,00,000/-
` 1,00,000/- as sitting fees for attending each meeting Vijayalakshmi Iyer (DIN: 05242960) 19,00,000/-
of the Board and the Audit Committee and ` 50,000/-
as sitting fees for attending each meeting of other As per the remuneration framework of the Company for
Committees of the Board. the Non-executive Directors, profit related commission of
` 10,00,000/- was paid to each of the Independent Directors
during FY2021 for their tenure during FY2020.

Disclosures required with respect to Section (iii) The percentage increase in the median remuneration
197 (12) of the Act of employees, who are part of the annual review
The ratio of remuneration of each Director to the median plan in the financial year:
employee’s remuneration and such other details in terms of
The percentage increase in the median remuneration
Section 197 (12) of the Act read with Rule 5 of the Companies
of employees, who were part of the annual review
(Appointment and Remuneration of Managerial Personnel)
plan, in the financial year was around 5.8%.
Rules, 2014 are provided below:
(iv) The number of permanent employees on the rolls of
(i) The ratio of the remuneration of each director to the
company:
median fixed pay of the employees of the Company
for the financial year: Employee headcount at March 31, 2021 was 3,766.
The ratio of remuneration for the Whole-time
(v)
Average percentile increase already made in the
Directors is as under:
salaries of employees other than the managerial
personnel in the last financial year and its comparison
Vijay Chandok, Managing Director & CEO = 104:1
with the percentile increase in the managerial
remuneration and justification thereof and point
Ajay Saraf, Executive Director = 48:1
out if there are any exceptional circumstances for
increase in the managerial remuneration:
The ratio of remuneration for the Independent
Directors is as under: The average percentage increase in the salaries of total
employees other than the Key Managerial Personnel
Vinod Kumar Dhall, Chairman and Independent for FY2021 was around 3%, while the increase in the
Director = 4.53:1 remuneration of the Key Managerial Personnel was nil.
Ashvin Parekh, Independent Director = 6.26:1 (vi)

Affirmation that the remuneration is as per the
remuneration policy of the company:
Subrata Mukherji, Independent Director = 5.82:1
Yes
Vijayalakshmi Iyer, Independent Director = 6.26:1
(vii) Details of Top 10 Employees as per Rule 5 (2) of
the Companies (Appointment and Remuneration of
Non-executive Non-independent Directors do not
Managerial Personnel) Rules, 2014:
draw any remuneration from the Company.
The statement containing the particulars of employees
(ii)
The percentage increase in remuneration of each as required under Section 197 (12) of the Act, read
director, Chief Financial Officer, Chief Executive with Rule 5 (2) of the Companies (Appointment and
Officer, Company Secretary or Manager, if any, in Remuneration) Rules, 2014 is set out in an Annexure
the financial year: and forms part of this report. In terms of Section
136 (1) of the Act, the report and the accounts are
The percentage increase in remuneration of
being sent to the members excluding the aforesaid
Whole-time Directors, Chief Financial Officer and
Annexure. Any member interested in obtaining a copy
Company Secretary was nil.
of the Annexure may send an e-mail to the Company
Secretary at [email protected].
General Body Meetings

a) Annual General Meetings:
The details of General Body Meetings held in the last three years and the special resolutions passed thereat
are given below:
General Body Meeting Day, Date and Time Venue Special Resolution(s) passed
Twenty-Fifth AGM Tuesday, August AGM was held through Video • Enhancement of the existing borrowing limit
11, 2020 at 4:00 Conferencing/Other Audio Visual under Section 180 of the Companies Act,
p.m. (IST) Means (Deemed venue for the 2013.
AGM was the Registered Office:
ICICI Centre, H. T. Parekh Marg,
Churchgate, Mumbai - 400 020)
Twenty-Fourth AGM Friday, August 2, Rama & Sundri Wa t umull • Re-appointment of Mr. Vinod Kumar Dhall
2019 at 2:30 p.m. Auditorium, Kishinchand Chellaram (DIN: 02591373) as an Independent Director
(IST) College, Vidyasagar Principal K. of the Company.
M. Kundnani Chowk, 124, Dinshaw
Wachha Road, Churchgate, Mumbai
- 400 020

General Body Meeting Day, Date and Time Venue Special Resolution(s) passed
Twenty-Third AGM Thursday, August Rama & Sundri Wa t umull • Ratification and approval of the Employees
30, 2018 at 2:30 Auditorium, Kishinchand Chellaram Stock Option Scheme - 2017 for eligible
p.m. (IST) College, Vidyasagar Principal K. employees of the Company and grant of
M. Kundnani Chowk, 124, Dinshaw options.
Wachha Road, Churchgate, Mumbai • Ratification and approval of the Employees
- 400 020 Stock Option Scheme - 2017 for eligible
employees of the Subsidiaries of the
Company and grant of options.
• Ratification and approval of the Employees
Stock Option Scheme - 2017 for eligible
employees of the Holding Company of the
Company and grant of options.
b) Special Resolutions passed through Postal The details of the voting pattern are as under:
Ballot during the year under review:
During FY2021, following Special Resolutions were i. Enhancement of the existing borrowing limit under
passed through Postal Ballot by remote e-voting Section 180 of the Companies Act, 2013:
system on December 17, 2020:
Total No. of Equity Shares (1) 32,21,95,110
• Enhancement of the existing borrowing limit under No. of Votes Polled (2) 28,05,22,380
Section 180 of the Companies Act, 2013; and % of Votes polled on Outstanding 87.0660
shares (3) = [(2)/(1)]*100
• Enhancement of the existing limit under Section No. of Votes in Favour (4) 28,02,73,007
186 of the Companies Act, 2013. No. of Votes Against (5) 2,49,373
The Company followed the procedure as prescribed % of Votes in favour on Votes polled 99.9111
under the Act, the Companies (Management and (6)=[(4)/(2)]*100
Administration), Rules, 2014, as amended, the % of Votes Against on Votes polled 0.0889
Secretarial Standard 2 issued by the Institute of (7)=[(5)/(2)]*100
Company Secretaries of India and Regulation 44 of
Listing Regulations read with General Circular No. ii. Enhancement of the existing limit under Section 186
14/2020 dated April 8, 2020, General Circular No. of the Companies Act, 2013:
17/2020 dated April 13, 2020 and General Circular
Total No. of Equity Shares (1) 32,21,95,110
No. 33/2020 dated September 28, 2020 issued by the
No. of Votes Polled (2) 28,05,22,380
Ministry of Corporate Affairs (‘MCA Circulars’) and
% of Votes polled on Outstanding 87.0660
other applicable laws and regulations. The Company
shares (3) = [(2)/(1)]*100
had sought approval of the Members on the Special
No. of Votes in Favour (4) 27,98,10,712
Resolutions, through Postal Ballot by remote e-voting
No. of Votes Against (5) 7,11,668
system only. The Board of Directors of the Company
had appointed Dholakia & Associates LLP, Practising % of Votes in favour on Votes polled 99.7463
(6)=[(4)/(2)]*100
Company Secretaries as the Scrutiniser for conducting
% of Votes Against on Votes polled 0.2537
the postal ballot voting process. Bhumitra V. Dholakia,
(7)=[(5)/(2)]*100
Designated Partner of Dholakia & Associates LLP
acted as the Scrutiniser and submitted his report after
Whether any Special Resolution is proposed to be
completion of the scrutiny of the votes cast through
conducted through Postal Ballot:
postal ballot voting process. Considering the results
of the Postal Ballot, the resolutions were approved Till the date of this report, the Company does not
on December 17, 2020. The results were declared on intend or propose to pass any Special Resolution
December 18, 2020 and communicated to the Stock through Postal Ballot.
Exchanges and displayed on the Company’s website
at the following link: https://www.icicisecurities. Statutory Auditors
com/Upload/ArticleAttachments/Postal_Ballot_ At the AGM held on June 9, 2017, the Members approved
November_2020_Voting_Results.pdf. the appointment of B S R & Co. LLP, Chartered Accountants
as the Statutory Auditors for a period of five years, to hold

office from the conclusion of the Twenty-Second AGM till Material Changes and Commitments
the conclusion of the Twenty-Seventh AGM subject to the Affecting the Financial Position of the
ratification by the Members at every AGM. Pursuant to Company
the amendment in Section 139 of the Act vide Companies
There were no material changes and commitments between
(Amendment) Act, 2017 effective from May 7, 2018, the
the end of the year under review and the date of this report,
requirement relating to ratification of appointment of
which could have an impact on the Company’s operation
Statutory Auditors by the Members of the Company at every
in the future or its status as a ‘going concern’.
AGM was dispensed with. Accordingly, the Members, at
the Twenty-Fourth AGM of the Company held on August 2,
2019, dispensed with the requirement of annual ratification Significant and Material Orders Passed
of appointment of B S R & Co. LLP as the Statutory Auditors by the Regulators or Courts or Tribunals
of the Company. Impacting the Going Concern Status of the
Company and its Future Operations
Secretarial Audit During the year, there were no such orders passed by
Pursuant to the provisions of Section 204 of the Act the Court or Tribunals which will have material impact
and the Companies (Appointment and Remuneration of on the Company.
Managerial Personnel) Rules, 2014, the Company had
appointed M/s. Makarand M. Joshi & Co., Practicing Directors’ Responsibility Statement
Company Secretaries as the Secretarial Auditor of the The Directors of the Company confirm:
Company, to undertake the Secretarial Audit of the Company
for FY2021. The Secretarial Audit Report is given in i. that the applicable accounting standards have been
Annexure H enclosed to this report. followed in the preparation of the annual accounts
and that there are no material departures;
There are no adverse obser vations in the
Secretarial Audit Report. ii. that such accounting policies have been selected and
applied consistently and judgments and estimates
Disclosure about Maintenance of Cost made are reasonable and prudent, so as to give a true
Records and fair view of the state of affairs of the Company at
The Central Government has not prescribed the March 31, 2021 and of the profit of the Company for
maintenance of cost records under Section 148 (1) of the the year ended on that date;
Act for the services rendered by the Company.
iii. that proper and sufficient care has been taken for
the maintenance of adequate accounting records in
Foreign Exchange Earnings and Outgo
accordance with the provisions of the Act to safeguard
The details of foreign exchange earnings and outgo required
the assets of the Company and to prevent and detect
under Section 134 (3) (m) of the Act read with Rule 8 (3)
fraud and other irregularities;
of the Companies (Accounts) Rules, 2014 are as under:
` Million iv. that the annual accounts have been prepared on a
FY2020 FY2021 ‘going concern’ basis;
Earnings 174.9 214.0
Outgo 384.5 401.5 v. that they have laid down internal financial controls to
be followed by the Company and that such internal
financial controls are adequate and were operating
Conservation of Energy and Technology
effectively; and
Absorption
In view of the nature of business activities of the Company, vi. that proper systems have been devised to ensure
the information relating to conservation of energy and compliance with the provisions of all applicable
technology absorption, as required under Section 134 (3) laws and that such systems are adequate and
(m) of the Act read with Rule 8 of the Companies (Accounts) operating effectively.
Rules 2014, is not required to be given. The Company
has, however, used information technology extensively
in its operations.

Information Required Under Sexual indicated in the grant letter with minimum period of one
Harassment of Women at Workplace year between the date of granting and vesting of options
(Prevention, Prohibition & Redressal) Act, or such other period as may be required under applicable
laws. The options may be exercised at any time after vesting
2013 but not exceeding five years from the date of vesting of the
The Company has complied with provisions relating to the options or as may be determined by the NRC.
constitution of Internal Complaints Committee under the
Sexual Harassment of Women at Workplace (Prevention, Particulars of options granted by the Company as at
Prohibition and Redressal) Act, 2013. The Company has a March 31, 2021 are given below:
policy against sexual harassment and has a formal process
for dealing with complaints of harassment or discrimination. Particulars Details
The said policy is in line with relevant Act passed by the Number of options outstanding at the beginning 13,29,300
Parliament in 2013. The Company believes in providing a of the year
safe working environment at the workplace. On an ongoing Number of options granted during the year 13,37,200
basis, the Company creates education and awareness Number of options forfeited/lapsed during the 47,350
amongst employees. During FY2021, two complaints on year
sexual harassment were filed, of which one complaint Number of options vested during the year 3,98,790
was disposed off during the year and one complaint is Number of options exercised during the year* 90,800
pending as at March 31, 2021, and is well within the timeline Number of shares arising as a result of exercise 80,970
as provided under the Sexual Harassment of Women at of options
Workplace (Prevention, Prohibition and Redressal) Act, 2013. Money realized by exercise of options (INR), ` 1,84,98,374/-
if scheme is implemented directly by the
Further, the Company has complied with the provisions company**
relating to the constitution of Internal Complaints Committee Loan repaid by the trust during the year from Nil
under the Sexual Harassment of Women at Workplace exercise price received
(Prevention, Prohibition and Redressal) Act, 2013. Number of options outstanding at the end of 25,28,350
the year
Number of options exercisable at the end of the 3,45,250
Employee Stock Option Scheme year
ESOS 2017
Pursuant to the recommendation of the Board of Directors * number of options includes options exercised but pending allotment
of shares.
in their Meeting held on December 6, 2017, the Members of
** money realised do not include share application money received
the Company at the Extra-ordinary General Meeting held
in respect of options exercised but pending allotment of shares.
on December 8, 2017 approved the ICICI Securities Limited
- Employees Stock Option Scheme - 2017. Subsequently,
ICICI Securities Limited - Employees Stock Option Scheme Particulars of options granted by the Company during FY2021:
- 2017 along-with amendments therein (‘the Scheme’) was
approved by the Board of Directors of the Company in its During FY2021, the Company granted 13,37,200 options
meeting held on July 23, 2018 and by the Members of the to its employees including Whole-time directors, Key
Company at the Annual General Meeting held on August 30, Managerial Personnel, Senior Managerial Personnel and
2018. During the year, there was no change in the scheme. other employees.
The Scheme aims at achieving the twin objectives of All options were granted as per the Scheme. The stock
(i) enabling employees to participate in the long-term option grant will have a vesting schedule of three years,
growth of the Company; and (ii) retention of key talent. in the ratio of 30%-30%-40% starting one year from the
Through employee stock option grants, the Company date of the grant of the options. The Exercise Period
seeks to foster a culture of long-term sustainable value would commence from the date of vesting and expire on
creation. The Scheme is in compliance with SEBI (Share completion of five years from the date of vesting of Options.
Based Employee Benefits) Regulations, 2014.
The fair value of the underlying shares has been determined
The Scheme provides that the maximum number of options by an independent valuer. The calculation of fair value of
granted to any Eligible Employee in a financial year shall grants is in accordance with the Black-Scholes options
not, except with the approval of the Board of Directors of pricing model.
the Company, exceed 0.10% of the issued shares of the
Company at the time of grant of options and the aggregate The fair value of the options granted in FY2021
of all such options granted to the eligible employees shall are given below:
not exceed 5% of the aggregate of the number of issued Fair value of the option
shares of the Company, from time to time, on the date(s) Financial Year Date of Grant
granted (`) per share
of grant of option(s). The eligible employees include FY2021 May 7, 2020 134.04
employees as defined in the Scheme. Grants will be made FY2021 October 28, 2020 179.55
by the NRC based on determination of eligibility criteria
prescribed under the Scheme and vesting period will be

The key assumptions used to estimate the fair value of information to both analysts and investors. All information
options granted during FY2021 are given below: having a material bearing on the Company’s share price is
released as per regulatory requirements. The information
Risk-free interest rate 4.82% to 5.70% is also disseminated to National Stock Exchange of India
Expected life 3.51 to 5.51 years Limited (‘NSE’) and BSE from time to time.
Expected volatility 46.15% to 48.78%
Expected dividend yield 2.35% to 2.76% The financial results, presentations made to the institutional
investors or to the analysts, other information and various
The relevant disclosures as per Regulation 14 of SEBI (Share compliances as required/prescribed under Listing
Based Employee Benefits) Regulations, 2014 and Circular Regulations are filed electronically with NSE through NSE
no. CIR/CFD/POLICY CELL/2/2015 dated June 16, 2015 have Electronic Application Processing System (NEAPS) and BSE
been uploaded on our website and can be accessed at through BSE Listing Centre and are also available on their
https://www.icicisecurities.com/ESOPExcelUploadRpt.aspx. respective websites in addition to the Company’s website.
Additionally, the information is also disseminated to NSE/
Business Responsibility Reporting BSE, by e-mail, as and when required.
The Business Responsibility Report as stipulated under
Regulation 34 of Listing Regulations has been hosted on The Company’s quarterly financial results are published in
the website of the Company at https://www.icicisecurities. English language national daily newspaper circulating in
com/Upload/ArticleAttachments/Business_Responsibility_ the whole or substantially the whole of India i.e. Business
Report_FY_2020_2021.pdf. Standard/The Free Press Journal and in one daily newspaper
published in the Marathi language i.e. Navshakti.
Integrated Reporting
The Management’s Discussion & Analysis forms part of
The Company has adopted the principles of the International
the Annual Report.
Integrated Reporting Framework as developed by the
International Integrated Reporting Council (IIRC) since
General Shareholder Information
FY2019 in its Annual Report. The Annual Reports
Annual General
can be viewed on the website of the Company Meeting
Day, Date & Time Venue
(www.icicisecurities.com).
Twenty-Sixth Wednesday, AGM will be held through
AGM August 18, 2021 Video Conferencing/Other
Change in Nature of Business, if any at 4:30 p.m. Audio Visual Means (Deemed
None (IST) venue for the AGM will be
Stanrose House, Appasaheb
Marathe Marg, Prabhadevi,
Compliance with Secretarial Standards Mumbai - 400 025).
The Company has been in compliance with the applicable
Secretarial Standards during FY2021. Financial Year: April 1, 2020 to March 31, 2021
Commercial Papers Book Closure: Thursday, August 12, 2021 to Wednesday,

The Company continues to meet the liquidity needs primarily August 18, 2021 (both days inclusive)
through short-term borrowings through Commercial Papers
(‘CPs’) being commercially most optimal. The Company Dividend Payment Date: On or before September 17, 2021
also continues to list its CPs on BSE Limited (‘BSE’) on an
on-going basis. Listing of equity shares on the Stock Exchanges
Code of the
Means of Communication Stock Exchange
Company
It is the Company’s belief that all stakeholders should have National Stock Exchange of India Limited (NSE) ISEC
access to complete information regarding its position to Exchange Plaza, C-1, Block G, Bandra Kurla
enable them to accurately assess its future potential. The Complex, Bandra (East), Mumbai 400 051
Company disseminates information on its operations and BSE Limited (BSE) 541179
initiatives on a regular basis. The Company’s website Phiroze Jeejeebhoy Towers,
(www.icicisecurities.com) serves as a key awareness facility Dalal Street, Mumbai 400 001
for all its stakeholders, allowing them to access information
at their convenience. It provides comprehensive information The Company has paid annual listing fees for FY2021 to
on the Company’s strategy, financial performance, NSE and BSE where its equity shares are listed. Further, the
operational performance and the latest press releases. Company continues to make necessary payment of listing
fees to BSE at the time of listing of Commercial Papers.
The Company’s investor relations personnel respond to
specific queries and play a proactive role in disseminating

Market Price Information

The reported high and low prices and volume of equity shares of the Company traded from April 1, 2020 to
March 31, 2021 on NSE and BSE are set out in the following table:
NSE BSE Total Volume on

Month
High (in `) Low (in `) Volume High (in `) Low (in `) Volume NSE and BSE
April 2020 373.05 272.00 7,590,349 372.10 272.15 423,638 8,013,987
May 2020 430.00 342.05 11,158,913 429.00 343.10 452,785 11,611,698
June 2020 496.55 381.40 11,215,930 496.05 371.00 598,480 11,814,410
July 2020 568.90 445.05 16,597,964 568.75 445.00 932,710 17,530,674
August 2020 512.40 445.80 25,459,762 511.90 446.00 2,021,548 27,481,310
September 2020 496.00 425.00 8,036,654 495.05 425.25 708,053 8,744,707
October 2020 498.80 415.00 7,580,989 496.90 415.00 351,481 7,932,470
November 2020 473.85 430.00 5,594,757 473.70 430.00 448,792 6,043,549
December 2020 484.85 415.85 18,278,059 484.90 416.65 906,467 19,184,526
January 2021 472.65 401.45 16,353,884 472.85 357.00 995,263 17,349,147
February 2021 436.30 395.20 12,604,851 436.10 395.25 1,083,021 13,687,872
March 2021 423.00 376.90 11,165,860 422.75 377.00 757,313 11,923,173
The performance of the Company’s equity shares relative to the S&P BSE Sensitive Index (Sensex) and NIFTY 50 during
the period April 1, 2020 to March 31, 2021 is given in the following chart:
BSE
55000 500
50000 450
45000 400
40000 350
35000 300
30000 250
25000 200
Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
S&P Sensex ICICI Securities
NSE
16000.00 500.00
15000.00
450.00
14000.00
400.00
13000.00
12000.00 350.00
11000.00
300.00
10000.00
250.00
9000.00
8000.00 200.00
Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
Nifty ICICI Securities

Share Transfer System capital of the Company (except 105 equity shares) is held
KFin Technologies Private Limited is the Registrar and Share in dematerialised form.
Transfer Agent of the Company. The Company’s shares
are compulsorily traded in demat mode on NSE and BSE. Registrar and Transfer Agents
The address of KFin Technologies Private Limited, the
Link Intime India Private Limited is the Registrar and Transfer Company’s Registrar and Share Transfer Agent is as follows:
Agent of the Company for the purpose of issuance of
Commercial Papers. KFin Technologies Private Limited
Selenium Tower B, Plot 31 & 32,
The entire Promoters’ holding is in dematerialised form Financial District, Nanakramguda, Serilingampally Mandal,
and the same is in line with the directives issued by SEBI. Hyderabad - 500 032, Telangana
As at March 31, 2021, the entire paid-up equity share E-mail id: [email protected]
Toll Free No.: 1800-309-4001
Information on shareholding
Shareholding pattern of the Company at March 31, 2021:
Sr. % of total number
Category Number of shares
No. of shares
1. Promoters 241,652,692 75.00
2. Mutual Funds 18,187,985 5.64
3. Alternate Investment Funds 4,427,657 1.37
4. Foreign Portfolio Investors 12,056,474 3.74
5. Financial Institutions 38,444 0.01
6. Qualified Institutional Buyers 6,462,088 2.01
7. NBFCs registered with RBI 900 0.00
8. Individuals 30,068,811 9.33
9. Trusts 306,315 0.10
10. Non-Resident Indian (NRI) 2,282,922 0.71
11. Clearing Members 989,894 0.31
12. Bodies Corporate 4,801,427 1.49
13. HUF 946,761 0.29
Total 322,222,370 100.00
Shareholders of the Company with more than 1% holding at March 31, 2021 (other than promoters
of the Company)
Sr. % of total number
Name of the Shareholder Number of shares
No. of shares
1. ICICI Prudential Mutual Fund (under its various Schemes) 6,547,849 2.03
2. IDFC Mutual Fund (under its various Schemes) 3,980,600 1.24
3. HDFC Life Insurance Company Limited 3,242,389 1.01
Distribution of shareholding of the Company at March 31, 2021

Category (in `) No. of Folios % of Members Total Shares % of shares
1 - 5,000 152,611 96.74 16,013,542 4.97
5,001 - 10,000 2,825 1.79 3,961,454 1.23
10,001 - 20,000 1,171 0.74 3,253,380 1.01
20,001 - 30,000 386 0.24 1,889,700 0.59
30,001 - 40,000 186 0.12 1,300,989 0.40
40,001 - 50,000 108 0.07 997,045 0.31
50,001 - 100,000 221 0.14 3,123,213 0.97
100,001 & Above 239 0.15 291,683,047 90.52
Total 157,747 100.00 322,222,370 100.00

Disclosures with respect to demat suspense Disclosures

account/unclaimed suspense account a) There are no materially significant transactions
There were no shares lying in the demat suspense account/ that may have potential conflict with the interests
unclaimed suspense account during FY2021. of the Company.
Outstanding GDRs/ADRs/Warrants or any b) No penalties or strictures have been imposed on the
Convertible Instruments, conversion date and Company by any of the Stock Exchanges, SEBI or any
likely impact on equity other statutory authority, for any non-compliance
Not applicable on any matter relating to capital markets, during the
last three years.
Commodity price risk or foreign exchange risk
and hedging activities and disclosures as per the c) In terms of the Whistle Blower Policy of the Company,
format prescribed, if applicable no employee of the Company has been denied access
The Company is exposed to foreign exchange risk on to the Audit Committee.
account of its proprietary positions. Also in the capacity
of trading/clearing member, the Company is exposed to Non-compliance of any requirement of Corporate
foreign exchange risk as well as commodity price risk on Governance Report as per Schedule V (C) (2) to
account of its customers’ positions. Foreign exchange risk (10) of Listing Regulations
of proprietary positions is managed by applying the overall NIL
open position limit and various other risk limits approved
by the Risk Management Committee. Commodity price Adoption of Mandatory and
risk and foreign exchange risk on customers’ positions is Non-Mandatory Requirements
mitigated by collecting upfront margins from customers
The Company has complied with all mandatory
and monitoring of customers’ positions by marking them
requirements specified in Regulations 17 to 27 and clauses
to market at regular interval.
(b) to (i) of sub-regulation 2 of Regulation 46 and some of
the non-mandatory requirements pertaining to Corporate
Plant Locations
Governance stipulated under Listing Regulations.
Not applicable
The Company has adopted following non-mandatory
Address for Correspondence
requirements:
For share transfer/dematerialisation of shares/other queries
relating to the equity shares:
1. Financial Statements with unmodified audit opinion; and
KFin Technologies Private Limited
Unit: ICICI Securities Limited 2.
Reporting of internal auditor directly to the
Selenium Tower B, Plot 31 & 32, Audit Committee.
Financial District, Nanakramguda, Serilingampally Mandal,
Hyderabad - 500 032, Telangana Green Initiatives in Corporate Governance
E-mail id: [email protected] In line with the ‘Green Initiative’, the Company has effected
Toll Free No.: 1800-309-4001 electronic delivery of Notice of AGM, Annual Report and
Postal Ballot Notices to those Members whose e-mail
For queries on Annual Report or investors’ IDs are registered with the Company/Registrar and Share
assistance: Transfer Agent of the Company/respective Depository
Raju Nanwani, Participants, viz. NSDL/CDSL. The Act and the underlying
Company Secretary & Compliance Officer, rules as well as Regulation 36 of Listing Regulations, permit
ICICI Securities Limited the dissemination of financial statements and annual report
ICICI Centre, H. T. Parekh Marg, in electronic mode to the Members. Your Directors are
Churchgate, Mumbai - 400 020 thankful to the Members for actively participating in the
Tel No.: +91 22 2288 2460/70 Green Initiative and seek your continued support for
Fax No.: +91 22 2288 2455 implementation of the Green Initiative. In order to support
the cause, we will continue to request members to register/
Investors can register their complaints/ update their e-mail ids with their Depository Participants so
grievances at the Company’s e-mail ids: as to enable the Company to send various communications
[email protected], [email protected] through electronic mode. We believe and endorse the
‘Green Initiative’ as it would not only rationalise the use of
The aforesaid e-mail ids and other relevant details have paper but also ensure prompt communication, avoid loss
been displayed on the website of the Company. in transit and have reference value of the communication.

Acknowledgements Awards & Recognition

The Company is grateful to the Securities and Exchange 1.
Best Customer Experience of the Year - by
Board of India, National Stock Exchange of India Limited, ETBFSI, Excellence Awards, 2020 (for ICICIdirect
BSE Limited, National Securities Depository Limited, Global platform)
Central Depository Services (India) Limited, The Insurance
Regulatory and Development Authority of India, The 2. Outstanding Private Banking Technology Platform
Pension Fund Regulatory and Development Authority, Offering - by Private Banker International, Private
other statutory authorities, its bankers and lenders for Banking & Wealth Management London Awards 2020
their continued co-operation, support and guidance. The
Company wishes to thank its investors for their support. 3. Private Wealth Management Experts of the Year –
India - by APAC Insider Business Awards, 2020
The Directors express their gratitude for the support and
guidance received from the Company’s Holding Company, 4. Digital Wealth Manager of the Year – India - by The
viz., ICICI Bank Limited and other group companies and also Asset Triple A, Digital Awards 2021
expresses their warm appreciation to all the employees
of the Company for their commendable teamwork, For and on behalf of the Board
professionalism and contribution during the year. The
Directors extend their sincere thanks to the clients of the Sd/-
Company for their support. Vinod Kumar Dhall
Date: April 21, 2021 DIN: 02591373
Place: Noida Chairman
Declaration by the CEO under Schedule V (D) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 regarding adherence to the Code
of Conduct
I confirm that all Directors and Members of the senior management have affirmed compliance with the Code of Conduct
and Business Ethics for the year ended at March 31, 2021.
For and on behalf of the Board
Sd/-
Vijay Chandok
DIN: 01545262
Managing Director & CEO
Date: April 21, 2021

Place: Mumbai

Annexure A
Form AOC-1
(Pursuant to first proviso to sub-section (3) of Section 129 read with rule 5 of Companies (Accounts)
Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/associate companies/
joint ventures
Part “A”: Subsidiaries
(Information in respect of each subsidiary to be presented with amounts in ` 000’s)
Sl.
Particulars Subsidiary Step Down Subsidiary
No
1. Name of the subsidiary ICICI Securities Holdings, Inc. ICICI Securities, Inc.
2. The date since when subsidiary was acquired May 2007 May 2007
3. Reporting period for the subsidiary concerned, if different from N.A. N.A.
the holding company’s reporting period
4. Reporting currency and Exchange rate as on the last date of INR INR
the relevant Financial year in the case of foreign subsidiaries US $ 1= ` 73.11 US $ 1= ` 73.11
5. Share capital 7,28,206 5,71,667
6. Reserves & surplus (5,97,772) (2,99,987)
7. Total assets 1,31,129 3,64,615
8. Total Liabilities* 695 92,935
9. Investments 94,498 -
10. Turnover (1,257) 1,72,191
11. Profit before taxation (2,510) 2,691
12. Provision for taxation (1,218) (447)
13. Profit after taxation (1,292) 3,138
14. Proposed Dividend - -
15. Extent of shareholding (in percentage) 100% held by ICICI Securities 100% held by ICICI Securities
Limited Holdings, Inc.
*Total Liabilities excludes capital and reserves
Notes:
1. Names of subsidiaries which are yet to commence operations: NA
2. Names of subsidiaries which have been liquidated or sold during the year: NA

Part “B”: Associates and Joint Ventures

Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies
and Joint Ventures: NA
Name of Associates or Joint Ventures Name 1 Name 2

1. Latest audited Balance Sheet Date - -
2. Date on which the Associate or Joint Venture was associated or acquired - -
3. Shares of Associate or Joint Ventures held by the company on the year end - -
No. - -
Amount of Investment in Associates/Joint Venture - -
Extent of Holding (in percentage) - -
4. Description of how there is significant influence - -
5. Reason why the associate/joint venture is not consolidated - -
6. Networth attributable to Shareholding as per latest audited Balance Sheet - -
7. Profit or Loss for the year - -
i. Considered in Consolidation - -
ii. Not Considered in Consolidation - -
Notes:
1. Names of associates or joint ventures which are yet to commence operations: NA
2. Names of associates or joint ventures which have been liquidated or sold during the year: NA
For and on behalf of the Board of Directors
Sd/-
Subrata Mukherji
DIN: 00057492
Director
Sd/- Sd/-
Vijay Chandok Ajay Saraf
DIN: 01545262 DIN: 00074885
Managing Director & CEO Executive Director
Sd/- Sd/-
Date: April 21, 2021 Raju Nanwani Harvinder Jaspal
Place: Mumbai Company Secretary Chief Financial Officer

Annexure B
Loans, Guarantees or Investments
The particulars of loans, guarantees or investment under Section 186 of the Companies Act, 2013 are as under:
Purpose for which the loans or guarantees or security is
Sr. Particulars of the loans given, investments made or Amount
proposed to be utilised by the recipient of the loans or
No. guarantees given or security provided ` Million
guarantees or security
A. Investments made
1. Subsidiary – ICICI Securities Holdings, Inc. Long term investment 123.6
2. BSE Limited Long term investment 6.5
3. Receivable Exchange of India Limited Long term investment 20.5
4. Universal Trustees Private Limited Long term investment 1.8
B. Securities held for Trade Short term investment 337.6
C. Loans
1. Given to customers To invest in ESOPs 5,202.5
2. Given to customers Margin Trade Funding 23,812.0
Notes:
1) Investments have been valued at fair value in accordance with Ind AS 109.
2) Securities held as securities for trade include instruments classified as “securities” as per Section 186 of the Companies Act, 2013.
3) No guarantees were given as per Section 186 of the Companies Act, 2013.
Sd/-
Vinod Kumar Dhall
DIN: 02591373
Chairman

Place: Noida

Annexure C
Form No. AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Companies Act, 2013 and Rule 8 (2) of the
Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred
to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions under third
proviso thereto
1. Details of contracts or arrangements or transactions not at arm’s length basis - NIL
2. Details of material contracts or arrangement or transactions at arm’s length basis:
The details of material related party transactions at an aggregate level for the year ended March 31, 2021:
Nature of Duration of Salient terms

Date(s) of
Name(s) of the Nature of contracts/ contracts/ of contracts/ Amount paid
` in Million approval by the
related party relationship arrangements/ arrangements/ arrangements/ as advance
Board
transactions transactions transactions
ICICI Bank Holding Bank Balance - O u t s t a n d i n g 4,255.9 - -
Limited Company lying in ICICI balance at March
Bank accounts 31, 2021 in current
accounts and
f i xe d d e p o s i t s
maint ained for
normal banking
transactions.
Sd/-
Vinod Kumar Dhall
DIN: 02591373
Chairman

Place: Noida

Annexure D
Dividend Distribution Policy
1. Introduction 3. Approval process and criteria to be

ICICI Securities Limited (the “Company”) has been considered for dividend payout
paying dividends in accordance with the Companies The Board of Directors of the Company would
Act, 1956 and Companies Act, 2013. This policy take into account the following aspects, including
documents the guidelines on payment of dividends, the financial parameters, while deciding on the
and sets out the key considerations for arriving at the proposal for dividend:
dividend payment decision. The Board will have the
flexibility to determine the level of dividend based 1. Profitability and key financial metrics including
on the considerations laid out in the policy and other outlook over the medium term/next 2-3 years;
relevant aspects.
2.
Investment requirements for the
2. Statutory and regulatory requirements Company including
The Company while proposing equity share dividend
will ensure compliance with the provisions of a. inorganic growth opportunities, acquisition
Companies Act, 2013 and the rules made thereunder of brands or businesses or stakes as a part
to the extent applicable, the Securities and Exchange of its strategy;
Board of India (SEBI) (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and guidelines b. Expansion or modernization of existing
provided under the section titled “Dividend Policy” businesses; and
in the Articles of Association (AOA) of the Company.
Following are some of the brief provisions governing c. Additional investments in other businesses.
the declaration of dividend by the Company:
3. Expected future capital/liquidity requirements
a) The Companies Act, 2013 as well as extent of borrowings;
As per the provisions of the Companies Act, 2013,
the Company may declare interim/final dividend 4. Stability of the dividend pay-out ratio;
and has the option to transfer such percentage of
its profits for that financial year as it may consider 5. The interim dividend paid, if any;
appropriate to the reserves of the Company. In
case of inadequacy or absence of profits in any 6. The auditors’ qualifications pertaining to the
financial year, the Company may declare dividend statement of accounts, if any;
out of the accumulated profits earned by it in
previous years and transferred by the Company 7.
Whether dividend/coupon payments for
to the reserves, such declaration of dividend shall non-equity capital instruments have been made;
not be made except in accordance with such rules
as may be prescribed in this behalf. 8. The applicable regulatory requirements; and
In case the Company has incurred loss during the 9. Other factors and/or material events which the
current financial year up to the end of the quarter Board may consider.
immediately preceding the date of declaration
of interim dividend, such interim dividend shall The decision for declaration of dividend would also
not be declared at a rate higher than the average be subject to consideration of other relevant internal
dividends declared by the Company during the and external factors, including, for example:
immediately preceding three financial years.
• External factors including state of the domestic
b)
Requirements under Articles of and global economy, government policies,
Association capital market conditions and dividend policy
In addition to the regulatory requirements, of competitors and tax implications including
the payment of dividends would be as per the applicability and rate of dividend distribution tax;
guidelines provided under the section titled • Internal factors like shareholder expectations,
“Dividends” in the Articles of Association (AOA) including institutional and individual shareholders.
of the Company.

The decision regarding dividend shall be taken only there is absence or inadequacy of profits. Also, if
by the Board at its meeting and not by a Committee one or more of the criterion for recommendation of
of the Board or by way of a Resolution passed by dividend is not fulfilled by the Company, including
circulation. Final dividend shall be paid only after any regulatory restriction placed on the Company on
approval at an Annual General Meeting (AGM) of the declaration of dividend, or if in the light of the evolving
Company. Shareholder approval is not required for and dynamic nature of the business environment, the
payment of interim dividend. Board is of the opinion that it would be prudent to
conserve capital for growth or other exigencies, as
After giving due consideration to the aforementioned per the assessment of the Board, dividend may not
factors, the Board will endeavour to maintain a be declared or reduced dividend may be declared.
dividend pay-out (interim, if any, and final, put together) There may also be obligations that the company could
of at least 50 per cent of profits after tax (PAT) every undertake under the terms of preference shares or
financial year on a standalone financials. However, the other debt capital instruments pursuant to applicable
Board may amend the pay-out, whenever considered laws which might prohibit the Company from declaring
appropriate by it, keeping in mind the aforesaid factors dividend in certain circumstances. The Board may
having a bearing on the dividend pay-out decision. recommend higher dividends in any form, including
special dividend, subject to applicable laws, if the
4. Utilisation of retained earnings capital and reserves position supports a higher
The Company would utilise the retained earnings for distribution to the shareholders.
general corporate purposes, including organic and
inorganic growth, investments in subsidiary and/ 7. Conflict in Policy
or appropriations/drawdowns as per the regulatory In the event of a conflict between this policy and the
framework. The Board may decide to employ the extant regulations, the regulations shall prevail.
retained earnings in meeting the Company’s future
growth plans, other strategic purposes and/or 8. Disclosure of Policy
distribution to shareholders, subject to applicable laws. The Dividend Distribution Policy shall be disclosed in
the Annual Report of the Company and placed on the
5. Parameters for various class of shares Company’s website, www.icicisecurities.com.
Currently, the Company has only one class of equity
shareholders. In the absence of any other class of 9. Amendments
equity shares and/or equity shares with differential Any subsequent amendment/modification in the
voting rights, the entire distributable profit for the Companies Act, 2013, SEBI regulations and/or other
purpose of declaration of dividend is considered for applicable laws in this regard shall automatically apply
the equity shareholders. to this Policy.
6.
C ircumstances under which the 10. Review
shareholders may or may not expect The dividend policy of the Company would be reviewed
dividend annually, or earlier if material changes take place in
The Company may not distribute a dividend or may the applicable laws.
distribute a reduced quantum of dividend when

Annexure E
Annual Report on CSR activities (Applicable for the financial year
commencing on or after April 1, 2020)
1.
Brief outline on CSR Policy of the During the year the Company focused on helping fight
Company: the COVID-19 pandemic. In FY2021, the Company
undertook eight CSR initiatives, in addition to
Corporate Social Responsibility (‘CSR’) has been a
the Initiatives undertaken by ICICI Foundation for
long-standing commitment at ICICI Securities Limited
Inclusive Growth (‘ICICI Foundation’) in specific
(‘the Company’). Our Company’s objective is to
areas particularly skill development. There were four
pro-actively support meaningful socio-economic
initiatives pertaining to FY2020 that were carried
development in India and enable a larger number
forward to FY2021, due to the pandemic/lockdown.
of people to participate and benefit in India’s
All initiatives were implemented directly or through
economic progress.
partners (including ICICI Foundation) in the areas
of skill-development and sustainable livelihood,
Further, the Company has articulated its CSR
creation of job opportunities, initiatives for relief
philosophy as supporting the cause of education,
as well as to support research projects in essential
healthcare including preventive healthcare,
medical equipment for critical COVID-19 patients,
women empowerment, welfare of senior citizens,
research and development projects in technology
skill-development training for a sustainable livelihood,
and engineering (through incubators), healthcare
contributing to incubators for promoting a culture of
including preventive healthcare, empowering women
entrepreneurship through incubation of new ventures/
and senior citizen welfare.
start-ups which may create jobs and financial inclusion.
2. Composition of CSR Committee:

Number of
Number of
meetings of
Sl. Designation/Nature of meetings of CSR
Name of Directors CSR Committee
No. Directorship Committee held
attended during
during the year
the year
1. Vinod Kumar Dhall (Chairman of the Committee) Independent Director 4 4
2. Vijay Chandok Managing Director & CEO 4 4
3. Ajay Saraf Executive Director 4 4
3. Provide the web-link where Composition 4. Provide the details of Impact assessment
of CSR Committee, CSR Policy and of CSR projects carried out in pursuance
CSR projects approved by the Board of sub-rule (3) of rule 8 of the Companies
are disclosed on the website of the (Corporate Social Responsibility Policy)
Company: Rules, 2014, if applicable (attach the
Web-link to view the composition of the CSR report):
Committee: https://www.icicisecurities.com/Upload/ Refer Annexure.
ResearchAttachments/Composition_of_Committees_
of_the_Directors.pdf
5. Details of the amount available for set
Web-link to view the CSR Policy: off in pursuance of sub-rule (3) of rule

https://www.icicisecurities.com/UPLOAD/
7 of the Companies (Corporate Social
ARTICLEIMAGES/CSR_Policy.pdf Responsibility Policy) Rules, 2014 and
amount required for set off for the

We b - l i n k t o v i e w the CSR p r oj e c t s financial year, if any:
approved by the Board: Not Applicable.
https://www.icicisecurities.com/CSR.aspx
6. Average net profit of the Company as
per section 135 (5): ` 8,019.1 million.

7. a) Two percent of average net profit of the company as per section 135 (5) ` 160.4 million
98
b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years Nil
c) Amount required to be set off for the financial year, if any Nil
d) Total CSR obligation for the financial year (7a+7b-7c) ` 160.4 million
8. a. CSR amount spent or unspent for the financial year:

Amount Unspent (in ` )
Total Amount transferred to Unspent CSR Account as Amount transferred to any fund specified under Schedule VII as per second
Total Amount Spent for the Financial Year (in ` )
per section 135 (6) proviso to section 135 (5)
Amount Date of transfer Name of the Fund Amount Date of Transfer
160.4 million Nil N.A. N.A. Nil N.A.
Being there never mattered more

b. Details of CSR amount spent against ongoing projects for the financial year 2021:
Amount Mode of Implementation

Amount
Location of the project Amount transferred to - Through Implementing
spent in
Item from the list of Local Project allocated Unspent CSR Mode of Agency
Sl. the current
Name of the Project activities in Schedule area duration for the Account for the Implementation -
No. financial CSR
VII to the Act (Yes/No) (Years) project (in project as per Direct (Yes/No)
State District Year (in Name Registration
` Million) Section 135 (6)
` Million) number
(in ` Million)
1 Contribution to World Promoting gender Yes Uttarakhand Nainital – 3 3 3 Not Applicable No WWF – Not applicable
Wide Fund for Nature equality and Corbett India as project MoU
(‘WWF’) - India, for empowering women signed before
Project Hameri, a April 2021
Women Empowerment
initiative
2 Contribution for Model Setting up old age Yes Ladakh (UT) Leh 3 6.6 6.6 Not Applicable No HelpAge Not applicable
Old Age Home aimed homes, day care India as project MoU
for Welfare of senior centres and such signed before
citizens - HelpAge other facilities for April 2021
India - Leh Ladakh senior citizens
3. Contribution for Skill P r o m o t i n g Yes New Delhi NCR New Delhi 2 2.23 2.23 Not Applicable No Age Not applicable
development - training employment, NCR Ventures a s projec t s
to care givers enhancing vocational India are of period
skills and livelihood before April
enhancement projects 2021
Total 11.83 11.83
c. Details of CSR amount spent against other than ongoing projects for the financial year 2021:
Mode of Mode of implementation - Through
Location of the project Amount spent
Sl. Item from the list of activities in Local area implementation implementing agency
Name of the Project for the project
No. schedule VII to the Act (Yes/No) - Direct (Yes/ CSR registration
State District (in ` Million) Name
No) number
1. Contribution to PM CARES Fund Relief and help for initiatives in Yes PAN INDIA 100 Yes Not Applicable
COVID-19
2. Contribution to Skill development P r o m o t i n g e m p l oy m e n t , Yes PAN INDIA 35 No ICICI Foundation Not applicable as
projects through ICICI Foundation enhancing vocational skills and fo r I n c lu s i ve projects are of
for Inclusive Growth livelihood enhancement projects Growth period before April
2021
3. Contribution to IIT Kanpur (NOCCARC R & D projects, pertaining to Yes Maharashtra Pune 5 No IIT Kanpur Not applicable
Robotics - a startup of IIT Kanpur) for Health Tech as project MoU
invasive ventilator, R & D projects, signed before April
pertaining to healthcare 2021
4. Contribution to Society for Innovation Contribution to incubators for Yes Maharashtra Mumbai 3 No S o c i e t y f o r Not applicable as
and Entrepreneurship (SINE) research and development Innovation and projects are of
projects in the field of technology Entrepreneurship period before April
and engineering - funded by the (SINE) 2021
Central Government
5. Contribution for Model Old Age Home Setting up old age homes, day Yes Tamil Nadu Cuddalore 4.06 No HelpAge India Not applicable as
aimed for Welfare of senior citizens - care centres and such other projects are of
HelpAge India – Cuddalore facilities for senior citizens period before April
2021
6. Contribution to Vision Foundation of Healthcare and preventive Yes Gujarat Different 1.5 No V i s i o n Not applicable as
India for free cataract eye surgeries to healthcare districts Foundation of projects are of
senior citizens’ from lower economic across India period before April
strata Gujarat 2021
Total 148.57
(d) Amount spent in Administrative Overheads: NIL

(e) Amount spent on Impact Assessment, if applicable: NIL
OVERVIEW
(f) Total amount spent for the Financial Year (8b+8c+8d+8e) (` Million): 160.4
CORPORATE
(g) Excess amount for set off, if any: NIL

9. (a) Details of Unspent CSR amount for the preceding three financial years: Not applicable, as the Company has spent the full CSR amount in all the three
preceding financial years.
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): Not Applicable
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through
CSR spent in the financial year: Not Applicable
REPORTS
STATUTORY
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135 (5):
Not Applicable
Sd/- Sd/-
ICICI Securities Limited

Vijay Chandok Vinod Kumar Dhall
DIN: 01545262 DIN: 02591373
Managing Director & CEO Chairman, CSR Committee
FINANCIAL
STATEMENTS
Date: April 21, 2021 Date: April 21, 2021
99
Place: Mumbai Place: Noida
Annexure
Impact Assessment Report | FY2019-20 ICICI Foundation for Inclusive

Growth: Livelihood Initiative - “ICICI Academy for Skills”
ICICI Foundation for Inclusive Growth (“ICICI Foundation”) has set up the “ICICI Academy for Skills” to provide free skill
development training to lesser privileged youth to enable them to pursue a sustainable livelihood. Impact assessment
has been conducted for this program by an external agency Renalysis Consultants Pvt. Ltd (CSRBOX). The Independent
Assessment Report by CSRBOX (“Report”) has been uploaded on the Company’s website.
For the purpose of conducting the impact assessment, CSRBOX had adopted a mixed-method approach of qualitative
and quantitative data collection, using primary and secondary data which helped in gathering valuable impact-related
insights from a 360-degree perspective involving all the stakeholders. Further, a stratified sampling approach was used
to ensure a representative sample set for the impact study.
The program’s performance and impact have been analysed in four key areas - inclusiveness, relevance, impact created
and service delivery. The program has received high scores across all areas. Key findings have been listed as under:
• The overall profile of the respondents reflected inclusiveness of the project. The gender ratio in the FY2020 batches
were 1:1. Two-thirds of the trainees in non-technical courses were females and two-thirds of the candidates came
from tier 2 and tier 3 cities/towns. The Academy gets trainees from diverse educational backgrounds and is able to
cater to varying levels of educational qualifications.
• The training provided at the centres was found to be highly relevant by trainees as well as employers. As per the
assessment, 85% employers found the skill training and technical know-how sound and industry-relevant; 84% of
employers found the candidates to have the right attitude and adapt to the workplace culture; 70% of the candidates
had clarity on career prospects and 98% students mentioned that they would refer their friends/relatives to join the
Academy.
• In terms of impact created, the project had a high placement ratio with 97% of the candidates receiving placement
offer letters; 74% of the candidates believe the Academy has substantially contributed to improving their livelihood;
84% of the candidates are part of the active workforce and 16% are pursuing advanced courses.
• The quality of service delivery across the training centres of ICICI Academy for Skills was found to be consistent on
various rating parameters.
The Report mentions that for every rupee invested, the social returns are over 10 times.
The assessment further found that the Academy had been able to maintain the quality in terms of candidates, training,
infrastructure and placements, along with the massive scale at which the programme operates. The programme is
delivering better than many of its peers on parameters like inclusiveness, placements and average salary of the candidates.
Link to access the impact assessment report: https://www.icicisecurities.com/Upload/ArticleAttachments/Impact_

Assessment_Report_FY_2019_2020.pdf

Annexure F
Corporate Governance Compliance Certificate
To
The Members,
We have examined the compliance of conditions of Corporate Governance by ICICI Securities Limited (“the Company”)
for the year ended on March 31, 2021, as stipulated in Regulations 17 to 27 and clauses (b) to (i) of sub-regulation
(2) of Regulation 46 and Para C, D and E of Schedule V of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination
was limited to procedures and implementation thereof, adopted by the Company for ensuring the compliance of the
conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements
of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the
Company, to the extent applicable, has complied with the conditions of Corporate Governance as stipulated in
Regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of Regulation 46 and Para C, D and E of Schedule V of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the
efficiency or effectiveness with which the management has conducted the affairs of the Company.
For Makarand M. Joshi & Co.
Sd/-
Makarand Joshi
Partner
FCS No. 5533
CP No. 3662
Peer Review No. : P2009MH007000
UDIN NO. : F005533C000275759
Place: Mumbai
Date: 19/04/2021

Annexure G
Certificate of Non-Disqualification of Directors
(Pursuant to Regulation 34 (3) and Schedule V Para C clause (10) (i) of
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)
To,
The Members
Churchgate, Mumbai- 400 020
We have examined the relevant disclosures provided by the Directors (as enlisted in Table A) to ICICI SECURITIES
LIMITED having CIN L67120MH1995PLC086241 and having registered office at ICICI Centre, H. T. Parekh Marg,
Churchgate, Mumbai - 400 020 (hereinafter referred to as ‘the Company’) for the purpose of issuing this Certificate,
in accordance with Regulation 34 (3) read with Schedule V Para C clause 10 (i) of the Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and documents available on the website of the Ministry of Corporate
Affairs and Stock Exchanges as on March 31, 2021, and according to the verifications (including Directors Identification
Number (DIN) status at the portal www.mca.gov.in) as considered necessary and based on the disclosures of the
Directors, we hereby certify that none of the Directors on the Board of the Company (as enlisted in Table A) have
been debarred or disqualified from being appointed or continuing as Directors of the companies by the Securities and
Exchange Board of India, Ministry of Corporate Affairs or any such other Statutory Authority for the period ended as
on March 31, 2021.
Table A
Sr. No. Name of the Directors Director Identification Number Date of appointment in Company
1. Mr. Vinod Kumar Dhall 02591373 28/10/2014
2. Mr. Ashvin Parekh 06559989 25/08/2016
3. Mr. Subrata Mukherji 00057492 29/11/2017
4. Ms. Vijaylakshmi Iyer 05242960 29/11/2017
5. Mr. Anup Bagchi 00105962 11/10/2018
6. Mr. Pramod Rao 02218756 11/10/2018
7. Mr. Vijay Chandok 01545262 07/05/2019
8. Mr. Ajay Saraf 00074885 25/05/2011

Practicing Company Secretaries
Sd/-
Kumudini Bhalerao
Partner
FCS No. 6667
CP No. 6690
UDIN: F006667C000024003
Place: Mumbai
Date: 05.04.2021

Annexure H
FORM NO. MR - 3
SECRETARIAL AUDIT REPORT
For The Financial Year Ended March 31, 2021
[Pursuant to section 204 (1) of the Companies Act, 2013 and rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To, (v) The following Regulations and Guidelines prescribed

The Members, under the Securities and Exchange Board of India Act,
ICICI Securities Limited, 1992 (‘SEBI Act’);
Churchgate, Mumbai - 400020 (a) The Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers)
We have conducted the secretarial audit of the compliance Regulations, 2011;
of applicable statutory provisions and the adherence to
good corporate practices by ICICI Securities Limited (b) The Securities and Exchange Board of India
(hereinafter called ‘the Company’). Secretarial Audit was (Prohibition of Insider Trading) Regulations, 2015;
conducted in a manner that provided us a reasonable
basis for evaluating the corporate conducts/statutory (c) The Securities and Exchange Board of India
compliances and expressing our opinion thereon. (Issue of Capital and Disclosure Requirements)
Regulations, 2018; (Not Applicable to the
Based on our verification of the Company’s books, papers, Company during the Audit Period)
minute books, forms and returns filed and other records
maintained by the Company and also the information (d) The Securities and Exchange Board of India (Share
provided by the Company, its officers, agents and authorized Based Employee Benefits) Regulations, 2014;
representatives during the conduct of secretarial audit,
we hereby report that in our opinion, the Company has, (e) The Securities and Exchange Board of India
during the audit period covering the financial year ended (Issue and Listing of Debt Securities) Regulations,
on March 31, 2021 (hereinafter called the ‘Audit Period’) 2008; (Not Applicable to the Company during
complied with the statutory provisions listed hereunder the Audit Period)
and also that the Company has proper Board-processes
and compliance-mechanism in place to the extent, in the (f) The Securities and Exchange Board of India
manner and subject to the reporting made hereinafter : (Registrars to an Issue and Share Transfer Agents)
Regulations, 1993 regarding the Companies Act
We have examined the books, papers, minute books, and dealing with client;
forms and returns filed and other records maintained by
the Company for the financial year ended on March 31, (g) The Securities and Exchange Board of India
2021 according to the provisions of: (Delisting of Equity Shares) Regulations, 2009;
(Not Applicable to the Company during the
(i) The Companies Act, 2013 (‘the Act’) and the rules Audit Period) and
made thereunder;
(h) The Securities and Exchange Board of India
(ii) The Securities Contracts (Regulation) Act, 1956 (Buyback of Securities) Regulations, 1998.
(‘SCRA’) and the rules made thereunder; (Not Applicable to the Company during
the Audit Period)
(iii) The Depositories Act, 1996 and the Regulations and
Bye-laws framed thereunder; We have also examined compliance with the applicable
clauses of the following:
(iv) Foreign Exchange Management Act, 1999 and the
rules and regulations made thereunder to the extent (i) Secretarial Standards issued by The Institute of
of Overseas Direct Investment; (External Commercial Company Secretaries of India.
Borrowings and Foreign Direct Investment Not
Applicable to the Company during the Audit Period);

(ii)
The Securities and Exchange Board of India Adequate notice is given to all directors to schedule the
(Listing Obligations and Disclosure Requirements) Board Meetings, agenda and detailed notes on agenda
Regulations, 2015. were sent at least seven days in advance and a system
exists for seeking and obtaining further information and
During the period under review, the Company has clarifications on the agenda items before the meeting and
complied with the provisions of the Act, Rules, Regulations, for meaningful participation at the meeting.
Guidelines and Standards.
All decisions at Board Meetings and Committee Meetings
We further report that, having regard to the compliance are carried out unanimously as recorded in the minutes of
system prevailing in the Company and on the examination the meetings of the Board of Directors or Committee of
of the relevant documents and records in pursuance thereof, the Board, as the case may be.
on test-check basis, the Company has complied with the
following laws applicable specifically to the Company: We further report that there are adequate systems and
processes in the Company commensurate with the size
• The Securities and Exchange Board of India (Research and operations of the Company to monitor and ensure
Analysts) Regulations, 2014; compliance with applicable laws, rules, regulations
and guidelines.
• The Securities and Exchange Board of India (Merchant
Bankers) Regulations,1992;
We further report that during the audit period, the
• The Securities and Exchange Board of India Company has
(Underwriters) Regulations, 1993;
1. Enhanced the existing borrowing and investment limits
• The Securities and Exchange Board of India to ` 60.00 billion under Section 180 (1) (c) and Section
(Stockbrokers) Regulations, 1992 and Rules, Regulations 186 of the Act respectively vide Special Resolutions
and Bye-laws of Stock Exchanges; passed through Postal Ballot on 17th December, 2020.
• The Securities and Exchange Board of India {KYC (Know
2.
Allotted 80,970 Equity Shares of face value of
Your Client) Registration Agency} Regulations, 2011;
` 5/- each towards exercise of options vested
• The Securities and Exchange Board of India (Investment under ICICI Securities Limited – Employees Stock
Advisers) Regulations, 2013; Option Schemes 2017.
• The Securities and Exchange Board of India (Certification
of Associated Persons in the Securities Markets)
Regulations, 2007;
Sd/-
• The IRDA (Registration of Corporate Agents) Regulations, Makarand Joshi
2015; Partner
FCS No. 5533
• The Securities and Exchange Board of India (Portfolio
CP No. 3662
Managers) Regulations, 2020.
UDIN: F005533C000133144
Peer Review No: P2009MH007000
We further report that
The Board of Directors of the Company is duly constituted Place: Mumbai
with proper balance of Executive Directors, Non-Executive Date: 19 th April, 2021
Directors and Independent Directors. There was no change
in Directors during Audit Period. This report is to be read with our letter of even date
which is annexed as Annexure and forms an integral part
of this report.

Annexure
To,
The Members,
ICICI Securities Limited,
Churchgate, Mumbai - 400020
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial record 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 practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that
correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide
a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
Sd/-
Makarand Joshi
Partner
FCS No. 5533
CP No. 3662
UDIN: F005533C000133144
Peer Review No: P2009MH007000
Place: Mumbai
Date: 19 th April, 2021

Management Discussion and Analysis

Operating Environment Approvals for various vaccines globally and their rapid
Global Economy administration is providing hope for an end to the pandemic
Global economy went into recession during 2020 as in 2021. High frequency economic indicators such as global
COVID-19 severely impacted economic activities and human Purchasing Managers’ Index (PMI) are showing that the
mobility. International Monitory Fund (IMF) in its latest momentum in economic recovery continues.
forecast has estimated that the contraction in global growth
for 2020 stood at 3.3%. Global central banks embarked on Indian Economy
record monetary stimulus while governments across the COVID-19 pandemic spread rapidly throughout the world
globe adopted a counter-cyclical fiscal policy by embarking from the beginning of FY2021. Most governments imposed
on fiscal spending to pull their respective economies out restrictions on movement in their respective countries to
of the once-in-a-century crisis recession. Growth recovery control the spread of the virus. In India, the ‘lockdown’
in the second half of Calendar Year (CY) 2020 has been restrictions were stringent and took a toll on the economy.
better than expected, resulting in upgrades to global Gross In Q1 FY2021, the Indian economy contracted by a record
Domestic Product (GDP) for CY2021 and CY2022 which 24.4% YoY. Contact-intensive sectors such as trade,
have been revised to 6% and 4.4% respectively by the construction, manufacturing activities, travel & tourism,
IMF. Further fiscal measures by countries like the United films, hospitality etc. were among the worst affected.
States (US) which announced additional US$1.9 Trillion
fiscal stimulus in March 2021 and is also working on a Gradually, as the government eased the restrictions
US$ 2 Trillion infrastructure programme which will help on mobility, economic activity started limping back to
accelerate the global growth momentum going ahead. normalcy. In Q2 of FY2021, the economy contracted by
7.4% YoY, primarily aided by stronger-than-expected
Reflecting faster than expected economic growth, US bond performance by the manufacturing sector and gradual
yields started rising towards the end of FY2021 on fears of resumption in construction and trade sectors. As the
rising inflation and reflation trade, resulting in heavy losses year progressed further, growth returned to the economy
for bond portfolios and some volatility in equity markets in small measure (+0.5% in Q3 FY2021) on the back of
as well. However, the US Federal Reserve continued to festive season and pent-up demand entering the market.
maintain an accommodative stance by keeping the interest Expectedly, Q4 FY2021 was the strongest quarter of the
rates low as employment levels remain weak and core year with real GDP growth of 1.6% YoY, taking full year
inflation is subdued. The central banks of other advanced growth to -7.3%. Better-than-expected performance by
economies also followed the same dovish approach. manufacturing and construction sectors drove the growth
in Q4 FY2021 while contact-intensive services such as trade
and public admin continued to languish.
GDP growth (YoY%)

8.3
6.8
6.5
4.0
1.6
0.5
FY2021 Q1 FY2021 Q2 FY2021

FY2017 FY2018 FY2019 FY2020 Q3 FY2021 Q4 FY2021
-7.4
-24.4
-7.3
Source: Ministry of Statistics and Program Implementation (MOSPI)

Consumer Price Index (CPI) inflation remaining high during Equity Markets
Apr-Nov 2020 as lockdown restrictions and supply-side Most global equity markets rallied in FY2021 as central
constraints kept food prices elevated. Inflation during the banks across the world embarked on record monetary
first eight months of the fiscal year averaged 6.9%, almost stimulus while governments adopted a counter-cyclical
one percentage point higher than the Monetary Policy fiscal policy by embarking on fiscal spending to pull their
Committee’s (MPC) comfort level. During this period, the respective economies out of recession.
wedge between wholesale and retail inflation also widened
sharply, reflecting difficulties faced in transporting goods Indian equities entered a bull market environment in FY2021
during the lockdown. However, recognising that monetary after first dipping into bear market towards the end of
policy cannot tackle supply-constraint driven inflation, the FY2020 on COVID-19 fears. In one of the most spectacular
committee looked through the high headline retail inflation rallies since FY2010 post the GFC (Global Financial Crisis),
and kept the monetary stance facilitative. Inflation eased Indian benchmark index (NIFTY50) rallied 71% during
towards the end of the year and fell within the MPC’s FY2021. Unlike the pre-COVID period, the rally was broad-
target band of 2-6%. based with small and midcaps outperforming headline
indices like the NIFTY50. Also there were signs of a return
Towards the end of FY2021, there has been a resurgence to value investing from growth investing after several years
of COVID-19 cases in India, and a surge in crude oil prices of underperformance by the former class of stocks.
which are emerging as key risks to the nascent economic
recovery. However, given the availability of vaccines and Bullish sentiment for Indian equities was further fueled
their administration drive, there is a higher confidence by the expansionary FY2022 Union Budget. It provided
in tackling the rising cases of COVID-19 as compared for a counter-cyclical fiscal policy with focus on reviving
to the scenario in 2020. Also, crude oil price surge has growth, while ensuring adequate resources for tackling the
been exacerbated by temporary supply issues which will pandemic, by expanding the fiscal deficit to a higher than
abate in FY2022. expected level of 9.5% for FY2021 and 6.8% for FY2022.
Outlook of Global and Indian Economy Strong growth in retail investors entering
As per the International Monetary Forum (IMF), the global equity markets and trading volumes
economy is expected to post a V shaped recovery in CY2021 FY2021 was a landmark year for the Indian capital markets
on the back of normalcy returning post vaccination drives with record number of demat accounts being opened
across countries. The global GDP expected to grow by 6% and significant surge in equity and derivatives volume
after contracting by 3.3% in CY2020. Emerging economies growth. This was led by historic volatility arising out of
are expected to grow faster than Advanced economies at the pandemic, lower interest rate regime in the market
6.7% and 5.1% respectively. and aided by work-from-home environment.
With the economic activity gaining momentum post The number of National Securities Depository Ltd. (NSDL)
COVID-19 lockdown, and rollout of coronavirus vaccines, and Central Depository Services Ltd. (CDSL) demat
the Indian economy is likely to do better. However, the accounts opened increased from 5.0 Million in FY2020 to
second wave of COVID-19 currently sweeping the country, 14.3 Million in FY2021, a growth of 188% making this the
rising input prices, stress in the Micro, Small and Medium- year with highest number of demat accounts opened in
sized Enterprises sector, and a weak labour market are any financial year till date.
some of the headwinds facing the India’s economic revival.
Monetary and fiscal support will remain crucial.
As per IMF, India is expected to be the fastest growing

14.3 Million Up~3X
economy in the world for CY2021 at 12.5%. Structural
reforms and pro-growth policies of the Government have Demat accounts opened in FY2021
the potential to extend the growth momentum for India
beyond CY2021. The gross industry Average Daily Turnover or ADTO was
up by 94% YoY. Within this, the equity ADTO increased by
Inflation in advanced economies, although rising on the back 69% and derivatives ADTO grew by 95%, primarily driven
of improving aggregate demand and firming commodity by weekly Options contracts. In the Futures segment,
prices, remains well below the target range of central banks volumes were up 24%.
including that of Monetary Policy Committee (MPC) in India.
This is expected to allow central banks including Reserve
Bank of India (RBI) to remain accommodative at least for the
medium term which will further augment global liquidity.
94%
Industry average daily turnover YoY growth

Notable trends this year were an increase in retail and others Strong flows from Foreign Portfolio Investors
contribution. The retail and others contribution increased (FPIs) although muted domestic flows into
in equity from 55% in FY2020 to 58% in FY2021, resulting in equity capital markets
retail and others ADTO growing by 80%. Secondly, delivery The Indian capital markets over the past few years have
ADTO increased by ~44% in FY2021 as compared to witnessed net buying by Foreign Portfolio Investors (FPIs)
FY2020. The institutional ADTO also registered impressive and Domestic Institutional Investors (DIIs) on a combined
increase of 24% and 27% in equity and derivative segments basis, accounting for the bulk of investments. These
respectively (Source: SEBI bulletin). institutional investors facilitate adequate liquidity to both
the cash equities and the equity derivatives markets.
Gross equity ADTO (in ` Billion) FPIs were net buyers across FY2021 totalling ` 2,761
Billion. While unprecedented monetary expansion by
most central banks of developed economies such as the
661
US FED, European Central Bank, and Bank of Japan along

with record low interest rates augurs well for FPI flows
towards Emerging Markets (EM) like India going forward,
dollar strengthening remains a risk.
390
352
338
This swing in market movement was also reflected in FPI

flows. FPIs pulled out ` 689 Billion equity between March
244
2020 and April 2020. The trend however reversed in May

with FPI becoming net buyers for the remainder of the year
(` 2,809 Billion equity).
FY2017 FY2018 FY2019 FY2020 FY2021
On the other hand, DIIs investments countered FPI flows,
with aggregate outflows of ` 1,340 Billion for the year.
The mutual fund industry has witnessed net outflows of
Gross Derivative ADTO (in ` Billion) approximately ` 407 Billion in FY2021 in Equity and related
schemes. SIPs continued to remain resilient despite the
market volatility with cumulative SIP flows of ` 961 Billion
27,256
in FY2021 vis-à-vis ` 1,001 Billion in FY2020.
Another trend that is relevant in the institutional client

base is that Domestic Alternative Investment Funds
(AIFs) and passive Exchange Traded Funds (ETFs) have
13,994
gained momentum in the past few years as evidenced

3,806
by the domestic ETF Asset Under Management (AUM)

9,581
– equity and debt ETFs-- reaching ` 2.8 Billion by March

6,707
2021 (up 88% YoY). As institutional investors become

more sophisticated, their requirements are rising in terms
FY2017 FY2018 FY2019 FY2020 FY2021 of proprietary fundamental research and differentiated
product offerings.
Category-wise contribution of (%)

Turnover in equity Segment ` 2,761 Billion
FPI fund inflow into Indian equities in FY2021
16 18 22 23 26
25 24 23 22 16
59 58 56 55
58
Proprietary
Institutional
Retail & others
FY2017 FY2018 FY2019 FY2020 FY2021

Institutional inflow into Indian in ` billion 20%

equities in FY2021 New SIP registrations YoY growth
2,761
During FY2021, passive investing gained rhythm with ETFs
(excluding gold) seeing net inflows through the year. There
was 129% rise in the Exchange Traded Funds (ETF) folios
in FY2021. Debt ETFs also contributed to the increasing
1,293
ETF flows. Net ETF folio added increased by 160%YoY.

FY2021 FY2020
The year also witnessed growing popularity of categories
FY2020 FY2021
(72)
and themes like Environment, Social & Governance (ESG),

(1,340)
Fll International investment, Multi Assets & Dynamic asset

Dll allocation funds. Fund-of-Fund investing Overseas also
saw good traction with average monthly net inflows ~ ` 6.6
Billion for the year FY2021 compared to negligible flows in
Demand for Retail Financial Products picked up the previous years. Buoyant domestic as well international
in the second half markets led to flurry of New Fund Offerings (NFO). The 82
While direct equity investments gained popularity, as New fund offerings across categories mobilised ~ ` 409
indicated by number of demat accounts opened, the Billion of assets in FY2021.
managed products saw muted investor interest with
preference being towards passive investment options like Fixed Income
Exchange traded funds, which as a category saw growth Heightened uncertainty in economic activity due to
in FY2021 over FY2020. COVID-19 led disruptions, coupled with volatility in capital
markets forced investors to divert attention to fixed income
Distribution of other products like loans, fixed income, instruments for their investments. In an attempt to de-stress
corporate bonds, deposits, insurance, Alternate Investment the financial ecosystem & revive growth, RBI resorted to a
Funds (AIF), Portfolio Management Scheme (PMS), etc., cumulative reduction of 115bps in repo rate, from 5.15% in
were impacted as a significant portion of these businesses March 2020 to 4.00% in March 2021 thereby bringing down
are contact based and the COVID-19 related environment interest rates to decadal low. Monetary policy Committee
effected fulfilment of their sales in the first half with (MPC) action lead to a decline in G-Sec yields. Average yield
business improving only in the second half as economic on 3-year AAA corporate bond reduced from 8.47% on 26th
activities started resuming. March 2020 to 5.40% on 31st March 2021 making them less
attractive for fresh investments. Muted economic activity
Investment Products and lower demand affected fund raising by corporates
Mutual Funds throughout the year. In FY2021 fund raising by NBFCs
Mutual Fund Investor accounts (folio count including through NCD issuances dropped to ~` 105 Billion compared
Exchange Traded Funds - ETF) registered a growth of 10% to issuances of ` 150 Billion in FY2020.
(similar to that of last year) to reach 99 Million accounts in
FY2021. Growing digitisation of the processes right from In uncertain economic environment, gold as an asset
account opening to managing investments across the class garnered interest amongst investors. Gold price rose
distribution channels aided the Mutual Fund (MF) industry from a low of ` 40,200 in March 2020 to a high of ` 55,400
during the lockdown. in August 2020 before correcting to low of ` 43,980 in
March 2021. Digital gold investments like Government of
Mutual Funds (Equity) witnessed 6% increase in Average India’s Sovereign Gold Bond (SGB) saw increased demand
Assets under Management (AAUM) in FY2021, attributed from investors. Subscription to SGB tranches increased
to lower base (March 2020 lows), mark-to-market gains to ` 160.48 Billion in FY2021 compared to ` 23.16 Billion
led by broad-based market rally, steady Systematic in FY2020 registering a growth of 593% YoY.
Investment Plan (SIP) inflows and NFOs. When the
Nifty crossed the previous highs in July 2020, investors Alternates
started booking profits as the uncertain environment still The search for better inflation-adjusted and uncorrelated
prevailed. The average monthly equity net inflows turned returns has led to the shift towards alternates, as an
negative, amounting to outflows of ` 62 Billion for the asset class. The increasing pool of wealthy Indians and
next three quarters (i.e. Q2 FY2021 to Q4 FY2021). Direct their need for customized solutions will continue to fuel
Plan contribution to equity assets increased marginally to growth of this segment in the years to come. With other
20% in FY2021 (exit) compared to ~19% in FY2020 (exit). investment avenues getting increasingly commoditized,
the alternates space offers flexibility and scope for alpha
Average monthly SIP inflows saw a dip of 4% from generation to asset managers well within the regulatory
` 83.4 Billion in FY2020 to ` 80 Billion in FY2021. New SIP boundaries set by SEBI.
(Systematic Investment Plan) registrations were higher by
20% in FY2021, to average ~1.2 Million per month indicating The Alternate Investment Fund (AIF) industry crossed
staggering of investments. The period also saw growth in another milestone in FY2021 with total fund raise topping
small ticket size SIPs from tier II and III towns ` 2.3 trillion, a growth of 23% over FY2020 and a CAGR of

39% in the last three years. Of this, Category 2 AIFs, which Slowdown in credit growth has been broad based across
comprises of Private Equity, Real Estate, Venture Debt, etc., all major sectors except agriculture and medium enterprise.
and is the largest (~` 1.6 trillion), grew almost 30% YoY Credit to medium enterprises registered a growth of
in FY2021. This bodes well for the healthy development 2.8% in March 2021 compared to 0.7% year ago. Retail
of a strong ecosystem for start-up funding in the country. loan growth softened to 10% YoY from 15% a year ago
while Housing loans grew by 9.1% YoY in March 2021.
Portfolio Management Scheme (PMS), being a more The industry witnessed a pent-up demand in Q2 to Q4
matured product segment, its AUM has also seen a of FY2021, seeing a robust housing sales across the top
healthy growth of more than 7% CAGR over 5 years ended cities aided largely by offers and discount being doled
Mar-2020. Since then, it has grown another 9% until Oct- out by developers all across and limited stamp duty cut
2020 (last published data by SEBI) to cross ` 4.6 trillion in states by the governments. The outstanding book of
(excluding EPFO/PFs). Home loan market is ~ ` 24 Trillion. The outlook for home
loans market continues to be promising and is backed by
Protection Products increasing urbanisation and affordable mortgages rate.
Life insurance Housing-for-All by 2022 and PMAY have pushed the supply
The Life Insurance Industry had a muted start to FY2021, side of affordable housing which would be a key driver for
amidst the outbreak of the pandemic which prevented real estate in FY2021-FY2022.
any contact and hence fulfilment, registering a decline
of 7% on H1 exit. Second half of the year saw a recovery Strong growth in primary capital market activity
as lockdown restrictions started easing. FY2021 For New Q1 FY2021 was subdued for primary capital market activities
Business premiums* grew by 3% with ` 756.58 Billion on back of a weak Nifty till about late May 2020 but then
premium collection. While Life Insurance Corporation of witnessed a recovery. The 20%+ rally in Nifty from mid
India (LIC) posted a decline of 3%, private sector players May 2020 to late July 2020 built the foundation for capital
registered a growth of 8%. The private player’s market share market activity for the remainder of the year.
in retail new business premium stood at 60% in FY2021.
While Term & Protection plans continued to see increased Initial Public Offering (IPO) market saw a revival in
interests from customers, positive traction was seen in Q2 FY2021 with nine IPOs in that quarter. The second half of
Non-Participating (Guaranteed return plans) registering the year witnessed healthy IPO activity with 21 companies
growth of 25% & Annuity growth of 39% in FY2021. going public. The year also saw 31 Qualified Institutional
Placements (QIP) take place. Other products like rights,
*Retail Life insurance premium accounted for new business premium Offer For Sale (OFS), InvIT, ReIT, buybacks etc. also saw
above are only for retail business (excluding group business) of regular robust activity. The total equity fund raising eventually
premium and single premium plans (Single premium & Annuity plans
turned out to be strong to hit an all-time high of ` 2,505
considered with 10% weightage)
Billion (vis-à-vis ` 1,472 Billion in FY2020).
Source: IRDA
Private Equity (PE) investments during FY2021 amounted

General insurance to $42.1 Billion (including two large ticket Reliance Group
General Insurance business had a growth of 5.2% in FY2021 deals cumulatively worth $16.3 Billion) vis-à-vis $29.4
with premiums at ` 1.98 Trillion up from ` 1.88 Trillion Billion in FY2020. Merger & Acquisition (M&A) activity
in FY2020. The 4 Segments (Fire, Health, Motor & Crop during FY2021 remained flat at $38.2 Billion (vis-à-vis $38.4
Insurance) contributed approximately 90% of total Industry Billion in FY20) . The deal activity on the advisory side was
business. While Fire Insurance & Health insurance saw subdued in the first quarter of the fiscal as deal making
annual growth of 28% & 13.4% respectively, the dominant was significantly impacted due to COVID-19.
Motor Insurance & Crop Insurance shrank due to lockdowns
and saw de-growth of 1.7% & 3.3% respectively. Key Highlights (Source: Prime Database and
SEBI Filings):
Health insurance • 34 IPOs (including FPOs, InvITs, ReITs) aggregated ` 798
In the health insurance space, SAHI (Stand-alone Health Billion in FY2021 as compared to 14 IPOs (including
Insurance companies) continued the growth trajectory FPOs, InvITs & ReITs) which aggregated ` 227 Billion in
with premiums growing by 11.08% YoY at ` 157.20 FY2020, representing an increase of 143% and 252% in
Billion in FY2021. The SAHI players put together hold count and mobilisation terms respectively
7.9% market share.
• 31 QIPs aggregated ` 780 Billion in FY2021 as compared
Looking ahead, structural drivers like a young working to 13 QIPs which aggregated ` 512 Billion in FY2020,
population, rising affluence, digitisation, financialisation of representing an increase of 138% and 52% in count
savings, under penetration of insurance across categories and mobilisation terms respectively
and increasing share of Insurance in financial savings are • 20 Rights Issues aggregated ` 643 Billion in FY2021 as
expected to be the growth drivers in the sector. compared to 13 Rights Issue which aggregating ` 560
Billion in FY2020, representing an increase of 54% and
Loans & Mortgages 15% in count and mobilisation terms respectively
Bank credit growth remained subdued as demand
languished and risk aversion continued to grip the banking • 38 Offer-for-Sale aggregated ` 284 Billion in FY2021 as
system. Scheduled commercial bank credit growth slowed compared to 26 Offer-for-Sale which aggregated ` 173
to 5.6% YoY in FY2021 compared to 6.1% in FY2020.

Billion in FY2020, representing an increase of 46% and • 180 PE investments (greater than $20 Million)
64% in count and mobilisation terms respectively aggregating to deal size of $42.1 Billion in FY2021 as
compared to 234 PE investments aggregating to $29.4
• 46 open offers aggregating to offer amount of
Billion in FY2020, representing a decline of 23% and
` 250 Billion in FY2021 as compared to 61 open offers
increase of 43% in volume and value terms respectively
aggregating to ` 215 Billion in FY2020, representing
a decline of 25% and increase of 17% in count and • 103 M&A deals (greater than $20 Million) aggregating
mobilisation terms respectively to deal size of $38.2 Billion in FY2021 as compared to
152 M&A deals aggregating to $38.4 Billion in FY2020,
• 61 Buybacks aggregating to total offer amount of ` 393
representing a decline of 32% and 1% in volume and
Billion in FY21 as compared to 52 Buybacks aggregating
value terms respectively
to ` 200 Billion in FY20, representing an increase of 17%
and 97% in count and mobilisation terms respectively
Equity Markets Activity (Source: Prime Database and SEBI Filings):

Issuances Amount (in ` Billion)
Particulars FY2017 FY2018 FY2019 FY2020 FY2021
IPO/FPO/InvIT/REIT 282 889 227 227 798
QIP/IPP 137 622 105 512 780
Rights Issue 33 214 20 560 643
OFS 84 174 217 173 284
Open Offer 59 26 280 215 250
Buy Back 345 533 556 200 393
Total 940 2,458 1,405 1,886 3,148
Deal count
Particulars FY2017 FY2018 FY2019 FY2020 FY2021
IPO/FPO/InvIT/REIT 25 47 17 14 34
QIP/IPP 22 53 13 13 31
Rights Issue 12 20 8 13 20
OFS 28 37 28 26 38
Open Offer 57 58 67 61 46
Buy Back 49 59 63 52 61
Total 193 274 196 179 230
Regulatory Direction • Listed companies were allowed to conduct their

Regulatory Authorities have taken a slew of measures to AGM through video conferencing while banks and
ensure smooth conduct of business during the COVID insurance companies were given the option of
pandemic and continue to work in the direction of submitting only the standalone numbers instead
enhancing transparency, protecting investor interests, of consolidated financials. Further, norms related
and also enabling the industry to serve the customer by to sending physical copies of annual reports or
adopting technology. Some of the notable regulatory publishing certain statutory advertisements were
developments that were articulated or enacted in the also relaxed.
current fiscal include:
• The 25% minimum public shareholding norm was
relaxed and exchanges were advised not to take
In light of disruptions caused by the pandemic, SEBI
penal action.
announced several measures which provided relaxations
to issuers as well as intermediaries. • Listed entities were asked to evaluate the impact of
COVID-19 pandemic on their business, performance
1. For issuers and financials, both qualitatively and quantitatively,
• SEBI gave relaxation from compliance with certain to the extent possible and disseminate the same
provisions of the Listing Obligations and Disclosure to investors.
Requirements (LODR). For FY2020, the top 100
companies by market capitalisation were allowed 2. For Market Intermediaries
to hold their Annual General Meetings (AGM) within • In view of the prevailing situation due to COVID-19
nine months from close of the financial year. The pandemic and representations received from
listed companies were given an extension to file various market intermediaries, timelines for
the fourth quarter financial results and one-month compliance with the regulatory requirements by the
extension to file results for FY2020.
1
Equity fund raising includes IPO/FPO, InvIT, REIT QIP, OFS & Right issue
2
&A activity excludes PE control deals as they are getting captured in PE investments. Both M&A and PE investment values are for deals greater
M
than $20 Million

trading members / clearing members/ depository • Enhancing customer experience by using analytics
participants were further extended. to provide hyper personalized experience to increase
loyalty and penetration of existing client base
Protecting investor interest
• Achieve digital agility by investing in next gen
• Equity Business: New Margin Norms
technological capabilities to remain cutting edge
SEBI had introduced new uniform margin norms for
the equity broking industry that require standardised • Continued focus on operating leverage along with
margins to be collected for all products from the investments in area which provide amplification of
customer upfront before entering a trade. The revenue.
regulations are to be implemented in four phases
starting December 1, 2020 followed by March 1, 2021, Operating Performance of Business
June 1, 2021 and September 1, 2021. Verticals
The Company reported strong growth in number of equity
• Equity Business: Treatment of client securities revenue generating clients (i.e. NSE active clients) from 1.08
SEBI has also issued certain guidelines regarding the Million in FY2020 to 1.58 Million for FY2021. Our strategy
method of margin finance with regards to pledging/ of ramping up scale helped us acquire new clients at a
re-pledging of securities. Securities as margin to be substantially faster pace with 0.69 Million new clients added
collected only in the form of a pledge to ensure safe in the year, up from 0.39 Million in FY2020. Additionally, our
guards for investors’ securities. innovative propositions like Prime, Neo, One Click equity
investments etc. helped us attract quality clients and in
• Distribution of Financial Products: Segregation of enhance vibrancy of transacting clients on our platform.
Distribution and Advisory
Norms of segregation of distribution and advisory Retail Equity
customers have also been issued by SEBI The Retail equity and allied income grew strongly by 70%
during the year. from ` 9,409 Million in FY2020 to 15,983 Million in FY2021
led by growth in our retail brokerage revenue from ` 8,187
• Distribution of Financial Products: Portfolio Million in FY2020 to ` 13,447 Million in FY2021, growth of
Management Services (PMS) 64%. Our allied income grew by 108% in ` 1,222 Million
SEBI dis-continued upfront commissions for FY2020 to ` 2,537 Million in FY2021.
distributors of PMS. Secondly minimum investment
in PMS amount was increased from ` 25 Lakh to ` 50 The strong growth in allied revenues was led by growth
Lakh under the new regulations. in interest income earned on our MTF and ESOP books
as well as increase in subscription fees and other charges
• Distribution of Financial Products: Mutual Funds earned on our various product propositions including Prime,
(MFs) Neo etc. The interest income registered a strong growth
Implementation of regulatory changes with respect to of 76% from ` 970 Million for FY2020 to ` 1,707 Million for
valuations of debt securities, changes in Mutual Fund FY2021 because of growth of our daily average MTF and
exposure limits to single issuer, new rule regarding ESOP funding books from ` 8.3 Billion for FY2020 to ` 17.9
applicability of Net Asset Value (NAV) on realisation Billion for FY2021
of funds and portfolio based risk classification with
introduction of a new risk-o-meter having a “Very high Institutional Equity
risk category”. Based on the new regulation many of The revenue from our institutional equity business increased
the equity schemes got reclassified to very high-risk by 24% from ` 1,289 Million in FY2020 to ` 1,599 Million in
category from high risk FY2021 on the back of traction with clients across India,
Asia Pacific, UK and US. The growth in revenue was driven
Our Strategy by increased flow business, gain in market shares and
We endeavour to emerge as full stack open architecture traction in marquee block deals. We gained market shares
digital platform for life cycle investment, protection and on account of better rankings with highly active clients,
borrowing needs of a retail Indian. Our strategy is intended significant performance in block deals/ block crossing and
to help us broad base our business model and diversify increased wallet share from existing clients.
and granularise revenue streams. We have also articulated
our approach of achieving this by strengthening the core During FY2021, the Company continued to focus on
aspects of business while building for the future for focusing enhanced engagement in a digital format. By way of
on five key strategic anchors: plethora of investor calls, across sectors, with industry
stalwarts and domain experts, that furnished timely insights
• Ramping up scale and quality of customers by expanding and helped clients understand the ground reality and
customer acquisition channels augmented by our navigate the COVID-19 related crisis better. During the
distinct product and service propositions year, we organised three virtual conferences, including our
flagship BFSI Conference, which was highly appreciated
• Monetising client value expanding revenue streams to and well received by the institutional investor fraternity. The
build non-cyclical revenue streams and also mark our event was inaugurated by Shri Anurag Thakur, Honourable
presence in the entire financial planning journey of our Minister of State for Finance and Corporate Affairs with
customer’s lifecycle participation from about 50 banks and financial institutions,
(both listed and unlisted), as well as 15 sessions with

industry stalwarts. We also consolidated our position with market share in SGB has now expanded to ~10% and share
investors in the US and UK by organising virtual interactions in non-institutional ETF assets stands at 13% in March 2021.
with senior management of relevant companies for these
geographies during times that were convenient to the Loan distribution and Insurance business both started with
investors based on their time zones. a weak first half of the year but recovered in the second half
registering robust growth in the last quarter of the year.
Improved traction in both retail and institutional client base
helped us improve our blended equity market share to 10.4% Life Insurance business registered a decline of 40% in new
in FY2021 from 8.7% in FY2020, an improvement of 170 bps. premium collection in H1 FY2021, however recovered in
H2 FY2021 with a 30% YoY growth which helped us close the
Distribution of Financial Products year with positive growth of 2% for FY2021. This resulted in
In FY2021, our distribution revenues increased marginally our commission from distribution of life insurance growing
from ` 4,229 Million to ` 4,279 Million. Due to the pandemic marginally from ` 490 Million to ` 509 Million. General
related restrictions, most of the first half of the year Insurance though in nascent stage registered growth in
remained muted and growth returned only in the second premium and policies.
half with the last quarter registering robust growth of 22%.
During the year, we curated 12 loans product like Home
Within distribution revenues, MF revenues grew 5% YoY Loans, Loan against Property (LAP), Lease Rental
to ` 2,385 Million in FY2021 compared to ` 2,263 Million in Discounting (LRD), Business Loans, SME Loans, Personal
FY2020. We continued to strengthen our position amongst Loans, Credit Cards, Auto Loans, Two wheeler loans,
the largest distributors of MFs with our MF AUM reaching Loans against Securities (LAS), Remittances and Forex
an all-time high of ` 455 Billion by March 2021. The growth services for our customers. Loans distributed by us grew
in AUM was aided by marginal growth of 2% in equity by 42% for the year however grew by 144% in the last
inflows compared to a decline of 7% for the industry and quarter with ` 5.3 Billion of loans being distributed, our
higher SIP net flows. ever highest in a quarter.
We continued to promote regular and disciplined saving Private Wealth Management

habit through the Systematic Investment Plan (SIP) amongst Our Private Wealth Management business, which comprises
our investors through digital and customer engagement revenues and assets across equity products and third party
initiatives as well as through our innovative, simplified financial products from clients with individual assets of
and customer-centric “iDirect One-Click” mutual fund more ` 10 Million, registered strong growth in revenues,
baskets to help address concerns of investors who usually assets and client base. As at March 2021, there were
struggle selecting the right funds to invest. As a result, our ~47,400 clients, up from ~32,000 clients, as at March
SIP flow increased by 6% YoY in FY2021, growing faster 2020 with an asset under management of ` 1.68 Trillion,
than Industry growth of (4)% YoY leading to an increase which was up by 102% from ` 0.83 Trillion at FY2020.
in our market share on SIP book from 3.3% in FY2020 to Revenues were up 74% from ` 2.59 Billion in FY2020 to
3.6% in FY2021. ~` 4.50 Billion in FY2021.
Volume of loan distributed in Q4FY21 As at March 31, 2021, out of the total assets, 84% were
transactional revenue generating assets (where revenue
` 5.3 Billion is earned when a transaction is initiated by a customer
e.g. equity assets) and 16% were recurring revenue
144% YoY generating assets (where recurring revenue is earned
e.g. Mutual funds, MTF etc.). However, 50% of the revenue
was transactional and 50% was recurring in nature. The
assets had a blended annualised yield of 0.36% in FY2021
3rd up from 0.28% in FY2020.
Largest SIP book in the industry. Our client base is sticky, with 52% of assets coming from
clients who are with us for over 10 years. We continue
Revenues from distribution of non-MF financial products to focus on acquiring profitable clients - clients acquired
increased by 1 % led by increase in revenues from during preceding 5 years have higher average AUM and
insurance and also growth in revenues from distribution better Average Revenue Per User (ARPU) than the ones on
of fixed income products, loan products and other boarded during 2000-2015. Our key strategies for FY2021
financial products. were improving the yield on transactional assets and
increasing recurring assets.
In the uncertain economic environment, customers
preferred to choose investments with fixed returns and low ICICI Securities launched proprietary Portfolio Management
volatility. Customers also favoured ETFs, as majority indices Service (PMS) last year in March, offering a wide range
delivered double-digit returns. Considering customers’ of PMS strategies across market capitalisation and
preference, company during the year has expanded its investment styles. It an ideal investment avenue for high
offerings in alternative investments like ETF, Sovereign net worth investors (HNI) with benefits like regular reviews,
Gold Bonds (SGBs), RBI bonds, Corporate Fixed Deposits risk management and flexibility and convenience. ICICI
(CFD), REITs (Real Estate Investment Trusts) etc. Company’s Securities currently has three distinguished offerings –

an actively managed ACE Equity portfolio, a smart beta Tourism Corp. Ltd., Steel Authority of India Ltd. and Tata
strategy - Active Index, and a Multi asset PMS which invests Communications Ltd.
in three asset classes – Equity, Fixed income and Gold. It
also assists on customised portfolios in non-discretionary The Company acted as an advisor for open offers amounting
PMS with major focus on higher risk adjusted returns. to ` 24 Billion in FY2021 with a market share of 10% (basis
The total assets under management in our PMS grew offer size), including the Open Offer of ABB Power Products
from ` 1.1 Billion as at March 31, 2020 to ` 2.20 Billion as & Systems India Ltd. and J.B. Chemicals & Pharmaceuticals
at March 31, 2021. Ltd. The Company also acted as advisor for delisting offer
of Ineos Styrolution India Ltd. of ` 2 Billion in FY2021.
` 1.68 Trillion The Company successfully completed the buybacks of

Kalpataru Power Transmission Ltd., Hindustan Petroleum
Private Wealth AUM Corp. Ltd. and VRL Logistics Ltd. amounting to ` 28
Billion in FY2021.
Issuer & advisory services
The revenue from our issuer and advisory services Select advisory deals done during FY2021
business increased by 111% from ` 764 Million in FY2020 include –
to ` 1,613 Million in FY2021 with both our issuer services • Advisor to Future Group in the Reliance Retail-Future
as well as advisory revenues growing over last year. Group deal (reorganisation of Future Group’s businesses
The increase in revenue was driven by a sharp increase involving the merger of key group companies including
in deal activity in the market as well as gains in market Future Retail, Future Lifestyle Fashions, Future
share across products. During the year, we successfully Consumer, Future Supply Chains and Future Market
managed 56 deals compared to 30 deals for FY2020. There Networks into Future Enterprises Limited (FEL) and
was increased traction across IPOs, QIPs, Rights issues, Slump Sale of Retail & Wholesale Business to Reliance
advisory transactions, Buybacks etc. across BFSI, Telecom, Retail and Fashion Lifestyle Limited (RRFLL) and
diversified, consumer retail and other sectors. Logistics & Warehouse Business to Reliance Retail
Ventures Limited (RRVL))
The Company managed 17 IPOs (including FPO, InvIT, REIT)
• Buy side advisor to TA Associates for their stake
in FY2021 with a market share of 78% (in terms of issue size)
purchase in NSE
(Source: Prime Database). The amount raised through such
issuances managed by the Company during FY2021 was • Sell side advisor to True North for its stake sale in
` 622 Billion, which included the IPOs of Rossari Biotech SeedWorks International
Ltd., Happiest Minds Technologies Ltd., Route Mobile
• Sell side advisor to Tata Capital and Shriji Polymer for
Ltd., Computer Age Management Services Ltd., Angel
their stake sale / fund raise in Shriji Polymer
Broking Ltd., UTI Asset Management Co. Ltd., Mrs Bector’s
Food Specialities Ltd, Indian Railway Finance Corp. Ltd., • Sell side advisor to Inventia for their fund raise from
Indigo Paints Ltd., Home First Finance Co. India Ltd., Railtel InvAscent
Corp. of India Ltd., Kalyan Jewellers India Ltd., Nazara
• Sell side Advisor to Samara Capital and promoter of
Technologies Ltd., Suryoday Small Finance Bank Ltd.; FPO
Cogencis Information Services for their stake sale in
of Yes Bank Ltd.; InvIT of Tower Infrastructure Trust and
Cogencis Information Services
REIT of Mindspace Business Parks.
• Sell side advisor to Dodla Dairy for their fund raise
The Company successfully completed 13 QIPs in FY2021 from IFC
cumulatively amounting to ` 533 Billion with a market share
• Sell side Advisor to Citizen Industries for its strategic
of 68% (in terms of issue size) for JM Financial Ltd., Axis
sale to Daikin
Bank Ltd., Housing Development Finance Corp. Ltd., ICICI
Bank Ltd., Credit Access Grameen Ltd, Inox Leisure Ltd., (Sources: Prime Database, Venture Intelligence)
Canara Bank, IDBI Bank Ltd., Punjab National Bank, Poly
Medicure Ltd., Indiamart Intermesh Ltd., Bank of Baroda Opportunities and Business Outlook
and IDFC First Bank Ltd. Our businesses are expected to benefit from the structural
shift in the financial savings environment as well as
In FY2021, the Company successfully completed 7 rights improving technology infrastructure of India. Some of
issues cumulatively amounting to ` 619 Billion with a market the broad trends which underline the opportunities facing
share of 96% (in terms of issue size) for Reliance Industries our businesses are:
Ltd., Aditya Birla Fashion and Retail Ltd., Shriram Transport
Finance Co. Ltd., Mahindra and Mahindra Financial Services Macro economic construct is favourable to
Ltd., Gateway Distriparks Ltd., Spencer’s Retail Ltd. and financial services business
L&T Finance Holdings Ltd. • Despite the short-term impact of COVID-19, India is
expected to be a relatively high growth economy in the
Offer for Sale (OFS) managed by the Company in FY2021 medium to longer term and augurs well for the capital
for an amount of ` 128 Billion was completed with a market markets in India.
share of 45% (in terms of offer size), which included the
OFS of ICICI Securities Ltd., Indian Railway Catering & • India has been, and is expected to continue to be a
high savings economy. The young working population

is expected to increasingly channelise a higher share platform, they are comfortable to do business in Do-It-
of a growing pie of their savings into financial assets. Yourself (DIY) mode.
Increasingly, the preference of retail investors to
• The personal finance space is going through a digital
participate in equity as an asset class coupled with
transformation worldwide. The rise of evolved platforms
the relative under penetration in terms of both market
has given an impetus to this trend. At the same time,
capitalisation to GDP ratio or ratio of investments in
there is a conscious shift from product based to solution
shares and debentures to GDP signify a positive outlook
based, and more holistic approach of client engagement.
for equity-based businesses in India.
• Passive investing is gaining prominence in India.
• Increase in overall economic activity, scaling up of
Products like ETF, index funds and factor based portfolios
domestic corporate institutions and professionalisation
will emerge as a new category. ESG investment
of promoter driven set-up would continue to fuel
opportunities are also gaining popularity. These trends
demand for capital raising and advisory services.
are conducive to digital platform businesses garnering
scale.
Demographic factors are creating new and
large pools of prospective clients
Implications for our businesses
• There is growing section of Gen Z who are beginning
Our retail equity, distribution and wealth management
their economic life and its expected to that approx.
businesses are expected to benefit from rising income
15 Million young Indians would be entering earning
levels of our target customer segment, being young working
age every year. These are digital natives and more
class and self-employed professionals, entrepreneurs and
inclined towards financial assets thereby building strong
increasing financialisation and equitisation of savings.
investment asset pools.
• As the baby boomer generation is approaching Online retail equity business is expected to benefit from
retirement, it has become a prime segment for wealth rising retail participation and also the trend of consolidation
managers looking at preservation and eventually in the industry. Amidst tightening regulatory framework
intergenerational transfer. and competition, industry over the years, has consolidated
in favour of larger and digital players. As a result, the
• The cities beyond the top 15 cities are also increasingly
market-share of the top ten brokers increased from 26%
witnessing strong demand for financial products (like
of the trading turnover in the NSE cash equities market
mutual fund) as awareness and access improves leading
in FY2015 to 44% in FY2021. Top 5 brokers accounted for
to expansion of distribution footprint, more so for digital
over 65% of the incremental NSE active clients in FY2021
businesses.
and all of them were digital players.
• Growing affluence is a structural trend as Indians move
up the wealth pyramid. Our distribution and wealth management business
would benefit from growing democratisation of wealth
As per industry reports, the count of adults with over a management in a hyper personalised manner, delivered
Million $ wealth in India has grown from 0.76 Million in 2019 digitally. For the higher end of the client spectrum, where
to 0.91 Million in 2020. While for adults with more than there is a need for relationship support, a omni channel
US$100,000 wealth, the count has increased from 15 Million model of RM and digital engagement is emerging. Execution
in 2019 to over 20 Million in 2020. This underscores the is moving to digital first delivery mode. With the COVID-19
growth and opportunity size of wealth management in India. impetus, the traditional offline model is fast changing to
(Source: Credit Suisse Global wealth report 2020, 2019) digital across products.
• India continues to outpace global High Networth We expect our strong digital platform and associated
Individuals (HNIs) growth, mirroring the economic technical capabilities, knowledge capital including domain
growth in the country. With the incremental allocation expertise in developing products and solutions in-house,
of wealth being higher in financial assets as compared experienced relationship managers, research capabilities
to physical assets, the wealth management industry is and our trusted brand would continue to help us in
emerging as a big beneficiary. attracting customers.
Consumer preferences are evolving including Our institutional equity business would benefit from
rapid adoption of digital, accelerated by COVID expected inflows from FPIs as well as increasing flows
• Advances in technology, increasing smartphone into DIIs, pre-dominantly mutual fund, insurance, etc. Our
penetration, and increasing digitisation at systemic research, corporate access and deep-rooted relationships
level are expected to propel more retail consumers to with institutional investors particularly DIIs will help us
adopt and consume financial services through electronic expand our institutional equity businesses.
media
Our Issuer services and advisory business is expected to
• Technology is playing a key role in enhancing customer
benefit from the positive momentum for IPOs which is likely
experiences, engaging them digitally, and in providing
to continue in FY2022. Our IPO pipeline Sec remains strong,
personalised solutions at scale.
having filed 12 DRHPs with SEBI (as on 9 April 2021). We are
• With evolved platforms, customers are also becoming expecting the market to move towards larger sized IPOs and
digitally savvy. With an enhanced proposition and a we are also expecting several tech companies to go public.

QIPs are expected to continue to be in vogue driven by Financial Performance

BFSI companies seeking growth capital and companies Overview
seeking capital to tide over the pandemic etc. Other capital The Company registered consolidated revenue of ` 25,861.7
market products like rights, OFS, REIT, InvIT, blocks etc. Million for FY2021 as compared to ` 17,249.4 Million for
are expected to witness robust activity as well. On the FY2020, an increase of 49.9%. Consolidated Profit after
advisory front, we expect to see strong activity driven by tax (PAT) for FY2021 was ` 10,677.2 Million compared to
consolidation, platform plays, deployment by PE funds, etc. ` 5,420.0 Million for FY2020, an increase of 97.0%. Our total
cost increased from ` 9,720.1 Million in FY2020 to ` 11,553.9
Our sector expertise and relationships with corporates Million in FY2021, an increase of 18.9% on account of
and financial sponsors are expected to hold us in good increasing business activities implying net margin of 41%
stead to maintain our leadership position in capital market in FY2021 compared to 31% in FY2020.
transactions and to grow our advisory business.
Analysis of Consolidated financial statements

a. Results of Operations
Extract of Consolidated Statement of Profit and Loss
(` in Million)
For the year ended For the year ended
Particulars
March 31, 2021 March 31, 2020
Revenue from operations
(i) Interest income 3,448.7 2,350.0
(ii) Dividend income 0.2 0.4
(iii) Fees and commission income
- Brokerage income 15,045.2 9,475.6
- Income from services 6,960.7 5,217.5
(iv) Net gain on fair value changes 386.4 -
(v) Net gain on derecognition of financial instruments under amortised cost category - 3.0
(vi) Others 20.5 15.7
(I) Total Revenue from operations 25,861.7 17,062.2
(II) Other income - 187.2
(III) Total Income (I+II) 25,861.7 17,249.4
Expenses
(i) Finance costs 1,072.8 863.9
(ii) Fees and commission expense 1,221.6 437.0
(iii) Net loss on fair value changes - 36.1
(iii) Impairment on financial instruments (41.0) 106.7
(iv) Operating expense 769.0 586.8
(v) Employee benefits expenses 5,879.6 5,337.7
(vi) Depreciation, amortization and impairment 541.8 614.0
(vii) Others expenses 2,110.1 1,737.9
(IV) Total Expenses (IV) 11,553.9 9,720.1
(V) Profit/(loss) before tax (III -IV ) 14,307.8 7,529.3
(VI) Tax expense:
(1) Current tax 3,604.2 1,961.0
(2) Deferred tax 26.4 148.3
3,630.6 2,109.3
(VII) Profit/(loss) for the period (V-VI) 10,677.2 5,420.0
(VIII) Other comprehensive income (net of taxes) 25.1 (59.1)
(IX) Total comprehensive income for the period (VII+VIII) (comprising profit/(loss) and 10,702.3 5,360.9
other comprehensive income for the period)
Interest income average fixed deposits book increased from ` 14.5 Billion
Interest income increased from ` 2,350.0 Million for the year in FY2020 to ` 27.9 Billion in FY2021.
ended March 31, 2020, to ` 3,448.7 Million in the year ended
March 31, 2021, an increase of 46.8%. This was primarily Fees and commission income
due to two reasons. First, an increase in interest on retail Brokerage Income
fund-based products like ESOP and MTF. The Company’s Our brokerage income increased from ` 9,475.6 Million for
combined daily average ESOP and MT book increased from the year ended March 31, 2020 to ` 15,045.2 Million for the
` 8.3 Billion in FY2020 to ` 17.9 Billion in FY2021. Second, year ended March 31, 2021, an increase of 58.8% driven
interest earned on bank fixed deposits held with exchanges by an increase in retail brokerage revenue from ` 8,187.1
as margin for its brokerage business. The Company’s daily Million in FY2020 to ` 13,446.5 Million in FY2021 and growth

in revenue from our institutional equity business from account of the reversal of certain old receivables that were
` 1,288.5 Million in FY2020 to ` 1,598.7 Million in FY2021. provided for earlier now being accounted under operating
expenses subsequent to their write off following an ageing
Income from services criteria. The impairment on financial instruments of FY2020
Income from services Increased from ` 5,217.5 Million for of ` 106.7 million was primarily on account of a one time
the year ended March 31, 2020 to ` 6,960.7 Million for the contingency provision of ` 90.8 Million created on client’s
year ended March 31, 2021, an increase of 33.4%. This was position to allow for any scenario of extreme volatility that
primarily due to an increase in issuer services & advisory may arise in future due to COVID-19.
fee income by 111.1% from ` 763.9 Million in FY2020 to
` 1,612.7 Million in FY2021. Our distribution business income Operating expenses
marginally increased from ` 4,229.3 Million to ` 4,279.2 Operating expenses increased from ` 586.8 Million for
Million despite contact based business remaining muted FY2020 to ` 769.0 Million in FY2021, increased of 31.0%
during large part of the year and lower AUM. mainly due to increase in operating expenses linked to
volumes and on account of certain old receivables that were
Net gain on fair value changes provided for earlier now being accounted under operating
Net gain on fair value changes was ` 386.4 Million for the expenses subsequent to their write off following an ageing
year ended March 31, 2021, primarily due to fair value criteria partly offset by reduction of acquisition cost due
changes in our treasury segment and other investment to digitisation of account opening process.
portfolio held as our stock in trade, as against net loss on
fair value changes in FY2020. Employee benefits expenses
Employee benefits expenses increased from ` 5,337.7
Other Income Million for the year ended March 31, 2020 to ` 5,879.6
Other income of ` 187.2 Million for the year ended March 31, Million for the year ended March 31, 2021, an increase of
2020 includes ` 147.5 Million Interest on income tax refund. 10.2%. This was primarily due to increase in variable pay
pursuant to strong growth in revenues.
Finance costs
Finance costs increased from ` 863.9 Million for the year Depreciation and amortisation expense
ended March 31, 2020 to ` 1,072.8 Million for the year ended Depreciation and amortisation expense decreased from
March 31, 2021, an increase of 24.2%. This was primarily ` 614.0 Million for FY2020 to ` 541.8 Million in FY2021,
due to an increase in borrowings from ` 15.0 Billion in March primarily on account of decrease in depreciation on right
2020 to ` 35.2 Billion in March 2021, following an increase of use asset due to consolidation of branches.
in retail fund-based assets and, hence the interest expense
thereon, offset in part by a decline in cost of borrowing. Other expenses
Other expenses increased from ` 1,737.9 Million for the
Fees and commission expense year ended March 31, 2020 to ` 2,110.1 Million for the year
Fees and commission expense increased from ` 437.0 ended March 31, 2021, an increase of 21.4%. This increase
Million for the year ended March 31, 2020 to ` 1,221.6 was primarily on account of digital marketing initiatives
Million for the year ended March 31, 2021, an increase of taken during the year partly offset by reduction in travelling
179.5%. This increase was primarily due to increases in and conveyance expenses.
revenue linked payout to business partners including ICICI
Bank and variable payouts related to issuer and advisory Profit
services business. As a result of the above, profit before tax increased from
` 7,529.3 Million for the year ended March 31, 2020 to
Net loss on fair value changes ` 14,307.8 Million for the year ended March 31, 2021, an
Net loss on fair value changes was ` 36.1 Million in FY2020 increase of 90.0%.
compared to FY2021 where, being a gain, it was classified
under income. It was mainly because of loss on trading Our total tax expense increased from ` 2,109.3 Million for
activity due to market environment and increased volatility the year ended March 31, 2020 to ` 3,630.6 Million for the
in the second half of the Q4 FY2020 due to outbreak of year ended March 31, 2021, an increase of 72.1%.
COVID-19 pandemic.
The effective income tax rate for the year ended March
Impairment on financial instruments 31, 2021 is 25.4% (March 31, 2020 is 28.0%)
Company creates a provision on loans and receivables
based on ageing criteria, which gets reversed on Profit after tax increased from ` 5,420.0 Million for the year
subsequent realisation of receivables. Impairment on ended March 31, 2020 to ` 10,677.2 Million for the year
financial instruments decreased to ` (41.0) Million on ended March 31, 2021, an increase of 97.0%.

b. Segment-wise performance
(` in Million)
For the year ended
Segments March 31, 2021 March 31, 2020
Segment Revenue Segment Results Segment Revenue Segment Results
Broking & distribution 23,584.6 13,124.0 15,939.5 7,354.8
Issuer services & advisory 1,612.7 811.9 763.9 176.6
Treasury 664.4 371.9 398.5 (149.6)
Total* 25,861.7 14,307.8 17,249.4 7,529.3
* Note: Unallocated amount of ` 147.5 Million for FY2020 is included in total revenue and results and pertains to interest on income tax refund.
Revenue from our Broking & distribution segment increased advisory segment increased by 359.7%, primarily due
from ` 15,939.5 Million for the year ended March 31, 2020 to increase in revenue in this segment partly offset by
to ` 23,584.6 Million for the year ended March 31, 2021, increase in expenses.
an increase of 48.0%. This increase was primarily due to
increase in brokerage revenue. During the same time period, Revenue from our Treasury segment increased from
our result from the broking and commission segments ` 398.5 Million for the year ended March 31, 2020 to ` 664.4
increased by 78.4%, primarily due to the increase in revenue Million for the year ended March 31, 2021, an increase
in this segment partly offset by increase in expenses. of 66.7%. This increase was primarily due to increase in
income from trading activities during the year and gain
Revenue from our Issuer services & advisory segment on fair value changes on securities as against loss in
increased from ` 763.9 Million for the year ended March FY2020. Loss in FY2020 was primarily on account of loss
31, 2020 to ` 1,612.7 Million for the year ended March 31, booked on DHFL NCD, market environment, and increased
2021, an increase of 111.1%. This increase on account of volatility in the second half of March 2020 on account of
unprecedented level of activities in equity capital market COVID-19 pandemic.
during FY2021, our results from the Issuer services &
c. Financial Position
The following table sets forth, at the dates indicated, our summary balance sheet:
(` in Million)
As at As at
Particulars
March 31, 2021 March 31, 2020
ASSETS
1 Financial assets
(a) Cash and cash equivalents 3,093.5 5,420.0
(b) Bank balance other than (a) above 35,699.2 18,694.0
(c) Securities for trade 4,661.7 8,351.1
(d) Receivables
(I) Trade receivables 4,586.1 887.9
(II) Other receivables - -
(e) Loans 29,014.5 5,708.7
(f) Investments 28.8 24.7
(g) Other financial assets 767.3 774.9
77,851.1 39,861.3
2 Non-financial assets
(a) Current tax assets (net) 1,189.3 1,502.8
(b) Deferred tax assets (net) 560.1 595.5
(c) Property, plant and equipment 420.0 295.2
(d) Right-of-use assets 962.0 1,529.1
(e) Capital work-in-progress 39.4 32.9
(f) Intangible assets under development 39.3 48.4
(g) Other intangible assets 227.4 155.4
(h) Other non-financial assets 520.5 407.6
3,958.0 4,566.9
Total Assets 81,809.1 44,428.2

(` in Million)
As at As at
Particulars
March 31, 2021 March 31, 2020
LIABILITIES AND EQUITY
LIABILITIES
1 Financial liabilities
(a) Derivative financial instruments 4.5
(b) Payables
(I) Trade payables
(i) total outstanding dues of micro enterprises and small enterprises - -
(ii) total outstanding dues of creditors other than micro enterprises and small 10,264.6 6,926.4
enterprises
(c) Debt securities 35,209.6 14,975.3
(d) Borrowings (Other than debt securities) - -
(e) Deposits 28.7 22.3
(f) Lease liabilities 1,060.8 1,574.4
(g) Other financial liabilities 10,440.5 2,694.6
57,008.7 26,193.0
2 Non-financial liabilities
(a) Current tax liabilities (net) 5.7 -
(b) Provisions 606.1 828.7
(c) Other non-financial liabilities 5,967.5 5,311.1
6,579.3 6,139.8
3 EQUITY
(a) Equity share capital 1,611.1 1,610.7
(b) Other equity 16,610.0 10,484.7
18,221.1 12,095.4
Total Liabilities and Equity 81,809.1 44,428.2
Total assets increased from ` 44.4 Billion as at March 31, Cash used in operating activities
2020 to ` 81.8 Billion as at March 31, 2021, an increase Net cash generated from/(used in) operating activities
of 84%. This increase was primarily due to increase in changed from ` (18,783.4) Million for the year ended March
bank balances, trade receivables, loans partially offset by 31, 2020 to ` (16,095.0) Million for the year ended March
decrease in cash and cash equivalent and stock in trade. 31, 2021. This change was primarily due to deployment of
funds in loans ` 23,301.7 Million offset by trade payables
Total liabilities increased from ` 32.3 Billion as at March 31, and other financial liabilities by ` 11,084.1 Million.
2020 to ` 63.6 Billion as at March 31, 2021, an increase of
97%. This increase was primarily due to increase in trade Cash used in investing activities
payables, debt securities and other financial liabilities. Net cash used in investing activities changed from `
(225.9) Million for the year ended March 31, 2020 to `
d. Cash Flows (401.7) Million for the year ended March 31, 2021. Net cash
The following table sets forth, for the periods indicated, a usage in investing activity primarily represents capital
summary of cash flows: expenditure towards technology and non technology
spends during the year.
Particulars
March 31, 2021 March 31, 2020
Cash generated from financing activities
Cash flow (used in) / (16,095.0) (18,783.4)
generated from operating Net cash generated from financing activities changed from
activities ` 5,588.2 Million for the year ended March 31, 2020 to
Cash flow used in (401.7) (225.9) ` 14,170.2 Million for the year ended March 31, 2021. This
investing activities change was primarily due to an increase in borrowings
Cash flow generated 14,170.2 5,588.2 from ` 14,975.3 Million to ` 35,209.6 Million, resulting in
from / (used in) financing net generation of ` 20,234.3 Million during the year offset
activities by higher dividend pay-out in the year ended March 31,
2021, as compared to the previous year.

Contingent Liabilities 5. Net Profit Margin increased from 31% in FY2020 to

As at March 31, 2021, we have ` 1487.6 Million as claims 41% to FY2021 primarily due to an increase in profit
against the Company not acknowledged as debt (March after tax from ` 5,420.0 Million for the year ended
31, 2020 ` 1,286.5). March 31, 2020 to ` 10,677.2 Million for the year ended
March 31, 2021.
Borrowings
As at March 31, 2021, we have short-term borrowings of Subsidiary Performance
` 35,209.6 Million and total equity of ` 18,221.1 Million. Overview
The Company has a 100% owned subsidiary ICICI Securities
Our short-term borrowings primarily consist of commercial Holdings, Inc. and a step-down subsidiary ICICI Securities
papers and have received a domestic rating of A1+ by Inc. ICICI Securities Holding, Inc. is the holding company of
CRISIL and ICRA. our indirect subsidiary ICICI Securities Inc., which through
its offices in US and Singapore, is engaged in referring
We have received a domestic rating of AAA for long-term foreign institutional clients to us for transactions on the
debt from CRISIL and ICRA which primarily consist of non- Indian stock exchanges.
convertible debentures.
Financial performance
Details of significant changes (i.e. change of 25% or more • This decrease in PAT is mainly due to decline in foreign
as compared to the immediately previous financial year) exchange rates used for conversion of subsidiary
in key financial ratios, along with detailed explanations financials into the Company’s reporting currency as
thereof well as decrease in cost which is the base for revenue
Particulars FY2021 FY2020 Change % as per cost plus model. The total assets increased from
1. Debt Equity Ratio 1.93 1.24 55.6% ` 349.0 Million at March 31, 2020 to ` 364.6 Million at
(Times) March 31, 2021.
2. Return on Net Worth 70% 48% 45.8%
(%) • Financial assets increased from ` 327.2 Million at March
3. Debtors Turnover 8.04 5.19 54.9%
31, 2020 to ` 343.9 Million at March 31, 2021 primarily
(Times) due to increase in cash and cash equivalents and bank
4. Interest Coverage 15.67 11.42 37.2% balances.
Ratio (Times) • Non - Financial assets has remained flat from ` 21.8
5. Net Profit Margin (%) 41% 31% 31.4% Million at March 31, 2020 to ` 20.7 Million at March 31,
2021.
Explanation:
1. Debt Equity Ratio increased from 1.24 in FY2020 • Financial liabilities increased from ` 14.8 Million at March
to 1.93 in FY2021 primarily due to an increase in 31, 2020 to ` 24.0 Million at March 31, 2021 primarily on
short term borrowings from ` 14,975.3 Million in FY account of increase in trade payables.
2020 to ` 35,209.6 million in FY2021 and increase in
shareholders’ equity (share capital and other equity) Risks, Concerns and Threats
from ` 12,095.4 Million in FY2020 to ` 18,221.1 As the Company’s performance is dependent on the health
Million in FY2021 due to retention of profits earned of capital markets, it faces the risk of downturn in the event
during the year. of slowing down of economic growth and/or worsening
macro-economic environment. Any events which impact the
2. Return on Net Worth calculated as “PAT divided by broader economy like rising crude oil prices, depreciating
Average networth excluding other comprehensive currency, worsening current account deficit, rising inflation,
income and translation reserve” increased from 48% in a bad monsoon, slowdown in corporate earnings, rising
FY 2020 to 70% in FY2021 primarily due to an increase NPAs, slowdown in foreign investment inflows etc. impact
in average net worth by 34.4% from ` 11,321.2 Million the capital market, thereby posing risks to the Company.
in FY2020 to ` 15,212.4 Million in FY2021 and increase Other challenges which may drive away the DIIs include
in profits by 97.0% from ` 5,420.0 Million in FY2020 rising real estate and gold prices, which may provide other
to ` 10,677.2 Million in FY2021. attractive investment options.
3. Debtors Turnover increased from 5.19 in FY2020 to Global events may also pose challenges to the growth of
8.04 in FY2021 primarily due to an increase in fee and the Company as it directly impacts foreign inflows and
commission income from ` 14,693.1 Million for the indirectly will have a bearing on the Indian economy. Risks
year ended March 31, 2020 to ` 22,005.9 Million for from geo-political tensions, global financial market volatility
the year ended March 31, 2021. and the threat of trade protectionism all pose significant
risks to the operations of the Company.
4. Interest Coverage Ratio increased from 11.42 in
FY2020 to 15.67 in FY2021 primarily due to an increase The Company faces significant competition from companies
in profit before interest and tax from ` 8,252.0 Million seeking to attract its customers’/clients’ financial assets.
for the year ended March 31, 2020 to ` 15,283.3 Million In particular, it competes with other Indian and foreign
for the year ended March 31, 2021. brokerage houses, discount brokerage companies, fin-

tech companies, specialist wealth management firms and Cautionary Statements

M&A advisory firms, investment banks, public and private In this Annual Report, we have disclosed forward-looking
sector commercial banks and asset managers, among information to enable investors to comprehend our
others, operating in the markets in which it is present. The prospects and take investment decisions. This report and
Company competes on the basis of a number of factors, other statements - written and oral - that we periodically
including execution, depth of product and service offerings, make contain forward-looking statements that set out
innovation, reputation, price and convenience. anticipated results based on the management’s plans
and assumptions. We have tried, wherever possible, to
The Company also faces threats from the tightening identify such statements by using words such as ‘anticipate’,
and the ever-evolving regulatory framework and any ‘estimate’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’
unfavourable policy changes. Internal threat to the Company and words of similar substance in connection with any
arises from failure of compliance or overlooking of any discussion of future performance.
misrepresentations/fraud in the operations of the Company.
The Company is also exposed to information technology We cannot guarantee that these forward-looking statements
risks such as software / hardware defects and bugs as well will be realised, although we believe we have been prudent
as cyber risk arising out of events such as ransom-ware in our assumptions.
attacks, data theft and malware injection.
The achievements of results are subject to risks,
During the year, economies worldwide were impacted uncertainties and even inaccurate assumptions. Should
significantly by the onset of the COVID-19 pandemic known or unknown risks or uncertainties materialize or
resulting in a downturn in economic growth across most should underlying assumptions prove inaccurate, actual
countries. This had also resulted in a significant increase results could vary materially from those anticipated,
in volatility in capital markets. The measures taken by estimated or projected. Readers should keep this in mind.
governments to control the spread of the pandemic included We undertake no obligation to publicly update any forward-
country-wide lockdowns which had significantly impacted looking statement, whether as a result of new information,
economic activity. The Company has focussed on proactive future events or otherwise.
and real-time risk management in wake of high volatility in
the capital markets. The Company has also taken measures
to manage operational challenges arising out of limited
mobility of staff.

Independent Auditor’s Report

To the Members of Basis for Opinion
ICICI Securities Limited We conducted our audit in accordance with the Standards
on Auditing (“SAs”) specified under section 143 (10) of
Report on the Audit of the Standalone the Act. Our responsibilities under those SAs are further
Financial Statements described in the Auditor’s Responsibilities for the Audit of
Opinion the Standalone Financial Statements section of our report.
We are independent of the Company in accordance with
We have audited the standalone financial statements of
the Code of Ethics issued by the Institute of Chartered
ICICI Securities Limited (the “Company”), which comprise
Accountants of India together with the ethical requirements
the standalone balance sheet as at 31 March 2021, and the
that are relevant to our audit of the standalone financial
standalone statement of profit and loss (including other
statements under the provisions of the Act and the
comprehensive income), the standalone statement of
Rules thereunder, and we have fulfilled our other ethical
changes in equity and the standalone statement of cash
responsibilities in accordance with these requirements and
flows for the year then ended, and notes to the standalone
the Code of Ethics. We believe that the audit evidence we
financial statements, including a summary of the significant
have obtained is sufficient and appropriate to provide a
accounting policies and other explanatory information.
basis for our opinion on the Standalone financial statements.
In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid Key Audit Matters
standalone financial statements give the information Key audit matters are those matters that, in our professional
required by the Companies Act, 2013 (the “Act”) in judgment, were of most significance in our audit of the
the manner so required and give a true and fair view standalone financial statements of the current period.
in conformity with the accounting principles generally These matters were addressed in the context of our audit
accepted in India, of the state of affairs of the Company of the standalone financial statements as a whole, and
as at 31 March 2021, the profit and other comprehensive in forming our opinion thereon, and we do not provide a
income, changes in equity and its cash flows for the year separate opinion on these matters.
ended on that date.
Description of Key Audit Matter

The key audit matter How the matter was addressed in our audit
Information Technology Our audit procedures to assess the IT systems and controls
IT systems and controls included the following:
The Company’s key financial accounting and reporting processes • Performed Testing the design of General IT Controls (GITCs)
are dependent on the automated controls in information systems, for the audit period which included controls over access
such that there exists a risk that gaps in the IT control environment to program and data, program changes, system changes,
could impact the financial accounting and reporting significantly. program development, computer operations (job processing,
The Company uses SAP system for its overall financial reporting. data backup, system backup, incident management) over
financial accounting and reporting systems and related IT
The Company’s General Ledger system used in financial reporting systems (referred to as ‘in-scope systems’).
is interfaced with other IT systems which process transactions of
account relevant for financial reporting. • Testing the operating effectiveness of GITCs for the audit
period over the in-scope systems as follows:
We have focused on user access management, change management,
segregation of duties, system reconciliation controls and system – User access creation, modification and revocation
application controls over key financial accounting and reporting process;
systems. – User access review process;
– Segregation of duties;
– password policies;
– Application change management procedures; and
– Computer Operations process (automated job processes,
backups and incident management).
• Understanding IT application controls for the audit period
for significant accounts, testing interfaces, reports,
reconciliations and system processing for significant accounts
determined by us during our risk assessment. We tested the
change management controls to determine that these controls
remained unchanged during the audit period and incase of
changes, were changes followed the standard process.
• Understanding IT infrastructure records for the in-scope
systems i.e. operating systems and databases.

Other Information unless the Board of Directors either intends to liquidate

The Company’s management and the Board of Directors are the Company or to cease operations, or has no realistic
responsible for the other information. The other information alternative but to do so.
comprises the information included in the Company’s
annual report but does not include the standalone financial The Board of Directors is also responsible for overseeing
statements and our auditors’ report thereon. the Company’s financial reporting process.
Our opinion on the standalone financial statements does Auditor’s Responsibilities for the Audit
not cover the other information and we do not express any of the Standalone Financial Statements
form of assurance conclusion thereon.
Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole
In connection with our audit of the standalone financial
are free from material misstatement, whether due to fraud
statements, our responsibility is to read the other
or error, and to issue an auditor’s report that includes our
information and, in doing so, consider whether the other
opinion. Reasonable assurance is a high level of assurance
information is materially inconsistent with the standalone
but is not a guarantee that an audit conducted in accordance
financial statements or our knowledge obtained in the audit
with SAs will always detect a material misstatement when it
or otherwise appears to be materially misstated. If, based
exists. Misstatements can arise from fraud or error and are
on the work we have performed, we conclude that there
considered material if, individually or in the aggregate, they
is a material misstatement of this other information, we
could reasonably be expected to influence the economic
are required to report that fact. We have nothing to report
decisions of users taken on the basis of these standalone
in this regard.
financial statements.
Management’s and the Board of As part of an audit in accordance with SAs, we exercise
Directors’ Responsibility for the professional judgment and maintain professional skepticism
Standalone Financial Statements throughout the audit. We also:
The Company’s Management and the Board of Directors
are responsible for the matters stated in section 134(5) of • Identify and assess the risks of material misstatement
the Act with respect to the preparation of these standalone of the standalone financial statements, whether due to
financial statements that give a true and fair view of the fraud or error, design and perform audit procedures
state of affairs, profit/loss and other comprehensive responsive to those risks, and obtain audit evidence
income, changes in equity and cash flows of the Company that is sufficient and appropriate to provide a basis
in accordance with the accounting principles generally for our opinion. The risk of not detecting a material
accepted in India, including the Indian Accounting Standards misstatement resulting from fraud is higher than for
(“Ind AS”) specified under section 133 of the Act. This one resulting from error, as fraud may involve collusion,
responsibility also includes maintenance of adequate forgery, intentional omissions, misrepresentations, or
accounting records in accordance with the provisions of the override of internal control.
the Act for safeguarding of the assets of the Company and • Obtain an understanding of internal control relevant to
for preventing and detecting frauds and other irregularities; the audit in order to design audit procedures that are
selection and application of appropriate accounting policies; appropriate in the circumstances. Under section 143(3)
making judgments and estimates that are reasonable and (i) of the Act, we are also responsible for expressing
prudent; and design, implementation and maintenance of our opinion on whether the company has adequate
adequate internal financial controls that were operating internal financial controls with reference to financial
effectively for ensuring accuracy and completeness of statements in place and the operating effectiveness of
the accounting records, relevant to the preparation and such controls.
presentation of the standalone financial statements that give
a true and fair view and are free from material misstatement, • Evaluate the appropriateness of accounting policies
whether due to fraud or error. used and the reasonableness of accounting estimates
and related disclosures in the standalone financial
In preparing the standalone financial statements, the statements made by the Management and the Board
Management and the Board of Directors are responsible of Directors.
for assessing the Company’s ability to continue as a going • Conclude on the appropriateness of Management and
concern, disclosing, as applicable, matters related to going the Board of Directors use of the going concern basis of
concern and using the going concern basis of accounting accounting and, based on the audit evidence obtained,

whether a material uncertainty exists related to events 2.

(A) As required by Section 143(3) of the Act,
or conditions that may cast significant doubt on the we report that:
Company’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we a) We have sought and obtained all the information
are required to draw attention in our auditor’s report and explanations which to the best of our
to the related disclosures in the standalone financial knowledge and belief were necessary for the
statements or, if such disclosures are inadequate, to purposes of our audit.
modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s b) In our opinion, proper books of account as required
report. However, future events or conditions may cause by law have been kept by the Company so far as
the Company to cease to continue as a going concern. it appears from our examination of those books.
• Evaluate the overall presentation, structure and content
c) The standalone balance sheet, the standalone
of the standalone financial statements, including the
statement of profit and loss (including other
disclosures, and whether the standalone financial
comprehensive income), the standalone
statements represent the underlying transactions and
statement of changes in equity and the standalone
events in a manner that achieves fair presentation.
statement of cash flows dealt with by this Report
We communicate with those charged with governance are in agreement with the books of account.
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including d) In our opinion, the aforesaid standalone financial
any significant deficiencies in internal control that we statements comply with the Ind AS specified
identify during our audit. under section 133 of the Act.
We also provide those charged with governance with a e) On the basis of the written representations
statement that we have complied with relevant ethical received from the directors as on 31 March 2021
requirements regarding independence, and to communicate taken on record by the Board of Directors, none
with them all relationships and other matters that may of the directors is disqualified as on 31 March
reasonably be thought to bear on our independence, and 2021 from being appointed as a director in terms
where applicable, related safeguards. of Section 164(2) of the Act.
From the matters communicated with those charged with f) With respect to the adequacy of the internal
governance, we determine those matters that were of financial controls with reference to financial
most significance in the audit of the standalone financial statements of the Company and the operating
statements of the current period and are therefore the key effectiveness of such controls, refer to our
audit matters. We describe these matters in our auditor’s separate Report in “Annexure B”
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, (B) With respect to the other matters to be included in
we determine that a matter should not be communicated the Auditor’s Report in accordance with Rule 11 of
in our report because the adverse consequences of doing the Companies (Audit and Auditors) Rules, 2014, in
so would reasonably be expected to outweigh the public our opinion and to the best of our information and
interest benefits of such communication. according to the explanations given to us:
Report on other Legal and Regulatory i. The Company has disclosed the impact of
Requirements pending litigations as at 31 March 2021 on its
financial position in its standalone financial
1. As required by the Companies (Auditors’ Report)
statements - Refer Note 33 to the standalone
Order, 2016 (the “Order”) issued by the Central
Government in terms of section 143 (11) of the Act,
we give in the “Annexure A” a statement on the matters
ii.
The Company did not have any long-term
specified in paragraphs 3 and 4 of the Order, to the
contracts including derivative contracts for which
extent applicable.
there were any material foreseeable losses.

iii. There are no amounts which are required to the Company to its directors during the current year
be transferred to the Investor Education and is in accordance with the provisions of Section 197
Protection Fund by the Company. of the Act. The remuneration paid to any director is
not in excess of the limit laid down under Section 197
iv. The disclosures in the standalone financial of the Act. The Ministry of Corporate Affairs has not
statements regarding holdings as well as dealings prescribed other details under Section 197(16) which
in specified bank notes during the period from are required to be commented upon by us.
8 November 2016 to 30 December 2016 have
not been made in these financial statements For B S R & Co. LLP
since they do not pertain to the financial year Chartered Accountants
ended 31 March 2021. Firm’s Registration No: 101248W/W-100022
(C) With respect to the matter to be included in the Milind Ranade

Auditors’ Report under section 197(16): Partner
Mumbai Membership No: 100564
In our opinion and according to the information and 21 April 2021 UDIN: 21100564AAAAAT3258
explanations given to us, the remuneration paid by

Annexure A to the Independent Auditor’s Report of even date on

the standalone financial statements of ICICI Securities Limited
The Annexure referred to in the Independent Auditor’s any guarantees and securities. Accordingly, para 3(iv)
Report to the members of ICICI Securities Limited (the of the Order is not applicable to that extent.
“Company”) on the standalone financial statements for
the year ended 31 March 2021, we report that: v. According to the information and explanation given to
us, the Company has not accepted any deposits from
i. (a) The Company has maintained proper records the public to which directives issued by Reserve Bank
showing full particulars, including quantitative of India and the provisions of Section 73 to Section
details and situation of fixed assets. 76 or any other relevant provisions of the Act and the
rules framed thereunder apply. Accordingly, para 3(v)
(b) The Company has a regular programme of of the Order is not applicable.
physical verification of its fixed assets by which
all the fixed assets are verified at the end of the vi.
The Central Government has not prescribed
financial year. In our opinion, this periodicity of the maintenance of cost records under section
physical verification is reasonable having regard 148(1) of the Act, for any services rendered by the
to the size of the Company and the nature of its Company. Accordingly, paragraph 3(vi) of the Order
assets. In accordance with this programme, all is not applicable.
the fixed assets have been physically verified
by management during the year and no material vii. (a) According to the information and explanations
discrepancies were noticed on such verification. given to us and on the basis of our examination of
the records of the Company, amounts deducted
(c) The Company does not have any immovable / accrued in the books of account in respect of
properties. Accordingly, para 3(i) (c) of the Order undisputed statutory dues including provident
is not applicable to the Company. fund, employees’ state insurance, income tax,
value added tax, goods and service tax, cess and
ii. The Company does not hold any securities in physical other material statutory dues have been regularly
form. The securities for trade held in dematerialized deposited during the year by the Company with
form are verified with the statement of holding the appropriate authorities. As explained to us,
received by management from the custodian at regular the Company did not have any dues on account
intervals. No material discrepancies were noticed on of duty of sales tax, customs and duty of excise.
such verification.
According to the information and explanations
iii. The Company has not granted any loans, secured given to us, no undisputed amounts payable
or unsecured to companies, firms, Limited Liability in respect of provident fund, employees’ state
Partnerships or other parties covered in the register insurance, income tax, value added tax, goods
maintained under section 189 of the Act. Accordingly, and service tax, cess and other material statutory
para 3(iii) of the Order is not applicable. dues were in arrears as at 31 March 2021 for a
period of more than six months from the date
iv. In our opinion and according to the information they became payable.
and explanations given to us, the Company has not
granted any loans, made investments or provided (b) According to the information and explanations
guarantees and securities under Section 185 of the given to us, the following dues outstanding of
Act. The Company has complied with the provisions of income tax, service tax, value added tax and
Sections 186 of the Act in respect of grant of loans and stamp duty have not been deposited by the
making investments. The Company has not provided Company on account of disputes:

Amount paid
Name of the Amount Period to which the Forum where dispute is
Nature of dues under protest (in
statute (in ` million) amount relates pending
` Million)
Income Tax Income tax (including interest 516.1 33.9 Financial Year (“FY”) Commissioner of Income
Act, 1961 but excluding penalty) 2010-2011, FY 2012- Tax (Appeals)
2013 & FY 13-14
Income Tax Income tax (including interest 142.1 - FY 2000-2001 to Commissioner of Income
Act, 1961 but excluding penalty) FY 2009-2010 Tax
Income Tax Income tax (including interest 0.5 - FY 2007-2008 to Commissioner of Income
Act, 1961 but excluding penalty) FY 2009-2010 Tax - TDS
Service Tax Service tax (including interest 356.8 8.9 Aug 2012 to Sep 2014 Central Excise & Service
and penalty) Tax Appellate Tribunal
Service Tax Service tax (excluding interest 441.5 11.5 FY 2006-2007 to Central Excise & Service
and including penalty) FY 2014-2015 Tax Appellate Tribunal
Maharashtra/ Value added tax (including 2.2 0.03 FY 2008-2009 and Commissioner of VAT
Rajasthan interest & penalty) FY 2016-17 (Appeals)
Value Added
Tax, 2002/2003
Rajasthan Stamp Duty 3.3 - FY 2005-06 and Office of registration and
Stamp Duty FY 2006-07 stamps, Jaipur, Rajasthan
viii. In our opinion and according to the information of the Company, all transactions with the related
and explanations given to us, the Company has not parties are in compliance with section 177 and 188 of
defaulted in the repayment of borrowings to banks. the Act, where applicable and the details have been
The Company did not have any loan from Banks, loan disclosed in the standalone financial statements, as
or borrowings from financial institution, Government required by the applicable accounting standards.
or debenture holders during the year.
xiv. According to the information and explanations given
ix. In our opinion and according to the information and to us and based on our examination of the books and
explanations given to us, the monies raised by way of records of the Company, the Company has not made
debt instruments in the nature of commercial paper by any preferential allotment or private placement of
the Company have been applied for the purpose for shares or fully or partly convertible debentures during
which they were raised. The Company did not raise the year under review. Accordingly, paragraph 3(xiv)
money by way of further public offer. of the Order is not applicable.
x. During the course of our examination of the books and xv. According to the information and explanations given
records of the Company, carried out in accordance to us and based on our examination of the books and
with the generally accepted auditing practices in India, records of the Company, the Company has not entered
and according to the information and explanations into any non-cash transactions with directors or
given to us, no material fraud by the Company or on persons connected with him. Accordingly, paragraph
the Company by its officers or employees has been 3(xv) of the Order is not applicable.
noticed or reported during the year.
xvi. According to the information and explanations given
xi. According to the information and explanations give to us, the Company is not required to be registered
to us and based on our examination of the books under section 45-IA of the Reserve Bank of India Act,
and records of the Company, the Company has paid / 1934. Accordingly, paragraph 3(xvi) of the order is
provided for managerial remuneration in accordance not applicable.
with the requisite approvals mandated by the provisions
of section 197 read with Schedule V to the Act. For B S R & Co. LLP
Chartered Accountants
xii. In our opinion and according to the information and Firm’s Registration No: 101248W/W-100022
explanations given to us, the Company is not a nidhi
company. Accordingly, paragraph 3(xii) of the Order Milind Ranade
is not applicable. Partner
Mumbai Membership No: 100564
xiii. According to the information and explanations given to 21 April 2021 UDIN: 21100564AAAAAT3258
us and on the basis of our examination of the records

Annexure “B” to the Independent Auditor’s report of even date on

the standalone financial statements of ICICI Securities Limited
Report on the internal financial controls with reference to the aforesaid standalone financial statements
under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(Referred to in paragraph 2(A)(f) under ‘Report on Other Auditor’s Responsibility

Legal and Regulatory Requirements’ section of our Our responsibility is to express an opinion on the Company’s
report of even date) internal financial controls with reference to the standalone
financial statements based on our audit. We conducted
Opinion our audit in accordance with the Guidance Note and the
We have audited the internal financial controls with Standards on Auditing, prescribed under section 143(10)
reference to financial statements of ICICI Securities Limited of the Act, to the extent applicable to an audit of internal
(the “Company”) as of 31 March 2021 in conjunction with financial controls with reference to the standalone financial
our audit of the standalone financial statements of the statements. Those Standards and the Guidance Note require
Company for the year ended on that date. that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about
In our opinion, the Company has, in all material respects, whether adequate internal financial controls with reference
adequate internal financial controls with reference to the to the standalone financial statements were established and
standalone financial statements and such internal financial maintained and whether such controls operated effectively
controls were operating effectively as at 31 March 2021, in all material respects.
based on the internal financial controls with reference to
financial statements criteria established by the Company Our audit involves performing procedures to obtain audit
considering the essential components of internal control evidence about the adequacy of the internal financial
stated in the Guidance Note on Audit of Internal Financial controls with reference to the standalone financial
Controls Over Financial Reporting issued by the Institute statements and their operating effectiveness. Our audit of
of Chartered Accountants of India (the “Guidance Note”). internal financial controls with reference to the standalone
financial statements included obtaining an understanding
Management’s Responsibility for Internal of such internal financial controls, assessing the risk that a
Financial Controls material weakness exists, and testing and evaluating the
design and operating effectiveness of internal control based
The Company’s management and the Board of Directors
on the assessed risk. The procedures selected depend on
are responsible for establishing and maintaining internal
the auditor’s judgement, including the assessment of the
financial controls based on the internal financial controls
risks of material misstatement of the standalone financial
with reference to financial statements criteria established
statements, whether due to fraud or error.
by the Company considering the essential components
of internal control stated in the Guidance Note. These
We believe that the audit evidence we have obtained is
responsibilities include the design, implementation and
sufficient and appropriate to provide a basis for our audit
maintenance of adequate internal financial controls that
opinion on the Company’s internal financial controls with
were operating effectively for ensuring the orderly and
reference to the standalone financial statements.
efficient conduct of its business, including adherence
to company’s policies, the safeguarding of its assets,
the prevention and detection of frauds and errors, the Meaning of Internal Financial controls
accuracy and completeness of the accounting records, with Reference to the Financial
and the timely preparation of reliable financial information, Statements
as required under the Companies Act, 2013 (hereinafter A company’s internal financial controls with reference to
referred to as the “Act”). the financial statements is a process designed to provide

reasonable assurance regarding the reliability of financial statements, including the possibility of collusion or
reporting and the preparation of the financial statements improper management override of controls, material
for external purposes in accordance with generally misstatements due to error or fraud may occur and not be
accepted accounting principles. A company’s internal detected. Also, projections of any evaluation of the internal
financial controls with reference to the financial statements financial controls with reference to the Standalone financial
include those policies and procedures that (1) pertain to the statements to future periods are subject to the risk that the
maintenance of records that, in reasonable detail, accurately internal financial controls with reference to the standalone
and fairly reflect the transactions and dispositions of the financial statements may become inadequate because of
assets of the company; (2) provide reasonable assurance changes in conditions, or that the degree of compliance
that transactions are recorded as necessary to permit with the policies or procedures may deteriorate.
preparation of the financial statements in accordance
with generally accepted accounting principles, and that For B S R & Co. LLP
receipts and expenditures of the company are being made Chartered Accountants
only in accordance with authorisations of management Firm’s Registration No: 101248W/W-100022
and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of Milind Ranade
unauthorised acquisition, use, or disposition of the Partner
company’s assets that could have a material effect on the Mumbai Membership No: 100564
financial statements. 21 April 2021 UDIN: 21100564AAAAAT3258
Inherent Limitations of Internal Financial

controls with Reference to Financial
Statements
Because of the inherent limitations of internal financial
controls with reference to the standalone financial

Standalone Balance Sheet

as at March 31, 2021
(` million)
As at As at
Notes
March 31, 2021 March 31, 2020
ASSETS
1 Financial Assets
(a) Cash and cash equivalents 3 (a) 2,903.3 5,240.2
(b) Bank balance other than (a) above 3 (b) 35,544.4 18,537.9
(c) Securities for trade 5 4,661.7 8,351.1
(d) Receivables
(I) Trade receivables 6 4,584.5 886.2
(e) Loans 7 29,014.5 5,708.7
(f) Investments 8 152.4 147.4
(g) Other financial assets 9 758.6 768.0
77,619.4 39,639.5
2 Non-financial Assets
(a) Current tax assets (net) 10 1,190.0 1,503.3
(b) Deferred tax assets (net) 40 542.0 577.1
(c) Property, plant and equipment 11 419.4 294.8
(d) Right-of-use assets 36 962.0 1,528.1
(g) Other intangible assets 11 227.4 155.4
(h) Other non-financial assets 12 518.4 405.5
3,937.9 4,545.5
Total Assets 81,557.3 44,185.0
LIABILITIES
(a) Derivative financial instruments 4 4.5 -
(b) Payables 13
(I) Trade payables
(ii) total outstanding dues of creditors other than micro enterprises and 10,263.6 6,931.5
small enterprises
(c) Debt securities 14 35,209.6 14,975.3
(d) Borrowings (Other than debt securities) 15 - -
(e) Deposits 16 28.7 22.3
(f) Lease liabilities 36 1,060.8 1,573.6
(g) Other financial liabilities 17 10,440.5 2,694.6
57,007.7 26,197.3
2 Non-financial Liabilities
(b) Provisions 18 606.1 828.7
(c) Other non-financial liabilities 19 5,899.9 5,245.1
6,511.7 6,073.8
3 EQUITY
(a) Equity share capital 20 1,611.1 1,610.7
(b) Other equity 21 16,426.8 10,303.2
18,037.9 11,913.9
Significant accounting policies 2
The accompanying notes form an integral part of these standalone financial statements
As per our report of even date attached For and on behalf of the Board of Directors
For B S R & Co. LLP
Chartered Accountants SUBRATA MUKHERJI
Firm Registration No.:101248W/W-100022 Director
DIN - 00057492
MILIND RANADE VIJAY CHANDOK AJAY SARAF
Partner Managing Director & CEO Executive Director
Membership No.: 100564 DIN - 01545262 DIN - 00074885
RAJU NANWANI HARVINDER JASPAL
Mumbai, April 21, 2021 Company Secretary Chief Financial Officer

Standalone Statement of Profit and Loss

for the year ended March 31, 2021
(` million)
Notes
March 31, 2021 March 31, 2020
(i) Interest income 22 3,444.7 2,346.1
(iv) Net gain on fair value changes 23 386.4 -
(v) Net gain on derecognition of financial instruments under amortised cost - 3.0
category
(vi) Others 20.5 15.7
(I) Total revenue from operations 25,854.4 17,055.1
(II) Other income 24 - 165.5
(III) Total income (I+II) 25,854.4 17,220.6
Expenses
(i) Finance costs 25 1,067.6 859.5
(iii) Net loss on fair value changes 23 - 36.1
(iv) Impairment on financial instruments 26 (41.0) 106.7
(v) Operating expense 27 767.6 585.5
(vi) Employee benefits expenses 28 5,749.9 5,224.4
(vii) Depreciation, amortization and impairment 11 & 36 541.6 611.7
(viii) Other expenses 29 2,063.8 1,691.6
(IV) Total expenses (IV) 11,546.7 9,744.3

(VI) Tax expense: 40
(1) Current tax 3,605.4 1,961.5
3,632.2 2,109.2
(VII) Profit/(loss) for the year (V-VI) 10,675.5 5,367.1
(VIII) Other comprehensive income
(i) Items that will not be reclassified to profit or loss
(a) Remeasurement of defined employee benefit plans 33.4 (63.8)
(ii) Income tax relating to items that will not be reclassified to profit or (8.3) 4.7
loss
Other comprehensive income 25.1 (59.1)
(IX) Total comprehensive income for the year (VII+VIII) [comprising profit/ 10,700.6 5,308.0
(loss) and other comprehensive income for the year]
(X) Earnings per equity share: (Face value ` 5/- per share) 30
Basic (in `) 33.14 16.66
Diluted (in `) 33.07 16.65
For B S R & Co. LLP
DIN - 00057492


Standalone Statement of Changes in Equity

A Equity share capital

(` million)
Balance as at April 1, 2019 Changes in equity share capital during the year Balance as on March 31, 2020
1,610.7 - 1,610.7
(` million)
1,610.7 0.4 1,611.1
B Other Equity
(` million)
Reserves and Surplus Exchange
Share Difference on Deemed
application Share translating Equity
money Securities General based Retained the financial Contribution Total
pending Premium Reserve payment Earnings statements from the
allotment reserve of a foreign Parent*
operation
Balance as at April 1, 2019 - 244.0 666.8 4.1 7,534.0 18.5 266.0 8,733.4
Profit for the year - - 5,367.1 - - 5,367.1
Items of OCI for the year, net of tax:
-Remeasurement benefit of defined - - - (59.1) - - (59.1)
benefit plans
Total Comprehensive Income for the - - - - 5,308.0 - - 5,308.0
year
Dividend (including tax on dividend) - - - - (3,864.7) - - (3,864.7)
Any other changes: - -
- Additions during the year (net) - - - 52.9 - - 73.6 126.5
Balance as on March 31, 2020 - 244.0 666.8 57.0 8,977.3 18.5 339.6 10,303.2
Profit for the year - - - - 10,675.5 - 10,675.5
-Remeasurement benefit of defined - - - - 25.1 - - 25.1
benefit plans
year
Any other changes: -
- Additions during the year (net) 2.2 24.2 - 113.1 - - 35.6 175.1
Balance as on March 31, 2021 2.2 268.2 666.8 170.1 14,925.8 18.5 375.2 16,426.8
* Net of share based arrangement of parent entity amounting to ` 8.1 million (March 31, 2020: ` 13.9 million)
Significant accounting policies (Note 2)
For B S R & Co. LLP

DIN - 00057492



Standalone Cash Flow Statement

(` million)
March 31, 2021 March 31, 2020
A Cash flow used in operating activities
Profit before tax 14,307.7 7,476.3
Add /(less): Adjustments
- Net (gain)/loss on derecognition of property, plant and equipment 6.9 8.1
- Depreciation and amortisation 541.6 611.7
- (Reversal of) /impairment loss on financial assets measured at FVTPL 0.3 0.7
- Net (gain)/loss (unrealised) arising on financial assets measured at FVTPL (7.5) 158.2
- Interest expense 1,044.8 848.6
- Dividend income on equity securities (0.2) (0.3)
- Share based payments to employees 154.0 126.5
- Bad and doubtful debts 40.6 106.9
- Interest on income tax refund - (147.5)
- Provision written back - (34.7)
- Unrealised foreign exchange (gain)/loss 0.5 1.2
Operating profit before working capital changes 16,088.7 9,155.7
Adjustments for changes in working capital:

- (Increase) / decrease in other bank balances (17,006.5) (5,962.5)
- (Increase) / decrease in securities for trade 3,696.6 (5,951.2)
- (Increase) / decrease in receivables (3,743.5) 3,870.6
- (Increase) / decrease in loans (23,301.7) (1,766.0)
- (Increase) / decrease other financial assets 5.3 42.4
- (Increase) / decrease other non- financial assets (112.7) (43.8)
- Increase / (decrease) in derivative financial instruments 4.5 (17.0)
- Increase / (decrease) in trade payables 3,332.1 (16,425.0)
- Increase / (decrease) in deposits 6.4 (23.0)
- Increase / (decrease) in other financial liabilities 7,745.9 409.7
- Increase / (decrease) in provisions (189.2) 101.3
- Increase / (decrease) in other non-financial liabilities 654.7 43.2
(28,908.1) (25,721.3)
Cash generated from operations (12,819.4) (16,565.6)
Income tax paid (net) (3,286.4) (2,051.2)
Net cash used in operating activities (A) (16,105.8) (18,616.8)
B Cash flow used in investing activities
- Dividend income received 0.2 0.3
- Purchase of property, plant and equipment (406.6) (233.7)
- Proceeds from sale of property, plant and equipment 5.1 7.7
Net cash used in investing activities (B) (401.3) (225.7)

Standalone Cash Flow Statement

(` million)
March 31, 2021 March 31, 2020
C Cash flow generated from financing activities
- Proceeds from commercial paper borrowings 107,209.6 72,700.0
- Repayment of commercial paper borrowings (87,085.5) (62,278.9)
- Interest paid on borrowings (837.3) (626.3)
- Dividend and dividend tax paid (4,752.1) (3,864.7)
- Interest paid on lease liabilities (97.3) (141.2)
- Repayment of lease liabilities (287.5) (338.7)
- Issue of shares on exercise of options 18.5 -
- Share application money pending allotment 1.8 -
Net cash generated from financing activities (C) 14,170.2 5,450.2
Net decrease in cash and cash equivalents (A+B+C) (2,336.9) (13,392.3)
Cash and cash equivalents at the beginning of the year 5,240.2 18,632.5
Cash and cash equivalents at the end of the year 2,903.3 5,240.2
Components of cash and cash equivalents

Cash and Cash Equivalents comprises of :
(a) Cash on hand - -
(b) Balances with Banks (of the nature of cash and cash equivalents)
In current accounts with banks 1,758.6 2,310.5
(c) Cheques, drafts on hand - -
(d) Others
- Fixed Deposit with original maturity of less than three months 1,144.4 2,928.0
- Interest accrued on fixed deposits 0.3 1.7
Total cash and cash equivalents [Note 3 (a)] 2,903.3 5,240.2
` 0.0 million indicates values are lower than ` 0.1 million, where applicable
Note :
(i) The above Cash Flow Statement has been prepared under the “Indirect Method” as set out in the Indian Accounting Standard
(Ind AS-7) - Statement of Cash Flow.
(ii) Also refer Note 37 for Change in liabilities arising from financing activities.
For B S R & Co. LLP

DIN - 00057492



Notes
to standalone financial statements for the year ended March 31, 2021
Company Overview and Significant Schedule III to The Companies Act, 2013. An analysis
Accounting Policies: regarding recovery or settlement within 12 months
after the reporting date (current) and more than 12
1. Corporate Information months after the reporting date (non–current) is
ICICI Securities Limited (“the Company”), incorporated presented in Note 45.
in March 09, 1995, is a public company engaged in
the business of broking (institutional and retail), Financial assets and financial liabilities are generally
distribution of financial products, merchant banking reported gross in the balance sheet. They are only
and advisory services. The Company is incorporated offset and reported net when, in addition to having
and domiciled in India. The equity shares of the an unconditional legally enforceable right to offset the
Company are listed. The address of the Registered recognised amounts without being contingent on a
Office is ICICI Centre, H. T. Parekh Marg, Churchgate, future event, the parties also intend to settle on a net
Mumbai - 400020. basis in all of the following circumstances:
The Company was a wholly owned subsidiary of a. The normal course of business
ICICI Bank Limited till March 30, 2018. During the
b. The event of default
year ended March 31, 2018, the Company completed
its Initial Public Offering (IPO). The Equity shares c. The event of insolvency or bankruptcy of the
of the Company were listed on the National Stock Group and/or its counterparties
Exchange of India Limited and BSE Limited on April 4,
2018. ICICI Bank Limited, the holding company, owns (iii) Use of estimates and judgements
75.00% of the Company’s equity share capital as on The preparation of the financial statements in
March 31, 2021. conformity with Ind AS requires that management
make judgments, estimates and assumptions that
2. Significant accounting policies affect the application of accounting policies and the
(i) Basis of preparation reported amounts of assets, liabilities and disclosures
The financial statements have been prepared in of contingent assets and liabilities as of the date of
accordance with Indian Accounting Standards (‘Ind the financial statements and the income and expense
AS’) notified under Section 133 of The Companies for the reporting period. The actual results could
Act, 2013 read together with the Companies (Indian differ from these estimates. Estimates and underlying
Accounting Standards) Rules, 2015 (as amended assumptions are reviewed on an ongoing basis.
from time to time). Revisions to accounting estimates are recognised in
the period in which the estimate is revised and in any
The financial statements have been prepared on a future periods affected.
historical cost basis, except for fair value through other
comprehensive income (FVOCI) instruments, derivative The Company makes certain judgments and estimates
financial instruments, other financial assets held for for valuation and impairment of financial instruments,
trading and financial assets and liabilities designated fair valuation of employee stock options, incentive
at fair value through profit or loss (FVTPL), all of which plans, useful life of property, plant and equipment,
have been measured at fair value. deferred tax assets and retirement benefit obligations.
Management believes that the estimates used in the
Accounting policies have been consistently applied preparation of the financial statements are prudent
except where newly issued accounting standard is and reasonable.
initially adopted or a revision to an existing accounting
standard requires a change in the accounting policy Changes in estimates are reflected in the financial
hitherto in use. statements in the period in which changes are made
and, if material, their effects are disclosed in the notes
The Company’s financial statements are presented in to the financial statements.
Indian Rupees (`), which is also its functional currency
and all values are rounded to the nearest million, a) Determination of the estimated useful lives of
except when otherwise indicated. tangible assets: Useful lives of property, plant and
equipment are taken as prescribed in Schedule
The standalone financial statements for the year II of the Act. In cases, where the useful lives are
ended March 31, 2021 are being authorised for issue different from that prescribed in Schedule II and
in accordance with a resolution of the directors on in case of intangible assets, they are estimated by
April 21, 2021. management based on technical advice, taking
into account the nature of the asset, the estimated
(ii) Presentation of financial statements usage of the asset, the operating conditions of
The Company presents its balance sheet in order the asset, past history of replacement, anticipated
of liquidity in compliance with the Division III of the

Notes
technological changes, manufacturers’ warranties at amortized cost. At each reporting date, the
and maintenance support. Company assesses whether financial assets
carried at amortized cost are credit- impaired. A
b) Recognition and measurement of defined benefit financial asset is ‘credit impaired’ when one or
obligations: The obligation arising from defined more events that have a detrimental impact on
benefit plan is determined on the basis of actuarial the estimated future cash flows of the financial
assumptions. Key actuarial assumptions include asset have occurred.
discount rate, trends in salary escalation, actuarial
rates and life expectancy. The discount rate is (iv) Revenue from Contracts with Customers
determined by reference to market yields at Revenue (other than for those items to which Ind AS
the end of the reporting period on government 109 Financial Instruments are applicable) is measured
bonds. The period to maturity of the underlying at fair value of the consideration received or receivable.
bonds correspond to the probable maturity of Ind AS 115, Revenue from contracts with customers,
the post-employment benefit obligations. Due outlines a single comprehensive model of accounting
to complexities involved in the valuation and for revenue arising from contracts with customers.
its long term nature, defined benefit obligation
is sensitive to changes in these assumptions. The Company recognises revenue from contracts
Further details are disclosed in note 42. with customers based on a five step model as set
out in Ind AS 115:
c) Recognition of deferred tax assets / liabilities:
Deferred tax assets and liabilities are recognized Step 1: Identify contract(s) with a customer: A
for the future tax consequences of temporary contract is defined as an agreement between two
differences between the carrying values of assets or more parties that creates enforceable rights and
and liabilities and their respective tax bases. obligations and sets out the criteria for every contract
Deferred tax assets are recognized to the extent that must be met.
that it is probable that future taxable income
will be available against which the deductible Step 2: Identify performance obligations in the
temporary differences could be utilized. Further contract: A performance obligation is a promise in a
details are disclosed in note 40. contract with a customer to transfer a good or service
to the customer.
d) Recognition and measurement of provision and
contingencies: The recognition and measurement Step 3: Determine the transaction price: The
of other provisions are based on the assessment transaction price is the amount of consideration to
of the probability of an outflow of resources, and which the Company expects to be entitled in exchange
on past experience and circumstances known for transferring promised goods or services to a
at the reporting date. The actual outflow of customer, excluding amounts collected on behalf
resources at a future date may therefore, vary of third parties.
from the amount included in other provisions.
Step 4: Allocate the transaction price to the
e) Fair valuation of employee share options: The fair performance obligations in the contract: For a contract
valuation of the employee share options is based that has more than one performance obligation, the
on the Black-Scholes model used for valuation of Company allocates the transaction price to each
options. Further details are discussed in note 38. performance obligation in an amount that depicts
the amount of consideration to which the Company
f) Determining whether an arrangement contains expects to be entitled in exchange for satisfying each
a lease: In determining whether an arrangement performance obligation.
is, or contains a lease is based on the substance
of the arrangement at the inception of the lease. Step 5: Recognise revenue when (or as) the Company
The arrangement is, or contains, a lease date satisfies a performance obligation.
if fulfilment of the arrangement is dependent
on the use of a specific asset or assets and the The Company recognises revenue from the
arrangement conveys a right to use the asset, following sources:
even if that right is not explicitly specified in
the arrangement. a. Income from services rendered as a broker
is recognised upon rendering of the services
g) Impairment of financial assets: The Company on a trade date basis, in accordance with the
recognizes loss allowances for expected terms of contract.
credit losses on its financial assets measured

Notes
b.
Fee income including investment banking, The estimated useful lives of assets are as follows:
advisory fees, debt syndication, financial advisory
Tangible Asset Estimated by Management
services, etc., is recognised based on the stage
of completion of assignments and terms of Leasehold improvements Over the remaining period of
the lease
agreement with the client.
Office equipment’s 5 years
comprising air
c. Commissions from distribution of financial
conditioners, photo-
products are recognised upon allotment of the copying machines, etc.
securities to the applicant. Computers 3 years
Servers and Networks 6 years
d. Interest income is recognized using the effective
Furniture and fixtures* 6.67 years
interest rate method. Interest is earned on delayed
Motor vehicles* 5 years
payments from customers and is recognised on
a time proportion basis taking into account the *Based on technical evaluation, the management
amount outstanding from customers and the believes that the useful lives as given above best
rates applicable. represent the period over which management expects
to use these assets. Hence, the useful lives for these
e. Dividend income is recognised when the right to assets is different from the useful lives as prescribed
receive payment of the dividend is established, it under Part C of Schedule II of the Companies Act 2013.
is probable that the economic benefits associated
with the dividend will flow to the Company and the Depreciation is provided on a straight-line basis from
amount of the dividend can be measured reliably. the date the asset is ready for its intended use. In
respect of assets sold, depreciation is provided up
f. Training fee income from financial education to the date of disposal.
program is recognised on the basis of
completion of training. The residual values, estimated useful lives and methods
of depreciation of property, plant and equipment are
(v) Property, Plant and Equipment (PPE) reviewed at the end of each financial year and changes
Recognition and Measurement: if any, are accounted for on a prospective basis.
Property, plant and equipment are stated at acquisition
cost less accumulated depreciation and accumulated Capital work-in-progress and Capital advances:
impairment losses, if any. Subsequent costs are Capital work-in-progress are property, plant and
included in the asset’s carrying amount. equipment which are not yet ready for their intended
use. Advances given towards acquisition of fixed
Items of property, plant and equipment are initially assets outstanding at each reporting date are shown
recorded at cost. Cost comprises acquisition cost, as other non-financial assets.
borrowing cost if capitalization criteria are met, and
directly attributable cost of bringing the asset to its Depreciation is not recorded on capital work-in-
working condition for the intended use. Subsequent progress until construction and installation is
expenditure relating to property, plant and equipment completed and assets are ready for its intended use.
is capitalized only when it is probable that future
economic benefit associated with these will flow De-recognition:
with the Company and the cost of the item can be The carrying amount of an item of property, plant and
measured reliably. equipment is derecognized on disposal or when no
future economic benefits are expected from its use or
Items of Property, plant and equipment that have disposal. Gains or losses arising from de-recognition,
been retired from active use and are held for disposal disposal or retirement of an item of property, plant and
are stated at the lower of their net book value or equipment are measured as the difference between
net realisable value and are shown separately in the the net disposal proceeds and the carrying amount
financial statements, if any. of the asset and are recognised net, within “Other
Income” or “Other Expenses”, as the case maybe,
Depreciation: in the Statement of Profit and Loss in the year of de-
Depreciation provided on property, plant and recognition, disposal or retirement.
equipment is calculated on a straight-line basis
using the rates arrived at based on the useful lives
estimated by management.

Notes
(vi) Intangible Assets lassification and subsequent measurement of

C
Intangible assets acquired separately are measured on financial asset: For subsequent measurement,
initial recognition at cost. Following initial recognition, financial assets are categorised into:
intangible assets are carried at cost less accumulated
amortization. Cost of an intangible asset includes a. Amortised cost: The Company classifies the
purchase price, non-refundable taxes and duties and financial assets at amortised cost if the contractual
any other directly attributable expenditure on making cash flows represent solely payments of principal
the asset ready for its intended use and net of any and interest on the principal amount outstanding
trade discounts and rebates. and the assets are held under a business model
to collect contractual cash flows. The gains and
Development expenditure on software is capitalized losses resulting from fluctuations in fair value are
as part of the cost of the resulting intangible asset not recognised for financial assets classified in
only if the expenditure can be measured reliably, the amortised cost measurement category.
product or process is technically and commercially
feasible, future economic benefits are probable, and b. Fair value through other comprehensive income
the Company intends to and has sufficient resources (FVOCI): The Company classifies the financial
to complete development and to use or sell the asset. assets as FVOCI if the contractual cash flows
Otherwise it is recognized in the profit or loss as represent solely payments of principal and
incurred. Subsequent to initial recognition, the asset interest on the principal amount outstanding and
is measured at cost less accumulated amortization the Company’s business model is achieved by
and any accumulated impairment losses. both collecting contractual cash flow and selling
financial assets. In case of debt instruments
Amortisation measured at FVOCI, changes in fair value are
Amortisation is calculated using the straight–line recognised in other comprehensive income. The
method to write down the cost of intangible assets to impairment gains or losses, foreign exchange
their residual values over their estimated useful lives gains or losses and interest calculated using
and is included in the depreciation and amortization the effective interest method are recognised in
in the statement of profit and loss. profit or loss. On de-recognition, the cumulative
gain or loss previously recognised in other
Intangible asset Useful life / Amortisation period
comprehensive income is re-classified from equity
Computer software 4 years to profit or loss as a reclassification adjustment. In
case of equity instruments irrevocably designated
The carrying amount of an item of intangible assets is at FVOCI, gains / losses including relating to
derecognized on disposal or when no future economic foreign exchange, are recognised through other
benefits are expected from its use or disposal. Gains comprehensive income. Further, cumulative
or losses arising from de-recognition, disposal gains or losses previously recognised in other
or retirement of an item of intangible assets are comprehensive income remain permanently in
measured as the difference between the net disposal equity and are not subsequently transferred to
proceeds and the carrying amount of the asset and profit or loss on derecognition.
are recognised net, within “Other Income” or “Other
Expenses”, as the case maybe, in the Statement c. Fair value through profit or loss (FVTPL):
of Profit and Loss in the year of de-recognition, The financial assets are classified as FVTPL if
disposal or retirement. these do not meet the criteria for classifying
at amortised cost or FVOCI. Further, in certain
(vii)Financial instruments cases to eliminate or significantly reduce a
Recognition and Initial Measurement measurement or recognition inconsistency
The Company recognizes all the financial assets and (accounting mismatch), the Company irrevocably
liabilities at its fair value on initial recognition; In the designates certain financial instruments at FVTPL
case of financial assets not at fair value through profit at initial recognition. In case of financial assets
or loss, transaction costs that are directly attributable measured at FVTPL, changes in fair value are
to the acquisition or issue of the financial asset are recognised in profit or loss.
added to the fair value on initial recognition. The
financial assets are accounted on a trade date basis.

Notes
Profit or loss on sale of investments is determined Based on the Company’s business model for
on the basis of first-in-first-out (FIFO) basis. managing the investments, the Company has
classified its investments and securities for
Fair value is the price that would be received trade at FVTPL.
to sell an asset or paid to transfer a liability
in an orderly transaction between market Financial liabilities are carried at amortised cost
participants at the measurement date. The fair using the effective interest rate method. For
value measurement is based on the presumption trade and other payables, the carrying amount
that the transaction to sell the asset or transfer approximates the fair value due to short maturity
the liability takes place either: of these instruments.
- In the principal market for the asset or liability, or d. Derecognition: The Company derecognises a
- In the absence of a principal market, in the most financial asset when the contractual rights to the
advantageous market for the asset or liability. cash flows from the financial asset expire, or it
transfers the rights to receive the contractual cash
The principal or the most advantageous market flows in a transaction in which substantially all of
must be accessible by the Company. the risks and rewards of ownership of the financial
asset are transferred or in which the Company
The fair value of an asset or a liability is measured neither transfers nor retains substantially all of
using the assumptions that market participants the risks and rewards of ownership and does
would use when pricing the asset or liability, not retain control of the financial asset. The
assuming that market participants act in their Company derecognises a financial liability when
economic best interest. its contractual obligations are discharged or
cancelled, or expire.
A fair value measurement of a non-financial asset
takes into account a market participant’s ability to e. Offsetting: Financial assets and financial liabilities
generate economic benefits by using the asset in are offset and the net amount presented in the
its highest and best use or by selling it to another balance sheet when, and only when, the Company
market participant that would use the asset in its currently has a legally enforceable right to set off
highest and best use. the amounts and it intends either to settle them
on a net basis or to realise the asset and settle
In order to show how fair values have been the liability simultaneously.
derived, financial instruments are classified
based on a hierarchy of valuation techniques, f. Impairment of financial assets: In accordance with
as summarised below: Ind AS 109, the Company applies expected credit
loss model (ECL) for measurement and recognition
Level 1 financial instruments: Those where the of impairment loss. The Company recognises
inputs used in the valuation are unadjusted quoted lifetime expected losses for all contract assets and
prices from active markets for identical assets / or all trade receivables that do not constitute a
or liabilities that the Company has access to at financing transaction. At each reporting date, the
the measurement date. The Company considers Company assesses whether the loans have been
markets as active only if there are sufficient impaired. The Company is exposed to credit risk
trading activities with regards to the volume when the customer defaults on his contractual
and liquidity of the identical assets or liabilities obligations. For the computation of ECL, the loan
and when there are binding and exercisable price receivables are classified into three stages based
quotes available on the balance sheet date. on the default and the aging of the outstanding.
If the amount of an impairment loss decreases
Level 2 financial instruments: Those where in a subsequent period, and the decrease can be
the inputs that are used for valuation and are related objectively to an event occurring after
significant, are derived from directly or indirectly the impairment was recognised, the excess is
observable market data available over the entire written back by reducing the loan impairment
period of the instrument’s life. allowance account accordingly. The write-back
is recognised in the statement of profit and loss.
Level 3 financial instruments: Those that include The Company recognises life time expected credit
one or more unobservable input that is significant loss for trade receivables and has adopted the
to the measurement as whole. simplified method of computation as per Ind
AS 109. The Company considers outstanding

Notes
overdue for more than 90 days for calculation of Remeasurements arising from defined benefit
expected credit loss. A financial asset is written plans comprises of actuarial gains and losses on
off when there is no reasonable expectation of benefit obligations, the return on plan assets in
recovering the contractual cash flows. excess of what has been estimated and the effect
of asset ceiling, if any, in case of over funded
(viii) Employee benefits plans. The Company recognizes these items of
a. Short term employee benefits remeasurements in other comprehensive income
Short term employee benefits include salaries and all the other expenses related to defined
and short term cash bonus. A liability is under benefit plans as employee benefit expenses in
short-term cash bonus or target based incentives their profit and loss account.
if the Company has a present legal or constructive
obligation to pay this amount as a result of past When the benefits of the plan are changed, or
service provided by the employee, and the when a plan is curtailed or settlement occurs,
obligation can be estimated reliably. These costs the portion of the changed benefit related to
are recognised as an expense in the Statement past service by employees, or the gain or loss
of Profit and Loss at the undiscounted amount on curtailment or settlement, is recognized
expected to be paid over the period of services immediately in the profit or loss account when
rendered by the employees to the Company. the plan amendment or when a curtailment or
settlement occurs.
b. Gratuity
The Company pays gratuity, a defined benefit plan, With respect to Oman Branch, the Company
to its employees whose employment terminates provides end of service benefits to its expatriate
after a minimum period of five years of continuous employees. The entitlement to these benefits
service on account of retirement or resignation. In is based upon the employees’ final salary and
the case of employees at overseas locations, same length of service, subject to the completion
will be paid as per rules in force in the respective of a minimum service period. The expected
countries. The Company makes contributions costs of these benefits are accrued over the
to the ICICI Securities Employees Gratuity period of employment.
Fund which is managed by ICICI Prudential Life
Insurance Company Limited for the settlement c. Provident fund
of gratuity liability. Retirement benefit in the form of provident fund
is a defined contribution scheme. The Company
A defined benefit plan is a post-employment is statutorily required to contribute a specified
benefit plan other than a defined contribution portion of the basic salary of an employee to a
plan. The Company’s net obligation in respect provident fund as part of retirement benefits to
of the defined benefit plan is calculated by its employees. The contributions during the year
estimating the amount of future benefit that are charged to the statement of profit and loss.
employee has earned in exchange of their service
in the current and prior periods and discounted With respect to Oman branch, for Omani national
back to the current valuation date to arrive at the employees, the Company makes contributions to
present value of the defined benefit obligation. the Omani Public Authority for Social Insurance
The defined benefit obligation is deducted from Scheme calculated as a percentage of the
the fair value of plan assets, to arrive at the net employees’ salaries. The Company’s obligations
asset / (liability), which need to be provided for are limited to these contributions, which are
in the books of accounts of the Company. expensed when incurred.
As required by the Ind AS 19, the discount d. Compensated absence

rate used to arrive at the present value of the The employees can carry forward a portion of the
defined benefit obligations is based on the unutilized accrued compensated absences and
Indian Government security yields prevailing as utilize it in future service periods or receive cash
at the balance sheet date that have maturity date compensation on termination of employment.
equivalent to the tenure of the obligation. The Company records an obligation for such
compensated absences in the period in which
The calculation is performed by a qualified actuary the employee renders the services that increase
using the projected unit credit method. When the entitlement. The obligation is measured on
the calculation results in a net asset position, the basis of independent actuarial valuation using
the recognized asset is limited to the present the projected unit credit method. Actuarial losses/
value of economic benefits available in form of gains are recognized in the statement of profit
reductions in future contributions. and loss as and when they are incurred.

Notes
e. Long term incentive in the year in which they are incurred. The difference
The Company has a long term incentive plan which between the discounted amount mobilized and
is paid in three annual tranches. The Company redemption value of commercial papers is recognized
accounts for the liability as per an actuarial in the statement of profit and loss over the life of the
valuation. The actuarial valuation of the long term instrument using the EIR.
incentives liability is calculated based on certain
assumptions regarding prevailing market yields Repo transactions are treated as collateralized lending
of Indian government securities and staff attrition and borrowing transactions, with an agreement to
as per the projected unit credit method made at repurchase/resale, on the agreed terms and accordingly
the end of each reporting period. The actuarial disclosed in the financial statements. The difference
losses/gains are recognised in the statement of between consideration amount of the first leg and the
profit and loss in the period in which they arise. second leg of the repo transaction is reckoned as Repo
Interest. As regards repo/ reverse repo transactions
f. Share based payment arrangements outstanding on the balance sheet date, only the
Equity-settled share-based payments to accrued income/ expenditure till the balance sheet
employees are measured at the fair value of the date is taken to the Statement of Profit and Loss. Any
equity instruments at the grant date. The fair repo income/ expenditure for the remaining period is
value determined at the grant date of the equity- reckoned in the next accounting period.
settled share-based payments is expensed on a
straight-line basis over the vesting period, based (x) Foreign exchange transactions
on the Company’s estimate of equity instruments The functional currency and the presentation currency
that will eventually vest, with a corresponding of the Company is Indian Rupees. Transactions in
increase in equity. foreign currency are recorded on initial recognition
using the exchange rate at the transaction date.
ICICI Bank Limited, the parent, also grants options Monetary assets and liabilities denominated in
to eligible employees of the Company under foreign currencies are translated at the functional
ICICI Bank Employee Stock Option Scheme. The currency closing rates of exchange at the reporting
options vest over a period of three years. The fair date. Exchange differences arising on the settlement
value determined on the grant date is expensed or translation of monetary items are recognized in
on a straight line basis over the vesting period the statement of profit and loss in the period in
with a corresponding increase in the equity as a which they arise.
contribution from the parent.
Assets and liabilities of foreign operations are translated
g. Other defined contribution plans at the closing rate at each reporting period. Income
The Defined contribution plans are the plans in and expenses of foreign operations are translated
which the Company pays pre-defined amounts at monthly average rates. The resultant exchange
to separate funds and does not have any legal differences are recognized in other comprehensive
or constrictive obligation to pay additional sums. income in case of foreign operation whose functional
The Company makes contributions towards currency is different from the presentation currency
National Pension Scheme (“NPS”) which is a and in the statement of profit and loss for other foreign
defined contribution retirement benefit plans for operations. Non-monetary items which are carried
employees who have opted for the contribution at historical cost denominated in a foreign currency
towards NPS. The Company also makes are reported using the exchange rate at the date of
contribution towards Employee State Insurance the transaction.
Scheme (“ESIC”) which is a contributory scheme
providing medical, sickness, maternity, and (xi) Leases
disability benefits to the insured employees The Company evaluates if an arrangement qualifies
under the Employees State Insurance Act, 1948 to be a lease as per the requirements of Ind AS 116.
in respect of qualifying employees. Identification of a lease requires significant judgment.
The Company uses significant judgement in assessing
(ix) Borrowing costs the lease term (including anticipated renewals) and
Borrowing costs include interest expense as per the the applicable discount rate.
effective interest rate (EIR) and other costs incurred
by the Company in connection with the borrowing The Company determines the lease term as the non-
of funds. Borrowing costs directly attributable to cancellable period of a lease, together with both
acquisition or construction of those tangible fixed periods covered by an option to extend the lease if
assets which necessarily take a substantial period of the Company is reasonably certain to exercise that
time to get ready for their intended use are capitalized. option; and periods covered by an option to terminate
Other borrowing costs are recognized as an expense the lease if the Company is reasonably certain not

Notes
to exercise that option. In assessing whether the such reductions are reversed when the probability of
Company is reasonably certain to exercise an option future taxable profits improves.
to extend a lease, or not to exercise an option to
terminate a lease, it considers all relevant facts and The tax effects of income tax losses, available for
circumstances that create an economic incentive for carry forward, are recognised as deferred tax asset,
the Company to exercise the option to extend the when it is probable that future taxable profits will be
lease, or not to exercise the option to terminate the available against which these losses can be set-off.
lease. The Company revises the lease term if there is
a change in the non-cancellable period of a lease. Unrecognised deferred tax assets are re-assessed at
each reporting date and are recognised to the extent
The discount rate is generally based on the incremental that it has become probable that future taxable profits
borrowing rate of the Company, specific to the lease will allow the deferred tax asset to be recovered.
being evaluated or for a portfolio of leases with similar
characteristics. (xiii) Cash and cash equivalents
Cash and cash equivalents for the purpose of cash
(xii) Income tax flow statement include cash in hand, balances with
The income tax expense comprises current and the banks and demand deposits with bank with an
deferred tax incurred by the Company. Income tax original maturity of three months or less, and accrued
expense is recognised in the income statement interest thereon.
except to the extent that it relates to items recognised
directly in equity or OCI, in which case the tax effect (xiv) Impairment of non-financial assets
is recognised in equity or OCI. Income tax payable The Company assesses at the reporting date whether
on profits is based on the applicable tax laws in each there is an indication that an asset may be impaired.
tax jurisdiction and is recognised as an expense If any indication exists, or when annual impairment
in the period in which profit arises. Current tax is testing for an asset is required, the Company estimates
the expected tax payable/receivable on the taxable the asset’s recoverable amount. An asset’s recoverable
income or loss for the period, using tax rates enacted amount is the higher of an asset’s or cash-generating
for the reporting period and any adjustment to tax unit’s (“CGU”) fair value less costs of disposal and its
payable/receivable in respect of previous years. value in use. The recoverable amount is determined
Current tax assets and liabilities are offset only if, for an individual asset, unless the asset does not
the Company has a legally enforceable right to set off generate cash inflows that are largely independent of
the recognised amounts; and intends either to settle those from other assets or groups of assets. Where
on a net basis, or to realise the asset and settle the the carrying amount of an asset or CGU exceeds its
liability simultaneously. recoverable amount, the asset is considered impaired
and is written down to its recoverable amount. In
Deferred tax is recognised in respect of temporary assessing value in use, the estimated future cash flows
differences between the carrying amounts of assets are discounted to their present value using a pre-tax
and liabilities for financial reporting purpose and discount rate that reflects current market assessments
the amounts for tax purposes. The measurement of of the time value of money and the risks specific to the
deferred tax reflects the tax consequences that would asset. In determining fair value less costs of disposal,
follow from the manner in which the Company expects, recent market transactions are taken into account, if
at the reporting date, to recover or settle the carrying available. If no such transactions can be identified,
amount of its assets and liabilities. an appropriate valuation model is used. Impairment
losses are recognised in statement of profit and loss.
Deferred tax liabilities are generally recognised for
all taxable temporary differences and deferred tax (xv) Provisions
assets are recognised, for all deductible temporary Provision is recognised when an enterprise has a
differences, to the extent it is probable that future present obligation (legal or constructive) as a result
taxable profits will be available against which of a past event and it is probable that an outflow of
deductible temporary differences can be utilised. resources will be required to settle the obligation, in
Deferred tax is measured at the tax rates that are respect of which a reliable estimate can be made.
expected to be applied to the temporary differences Provisions are determined based on management
when they reverse, based on the laws that have been estimates required to settle the obligation at the
enacted or substantively enacted by the reporting date. balance sheet date, supplemented by experience
Deferred tax assets are reviewed at each reporting of similar transactions. These are reviewed at the
date and are reduced to the extent that it is no longer balance sheet date and adjusted to reflect the current
probable that the related tax benefit will be realized, management estimates.

Notes
(xvi) Contingent liabilities and assets (xviii) Earnings per share

Contingent liabilities are disclosed when there is Basic earnings per share is calculated by dividing the
a possible obligation arising from past events, net profit or loss for the period attributable to equity
the existence of which will be confirmed only by shareholders by the weighted average number of
the occurrence or non-occurrence of one or more equity shares outstanding during the year.
uncertain future events not wholly within the control
of the Company or a present obligation that arises Diluted earnings per share is computed using the
from past events where it is either not probable that weighted average number of equity shares and dilutive
an outflow of resources will be required to settle or potential equity shares outstanding during the year.
a reliable estimate of the amount cannot be made, For the purpose of calculating diluted earnings per
is termed as a contingent liability. The existence of share, the net profit or loss for the period attributable to
a contingent liability is disclosed in note 33 to the equity shareholders and the weighted average number
financial statements. Contingent assets are neither of shares outstanding during the year are adjusted for
recognised nor disclosed. the effects of all dilutive potential equity shares.
(xvii) Investment in subsidiaries

Investment in subsidiaries is carried at cost in the
separate financial statements.

Notes
3 (a) Cash and Cash Equivalents

(` million)
As at As at
March 31, 2021 March 31, 2020
(a) Cash on hand * - -
(b) Balances with banks (of the nature of cash and cash equivalents)
(d) Others
- Fixed deposit with original maturity less than 3 months 1,144.4 2,928.0
- Interest accrued on Fixed deposits 0.3 1.7
Total 2,903.3 5,240.2
3 (b) Bank Balance other than (a) above

(` million)
As at As at
March 31, 2021 March 31, 2020
(a) Earmarked balances with banks
- Unclaimed dividend 1.8 1.1
(b) Fixed deposits with banks** 34,667.0 17,964.9
(c) Interest receivable 875.6 571.9
Total 35,544.4 18,537.9
* ` 0.0 million indicates values are lower than ` 0.1 million, where applicable
** Fixed deposits under lien with stock exchanges amounted to ` 32,656.1 million (March 31, 2020 : ` 16,584.7 million) and kept
as collateral security towards bank guarantees issued amounted to ` 3.0 million (March 31, 2020 : ` 12.2 million) and kept as
collateral security against bank overdraft facility amounted to ` 1,505.0 million (March 31, 2020 : ` 1,115.1 million) and others
` 502.9 million (March 31, 2020 : ` 252.9 million)
4 Derivative Financial Instruments

(` million)
As at As at
March 31, 2021 March 31, 2020
(i) Equity linked derivatives 4.5 -
Total 4.5 -
Notional amounts 1,620.8 -
Fair value - assets - -
Fair value - liabilities 4.5 -
Note :
- The derivatives are used for the purpose of trading.
- Refer note 44 for management of risks arising from derivatives.
5 Securities for Trade

(` million)
As at As at
March 31, 2021 March 31, 2020
(A) At Fair Value through profit or loss
Securities for trade in India
(i) Mutual funds:
- Nippon India Liquid Fund - Direct Plan - Growth Option - 1,507.2
- Invesco India Liquid Fund - Direct Plan - Growth Option 500.3 1,003.8
- ICICI Prudential Liquid Fund - Direct Plan - Growth Option - 716.6
- ICICI Prudential Mutual fund Value FD SR 18 (17-05-2021) 1.4 0.9
- Mirae Asset Cash Management Fund - Direct Plan - Growth Option 500.3 -
- ABSL Liquid Fund - Direct Plan - Growth Option 782.1 -

Notes
(` million)
As at As at
March 31, 2021 March 31, 2020
- DSP Mutual Fund - Liquid ETF 0.0 -
- Nippon India Mutual Fund - ETF Liquid BeES 0.1 -
1,784.2 3,228.5
(ii) Debt securities:
(a) Non-convertible debentures:-
- 7.95 % L & T Infrastructure Finance Company Limited (28-07-2025) 1.1 -
- 7.00 % Power Finance Corporation Limited (22-01-2031) 5.0 -
- 8.75%, Edelweiss Retail Finance Limited (22-03-2021) - 44.7
- 9.25%, Reliance Jio Infocommunication Limited (16-06-2024) - 1.1
- 9.10 % Dewan Housing Finance Corp Limited (16-08-2019) - -
6.1 45.8
(b) Bonds:-
- 5.15% Government Securities (09-11-2025) 488.9 -
- 8.20% Housing and Urban Development Corporation (05-03-2027) 23.9 -
- 8.46% India Infrastructure Finance Company Limited (30-08-2028) 168.6 -
- 8.37% Rural Electrification Corporation (07-12-2028) 5.5 -
- 6.45% Government Securities (07-10-2029) 251.0
- 7.28% National Highways Authority of India (18-09-2030) 38.4 -
- 7.64 % Indian Railway Finance Corporation (22-03-2031) 29.6 -
- 7.35% National Bank for Agriculture and Rural Development (23-03-2031) 1.2 -
- 8.30 % Rural Electrification Corporation (25-06-2029) 4.3 -
- 8.50 % Bank of Baroda (28-07-2099) 39.8 -
- 7.74 % State Bank of India (09-09-2099) 10.9 -
- 8.70% Bank of Baroda (28-11-2099) 1.0 -
- 8.58% Housing Development Finance Corporation Limited (18-03-2022) - 256.6
- 7.16% Government Securities (20-05-2023) - 52.6
- 8.55% Cholamandalam Investment and Finance Company Limited (13-11-2026) - 2.0
- 8.85% HDB Financial Services Limited (07-06-2029) - 96.4
- 8.30% Rural Electrification Corporation Limited (25-06-2029) - 6.3
- 7.35% Indian Railway Finance Corporation Limited (22-03-2031) - 91.9
- 10.50% INDUSIND Bank Limited (28-03-2099) - 1.0
- 8.85% HDFC Bank Limited (12-05-2099) - 97.5
- 8.65% Bank of Baroda (11-08-2099) - 131.9
- 8.50% State Bank of India (22-11-2099) - 290.2
- 8.70% Bank of Baroda (28-11-2099) - 38.7
1,071.4 1,327.3
(c) Commercial paper:
- National Bank for Agriculture and Rural Development (03-04-2020) - 1,999.5
- 1,999.5
(d) Fixed Deposits:
- 7% LIC Housing Finance FD (30-06-2021) 200.0 -
- 5.65% LIC Housing Finance FD (23-10-2021) 200.0 -
- 4.55% HDFC FD (22-09-2021) 1,000.0 -
- 8.25% Housing Development Finance Corporation Limited FD (03-06-2020) - 500.0
- 8% Housing Development Finance Corporation Limited FD (21-07-2020) - 750.0
- 7.4% Bajaj Finance FD (25-03-2021) 500.0
1,800.0 1,750.0

Notes
(` million)
As at As at
March 31, 2021 March 31, 2020
(iii) Equity instruments:
- PI Industries Limited 0.0 -
- Yes Bank Limited 0.0 -
0.0 -
Total 4,661.7 8,351.1
6 Trade Receivables
(` million)
As at As at
March 31, 2021 March 31, 2020
(a) Receivables considered good - Secured 3,075.6 349.8
(b) Receivables considered good - Unsecured 1,508.9 536.4
(c) Receivables - credit impaired 121.2 158.0
Less: Impairment Loss Allowance (121.2) (158.0)
Total 4,584.5 886.2
No trade or other receivable are due from directors of the Company either severally or jointly with any other person. Nor
any trade or other receivable are due from firms or private companies respectively in which any director is a partner,
a director or a member.
7 Loans
(` million)
As at As at
March 31, 2021 March 31, 2020
(A) At amortised cost
Term Loans :
(i) Margin trade funding 23,824.0 2,760.8
(ii) ESOP funding 5,279.3 3,040.6
Total (A) - Gross 29,103.3 5,801.4
Less:Impairment loss allowance [refer note 44(a)] (88.8) (92.7)
Total (A) - Net 29,014.5 5,708.7
(I) Secured by:
(i) Secured by tangible assets
- Collateral in the form of cash, securities, Fixed Deposit Receipt (FDR) in case of Margin 23,823.2 2,760.5
trade funding
- Shares under ESOP in case of ESOP funding 5,242.3 3,024.7
(ii) Unsecured :
- in case of Margin trade funding 0.8 0.3
- in case of ESOP funding 37.0 15.9
Total (I) - Gross 29,103.3 5,801.4
Less:Impairment loss allowance (88.8) (92.7)
Total (I) - Net 29,014.5 5,708.7
(II) Loans in India
(ii) ESOP funding 5,279.3 3,040.6
Total (II) - Gross 29,103.3 5,801.4
Total (II) - Net 29,014.5 5,708.7
(B) At fair value through other comprehensive income - -
(C) At fair value through profit or loss - -
(D) At fair value designated at fair value through profit or loss - -
Total (A) + (B) + (C) + (D) 29,014.5 5,708.7

Notes
8 Investments
(` million)
As at As at
March 31, 2021 March 31, 2020
(A) At fair value through profit or loss
(i) Investments in India
Equity instruments:
- BSE Limited 6.5 3.4
- Receivable Exchange of India Limited 20.5 19.2
- Universal Trustees Private Limited 1.8 2.1
Total 28.8 24.7
(C) At amortised cost - -
(E) Others*
(i) Investments outside India
Equity Instruments :
- Subsidiary - ICICI Securities Holding Inc 123.6 122.7
Less:Impairment loss allowance - -
Total - (E) 123.6 122.7
Total (A) + (B) + (C) + (D) + (E ) 152.4 147.4
* The Company has elected to measure investment in subsidiaries at deemed cost as per Ind AS 27.
9 Other Financial Assets

(` million)
As at As at
March 31, 2021 March 31, 2020
(i) Security deposits :
Unsecured, considered good
(a) Security deposit for leased premises and assets 157.2 194.4
(b) Security deposit with stock exchanges 28.8 29.8
(c) Other Security deposits 4.5 3.5
(d) Margin deposits with stock exchange 35.9 110.0
(e) Security deposit with related parties
- ICICI Bank Limited - 2.4
- ICICI Lombard General Insurance Company Limited 0.1 0.1
226.5 340.2
(ii) Others :
(a) Accrued income from services 463.6 286.8
(b) Accrued interest 41.4 133.9
(c) Others * 35.3 15.3
532.1 427.8
Total (i) + (ii) 758.6 768.0
* Others includes amounts due from ICICI Bank Ltd ` Nil (Previous year : ` 0.6 million) towards reimbursement of IPO expenses.
10 Current Tax Assets (Net)

(` million)
As at As at
March 31, 2021 March 31, 2020
(i) Advance payment of income tax (net) 1,190.0 1,503.3
[net of provision for tax of ` 17,167.5 million (March 31, 2020 : ` 17,332.9)]
Total 1,190.0 1,503.3

11 Property, Plant and Equipment and Other Intangible Assets
(` million)
148
Property, Plant and Equipment Other Intangible Assets
CMA Total
Furniture Office Lease hold Computer (A+B)
Computers Vehicles Total (A) membership Total (B)
and fixtures equipment improvements Software
right
Notes
Gross Carrying amount (At Cost)
Balance at April 1, 2019 179.4 17.6 44.8 51.7 102.7 396.2 173.3 1.7 175.0 571.2
Additions 73.9 4.8 5.8 19.5 12.1 116.1 76.3 - 76.3 192.4
Disposal / Adjustment * 4.5 4.3 8.4 13.2 38.4 68.8 (0.1) (2.3) (2.4) 66.4
Balance at March 31, 2020 248.8 18.1 42.2 58.0 76.4 443.5 249.7 4.0 253.7 697.2
Additions 214.7 6.3 9.2 8.2 18.2 256.6 153.7 - 153.7 410.3
Disposal / Adjustment * 38.4 7.5 10.9 12.2 41.4 110.4 27.9 4.0 31.9 142.3
Balance at March 31, 2021 425.1 16.9 40.5 54.0 53.2 589.7 375.5 - 375.5 965.2
Accumulated depreciation/amortisation

Balance at April 1, 2019 32.6 8.3 26.0 6.2 28.6 101.7 32.3 1.7 34.0 135.7
Depreciation for the year 51.5 3.8 8.9 19.7 16.2 100.1 61.8 - 61.8 161.9
Balance at March 31, 2020 83.0 9.4 27.7 14.9 13.7 148.7 94.3 4.0 98.3 247.0
Balance at March 31, 2021 115.6 8.4 26.3 22.8 (2.8) 170.3 148.1 - 148.1 318.4
Carrying amounts (net)
Balance at March 31, 2020 165.8 8.7 14.5 43.1 62.7 294.8 155.4 - 155.4 450.2
Balance at March 31, 2021 309.5 8.5 14.2 31.2 56.1 419.4 227.4 - 227.4 646.8
Notes: (` in million)
Balance at March 31, 2020 *Fixed assets sale / adjustments includes effect of foreign currency translation amounting to ` 0.3 million (March 31, 2019 ` 2.5 million).
Balance at March 31, 2021 *Fixed assets sale / adjustments includes effect of foreign currency translation amounting to Nil (March 31, 2020 ` 0.3 million).
Notes
12 Other Non-Financial Assets

(` million)
As at As at
March 31, 2021 March 31, 2020
(i) Capital advances - -
(i) Advances other than capital advances:
- Prepaid expenses 65.4 68.9
- Advance to suppliers 43.4 99.5
- Others 409.6 237.1
Total 518.4 405.5
13 Payables
(` million)
As at As at
March 31, 2021 March 31, 2020
(I) Trade payables :
(a) total outstanding dues of micro enterprises and small enterprises - -
(Refer note 35 for details of dues to micro and small enterprises)
(b) total outstanding dues of creditors other than micro enterprises and small 10,263.6 6,931.5
enterprises
Total 10,263.6 6,931.5
14 Debt Securities
(` million)
As at As at
March 31, 2021 March 31, 2020
Debt securities in India
(i) Commercial paper * (refer note 46) 35,209.6 14,975.3
(repayable within one year)
(B) At fair value through profit or loss - -
(C) Designated at fair value through profit or loss - -
Total 35,209.6 14,975.3
* Note:
Commercial paper (unsecured)
Amount oustanding 35,209.6 14,975.3
Tenure 64 days to 364 71 days to 90
days days
Rate of interest 3.51% to 4.87% 5.73% to 6.40%
Repayment schedule At maturity At maturity
15 Borrowings (other than Debt Securities)

(` million)
As at As at
March 31, 2021 March 31, 2020
(i) Secured loans
Bank overdraft - -
(Secured against first charge on all receivables, book debts, cash flows and proceeds
arising therefrom and a lien on fixed deposits including but not limited to the Company's
cash in hand both present and future)
Total - -

Notes
16 Deposits
(` million)
As at As at
March 31, 2021 March 31, 2020
(i) From Others - Security Deposits 28.7 22.3
Total 28.7 22.3
17 Other Financial Liabilities

(` million)
As at As at
March 31, 2021 March 31, 2020
(i) Margin money 7,388.0 2,681.8
(ii) Unclaimed dividend 1.7 1.0
(iii) Others 3,050.8 11.8
Total 10,440.5 2,694.6
18 Provisions
(` million)
As at As at
March 31, 2021 March 31, 2020
(i) Provision for employee benefits
(a) Provision for gratuity (refer note 42) 446.4 706.0
(b) Provision for compensated absence (refer note 42) 159.7 122.7
Total 606.1 828.7
19 Other Non-Financial Liabilities

(` million)
As at As at
March 31, 2021 March 31, 2020
(a) Revenue received in advance
- Income received in advance 376.4 264.6
(b) Other advances
- Prepaid Brokerage 2,483.2 2,568.8
(c) Others
(i) Statutory liabilities 1,023.1 710.0
(ii) Employee related liabilities 2,010.6 1,696.5
(iii) Other liabilities 6.6 5.2
3,040.3 2,411.7
Total 5,899.9 5,245.1
20 Share Capital
(` million)
As at As at
March 31, 2021 March 31, 2020
(a) Authorised:
400,000,000 equity shares of ` 5/- each 2,000.0 2,000.0
(March 31, 2020 : 400,000,000 equity shares of ` 5/- each)
5,000,000 preference shares of ` 100/- each 500.0 500.0
(March 31, 2020 : 5,000,000 of preference shares of ` 100/- each)
2,500.0 2,500.0
(b) Issued, subscribed and fully paid-up shares:
322,222,370 equity shares of ` 5/- each, fully paid 1,611.1 1,610.7
(March 31, 2020 : 322,141,400 equity shares of ` 5/- each, fully paid)
Total issued, subscribed and fully paid-up share capital 1,611.1 1,610.7

Notes
(c) Reconciliation of the shares at the beginning and at the end of the reporting year
Equity shares
As at March 31, 2021 As at March 31, 2020

Nos (` million) Nos (` million)
At the beginning of the year 322,141,400 1,610.7 322,141,400.0 1,610.7
Increase/ (decrease) during the year - -
- Bonus issue - - - -
- ESOP 80,970 0.4 - -
Outstanding at the end of the year 322,222,370 1,611.1 322,141,400.0 1,610.7
(d) Terms / rights attached to equity shares

The Company has only one class of equity shares having par value of ` 5/- per share. Each holder of equity shares
is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting, except in case of interim dividend
During the year ended March 31, 2021, the Company has paid a final dividend for the year ended March 31, 2020 of ` 6.75
per equity share as approved by its members at the Annual General Meeting held on August 11, 2020. The Board of
Directors at its meeting held on October 28, 2020 had approved and paid an interim dividend of ` 8.00 per equity share.
The Board has recommended a final dividend of ` 13.50 per equity share for FY2021.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number
of equity shares held by the shareholders.
(e) Pattern of shareholding

Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company :
Shareholder

Nos % of Holding Nos % of Holding
Shares held by Holding Company
ICICI Bank Limited 241,652,692 75.00% 255,216,095 79.22%
Total 241,652,692 75.00% 255,216,095 79.22%
(f) There are no shares reserved for issue under options and contracts/commitments for the sale of shares
or disinvestment.
(g) There are no shares allotted as fully paid up by way of bonus shares or allotted as fully paid up pursuant to contract
without payment being received in cash, or bought back during the period of five years immediately preceding
the reporting date.
(h) Capital management :

The Company’s objective for capital management is to maximise shareholder value, safeguard business continuity
and support the growth of the Company. The Company determines the capital requirement based on annual
operating plans and long-term and other strategic investment plans. The funding requirements are met through
equity, operating cash flows generated and short term debt. The Company is not subject to any externally imposed
capital requirements.

Notes
21 Other Equity
(` million)
As at As at
March 31, 2021 March 31, 2020
(i) Reserves and surplus
(a) Securities premium
Opening balance 244.0 244.0
Add : Additions during the year (net) 24.2 -
Closing balance 268.2 244.0
(b) General reserve
Add : Additions during the year (net) - -
(c) Equity-settled share-based payment reserve
(refer note 38 for details on share based payment)
Add : Additions during the year (net) 113.1 52.9
(d) Retained earnings
Opening balance 8,977.3 7,534.0
Add: Other comprehensive income for the year 25.1 (59.1)
Add: Profit after tax for the year 10,675.5 5,367.1
19,677.9 12,842.0
Less: Appropriations
- Dividend on equity shares 4,752.1 3,205.8
- Dividend distribution tax on equity dividend - 658.9
Closing balance 14,925.8 8,977.3

(ii) Exchange difference on translating the financial statements of a foreign operation
(iii) Deemed equity contribution from the parent
(iv) Share application money pending allotment

Opening balance
Closing balance 2.2 -
2.2 -
Total 16,426.8 10,303.2

Notes
Nature and purpose of reserve

(A) Securities premium
Securities premium is used to record the premium on issue of shares. It can be utilised only for limited purposes
such as issuance of bonus shares, writing off the preliminary expenses in accordance with the provisions of the
Companies Act, 2013.
(B) General reserve

Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net income at
a specified percentage in accordance with applicable regulations. Consequent to introduction of Companies Act
2013, the requirement to mandatorily transfer a specified percentage of the net profit to general reserve has been
withdrawn. However, the amount previously transferred to the general reserve can be utilised only in accordance
with the specific requirements of Companies Act, 2013.
(C) Equity-settled share-based payment reserve

This reserve is created by debiting the statement of profit and loss account with the fair value of share options granted
to the employees by the Company. On exercise of the options so granted, the reserve will move to share capital
and securities premium and unvested portion if any, will be transferred to general reserve account.
(D) Retained earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve,
dividends or other distributions paid to shareholders. It also includes actuarial gains and losses on defined benefit
plans recognized in other comprehensive income (net of taxes).
(E) Exchange difference on translating the financial statements of a foreign operation

Where the functional currency of the foreign operation is different from the functional currency of the reporting entity,
the translation differences are accounted in the other comprehensive income and disclosed under Other Equity.
(F) Deemed equity contribution from the parent

This reserve is created by debiting the statement of profit and loss account with the fair value of share options
granted to the employees by ICICI Bank Ltd (“parent”). This reserve is in the nature of an equity contribution by
the parent in respect of options granted and not available for distribution to shareholders as dividend.
22 Interest Income
(` million)
March 31, 2021 March 31, 2020
(A) Interest income on financial assets measured at amortised cost :
(i) Fixed deposits with Banks 1,480.0 1,083.1
(ii) Funding and late payments 1,710.4 970.5
(iii) Other deposits 0.2 0.2
(B) Interest income on financial assets measured at fair value through profit or loss :
(i) Securities held for trade 254.1 292.3
(C) Interest income on financial assets measured at fair value through OCI : - -
Total 3,444.7 2,346.1
23 Net Gain / (Loss) on Fair Value Changes

(` million)
March 31, 2021 March 31, 2020
(A) Net gain/ (loss) on financial instruments at fair value through profit or loss
(i) Profit/(loss) on sale of derivatives held for trade (net) 80.3 (160.8)
(ii) Profit/(loss) on other securities held for trade 302.0 128.6
(B) Others
- Profit/(loss) on sale of investments (net) at fair value through profit or loss 4.1 (3.9)
(C) Total net gain/(loss) on fair value changes 386.4 (36.1)

Notes
(` million)
March 31, 2021 March 31, 2020
(D) Fair value changes:
- Realised 379.2 118.9
- Unrealised 7.2 (155.0)
Total 386.4 (36.1)
24 Other Income
(` million)
March 31, 2021 March 31, 2020
(i) Interest on income tax refund - 147.5
(ii) Income from sub-lease - 18.0
- 165.5
25 Finance Costs
(` million)
March 31, 2021 March 31, 2020
(A) On financial liabilities measured at fair value through profit or loss - -
(B) On financial liabilities measured at amortised cost:
(a) Interest on borrowings 20.6 3.6
(b) Interest on lease liabilities 97.3 141.2
(c) Interest on debt securities 926.9 703.8
(d) Other borrowing cost 22.8 10.9
Total 1,067.6 859.5
26 Impairment on Financial Instruments

(` million)
March 31, 2021 March 31, 2020
(A) On financial instruments measured at fair value through OCI: - -
(B) On financial instruments measured at amortised cost:
(a) Loans (4.1) 90.0
(b) Others
- On trade receivables (36.9) 8.5
- On accrued interest - 8.2
TOTAL (41.0) 106.7
27 Operating Expenses
(` million)
March 31, 2021 March 31, 2020
(a) Bad and doubtful debts 81.6 0.2
(b) Transaction charges 129.0 125.2
(c) Turnover fees and stamp duty 48.2 43.6
(d) Custodial and depository charges 165.9 121.7
(e) Call centre charges 163.9 100.2
(f) Franking charges 46.9 164.8
(g) Scanning expenses 37.8 39.7
(h) Customer loss compensation 61.6 (29.4)
(i) Other operating expenses 32.7 19.5
Total 767.6 585.5

Notes
28 Employee Benefits Expenses

(` million)
March 31, 2021 March 31, 2020
(a) Salaries and wages 5,095.4 4,541.1
(b) Contribution to gratuity / provident and other funds (refer note 42) 323.8 317.1
(c) Share based payments to employees (refer note 38) 154.0 126.5
(d) Staff welfare expenses 176.7 239.7
Total 5,749.9 5,224.4
29 Other Expenses
(` million)
March 31, 2021 March 31, 2020
(a) Rent and amenities 156.1 132.8
(b) Insurance 6.1 3.0
(c) Travelling and conveyance expenses 83.0 187.1
(d) Business promotion expenses 116.5 83.8
(e) Repairs, maintenance, upkeep and others 461.4 424.2
(f) Rates and taxes 65.9 26.5
(g) Electricity expenses 59.4 83.9
(h) Communication expenses 169.0 169.4
(i) Net loss on derecognition of property, plant and equipment 6.9 8.1
(j) Advertisement and publicity 424.7 100.6
(k) Printing and stationery 19.4 25.6
(l) Subscription and periodicals 85.8 88.4
(m) Legal and professional charges 161.7 111.4
(n) Director’s fees, allowances and expenses 10.6 9.4
(o) Auditor’s fees and expenses (refer note below) # 10.2 11.2
(p) Corporate Social Responsibility (CSR) expenses (refer note 32) 160.4 144.4
(q) Recruitment expenses 6.8 22.2
(r) Net loss on foreign currency transaction and translation 0.5 1.2
(s) Royalty expenses 54.2 49.1
(t) Miscellaneous Expenses 5.2 9.3
Total 2,063.8 1,691.6
(` million)
# Payments to the auditor
March 31, 2021 March 31, 2020
(a) for audit fees 7.3 6.7
(b) for taxation matters 0.7 0.7
(c) for other services 1.5 2.6
(d) for reimbursement of expenses 0.7 1.2
Total 10.2 11.2

Notes
30. Earnings per share

The computation of basic and diluted earnings per share is given below:
Year ended Year ended

Particulars
March 31, 2021 March 31, 2020
Net profit after tax (` million) (A) 10,675.5 5,367.1
Weighted average number of equity shares outstanding for basic EPS (in million) (B) 322.2 322.1
Basic earnings per share for continuing operations (`) (A) / (B) 33.14 16.66
Add: Weighted average number of potential equity shares on account of employee stock 0.6 0.3
options (in millions) (C)
Weighted average number of equity shares outstanding for diluted EPS (in million) 322.8 322.4
(D) = (B)+(C)
Diluted earnings per share for continuing operations (`) (A) / (D) 33.07 16.65
Nominal value per share (`) 5.00 5.00
31. Related Party Disclosures

As per Indian Accounting Standard on related party disclosures (Ind AS 24), the names of the related parties of
the Company are as follows:
A. Related party where control exists irrespective whether transactions have occurred or not
Holding Company : ICICI Bank Limited
Subsidiary Companies : ICICI Securities Holdings, Inc.
ICICI Securities Inc. (Step down Subsidiary)
B. Other related parties where transactions have occurred during the year
a. Fellow Subsidiaries:
ICICI Securities Primary Dealership Limited; ICICI Prudential Life Insurance Company Limited; ICICI Lombard
General Insurance Company Limited; ICICI Prudential Asset Management Company Limited; ICICI Home
Finance Company Limited; ICICI Venture Funds Management Company Limited.
b. Post-employment benefit plan: ICICI Securities Employees Group Gratuity Fund
c. Directors and Key Management Personnel (‘KMP’) of the Company
i) Vinod Kumar Dhall – Chairman & Independent Director
ii) Ashvin Parekh – Independent Director
iii) Subrata Mukherji – Independent Director
iv)
Vijayalakshmi Iyer – Independent Director
v) Anup Bagchi – Non Executive Director
vi)
Pramod Rao – Non Executive Director
vii) Vijay Chandok – Managing Director and CEO
viii) Shilpa Kumar – Managing Director and CEO (till May 6, 2019)
ix)
Ajay Saraf – Executive Director
d. Key Management Personnel of Parent

i) Sandeep Bakhshi – Managing Director and CEO of ICICI Bank Limited
ii) Anup Bagchi – Executive Director of ICICI Bank Limited
iii) Uday Chitale – Independent Director of ICICI Bank Limited
iv) Subramanian Madhavan – Independent Director of ICICI Bank Limited
v) Vishakha Mulye – Executive Director of ICICI Bank Limited
vi) Girish Chandra Chaturvedi – Non-Executive (part-time) Chairman of ICICI Bank Limited
vii) Lalit Kumar Chandel – Government Nominee Director of ICICI Bank Limited
viii) Sandeep Batra – Executive Director of ICICI Bank Limited

Notes
e. Relatives of Key Management Personnel

i) Sarika Saraf – Spouse of Mr. Ajay Saraf
ii) Ayuj Saraf – Son of Mr. Ajay Saraf
iii) Animesh Bagchi – Father of Mr. Anup Bagchi
iv) Neena Kumar – Sister of Mr. Lalit Kumar Chandel
v) Krishnakumar Subramanian – Brother of Ms. Vijayalakshmi Iyer
vi) Mona Bakshi – Spouse of Mr. Sandeep Bakhshi
vii) Minal Bakshi – Daughter of Mr. Sandeep Bakhshi
viii) Esha Bakshi – Daughter of Mr. Sandeep Bakhshi
ix) Shivam Bakhshi – Son of Mr. Sandeep Bakhshi
x) Ashwin Pradhan – Son-in-law of Mr. Sandeep Bakhshi
xi) Rajani Chaturvedi – Spouse of Mr. Girish Chandra Chaturvedi
xii) Ajay Saraf - HUF – HUF of Mr. Ajay Saraf
xiii) Poonam Chandok – Spouse of Mr. Vijay Chandok
xiv) Simran Chandok – Daughter of Mr. Vijay Chandok
xv) Shishir Bagchi – Brother of Mr. Anup Bagchi
xvi) Pranav Batra – Son of Mr. Sandeep Batra
xvii) Vignesh Mulye – Son of Ms. Vishakha Mulye
f. Entity controlled or jointly controlled by KMP of ICICI Bank Limited: ICICI Foundation for Inclusive Growth
The following transactions were carried out with the related parties in the ordinary course of business.
Income and Expense items:

(For the year ended)
(` million)
Holding Company Subsidiary Companies Fellow Subsidiary Companies
Nature of Transaction March March March March March March
31, 2021 31, 2020 31, 2021 31, 2020 31, 2021 31, 2020
Income from services and 564.2 109.8 - - - -
brokerage (commission and fees)
ICICI Home Finance Company - - - - 8.8 20.2
Limited
ICICI Prudential Life Insurance - - - - 557.5 525.1
Company Limited
ICICI Securities Primary - - - - 0.0 0.0
Dealership Limited
ICICI Lombard General Insurance - - - - 13.1 9.1
Company Limited
ICICI Prudential Asset - - - - 140.3 116.3
Management Company Limited
ICICI Venture Funds Management - - - - 3.1 17.7
Company Limited
Interest income 84.3 95.5 - - - -
Other revenue from operations - - - - - -
ICICI Home Finance Company - - - - 0.4 -
Limited

Notes
(` million)
31, 2021 31, 2020 31, 2021 31, 2020 31, 2021 31, 2020
Staff expenses 9.3 12.3 - - - -
ICICI Securities Primary - - - - (0.0) (0.4)
Dealership Limited
Company Limited 1
Company Limited 2
Operating expenses 919.0 334.8 - - - -
ICICI Securities, Inc. - - 175.6 191.8 - -
Other expenses 3 263.6 262.6 - - - -
Company Limited
Dealership Limited
Company Limited
Company Limited
Finance cost 4 32.1 8.4 - - - -
Dividend paid 3,712.9 2,539.4 - - - -
Purchase of bond 353.6 680.1 - - - -
ICICI Securities Primary - - - - 1,460.5 972.7
Dealership Limited
Sale of bond 762.6 311.4 - - - -
ICICI Prudential Life Insurance - - - - 555.5 -
Company Limited
1
xcludes an amount of ` 0.6 million (March 31, 2020: ` 0.6 million) as claims paid directly by ICICI Prudential Life Insurance Company Limited
E
pertaining to the employees of the Company.
2
xcludes an amount of ` 28.6 million (March 31, 2020: ` 31.4 million) received towards reimbursement of claims submitted by the employees
E
under group health insurance policy. The Company has also received an amount of ` 0.6 million (March 31, 2020: Nil) towards asset insurance
claims.
3
Includes amount paid of ` 54.2 million (March 31, 2020: ` 49.1 million) towards royalty / license fees to the bank for use of “ICICI” trademarks.
4
he Company has a credit facility of ` 6,425.0 million (March 31, 2020: ` 6,000.0 million) from ICICI Bank Limited. The balance outstanding as
T
on March 31, 2021 is Nil (March 31, 2020: Nil).
The Company has contributed ` 350.0 million (March 31, 2020: ` 25.0 million ) to ICICI Securities Group Gratuity Fund
during the year.
The Company has contributed ` 35.0 million (March 31, 2020: ` 109.1 million) to ICICI Foundation for contribution towards CSR.

Notes
Balance Sheet Items:

(Outstanding as on)
(` million)
31, 2021 31, 2020 31, 2021 31, 2020 31, 2021 31, 2020
Share capital 1 1,208.3 1,276.1 - - - -
Payables 818.0 263.4 - - - -
Company Limited
Company Limited
Dealership Limited
Company Limited
ICICI Securities, Inc. - - 23.9 20.8 - -
Other liabilities 18.0 40.6 - - - -
Fixed assets purchases - 4.6 - - - -
Fixed assets sold 0.2 0.7 - - - -
Investment - - - - - -
ICICI Securities Holdings, Inc. 2 - - 123.6 122.7 - -
Bank overdraft 0.0 - - - - -
Fixed deposits 2,655.3 1,148.4 - - - -
(` 3.0 kept as collateral security
towards bank guarantees)
(Previous year ` 2.5)
Accrued interest income 47.0 44.8 - - - -
Bank balance 1,600.6 2,291.5 - - - -
(Net of current liabilities of ` Nil)
(Previous year ` 0.0)
Deposit (0.0) 2.4 - - - -
Company Limited
Loans & advances (including 6.6 3.5 - - - -
prepaid expenses)
Company Limited
Company Limited
Dealership Limited
Other assets 12.3 39.2 - - - -
Receivables - - - - - -
Company Limited
Company Limited
Limited

Notes
(` million)
31, 2021 31, 2020 31, 2021 31, 2020 31, 2021 31, 2020
Accrued income 25.9 4.7 - - - -
Company Limited
Limited
ICICI Venture Funds Management - - - - - 17.7
Company Limited
1
ICICI Bank Limited has sold 13,563,403 equity shares of face value of ` 5 each of the Company, during the year ended March 31, 2021 and
accordingly the investment by ICICI Bank Limited in share capital of the Company has decreased from ` 1,276.1 million as at March 31, 2020 to
` 1,208.3 million as at March 31, 2021.
2
he Company has Employee Stock Option Plans (ESOP) in force. Based on such ESOP schemes, the Company has granted ESOP Options to
T
the employees of the step down subsidiary company ICICI Securities Inc. that would vest in a graded manner to employees of ICICI Securities
Inc. and accordingly the deemed cost of investment in subsidiary ICICI Securities Holdings, Inc. has increased from ` 122.7 million as at March
31, 2020 to ` 123.6 million as at March 31, 2021.
Key Management Personnel

The details of compensation paid for the year ended March 31, 2021 are as below :
(` million)
Vijay Chandok Shilpa Kumar Ajay Saraf Anup Bagchi
Particulars March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2021 2020 2021 2020 2021 2020 2021 2020
Short-term employee 61.3 42.0 4.7 15.6 35.4 34.7 1.5 1.5
benefits
Post-employment benefits* 4.9 6.7 - 0.2 1.1 2.1 - -
Total 66.2 48.7 4.7 15.8 36.5 36.8 1.5 1.5
*As the liabilities for gratuity and leave compensation are provided on an actuarial basis for the Company as a whole, the amounts pertaining to
the key management personnel is not included above.
The compensation paid includes bonus paid, long term incentives paid and contribution to provident fund.
The Directors and employees have received share options of ICICI Bank Limited and ICICI Securities Limited. The cost
of the options granted to the Directors for the year ended March 31, 2021 is ` 99.2 million (Previous year ` 96.8 million).
During the year ended March 31, 2021, 16,170 employee stock options with exercise value of ` 4.1 million were exercised
by the key management personnel of the company.
The Company has paid ` 0.5 million (March 31, 2020: ` 1.0 million) to the relative of director towards scholarship under
employee benefit policy. Also the Company has received brokerage amounting to ` 1.4 million (March 31, 2020: ` 1.4
million) from the key management personnel and ` 0.4 million (March 31, 2020: ` 0.2 million) from relatives of the key
management personnel.
During the year ended March 31, 2021, the Company paid dividend amounting to ` 0.3 million (March 31, 2020: ` 0.1
million) to its KMPs and their relatives who are shareholders.
During the year ended March 31, 2021, the Company has paid ` 6.6 million (March 31, 2020: ` 4.4 million) sitting fees to
the Directors of the Company. The Company also provided for commission for Financial Year 2021 amounting to ` 4.0
million (March 31, 2020: ` 4.0 million) to the Independent Directors of the Company.
` 0.0 million indicates values are lower than ` 0.1 million, where applicable.

Notes
32. Statement of corporate social responsibility expenditure

As per Section 135 of The Companies Act, 2013, a Company, meeting the applicability threshold, needs to spend at
least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility
(CSR) activities. The Company undertook eight initiatives in addition to the initiatives undertaken by ICICI Foundation for
Inclusive Growth in specific areas particularly skill development. The initiatives were directly or through its partners in
the areas of skill-development and sustainable livelihood, creation of job opportunities, healthcare including preventive
healthcare, empowering women and senior citizen welfare.
(` million
March 31, 2021 March 31, 2020
a Gross amount required to be spent during the year 160.4 144.4
b Amount spent during the year on
(i) Construction/acquisition of any asset - -
(ii) On purposes other than (i) above - in cash 160.4 144.4
Out of the above, contribution made to related party is as below:
ICICI Foundation for Inclusive Growth 35.0 109.1
Refer Directors’ Report - Annexure F for Annual Report on Corporate Social Responsibility (CSR) activities.
33. Contingent liabilities

A. Contingent Liabilities shall be classified as (to the extent not provided for):
(` million
As at As at
March 31, 2021 March 31, 2020
Claims against the company not acknowledged as debt 1,487.6 1,286.5
B. There has been a Supreme Court (SC) judgement dated February 28, 2019, relating to components of salary structure
that need to be taken into account while computing the contribution to provident fund under the EPF Act. There
are interpretative aspects related to the Judgement including the effective date of application. The Company will
continue to assess any further developments in this matter for the implications on financial statements, if any.
Note:
i. It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above
pending resolution of the respective proceedings as it is determinable only on receipt of judgments/decisions
pending with various forums/authorities.
ii. The Company’s pending litigations comprise of claims against the Company pertaining to proceedings pending
with Income Tax, Sales tax/VAT, Service tax and other authorities. The Company has reviewed all its pending
litigations and proceedings and has adequately provided for where provisions are required and disclosed as
contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome
of these proceedings to have a materially adverse effect on its financial results.
iii. The Company does not expect any reimbursements in respect of the above contingent liabilities.
34. Capital Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for is ` 43.6 million
(March 31, 2020: ` 44.1 million).
35. Micro, Small and Medium enterprises

There are no micro, small and medium enterprises, to which company owes dues, as at March 31, 2021. This
information is required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006

Notes
(‘MSMED Act, 2006’) that has been determined to the extent such parties have been identified on the basis of
information available with the Company. This has been relied upon by the auditors.
(` million
As at As at
Particulars
March 31, 2021 March 31, 2020
The amounts remaining unpaid to any supplier at the end of the year:
1. Principal amount - -
2. Interest amount - -
The amounts of interest paid by the buyer in terms of section 16 of the MSMED Act, - -
2006
The amounts of the payments made to micro and small suppliers beyond the appointed - -
day during each accounting year
The amount of interest due and payable for the period of delay in making payment - -
(which have been paid but beyond the appointed day during the year) but without
adding the interest specified under MSMED Act, 2006
The amount of interest accrued and remaining unpaid at the end of each accounting - -
year
The amount of further interest remaining due and payable even in the succeeding - -
years, until such date when the interest dues as above are actually paid to the small
enterprise for the purpose of disallowance as a deductible expenditure under the
MSMED Act, 2006
36. Lease
A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a
period of time in exchange for consideration.
Company as a lessee
The Company’s lease asset classes primarily consist of leases for premises and leasehold improvements. The
Company assesses whether a contract contains a lease, at inception of a contract. To assess whether a contract
conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves
the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset
through the period of the lease and (iii) the Company has the right to direct the use of the asset.
At the date of commencement of the lease, the Company recognizes a right-of-use asset (“ROU”) and a corresponding
lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or
less (short-term leases) and low value leases (underlying asset of less than ` 1,50,000). For these short-term and
low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis
over the term of the lease. The Company has recognised ` 3.6 million towards short term lease (March 31, 2020:
` 26.6 million) and ` 2.1 million towards low value assets (March 31, 2020: ` 4.4 million) during the year ended
March 31, 2021.
Certain lease arrangements include the option to extend or terminate the lease before the end of the lease term.
ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.
The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability
adjusted for any prepaid lease plus any initial direct costs. They are subsequently measured at cost less
accumulated depreciation.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the lease term.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease
payments are discounted using the incremental borrowing rate of the company. Lease liabilities are re-measured
with a corresponding adjustment to the related right of use asset if the Company changes its assessment on
whether it will exercise an extension or a termination option.
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments of ` 384.8
million (March 31, 2020: ` 479.9 million) have been classified as cash flow generated from financing activity.

Notes
Company as a lessor
At the inception of the lease the Company classifies each of its leases as either an operating lease or a finance
lease. The Company recognises lease payments received under operating leases as income on a straight- line basis
over the lease term. The company has recognised ` Nil million (March 31, 2020: ` 18.0 million towards income
from sub-lease.
The details of Right to use Asset of the company are as follows:

(` million)
March 31, 2021 Carrying values
Leasehold Leasehold
Asset Class Total
property improvements
Balance as of April 1, 2020 1,485.7 42.4 1,528.1
Add: Additions during the period 23.9 - 23.9
Less: Deductions during the period 240.7 - 240.7
Less: Depreciation 324.6 24.7 349.3
Total 944.3 17.7 962.0
(` million)
Leasehold Leasehold
Asset Class Total
Reclassified on account of adoption of Ind AS 116 65.0 2.2 67.2
Add: Additions during the period 169.6 - 169.6
Less: Deductions during the period 240.8 - 240.8
Total 1,485.7 42.4 1,528.1
Following is the movement in lease liabilities for the period:

(` million)
For the year ended March 31, 2021
Asset Class Leasehold Leasehold
Total
Property improvements
Additions during the period 23.9 - 23.9
Deductions during the period 249.2 - 249.2
Interest Expense 93.5 3.8 97.3
Less: Lease Payments 357.0 27.8 384.8
Total 1,041.9 18.9 1,060.8
(` million)
Total
Total 1,530.7 42.9 1,573.6

Notes
37. Change in liabilities arising from financing activities

(` million)
Changes in
Particulars April 1, 2020 Cash flows Others* March 31, 2021
fair values
Debt securities 14,975.3 20,124.1 - 110.2 35,209.6
(` million)
Changes in
fair values
Debt securities 4,473.0 10,421.1 - 81.2 14,975.3
*includes the effect of accrued but not paid interest on borrowing, amortisation of processing fees etc.
38. Share based payments

A. Employees Stock Option Scheme, 2017 (ESOS- 2017)
The Company has formulated the ICICI Securities Limited - Employees Stock Option Scheme, 2017 (ESOS- 2017).
This scheme envisaged grant of share options to eligible employees to enhance employee motivation, to enable
employees to participate in the long term growth and financial success of the Company and to act as a retention
mechanism, by enabling employee participation in the business as an active stakeholder to usher in an ‘owner-
manager’ culture.
The Members of the Company had, at the Extra-Ordinary General Meeting held on December 8, 2017, approved
the ICICI Securities Limited - Employees Stock Option Scheme, 2017 (ESOS- 2017) Scheme. Pursuant to Regulation
12 of the SEBI Regulations, the Company could not make any fresh grant which involved allotment or transfer of
shares to its employees under any scheme formulated prior to its initial public offer and listing of its equity shares,
unless such scheme is ratified by the shareholders of the Company. The equity shares of the Company were listed
on National Stock Exchange of India Limited and BSE Limited with effect from April 4, 2018 and accordingly, the
Scheme alongwith some amendments, was ratified by the shareholders of the Company at the Annual General
Meeting held on August 30, 2018. The amendments were done to align the Scheme to ICICI Group norms and
market practice. No grants had been made under the Scheme before its ratification.
The scheme is compliant with the Securities and Exchange Board of India (Share Based Employee Benefits)
Regulations, 2014. Pursuant to SEBI (Share Based Employee Benefits) Regulations, 2014, options are granted by
the Board Governance, Remuneration & Nomination Committee (BGRNC) and approved by the Board.
Eligibility as defined in the scheme “ESOS – 2017” means (i) permanent employee of the Company who has
been working in India or outside India, or (ii) a director of the Company whether a whole time director or not but
excluding an independent director, or (iii) employees of the Subsidiaries of the Company (the ‘Subsidiaries’), or (iv)
employees of the Holding Company of the Company (the ‘Holding Company’). Under this scheme, the maximum
number of options granted to any eligible employee/director in a financial year shall not, except with the approval
of the Board of Directors of ICICI Securities Limited, exceed 0.10% of the issued shares of the Company at the
time of grant of options and the aggregate of all such options granted to the eligible employees shall not exceed
5% of the aggregate of the number of issued shares of the Company, from time to time, on the date(s) of grant of
option(s). The options granted but not vested and the options vested but not exercised in accordance with this
Scheme or the Award Confirmation or the Vesting Confirmation shall terminate and the shares covered by such
terminated options shall become available for future grant under this Scheme. The options granted represents a
European call option that provides a right but not an obligation to the employees of the Company to exercise the
option by paying the strike price at any time on completion of the vesting period, subject to an outer boundary on
the exercise period.

Notes
Details in respect of options granted to its eligible employees is as follows:

Number
Exercise Price
Scheme Year Date of Grant of options Vesting Conditions Exercise Period
(`) per share
granted
ESOS -2017 2019 October 19, 2018 176,700 30% of the options would vest 5 years 256.55
on October 19, 2019, 30% of the from date of
options would - vest on October vesting.
19, 2020 and the balance 40%
of the options would - vest on
October 19, 2021.
ESOS -2017 2020 April 23, 2019 11,52,600 30% of the options would vest 5 years 221.45
on April 23, 2020, 30% of the from date of
options would vest on April 23, vesting.
2021 and the balance 40% of the
options would vest on April 23,
2022.
ESOS -2017 2021 May 7, 2020 13,33,000 30% of the options would vest 5 years 361.00
on May 7, 2021, 30% of the from date of
options would vest on May 7, vesting.
2022 and the balance 40% of
the options would vest on May
7, 2023.
options would vest on October vesting.
of the options would vest on
October 28, 2023.
The activity in the stock option plan is summarized below:

Outstanding at Exercised Outstanding at Exercisable
Granted during Forfeited during Expired during
Scheme Year the beginning during the the end of the at the end of
the year the year the year
of the year year year the year
ESOS -2017 FY 2021 13,29,300 13,37,200 47,350 90,800 Nil 25,28,350 3,45,250
ESOS -2017 FY 2020 176,700 11,52,600 Nil Nil Nil 13,29,300 53,010
ESOS -2017 FY 2019 Nil 176,700 Nil Nil Nil 176,700 Nil
The fair value of the underlying shares has been determined by an independent valuer and fair value of the options
granted is as follows:
Fair value of the options granted (`) per

Scheme Financial Year Date of Grant
share
ESOS -2017 2019 October 19, 2018 90.08
ESOS -2017 2020 April 23, 2019 72.32
ESOS -2017 2021 May 7, 2020 134.04
ESOS -2017 2021 October 28, 2020 179.55
The following assumptions were used for calculation of fair value of grants in accordance with the Black- Scholes
options pricing model.
March 31, 2021 March 31, 2020
Risk free interest rate 4.82% to 5.70% 7.00% to 7.27%
Expected life of options 3.51 to 5.51 years 3.51 to 5.51 years
Expected volatility 46.15% to 48.78% 42.64% to 43.44%
Expected dividend yield 2.35% to 2.76% 4.24%

Notes
The period for volatility has to be adequate to represent a consistent trend in price movements. The Company
was listed on April 4, 2018. Hence, due to insufficiency of data, the Company has considered market prices of peer
companies for calculating volatility.
During the year, ` 110.3 million was charged to the profit and loss account in respect of equity-settled share-based
payment transactions (March 2020: ` 39.0 million).
B. ICICI Bank Employee Stock Option Scheme

payment transactions (March 2020: ` 87.5 million). This expense, which was computed from the fair values of the
share-based payment transactions when granted, arose under employee share options made in accordance with
the reward structure of ICICI Bank Limited.
The details of the options granted to eligible employees of the Company by ICICI Bank Limited are as follows:
In terms of the ESOS of the Parent Bank, the options are granted to eligible employees and Directors of the Bank
and its subsidiaries. As per the ESOS, as amended, the maximum number of options granted to any eligible
employees/Directors in a financial year shall not exceed 0.05% of the Parent Bank’s issued equity shares at the
time of the grant of the options and aggregate of all such options shall not exceed 10% of the aggregate number
of the Parent Bank’s issued equity shares on the date(s) of the grant of options in line with SEBI Regulations.
Options granted prior to March 2014, vested in a graded manner over a four-year period with 20%, 20%, 30% and
30% of the grants vesting in each year, commencing from the end of 12 months from the date of grant. Options
granted after March 2014, vest in a graded manner over a three-year period with 30%, 30% and 40% of the grant
vesting in each year, commencing from the end of 12 months from the date of grant.
In April 2016, the Parent bank modified the exercise period from 10 years from the date of grant or five years from
the date of vesting, whichever is later, to 10 years from the date of vesting of options. In June 2017, the exercise
period was further modified by the Parent Bank to not exceed 10 years from the date of vesting of options as
may be determined by the Board Governance, Remuneration & Nomination Committee of the Parent Bank to be
applicable for future grants. In May 2018, exercise period was further modified by the Parent Bank to not exceed
5 years from the date of vesting of options as may be determined by the Board Governance, Remuneration &
Nomination Committee of the Parent Bank to be applicable for future grants.
39. Significant investment in the subsidiaries

Holding/ Subsidiary/
Name of the Company Principal place of business % of shares held
Associate
ICICI Securities Holdings, Inc 1120 Avenue of the Americas Wholly-owned 100%
4th Floor New York, NY 10036, Subsidiary
United States of America
ICICI Securities, Inc 1120 Avenue of the Americas Step-down 100%
4th Floor New York, NY 10036, Subsidiary
United States of America
40. Income Taxes

The Company elected to exercise the option permitted under section 115BAA of the Income Tax Act, 1961 as
introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company has recognised
Provision for Income Tax for the period ended September 30, 2019 and re-measured its Deferred Tax Assets. The
full impact of this change arising out of revaluation of Deferred Tax Assets as at March 31, 2019, aggregating to
` 201.4 million has been recognised in the quarter and period ended September 30, 2019.

Notes
A. The major components of income tax expense for the year are as under:
(` million
Particulars
March 31, 2021 March 31, 2020
Current tax
In respect of current year 3,608.2 1,961.5
In respect of prior years (2.8) -
Total (A) 3,605.4 1,961.5
Deferred Tax
Origination and reversal of temporary differences 26.8 (43.1)
Impact of change in tax rate - 190.8
Total (B) 26.8 147.7
Income Tax recognised in the statement of Profit and Loss (A+B) 3,632.2 2,109.2
Income tax expenses recognized in OCI
Re-measurement of defined employee benefit plans 33.4 (63.8)
Income tax relating to items that will not be classified to profit or loss (8.3) 4.7
Total 25.1 (59.1)
B. Reconciliation of tax expenses and the accounting profit for the year is as under:
(` million
Particulars
March 31, 2021 March 31, 2020
Enacted tax rate in India 25.17% 25.17%
Income tax expenses calculated 3,601.2 1,881.8
Decrease / Increase in tax rate - 190.8
Tax on expense not tax deductible 33.8 36.7
Tax on income exempt from tax (2.8) (0.1)
Total tax expenses as per profit and loss 3,632.2 2,109.2
The effective income tax rate for the year ended March 31, 2021 is 25.39% (March 31, 2020 is 28.21%)
The applicable Indian corporate statutory tax rate for the year ended March 31, 2021 and March 31, 2020 is 25.17%.
The decrease in corporate statutory tax rate to 25.17% is consequent to changes made in the Taxation Laws
(Amendment) Ordinance, 2019.
Movement of deferred tax assets and liabilities

As at March 31, 2021
(` million)
Credit/ Credit/(charge)
As at (charge) in the in Other As at
Movement during the year ended March 31, 2021
April 1, 2020 Statement of Comprehensive March 31, 2021
Profit and Loss Income
Property, Plant and Equipment and Intangible assets 38.7 (9.0) - 29.7
Provision for expected credit losses 66.7 (11.6) - 55.1
Employee benefits obligations 294.8 10.5 - 305.3
Fair value gain/(loss) on investments (0.5) (1.0) - (1.5)
Provision for post-retirement benefit 177.6 (56.9) (8.3) 112.4
Other temporary differences (0.2) 41.2 - 41.0
Net deferred tax assets/ (liabilities) 577.1 (26.8) (8.3) 542.0

Notes

(` million)
As at (charge) in the in Other As at
Movement during the year ended March 31, 2020
April 1, 2019 Statement of Comprehensive March 31, 2020
Property, Plant and Equipment and Intangible assets 56.9 (18.2) - 38.7
Provision for expected credit losses 56.4 10.3 - 66.7
Employee benefits obligations 400.8 (106.0) - 294.8
Fair value gain/(loss) on investments (2.4) 1.9 - (0.5)
Provision for post-retirement benefit 196.8 (23.9) 4.7 177.6
Other temporary differences 11.6 (11.8) - (0.2)
Net deferred tax assets/ (liabilities) 720.1 (147.7) 4.7 577.1
C. The Company has the following unused tax losses for which no deferred tax asset has been
recognised in the Balance Sheet.
(` million
As at Expiry As at Expiry
Particulars Financial Year
March 31, 2021 Date March 31, 2020 Date
Capital loss under Income Tax 2012-13 0.7 March 31, 2021 0.7 March 31, 2021
Act, 1961
Capital loss under Income Tax 2017-18 67.8 March 31, 2026 67.8 March 31, 2026
Act, 1961
Capital loss under Income Tax 2019-20 0.7 March 31, 2028 -
Act, 1961
TOTAL 69.2 68.5
41. Segment Reporting

The Company also prepares the consolidated financial statements. In accordance with Ind AS 108 on Operating
Segments, the Company has disclosed the segment information in the consolidated financial statements.
42. Employee benefits

Defined Contribution Plan
The Company makes contributions towards Provident Fund, Family Pension Fund, National Pension Scheme, and
Employee State Insurance Scheme which are defined contribution retirement benefit plans for qualifying employees.
Amount of ` 189.7 Million (March 31, 2020 : ` 198.8 Million) is recognised as expenses, which is classified as a part
of “Contribution to gratuity / provident and other funds”. (Refer Note No. 28)
Defined Benefit Plan

Gratuity
Governance of the Plan:
The Company has setup an income tax approved irrevocable trust fund to finance the plan liability. The trustees
of the trust fund are responsible for the overall governance of the plan.
Funding arrangements and Policy:

The money contributed by the Company to the fund to finance the liabilities of the plan has to be invested. The
trustees of the plan have outsourced the investment management of the fund to an insurance company. The
insurance company in turn manages these funds as per the mandate provided to them by the trustees and the asset
allocation which is within the permissible limits prescribed in the insurance regulations. Due to the restrictions in
the type of investments that can be held by the fund, it is not possible to explicitly follow an asset-liability matching
strategy to manage risk actively. There is no compulsion on the part of the Company to fully pre fund the liability
of the Plan. Company’s philosophy is to fund the benefits based on its own liquidity and tax position as well as
level of underfunding of the plan. The expected contribution payable to the plan next year is ` 40.0 million.

Notes
The following table summarizes the components of net expenses for gratuity benefits recognised in the statement
of profit and loss, other comprehensive income and the amounts recognised in the balance sheet.
(` million)
Sr. Year ended Year ended
Particulars
No. March 31, 2021 March 31, 2020
Reconciliation of defined benefit obligation (DBO) :
Change in Defined Benefit Obligation
(i) Opening defined benefit obligation 728.8 569.0
(ii) Current Service cost 81.6 70.5
(iii) Past service cost - -
(iv) Interest cost 42.4 36.6
(v) Actuarial (gain) / loss from changes in financial assumptions 13.7 37.6
(vi) Actuarial (gain) / loss from changes in demographic assumptions (13.4) 4.7
(vii) Actuarial (gain) / loss on account of experience changes (27.1) 22.2
(viii) Benefits paid (68.2) (60.5)
(ix) Liabilities assumed on inter group transfer - 48.7
(x) Closing defined benefit obligation 757.8 728.8
Movement in Plan assets
(i) Opening fair value of plan assets 23.1 9.2
(ii) Interest on plan assets - -
(iii) Actual return on plan assets less interest on plan assets 6.5 0.7
(iv) Contributions by employer 350.0 25.0
(v) Assets acquired / (settled) - 48.7
(vi) Benefits paid (68.2) (60.5)
Closing fair value of plan assets 311.4 23.1
Balance sheet
Net asset / (liability) recognised in the balance sheet:
(i) Present value of the funded defined benefit obligation 757.8 728.8
(ii) Fair value of plan assets at the end of the year 311.4 23.1
Liability recognized in the balance sheet (i-ii) 446.4 705.7
Statement of profit and loss
Expenses recognised in the Statement of Profit and Loss:
(i) Current Service cost 81.6 70.5
(ii) Interest on net defined benefit obligation 42.4 36.6
(iii) Past Service Cost - -
Total included in ‘Employee benefits expense (i+ii+iii) 124.0 107.1
(` million)
Particulars
March 31, 2021 March 31, 2020
Statement of other Comprehensive Income (OCI)
Opening amount recognised in OCI outside statement of profit and loss 179.8 116.0
Remeasurements during the period due to
- changes in financial assumptions 13.7 37.6
- changes in demographic assumptions (13.4) 4.7
- Experience adjustment (27.1) 22.2
- Annual return on plan assets less interest on plan assets (6.6) (0.7)
Closing amount recognised in OCI outside statement of profit and loss 146.4 179.8

Assumptions used for Gratuity
March 31, 2021 March 31, 2020
Interest rate (p.a.) 5.90% 6.20%
Salary escalation rate (p.a.) 7.00% 7.00%
Estimated rate of return on plan assets (p.a.) 8.00% 8.00%

Notes
Sensitivity Analysis
The key actuarial assumptions to which the benefit obligation results are particularly sensitive to are discount rate
and future salary escalation rate. The following table summarizes the change in defined benefit obligation and
impact in percentage terms compared with the reported defined benefit obligation at the end of the reporting
period arising on account of an increase or decrease in the reported assumption by 50 basis points.
Salary Escalation
Particulars Discount Rate
rate
Defined Benefit obligation on increase in 50 bps 735.0 780.9
Impact of increase in 50 bps on DBO -2.98% 3.08%
Defined Benefit obligation on decrease in 50 bps 781.4 735.3
Impact of decrease in 50 bps on DBO 3.14% -2.95%
These sensitivities have been calculated to show the movement in defined benefit obligation in isolation and
assuming there are no other changes in market conditions at the accounting date. There have been no changes
from the previous periods in the methods and assumptions used in preparing the sensitivity analyses.
Investment details of plan assets

(` million)
Particulars
March 31, 2021 March 31, 2020
Insurer managed funds 310.5 22.4
Others 0.9 0.7
Reconciliation of plan assets during the inter-valuation period
Opening fair value of plan assets 23.1 9.2
Employer contributions 350.0 25.0
Settlements from the Fund (68.2) (60.5)
Interest accrued to the Fund 6.5 0.7
Actual return on plan assets less interest on plan assets - -
Assets acquired / (settled) - 48.7
Projected plan cash flow:

The table below shows the expected cash flow profile of the benefits to be paid to the current membership of the
plan based on past service of the employees as at the valuation date:
Maturity profile Amount in `

Expected benefits for year 1 110,292,602
Expected benefits for year 10 and above 409,707,592
The weighted average duration to the payment of these cash flows is 6.12 years
The Company has made a provision towards gratuity for its employees of the Oman Branch amounting to ` Nil
million (March 31, 2020: Nil)

Notes
Compensated Absence
The liability towards compensated absences for the year ended March 31, 2021 is based on actuarial valuation
carried out by using the projected unit credit method.
Assumptions
March 31, 2021 March 31, 2020
Long Term Incentive Plan

Liability for the scheme is determined based on actuarial valuation which has been carried out using the projected
unit credit method.
Assumptions
March 31, 2021 March 31, 2020
Interest rate assumption in case of subsidiary is 0.13% (March 31, 2020: 0.23%)
43. Revenue from contracts with customers

The Company is engaged in the business of retail and institutional broking, distribution of financial products and
investment banking. In accordance with Ind AS 115, Revenue from Contracts with Customers, the revenue is
accounted in the following manner for each head:
A) Brokerage income:
The Company provides trade execution and settlement services to the customers in retail and institutional segment.
There is only one performance obligation of execution of the trade and settlement of the transaction which is
satisfied at a point in time. The brokerage charged is the transaction price and is recognised as revenue on trade
date basis. Related receivables are generally recovered in a period of 2 days as per the settlement cycle. Amount
not recovered and which remain overdue for a period exceeding 90 days, are provided for.
B) Income from service:

Income from service consists of income from distribution of financial products and income from investment
banking activities (advisory income).
1) Distribution of financial products:

The Company distributes various financial products and other services to the customers on behalf of third party
i.e. the Company acts as an intermediary for distribution of financial products and services. The Company executes
contracts with the Principal, viz AMC’s, Mutual Funds, Bank, Insurance Company etc. to procure customers for its
products. As a consideration, the Company earns commission income from the third parties for the distribution
of their financial products. The commission is accounted net of claw back if any, due to non-fulfilment of contract
by the customer with the principal. The customer obtains control of the service on the date when customer enters
into a contract with principal and hence subscription or contract date is considered as the point in time when
the performance obligation has been satisfied. In case of continuing services, the same are recognised over a
period of time.
The Company also conducts:

a. education training programs
b. provide financial planning services to its customers.
The Company recognizes the revenue on completion of the performance obligation either on point in time or over
a period of time, as the case may be.
In case of third party financial products, transaction price is determined as per contract and mutual terms agreed
between the parties. The commission is a percentage of transaction value.

Notes
The distribution fee earned from the following products contributed to a major proportion of overall fee earned
from distribution of financial products in Financial Year 2021:
i. Mutual funds
ii. Life insurance policies
iii. Portfolio management products
2) Advisory income:
The Company provides investment banking services to its customers and earns revenue in the form of advisory
fees on issue management services, mergers and acquisitions, debt syndication, sale of business etc.
In case of these advisory transactions, the performance obligation and its transaction price is enumerated in contract
with the customer. For arrangements with a fixed term, the Company may commit to deliver services in the future.
Revenue associated with these remaining performance obligations typically depends on the occurrence of future
events or underlying asset values, and is not recognized until the outcome of those events or values are known.
The right to receive the fees is based on the milestones defined in accordance with the terms of the contracts
entered into between the company and the counterparty which also defines its performance obligation. In case
of contracts, which have a component of success fee or variable fee, the same is considered in the transaction
price when the uncertainty regarding the consideration is resolved.
The Company has used practical expedient and have not disclosed the amount of remaining performance obligations
since its contract with customers have duration of less than one year.
Contract Liability relates to payments received in advance of performance under the contract. Contract Liabilities
are recognized as revenue on completing the performance obligation.
Revenue recognised in the reporting period that was included in the contract liability balance at the beginning of
the period and the movement thereof: -
(` million)
Revenue recognised
Opening Balance Closing Balance
Nature of contract during the year
2020-21 2019-20 2020-21 2019-20 2020-21 2019-20
Financial Planning Services 5.2 50.8 5.1 81.5 0.1 5.2
Training Fees - 25.2 - 42.8 - -
Signing Fee 23.1 13.3 7.1 18.5 20.5 23.1
Prime Subscription 221.5 - 535.1 155.0 339.4 221.5
Prepaid Brokerage 2,568.8 2,610.3 1,181.7 980.6 2,483.2 2,568.8
Subscription Fees - - 7.9 - 6.2 -
Reconciliation of amount of revenue recognised in the statement of profit and loss with the
contracted price.
(` million)
Particulars 2020-21 2019-20
Revenue from the Contracts (as per Contract) 22,014.6 15,110.8
Less :- Discounts/Incentive to Customers 12.0 420.9
Revenue from the Contracts (as per Statement of Profit and Loss) 22,002.6 14,689.9
44. Financial Instruments

Refer to financial instruments by category table below for the disclosure on carrying value and fair value of financial
assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date
and which are not carried at fair value, the carrying amounts approximate fair value due to the short maturity of
these instruments.

Notes
The following table shows the carrying amounts of financial instruments as at March 31, 2021 which are classified
as Amortised cost, Fair value through profit and loss, Fair value through other comprehensive Income:
(` million)
Fair value Fair value Total carrying
Amortised cost Total fair value
through P&L through OCI value
Assets:
Cash and cash equivalents 2,903.3 - - 2,903.3 2,903.3
Other balances with banks 35,544.4 - - 35,544.4 35,544.4
Securities for trade - 4,661.7 - 4,661.7 4,661.7
Trade receivables 4,584.5 - - 4,584.5 4,584.5
Loans 29,014.5 - - 29,014.5 29,014.5
Investments (excluding - 28.8 - 28.8 28.8
subsidiary)
Other financial assets 758.6 - - 758.6 758.6
Total 72,805.3 4,690.5 - 77,495.8 77,495.8
Liabilities:
Derivative financial - 4.5 - 4.5 4.5
instruments
Trade payables 10,263.6 - - 10,263.6 10,263.6
Debt Securities 35,209.6 - - 35,209.6 35,209.6
Deposits 28.7 - - 28.7 28.7
Lease Liabilities 1,060.8 - - 1,060.8 1,060.8
Other financial liabilities 10,440.5 - - 10,440.5 10,440.5
Total 57,003.2 4.5 - 57,007.7 57,007.7
(` million)
Assets:
Trade receivables 886.2 - - 886.2 886.2
Loans 5,708.7 - - 5,708.7 5,708.7
subsidiary)
Total 31,141.0 8,375.8 - 39,516.8 39,516.8
Liabilities:
Derivative financial - - - - -
instruments
Trade payables 6,931.5 - - 6,931.5 6,931.5
Debt Securities 14,975.3 - - 14,975.3 14,975.3
Deposits 22.3 - - 22.3 22.3
Total 26,197.3 - - 26,197.3 26,197.3
Fair value hierarchy:

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
in the principal (or most advantageous) market at the measurement date under current market conditions (i.e., an
exit price), regardless of whether that price is directly observable or estimated using a valuation technique.

Notes
The investments included in level 1 of fair value hierarchy have been valued using quoted prices for instruments
in an active market. The investments included in level 2 of fair value hierarchy have been valued using valuation
techniques based on observable market data. The investments included in Level 3 of fair value hierarchy have
been valued using the income approach and break-up value to arrive at their fair value. There is no movement
from between Level 1, Level 2 and Level 3. There is no change in Inputs use for measuring Level 3 fair value.
The following table summarises financial instruments measured at fair value on recurring basis:
(` million)
As at March 31, 2021 Level 1 Level 2 Level 3 Total
Financial instruments :
Derivatives 4.5 - - 4.5
Mutual fund units - 1,784.2 - 1,784.2
Equity shares 6.5 - 22.3 28.8
Debt Instruments 1,077.5 1,800.0 - 2,877.5
Total 1,088.5 3,584.2 22.3 4,695.0
(` million)
Derivatives - - - -
Total 2,817.4 5,537.1 21.3 8,375.8
Movements in Level 3 financial instruments measured at fair value.

The Following table shows a reconciliation of the opening and closing amounts of Level 3 financial assets and
liabilities which are recorded at fair value.
(` million)
Particulars March 31, 2021 March 31, 2020
Opening Balance 21.3 21.5
Purchase - -
Less: Sales - -
Add: Gain / (Loss) 1.0 (0.2)
Transfer in Level 3 - -
Les: Transfer from Level 3 - -
Closing Balance 22.3 21.3
Unobservable inputs used in measuring fair value categorised within Level 3 and sensitivity of fair value
measurement to change in unobservable market data.

Change in fair Change in fair
Range of
Type of Significant Increase in value due to Decrease in value due to
Valuation estimates for
Financial unobservable unobservable increase in unobservable decrease in
technique unobservable
Instrument input input unobservable input unobservable
input
input input
Investment Net Asset Net Asset value ` 5.83 per 5% ` 0.1 Million 5% ` (0.1) Million
in unquoted Method per share share
equity shares Discounted WACC% 17.00% 100 basis ` (1.4) Million 100 basis ` 1.6 Million
categorised at projected cash points points
Level 3 flow Perpetual 5.00% 100 basis ` 1.1 Million 100 basis ` (0.9) Million
Growth Rate % points points

Notes

Range of
input
input input
Investment Net Asset Net Asset value ` 6.71 per 5% ` 0.1 Million 5% ` (0.1) Million
in unquoted Method per share share
Financial assets subject to offsetting, netting arrangements

Exchange settlement obligations (disclosed as a part of trade receivable) are subject to netting as the Company
intends to settle it on a net basis. The table below presents the gross balances of asset and lability.
(` million)
Effects on Balance sheet
Particulars Gross amount set Net amount
Gross Amount
off in the balance presented in the
(Asset)
sheet balance sheet
Exchange Settlement Obligations
At March 31,2021 3,210.4 963.9 2,246.5
At March 31, 2020 12.5 2,277.1 (2,264.6)
There are no instruments which are eligible for netting and not netted off.
Financial risk management

The Company has established a comprehensive system for risk management and internal controls for all its
businesses to manage the risks that it is exposed to. The objective of its risk management framework is to ensure
that various risks are identified, measured and mitigated and also that policies, procedures and standards are
established to address these risks and ensure a systematic response in the case of crystallisation of such risks.
The Company has exposure to the following risk arising from financial instruments:
a) Credit risk
b) Liquidity risk
c) Market risk
The Company has established various policies with respect to such risks which set forth limits, mitigation strategies
and internal controls to be implemented by the three lines of defence approach provided below. The Board oversees
the Company’s risk management and has constituted a Risk Management Committee (“RMC”), which frames and
reviews risk management processes and controls.
The risk management system features a “three lines of defence” approach:
1. The first line of defence comprises its operational departments, which assume primary responsibility for their
own risks and operate within the limits stipulated in various policies approved by the Board or by committees
constituted by the Board.
2. The second line of defence comprises specialised departments such as risk management and compliance.
They employ specialised methods to identify and assess risks faced by the operational departments and
provide them with specialised risk management tools and methods, facilitate and monitor the implementation
of effective risk management practices, develop monitoring tools for risk management, internal control and
compliance, report risk related information and promote the adoption of appropriate risk prevention measures.
3. The third line of defence comprises the internal audit department and external audit functions. They monitor and
conduct periodic evaluations of the risk management, internal control and compliance activities to ensure the
adequacy of risk controls and appropriate risk governance, and provide the Board with comprehensive feedback.

Notes
a) Credit risk:
It is risk of financial loss that the Company will incur a loss because its customer or counterparty to financial
instruments fails to meet its contractual obligation.
The Company’s financial assets comprise of Cash and bank balance, Securities for trade, Trade receivables, Loans,
Investments and Other financial assets which comprise mainly of deposits and unbilled revenues.
The maximum exposure to credit risk at the reporting date is primarily from Company’s trade receivable and loans.
Following provides exposure to credit risk for trade receivables and loans:
(` million)
Trade and Other Debtors(net of impairment) 4,584.5 886.2
Loans (net of impairment) 29,014.5 5,708.7
Total 33,599.0 6,594.9
Trade Receivables:
The Company has followed simplified method of ECL in case of Trade receivables and the Company recognises
lifetime expected losses for all trade receivables that do not constitute a financing transaction. At each reporting
date, the Company assesses the impairment requirements.
Based on the industry practices and business environment in which the entity operates, management considers
that the trade receivables are in default if the payment is 90 days overdue. Out of the total trade receivables of
` 4,705.7 million (March 31, 2020: ` 1,044.2 million) ` 121.2 million (March 31, 2020: ` 158.0 million) are overdue
for a period in excess of 90 days. Probability of default (PD) on this balance is considered at 100% and treated as
credit impaired.
oans: Loans comprise of margin trade funding and ESOP funding for which a staged approach is followed for
L
determination of ECL.
tage 1: All Open positions in the MTF and ESOP loan book are considered as stage 1 assets for computation of
S
expected credit loss. Exposure at default (EAD) for stage 1 assets is computed considering different scenarios of
market movements based on an analysis of historical price movements of the index and macro-economic environment.

Stage 2: Exposures under stage 2 include dues upto 30 days pertaining to principal amount on closed positions
and interest on all open positions of MTF and ESOP loan book.
tage 3: Exposures under stage 3 include dues past 30 days pertaining to principal amount on closed positions
S
Based on historical data, the company assigns PD to stage 1 and stage 2 and applies it to the EAD to compute the
ECL. For Stage 3 assets PD is considered as 100%
Following table provides information about exposure to credit risk and ECL on Loan
(` million)
Bucketing March 31, 2021 March 31, 2020
(Stage) Carrying Value ECL Carrying Value ECL
Stage 1 29,082.2 77.0 5,791.0 87.7
Stage 2 10.1 0.8 8.9 3.5
Stage 3 11.0 11.0 1.5 1.5
Total 29,103.3 88.8 5,801.4 92.7

Notes
Movements in the allowances for impairment in respect of trade receivables and loans is as follows:
(` million)
March 31, 2021 March 31, 2020
Amount written off (81.6) (0.3)
Net re-measurement of loss allowance 50.0 7.9
Additional provision (9.1) 90.8
Collaterals held:
The Company holds collateral and other credit enhancements against certain of its credit exposures. The following
tables sets out the principal types of collateral held against different types of financial assets.
Percentage of exposure that is subject

to collateral requirements
Instrument Type Principal type of collateral held
As at As at
March 31, 2021 March 31, 2020
Trade Receivables and 95.8% 93.0% Collateral in the form of:
Loans -C ash, Securities, Fixed Deposit Receipt (FDR) in case of
Margin trade funding.
- Equity Shares under ESOP in case of ESOP Funding.
- Equity shares in case of trade receivables.
Other financial assets considered to have a low credit risk:

Credit risk on cash and cash equivalents is limited as we generally invest in deposits with banks with high credit
ratings assigned by international and domestic credit rating agencies. Investments comprise of Quoted Equity
instruments, Bonds, Mutual Funds and Commercial papers which are market tradeable. Other financial assets
include deposits for assets acquired on lease and with qualified clearing counterparties and exchanges as per the
prescribed statutory limits.
b) Liquidity risk
Liquidity represents the ability of the Company to generate sufficient cash flow to meet its financial obligations on
time, both in normal and in stressed conditions, without having to liquidate assets or raise funds at unfavourable
terms thus compromising its earnings and capital.
Liquidity risk is the risk that the Company may not be able to generate sufficient cash flow at reasonable cost to
meet expected and / or unexpected claims. It arises in the funding of lending, trading and investment activities
and in the management of trading positions.
The Company aims to maintain the level of its cash and cash equivalents and other highly marketable investments
at an amount in excess of expected cash outflow on financial liabilities.
Funds required for short period is taken care by borrowings through issuing Commercial paper and utilizing
overdraft facility from ICICI Bank

Notes
The table below summarises the maturity profile of the undiscounted cash flows of the Company’s financial assets
and liabilities as at March 31, 2021.
(` million)
Less than 6 More than 5 Total Carrying
Particulars 6 to 12 months 1 to 5 years
months years Amount
Financial Assets
Cash and bank balances 2,905.1 35,538.1 1.4 3.1 38,447.7
Securities for Trade 4,661.7 - - - 4,661.7
Trade receivables 4,584.5 - - - 4,584.5
Loans 2,158.0 26,856.5 - - 29,014.5
Investments - - - 152.4 152.4
Other financial assets 535.1 95.7 - 127.8 758.6
Total 14,844.4 62,490.3 1.4 283.3 77,619.4
Financial Liabilities
Derivative financial instruments 4.5 - - - 4.5
Trade Payables 10,263.6 - - - 10,263.6
Debt Securities 30,875.6 4,334.0 - - 35,209.6
Deposits - - 28.7 - 28.7
Lease Liabilities 2.9 4.1 928.0 125.8 1,060.8
Other Financial Liabilities 10,440.5 - - - 10,440.5
Total 51,587.1 4,338.1 956.7 125.8 57,007.7
Net excess / (shortfall) (36,742.7) 58,152.2 (955.3) 157.5 20,611.7
The table below summarises the maturity profile of the undiscounted cash flows of the Company’s financial assets
(` million)
months years Amount
Financial Assets
Trade receivables 886.2 - - - 886.2
Loans 3,541.9 2,166.8 - - 5,708.7
Investments - - - 147.4 147.4
Other financial assets 522.6 45.7 10.1 189.6 768.0
Total 27,670.3 10,768.8 850.6 349.8 39,639.5
Derivative financial instruments - - - - -
Trade Payables 6,931.5 - - - 6,931.5
Debt Securities 14,975.3 - - - 14,975.3
Deposits - - 22.3 - 22.3
Lease Liabilities 7.0 47.3 1,154.9 364.4 1,573.6
Total 24,608.4 47.3 1,177.2 364.4 26,197.3
Net excess / (shortfall) 3,061.9 10,721.5 (326.6) (14.6) 13,442.2
c) Market risk
Market risk arises when movements in market factors (foreign exchange rates, interest rates, credit spreads and
equity prices) impact the Company’s income or the market value of its portfolios. The Company, in its course of
business, is exposed to market risk due to change in equity prices, interest rates and foreign exchange rates. The
objective of market risk management is to maintain an acceptable level of market risk exposure while aiming to

Notes
maximize returns. The Company classifies exposures to market risk into either trading or non-trading portfolios.
Both the portfolios are managed using the following sensitivity analyses:
i) Equity Price Risk

ii) Interest Rate Risk
iii) Currency Risk
iv) Commodity Risk
Total market risk exposure:

(` million)
March 31, 2021 Carrying amount Traded risk Non traded risk Primary risk sensitivity
Financial Assets
Cash and cash equivalent and 38,447.7 - 38,447.7
other bank balances
Financial assets at FVTPL 4,690.5 4,661.7 28.8 Interest rate, Equity Price and
Currency
Trade Receivables 4,584.5 - 4,584.5 Equity Price and Currency
Loans 29,014.5 - 29,014.5 Equity Price
Investment in Subsidiary 123.6 - 123.6
Other Financial assets at 758.6 - 758.6
amortised cost
Total 77,619.4 4,661.7 72,957.7
Derivative financial instruments 4.5 - 4.5 Currency and Equity Price
Trade payable 10,263.6 - 10,263.6 Equity Price and Currency
Debt Securities 35,209.6 - 35,209.6
Deposits 28.7 - 28.7
Lease Liabilities 1,060.8 - 1,060.8
Other financial liabilities 10,440.5 - 10,440.5
Total 57,007.7 - 57,007.7
(` million)
Financial Assets
other bank balances
Currency
Trade Receivables 886.2 - 886.2 Equity Price and Currency
Investment in Subsidiary 122.7 - 122.7
amortised cost
Total 39,639.5 8,351.1 31,288.4
Derivative financial instruments - - - Currency and Equity Price
Trade payable 6,931.5 - 6,931.5 Equity Price and Currency
Total 26,197.3 - 26,197.3

Notes

The Company’s exposure to equity price risk arises primarily on account of its proprietary positions and on account
of margin-based positions of its clients in equity cash and derivative segments.
The Company’s equity price risk is managed in accordance with its Corporate Risk and Investment Policy (CRIP)
approved by its Risk Management Committee. The CRIP specifies exposure limits and risk limits for the proprietary
desk of the Company and stipulates risk-based margin requirements for margin-based trading in equity cash and
derivative segment by its clients.
The below sensitivity depicts a scenario where a severe movement in equity prices, everything else remaining
constant, would result in following impact on both proprietary positions and clients positions.
(` million)
Impact on statement of profit and loss
At 19.41% At 10.00%
movement movement
March 31, 2021 March 31, 2020
Impact of upward movement (104.7) 0.3
Impact of downward movement (213.9) (0.4)
Movement of 19.41% represents highest single day market (nifty) movement in last 15 years. The Company, based
on past experience, is able to recover 66% of the client’s default therefore the loss on client’s position included
in the above figures is post considering recoveries from clients.

The Company’s exposure to interest rate risk arises primarily on account of its proprietary positions (refer note
no. 5 on securities for trade) and on account of margin based positions of its clients in exchange traded interest
rate derivatives on government securities.
The Company’s interest rate risk is managed in accordance with its CRIP approved by its Risk Management
Committee. The CRIP specifies exposure limits and risk limits for the proprietary desk of the Company and stipulates
risk-based margin requirements for margin based trading in interest rate derivatives by its clients.
The below sensitivity depicts a scenario where a parallel shift in the yield curve would result in following impact
for both proprietary positions and client positions.
(` million)
At 2.06% shift At 2.50% shift
March 31, 2021 March 31, 2020
Parallel upward shift (137.6) (152.6)
Parallel downward shift 159.1 182.0
Shift of 2.06% represents highest 10 consecutive days’ yield movement in last 15 years among AAA/AA/AA+/
AA- rated debt instruments with 5 year maturity period.
The non-traded Financial Assets and liabilities are fixed rate instruments and are valued at amortised cost. Any
shifts in yield curve will not impact their carrying amount and will therefore not have any impact on the Company’s
statement of profit and loss.
iii) Foreign Exchange Risk/Currency Risk

The Company’s exposure to currency risk arises primarily on account of its proprietary positions and on account
of margin positions of its clients in exchange traded currency derivatives.
The fluctuations in foreign currency may also affect statement of profit and loss, other comprehensive income
and equity as the Company also operates in US and Singapore through its subsidiaries.

Notes
The Company’s currency risk is managed in accordance with its CRIP, approved by its Risk Management Committee.
The CRIP specifies gross open position limit and risk limits for the proprietary desk of the Company and stipulates
risk-based margin requirements for margin based trading in currency derivatives by its clients.
The below sensitivity depicts a scenario where a severe movement in foreign exchange rates, everything else
remaining constant, would result in following impact for both proprietary positions and client positions.
(` million)
At 10.81%
At 15% Movement
Movement
March 31, 2021 March 31, 2020
` Depreciation (23.0) (116.1)
` Appreciation (10.9) (19.0)
Movement of 10.81% represents highest single day price movement in last 15 years across currency pairs. The
Company, based on past experience, is able to recover 66% of the client’s default therefore the loss on client’s
position included in the above figures is post considering recoveries from clients.
The table below indicates the currencies to which the Company had significant exposure at the end of the reported
periods for the non-traded component. The analysis calculates the effect of a reasonably possible movement of
the currency rate against the INR (all other variables being constant) on the statement of profit and loss.
(` million)
Currency Change in currency rate in %
March 31, 2021 March 31, 2020
USD Depreciation of 15% (1.3) (1.5)
Appreciation of 15% 1.3 1.5
SGD Depreciation of 15% - 0.1
Appreciation of 15% - (0.1)
GBP Depreciation of 15% (0.0) (0.0)
iv) Commodity Risk

The Company’s exposure to commodity risk arises primarily on account of margin positions of its clients in
exchange traded commodity derivatives.
The Company’s commodity risk is managed in accordance with its CRIP, approved by its Risk Management
Committee. The CRIP stipulates risk-based margin requirements for margin based trading in commodity derivatives
by its clients.
The below sensitivity depicts a scenario where a severe movement in commodity prices, everything else remaining
constant, would result in following impact on clients positions.
(` million)
March 31, 2021 March 31, 2020
Impact of upward movement (1.3) -
Impact of downward movement (8.4) -
Impact has been derived based on highest single day commodity specific movement in last 15 years (data available
for 11 years). The Company, based on past experience, is able to recover 66% of the client’s default therefore the
loss on client’s position included in the above figures is post considering recoveries from clients.

Notes
45. Maturity analysis

The table below shows an analysis of assets and liabilities analysed according to when they are expected to be
recovered or settled.
(` million)
As at Within
After 12 months
March 31, 2021 12 months
ASSETS
Financial Assets
Cash and cash equivalents 2,903.3 2,903.3 -
Bank balance other than (a) above 35,544.4 35,539.9 4.5
Securities for trade 4,661.7 4,661.7 -
Receivables
(I) Trade receivables 4,584.5 4,584.5 -
Loans 29,014.5 29,014.5 -
Investments 152.4 - 152.4
Other financial assets 758.6 630.8 127.8
77,619.4 77,334.7 284.7
Non-financial Assets
Current tax assets (net) 1,190.0 - 1,190.0
Deferred tax assets (net) 542.0 - 542.0
Property, plant and equipment 419.4 - 419.4
Right-of-use of assets 962.0 7.0 955.0
Capital work-in-progress 39.4 - 39.4
Intangible assets under development 39.3 - 39.3
Other intangible assets 227.4 - 227.4
Other non-financial assets 518.4 433.9 84.5
3,937.9 440.9 3,497.0
Total Assets 81,557.3 77,775.6 3,781.7
LIABILITIES
Financial liabilities
Derivative financial instruments 4.5 4.5 -
Payables
(I) Trade payables
(i) total outstanding dues of micro enterprises and small - - -
enterprises
(ii) total outstanding dues of creditors other than micro 10,263.6 10,263.6 -
enterprises and small enterprises
Debt securities 35,209.6 35,209.6 -
Borrowings (Other than debt securities) - - -
Lease Liabilities 1,060.8 7.0 1,053.8
Other financial liabilities 10,440.5 10,440.5 -
57,007.7 55,925.2 1,082.5
Non-financial Liabilities
Current tax liabilities (net) 5.7 5.7 -
Provisions 606.1 41.3 564.8
Other non-financial liabilities 5,899.9 4,900.0 999.9
6,511.7 4,947.0 1,564.7
Total Liabilities 63,519.4 60,872.2 2,647.2
Net 18,037.9 16,903.4 1,134.5

Notes
(` million)
As at Within
After 12 months
ASSETS
Financial Assets
Receivables
(I) Trade receivables 886.2 886.2 -
Loans 5,708.7 5,708.7 -
39,639.5 38,439.1 1,200.4
Right-of-use of assets 1,528.1 53.6 1,474.5
4,545.5 420.2 4,125.3
Total Assets 44,185.0 38,859.3 5,325.7
LIABILITIES
Derivative financial instruments
Payables
(I) Trade payables
enterprises
26,197.3 24,655.7 1,541.6
Current tax liabilities (net) - - -
Provisions 828.7 100.7 728.0
6,073.8 4,368.2 1,705.6
Net 11,913.9 9,835.4 2,078.5

Notes
46. Information as required pursuant to Regulation 52(4) of SEBI (Listing Obligations

and Disclosures Requirements) Regulations, 2015:
a. Details of Credit Rating:
Instrument Category CRISIL ICRA
i) Non-Convertible Debenture Programme
Ratings CRISIL AAA/Stable ICRA AAA/Stable
Amount in ` Million ` 500.0 ` 500.0
ii) Commercial Paper Programme ^
Ratings CRISIL A1+ ICRA A1+
Amount in ` Million ` 45,000.0 ` 45,000.0
^ During the year ended March 31, 2021, the Company’s Commercial paper programme was enhanced from ` 25,000.0 million to `
45,000.0 million. Rating agencies CRISIL and ICRA have assigned a rating of CRISIL A1+ and ICRA A1+ respectively, to the additional `
20,000.0 million Commercial paper programme of the company.
b. Key Financial Information

(` million)
Particulars
March 31, 2021 March 31, 2020
Debt Equity Ratio * 1.95 Times 1.26 Times
Debt Service Coverage Ratio ** 0.42 Times 0.52 Times
Interest Services Coverage Ratio *** 15.75 Times 11.41 Times
Net Worth **** ` 18,037.9 Million ` 11,913.9 Million
Net Profit after tax ` 10,675.5 Million ` 5,367.1 Million
Earnings per share (Diluted) (Face Value ` 5/- per share) ` 33.07 ` 16.65
Asset cover available, in case of non-convertible debt securities Not Applicable Not Applicable
Outstanding redeemable preference shares Not Applicable Not Applicable
Capital redemption / Debenture redemption reserve Not Applicable Not Applicable
* Debt Equity Ratio = Debt (Borrowings + Accrued Interest) / Equity (Equity share capital + Other Equity)
** Debt Service Coverage Ratio = Profit before interest and tax / (Interest expenses (excludes interest costs on leases as per Ind AS 116 on
Leases) + Principal Repayments)
*** Interest Service Coverage Ratio = Profit before interest and tax / Interest expenses (excludes interest costs on leases as per Ind AS 116
on Leases)
**** Net Worth = Equity + Other Equity
c. Details of previous due date, next due date for the payment of interest and repayment of
commercial papers:
Previous due date
Redemption
(from April 01, 2020 Next due date
Sr. Amount Whether paid or
Commercial Paper – Date of Issue to March 31, 2021)
No. not
Principal &
(` Million) Principal & Interest
Interest
1 14-Jan-20 1,000.0 03-Apr-20 Yes NA
2 14-Jan-20 2,000.0 03-Apr-20 Yes NA
3 17-Jan-20 50.0 09-Apr-20 Yes NA
4 27-Jan-20 2,000.0 16-Apr-20 Yes NA
5 29-Jan-20 1,500.0 15-Apr-20 Yes NA
6 17-Feb-20 1,750.0 15-May-20 Yes NA
7 17-Feb-20 250.0 15-May-20 Yes NA
8 24-Feb-20 2,500.0 22-May-20 Yes NA
9 26-Feb-20 500.0 26-May-20 Yes NA
10 05-Mar-20 3,000.0 15-May-20 Yes NA
11 05-Mar-20 500.0 15-May-20 Yes NA
12 09-Apr-20 2,500.0 09-Jun-20 Yes NA
13 21-Apr-20 500.0 19-Jun-20 Yes NA
14 21-Apr-20 500.0 19-Jun-20 Yes NA

Notes
Previous due date

Redemption
No. not
Principal &
Interest
15 21-Apr-20 500.0 19-Jun-20 Yes NA
16 15-May-20 2,500.0 13-Aug-20 Yes NA
17 15-May-20 2,000.0 26-Jun-20 Yes NA
18 15-May-20 500.0 26-Jun-20 Yes NA
19 19-May-20 250.0 17-Jul-20 Yes NA
20 19-May-20 250.0 17-Jul-20 Yes NA
21 19-May-20 1,000.0 17-Jul-20 Yes NA
22 21-May-20 2,500.0 19-Aug-20 Yes NA
23 26-May-20 1,500.0 21-Aug-20 Yes NA
24 03-Jun-20 1,000.0 01-Sep-20 Yes NA
25 09-Jun-20 2,500.0 04-Sep-20 Yes NA
26 12-Jun-20 1,000.0 21-Aug-20 Yes NA
27 19-Jun-20 750.0 17-Sep-20 Yes NA
28 19-Jun-20 750.0 17-Sep-20 Yes NA
29 19-Jun-20 1,000.0 10-Sep-20 Yes NA
30 19-Jun-20 500.0 10-Sep-20 Yes NA
31 24-Jun-20 2,000.0 22-Sep-20 Yes NA
32 26-Jun-20 2,000.0 24-Sep-20 Yes NA
33 26-Jun-20 1,000.0 24-Sep-20 Yes NA
34 17-Jul-20 750.0 11-Sep-20 Yes NA
35 24-Jul-20 350.0 22-Oct-20 Yes NA
36 24-Jul-20 500.0 22-Oct-20 Yes NA
37 24-Jul-20 250.0 22-Oct-20 Yes NA
38 29-Jul-20 1,500.0 28-Aug-20 Yes NA
39 30-Jul-20 1,500.0 28-Oct-20 Yes NA
40 30-Jul-20 1,000.0 10-Aug-20 Yes NA
41 14-Aug-20 1,000.0 12-Nov-20 Yes NA
42 14-Aug-20 750.0 12-Nov-20 Yes NA
43 14-Aug-20 500.0 12-Nov-20 Yes NA
44 19-Aug-20 3,000.0 17-Nov-20 Yes NA
45 20-Aug-20 3,500.0 18-Nov-20 Yes NA
46 27-Aug-20 1,500.0 25-Nov-20 Yes NA
47 27-Aug-20 3,000.0 25-Nov-20 Yes NA
48 27-Aug-20 500.0 25-Nov-20 Yes NA
49 04-Sep-20 1,000.0 03-Dec-20 Yes NA
50 10-Sep-20 2,000.0 27-Nov-20 Yes NA
51 10-Sep-20 500.0 27-Nov-20 Yes NA
52 23-Sep-20 750.0 30-Sep-20 Yes NA
53 24-Sep-20 1,250.0 23-Dec-20 Yes NA
54 24-Sep-20 750.0 23-Dec-20 Yes NA
55 29-Sep-20 1,000.0 15-Dec-20 Yes NA
56 30-Sep-20 500.0 24-Dec-20 Yes NA
57 30-Sep-20 500.0 24-Dec-20 Yes NA
58 01-Oct-20 500.0 06-Nov-20 Yes NA
59 01-Oct-20 500.0 06-Nov-20 Yes NA
60 03-Nov-20 2,000.0 01-Feb-21 Yes NA
61 06-Nov-20 500.0 29-Jan-21 Yes NA
62 06-Nov-20 1,000.0 31-Dec-20 Yes NA
63 18-Nov-20 1,000.0 16-Feb-21 Yes NA
64 18-Nov-20 500.0 16-Feb-21 Yes NA
65 18-Nov-20 500.0 24-Mar-21 Yes NA

Notes
Previous due date

Redemption
No. not
Principal &
Interest
66 18-Nov-20 500.0 24-Mar-21 Yes NA
67 18-Nov-20 750.0 16-Feb-21 Yes NA
68 18-Nov-20 250.0 16-Feb-21 Yes NA
69 18-Nov-20 500.0 16-Feb-21 Yes NA
70 26-Nov-20 500.0 24-Feb-21 Yes NA
71 26-Nov-20 250.0 24-Feb-21 Yes NA
72 27-Nov-20 3,000.0 25-Feb-21 Yes NA
73 27-Nov-20 250.0 25-Feb-21 Yes NA
74 24-Dec-20 2,000.0 15-Mar-21 Yes NA
75 24-Dec-20 500.0 15-Mar-21 Yes NA
76 11-Jan-21 2,000.0 26-Mar-21 Yes NA
77 10-Mar-21 1,000.0 26-Mar-21 Yes NA
78 27-Oct-20 1,000.0 NA - 25-Jun-21
79 27-Oct-20 500.0 NA - 25-Jun-21
80 06-Nov-20 500.0 NA - 25-Jun-21
81 12-Nov-20 100.0 NA - 25-Jun-21
82 12-Nov-20 500.0 NA - 25-Jun-21
83 12-Nov-20 2,000.0 NA - 28-May-21
84 12-Nov-20 1,000.0 NA - 28-May-21
85 23-Nov-20 1,500.0 NA - 21-May-21
86 23-Nov-20 500.0 NA - 21-May-21
87 04-Dec-20 1,000.0 NA - 03-Dec-21
88 15-Dec-20 1,000.0 NA - 10-Dec-21
89 11-Jan-21 500.0 NA - 28-Jun-21
90 11-Jan-21 500.0 NA - 28-Jun-21
91 28-Jan-21 1,000.0 NA - 28-Apr-21
92 28-Jan-21 1,000.0 NA - 28-Apr-21
93 28-Jan-21 500.0 NA - 28-Apr-21
94 01-Feb-21 1,000.0 NA - 30-Apr-21
95 01-Feb-21 1,000.0 NA - 30-Apr-21
96 16-Feb-21 1,000.0 NA - 17-May-21
97 16-Feb-21 1,000.0 NA - 15-Jul-21
98 16-Feb-21 250.0 NA - 15-Jul-21
99 16-Feb-21 500.0 NA - 11-Aug-21
100 16-Feb-21 250.0 NA - 11-Aug-21
101 24-Feb-21 3,000.0 NA - 30-Apr-21
102 24-Feb-21 1,500.0 NA - 25-May-21
103 24-Feb-21 500.0 NA - 23-Aug-21
104 24-Feb-21 1,000.0 NA - 23-Aug-21
105 01-Mar-21 1,500.0 NA - 04-May-21
106 03-Mar-21 500.0 NA - 25-Aug-21
107 03-Mar-21 1,500.0 NA - 06-Aug-21
108 15-Mar-21 2,000.0 NA - 11-Jun-21
109 15-Mar-21 500.0 NA - 11-Jun-21
110 18-Mar-21 250.0 NA - 11-Mar-22
111 18-Mar-21 250.0 NA - 11-Mar-22
112 18-Mar-21 2,000.0 NA - 11-Mar-22
113 26-Mar-21 3,000.0 NA - 08-Jun-21

Notes
47. Subsequent event - Proposed dividend

The Board of Directors at its meeting held on April 21, 2021, have recommended a final dividend of ` 13.50 per
equity share (on face value of ` 5 per equity share), subject to the approval of the members at the ensuing annual
general meeting. In terms of Ind AS 10 “Events after the Reporting Period”, the company has not recognised final
dividend (including tax, if any) as a liability at the end of the reporting period.
48. Recent pronouncements

On March 24, 2021, the Ministry of Corporate Affairs (“MCA”) through a notification, amended Schedule III of
The Companies Act, 2013. The amendments revise Division I, II and III of Schedule III and are applicable from
April 1, 2021.
Key amendments relating to Division III which relate to companies whose financial statements are required to
comply with Companies (Indian Accounting Standards) Rules 2015 are:
Balance Sheet:
• Additional disclosures in the statement of changes in equity such as changes in equity share capital due to prior
period errors and restated balances at the beginning of the current reporting period.
• Specified format for disclosure of shareholding of promoters.
• Specified format for ageing schedule of trade receivables, trade payables, capital work-in-progress and intangible
asset under development.
• If a company has not used funds for the specific purpose for which it was borrowed from banks and financial
institutions, then disclosure of details of where it has been used.
• Specific disclosure under ‘additional regulatory requirement’ such as compliance with approved schemes of
arrangements, compliance with number of layers of companies, title deeds of immovable property not held in
name of company, loans and advances to promoters, directors, key managerial personnel (KMP) and related
parties, details of benami property held etc.
Statement of profit and loss:
• Additional disclosures relating to Corporate Social Responsibility (CSR), undisclosed income and crypto or virtual
currency specified under the head ‘additional information’ in the notes forming part of financial statements.
The amendments are extensive and the Company will evaluate the same to give effect to them as required by law.
49. Estimation of uncertainties relating to the global health pandemic on Covid-19

Covid-19 outbreak was declared as a global pandemic by World Health Organisation. The Company being classified
as an essential service has been in operation consistently with minimal staff. As of March 31, 2021, based on the facts
and circumstances existing as of that date, the Company does not anticipate any material uncertainties which affects
its liquidity position and also ability to continue as a going concern.
50. Events after reporting date

There have been no events after the reporting date that require disclosure in these financial statements.
For B S R & Co. LLP

DIN - 00057492



Independent Auditor’s Report

To the Members of Group as at 31 March 2021, of its consolidated profit and
ICICI Securities Limited other comprehensive income, consolidated changes in
equity and consolidated cash flows for the year then ended.
Report on the Audit of the Consolidated
Financial Statements Basis for Opinion
We conducted our audit in accordance with the Standards
Opinion on Auditing (“SAs”) specified under section 143(10) of
We have audited the consolidated financial statements the Act. Our responsibilities under those SAs are further
of ICICI Securities Limited (hereinafter referred to as the described in the Auditor’s Responsibilities for the Audit of
“Holding Company”) and its subsidiaries (the Holding the Consolidated Financial Statements section of our report.
Company and its subsidiaries together referred to as the We are independent of the Group, in accordance with the
“Group”), which comprise the consolidated balance sheet ethical requirements that are relevant to our audit of the
as at 31 March 2021, and the consolidated statement of consolidated financial statements in terms of the Code of
profit and loss (including other comprehensive income), Ethics issued by the Institute of Chartered Accountants of
consolidated statement of changes in equity and India and the relevant provisions of the Act, and we have
consolidated statement of cash flows for the year then fulfilled our other ethical responsibilities in accordance with
ended, and notes to the consolidated financial statements, these requirements. We believe that the audit evidence
including a summary of significant accounting policies and obtained by us along with the consideration of audit report
other explanatory information (hereinafter referred to as of the other auditor referred to in “Other Matters” paragraph
the “consolidated financial statements”). below, is sufficient and appropriate to provide a basis for
our opinion on the consolidated financial statements.
In our opinion and to the best of our information and
according to the explanations given to us, and based on Key Audit Matters
the consideration of report of other auditor on the separate Key audit matters are those matters that, in our professional
consolidated financial statements of such subsidiary, judgment, were of most significance in our audit of the
the aforesaid consolidated financial statements give the consolidated financial statements of the current period.
information required by the Companies Act, 2013 (the These matters were addressed in the context of our audit
“Act”) in the manner so required and give a true and fair of the consolidated financial statements as a whole, and
view in conformity with the accounting principles generally in forming our opinion thereon, and we do not provide a
accepted in India, of the consolidated state of affairs of the separate opinion on these matters.
Description of Key Audit Matter
The key audit matter How the matter was addressed in our audit
Information Technology Our audit procedures to assess the IT systems and controls included
IT systems and controls the following:
The Company’s key financial accounting and reporting processes • Performed Testing the design of General IT Controls (“GITCs”)
are dependent on the automated controls in information systems, for the audit period which included controls over access to
such that there exists a risk that gaps in the IT control environment program and data, program changes, system changes, program
could impact the financial accounting and reporting significantly. development, computer operations (job processing, data backup,
The Company uses SAP system for its overall financial reporting. system backup, incident management) over financial accounting
and reporting systems and related IT systems (referred to as
The Company’s General Ledger system used in financial reporting ‘in-scope systems’).
is interfaced with other IT systems which process transactions
of account relevant for financial reporting. • Testing the operating effectiveness of GITCs for the audit period
over the in-scope systems as follows:
We have focused on user access management, change
management, segregation of duties, system reconciliation controls – User access creation, modification and revocation process;
and system application controls over key financial accounting – User access review process;
and reporting systems. – Segregation of duties;
– password policies;
– Application change management procedures; and
– Computer Operations process (automated job processes,
backups and incident management).
• Understanding IT application controls for the audit period for
significant accounts, testing interfaces, reports, reconciliations
and system processing for significant accounts determined by us
during our risk assessment. We tested the change management
controls to determine that these controls remained unchanged
during the audit period and incase of changes, were changes
followed the standard process.
• Understanding IT infrastructure records for the in-scope systems
i.e. operating systems and databases.

Other Information intends to liquidate the Company or to cease operations,

The Holding Company’s Management and the Board of or has no realistic alternative but to do so.
Directors are responsible for the other information. The
other information comprises the information included in The respective Board of Directors of the companies
the Holding Company’s annual report, but does not include included in the Group is responsible for overseeing the
the consolidated financial statements and our auditor’s financial reporting process of each company.
report thereon.
Auditor’s Responsibilities for the Audit
Our opinion on the consolidated financial statements does of the Consolidated Financial Statements
not cover the other information and we do not express any
Our objectives are to obtain reasonable assurance about
form of assurance conclusion thereon.
whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud
In connection with our audit of the consolidated financial
or error, and to issue an auditor’s report that includes our
statements, our responsibility is to read the other
opinion. Reasonable assurance is a high level of assurance,
information and, in doing so, consider whether the other
but is not a guarantee that an audit conducted in accordance
information is materially inconsistent with the consolidated
with SAs will always detect a material misstatement when it
financial statements or our knowledge obtained in the
exists. Misstatements can arise from fraud or error and are
audit or otherwise appears to be materially misstated. If,
considered material if, individually or in the aggregate, they
based on the work we have performed and based on the
could reasonably be expected to influence the economic
work done/ audit report of other auditor, we conclude that
decisions of users taken on the basis of these consolidated
there is a material misstatement of this other information,
we are required to report that fact. We have nothing to
report in this regard.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
Management’s and the Board of throughout the audit. We also:
Directors’ Responsibilities for the
Consolidated Financial Statements • Identify and assess the risks of material misstatement
The Holding Company’s Management and the Board of the consolidated financial statements, whether due
of Directors are responsible for the preparation and to fraud or error, design and perform audit procedures
presentation of these consolidated financial statements responsive to those risks, and obtain audit evidence
in term of the requirements of the Act that give a true and that is sufficient and appropriate to provide a basis
fair view of the consolidated state of affairs, consolidated for our opinion. The risk of not detecting a material
profit/ loss and other comprehensive income, consolidated misstatement resulting from fraud is higher than for
statement of changes in equity and consolidated cash flows one resulting from error, as fraud may involve collusion,
of the Group in accordance with the accounting principles forgery, intentional omissions, misrepresentations, or
generally accepted in India, including the Indian Accounting the override of internal control.
Standards (“Ind AS”) specified under section 133 of the Act. • Obtain an understanding of internal control relevant to
The respective Management and the Board of Directors of the audit in order to design audit procedures that are
the companies included in the Group are responsible for appropriate in the circumstances. Under section 143(3)
maintenance of adequate accounting records in accordance (i) of the Act, we are also responsible for expressing
with the provisions of the Act for safeguarding the assets our opinion on the internal financial controls with
of each company and for preventing and detecting frauds reference to the consolidated financial statements and
and other irregularities; the selection and application of the operating effectiveness of such controls based on
appropriate accounting policies; making judgments and our audit.
estimates that are reasonable and prudent; and the design,
implementation and maintenance of adequate internal • Evaluate the appropriateness of accounting policies
financial controls, that were operating effectively for used and the reasonableness of accounting estimates
ensuring accuracy and completeness of the accounting and related disclosures made by Management and the
records, relevant to the preparation and presentation Board of Directors.
of the consolidated financial statements that give a true • Conclude on the appropriateness of Management and
and fair view and are free from material misstatement, the Board of Directors use of the going concern basis of
whether due to fraud or error, which have been used for accounting in preparation of the consolidated financial
the purpose of preparation of the consolidated financial statements and, based on the audit evidence obtained,
statements by Management and the Directors of the Holding whether a material uncertainty exists related to events
Company, as aforesaid. or conditions that may cast significant doubt on the
appropriateness of this assumption. If we conclude that
In preparing the consolidated financial statements, the a material uncertainty exists, we are required to draw
respective Management and the Board of Directors of attention in our auditor’s report to the related disclosures
the companies included in the Group are responsible for in the consolidated financial statements or, if such
assessing the ability of each company to continue as a disclosures are inadequate, to modify our opinion. Our
going concern, disclosing, as applicable, matters related conclusions are based on the audit evidence obtained
to going concern and using the going concern basis of up to the date of our auditor’s report. However, future
accounting unless the respective Board of Directors either

events or conditions may cause the Group to cease to ` 10.4 million for the year ended on that date, as considered
continue as a going concern. in the consolidated financial statements. These financial
statements have been audited by other auditor whose
• Evaluate the overall presentation, structure and content
report has been furnished to us by Management and our
of the consolidated financial statements, including the
opinion on the consolidated financial statements, in so
disclosures, and whether the consolidated financial
far as it relates to the amounts and disclosures included
statements represent the underlying transactions and
in respect of this subsidiary, is based solely on the audit
events in a manner that achieves fair presentation.
report of the other auditor.
• Obtain sufficient appropriate audit evidence regarding
the financial information of such entities or business This subsidiary is located outside India whose consolidated
activities within the Group to express an opinion on the financial statements and other financial information have
consolidated financial statements. We are responsible been prepared in accordance with accounting principles
for the direction, supervision and performance of the generally accepted in its country and which have been
audit of financial information of such entities included audited by other auditor under generally accepted auditing
in the consolidated financial statements of which we are standards applicable in its country. The Holding Company’s
the independent auditors. For the other entities included management has converted the consolidated financial
in the consolidated financial statements, which have statements of such subsidiary located outside India from
been audited by other auditors, such other auditors accounting principles generally accepted in its country
remain responsible for the direction, supervision and to accounting principles generally accepted in India. We
performance of the audits carried out by them. We have audited these conversion adjustments made by the
remain solely responsible for our audit opinion. Our Holding Company’s management. Our opinion in so far as it
responsibilities in this regard are further described relates to the balances and affairs of the subsidiary located
in para (a) of the section titled ‘Other Matters’ in this outside India is based on the report of other auditor and
audit report. the conversion adjustments prepared by management of
the Company and audited by us.
We believe that the audit evidence obtained by us along
with the consideration of audit report of the other auditor
Our opinion on the consolidated financial statements, and
referred to in Other Matters paragraph below, is sufficient
our report on Other Legal and Regulatory Requirements
and appropriate to provide a basis for our audit opinion
below, is not modified in respect of the above matters with
on the consolidated financial statements.
respect to our reliance on the work done and the reports of
the other auditor and the consolidated financial statements
We communicate with those charged with governance of
certified by Management.
the Holding Company and such other entities included in
the consolidated financial statements of which we are the
independent auditors regarding, among other matters, the Report on Other Legal and Regulatory
planned scope and timing of the audit and significant audit Requirements
findings, including any significant deficiencies in internal A. As required by Section 143(3) of the Act, based on our
control that we identify during our audit. audit and on the consideration of report of the other
auditor on separate consolidated financial statements
We also provide those charged with governance with a of such subsidiary as was audited by other auditor,
statement that we have complied with relevant ethical as noted in ‘Other Matters’ paragraph, we report, to
requirements regarding independence, and to communicate the extent applicable, that:
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and a) We have sought and obtained all the information
where applicable, related safeguards. and explanations which to the best of our
knowledge and belief were necessary for
From the matters communicated with those charged with the purposes of our audit of the aforesaid
governance, we determine those matters that were of consolidated financial statements.
most significance in the audit of the consolidated financial
statements of the current period and are therefore the key b) In our opinion, proper books of account as required
audit matters. We describe these matters in our auditor’s by law relating to preparation of the aforesaid
report unless law or regulation precludes public disclosure consolidated financial statements have been
about the matter or when, in extremely rare circumstances, kept so far as it appears from our examination of
we determine that a matter should not be communicated those books and the report of the other auditor.
in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public c) The consolidated balance sheet, the consolidated
interest benefits of such communication. statement of profit and loss (including other
comprehensive income), the consolidated
Other Matters statement of changes in equity and the
We did not audit the consolidated financial statements of consolidated statement of cash flows dealt
ICICI Securities Holding Inc., whose consolidated financial with by this Report are in agreement with the
statements reflect consolidated total assets of ` 251.8 relevant books of account maintained for the
million as at 31 March 2021, consolidated total revenues of purpose of preparation of the consolidated
` 7.3 million and consolidated net cash inflows amounting to financial statements.

d) In our opinion, the aforesaid consolidated financial Protection Fund by the Holding Company. Since
statements comply with the Ind AS specified the subsidiary is incorporated outside India,
under section 133 of the Act. the provisions of the Act relating to Investor
Education and Protection Fund are not applicable
e) On the basis of the written representations and hence not commented upon; and
received from the directors of the Holding
Company as on 31 March 2021 taken on record iv. The disclosures in the consolidated financial
by the Board of Directors of the Holding Company, statements regarding holdings as well as dealings
none of the directors of the Holding Company in specified bank notes during the period from
is disqualified as on 31 March 2021 from being 8 November 2016 to 30 December 2016 have
appointed as a director in terms of Section not been made in the consolidated financial
164(2) of the Act. statements since they do not pertain to the
financial year ended 31 March 2021.
f) With respect to the adequacy of the internal
financial controls with reference to the C. With respect to the matter to be included in the
consolidated financial statements of the Holding Auditor’s report under section 197(16):
Company and the operating effectiveness of
such controls, refer to our separate Report In our opinion and according to the information
in “Annexure A”. and explanations given to us the remuneration paid
during the current year by the Holding Company to
B. With respect to other matters to be included in the its directors is in accordance with the provisions of
Auditor’s Report in accordance with Rule 11 of the Section 197 of the Act. The remuneration paid to any
Companies (Audit and Auditor’s) Rules, 2014, in director by the Holding Company is not in excess of
our opinion and to the best of our information and the limit laid down under Section 197 of the Act. The
according to the explanations given to us and based Ministry of Corporate Affairs has not prescribed other
on the consideration of the report of the other auditor details under Section 197(16) which are required to
on separate financial statements of the subsidiary, as be commented upon by us. Since the subsidiaries are
noted in the ‘Other Matters’ paragraph: incorporated outside India, the provisions of the Act
relating to section 197 are not applicable and hence
i. The consolidated financial statements disclose not commented upon.
the impact of pending litigations as at 31 March
2021 on the consolidated financial position of For B S R & Co. LLP
the Group. Refer Note 32 to the consolidated Chartered Accountants
financial statements. Firm’s Registration No: 101248W/W-100022
ii. The Group did not have any long-term contracts Milind Ranade
including derivative contracts for which there Partner
were any material foreseeable losses. Mumbai Membership No: 100564
21 April 2021 UDIN: 21100564AAAAAU1361
iii. There are no amounts which are required to
be transferred to the Investor Education and

Annexure “A” to the Independent Auditor’s report of even date on

the consolidated financial statements of ICICI Securities Limited
Report on the internal financial controls with reference to the aforesaid consolidated financial statements
under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(Referred to in paragraph A(f) under ‘Report on Other were operating effectively for ensuring the orderly and
Legal and Regulatory Requirements’ section of our efficient conduct of its business, including adherence to
report of even date) the respective company’s policies, the safeguarding of its
assets, the prevention and detection of frauds and errors,
Opinion the accuracy and completeness of the accounting records,
In conjunction with our audit of the consolidated financial and the timely preparation of reliable financial information,
statements of the Company as of and for the year ended as required under the Act.
31 March 2021, we have audited the internal financial
controls with reference to the consolidated financial Auditor’s Responsibility
statements of ICICI Securities Limited (hereinafter referred Our responsibility is to express an opinion on the internal
to as the “Holding Company”), incorporated in India under financial controls with reference to the consolidated
the Companies Act, 2013 (the “Act”) , as of that date. In financial statements based on our audit. We conducted
accordance with the Guidance Note on Audit of Internal our audit in accordance with the Guidance Note and the
Financial Controls Over Financial Reporting issued by the Standards on Auditing, prescribed under section 143(10)
Institute of Chartered Accountants of India (the “Guidance of the Act, to the extent applicable to an audit of internal
Note”), companies incorporated outside India are not financial controls with reference to the consolidated
required to comply with requirements of clause (i) of Sub- financial statements. Those Standards and the Guidance
section 3 of Section 143 of the Act, hence no report is done Note require that we comply with ethical requirements and
for such entities. plan and perform the audit to obtain reasonable assurance
about whether adequate internal financial controls with
In our opinion, the Holding Company has, in all material reference to the consolidated financial statements were
respects, adequate internal financial controls with reference established and maintained and if such controls operated
to the consolidated financial statements and such internal effectively in all material respects.
financial controls were operating effectively as at 31
March 2021, based on the internal financial controls with Our audit involves performing procedures to obtain audit
reference to the consolidated financial statements criteria evidence about the adequacy of the internal financial
established by the Holding Company considering the controls with reference to the consolidated financial
essential components of such internal controls stated in statements and their operating effectiveness. Our audit of
the Guidance Note. internal financial controls with reference to the consolidated
financial statements included obtaining an understanding of
Management’s Responsibility for Internal internal financial controls with reference to the consolidated
Financial Controls financial statements, assessing the risk that a material
weakness exists, and testing and evaluating the design
The Holding Company’s management and the Board of
and operating effectiveness of the internal controls based
Directors are responsible for establishing and maintaining
on the assessed risk. The procedures selected depend on
internal financial controls with reference to consolidated
the auditor’s judgement, including the assessment of the
financial statements based on the criteria established by the
risks of material misstatement of the consolidated financial
Holding Company considering the essential components
statements, whether due to fraud or error.
of internal control stated in the Guidance Note. These
responsibilities include the design, implementation and
We believe that the audit evidence we have obtained is
maintenance of adequate internal financial controls that
sufficient and appropriate to provide a basis for our audit

opinion on the internal financial controls with reference Inherent Limitations of Internal Financial
to the consolidated financial statements. controls with Reference to the Financial
Statements
Meaning of Internal Financial controls Because of the inherent limitations of internal financial
with Reference to Consolidated Financial controls with reference to the consolidated financial
Statements statements, including the possibility of collusion or improper
A company’s internal financial controls with reference management override of controls, material misstatements
to the financial statements is a process designed to due to error or fraud may occur and not be detected.
provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial Also, projections of any evaluation of the internal financial
statements for external purposes in accordance with controls with reference to the consolidated financial
generally accepted accounting principles. A company’s statements to future periods are subject to the risk that
internal financial controls with reference to the financial the internal financial controls with reference to consolidated
statements includes those policies and procedures that (1) financial statements may become inadequate because of
pertain to the maintenance of records that, in reasonable changes in conditions, or that the degree of compliance
detail, accurately and fairly reflect the transactions and with the policies or procedures may deteriorate.
dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as For B S R & Co. LLP
necessary to permit preparation of financial statements in Chartered Accountants
accordance with generally accepted accounting principles, Firm’s Registration No: 101248W/W-100022
and that receipts and expenditures of the company are
being made only in accordance with authorisations of Milind Ranade
management and directors of the company; and (3) provide Partner
reasonable assurance regarding prevention or timely Mumbai Membership No: 100564
detection of unauthorised acquisition, use, or disposition 21 April 2021 UDIN: 21100564AAAAAU1361
of the company’s assets that could have a material effect
on the financial statements.

Consolidated Balance Sheet

as at March 31, 2021
(` million)
As at As at
Notes
March 31, 2021 March 31, 2020
ASSETS
1 Financial assets
(a) Cash and cash equivalents 3 (a) 3,093.5 5,420.0
(b) Bank balance other than (a) above 3 (a) 35,699.2 18,694.0
(c) Securities for trade 5 4,661.7 8,351.1
(d) Receivables
(I) Trade receivables 6 4,586.1 887.9
(e) Loans 7 29,014.5 5,708.7
(f) Investments 8 28.8 24.7
(g) Other financial assets 9 767.3 774.9
77,851.1 39,861.3
2 Non-financial assets
(a) Current tax assets (net) 10 1,189.3 1,502.8
(b) Deferred tax assets (net) 39 560.1 595.5
(c) Property, plant and equipment 11 420.0 295.2
(d) Right-of-use assets 35 962.0 1,529.1
(g) Other intangible assets 11 227.4 155.4
(h) Other non-financial assets 12 520.5 407.6
3,958.0 4,566.9
Total Assets 81,809.1 44,428.2
LIABILITIES
(a) Derivative financial instruments 4 4.5 -
(b) Payables 13
(I) Trade payables
(ii) total outstanding dues of creditors other than micro enterprises 10,264.6 6,926.4
and small enterprises
(c) Debt securities 14 35,209.6 14,975.3
(d) Borrowings (Other than debt securities) 15 - -
(e) Deposits 16 28.7 22.3
(f) Lease liabilities 35 1,060.8 1,574.4
(g) Other financial liabilities 17 10,440.5 2,694.6
57,008.7 26,193.0
2 Non-financial liabilities
(b) Provisions 18 606.1 828.7
(c) Other non-financial liabilities 19 5,967.5 5,311.1
6,579.3 6,139.8
3 EQUITY
(a) Equity share capital 20 1,611.1 1,610.7
(b) Other equity 21 16,610.0 10,484.7
18,221.1 12,095.4

The accompanying notes form an integral part of these consolidated financial statements
For B S R & Co. LLP
DIN - 00057492

Consolidated Statement of Profit and Loss

(` million)
Notes
March 31, 2021 March 31, 2020
(i) Interest income 22 3,448.7 2,350.0
(iv) Net gain on fair value changes 23 386.4 -
(v) Net gain on derecognition of financial instruments under amortised cost - 3.0
category
(vi) Others 20.5 15.7
(I) Total Revenue from operations 25,861.7 17,062.2
(II) Other income 24 - 187.2
(III) Total Income (I+II) 25,861.7 17,249.4
Expenses
(i) Finance costs 25 1,072.8 863.9
(iii) Net loss on fair value changes 23 - 36.1
(iv) Impairment on financial instruments 26 (41.0) 106.7
(v) Operating expense 27 769.0 586.8
(vi) Employee benefits expenses 28 5,879.6 5,337.7
(vii) Depreciation, amortization and impairment 11 & 35 541.8 614.0
(viii) Other expenses 29 2,110.1 1,737.9
(IV) Total Expenses (IV) 11,553.9 9,720.1
(VI) Tax expense: 39
(1) Current tax 3,604.2 1,961.0
3,630.6 2,109.3
(VII) Profit/(loss) for the year (V-VI) 10,677.2 5,420.0
(VIII) Other comprehensive income
(i) Items that will not be reclassified to profit or loss
(a) Remeasurement of defined employee benefit plans 33.4 (63.8)
(ii) Income tax relating to items that will not be reclassified to profit or (8.3) 4.7
loss
Other comprehensive income 25.1 (59.1)
(IX) Total comprehensive income for the year (VII+VIII) [comprising profit/ 10,702.3 5,360.9
(loss) and other comprehensive income for the year]
(X) Earnings per equity share: (Face value ` 5/- per share) 30
Basic (in `) 33.14 16.83
Diluted (in `) 33.08 16.81

For B S R & Co. LLP
DIN - 00057492


Consolidated Statement of Changes in Equity

A Equity share capital

(` million)
1610.7 - 1,610.7
(` million)
1,610.7 0.4 1,611.1
B Other Equity
(` million)
Reserves and Surplus Exchange
Share Difference on Deemed
application Share translating Equity
money Securities the financial Contribution Total
General based Retained
pending Premium statements from the
Reserve payment Earnings
allotment Reserve of a foreign Parent*
reserve
operation
Profit for the year 5,420.0 5,420.0
- Remeasurement benefit of defined - - - (59.1) - - (59.1)
benefit plans
year
Dividend (including tax on dividend) - - - (3,864.7) - - (3,864.7)
Any other changes: - -
-Additions during the year (net) - - - 52.9 - - 73.6 126.5
Balance as on March 31, 2020 - 244.0 666.8 57.0 9,109.5 67.8 339.6 10,484.7
Profit for the year - - - - 10,677.2 - - 10,677.2
- Remeasurement benefit of defined - - - - 25.1 - - 25.1
benefit plans
year
Any other changes:
- Additions during the year (net) 2.2 24.2 - 113.1 - - 35.6 175.1
Balance as on March 31, 2021 2.2 268.2 666.8 170.1 15,059.7 67.8 375.2 16,610.0
* Net of share based arrangement of parent entity amounting to ` 8.1 million (March 31, 2020: ` 13.9 million)
For B S R & Co. LLP

DIN - 00057492



Consolidated Cash Flow Statement

(` million)
March 31, 2021 March 31, 2020
A Cash flow used in operating activities
Add /(less): Adjustments
- Net (gain)/loss on derecognition of property, plant and equipment 6.9 8.1
- Depreciation and amortisation 541.8 614.0
- (Reversal of) /impairment loss on financial assets measured at FVTPL 0.3 0.7
- Net (gain)/loss (unrealised) arising on financial assets measured at FVTPL (7.5) 158.2
- Interest expense 1,044.8 707.4
- Dividend income on equity securities (0.2) (0.3)
- Share based payments to employees 154.9 126.5
- Bad and doubtful debts 40.6 106.9
- Interest on income tax refund - (147.5)
- Provision written back - (34.7)
- Unrealised foreign exchange (gain)/loss 9.9 (21.7)
Operating profit before working capital changes 16,099.3 9,046.9
Adjustments for changes in working capital:

- (Increase) / decrease in bank balance (17,005.2) (6,048.8)
- (Increase) / decrease in securities for trade 3,696.6 (5,951.2)
- (Increase) / decrease in receivables (3,743.4) 3,872.0
- (Increase) / decrease in loans (23,301.7) (1,766.0)
- (Increase) / decrease other financial assets (5.9) 64.4
- (Increase) / decrease other non- financial assets (112.5) (43.1)
- Increase / (decrease) in derivative financial instruments 4.5 (17.0)
- Increase / (decrease) in trade payables 3,338.2 (16,400.9)
- Increase / (decrease) in deposits 6.4 (23.0)
- Increase / (decrease) in other financial liabilities 7,745.9 409.7
- (Increase) / decrease in provisions (189.2) 101.3
- (Increase) / decrease in other non-financial liabilities 657.0 23.6
(28,909.3) (25,779.0)
Cash generated from operations (12,810.0) (16,732.1)
Income tax paid (net) (3,285.0) (2,051.3)
Net cash used in operating activities (A) (16,095.0) (18,783.4)
B Cash flow used in investing activities
- Dividend income received 0.2 0.3
- Purchase of property, plant and equipment (407.0) (233.9)
- Proceeds from sale of property, plant and equipment 5.1 7.7
Net cash used in investing activities (B) (401.7) (225.9)

Consolidated Cash Flow Statement

(` million)
March 31, 2021 March 31, 2020
C Cash flow generated from financing activities
- Proceeds from commercial paper borrowings 107,209.6 72,700.0
- Repayment of commercial paper borrowings (87,085.5) (62,278.9)
- Interest paid on borrowings (837.3) (484.9)
- Dividend and dividend tax paid (4,752.1) (3,864.7)
- Interest paid on lease liabilities (97.3) (141.4)
- Repayment of lease Iiabllltles (287.5) (341.9)
- Issue of shares on exercise of options 18.5 -
- Share application money pending allotment 1.8 -
Net cash generated from financing activities (C) 14,170.2 5,588.2
Net decrease in cash and cash equivalents (A+B+C) (2,326.5) (13,421.1)
Cash and cash equivalents at the beginning of the year 5,420.0 18,841.1
Cash and cash equivalents at the end of the year 3,093.5 5,420.0
Components of cash and cash equivalents

Cash and Cash Equivalents comprises of :
(a) Cash on hand - -
(b) Balances with Banks (of the nature of cash and cash equivalents)
(d) Others
- Fixed Deposit with original maturity of less than three months 1,144.4 2,928.0
- Interest accrued on fixed deposits 0.3 1.7
Total cash and cash equivalents [Note 3 (a)] 3,093.5 5,420.0
` 0.0 million indicates values are lower than ` 0.1 million, where applicable
Note :
(i) The above Cash Flow Statement has been prepared under the “Indirect Method” as set out in the Indian Accounting Standard (Ind AS-7) -
Statement of Cash Flow.
(ii) Also refer Note 36 for Change in liabilities arising from financing activities.
For B S R & Co. LLP

DIN - 00057492



Notes
to Consolidated financial statements for the year ended March 31, 2021
Company Overview and Significant (ii) Presentation of financial statements

Accounting Policies The Group presents its balance sheet in order of
liquidity in compliance with the Division III of the
1. Corporate Information Schedule III to The Companies Act, 2013. An analysis
ICICI Securities Limited (“the Company”), incorporated regarding recovery or settlement within 12 months
on March 09, 1995, is a public company engaged after the reporting date (current) and more than 12
in the business of broking (institutional and retail), months after the reporting date (non–current) is
distribution of financial products, merchant banking presented in Note 43.
and advisory services. The Company is incorporated
and domiciled in India. The equity shares of the Financial assets and financial liabilities are generally
Company are listed. The address of the Registered reported gross in the balance sheet. They are only
Office is ICICI Centre, H. T. Parekh Marg, Churchgate, offset and reported net when, in addition to having
Mumbai - 400020. an unconditional legally enforceable right to offset the
recognised amounts without being contingent on a
The Company was a wholly owned subsidiary of future event, the parties also intend to settle on a net
ICICI Bank Limited till March 30, 2018. During the basis in all of the following circumstances:
year ended March 31, 2018, the Company completed
its Initial Public Offering (‘IPO’). The Equity shares a. The normal course of business
of the Company were listed on the National Stock
Exchange of India Limited and BSE Limited on April 4, b. The event of default
2018. ICICI Bank Limited, the holding company, owns
75.00% of the Company’s equity share capital as on c. The event of insolvency or bankruptcy of the
March 31, 2021. Group and/or its counterparties
The consolidated financial statements of the Group (iii) Basis of consolidation

include results of ICICI Securities Limited and its The subsidiaries are entities controlled by the Holding
subsidiaries ICICI Securities Holdings Inc. and ICICI company. The Holding company controls an entity
Securities Inc. incorporated in USA. when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability
2. Significant accounting policies to affect those returns through its power over the
(i) Basis of preparation entity. The financial statements of subsidiaries are
The consolidated financial statements relate to the included in the consolidated financial statements from
Company and its subsidiaries (together ‘the Group’). the date on which control commences until the date
These consolidated financial statements have been on which control ceases.
prepared in accordance with Indian Accounting
Standards (‘Ind AS’) notified under Section 133 of The Group combines the financial statements of
The Companies Act, 2013 read together with the the parent and its subsidiaries line by line adding
Companies (Indian Accounting Standards) Rules, together like items of assets, liabilities, equity, income
2015 (as amended from time to time). and expenses. Intra-Group transactions, balances
and unrealised gains on transactions between
The consolidated financial statements have been entities within the Group are eliminated. Similarly,
prepared on a historical cost basis, except for fair unrealised losses are also eliminated unless the
value through other comprehensive income (FVOCI) transaction provides evidence of an impairment of
instruments, derivative financial instruments, other the transferred asset.
financial assets held for trading and financial assets and
liabilities designated at fair value through profit or loss Consolidated financial statements are prepared using
(FVTPL), all of which have been measured at fair value. uniform accounting policies for like transactions and
other events in similar circumstances. If a member of
The Group’s financial statements are presented in the Group uses accounting policies other than those
Indian Rupees (`), which is also its functional currency adopted in the consolidated financial statements for
and all values are rounded to the nearest million, like transactions and events in similar circumstances,
except when otherwise indicated. appropriate adjustments are made to that Group
member’s financial statements in preparing the
The consolidated financial statements for the year consolidated financial statements to ensure conformity
ended March 31, 2021 are being authorised for issue in with the Group’s accounting policies. However, no
accordance with a resolution of the Board of Directors subsidiaries have followed different accounting
on April 21, 2021. policies than those followed by the Group for the
preparation of these consolidated financial statements.

Notes
Details of Subsidiaries
(i) Subsidiary
% of Holding as % of Holding as
Name of the Company Country of Incorporation
on 31.03.2021 on 31.03.2020
ICICI Securities Holdings, Inc United States of America 100% 100%
(ii) Step-down Subsidiary

% of Holding as % of Holding as
Name of the Company Country of Incorporation
on 31.03.2021 on 31.03.2020
ICICI Securities, Inc United States of America 100% 100%
The principal place of business of the entities b) Recognition and measurement of defined benefit
mentioned above is the same as the respective country obligations: The obligation arising from defined
of incorporation. benefit plan is determined on the basis of actuarial
assumptions. Key actuarial assumptions include
(iv) Use of estimates and judgements discount rate, trends in salary escalation, actuarial
The preparation of the financial statements in rates and life expectancy. The discount rate is
conformity with Ind AS requires that management determined by reference to market yields at
make judgments, estimates and assumptions that the end of the reporting period on government
affect the application of accounting policies and the bonds. The period to maturity of the underlying
reported amounts of assets, liabilities and disclosures bonds correspond to the probable maturity of
of contingent assets and liabilities as of the date of the post-employment benefit obligations. Due
the financial statements and the income and expense to complexities involved in the valuation and
for the reporting period. The actual results could its long term nature, defined benefit obligation
differ from these estimates. Estimates and underlying is sensitive to changes in these assumptions.
assumptions are reviewed on an ongoing basis. Further details are disclosed in note 40.
Revisions to accounting estimates are recognised in
the period in which the estimate is revised and in any c) Recognition of deferred tax assets / liabilities:
future periods affected. Deferred tax assets and liabilities are recognized
for the future tax consequences of temporary
The Group makes certain judgments and estimates differences between the carrying values of assets
for valuation and impairment of financial instruments, and liabilities and their respective tax bases.
fair valuation of employee stock options, incentive Deferred tax assets are recognized to the extent
plans, useful life of property, plant and equipment, that it is probable that future taxable income
deferred tax assets and retirement benefit obligations. will be available against which the deductible
Management believes that the estimates used in the temporary differences could be utilized. Further
preparation of the financial statements are prudent details are disclosed in note 39.
and reasonable.
d) Recognition and measurement of provision and
Changes in estimates are reflected in the financial contingencies: The recognition and measurement
statements in the period in which changes are made of other provisions are based on the assessment
and, if material, their effects are disclosed in the notes of the probability of an outflow of resources, and
to the financial statements. on past experience and circumstances known
at the reporting date. The actual outflow of
a) Determination of the estimated useful lives of resources at a future date may therefore, vary
tangible assets: Useful lives of property, plant and from the amount included in other provisions.
equipment are taken as prescribed in Schedule
II of the Act. In cases, where the useful lives are e) Fair valuation of employee share options: The fair
different from that prescribed in Schedule II and valuation of the employee share options is based
in case of intangible assets, they are estimated by on the Black-Scholes model used for valuation of
management based on technical advice, taking options. Further details are discussed in note 37.
into account the nature of the asset, the estimated
usage of the asset, the operating conditions of f) Determining whether an arrangement contains
the asset, past history of replacement, anticipated a lease: In determining whether an arrangement
technological changes, manufacturers’ warranties is, or contains a lease is based on the substance
and maintenance support. of the arrangement at the inception of the lease.

Notes
The arrangement is, or contains, a lease date

The Group recognises revenue from the
if fulfilment of the arrangement is dependent following sources:
on the use of a specific asset or assets and the
arrangement conveys a right to use the asset, a. Income from services rendered as a broker
even if that right is not explicitly specified in is recognised upon rendering of the services
the arrangement. on a trade date basis, in accordance with the
terms of contract.
g) Impairment of financial assets: The Company
recognizes loss allowances for expected b.
Fee income including investment banking,
credit losses on its financial assets measured advisory fees, debt syndication, financial advisory
at amortized cost. At each reporting date, the services, etc., is recognised based on the stage
Company assesses whether financial assets of completion of assignments and terms of
carried at amortized cost are credit- impaired. A agreement with the client.
financial asset is ‘credit impaired’ when one or
more events that have a detrimental impact on c. Commissions from distribution of financial
the estimated future cash flows of the financial products are recognised upon allotment of the
asset have occurred. securities to the applicant.
(v) Revenue from Contracts with Customers d. Interest income is recognized using the effective
Revenue (other than for those items to which Ind AS interest rate method. Interest is earned on delayed
109 Financial Instruments are applicable) is measured payments from customers and is recognised on
at fair value of the consideration received or receivable. a time proportion basis taking into account the
Ind AS 115, Revenue from contracts with customers, amount outstanding from customers and the
outlines a single comprehensive model of accounting rates applicable.
for revenue arising from contracts with customers.
e. Dividend income is recognised when the right to
The Group recognises revenue from contracts receive payment of the dividend is established, it
with customers based on a five step model as set is probable that the economic benefits associated
out in Ind AS 115: with the dividend will flow to the Group and the
amount of the dividend can be measured reliably.
Step 1: Identify contract(s) with a customer: A
contract is defined as an agreement between two f. Training fee income from financial education
or more parties that creates enforceable rights and program is recognised on the basis of
obligations and sets out the criteria for every contract completion of training.
that must be met.
(vi) Property, Plant and Equipment (PPE)
Step 2: Identify performance obligations in the Recognition and Measurement:
contract: A performance obligation is a promise in a Property, plant and equipment are stated at acquisition
contract with a customer to transfer a good or service cost less accumulated depreciation and accumulated
to the customer. impairment losses, if any. Subsequent costs are
included in the asset’s carrying amount.
Step 3: Determine the transaction price: The transaction
price is the amount of consideration to which the Group Items of property, plant and equipment are initially
expects to be entitled in exchange for transferring recorded at cost. Cost comprises acquisition cost,
promised goods or services to a customer, excluding borrowing cost if capitalization criteria are met, and
amounts collected on behalf of third parties. directly attributable cost of bringing the asset to its
working condition for the intended use. Subsequent
Step 4: Allocate the transaction price to the expenditure relating to property, plant and equipment
performance obligations in the contract: For a contract is capitalized only when it is probable that future
that has more than one performance obligation, economic benefit associated with these will flow
the Group allocates the transaction price to each with the Group and the cost of the item can be
performance obligation in an amount that depicts measured reliably.
the amount of consideration to which the Group
expects to be entitled in exchange for satisfying each Items of Property, plant and equipment that have
performance obligation. been retired from active use and are held for disposal
are stated at the lower of their net book value or
Step 5: Recognise revenue when (or as) the Group net realisable value and are shown separately in the
satisfies a performance obligation. financial statements, if any.

Notes
Depreciation: in the Statement of Profit and Loss in the year of de-

Depreciation provided on property, plant and recognition, disposal or retirement.
equipment is calculated on a straight-line basis
using the rates arrived at based on the useful lives (vii) Intangible Assets
estimated by management. Intangible assets acquired separately are measured on
initial recognition at cost. Following initial recognition,
The estimated useful lives of assets are as follows: intangible assets are carried at cost less accumulated
amortization. Cost of an intangible asset includes
Tangible Asset Estimated by Management
purchase price, non-refundable taxes and duties and
Leasehold improvements Over the remaining period of any other directly attributable expenditure on making
the lease
the asset ready for its intended use and net of any
Office equipment's 5 years trade discounts and rebates.
comprising air
conditioners, photo-
copying machines, etc. Development expenditure on software is capitalized
Computers 3 years
as part of the cost of the resulting intangible asset
only if the expenditure can be measured reliably, the
Servers and Networks 6 years
product or process is technically and commercially
Furniture and fixtures* 6.67 years
feasible, future economic benefits are probable, and
Motor vehicles* 5 years
the Group intends to and has sufficient resources to
complete development and to use or sell the asset.
*Based on technical evaluation, the management Otherwise it is recognized in the profit or loss as
believes that the useful lives as given above best incurred. Subsequent to initial recognition, the asset
represent the period over which management expects is measured at cost less accumulated amortization
to use these assets. Hence, the useful lives for these and any accumulated impairment losses.
assets is different from the useful lives as prescribed
under Part C of Schedule II of the Companies Act 2013. Amortisation
Amortisation is calculated using the straight–line
Depreciation is provided on a straight-line basis from method to write down the cost of intangible assets to
the date the asset is ready for its intended use. In their residual values over their estimated useful lives
respect of assets sold, depreciation is provided up and is included in the depreciation and amortization
to the date of disposal. in the statement of profit and loss.
The residual values, estimated useful lives and methods Intangible asset Useful life / Amortisation period
of depreciation of property, plant and equipment are Computer software 4 years
reviewed at the end of each financial year and changes
if any, are accounted for on a prospective basis. The carrying amount of an item of intangible assets is
derecognized on disposal or when no future economic
Capital work-in-progress and Capital advances: benefits are expected from its use or disposal. Gains
Capital work-in-progress are property, plant and or losses arising from de-recognition, disposal
equipment which are not yet ready for their intended or retirement of an item of intangible assets are
use. Advances given towards acquisition of fixed measured as the difference between the net disposal
assets outstanding at each reporting date are shown proceeds and the carrying amount of the asset and
as other non-financial assets. are recognised net, within “Other Income” or “Other
Expenses”, as the case maybe, in the Statement
Depreciation is not recorded on capital work-in- of Profit and Loss in the year of de-recognition,
progress until construction and installation is disposal or retirement.
completed and assets are ready for its intended use.
(viii) Financial instruments
De-recognition: Recognition and Initial Measurement
The carrying amount of an item of property, plant and The Group recognizes all the financial assets and
equipment is derecognized on disposal or when no liabilities at its fair value on initial recognition; In the
future economic benefits are expected from its use or case of financial assets not at fair value through profit
disposal. Gains or losses arising from de-recognition, or loss, transaction costs that are directly attributable
disposal or retirement of an item of property, plant and to the acquisition or issue of the financial asset are
equipment are measured as the difference between added to the fair value on initial recognition. The
the net disposal proceeds and the carrying amount financial assets are accounted on a trade date basis.
of the asset and are recognised net, within “Other
Income” or “Other Expenses”, as the case maybe,

Notes
lassification and subsequent measurement of

C value measurement is based on the presumption
financial asset: For subsequent measurement, that the transaction to sell the asset or transfer
financial assets are categorised into: the liability takes place either:
a. Amortised cost: The Group classifies the financial - In the principal market for the asset or liability, or
assets at amortised cost if the contractual cash - In the absence of a principal market, in the most
flows represent solely payments of principal and advantageous market for the asset or liability.
interest on the principal amount outstanding
and the assets are held under a business model The principal or the most advantageous market
to collect contractual cash flows. The gains and must be accessible by the Group.
losses resulting from fluctuations in fair value are
not recognised for financial assets classified in The fair value of an asset or a liability is measured
amortised cost measurement category. using the assumptions that market participants
would use when pricing the asset or liability,
b. Fair value through other comprehensive income assuming that market participants act in their
(FVOCI): The Group classifies the financial assets economic best interest.
as FVOCI if the contractual cash flows represent
solely payments of principal and interest on the A fair value measurement of a non-financial asset
principal amount outstanding and the Group’s takes into account a market participant’s ability to
business model is achieved by both collecting generate economic benefits by using the asset in
contractual cash flow and selling financial assets. its highest and best use or by selling it to another
In case of debt instruments measured at FVOCI, market participant that would use the asset in its
changes in fair value are recognised in other highest and best use.
comprehensive income. The impairment gains
or losses, foreign exchange gains or losses and In order to show how fair values have been
interest calculated using the effective interest derived, financial instruments are classified
method are recognised in profit or loss. On based on a hierarchy of valuation techniques,
de-recognition, the cumulative gain or loss as summarised below:
previously recognised in other comprehensive
income is re-classified from equity to profit or Level 1 financial instruments: Those where
loss as a reclassification adjustment. In case the inputs used in the valuation are unadjusted
of equity instruments irrevocably designated quoted prices from active markets for identical
at FVOCI, gains / losses including relating to assets or liabilities that the Group has access to
foreign exchange, are recognised through other at the measurement date. The Group considers
comprehensive income. Further, cumulative markets as active only if there are sufficient
gains or losses previously recognised in other trading activities with regards to the volume
comprehensive income remain permanently in and liquidity of the identical assets or liabilities
equity and are not subsequently transferred to and when there are binding and exercisable price
profit or loss on derecognition. quotes available on the balance sheet date.
c. Fair value through profit or loss (FVTPL): Level 2 financial instruments: Those where
The financial assets are classified as FVTPL if the inputs that are used for valuation and are
these do not meet the criteria for classifying significant, are derived from directly or indirectly
at amortised cost or FVOCI. Further, in certain observable market data available over the entire
cases to eliminate or significantly reduce a period of the instrument’s life.
measurement or recognition inconsistency
(accounting mismatch), the Group irrevocably Level 3 financial instruments: Those that include
designates certain financial instruments at FVTPL one or more unobservable input that is significant
at initial recognition. In case of financial assets to the measurement as whole.
measured at FVTPL, changes in fair value are
recognised in profit or loss. Based on the Group’s business model for
managing the investments, the Group has
Profit or loss on sale of investments is determined classified its investments and securities for
on the basis of first-in-first-out (FIFO) basis. trade at FVTPL.
Fair value is the price that would be received Financial liabilities are carried at amortised cost
to sell an asset or paid to transfer a liability using the effective interest rate method. For
in an orderly transaction between market trade and other payables, the carrying amount
participants at the measurement date. The fair

Notes
approximates the fair value due to short maturity has a present legal or constructive obligation to pay
of these instruments. this amount as a result of past service provided by
the employee, and the obligation can be estimated
d. Derecognition: The Company derecognises a reliably. These costs are recognised as an expense in
financial asset when the contractual rights to the the Statement of Profit and Loss at the undiscounted
cash flows from the financial asset expire, or it amount expected to be paid over the period of services
transfers the rights to receive the contractual cash rendered by the employees to the Group.
flows in a transaction in which substantially all of
the risks and rewards of ownership of the financial b. Gratuity
asset are transferred or in which the Company The Group pays gratuity, a defined benefit plan, to
neither transfers nor retains substantially all of its employees whose employment terminates after a
the risks and rewards of ownership and does minimum period of five years of continuous service
not retain control of the financial asset. The on account of retirement or resignation. In the case
Company derecognises a financial liability when of employees at overseas locations, same will be paid
its contractual obligations are discharged or as per rules in force in the respective countries. The
cancelled, or expire. Group makes contributions to the ICICI Securities
Employees Gratuity Fund which is managed by ICICI
e. Offsetting: Financial assets and financial liabilities Prudential Life Insurance Company Limited for the
are offset and the net amount presented in the settlement of gratuity liability.
balance sheet when, and only when, the Company
currently has a legally enforceable right to set off A defined benefit plan is a post-employment benefit
the amounts and it intends either to settle them plan other than a defined contribution plan. The
on a net basis or to realise the asset and settle Group’s net obligation in respect of the defined benefit
the liability simultaneously. plan is calculated by estimating the amount of future
benefit that employee has earned in exchange of
f. Impairment of financial assets: In accordance with their service in the current and prior periods and
Ind AS 109, the Group applies expected credit loss discounted back to the current valuation date to arrive
model (ECL) for measurement and recognition of at the present value of the defined benefit obligation.
impairment loss. The Group recognises lifetime The defined benefit obligation is deducted from the
expected losses for all contract assets and / or fair value of plan assets, to arrive at the net asset /
all trade receivables that do not constitute a (liability), which need to be provided for in the books
financing transaction. At each reporting date, of accounts of the Group.
the Group assesses whether the loans have been
impaired. The Group is exposed to credit risk As required by the Ind AS 19, the discount rate used
when the customer defaults on his contractual to arrive at the present value of the defined benefit
obligations. For the computation of ECL, the loan obligations is based on the Indian Government security
receivables are classified into three stages based yields prevailing as at the balance sheet date that have
on the default and the aging of the outstanding. maturity date equivalent to the tenure of the obligation.
If the amount of an impairment loss decreases
in a subsequent period, and the decrease can be The calculation is performed by a qualified actuary
related objectively to an event occurring after using the projected unit credit method. When
the impairment was recognised, the excess is the calculation results in a net asset position, the
written back by reducing the loan impairment recognized asset is limited to the present value of
allowance account accordingly. The write-back economic benefits available in form of reductions in
is recognised in the statement of profit and loss. future contributions.
The Group recognises life time expected credit
loss for trade receivables and has adopted the Remeasurements arising from defined benefit plans
simplified method of computation as per Ind AS comprises of actuarial gains and losses on benefit
109. The Group considers outstanding overdue obligations, the return on plan assets in excess of
for more than 90 days for calculation of expected what has been estimated and the effect of asset
credit loss. A financial asset is written off when ceiling, if any, in case of over funded plans. The Group
there is no reasonable expectation of recovering recognizes these items of remeasurements in other
the contractual cash flows. comprehensive income and all the other expenses
related to defined benefit plans as employee benefit
(ix) Employee benefits expenses in their profit and loss account.
a. Short term employee benefits
Short term employee benefits include salaries and When the benefits of the plan are changed, or when a
short term cash bonus. A liability is under short-term plan is curtailed or settlement occurs, the portion of the
cash bonus or target based incentives if the Group changed benefit related to past service by employees,

Notes
or the gain or loss on curtailment or settlement, is at the grant date. The fair value determined at
recognized immediately in the profit or loss account the grant date of the equity-settled share-based
when the plan amendment or when a curtailment or payments is expensed on a straight-line basis over
settlement occurs. the vesting period, based on the Group’s estimate of
equity instruments that will eventually vest, with a
With respect to Oman Branch, the Group provides corresponding increase in equity.
end of service benefits to its expatriate employees.
The entitlement to these benefits is based upon the ICICI Bank Limited, the parent, also grants options
employees’ final salary and length of service, subject to eligible employees of the Group under ICICI Bank
to the completion of a minimum service period. The Employee Stock Option Scheme. The options vest
expected costs of these benefits are accrued over the over a period of three years. The fair value determined
period of employment. on the grant date is expensed on a straight line basis
over the vesting period with a corresponding increase
c. Provident fund in the equity as a contribution from the parent.
Retirement benefit in the form of provident fund is a
defined contribution scheme. The Group is statutorily g. Other defined contribution plans
required to contribute a specified portion of the basic The Defined contribution plans are the plans in which
salary of an employee to a provident fund as part of the Group pays pre-defined amounts to separate funds
retirement benefits to its employees. The contributions and does not have any legal or constrictive obligation
during the year are charged to the statement of to pay additional sums. The Group makes contributions
profit and loss. towards National Pension Scheme (“NPS”) which
is a defined contribution retirement benefit plans
With respect to Oman branch, for Omani national for employees who have opted for the contribution
employees, the Group makes contributions to the towards NPS. The Group also makes contribution
Omani Public Authority for Social Insurance Scheme towards Employee State Insurance Scheme (“ESIC”)
calculated as a percentage of the employees’ which is a contributory scheme providing medical,
salaries. The Group’s obligations are limited to these sickness, maternity, and disability benefits to the
contributions, which are expensed when incurred. insured employees under the Employees State
Insurance Act, 1948 in respect of qualifying employees.
d. Compensated absence
The employees can carry forward a portion of the (x) Borrowing costs
unutilized accrued compensated absences and utilize it Borrowing costs include interest expense as per the
in future service periods or receive cash compensation effective interest rate (EIR) and other costs incurred by
on termination of employment. The Group records the Group in connection with the borrowing of funds.
an obligation for such compensated absences in the Borrowing costs directly attributable to acquisition
period in which the employee renders the services that or construction of those tangible fixed assets which
increase the entitlement. The obligation is measured necessarily take a substantial period of time to get
on the basis of independent actuarial valuation using ready for their intended use are capitalized. Other
the projected unit credit method. Actuarial losses/ borrowing costs are recognized as an expense in
gains are recognized in the statement of profit and the year in which they are incurred. The difference
loss as and when they are incurred. between the discounted amount mobilized and
redemption value of commercial papers is recognized
e. Long term incentive in the statement of profit and loss over the life of the
The Group has a long term incentive plan which is instrument using the EIR.
paid in three annual tranches. The Group accounts
for the liability as per an actuarial valuation. The Repo transactions are treated as collateralized lending
actuarial valuation of the long term incentives liability and borrowing transactions, with an agreement to
is calculated based on certain assumptions regarding repurchase/resale, on the agreed terms and accordingly
prevailing market yields of Indian government disclosed in the financial statements. The difference
securities and staff attrition as per the projected unit between consideration amount of the first leg and the
credit method made at the end of each reporting second leg of the repo transaction is reckoned as Repo
period. The actuarial losses/gains are recognised Interest. As regards repo/ reverse repo transactions
in the statement of profit and loss in the period in outstanding on the balance sheet date, only the
which they arise. accrued income/ expenditure till the balance sheet
date is taken to the Statement of Profit and Loss. Any
f. Share based payment arrangements repo income/ expenditure for the remaining period is
Equity-settled share-based payments to employees are reckoned in the next accounting period.
measured at the fair value of the equity instruments

Notes
(xi) Foreign exchange transactions is recognised as an expense in the period in which

The functional currency and the presentation currency profit arises. Current tax is the expected tax payable/
of the Group is Indian Rupees. Transactions in foreign receivable on the taxable income or loss for the period,
currency are recorded on initial recognition using the using tax rates enacted for the reporting period and
exchange rate at the transaction date. Monetary assets any adjustment to tax payable/receivable in respect
and liabilities denominated in foreign currencies are of previous years. Current tax assets and liabilities
translated at the functional currency closing rates of are offset only if, the Group has a legally enforceable
exchange at the reporting date. Exchange differences right to set off the recognised amounts; and intends
arising on the settlement or translation of monetary either to settle on a net basis, or to realise the asset
items are recognized in the statement of profit and and settle the liability simultaneously.
loss in the period in which they arise.
Deferred tax is recognised in respect of temporary
Assets and liabilities of foreign operations are translated differences between the carrying amounts of assets
at the closing rate at each reporting period. Income and liabilities for financial reporting purpose and
and expenses of foreign operations are translated the amounts for tax purposes. The measurement of
at monthly average rates. The resultant exchange deferred tax reflects the tax consequences that would
differences are recognized in other comprehensive follow from the manner in which the Group expects,
income in case of foreign operation whose functional at the reporting date, to recover or settle the carrying
currency is different from the presentation currency amount of its assets and liabilities.
and in the statement of profit and loss for other foreign
operations. Non-monetary items which are carried Deferred tax liabilities are generally recognised for
at historical cost denominated in a foreign currency all taxable temporary differences and deferred tax
are reported using the exchange rate at the date of assets are recognised, for all deductible temporary
the transaction. differences, to the extent it is probable that future
taxable profits will be available against which
(xii) Leases deductible temporary differences can be utilised.
The Group evaluates if an arrangement qualifies to Deferred tax is measured at the tax rates that are
be a lease as per the requirements of Ind AS 116. expected to be applied to the temporary differences
Identification of a lease requires significant judgment. when they reverse, based on the laws that have been
enacted or substantively enacted by the reporting date.
The Group uses significant judgement in assessing the Deferred tax assets are reviewed at each reporting
lease term (including anticipated renewals). The Group date and are reduced to the extent that it is no longer
determines the lease term as the non-cancellable probable that the related tax benefit will be realized,
period of a lease, together with both periods covered such reductions are reversed when the probability of
by an option to extend if the Group is reasonably future taxable profits improves.
certain to exercise that option; and periods covered
by an option to terminate the lease if the Company The tax effects of income tax losses, available for
is reasonably certain to not exercise that option. In carry forward, are recognised as deferred tax asset,
assessing whether the Group is reasonably certain when it is probable that future taxable profits will be
to exercise an option to extend a lease it considers available against which these losses can be set-off.
all relevant facts and circumstances that create an
economic incentive for the Group to exercise the Unrecognised deferred tax assets are re-assessed at
option to extend or terminate the lease. The Group each reporting date and are recognised to the extent
revises the lease term if there is a change in the non- that it has become probable that future taxable profits
cancellable period of a lease. will allow the deferred tax asset to be recovered.
The discount rate is generally based on the incremental (xiv) Cash and cash equivalents
borrowing rate of the Group, specific to the lease Cash and cash equivalents for the purpose of cash
being evaluated or for a portfolio of leases with similar flow statement include cash in hand, balances with
characteristics. the banks and demand deposits with bank with an
original maturity of three months or less, and accrued
(xiii) Income tax interest thereon.
The income tax expense comprises current and
deferred tax incurred by the Group. Income tax expense (xv) Impairment of non-financial assets
is recognised in the income statement except to the The Group assesses at the reporting date whether
extent that it relates to items recognised directly in there is an indication that an asset may be impaired.
equity or OCI, in which case the tax effect is recognised If any indication exists, or when annual impairment
in equity or OCI. Income tax payable on profits is based testing for an asset is required, the Group estimates
on the applicable tax laws in each tax jurisdiction and the asset’s recoverable amount. An asset’s recoverable

Notes
amount is the higher of an asset’s or cash-generating (xvii) Contingent liabilities and assets
unit’s (“CGU”) fair value less costs of disposal and its Contingent liabilities are disclosed when there is
value in use. The recoverable amount is determined a possible obligation arising from past events,
for an individual asset, unless the asset does not the existence of which will be confirmed only by
generate cash inflows that are largely independent of the occurrence or non-occurrence of one or more
those from other assets or groups of assets. Where uncertain future events not wholly within the control
the carrying amount of an asset or CGU exceeds its of the Group or a present obligation that arises from
recoverable amount, the asset is considered impaired past events where it is either not probable that an
and is written down to its recoverable amount. In outflow of resources will be required to settle or a
assessing value in use, the estimated future cash flows reliable estimate of the amount cannot be made,
are discounted to their present value using a pre-tax is termed as a contingent liability. The existence of
discount rate that reflects current market assessments a contingent liability is disclosed in note 32 to the
of the time value of money and the risks specific to the financial statements. Contingent assets are neither
asset. In determining fair value less costs of disposal, recognised nor disclosed.
recent market transactions are taken into account, if
available. If no such transactions can be identified, (xviii) Earnings per share
an appropriate valuation model is used. Impairment Basic earnings per share is calculated by dividing the
losses are recognised in statement of profit and loss. net profit or loss for the period attributable to equity
shareholders by the weighted average number of
(xvi) Provisions equity shares outstanding during the year.
Provision is recognised when an enterprise has a
present obligation (legal or constructive) as a result Diluted earnings per share is computed using the
of a past event and it is probable that an outflow of weighted average number of equity shares and dilutive
resources will be required to settle the obligation, in potential equity shares outstanding during the year.
respect of which a reliable estimate can be made. For the purpose of calculating diluted earnings per
Provisions are determined based on management share, the net profit or loss for the period attributable to
estimates required to settle the obligation at the equity shareholders and the weighted average number
balance sheet date, supplemented by experience of shares outstanding during the year are adjusted for
of similar transactions. These are reviewed at the the effects of all dilutive potential equity shares.
balance sheet date and adjusted to reflect the current
management estimates.

Notes
3 (a) Cash and Cash Equivalents

(` million)
As at As at
March 31, 2021 March 31, 2020
(a) Cash on hand * - -
(b) Balances with banks (of the nature of cash and cash equivalents)
(d) Others (specify nature)
Fixed Deposit with original maturity less than 3 months 1,144.4 2,928.0
Interest accrued on Fixed Deposits 0.3 1.7
Total 3,093.5 5,420.0
3 (b) Bank Balance other than (a) above

(` million)
As at As at
March 31, 2021 March 31, 2020
(a) Earmarked balances with banks
- Unclaimed dividend 1.8 1.1
(b) Fixed deposits with banks** 34,817.7 18,116.2
(c) Interest receivable 879.7 576.7
Total 35,699.2 18,694.0
* ` 0.0 million indicates values are lower than ` 0.1 million, where applicable
**
Fixed deposits under lien with stock exchanges amounted to ` 32,656.1 million (March 31, 2020 : ` 16,584.7 million) and kept
as collateral security towards bank guarantees issued amounted to ` 3.0 million (March 31, 2020 : ` 12.2 million) and kept as
collateral security against bank overdraft facility amounted to ` 1,505.0 million (March 31, 2020 : ` 1,115.1 million) and others
` 502.9 million (March 31, 2020 : ` 252.9 million)
4 Derivative Financial Instruments

(` million)
As at As at
March 31, 2021 March 31, 2020
(i) Equity linked derivatives 4.5 -
Total 4.5 -
Notional amounts 1,620.8 3,893.8
Fair value - assets - -
Fair value - liabilities 4.5 -
Note :
- The derivatives are used for the purpose of trading.
- Refer note 42 for management of risks arising from derivatives.
5 Securities for Trade

(` million)
As at As at
March 31, 2021 March 31, 2020
Securities for trade in India
(i) Mutual funds:
- Nippon India Liquid Fund - Direct Plan - Growth Option - 1,507.2
- Invesco India Liquid Fund - Direct Plan - Growth Option 500.3 1,003.8
- ICICI Prudential Liquid Fund - Direct Plan - Growth Option - 716.6
- ICICI Prudential Mutual fund Value FD SR 18 (17-05-2021) 1.4 0.9
- Mirae Asset Cash Management Fund - Direct Plan - Growth Option 500.3 -
- ABSL Liquid Fund - Direct Plan - Growth Option 782.1 -
- DSP Mutual Fund - Liquid ETF 0.0 -

Notes
(` million)
As at As at
March 31, 2021 March 31, 2020
Nippon India Mutual Fund - ETF Liquid BeES 0.1 -
1,784.2 3,228.5
(ii) Debt securities:
(a) Non-convertible debentures:-
- 7.95 % L & T Infrastructure Finance Company Limited (28-07-2025) 1.1 -
- 8.75% Edelweiss Retail Finance Limited (22-03-2021) - 44.7
- 9.25% Reliance Jio Infocommunication Limited (16-06-2024) - 1.1
- 9.10 % Dewan Housing Finance Corp Limited (16-08-2019) - -
6.1 45.8
(b) Bonds:-
- 5.15% Government Securities (09-11-2025) 488.9 -
- 8.20% Housing and Urban Development Corporation (05-03-2027) 23.9 -
- 8.46% India Infrastructure Finance Company Limited (30-08-2028) 168.6 -
- 8.37% Rural Electrification Corporation (07-12-2028) 5.5 -
- 6.45% Government Securities (07-10-2029) 251.0
- 7.28% National Highways Authority of India (18-09-2030) 38.4 -
- 7.64 % Indian Railway Finance Corporation (22-03-2031) 29.6 -
- 7.35% National Bank for Agriculture and Rural Development (23-03-2031) 1.2 -
- 8.30 % Rural Electrification Corporation (25-06-2029) 4.3 -
- 8.50 % Bank of Baroda (28-07-2099) 39.8 -
- 8.70% Bank of Baroda (28-11-2099) 1.0 -
9.56 % State Bank of India (04-12-2099) 1.0
- 8.58% Housing Development Finance Corporation Limited (18-03-2022) - 256.6
- 8.55% Cholamandalam Investment and Finance Company Limited (13-11-2026) - 2.0
- 8.85% HDB Financial Services Limited (07-06-2029) - 96.4
- 8.30% Rural Electrification Corporation Limited (25-06-2029) - 6.3
- 7.35% Indian Railway Finance Corporation Limited (22-03-2031) - 91.9
- 10.50% INDUSIND Bank Limited (28-03-2099) - 1.0
- 8.85% HDFC Bank Limited (12-05-2099) - 97.5
- 8.65% Bank of Baroda (11-08-2099) - 131.9
- 8.50% State Bank of India (22-11-2099) - 290.2
- 8.70% Bank of Baroda (28-11-2099) - 38.7
1,071.4 1,327.3
(c) Commercial paper:
- National Bank for Agriculture and Rural Development (03-04-2020) - 1,999.5
- 1,999.5
(d) Fixed Deposits
- 4.55% HDFC FD (22-09-2021) 1,000.0 -
- 8.25% Housing Development Finance Corporation Limited FD (03-06-2020) - 500.0
- 8% Housing Development Finance Corporation Limited FD (21-07-2020) - 750.0
- 7.4% Bajaj Finance FD (25-03-2021) - 500.0
1,800.0 1,750.0

Notes
(` million)
As at As at
March 31, 2021 March 31, 2020
(iii) Equity instruments
- PI Industries Limited 0.0 -
- Yes Bank Limited 0.0 -
0.0 -
Total 4,661.7 8,351.1
6 Trade Receivables
(` million)
As at As at
March 31, 2021 March 31, 2020
(a) Receivables considered good - Secured 3,075.6 349.8
(b) Receivables considered good - Unsecured 1,510.5 538.1
(c) Receivables - credit impaired 121.2 158.0
Less: Impairment loss allowance (121.2) (158.0)
- -
Total 4,586.1 887.9
No trade or other receivable are due from directors of the Company either severally or jointly with any other person. Nor
any trade or other receivable are due from firms or private companies respectively in which any director is a partner,
a director or a member.
7 Loans
(` million)
As at As at
March 31, 2021 March 31, 2020
Term Loans :
(ii) ESOP funding 5,279.3 3,040.6
Total (A) - Gross 29,103.3 5,801.4
Less:Impairment loss allowance [refer note 42(a)] (88.8) (92.7)
Total (A) - Net 29,014.5 5,708.7
(I) Secured by :
(i) Secured by tangible assets
- Collateral in the form of cash and securities in case of Margin trade funding 23,823.2 2,760.5
- Shares under ESOP in case of ESOP funding 5,242.3 3,024.7
(ii) Unsecured :
- in case of Margin trade funding 0.8 0.3
- in case of ESOP funding 37.0 15.9
Total (I) - Gross 29,103.3 5,801.4
Total (I) - Net 29,014.5 5,708.7
(II) Loans in India
(ii) ESOP funding 5,279.3 3,040.6
Total (II) - Gross 29,103.3 5,801.4
Total (II) - Net 29,014.5 5,708.7
(C) At fair value through profit or loss - -
Total (A) + (B) + (C) + (D) 29,014.5 5,708.7

Notes
8 Investments
(` million)
As at As at
March 31, 2021 March 31, 2020
(i) Investments in India
Equity instruments
- BSE Limited 6.5 3.4
- Receivable Exchange of India Limited 20.5 19.2
- Universal Trustees Private Limited 1.8 2.1
Total 28.8 24.7
(C) At amortised cost - -
Total (A) + (B) + (C) + (D) 28.8 24.7
9 Other Financial Assets

(` million)
As at As at
March 31, 2021 March 31, 2020
(i) Security deposits :
Unsecured, considered good
(a) Security deposit for leased premises and assets 157.6 195.5
(b) Security deposit with stock exchanges 34.2 35.1
(c) Other Security deposits 5.0 4.0
(d) Margin deposits with stock exchange 35.9 110.0
(e) Security deposit with related parties
(a) ICICI Bank Limited - 2.4
(b) ICICI Lombard General Insurance Company Limited 0.1 0.1
232.8 347.1
(ii) Others :
(a) Accrued income from services 463.6 286.8
(b) Accrued interest 41.4 133.9
(c) Others * 37.7 15.3
534.5 427.8
Total 767.3 774.9
*Others includes amounts due from ICICI Bank Ltd ` Nil (Previous year : ` 0.6 million) towards reimbursement of IPO expenses.
10 Current Tax Assets (Net)
As at As at
March 31, 2021 March 31, 2020
Advance payment of income tax (net)
[net of provision for tax of ` 17,168.2 million (March 31, 2020 : ` 17,333.4)] 1,189.3 1,502.8
Total 1,189.3 1,502.8

11 Property, Plant and Equipment and Other Intangible Assets
(` million)
212
Property, Plant and Equipment Other Intangible Assets
CMA Total (A+B)
Furniture Office Lease hold Computer
Computers Vehicles Total (A) membership Total (B)
and fixtures equipment improvements Software
right
Notes
Gross Carrying amount (At Cost)
Balance at April 1, 2019 180.6 17.7 44.9 51.5 102.3 397.0 173.3 1.6 174.9 571.9
Additions 74.1 4.8 5.8 19.5 12.1 116.3 76.3 - 76.3 192.6
Balance at March 31, 2020 250.1 18.3 42.2 57.8 76.0 444.4 249.7 4.0 253.7 698.1
Additions 214.7 6.3 9.2 8.2 18.2 256.6 153.7 - 153.7 410.3
Balance at March 31, 2021 426.4 17.1 40.5 53.8 52.8 590.6 375.5 - 375.5 966.1
Accumulated depreciation/amortisation

Balance at April 1, 2019 33.6 12.2 22.2 6.1 28.1 102.2 32.3 1.6 33.9 136.1
Balance at March 31, 2020 84.1 13.3 23.9 14.8 13.1 149.2 94.3 4.0 98.3 247.5
Balance at March 31, 2021 116.7 12.3 22.5 22.7 (3.6) 170.6 148.1 - 148.1 318.7
Carrying amounts (net)
Balance at March 31, 2020 166.0 5.0 18.3 43.0 62.9 295.2 155.4 - 155.4 450.6
Balance at March 31, 2021 309.7 4.8 18.0 31.1 56.5 420.0 227.4 - 227.4 647.4
Notes: ( ` in million)
Balance at March 31, 2020 *Fixed assets sale / adjustments includes effect of foreign currency translation amounting to ` 0.3 million (March 31, 2019 ` 2.5 million).
Balance at March 31, 2021 *Fixed assets sale / adjustments includes effect of foreign currency translation amounting to Nil (March 31, 2020 ` 0.3 million).
Notes
12 Other Non-Financial Assets

(` million)
As at As at
March 31, 2021 March 31, 2020
(i) Capital advances - -
(i) Advances other than capital advances:
- Prepaid expenses 67.1 70.6
- Advance to suppliers 43.8 100.0
- Others 409.6 237.0
Total 520.5 407.6
13 Payables
(` million)
As at As at
March 31, 2021 March 31, 2020
(I) Trade payables :
(a) total outstanding dues of micro enterprises and small enterprises - -
(Refer note 34 for details of dues to micro and small enterprises)
(b) total outstanding dues of creditors other than micro enterprises and small 10,264.6 6,926.4
enterprises
Total 10,264.6 6,926.4
14 Debt Securities
(` million)
As at As at
March 31, 2021 March 31, 2020
Debt securities in India
(i) Commercial paper * (refer note 44) 35,209.6 14,975.3
(repayable within one year)
(B) At fair value through profit or loss - -
(C) Designated at fair value through profit or loss - -
Total 35,209.6 14,975.3
* Note:
Commercial paper (unsecured)
Amount oustanding 35,209.6 14,975.3
Tenure 64 days to 364 71 days to 90
days days
Rate of interest 3.51% to 4.87% 5.73% to 6.40%
Repayment schedule At maturity At maturity
15 Borrowings (Other than Debt Securities)

(` million)
As at As at
March 31, 2021 March 31, 2020
(i) Secured loans
Bank overdraft - -
(Secured against first charge on all receivables, book debts, cash flows and proceeds
arising therefrom and a lien on fixed deposits including but not limited to the Group's
cash in hand both present and future)
Total - -

Notes
16 Deposits
(` million)
As at As at
March 31, 2021 March 31, 2020
(i) From Others - Security Deposits 28.7 22.3
Total 28.7 22.3
17 Other Financial Liabilities

(` million)
As at As at
March 31, 2021 March 31, 2020
(i) Margin money 7,388.0 2,681.8
(ii) Unclaimed dividend 1.7 1.0
(iii) Others 3,050.8 11.8
Total 10,440.5 2,694.6
18 Provisions
(` million)
As at As at
March 31, 2021 March 31, 2020
(i) Provision for employee benefits
(a) Provision for gratuity (Refer Note 40) 446.4 706.0
(b) Provision for compensated absence (refer note 40) 159.7 122.7
Total 606.1 828.7
19 Other Non-Financial Liabilities

(` million)
As at As at
March 31, 2021 March 31, 2020
(a) Revenue received in advance
- Income received in advance 376.4 264.6
(b) Other advances
- Prepaid Brokerage 2,483.2 2,568.8
(c) Others
(i) Statutory liabilities 1,023.7 710.5
(ii) Employee related liabilities 2,076.9 1,761.3
(iii) Other liabilities 7.3 5.9
3,107.9 2,477.7
Total 5,967.5 5,311.1

Notes
20 Share Capital
(` million)
As at As at
March 31, 2021 March 31, 2020
(a) Authorised:
400,000,000 equity shares of ` 5/- each 2,000.0 2,000.0
(March 31, 2020 : 400,000,000 equity shares of ` 5/- each)
5,000,000 preference shares of ` 100/- each 500.0 500.0
(March 31, 2020 : 5,000,000 of preference shares of ` 100/- each)
2,500.0 2,500.0
(b) Issued, subscribed and fully paid-up shares:
322,222,370 equity shares of ` 5/- each, fully paid 1,611.1 1,610.7
(March 31, 2020 : 322,141,400 equity shares of ` 5/- each, fully paid)
Total issued, subscribed and fully paid-up share capital 1,611.1 1,610.7
(c) Reconciliation of the shares at the beginning and at the end of the reporting year
Equity shares

Nos (` million) Nos (` million)
At the beginning of the year 322,141,400 1,610.7 322,141,400.0 1,610.7
Increase/ (decrease) during the year - -
- Bonus issue - - - -
- ESOP 80,970 0.4 - -
Outstanding at the end of the year 322,222,370 1,611.1 322,141,400.0 1,610.7
(d) Terms / rights attached to equity shares

The Company has only one class of equity shares having par value of ` 5/- per share. Each holder of equity shares
is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting, except in case of interim dividend
During the year ended March 31, 2021, the Company has paid a final dividend for the year ended March 31, 2020
of ` 6.75 per equity share as approved by its members at the Annual General Meeting held on August 11, 2020.
The Board of Directors at its meeting held on October 28, 2020 had approved and paid an interim dividend of `
8.00 per equity share. The Board has recommended a final dividend of ` 13.50 per equity share for FY2021.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number
of equity shares held by the shareholders.
(e) Pattern of shareholding

Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company :
Shareholder

Nos % of Holding Nos % of Holding
Shares held by Holding Company
ICICI Bank Limited 241,652,692 75.00% 255,216,095 79.22%
Total 241,652,692 75.00% 255,216,095 79.22%
(f) There are no shares reserved for issue under options and contracts/commitments for the sale of shares
or disinvestment.

Notes
(g) There are no shares allotted as fully paid up by way of bonus shares or allotted as fully paid up pursuant to contract
without payment being received in cash, or bought back during the period of five years immediately preceding
the reporting date.
(h) Capital management :

The Group’s objective for capital management is to maximise shareholder value, safeguard business continuity and
support the growth of the Group. The Group determines the capital requirement based on annual operating plans and
long-term and other strategic investment plans. The funding requirements are met through equity, operating cash
flows generated and short term debt. The Group is not subject to any externally imposed capital requirements.
21 Other Equity
(` million)
As at As at
March 31, 2021 March 31, 2020
(i) Reserves and surplus
(a) Securities premium
(b) General reserve
(c) Equity-settled share-based payment reserve
(e) Retained earnings
Opening balance 9,109.5 7,613.3
Add: Other comprehensive income for the year 25.1 (59.1)
Add: profit after tax for the year 10,677.2 5,420.0
19,811.8 12,974.2
Less: Appropriations
- Dividend on equity shares 4,752.1 3,205.8
- Dividend distribution tax on equity dividend - 658.9
Closing balance 15,059.7 9,109.5

(ii) Exchange difference on translating the financial statements of a foreign operation
(iii) Deemed equity contribution from the parent
(iv) Share application money pending allotment
Opening balance - -
Closing balance 2.2 -
Total 16,610.0 10,484.7

Notes
Nature and purpose of reserve

(A) Securities premium
Securities premium is used to record the premium on issue of shares. It can be utilised only for limited purposes
such as issuance of bonus shares, writing off the preliminary expenses in accordance with the provisions of the
Companies Act, 2013.
(B) General reserve

Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net income at
a specified percentage in accordance with applicable regulations. Consequent to introduction of Companies Act
2013, the requirement to mandatorily transfer a specified percentage of the net profit to general reserve has been
withdrawn. However, the amount previously transferred to the general reserve can be utilised only in accordance
with the specific requirements of Companies Act, 2013.
(C) Equity-settled share-based payment reserve

granted to the employees by the Company. On exercise of the options so granted, the reserve will move to share
capital and securities premium and unvested portion if any, will be transferred to general reserve account.
(D) Retained earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve,
dividends or other distributions paid to shareholders. It also includes actuarial gains and losses on defined benefit
plans recognised in other comprehensive income (net of taxes).
(E) Exchange difference on translating the financial statements of a foreign operation

Where the functional currency of the foreign operation is different from the functional currency of the reporting entity,
the translation differences are accounted in the other comprehensive income and disclosed under Other Equity.
(F) Deemed equity contribution from the parent

granted to the employees by ICICI Bank Ltd (“parent”). This reserve is in the nature of an equity contribution by
the parent in respect of options granted and not available for distribution to shareholders as dividend.
22 Interest Income
(` million)
March 31, 2021 March 31, 2020
(A) Interest income on financial assets measured at amortised cost :
(i) Fixed deposits with Banks 1,484.0 1,087.0
(ii) Funding and late payments 1,710.4 970.5
(iii) Other deposits 0.2 0.2
(B) Interest income on financial assets measured at fair value through profit or loss :
(i) Securities held for trade 254.1 292.3
(C) Interest income on financial assets measured at fair value through OCI : - -
Total 3,448.7 2,350.0
23 Net Gain / (Loss) on Fair Value Changes

(` million)
March 31, 2021 March 31, 2020
(A) Net gain/(loss) on financial instruments at fair value through profit or loss
(i) Profit/(loss) on sale of derivatives held for trade (net) 80.3 (160.8)
(ii) Profit/(loss) on other securities held for trade 302.0 128.6

Notes
(` million)
March 31, 2021 March 31, 2020
(B) Others
- Profit/(loss) on sale of investments (net) at fair value through profit or loss 4.1 (3.9)
(C) Total net gain/(loss) on fair value changes 386.4 (36.1)
(D) Fair value changes:
- Realised 379.2 118.9
- Unrealised 7.2 (155.0)
386.4 (36.1)
24 Other Income
(` million)
March 31, 2021 March 31, 2020
(i) Net gain on foreign currency transaction and translation - 21.7
(ii) Interest on income tax refund - 147.5
(iii) Income from sub-lease - 18.0
Total - 187.2
25 Finance Costs
(` million)
March 31, 2021 March 31, 2020
(A) Net gain/ (loss) on financial liabilities measured at fair value through profit or loss - -
(B) On financial liabilities measured at amortised cost :
(a) Interest on borrowings 20.6 3.6
(b) Interest on lease liabilities 97.3 141.4
(c) Interest on debt securities 926.9 703.8
(d) Other borrowing cost 28.0 15.1
Total 1,072.8 863.9
26 Impairment on Financial Instruments

(` million)
March 31, 2021 March 31, 2020
(A) On financial instruments measured at fair value through OCI: - -
(B) On financial instruments measured at amortised cost:
(a) Loans (4.1) 90.0
(b) Others
- On trade receivables (36.9) 8.5
- On accrued interest - 8.2
Total (41.0) 106.7

Notes
27 Operating Expenses
(` million)
March 31, 2021 March 31, 2020
(a) Bad and doubtful debts 81.6 0.2
(b) Transaction charges 129.0 125.2
(c) Turnover fees and stamp duty 48.2 43.6
(d) Custodial and depository charges 165.9 121.7
(e) Call centre charges 163.9 100.2
(f) Franking charges 46.9 164.8
(g) Scanning expenses 37.8 39.7
(h) Customer loss compensation 61.6 (29.4)
(i) Other operating expenses 34.1 20.8
Total 769.0 586.8
28 Employee Benefits Expenses

(` million)
March 31, 2021 March 31, 2020
(a) Salaries and wages 5,218.9 4,647.2
(b) Contribution to gratuity / provident and other funds (refer note 40) 323.8 317.1
(c) Share based payments to employees (refer note 37) 154.9 126.5
(d) Staff welfare expenses 182.0 246.9
Total 5,879.6 5,337.7
29 Other Expenses
(` million)
March 31, 2021 March 31, 2020
(a) Rent and amenities 163.8 137.7
(b) Insurance 6.6 3.5
(c) Travelling and conveyance expenses 83.6 196.3
(d) Business promotion expenses 116.5 87.6
(e) Repairs, maintenance, upkeep and others 462.7 426.3
(f) Rates and taxes 66.8 27.5
(g) Electricity expenses 59.4 83.9
(h) Communication expenses 170.9 171.6
(i) Net loss on derecognition of property, plant and equipment 6.9 8.1
(j) Advertisement and publicity 424.7 100.6
(k) Printing and stationery 19.8 26.1
(l) Subscription and periodicals 92.5 95.2
(m) Legal and Professional charges 172.8 121.0
(n) Director’s fees, allowances and expenses 10.6 9.4
(o) Auditor’s fees and expenses 16.0 18.1
(p) Corporate Social Responsibility (CSR) expenses 160.4 144.4
(q) Recruitment expenses 6.8 22.2
(r) Net loss on foreign currency transaction and translation 9.9 -
(r) Royalty expenses 54.2 49.1
(s) Miscellaneous Expenses 5.2 9.3
Total 2,110.1 1,737.9

Notes
30. Earnings per share

The computation of basic and diluted earnings per share is given below:
(` million)
Particulars
March 31, 2021 March 31, 2020
Net profit after tax (` million) (A) 10,677.2 5,420.0
Weighted average number of equity shares outstanding for basic EPS (in million) (B) 322.2 322.1
Basic earnings per share for continuing operations (`) (A)/(B) 33.14 16.83
Add: Weighted average number of potential equity shares on account of employee stock 0.6 0.3
options (in million) (C)
Weighted average number of equity shares outstanding for diluted EPS (in million) 322.8 322.4
(D) = (B)+(C)
Diluted earnings per share for continuing operations (`) (A) / (D) 33.08 16.81
Nominal value per share (`) 5.00 5.00
31. Related Party Disclosures

As per Indian Accounting Standard on related party disclosures (Ind AS 24), the names of the related parties of
the Group are as follows:
A. Related party where control exists irrespective whether transactions have occurred or not
Holding Company : ICICI Bank Limited
B. Other related parties where transactions have occurred during the year
a. Fellow Subsidiaries:
ICICI Securities Primary Dealership Limited; ICICI Prudential Life Insurance Company Limited; ICICI Lombard
General Insurance Company Limited; ICICI Prudential Asset Management Company Limited; ICICI Home Finance
Company Limited; ICICI Venture Funds Management Company Limited.
b. Post-employment benefit plan - ICICI Securities Employees Group Gratuity Fund

c. Directors and Key Management Personnel(‘KMP’) of the Group
i) Vinod Kumar Dhall – Chairman & Independent Director
ii) Ashvin Parekh – Independent Director
iii) Subrata Mukherji – Independent Director
iv)
Vijayalakshmi Iyer – Independent Director
v) Anup Bagchi – Non Executive Director
vi)
Pramod Rao – Non Executive Director
vii) Vijay Chandok – Managing Director and CEO
viii) Shilpa Kumar – Managing Director and CEO (till May 6, 2019)
ix)
Ajay Saraf – Executive Director
d. Key Management Personnel of Parent

i) Sandeep Bakhshi – Managing Director and CEO of ICICI Bank Limited
ii) Anup Bagchi – Executive Director of ICICI Bank Limited
iii) Uday Chitale – Independent Director of ICICI Bank Limited
iv) Subramanian Madhavan – Independent Director of ICICI Bank Limited
v) Vishakha Mulye – Executive Director of ICICI Bank Limited
vi) Girish Chandra Chaturvedi – Non-Executive (part-time) Chairman of ICICI Bank Limited
vii) Lalit Kumar Chandel – Government Nominee Director of ICICI Bank Limited
viii) Sandeep Batra – Executive Director of ICICI Bank Limited

Notes
e. Relatives of Key Management Personnel

i) Sarika Saraf – Spouse of Mr. Ajay Saraf
ii) Ayuj Saraf – Son of Mr. Ajay Saraf
iii) Animesh Bagchi – Father of Mr. Anup Bagchi
iv) Neena Kumar – Sister of Mr. Lalit Kumar Chandel
v) Krishnakumar Subramanian – Brother of Ms. Vijayalakshmi Iyer
vi) Mona Bakshi – Spouse of Mr. Sandeep Bakhshi
vii) Minal Bakshi – Daughter of Mr. Sandeep Bakhshi
viii) Esha Bakshi – Daughter of Mr. Sandeep Bakhshi
ix) Shivam Bakhshi – Son of Mr. Sandeep Bakhshi
x) Ashwin Pradhan – Son-in-law of Mr. Sandeep Bakhshi
xi) Rajani Chaturvedi – Spouse of Mr. Girish Chandra Chaturvedi
xii) Ajay Saraf - HUF – HUF of Mr. Ajay Saraf
xiii) Poonam Chandok – Spouse of Mr. Vijay Chandok
xiv) Simran Chandok – Daughter of Mr. Vijay Chandok
xv) Shishir Bagchi – Brother of Mr. Anup Bagchi
xvi) Pranav Batra – Son of Mr. Sandeep Batra
xvii) Vignesh Mulye – Son of Ms. Vishakha Mulye
f. Entity controlled or jointly controlled by KMP of ICICI Bank Limited: ICICI Foundation for Inclusive Growth
The following transactions were carried out with the related parties in the ordinary course of business
Income and Expense items:
(` million)
Holding Company Fellow Subsidiary Companies
Nature of Transaction March March March March
31, 2021 31, 2020 31, 2021 31, 2020
Income from services and brokerage (commission and fees) 564.2 109.8 - -
ICICI Home Finance Company Limited - - 8.8 20.2
ICICI Prudential Life Insurance Company Limited - - 557.5 525.1
ICICI Securities Primary Dealership Limited - - 3.4 3.2
ICICI Lombard General Insurance Company Limited - - 13.1 9.1
ICICI Prudential Asset Management Company Limited - - 140.3 116.3
ICICI Venture Funds Management Company Limited - - 3.1 17.7
Interest income 84.3 95.5 - -
Other revenue from operations - - - -
ICICI Home Finance Company Limited - - 0.4 -
Staff expenses 6.9 12.3 - -
ICICI Securities Primary Dealership Limited - - (0.0) (0.4)
ICICI Prudential Life Insurance Company Limited 1 - - 3.4 3.5
ICICI Lombard General Insurance Company Limited 2 - - 105.6 106.5
Operating expenses 919.0 334.8 - -
Other expenses 3 263.6 262.6 - -

Notes
(` million)
31, 2021 31, 2020 31, 2021 31, 2020
Finance cost 4 36.7 12.3 - -
Dividend paid 3,712.9 2,539.4 - -
Purchase of bond 353.6 680.1 - -
ICICI Securities Primary Dealership Limited - - 1,460.5 972.7
Sale of bond 762.6 311.4 - -
ICICI Prudential Life Insurance Company Limited - - 555.5 -
1
xcludes an amount of ` 0.6 million (March 31, 2020: ` 0.6 million) as claims paid directly by ICICI Prudential Life Insurance Company Limited
E
pertaining to the employees of the Company.
2
xcludes an amount of ` 28.6 million (March 31, 2020: ` 31.4 million) received towards reimbursement of claims submitted by the employees
E
under Company health insurance policy. The Company has also received an amount of ` 0.6 million (March 31, 2020: Nil) towards asset
insurance claims.
3
Includes amount paid of ` 54.2 million (March 31, 2020: ` 49.1 million) towards royalty / license fees to the bank for use of “ICICI” trademarks.
4
he Company has a credit facility of ` 6,425.0 million (March 31, 2020: ` 6,000.0 million) from ICICI Bank Limited. The balance outstanding as
T
on March 31, 2021 is Nil (March 31, 2020: Nil).
The Group has contributed ` 350.0 million (March 31, 2020: ` 25.0 million) to ICICI Securities Company Gratuity Fund
during the year.
The Company has contributed ` 35.0 million (March 31, 2020: ` 109.1 million) to ICICI Foundation for contribution towards CSR.
Balance Sheet Items:

(Outstanding as on)
(` million)
31, 2021 31, 2020 31, 2021 31, 2020
Share capital 1 1,208.3 1,276.1 - -
Payables 815.6 263.4 - -
Other liabilities 18.0 40.6 - -
Fixed assets purchases - 4.6 - -
Fixed assets sold 0.2 0.7 - -
Bank Overdraft 0.0 - - -
Fixed deposits 2,655.3 1,148.4 - -
(` 3.0 kept as Collateral security towards bank guarantees)
(Previous year ` 2.5 )
Accrued interest income 47.0 44.8 - -
Bank balance 1,600.6 2,291.5 - -
(Net of current liabilities of ` Nil) (Previous year `0.8)
Deposit (0.0) 2.4 - -
Loans & advances (including prepaid expenses) 6.6 3.5 - -

Notes
(` million)
31, 2021 31, 2020 31, 2021 31, 2020
Other assets 12.3 39.2 - -
Receivables - - - -
Accrued income 25.9 4.7 - -
ICICI Venture Funds Management Company Limited - - - 17.7
1
ICICI Bank Limited has sold 13,563,403 equity shares of face value of ` 5 each of the Company, during the year ended March 31, 2021 and
accordingly the investment by ICICI Bank Limited in share capital of the Company has decreased from ` 1,276.1 million as at March 31, 2020 to
` 1,208.3 million as at March 31, 2021.

The details of compensation paid for the year ended March 31, 2021 are as below –
(` million)
Vijay Chandok Shilpa Kumar Ajay Saraf Anup Bagchi
Particulars March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2021 2020 2021 2020 2021 2020 2021 2020
Short-term employee 61.3 42.0 4.7 15.6 35.4 34.7 1.5 1.5
benefits
Post-employment benefits* 4.9 6.7 - 0.2 1.1 2.1 - -
Total 66.2 48.7 4.7 15.8 36.5 36.8 1.5 1.5
*As the liabilities for gratuity and leave compensation are provided on an actuarial basis for the Group as a whole, the amounts pertaining to the
key management personnel is not included above.
The compensation paid includes bonus paid, long term incentives paid and contribution to provident fund.
The Directors and employees have received share options of ICICI Bank Limited and ICICI Securities Limited. The cost of
the options granted to the Directors for the year ended March 31, 2021 is ` 99.2 million (March 31, 2020: ` 96.8 million)
During the year ended March 31, 2021, 16,170 employee stock options with exercise value of ` 4.1 million were exercised
by the key management personnel of the company.
The Group has paid ` 0.5 million (March 31, 2020: ` 1.0 million) to the relative of director towards scholarship under
employee benefit policy. Also the Group has received brokerage amounting to ` 1.4 million (March 31, 2020: ` 1.4
million) from the key management personnel and ` 0.4 million (March 31, 2020: ` 0.2 million) from relatives of the key
management personnel.
During the year ended March 31, 2021, the Company paid dividend amounting to ` 0.3 million (March 31, 2020: ` 0.1
million) to its KMPs and their relatives who are shareholders.
During the year ended March 31, 2021, the Company has paid ` 6.6 million (March 31, 2020: ` 4.4 million) sitting fees to
the Directors of the Company. The Company also provided for commission for Financial Year 2021 amounting to ` 4.0
million (March 31, 2020: ` 4.0 million) to the Independent Directors of the Company.
` 0.0 million indicates values are lower than ` 0.1 million, where applicable.

Notes
32. Contingent liabilities

A. Contingent Liabilities shall be classified as (to the extent not provided for):
(` million
As at As at
March 31, 2021 March 31, 2020
Claims against the Group not acknowledged as debt 1,487.6 1,286.5
B. There has been a Supreme Court (SC) judgement dated 28th February, 2019, relating to components of salary
structure that need to be taken into account while computing the contribution to provident fund under the EPF Act.
There are interpretative aspects related to the Judgement including the effective date of application. The Group
will continue to assess any further developments in this matter for the implications on financial statements, if any.
Note:
i. It is not practicable for the Group to estimate the timings of cash outflows, if any, in respect of the above
pending resolution of the respective proceedings as it is determinable only on receipt of judgments/decisions
pending with various forums/authorities.
ii. The Group’s pending litigations comprise of claims against the Group pertaining to proceedings pending
with Income Tax, Sales tax/VAT, Service tax and other authorities. The Group has reviewed all its pending
litigations and proceedings and has adequately provided for where provisions are required and disclosed as
contingent liabilities where applicable, in its financial statements. The Group does not expect the outcome
of these proceedings to have a materially adverse effect on its financial results.
iii. The Group does not expect any reimbursements in respect of the above contingent liabilities.
33. Capital Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for is ` 43.6 million
(March 31, 2020: ` 44.1 million).
34. Micro, Small and Medium enterprises

There are no micro, small and medium enterprises, to which Group owes dues, as at March 31, 2021. This information
is required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 (‘MSMED
Act, 2006’) that has been determined to the extent such parties have been identified on the basis of information
available with the Group. This has been relied upon by the auditors.
(` million
As at As at
Particulars
March 31, 2021 March 31, 2020
The amounts remaining unpaid to any supplier at the end of the year:
1. Principal amount - -
2. Interest amount - -
The amounts of interest paid by the buyer in terms of section 16 of the MSMED Act, - -
2006
The amounts of the payments made to micro and small suppliers beyond the appointed - -
day during each accounting year
The amount of interest due and payable for the period of delay in making payment - -
(which have been paid but beyond the appointed day during the year) but without
adding the interest specified under MSMED Act, 2006
The amount of interest accrued and remaining unpaid at the end of each accounting - -
year
The amount of further interest remaining due and payable even in the succeeding - -
years, until such date when the interest dues as above are actually paid to the small
enterprise for the purpose of disallowance as a deductible expenditure under the
MSMED Act, 2006

Notes
35. Leases
A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a
period of time in exchange for consideration.
Group as a lessee
The Group’s lease asset classes primarily consist of leases for premises and leasehold improvements. The Group
assesses whether a contract contains a lease, at inception of a contract. To assess whether a contract conveys
the right to control the use of an identified asset, the Group assesses whether: (i) the contract involves the use of
an identified asset (ii) the Group has substantially all of the economic benefits from use of the asset through the
period of the lease and (iii) the Group has the right to direct the use of the asset.
At the date of commencement of the lease, the Group recognizes a right-of-use asset (“ROU”) and a corresponding
lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months
or less (short-term leases) and low value leases (underlying asset of less than ` 1,50,000). For these short-term
and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis
over the term of the lease. The Company has recognised ` 3.6 million towards short term lease (March 31, 2020:
` 26.6 million) and ` 2.1 million towards low value assets (March 31, 2020: ` 4.4 million) during the year ended
March 31, 2021.
Certain lease arrangements include the option to extend or terminate the lease before the end of the lease term.
ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.
The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability
adjusted for any prepaid lease plus any initial direct costs. They are subsequently measured at cost less
accumulated depreciation.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the lease term.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The
lease payments are discounted using the incremental borrowing rate of the Group. Lease liabilities are re-measured
with a corresponding adjustment to the related right of use asset if the Group changes its assessment on whether
it will exercise an extension or a termination option.
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments of ` 384.8
million (March 31, 2020: ` 483.3 million) have been classified as as cash flow generated from financing activity.
Group as a lessor
At the inception of the lease the Group classifies each of its leases as either an operating lease or a finance lease.
The Group recognises lease payments received under operating leases as income on a straight- line basis over the
lease term. The Group has recognised ` Nil million (March 31, 2020: ` 18.0 million) towards income from sub-lease.
The details of Right to use Asset of the Group are as follows:

(` million)
Leasehold Leasehold
Asset Class Total
Total 944.3 17.7 962.0

Notes
(` million)
Leasehold Leasehold
Asset Class Total
Reclassified on account of adoption of Ind AS 116 65.0 2.2 67.2
Total 1,486.7 42.4 1,529.1
Following is the movement in lease liabilities for the year:

(` million)
Total
Total 1,041.9 18.9 1,060.8
(` million)
Total
Total 1,531.5 42.9 1,574.4
36. Change in liabilities arising from financing activities

(` million)
Changes in
fair values
Debt securities 14,975.3 20,124.1 - 110.2 35,209.6
(` million)
Changes in
fair values
Debt securities 4,473.0 10,421.1 - 81.2 14,975.3
*Includes the effect of accrued but not paid interest on borrowing, amortisation of processing fees etc.
37. Share based payments

A. Employees Stock Option Scheme, 2017 (ESOS- 2017)
The Group has formulated the ICICI Securities Limited - Employees Stock Option Scheme, 2017 (ESOS- 2017).
This scheme envisaged grant of share options to eligible employees to enhance employee motivation, to enable
employees to participate in the long term growth and financial success of the Group and to act as a retention
mechanism, by enabling employee participation in the business as an active stakeholder to usher in an ‘owner-
manager’ culture.

Notes
The Members of the Group had, at the Extra-Ordinary General Meeting held on December 8, 2017, approved the
ICICI Securities Limited - Employees Stock Option Scheme, 2017 (ESOS- 2017) Scheme. Pursuant to Regulation 12
of the SEBI Regulations, the Group could not make any fresh grant which involved allotment or transfer of shares
to its employees under any scheme formulated prior to its initial public offer and listing of its equity shares, unless
such scheme is ratified by the shareholders of the Group. The equity shares of the Group were listed on National
Stock Exchange of India Limited and BSE Limited with effect from April 4, 2018 and accordingly, the Scheme
alongwith some amendments, was ratified by the shareholders of the Group at the Annual General Meeting held
on August 30, 2018. The amendments were done to align the Scheme to ICICI Group norms and market practice.
No grants had been made under the Scheme before its ratification.
The scheme is compliant with the Securities and Exchange Board of India (Share Based Employee Benefits)
Regulations, 2014. Pursuant to SEBI (Share Based Employee Benefits) Regulations, 2014, options are granted by
the Board Governance, Remuneration & Nomination Committee (BGRNC) and approved by the Board.
Eligibility as defined in the scheme “ESOS – 2017” means (i) permanent employee of the Group who has been
working in India or outside India, or (ii) a director of the Group whether a whole time director or not but excluding
an independent director, or (iii) employees of the Subsidiaries of the Group (the ‘Subsidiaries’), or (iv) employees
of the Holding Group of the Group (the ‘Holding Group’). Under this scheme, the maximum number of options
granted to any eligible employee/director in a financial year shall not, except with the approval of the Board of
Directors of ICICI Securities Limited, exceed 0.10% of the issued shares of the Group at the time of grant of options
and the aggregate of all such options granted to the eligible employees shall not exceed 5% of the aggregate
of the number of issued shares of the Group, from time to time, on the date(s) of grant of option(s). The options
granted but not vested and the options vested but not exercised in accordance with this Scheme or the Award
Confirmation or the Vesting Confirmation shall terminate and the shares covered by such terminated options shall
become available for future grant under this Scheme. The options granted represents a European call option that
provides a right but not an obligation to the employees of the group to exercise the option by paying the strike
price at any time on completion of the vesting period, subject to an outer boundary on the exercise period.
Details in respect of options granted to its eligible employees is as follows:

Number
Exercise Price
Scheme Year Date of Grant of options Vesting Conditions Exercise Period
(`) per share
granted
ESOS -2017 2019 October 19, 2018 1,76,700 30% of the options would vest 5 years 256.55
October 19, 2021.
ESOS -2017 2020 April 23, 2019 11,52,600 30% of the options would vest 5 years 221.45
on April 23, 2020, 30% of the from date of
options would vest on April 23, vesting.
2021 and the balance 40% of the
options would vest on April 23,
2022.
ESOS -2017 2021 May 7, 2020 13,33,000 30% of the options would vest 5 years 361.00
on May 7, 2021, 30% of the from date of
options would vest on May 7, vesting.
2022 and the balance 40% of
the options would vest on May
7, 2023.
October 28, 2023.

Notes
The activity in the stock option plan is summarized below:

Outstanding at Exercised Outstanding at Exercisable
Granted during Forfeited during Expired during
Scheme Year the beginning during the the end of the at the end of
the year the year the year
of the year year year the year
ESOS -2017 FY 2021 13,29,300 13,37,200 47,350 90,800 Nil 25,28,350 3,45,250
ESOS -2017 FY 2020 176,700 11,52,600 Nil Nil Nil 13,29,300 53,010
ESOS -2017 FY 2019 Nil 176,700 Nil Nil Nil 176,700 Nil
The fair value of the underlying shares has been determined by an independent valuer and fair value of the options
granted is as follows:
Fair value of the options granted (`) per

Scheme Financial Year Date of Grant
share
ESOS -2017 2019 October 19, 2018 90.08
ESOS -2017 2020 April 23, 2019 72.32
ESOS -2017 2021 May 7, 2020 134.04
ESOS -2017 2021 October 28, 2020 179.55
The following assumptions were used for calculation of fair value of grants in accordance with the Black-Scholes
options pricing model.
March 31, 2021 March 31, 2020
Risk free interest rate 4.82% to 5.70% 7.00% to 7.27%
Expected life of options 3.51 to 5.51 years 3.51 to 5.51 years
Expected volatility 46.15% to 48.78% 42.64% to 43.44%
Expected dividend yield 2.35% to 2.76% 4.24%
The period for volatility has to be adequate to represent a consistent trend in price movements. The Company
was listed on April 4, 2018. Hence, due to insufficiency of data, the Company has considered market prices of peer
companies for calculating volatility.
payment transactions (March 2020: ` 39.0 million).
B. ICICI Bank Employee Stock Option Scheme

payment transactions (March 2020: ` 87.5 million). This expense, which was computed from the fair values of the
share-based payment transactions when granted, arose under employee share options made in accordance with
the reward structure of ICICI Bank Limited.
The details of the options granted to eligible employees of the Group by ICICI Bank Limited are as follows:
In terms of the ESOS of the Parent Bank, the options are granted to eligible employees and Directors of the Bank
and its subsidiaries. As per the ESOS, as amended, the maximum number of options granted to any eligible
employees/Directors in a financial year shall not exceed 0.05% of the Parent Bank’s issued equity shares at the
time of the grant of the options and aggregate of all such options shall not exceed 10% of the aggregate number
of the Parent Bank’s issued equity shares on the date(s) of the grant of options in line with SEBI Regulations.
Options granted prior to March 2014, vested in a graded manner over a four-year period with 20%, 20%, 30% and
30% of the grants vesting in each year, commencing from the end of 12 months from the date of grant. Options
granted after March 2014, vest in a graded manner over a three-year period with 30%, 30% and 40% of the grant
vesting in each year, commencing from the end of 12 months from the date of grant.

Notes
In April 2016, the Parent bank modified the exercise period from 10 years from the date of grant or five years from
the date of vesting, whichever is later, to 10 years from the date of vesting of options. In June 2017, the exercise
period was further modified by the Parent Bank to not exceed 10 years from the date of vesting of options as
may be determined by the Board Governance, Remuneration & Nomination Committee of the Parent Bank to be
applicable for future grants. In May 2018, exercise period was further modified by the Parent Bank to not exceed
5 years from the date of vesting of options as may be determined by the Board Governance, Remuneration &
Nomination Committee of the Parent Bank to be applicable for future grants.
38. Segment Information

The Group is presenting consolidated financial statements and hence in accordance with Indian Accounting
Standard 108 – Segment Reporting, segment information is disclosed in the consolidated financial statements.
(a) Description of segment and principal activities

Operating segments are defined as components of an enterprise for which discrete financial information is available
that is evaluated regularly by chief operating decision maker, in deciding how to allocate resources and assessing
performance. The Group’s business is organised into three segments as mentioned below. Segments have been
identified and reported taking into account the nature of services, the differing risks and returns and internal financial
reporting. The Group has determined the following reporting segments based on information reviewed by the
Chief Operating Decision Maker (CODM). The Managing Director and Chief Executive Officer who is responsible
for allocating resources and assessing performance of the operating segments has been identified as the CODM.
Identified business Segments The business segments comprises

Treasury Income from treasury, investment income
Broking & distribution Broking and other related activities, Distribution of third party products like
Mutual Fund, Life Insurance, etc. and sales credit for referred business and
interest earned on our funds used in brokerage business
Issuer services & advisory Financial advisory services such as equity-debt issue management
services, merger and acquisition advice and other related activities.
Broking and other related activities, distribution of third party products like Mutual Fund, Life Insurance, etc. and
sales credit for referred business and interest earned on our funds used in brokerage business are aggregated
into one reportable segment being agency nature of business under “Broking & distribution” in accordance with
aggregation criteria. Aggregation is done due to the similarities of the products and services provided to the
customers, similarities in method used to provide services and regulatory environment.
The Accounting principles and policies adopted in the preparation of the financial statements are also consistently
applied to record income/ expenditure and assets/ liabilities in individual segments. The Group Operating
Segment’s nomenclature has been changed for better representation to the stakeholders, the classification of
segment allocation has remain unchanged. Nomenclature’s of the segment’s has been changed to ‘Treasury’
from erstwhile ‘Investment & trading’, ‘Broking & distribution’ from erstwhile ‘Broking & commission’ and ‘Issuer
services & advisory’ from erstwhile ‘Advisory services’.
Revenue and expenses directly attributable to segments are reported under each reportable operating segment.
Certain revenue and expenses, which form component of total revenue and expenses, are not identifiable to
specific reporting segments as the underlying resources are used interchangeably, have been allocated on the
reasonable basis to respective segment. Revenue and expenses, which relate to Group as a whole and are not
allocable on reasonable basis, have been disclosed under “Unallocated expenses/income”. Similarly, assets and
liabilities in relation to segments are categorised based on items that are individually identifiable to specific reporting
segments. Certain assets and liabilities, which form component of total assets and liabilities, are not identifiable
to specific reporting segments as the underlying resources are used interchangeably, have been allocated on
the reasonable basis to respective segment. Assets and liabilities, which relate to Group as a whole and are not
allocable on reasonable basis, have been disclosed under “Unallocated assets/liabilities”.

Notes
(b) Details of operating segments

Following are the disclosures for the three identified segments
(` million)
Broking & Issuer services &
Treasury Unallocated Total
distribution advisory
Particulars
March March March March March March March March March March
31, 2021 31, 2020 31, 2021 31, 2020 31, 2021 31, 2020 31, 2021 31, 2020 31, 2021 31, 2020
1. Segment Revenue 664.4 398.5 23,584.6 15,939.5 1,612.7 763.9 - 147.5 25,861.7 17,249.4
• Inter Segment Revenue - - - - - - - -
2. Segment Results 371.9 (149.6) 13,124.0 7,354.8 811.9 176.6 - 147.5 14,307.8 7,529.3
Segment results before
income tax include
• Interest revenue 389.5 395.5 3,059.2 1,954.5 - - - - 3,448.7 2,350.0
• Interest expense 217.1 297.8 827.1 549.2 0.6 1.8 - - 1,044.8 848.8
• Depreciation and 1.7 1.8 522.8 589.5 17.3 22.7 - - 541.8 614.0
amortization
Other material non-cash - - - - - - - - - -
items
- Impairment losses on non-
financial assets
- Reversal of impairment
losses on non-financial
assets
3. Income Tax expenses (net - - - - - - 3,630.6 2,109.3 3,630.6 2,109.3
of deferred tax credit)
4. N et profit after tax (2-3) - - - - - - - - 10,677.2 5,420.0
5. Segment Assets 7,526.7 6,527.2 72,072.9 35,598.5 460.1 204.2 1,749.4 2,098.3 81,809.1 44,428.2
6. S egment Liabilities 5,992.4 2,582.0 57,385.0 29,239.2 204.9 511.6 5.7 - 63,588.0 32,332.8
7. C
ost of Acquisition of 1.5 0.8 391.0 182.8 18.2 8.9 - - 410.7 192.5
segment assets
(a) Additional information by Geographies

Although the group’s operations are managed by products and services, we provide additional information based
on geographies.
(` million
March 31, 2021 March 31, 2020
Revenue by Geographical Market
India 24,111.4 16,088.0
Outside India 1,750.3 1,161.4
Total 25,861.7 17,249.4
(` million
March 31, 2021 March 31, 2020
Carrying Amount of Segment Assets
India 2,961.1 3,828.8
Outside India 0.6 1.7
Total 2,961.7 3,830.5
(b) Revenue from major customers

The Group is not reliant on revenues from transactions with any single external customer and does not receive
10% or more of group’s total revenue revenues from transactions with any single external customer for the year
ended March 31, 2021 and March 31, 2020.

Notes
39. Income Taxes

The Company elected to exercise the option permitted under section 115BAA of the Income Tax Act, 1961 as
introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company has recognised
Provision for Income Tax for the period ended September 30, 2019 and re-measured its Deferred Tax Assets. The
full impact of this change arising out of revaluation of Deferred Tax Assets as at March 31, 2019, aggregating to
` 201.4 million has been recognised in the quarter and period ended September 30, 2019.
A. The major components of income tax expense for the year are as under:
(` million
Particulars
March 31, 2021 March 31, 2020
Current tax
In respect of current year 3,608.2 1,961.5
In respect of changes in estimates of previous year (4.0) (0.5)
Total (A) 3,604.2 1,961.0
Deferred Tax
Origination and reversal of temporary differences 26.4 (42.5)
Impact of change in tax rate - 190.8
Total (B) 26.4 148.3
Income Tax recognised in the statement of Profit and Loss (A+B) 3,630.6 2,109.3
Income tax expenses recognized in OCI
Re-measurement of defined employee benefit plans 33.4 (63.8)
Income tax relating to items that will not be classified to profit or loss (8.3) 4.7
Total 25.1 (59.1)
B. Reconciliation of tax expenses and the accounting profit for the year is as under:
(` million
Particulars
March 31, 2021 March 31, 2020
Enacted tax rate in India 25.17% 25.17%
Income tax expenses calculated (Refer Note below) 3,601.3 1,895.1
Decrease / Increase in tax rate - 190.8
Tax effect of non-deductible expenses 33.8 36.8
Effect of income that is exempt - (0.1)
Effect on different tax rates in the components (0.4) (13.3)
Tax pertaining to prior years (4.1) -
Total tax expenses as per profit and loss 3,630.6 2,109.3
The effective income tax rate for the year ended March 31, 2021 is 25.37% (March 31, 2020 is 28.01%)
The applicable Indian corporate statutory tax rate for the year ended March 31, 2021 and March 31, 2020 is 25.17%.
The decrease in corporate statutory tax rate to 25.17% is consequent to changes made in the Taxation Laws
(Amendment) Ordinance, 2019.
Amount reflecting in the foreign jurisdiction represents reversal of state and city taxes provided by the company.
Since, as per the changes in Internal Revenue Service guidelines, broker dealers are not required to pay tax to
state/city for the revenues generated outside the state. Company was paying minimum tax based on capital/assets
in previous years and accordingly used to make provision in earlier years. In case of foreign subsidiaries, current
year’s profit has been set off against brought forward losses and hence there is no federal tax expense for the
year under consideration.

Notes
C. Movement of deferred tax assets and liabilities

(` million)
Movement during the year ended As at (charge) in the in Other Exchange As at
March 31, 2021 April 1, 2020 Statement of Comprehensive difference March 31, 2021
Property, Plant and Equipment and 38.7 (9.0) - - 29.7
Intangible assets
Provision for expected credit losses 66.7 (11.6) - - 55.1
Employee benefits obligations 294.8 10.5 - - 305.3
Fair value gain/(loss) on investments (0.5) (1.0) - - (1.5)
Provision for post-retirement benefit 177.6 (56.9) (8.3) - 112.4
Other temporary differences (0.2) 41.2 - - 41.0
Unused tax losses of Subsidiary 18.4 0.4 - (0.7) 18.1
Net deferred tax assets/ (liabilities) 595.5 (26.4) (8.3) (0.7) 560.1

(` million)
Credit/ (charge) Credit/(charge)
Movement during the year ended As at in the Statement in Other Exchange As at
March 31, 2020 April 1, 2019 ofProfit and Comprehensive difference March 31, 2020
Loss Income
Property, Plant and Equipment and 56.9 (18.2) - - 38.7
Intangible assets
Provision for expected credit losses 56.4 10.3 - - 66.7
Employee benefits obligations 400.8 (106.0) - - 294.8
Fair value gain/(loss) on investments (2.4) 1.9 - - (0.5)
Provision for post-retirement benefit 196.8 (23.9) 4.7 - 177.6
Other temporary differences 11.6 (11.8) - - (0.2)
Unused tax losses of Subsidiary 17.4 (0.6) - 1.6 18.4
Net deferred tax assets/ (liabilities) 737.5 (148.3) 4.7 1.6 595.5
The Group has the following unused tax losses for which no deferred tax asset has been recognised in
the Balance Sheet.
(` million
As at Expiry As at Expiry
Particulars Financial Year
March 31, 2021 Date March 31, 2020 Date
Business Loss 2007-2008 74.2 March 31, 2028 112.9 March 31, 2028
Capital Loss 2012-2013 0.7* March 31, 2021 0.7* March 31, 2021
Capital Loss 2017-2018 67.8* March 31, 2026 67.8* March 31, 2026
Capital loss 2019-20 0.7* March 31, 2028 - -
Total 532.2 583.9
Note: - The increase in business loss for FY 2008-09 and subsequent years is due to increase in closing exchange rate in March 2021 as
compared to March 2020.
* represents capital losses as per Indian Income Tax Act. Rest all the losses are as per US Federal Tax Law which can be carried forward for
20 years.
40. Employee benefits

Defined Contribution Plan
The Group makes contributions towards Provident Fund, Family Pension Fund, National Pension Scheme, and
Employee State Insurance Scheme which are defined contribution retirement benefit plans for qualifying employees.

Notes
Amount of ` 189.7 Million (March 31, 2020 : ` 198.8 Million) is recognised as expenses, which is classified as a part
of “Contribution to gratuity / provident and other funds”. (Refer Note No. 28)
Defined Benefit Plan

Gratuity
Governance of the Plan:
The Group has setup an income tax approved irrevocable trust fund to finance the plan liability. The trustees of
the trust fund are responsible for the overall governance of the plan.
Funding arrangements and Policy

The money contributed by the Group to the fund to finance the liabilities of the plan has to be invested. The trustees
of the plan have outsourced the investment management of the fund to an insurance Group. The insurance Group
in turn manages these funds as per the mandate provided to them by the trustees and the asset allocation which is
within the permissible limits prescribed in the insurance regulations. Due to the restrictions in the type of investments
that can be held by the fund, it is not possible to explicitly follow an asset-liability matching strategy to manage
risk actively. There is no compulsion on the part of the Group to fully pre fund the liability of the Plan. Group’s
philosophy is to fund the benefits based on its own liquidity and tax position as well as level of underfunding of
the plan. The expected contribution payable to the plan next year is ` 40.0 million.
The following table summarizes the components of net expenses for gratuity benefits recognised in the statement
of profit and loss, other comprehensive income and the amounts recognised in the balance sheet.
(` million)
Sr. Year ended Year ended
Particulars
No. March 31, 2021 March 31, 2020
Reconciliation of defined benefit obligation (DBO) :
Change in Defined Benefit Obligation
(i) Opening defined benefit obligation 728.8 569.0
(ii) Current Service cost 81.6 70.5
(iii) Past service cost - -
(iv) Interest cost 42.4 36.6
(v) Actuarial (gain) / loss from changes in financial assumptions 13.7 37.6
(vi) Actuarial (gain) / loss from changes in demographic assumptions (13.4) 4.7
(vii) Actuarial (gain) / loss on account of experience changes (27.1) 22.2
(viii) Benefits paid (68.2) (60.5)
(ix) Liabilities assumed on inter Group transfer - 48.7
(x) Closing defined benefit obligation 757.8 728.8
Movement in Plan assets
(i) Opening fair value of plan assets 23.1 9.2
(ii) Interest on plan assets - 0.0
(iii) Actual return on plan assets less interest on plan assets 6.5 0.7
(iv) Contributions by employer 350.0 25.0
(v) Assets acquired / (settled) - 48.7
(vi) Benefits paid (68.2) (60.5)
Balance sheet
Net asset / (liability) recognised in the balance sheet:
(i) Present value of the funded defined benefit obligation 757.8 728.8
(ii) Fair value of plan assets at the end of the year 311.4 23.1
Liability recognized in the balance sheet (i-ii) 446.4 705.7
Statement of profit and loss
Expenses recognised in the Statement of Profit and Loss:
(i) Current Service cost 81.6 70.5
(ii) Interest on net defined benefit obligation 42.4 36.6
(iii) Past Service Cost - -
Total included in Employee benefits expense (i+ii+iii) 124.0 107.1

Notes
(` million)
Particulars
March 31, 2021 March 31, 2020
Statement of other Comprehensive Income (OCI)
Opening amount recognised in OCI outside statement of profit and loss 179.8 116.0
Remeasurements during the period due to
- changes in financial assumptions 13.7 37.6
- changes in demographic assumptions (13.4) 4.7
- Experience adjustment (27.1) 22.2
- Annual return on plan assets less interest on plan assets (6.6) (0.7)
Closing amount recognised in OCI outside statement of profit and loss 146.4 179.8

Assumptions used for Gratuity
March 31, 2021 March 31, 2020
Estimated rate of return on plan assets (p.a.) 8.00% 8.00%
Sensitivity Analysis
The key actuarial assumptions to which the benefit obligation results are particularly sensitive to are discount rate
and future salary escalation rate. The following table summarizes the change in defined benefit obligation and
impact in percentage terms compared with the reported defined benefit obligation at the end of the reporting
period arising on account of an increase or decrease in the reported assumption by 50 basis points.
Salary Escalation
Particulars Discount Rate
rate
Defined Benefit obligation on increase in 50 bps 735.0 780.9
Impact of increase in 50 bps on DBO -2.98% 3.08%
Defined Benefit obligation on decrease in 50 bps 781.4 735.3
Impact of decrease in 50 bps on DBO 3.14% -2.95%
These sensitivities have been calculated to show the movement in defined benefit obligation in isolation and
assuming there are no other changes in market conditions at the accounting date. There have been no changes
from the previous periods in the methods and assumptions used in preparing the sensitivity analyses.
Investment details of plan assets

(` million)
Particulars
March 31, 2021 March 31, 2020
Insurer managed funds 310.5 22.4
Others 0.9 0.7
Reconciliation of plan assets during the inter-valuation period
Opening fair value of plan assets 23.1 9.2
Employer contributions 350.0 25.0
Settlements from the Fund (68.2) (60.5)
Interest accrued to the Fund 6.5 0.7
Actual return on plan assets less interest on plan assets - -
Assets acquired / (settled) - 48.7

Notes
Projected plan cash flow:

The table below shows the expected cash flow profile of the benefits to be paid to the current membership of the
plan based on past service of the employees as at the valuation date.
Maturity profile Amount in `

Expected benefits for year 10 and above 409,707,592
The weighted average duration to the payment of these cash flows is 6.12 years.
The Group has made a provision towards gratuity for its employees of the Oman Branch amounting to Nil
(March 2020: Nil)
Compensated Absence
The liability towards compensated absences for the year ended March 31, 2021 is based on actuarial valuation
carried out by using the projected unit credit method.
Assumptions
March 31, 2021 March 31, 2020
Long Term Incentive Plan

Liability for the scheme is determined based on actuarial valuation which has been carried out using the projected
unit credit method.
Assumptions
March 31, 2021 March 31, 2020
Interest rate assumption in case of subsidiary is 0.13% (March 31, 2020: 0.23%)
41. Revenue from contracts with customers

The Group is engaged in the business of retail and institutional broking, distribution of financial products and
investment banking. In accordance with Ind AS 115, Revenue from Contracts with Customers, the revenue is
accounted in the following manner for each head: -
A) Brokerage income:
The Group is providing trade execution and settlement services to the customers in retail and institutional segment.
There is only one performance obligation of execution of the trade and settlement of the transaction which is
satisfied at a point in time. The brokerage charged is the transaction price and is recognised as revenue on trade
date basis. Related receivables are generally recovered in a period of 2 days as per the settlement cycle. Amount
not recovered and which remain overdue for a period exceeding 90 days, are provided for.

Notes
B) Income from service:

Income from service consists of income from distribution of financial products and income from investment
banking activities (advisory income).
i. Distribution of financial products:

The Group distributes various financial products and other services to the customers on behalf of third party i.e.
the Group acts as an intermediary for distribution of financial products and services. The Group executes contracts
with the Principal, viz AMC’s, Mutual Funds, Bank, Insurance Group etc. to procure customers for its products. As
a consideration, the Group earns commission income from the third parties for the distribution of their financial
products. The commission is accounted net of claw back if any, due to non-fulfilment of contract by the customer
with the principal. The customer obtains control of the service on the date when customer enters into a contract
with principal and hence subscription or contract date is considered as the point in time when the performance
obligation has been satisfied. In case of continuing services, the same are recognised over a period of time.
The Group also conducts

a. Education training programs
b. Provide financial planning services to its customers.
The Group recognizes the revenue on completion of the performance obligation either on point in time or over a
period of time, as the case may be.
In case of third party financial products, transaction price is determined as per contract and mutual terms agreed
between the parties. The commission is a percentage of transaction value.
The distribution fee earned from the following products contributed to a major proportion of overall fee earned
from distribution of financial products in Financial Year 2021.
a. Mutual funds
b. Life insurance policies
c. Portfolio management products
ii. Advisory income:

The Group provides investment banking services to its customers and earns revenue in the form of advisory fees
on issue management services, mergers and acquisitions, debt syndication, sale of business etc.
In case of these advisory transactions, the performance obligation and its transaction price is enumerated in contract
with the customer. For arrangements with a fixed term, the Group may commit to deliver services in the future.
Revenue associated with these remaining performance obligations typically depends on the occurrence of future
events or underlying asset values, and is not recognized until the outcome of those events or values are known.
The right to receive the fees is based on the milestones defined in accordance with the terms of the contracts
entered into between the company and the counterparty which also defines its performance obligation. In case of
contracts, which have a component of success fee or variable fee the same is considered in the transaction price
when the uncertainty regarding the consideration is resolved.
The Group has used practical expedient and have not disclosed the amount of remaining performance obligations
since its contract with customers have duration of less than one year.
Contract Liability relates to payments received in advance of performance under the contract. Contract Liabilities
are recognized as revenue on completing the performance obligation.

Notes
Revenue recognised in the reporting period that was included in the contract liability balance at the beginning of
the period and the movement thereof: -
(` million)
Revenue recognised
Opening Balance Closing Balance
Nature of contract during the year
2020-21 2019-20 2020-21 2019-20 2020-21 2019-20
Financial Planning Services 5.2 50.8 5.1 81.5 0.1 5.2
Training Fees - 25.2 - 42.8 - -
Signing Fee 23.1 13.3 7.1 18.5 20.5 23.1
Prime Subscription 221.5 - 535.1 155.0 339.4 221.5
Prepaid Brokerage 2,568.8 2,610.3 1,181.7 980.6 2,483.2 2,568.8
Subscription Fees - - 7.9 - 6.2 -
Reconciliation of amount of revenue recognised in the statement of profit and loss with the
contracted price.
(` million)
Particulars 2020-21 2019-20
Revenue from the Contracts (as per Contract) 22,017.9 15,114.0
Less :- Discounts/Incentive to Customers 12.0 420.9
Revenue from the Contracts (as per Statement of Profit and Loss) 22,005.9 14,693.1
42. Financial Instruments

Refer to financial instruments by category table below for the disclosure on carrying value and fair value of financial
assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date
and which are not carried at fair value, the carrying amounts approximate fair value due to the short maturity of
these instruments.
(` million)
Assets:
Trade receivables 4,586.1 - - 4,586.1 4,586.1
Loans 29,014.5 - - 29,014.5 29,014.5
subsidiary)
Total 73,160.6 4,690.5 - 77,851.1 77,851.1
Liabilities:
Derivative financial - 4.5 - 4.5 4.5
instruments
Trade payables 10,264.6 - - 10,264.6 10,264.6
Debt Securities 35,209.6 - - 35,209.6 35,209.6
Deposits 28.7 - - 28.7 28.7
Total 57,004.2 4.5 - 57,008.7 57,008.7

Notes
(` million)
Assets:
Trade receivables 887.9 - - 887.9 887.9
Loans 5,708.7 - - 5,708.7 5,708.7
subsidiary)
Total 31,485.5 8,375.8 - 39,861.3 39,861.3
Liabilities:
Derivative financial - - - - -
instruments
Trade payables 6,926.4 - - 6,926.4 6,926.4
Debt Securities 14,975.3 - - 14,975.3 14,975.3
Deposits 22.3 - - 22.3 22.3
Total 26,193.0 - - 26,193.0 26,193.0
Fair value hierarchy:

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
in the principal (or most advantageous) market at the measurement date under current market conditions (i.e., an
exit price), regardless of whether that price is directly observable or estimated using a valuation technique.
The investments included in level 1 of fair value hierarchy have been valued using quoted prices for identical
instruments in an active market. The investments included in level 2 of fair value hierarchy have been valued using
valuation techniques based on observable market data. The investments included in Level 3 of fair value hierarchy
have been valued using the income approach and break-up value to arrive at their fair value. There is no movement
from between Level 1, Level 2 and Level 3. There is no change in Inputs use for measuring Level 3 fair value.
The following table summarises financial instruments measured at fair value on recurring basis:
(` million)
Derivatives 4.5 - - 4.5
Total 1,088.5 3,584.2 22.3 4,695.0
(` million)
Derivatives - - - -
Total 2,817.4 5,537.1 21.3 8,375.8

Notes
Movements in Level 3 financial instruments measured at fair value.

The following tables show a reconciliation of the opening and closing amounts of Level 3 financial assets and
liabilities which are recorded at fair value.
(` million)
Purchase - -
Less: Sales - -
Add: Gain / (Loss) 1.0 (0.2)
Transfer in Level 3 - -
Less: Transfer from Level 3 - -
Unobservable inputs used in measuring fair value categorised within Level 3 and sensitivity of fair value
measurement to change in unobservable market data.

Range of
input
input input
Investment Net Asset Net Asset value ` 5.83 5% ` 0.1 Million 5% ` (0.1) Million
in unquoted Method per share per share

Range of
input
input input
Investment Net Asset Net Asset value ` 6.71 5% ` 0.1 Million 5% ` (0.1) Million
in unquoted Method per share per share
Financial assets subject to offsetting, netting arrangements

Exchange settlement obligations (disclosed as a part of trade receivable) are subject to netting as the Group intends
to settle it on a net basis. The table below presents the gross balances of asset and liability.
(` million)
Effects on Balance sheet
Particulars Gross amount set Net amount
Gross Amount
off in the balance presented in the
(Asset)
sheet balance sheet
Exchange Settlement Obligations
At March 31, 2021 3,210.4 963.9 2,246.5
At March 31, 2020 12.5 2,277.1 (2,264.6)
There are no instruments which are eligible for netting and not netted off.

Notes
Financial risk management

The Group has established a comprehensive system for risk management and internal controls for all its businesses
to manage the risks that it is exposed to. The objective of its risk management framework is to ensure that various
risks are identified, measured and mitigated and also that policies, procedures and standards are established to
address these risks and ensure a systematic response in the case of crystallisation of such risks.
The Group has exposure to the following risk arising from financial instruments:
a) Credit risk
b) Liquidity risk
c) Market risk
The Group has established various policies with respect to such risks which set forth limits, mitigation strategies
and internal controls to be implemented by the three lines of defence approach provided below. The Board oversees
the Group’s risk management and has constituted a Risk Management Committee (“RMC”), which frames and
reviews risk management processes and controls.
The risk management system features a “three lines of defence” approach:
1. The first line of defence comprises its operational departments, which assume primary responsibility for their
own risks and operate within the limits stipulated in various policies approved by the Board or by committees
constituted by the Board.
2. The second line of defence comprises specialised departments such as risk management and compliance.
They employ specialised methods to identify and assess risks faced by the operational departments and
provide them with specialised risk management tools and methods, facilitate and monitor the implementation
of effective risk management practices, develop monitoring tools for risk management, internal control and
compliance, report risk related information and promote the adoption of appropriate risk prevention measures.
3. The third line of defense comprises the internal audit department and external audit functions. They monitor and
conduct periodic evaluations of the risk management, internal control and compliance activities to ensure the
adequacy of risk controls and appropriate risk governance, and provide the Board with comprehensive feedback.
a) Credit risk:
It is risk of financial loss that the Group will incur a loss because its customer or counterparty to financial instruments
fails to meet its contractual obligation.
The consolidated financial assets comprise of Cash and bank balance, Securities for trade, Trade receivables,
Loans, Investments and Other financial assets which comprise mainly of deposits and unbilled revenues.
The maximum exposure to credit risk at the reporting date is primarily from Group’s trade receivable and loans.
Following is the exposure to the credit risk for trade receivables and loans:
(` million)
Trade and Other Debtors (net of impairment) 4,586.1 887.9
Loans (net of impairment) 29,014.5 5,708.7
Total 33,600.6 6,596.6
Trade Receivables: The Group has followed simplified method of ECL in case of Trade receivables and the Group
recognises lifetime expected losses for all trade receivables that do not constitute a financing transaction. At each
reporting date, the Group assesses the impairment requirements.
Based on the industry practices and business environment in which the entity operates, management considers that
the trade receivables are in default if the payment is more than 90 days overdue. Out of the total trade receivables
of ` 4,707.3 million (March 31, 2020: ` 1,045.9 million) ` 121.2 million (March 31, 2020: ` 158.0 million) are overdue
for a period in excess of 90 days. Probability of default (PD) on this balance is considered at 100% and treated as
credit impaired.

Notes
oans: Loans comprise of margin trade funding and ESOP funding for which a staged approach is followed for
L
determination of ECL.
tage 1: All Open positions in the MTF and ESOP loan book are considered as stage 1 assets for computation of
S
expected credit loss. Exposure at default (EAD) for stage 1 assets is computed considering different scenarios of
market movements based on an analysis of historical price movements of the index and macro-economic environment.

Stage 2: Exposures under stage 2 include dues upto 30 days pertaining to principal amount on closed positions
tage 3: Exposures under stage 3 include dues past 30 days pertaining to principal amount on closed positions
S
Based on historical data, the Group assigns PD to stage 1 and stage 2 and applies it to the EAD to compute the
ECL. For Stage 3 assets PD is considered as 100%.
Following table provides information about exposure to credit risk and ECL on Loan:
(` million)
Bucketing March 31, 2021 March 31, 2020
(Stage) Carrying Value ECL Carrying Value ECL
Stage 1 29,082.2 77.0 5,791.0 87.7
Stage 2 10.1 0.8 8.9 3.5
Stage 3 11.0 11.0 1.5 1.5
Total 29,103.3 88.8 5,801.4 92.7
Movements in the allowances for impairment in respect of trade receivables and loans is as follows:
(` million)
March 31, 2021 March 31, 2020
Amount written off (81.6) (0.3)
Net remeasurement of loss allowance 50.0 7.9
Additional provision (9.1) 90.8
Collaterals held:
The Group holds collateral and other credit enhancements against certain of its credit exposures. The following
tables sets out the principal types of collateral held against different types of financial assets.
Percentage of exposure that is subject
to collateral requirements
Instrument Type Principal type of collateral held
As at As at
March 31, 2021 March 31, 2020
Trade Receivables and 95.8% 93.0% Collateral in the form of:
Loans -C ash, Securities, Fixed Deposit Receipt (FDR) in case of
Margin trade funding.
- Equity Shares under ESOP in case of ESOP Funding.
- Equity shares in case of trade receivables.
Other financial assets considered to have a low credit risk:

Credit risk on cash and cash equivalents is limited as we generally invest in deposits with banks with high credit
ratings assigned by international and domestic credit rating agencies. Investments comprise of Quoted Equity
instruments, Bonds, Mutual Funds and Commercial papers which are traded actively in the market. Other financial
assets include deposits for assets acquired on lease and with qualified clearing counterparties and exchanges as
per the prescribed statutory limits.
b) Liquidity risk
Liquidity represents the ability of the Group to generate sufficient cash flow to meet its financial obligations on
time, both in normal and in stressed conditions, without having to liquidate assets or raise funds at unfavourable
terms thus compromising its earnings and capital.

Notes
Liquidity risk is the risk that the Group may not be able to generate sufficient cash flow at reasonable cost to meet
expected and/or unexpected claims. It arises in the funding of lending, trading and investment activities and in
the management of trading positions.
The Group aims to maintain the level of its cash and cash equivalents and other highly marketable investments at
an amount in excess of expected cash outflow on financial liabilities.
Funds required for short period is taken care by borrowings through issuing commercial paper and utilizing
overdraft facility from ICICI Bank.
The table below summarises the maturity profile of the undiscounted cash flows of the Group’s financial assets
(` million)
months years Amount
Financial Assets
Trade receivables 4,586.1 - - - 4,586.1
Loans 2,158.0 26,856.5 - - 29,014.5
Investments - - - 28.8 28.8
Other financial assets 543.8 95.7 - 127.8 767.3
Total 15,044.9 62,645.1 1.4 159.7 77,851.1
Derivative financial instruments 4.5 - - - 4.5
Trade Payables 10,264.6 - - - 10,264.6
Debt Securities 30,875.6 4,334.0 - - 35,209.6
Deposits - - 28.7 - 28.7
Lease Liabilities 2.9 4.1 928.0 125.8 1,060.8
Total 51,588.1 4,338.1 956.7 125.8 57,008.7
Net excess / (shortfall) (36,543.2) 58,307.0 (955.3) 33.9 20,842.4
The table below summarises the maturity profile of the undiscounted cash flows of the Group’s financial assets
(` million)
months years Amount
Financial Assets
Trade receivables 887.9 - - - 887.9
Loans 3,541.9 2,166.8 - - 5,708.7
Investments - - - 24.7 24.7
Other financial assets 522.6 46.0 10.1 196.2 774.9
Total 27,851.8 10,847.0 928.5 234.0 39,861.3
Derivative financial instruments - - - - -
Trade Payables 6,926.4 - - - 6,926.4
Debt Securities 14,975.3 - - - 14,975.3
Deposits - - 22.3 - 22.3
Lease Liabilities 7.8 47.3 1,154.9 364.4 1,574.4
Total 24,604.1 47.3 1,177.2 364.4 26,193.0
Net excess / (shortfall) 3,247.7 10,799.7 (248.7) (130.4) 13,668.3

Notes
c) Market risk
Market risk arises when movements in market factors (foreign exchange rates, interest rates, credit spreads and
equity prices) impact the Group’s income or the market value of its portfolios. The Group, in its course of business,
is exposed to market risk due to change in equity prices, interest rates and foreign exchange rates. The objective
of market risk management is to maintain an acceptable level of market risk exposure while aiming to maximize
returns. The Group classifies exposures to market risk into either trading or non-trading portfolios. Both the
portfolios are managed using the following sensitivity analyses:
iii) Currency Risk
iv) Commodity Risk
Total market risk exposure:
(` million)
Financial Assets
other bank balances
Currency
Trade Receivables 4,586.1 - 4,586.1 Currency and Equity Price
amortised cost
Total 77,851.1 4,661.7 73,189.4
Derivative financial instruments 4.5 - 4.5 Currency and Equity Price
Trade payables 10,264.6 - 10,264.6 Currency and Equity Price
Total 57,008.7 - 57,008.7
(` million)
Financial Assets
other bank balances
Currency
Trade Receivables 887.9 - 887.9 Currency and Equity Price
amortised cost
Total 39,861.3 8,351.1 31,510.2
Derivative financial instruments - - - Currency and Equity Price
Trade payable 6,926.4 - 6,926.4 Currency and Equity Price
Total 26,193.0 - 26,193.0

Notes

The Group’s exposure to equity price risk arises primarily on account of its proprietary positions and on account
of margin-based positions of its clients in equity cash and derivative segments.
The Group’s equity price risk is managed in accordance with its Corporate Risk and Investment Policy (CRIP)
approved by its Risk Management Committee. The CRIP specifies exposure limits and risk limits for the proprietary
desk of the Group and stipulates risk-based margin requirements for margin-based trading in equity cash and
derivative segment by its clients.
The below sensitivity depicts a scenario where a severe movement in equity prices, everything else remaining
constant, would result in following impact on both proprietary positions and clients’ positions.
(` million)
At 19.41% At 10.00%
movement movement
March 31, 2021 March 31, 2020
Impact of upward movement (104.7) 0.3
Impact of downward movement (213.9) (0.4)
Movement of 19.41% represents highest single day market (nifty) movement in last 15 years. The Company, based
on past experience, is able to recover 66% of the client’s default therefore the loss on client’s position included
in the above figures is post considering recoveries from clients.

The Group’s exposure to interest rate risk arises primarily on account of its proprietary positions (refer note no.
5 on securities for trade) and on account of margin based positions of its clients in exchange traded interest rate
derivatives on government securities.
The Group’s interest rate risk is managed in accordance with its CRIP approved by its Risk Management Committee.
The CRIP specifies exposure limits and risk limits for the proprietary desk of the Group and stipulates risk-based
margin requirements for margin based trading in interest rate derivatives by its clients.
The below sensitivity depicts a scenario where a parallel shift in the yield curve would result in following impact
for both proprietary positions and client positions.
(` million)
At 2.06% shift At 2.50% shift
March 31, 2021 March 31, 2020
Parallel upward shift (137.6) (152.6)
Parallel downward shift 159.1 182.0
Shift of 2.06% represents highest 10 consecutive days’ yield movement in last 15 years among AAA/AA/AA+/
AA- rated debt instruments with 5 year maturity period.
The non-traded Financial Assets and liabilities are fixed rate instruments and are valued at amortised cost. Any
shifts in yield curve will not impact their carrying amount and will therefore not have any impact on the Group’s
statement of profit and loss.
iii) Foreign Exchange Risk/Currency Risk

The Group’s exposure to currency risk arises primarily on account of its proprietary positions and on account of
margin positions of its clients in exchange traded currency derivatives.
The fluctuations in foreign currency may also affect statement of profit and loss, other comprehensive income
and equity as the Group also operates in US and Singapore through its subsidiaries.

Notes
The Group’s currency risk is managed in accordance with its CRIP, approved by its Risk Management Committee.
The CRIP specifies gross open position limit and risk limits for the proprietary desk of the Group and stipulates
risk-based margin requirements for margin based trading in currency derivatives by its clients.
The below sensitivity depicts a scenario where a severe movement in foreign exchange rates, everything else
remaining constant, would result in following impact for both proprietary positions and client positions.
(` million)
At 10.81%
At 15% Movement
Movement
March 31, 2021 March 31, 2020
` Depreciation (23.0) (116.1)
` Appreciation (10.9) (19.0)
The table below indicates the currencies to which the Group had significant exposure at the end of the reported
periods for the non-traded component. The analysis calculates the effect of a reasonably possible movement of
the currency rate against the INR (all other variables being constant) on the statement of profit and loss.
(` million)
Currency Change in currency rate in %
March 31, 2021 March 31, 2020
USD Depreciation of 15% (1.3) (1.5)
SGD Depreciation of 15% - 0.1
Appreciation of 15% - (0.1)
GBP Depreciation of 15% (0.0) (0.0)
iv) Commodity Risk

The Group’s exposure to commodity risk arises primarily on account of margin positions of its clients in exchange
traded commodity derivatives.
The Group’s commodity risk is managed in accordance with its CRIP, approved by its Risk Management Committee.
The CRIP stipulates risk-based margin requirements for margin based trading in commodity derivatives by its clients.
The below sensitivity depicts a scenario where a severe movement in commodity prices, everything else remaining
constant, would result in following impact on clients positions.
(` million)
March 31, 2021 March 31, 2020
Impact of upward movement (1.3) -
Impact of downward movement (8.4) -
Impact has been derived based on highest single day commodity specific movement in last 15 years (data available
for 11 years). The Company, based on past experience, is able to recover 66% of the client’s default therefore the
loss on client’s position included in the above figures is post considering recoveries from clients.

Notes
43. Maturity analysis

The table below shows an analysis of assets and liabilities analysed according to when they are expected to be
recovered or settled.
(` million)
As at Within
After 12 months
ASSETS
Financial Assets
Derivative financial instruments - - -
Receivables
(I) Trade receivables 4,586.1 4,586.1 -
Loans 29,014.5 29,014.5 -
77,851.1 77,690.0 161.1
Right-of-use of assets 962.0 7.0 955.0
3,958.0 443.0 3,515.0
Total Assets 81,809.1 78,133.0 3,676.1
LIABILITIES
Derivative financial instruments 4.5 4.5
Payables
(I) Trade payables
enterprises
57,008.7 55,926.2 1,082.5
Current tax liabilities (net) 5.7 5.7 -
Provisions 606.1 41.3 564.8
6,579.3 5,014.6 1,564.7
Net 18,221.1 17,192.2 1,028.9

Notes
(` million)
As at Within
After 12 months
ASSETS
Financial Assets
Receivables
(I) Trade receivables 887.9 887.9 -
Loans 5,708.7 5,708.7 -
39,861.3 38,698.8 1,162.5
Right-of-use of assets 1,529.1 53.6 1,475.5
4,566.9 422.4 4,144.5
Total Assets 44,428.2 39,121.2 5,307.0
LIABILITIES
Derivative financial instruments
Payables
(I) Trade payables
enterprises
26,193.0 24,651.4 1,541.6
Current tax liabilities (net) - - -
Provisions 828.7 100.7 728.0
Other non-financial liabilities 5,311.1 4,271.8 1,039.3
6,139.8 4,372.5 1,767.3
Net 12,095.4 10,097.3 1,998.1

Notes
44. Information as required pursuant to Regulation 52(4) of SEBI (Listing Obligations

and Disclosures Requirements) Regulations, 2015:
a. Details of Credit Rating:
Instrument Category CRISIL ICRA
i) Non-Convertible Debenture Programme
Ratings CRISIL AAA/Stable ICRA AAA/Stable
Amount in ` Million ` 500.0 ` 500.0
ii) Commercial Paper Programme^
Ratings CRISIL A1+ ICRA A1+
Amount in ` Million ` 45,000.0 ` 45,000.0
^ During the year ended March 31, 2021, Company’s Commercial paper programme was enhanced from ` 25,000.0 million to ` 45,000.0
million. Rating agencies CRISIL and ICRA have assigned a rating of CRISIL A1+ and ICRA A1+ respectively, to the additional ` 20,000.0
million commercial paper programme of the company.
b. Key Financial Information

(` million)
Particulars
March 31, 2021 March 31, 2020
Debt Equity Ratio * 1.93 Times 1.24 Times
Debt Service Coverage Ratio ** 0.42 Times 0.53 Times
Interest Services Coverage Ratio *** 15.67 Times 11.42 Times
Net Worth **** ` 18,221.1 Million ` 12,095.4 Million
Net Profit after tax ` 10,677.2 Million ` 5,420.0 Million
Earnings per share (Diluted) (Face Value ` 5/- per share) ` 33.08 ` 16.81
Asset cover available, in case of non-convertible debt securities Not Applicable Not Applicable
Outstanding redeemable preference shares Not Applicable Not Applicable
Capital redemption / Debenture redemption reserve Not Applicable Not Applicable
* Debt Equity Ratio = Debt (Borrowings + Accrued Interest) / Equity (Equity share capital + Other Equity)
** Debt Service Coverage Ratio = Profit before interest and tax / (Interest expenses (excludes interest costs on leases as per Ind AS 116 on
Leases) + Principal Repayments)
*** Interest Service Coverage Ratio = Profit before interest and tax / Interest expenses (excludes interest costs on leases as per Ind AS 116
on Leases)
**** Net Worth = Equity + Other Equity
c. Details of previous due date, next due date for the payment of interest and repayment of
commercial papers:
Previous due date
Redemption
No. not
Principal &
Interest
1 14-Jan-20 1,000.0 03-Apr-20 Yes NA
2 14-Jan-20 2,000.0 03-Apr-20 Yes NA
3 17-Jan-20 50.0 09-Apr-20 Yes NA
4 27-Jan-20 2,000.0 16-Apr-20 Yes NA
5 29-Jan-20 1,500.0 15-Apr-20 Yes NA
6 17-Feb-20 1,750.0 15-May-20 Yes NA
7 17-Feb-20 250.0 15-May-20 Yes NA
8 24-Feb-20 2,500.0 22-May-20 Yes NA
9 26-Feb-20 500.0 26-May-20 Yes NA
10 05-Mar-20 3,000.0 15-May-20 Yes NA
11 05-Mar-20 500.0 15-May-20 Yes NA
12 09-Apr-20 2,500.0 09-Jun-20 Yes NA
13 21-Apr-20 500.0 19-Jun-20 Yes NA

Notes
Previous due date

Redemption
No. not
Principal &
Interest
14 21-Apr-20 500.0 19-Jun-20 Yes NA
15 21-Apr-20 500.0 19-Jun-20 Yes NA
16 15-May-20 2,500.0 13-Aug-20 Yes NA
17 15-May-20 2,000.0 26-Jun-20 Yes NA
18 15-May-20 500.0 26-Jun-20 Yes NA
19 19-May-20 250.0 17-Jul-20 Yes NA
20 19-May-20 250.0 17-Jul-20 Yes NA
21 19-May-20 1,000.0 17-Jul-20 Yes NA
22 21-May-20 2,500.0 19-Aug-20 Yes NA
23 26-May-20 1,500.0 21-Aug-20 Yes NA
24 03-Jun-20 1,000.0 01-Sep-20 Yes NA
25 09-Jun-20 2,500.0 04-Sep-20 Yes NA
26 12-Jun-20 1,000.0 21-Aug-20 Yes NA
27 19-Jun-20 750.0 17-Sep-20 Yes NA
28 19-Jun-20 750.0 17-Sep-20 Yes NA
29 19-Jun-20 1,000.0 10-Sep-20 Yes NA
30 19-Jun-20 500.0 10-Sep-20 Yes NA
31 24-Jun-20 2,000.0 22-Sep-20 Yes NA
32 26-Jun-20 2,000.0 24-Sep-20 Yes NA
33 26-Jun-20 1,000.0 24-Sep-20 Yes NA
34 17-Jul-20 750.0 11-Sep-20 Yes NA
35 24-Jul-20 350.0 22-Oct-20 Yes NA
36 24-Jul-20 500.0 22-Oct-20 Yes NA
37 24-Jul-20 250.0 22-Oct-20 Yes NA
38 29-Jul-20 1,500.0 28-Aug-20 Yes NA
39 30-Jul-20 1,500.0 28-Oct-20 Yes NA
40 30-Jul-20 1,000.0 10-Aug-20 Yes NA
41 14-Aug-20 1,000.0 12-Nov-20 Yes NA
42 14-Aug-20 750.0 12-Nov-20 Yes NA
43 14-Aug-20 500.0 12-Nov-20 Yes NA
44 19-Aug-20 3,000.0 17-Nov-20 Yes NA
45 20-Aug-20 3,500.0 18-Nov-20 Yes NA
46 27-Aug-20 1,500.0 25-Nov-20 Yes NA
47 27-Aug-20 3,000.0 25-Nov-20 Yes NA
48 27-Aug-20 500.0 25-Nov-20 Yes NA
49 04-Sep-20 1,000.0 03-Dec-20 Yes NA
50 10-Sep-20 2,000.0 27-Nov-20 Yes NA
51 10-Sep-20 500.0 27-Nov-20 Yes NA
52 23-Sep-20 750.0 30-Sep-20 Yes NA
53 24-Sep-20 1,250.0 23-Dec-20 Yes NA
54 24-Sep-20 750.0 23-Dec-20 Yes NA
55 29-Sep-20 1,000.0 15-Dec-20 Yes NA
56 30-Sep-20 500.0 24-Dec-20 Yes NA
57 30-Sep-20 500.0 24-Dec-20 Yes NA
58 01-Oct-20 500.0 06-Nov-20 Yes NA
59 01-Oct-20 500.0 06-Nov-20 Yes NA
60 03-Nov-20 2,000.0 01-Feb-21 Yes NA
61 06-Nov-20 500.0 29-Jan-21 Yes NA
62 06-Nov-20 1,000.0 31-Dec-20 Yes NA
63 18-Nov-20 1,000.0 16-Feb-21 Yes NA
64 18-Nov-20 500.0 16-Feb-21 Yes NA

Notes
Previous due date

Redemption
No. not
Principal &
Interest
65 18-Nov-20 500.0 24-Mar-21 Yes NA
66 18-Nov-20 500.0 24-Mar-21 Yes NA
67 18-Nov-20 750.0 16-Feb-21 Yes NA
68 18-Nov-20 250.0 16-Feb-21 Yes NA
69 18-Nov-20 500.0 16-Feb-21 Yes NA
70 26-Nov-20 500.0 24-Feb-21 Yes NA
71 26-Nov-20 250.0 24-Feb-21 Yes NA
72 27-Nov-20 3,000.0 25-Feb-21 Yes NA
73 27-Nov-20 250.0 25-Feb-21 Yes NA
74 24-Dec-20 2,000.0 15-Mar-21 Yes NA
75 24-Dec-20 500.0 15-Mar-21 Yes NA
76 11-Jan-21 2,000.0 26-Mar-21 Yes NA
77 10-Mar-21 1,000.0 26-Mar-21 Yes NA
78 27-Oct-20 1,000.0 NA - 25-Jun-21
79 27-Oct-20 500.0 NA - 25-Jun-21
80 06-Nov-20 500.0 NA - 25-Jun-21
81 12-Nov-20 100.0 NA - 25-Jun-21
82 12-Nov-20 500.0 NA - 25-Jun-21
83 12-Nov-20 2,000.0 NA - 28-May-21
84 12-Nov-20 1,000.0 NA - 28-May-21
85 23-Nov-20 1,500.0 NA - 21-May-21
86 23-Nov-20 500.0 NA - 21-May-21
87 04-Dec-20 1,000.0 NA - 03-Dec-21
88 15-Dec-20 1,000.0 NA - 10-Dec-21
89 11-Jan-21 500.0 NA - 28-Jun-21
90 11-Jan-21 500.0 NA - 28-Jun-21
91 28-Jan-21 1,000.0 NA - 28-Apr-21
92 28-Jan-21 1,000.0 NA - 28-Apr-21
93 28-Jan-21 500.0 NA - 28-Apr-21
94 01-Feb-21 1,000.0 NA - 30-Apr-21
95 01-Feb-21 1,000.0 NA - 30-Apr-21
96 16-Feb-21 1,000.0 NA - 17-May-21
97 16-Feb-21 1,000.0 NA - 15-Jul-21
98 16-Feb-21 250.0 NA - 15-Jul-21
99 16-Feb-21 500.0 NA - 11-Aug-21
100 16-Feb-21 250.0 NA - 11-Aug-21
101 24-Feb-21 3,000.0 NA - 30-Apr-21
102 24-Feb-21 1,500.0 NA - 25-May-21
103 24-Feb-21 500.0 NA - 23-Aug-21
104 24-Feb-21 1,000.0 NA - 23-Aug-21
105 01-Mar-21 1,500.0 NA - 04-May-21
106 03-Mar-21 500.0 NA - 25-Aug-21
107 03-Mar-21 1,500.0 NA - 06-Aug-21
108 15-Mar-21 2,000.0 NA - 11-Jun-21
109 15-Mar-21 500.0 NA - 11-Jun-21
110 18-Mar-21 250.0 NA - 11-Mar-22
111 18-Mar-21 250.0 NA - 11-Mar-22
112 18-Mar-21 2,000.0 NA - 11-Mar-22
113 26-Mar-21 3,000.0 NA - 08-Jun-21

Notes
45. Subsequent event - Proposed dividend

The Board of Directors at its meeting held on April 21, 2021, have recommended a final dividend of ` 13.50 per
equity share (on face value of ` 5 per equity share), subject to the approval of the members at the ensuing annual
general meeting. In terms of Ind AS 10 “Events after the Reporting Period”, the company has not recognised final
dividend (including tax, if any) as a liability at the end of the reporting period.
46. Recent pronouncements

On March 24, 2021, the Ministry of Corporate Affairs (“MCA”) through a notification, amended Schedule III of The
Companies Act, 2013. The amendments revise Division I, II and III of Schedule III and are applicable from April 1, 2021.
Key amendments relating to Division III which relate to companies whose financial statements are required to
comply with Companies (Indian Accounting Standards) Rules 2015 are:
Balance Sheet:
• Additional disclosures in the statement of changes in equity such as changes in equity share capital due to prior
period errors and restated balances at the beginning of the current reporting period.
• Specified format for disclosure of shareholding of promoters.
• Specified format for ageing schedule of trade receivables, trade payables, capital work-in-progress and intangible
asset under development.
• If a company has not used funds for the specific purpose for which it was borrowed from banks and financial
institutions, then disclosure of details of where it has been used.
• Specific disclosure under ‘additional regulatory requirement’ such as compliance with approved schemes of
arrangements, compliance with number of layers of companies, title deeds of immovable property not held in
name of company, loans and advances to promoters, directors, key managerial personnel (KMP) and related
parties, details of benami property held etc.
Statement of profit and loss:
• Additional disclosures relating to Corporate Social Responsibility (CSR), undisclosed income and crypto or virtual
currency specified under the head ‘additional information’ in the notes forming part of financial statements.
The amendments are extensive and the Company will evaluate the same to give effect to them as required by law.
47. Estimation of uncertainties relating to the global health pandemic on Covid-19

Covid-19 outbreak was declared as a global pandemic by World Health Organisation. The Company being classified
as an essential service has been in operation consistently with minimal staff. As of March 31, 2021, based on the
facts and circumstances existing as of that date, the Company does not anticipate any material uncertainties which
affects its liquidity position and also ability to continue as a going concern.
48. Events after reporting date

There have been no events after the reporting date that require disclosure in these financial statements.
For B S R & Co. LLP

DIN - 00057492



Corporate
Information
Mr. Harvinder Jaspal
Chief Financial Officer
Mr. Raju Nanwani

Company Secretary
Board Committees
1. Audit Committee
2. Nomination & Remuneration Committee
3. Corporate Social Responsibility Committee
4. Stakeholders Relationship Committee
5. Risk Management Committee
Bankers
ICICI Bank Limited
Statutory Auditors
B S R & Co. LLP
Chartered Accountants
(Registration number 101248W/W-100022)
Registered Office
Churchgate, Mumbai - 400 020
Corporate Office
Shree Sawan Knowledge Park,
Plot No. D-507,
T.T.C. Industrial Area MIDC, Turbhe,
Navi Mumbai - 400 705
Registered Office: ICICI Centre, H.T. Parekh Marg,
Churchgate, Mumbai - 400 020
CIN: L67120MH1995PLC086241
Tel: +91 22 2288 2460/70, Fax: +91 22 2288 2455

ICICI Securities Limited Annual Report FY2020 21

Uploaded by

Copyright:

Available Formats

ICICI Securities Limited Annual Report FY2020 21

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

ICICI Securities Limited Annual Report FY2020 21

Uploaded by

Copyright:

Available Formats

CORPORATE STATUTORY FINANCIAL

OVERVIEW REPORTS STATEMENTS

Our customers needed the comfort and assurance of being able to

Our Focus Statutory Reports

Financial and non-financial reporting

Improving customer Robust technology

2 Being there never mattered more

Standards and framework

ICICI Securities Limited 3

4 Being there never mattered more

Leveraging digital New products launched

Expanded portfolio Enhanced partnerships

ICICI Securities Limited 5

India’s leading Full-service

Sound risk culture

6 Being there never mattered more

One of the largest

ICICI Securities Limited 7

Overview Products Performance

Engagement with customers ` 4,503 Mn

8 Being there never mattered more

Overview Products Performance

Issuer and advisory

ICICI Securities Limited 9

Financial Capital Manufactured Capital Human Capital

Revenue Branches Employees

` 25,862 Mn 148 3,766

` 21.5 per share 18,400+ 41.14

Page 20 Page 43 Page 50

10 Being there never mattered more

Intellectual Capital Social and Relationship Natural Capital

New products and Carbon emissions offset by

600+ 0.69 Mn 1,650 MT

` 154 Mn 700 73%

Page 26 Page 54 Page 58

ICICI Securities Limited 11

Message from the Chairperson

Mixing Maturity and

Your Company has immense reserves

Vinod Kumar Dhall

12 Being there never mattered more

ICICI Securities Limited 13

Message from the Chairperson

Your Company has been a

14 Being there never mattered more

ICICI Securities Limited 15

Message from the MD and CEO

Strengthening the Core

As we remain focused on meeting

Retail client base

16 Being there never mattered more

Dear Shareholders, We are witnessing the trend Strengthening our core

During this period, we saw that

The pandemic has triggered

ICICI Securities Limited 17

Message from the MD and CEO

18 Being there never mattered more

Cross-sell ratio Putting customers at We are enriching our product stack

ICICI Securities Limited 19