Annual Report 2021 22

Accessible. Seamless. Smart.
Investing simplified for everyone.
Annual Report- 2021-22

Contents Accessible. Seamless. Smart.
Investing simplified for everyone
Theme introduction 01
FY22 Highlights 02
Company overview 04
About Angel One 04 Investing was once considered the sole realm We are thus demystifying investing for
Technology edge 06 of the wealthy. However, the advancement in everyone, making it accessible, simple
The Angel One Super App 08 technology and rapidly growing internet and and smart. The appeal of our new-age
smartphone penetration have changed the tools and platforms cuts across the
Review of the year 10 game, making space for digital platforms and greenhorns (read millennials and Gen Z)
Chairman and Managing 10 democratising investing in the process. and the seasoned, the tech savvy and the
Director’s Statement
Message from the CEO 14
Social and governance 38 financially savvy – creating exponential
With about 750 million smartphone users business growth opportunities. We are
Social – People 38
Performance trend 18 and growing, India is bridging the urban-rural
Social – Clients 42 democratising investing beyond the
divide at an unimaginable pace, empowering defined urban centres, enabling millions
Social – Communities 44
millions to capitalise on its growth story. to make informed choices in their wealth
Governance 48
At Angel One, we were quick to spot this creation journey.
Board of Directors 49
trend, and embarked on a transformational
Leadership Teams 50
journey to disrupt ourselves and the industry
Awards and Recognition 52
with a digital-first approach.
Management Discussions
and Analysis 54
Statutory sections
and financial sections 84
TRANSFORMATION JOURNEY
Our value
creation strategy 22 Single product: One Solution:
Technology and product highlights 22

Stock broking as a predominant Aimed at wealth creation
Opportunity landscape 26
line of business across client lifespan
Investment case 28 Formal: Youth-focused:
Risk management 30 For seasoned investors and traders Gen Z, Millennials and Youth
Our strategic priorities 32
Brick and mortar: Digital first:
and progress
Branch-led, Passive Extensive technology use,
Performance review 34 growth model scalable model
Business segment 1 34
Traditional: Ease of doing:
Assisted model Do it Yourself + Fintech Player
Corporate Overview
Statutory Reports
Financial Statements
FY22 highlights
Capitalising on growing
investing appetite
ACCELERATING PROFITABLE GROWTH STRENGTHENING HUMAN CAPITAL
`23,051 mn `8,554 mn 1,379 610

Gross revenue EBDAT Employee addition Digital focused
+77.5% +99.1% +47.4% talent pool +23.0%
50.8%
EBDAT margin
`27.1
Total dividend
46.0%
Return on Networth
3,189
Number of
`2,809 mn
Employee spends
+295 bps per share +1,143 bps employees working +63.5%
remotely, 96.7% of
total headcount
`6,251 mn
Includes four interim and proposed final dividend
Net Income = Gross Revenue - Fees & Commission Exp - Finance Cost
EBDAT = Net Income - Employee Exp - Other Exps
Profit After Tax EBDAT Margin = EBDAT / Net Income
+109.7% Return On Networth = Profit After Tax From Continuing Operations / Average Networth
EXPANDING SCALE AND REACH AMPING UP COMMUNITY COMMITMENTS
9.2 mn
Total client base
5.3 mn
Gross client
3.7 mn
NSE active
`6.5 trn
Average daily
`43.6 mn
Community
300,000+
Beneficiaries of
+123.7% acquisition client base turnover development community-related
+123.7% +133.8% +226.3% spends +55.6% interventions
2.8 mn
Average daily
21.8 mn >98%
Lifetime mobile app Pin-codes across
`15.0 bn
Average client
orders downloads India with Angel's funding book
+98.1% +113.3% clients +108.3%
* lifetime downloads for Angel One Mobile App and Angel Bee App
2 Annual Report 2021-22 3

Corporate Overview
Statutory Reports
Company overview
COMPREHENSIVE BOUQUET OF FINANCIAL PRODUCTS AND SERVICES
The One for

We are a digital-first broking
services platform, enabling
every investing
millions to achieve their wealth
creation aspirations. As one of the
aspiration
original trailblazers in the country’s Broking services Margin trading facility Research services Depository services
stockbroking sector, we provide a
comprehensive suite of financial
products and solutions, powered
by a robust fintech platform, at
attractive & competitive pricing. Investment education Distribution of third-party Loan against shares
financial products
KEY STATS
EXCHANGE MEMBERSHIPS
9.2 mn
Client base
10.3%
Share in India’s demat
10.1%
Share in NSE active
accounts client base
21.3%
Market share in overall
#1
In authorised persons
3,298
Employees
retail equity turnover registered with NSE
102,906
Number of shareholders
As on 31 March, 2022
Vision Motto
STRATEGIC PRIORITIES
To become the most To develop an integrated

preferred full stack ecosystem, incubating
Fintech platforma for innovation, to deliver Strengthening
our dominant
Best-in-class
digital capabilities
Diversified
product suite to
Read more on
page 32
digital natives in India exceptional product and position for seamless

client experience
leverage the country's
investible wealth
service to our clients

Corporate Overview
Statutory Reports
Technology edge
A play on the
EXPANDED DIGITAL EDGE PRODUCT SUITE
Powered by
tech-tonic shift
Built by you
Powered by
A free-to-integrate feature that Recommends stocks based on

#2e51ff #ff7300
Comprehensive guide to financial
enables users, including start-ups and a set of rules, free from human markets with structured lessons to
advisories, to execute real-time trades intervention; also known as help clients grow their wealth
in broking
via Angel One and develop end-to-end ‘Smart Beta’
trading services for clients
Partnership for providing thematic Collaboration for facilitating clients Partnered with Sensibull to
investment options to clients with a with tools to create strategies, back enable innovative strategies
At Angel One, we are disrupting the broking space, while driving portfolio of stocks or ETFs test, and trade in options trading
retail participation in Indian capital markets, by offering a robust

suite of platforms and tools across all digital channels including
Vested
web, tablet and mobile apps
Partnership for providing a platform
to clients for investing in US equities
DIGITISATION AND INDUSTRY TRANSFORMATION
Technology evolution and Enabling the delivery of The DIY (Do-It-Yourself) Shift in focus, from
increasing smartphone personalised solutions at route for transactions is offering a single
penetration are driving more scale, thereby faciliating gaining strong traction product to a wide
Indian retail investors onto informed decision-making bouquet of services
digital platforms and augmenting experiences
FUTURE OFFERINGS
Our soon to be launched ‘Super App’ will be a one-stop solution for

all investing needs, including third-party mutual funds, insurance,
loans and fixed income products.
We are making the Super App nimble with features that will help
every investor. The Super App will come with a refreshed and
simpler KYC experience. We are also making selected features
work, even when the phone is in airplane mode. Enhanced use of
Data Science, Artificial Intelligence (AI) and Machine Learning (ML)
will help us offer personalised solutions.
Read more on
page 08

Corporate Overview
Statutory Reports
The Angel One Super App
Making The Super App has been

architected and productised based
on five fundamental pillars -
recovery setup, creating redundancy
in third party integrations and
horizontal scalable architecture.
TRANSPARENCY
Angel One has always aimed at being
the most transparent player in the
investment
Similarly, in simple consumers terms broking industry. Continuing this
SIMPLICITY we will be providing the access to march towards a client first approach
Driven by personalisation, our Super emerging investor class, through attacking the post-trade friction
App aims to cater to individual our near‑simultaneous app releases at its core, we are introducing an
persona's ranging from a novice first across Android, iOS and web channels industry innovation labeled as ‘Trades
more accessible
timer in capital markets to a suave with consistent user experience and and Charges’. This will allow our
trader. It will be reflected in our modular near homogeneous feature parity. users an in-depth yet one-tap view
/ self-assisted onboarding, activation We are also ensuring that availability of levied Trade / Non-Trade charges
through targeted campaigns, enabling in terms of investment options will including ones levied by us as brokers,
quick trading via improved charts or reflect across asset classes of Equity, by intermediaries and even government
seamless and
stock SIP, kick start options trading Direct Mutual Funds, ETF, Bonds and as taxes. Every single rupee spent can
through Insta Trade or Simplifying other Debt instruments with one time be tallied in the statement, making
Margin Trading use cases. We have buy or regularised SIP on one seamless it jargon-free and easier for first-
ensured that high friction steps such mobile app. time entrants into the market be
as manual bank account addition accountable for their valuable money
smart
during KYC journey are simplified SWIFTNESS spent. In addition, this feature brings
with one-click mobile number-led Our entire target audience will 'Profit and Loss’ of trades upfront with
bank account addition. Our ML-driven experience the faster interactions on some cool filters and calendarised
recommendations will reduce the our upcoming Super App. Thanks to visuals, making it simpler to understand
noise, increasingly tuned to the our redefined and scalable broadcast, and enabling informed decisions and
customer cohorts, be it in the form of peak-time order handling capabilities, analysis of those trades. Along with
portfolio advisory or single stock trade OTP+PIN / Biometric driven instant analytics and reporting, Angel One also
The Angel One Super App has been envisioned, researched, calls. One of the standout features of login, faster KYC, instantly updated believes in guard railing the client by
the app will be its transformation in a ledgers, real‑Time Billing or providing pro-active nudges to them
designed, and is being developed with the universal belief of subtle manner during off-market hours settlements, faster charting and near while transacting so that informed
simplifying investments in various asset classes for all kinds or holidays, offering clarity of choices. real-time charges. These are a few decisions can be taken. We have
areas where the Super App is being attempted to upgrade the client’s
of investors. The first version will be arriving as part of our RELIABILITY certainly optimised for the time being. knowledge by handholding them in
Q1FY23 release followed by a series of updates, running Indexing on our ruggedisation & There will be a train of optimisations providing small bytes of information/
removal of tech debt, major rewrite released post the first version, to cover education during their journey in the
throughout this year. of our key backend services like Data these over the next few quarters. entire app. This makes them future
Streamer, Payment Gateway, Login, trade/investment ready, and also
Middleware connect to OMS/RMS, winning their trust on Angle One as a
unboxing BackOffice and shifting to preferred platform partner to trade.
AWS cloud on IT infra front, our Super
App will be providing a significantly
predictable, unprecedented client
experience. This will ensure certainty
of transactions, idempotency of funds
and client handholding on finer trading
nuances or pitfalls through tactile
feedback powered by nudges and
timely persuasions are bound to build
on our reliability.
AVAILABILITY
Angel One Super App will pioneer
offline mode functionality, ensuring
that clients can always access their
last synched portfolio, funds and
order status without getting worried
about internet access or data on
their mobile devices. This will also
be a function of our data backups,
data centre modernisation, disaster

Corporate Overview
Statutory Reports
Chairman and Managing Director’s Statement
‘Main Street’ meets

Dalal Street these young people are becoming an Having said that, majority of the Indian Thus, despite the aggravated selling by
increasingly important and savvy part household savings are parked in sub- foreign institutional investors (FIIs) of
of the new digital era, and they want optimal investment avenues such nearly `2.0 trillion in our equity markets
to capitalise on India’s accelerating as demand and time deposits, which between September 2021 and March
prosperity by participating in stock offer low interest rates. I believe that 2022, the benchmark indices corrected
markets to grow their own wealth. in the near future, most of this capital, by only about 1%. Pivoting back to 2008,
The 150% growth in demat accounts representing the incremental savings during the global financial crisis, FIIs
opened in the past three years bears of young adults, will move towards sold 28% of this value, i.e. approximately
testimony to the meteoric rise of retail equities, and eventually will be joined by `547 billion, while the Nifty50
investor participation. bank savings deposits, as inflation and contracted by 55%. The relatively
the interest environment in the country small drawdown of the benchmark
NEW WAYS, NEW MEANS are expected to be soft. A similar trend indices following the huge sales by FIIs
The expansion of India’s investor In March 2022, BSE’s cumulative was seen in other markets as well. reflects the formation of unparalleled
population has been driven by market capitalisation of stocks listed For example, in the UK between 1982 resilience in today’s market, which is an
on the exchange reached $3 trillion for and 1992, both inflation and interest outcome of the euphoric and sustained
digital players like your Company, the first time ever. There were three rates nearly halved. During this period, participation from DIIs and retail
which will continue to be a leading key pillars to this growth journey: despite relatively high household investors. I feel extremely satisfied and
participation of 7.8% compared to have been buoyed by the broadening
player in mobilising a substantial the current participation of India, base of investors in the country.
portion of the `109 trillion of 1. The entry of a large wave of
the country witnessed a 3x jump in
the percentage of households having Moreover, the continued shifting
household savings, as on March tech-savvy new investors into
investments in stocks and shares. away of individual preferences from
the market. On an average, the
2021, parked in low-yielding country added about 2.9 million
India, too, has embarked on this journey physical assets (such as gold and real
of robust growth in equity penetration, estate) and fixed deposits to equities
bank deposits, along with the demat accounts every month
which is likely to be sustained for many and equity-oriented assets has
during FY22, a substantial 2.4x
incremental capital expected to jump from 1.2 million average
years to come. contributed to this secular uptrend.
This radical shift in investment
flow into equities. monthly additions in FY21.
The expansion of India’s investor mind-set, particularly among the
Most of these accounts were
population has been driven by digital younger generations, who have
sourced by digital brokers, who
players like your company, which superfast connectivity to new-age
have demonstrated their ability
will continue to be a leading player in digital platforms covering every nook
to penetrate deeper into the
mobilising a substantial portion of over and cranny of the country, is a clear
18.9%
country using digital highways.
Dear Shareholders, tensions and rising energy prices. In the `109 trillion of household savings, as reflection that equity investment is no
longer term, many surplus economies on March 2021, parked in low-yielding longer considered a privilege of the
2. The economy itself has
We live in very interesting times. regard India as the most sought-after bank deposits, along with incremental few. Crucially, the digital era is fuelling
been undergoing massive
Equity markets remain on a investment destination due to its capital expected to flow into equities. democratisation of investing like never
transformation, with most
Nifty50 returns in FY22 secular uptrend as India’s economy inherent qualities and the country’s consumer-related services and
Today’s young India clearly understands before. Importantly, the technology-led
gathers momentum following strong, decisive and forward-looking and appreciates the benefits and ease information revolution has created a
products going online, thereby
its recovery from the pandemic- governance framework. of using digital apps to diversify savings level playing field that has empowered
expanding markets and creating
induced challenges that rocked in the process of building a secure retail investors to make informed
immense growth opportunities.
18.3%
global financial markets. There are Thanks largely to the upbeat outlook financial future. decisions through the exchange
headwinds, such as the projected among domestic institutions and, of ideas and opinions on financial
3. The diminishing returns from
hardening of interest rates around most importantly, retail investors, BACK TO FUNDAMENTALS websites, forums, message boards and
traditional risk-free assets
the world following the unwinding the Indian equity markets’ barometer, FY22 started on a weak note, with the social media, among others.
have established equities as
Sensex returns in FY22 of monetary stimuli in advanced the Nifty 50, returned 18.9% in FY22, a prime investment choice, second wave of the COVID-19 pandemic
economies, which has resulted in while the BSE Sensex delivered 18.3% impacting sentiment and supply chain USHERING IN THE NEW AGE OF DIGITAL
particularly among new-age
the consistent drawdown by foreign y-o-y gains. India is currently in a disruptions, which pushed up inflation. INVESTING
investors who have taken
investors from Indian equity markets demographic sweet spot, with a median cognisance of the fact that However, strong commitments from The advent of digital brokers is
over the past few quarters. Despite age among its population of 28.4 years equities have grown at 14.7% the government and the apex bank to rapidly making the brick-and-mortar
these events, our equity markets and a low per capita income. Most of CAGR over the past 20 years. maintain the status quo on interest branch-led model less relevant,
have remained resilient and have these young adults are digital natives rates while maintaining enough liquidity with smartphones emerging as
shown significant strength in the with easy access to social media aided the revival and seem to have go-to devices for participating in
wake of the COVID-19 pandemic, its content, which puts our economy in a set in motion a multi-year earnings- the capital markets and opening up
continuing trajectory, geopolitical strong position to grow. Furthermore, growth cycle. phenomenal growth opportunities for
digital-first intermediaries.

Corporate Overview
Statutory Reports
Chairman and Managing Director’s Statement
12.2%
In addition, India’s digital native NSE-active client base expanded to
millennials are now ushering in a rapid 10.1% during the same period. Around
India’s emerging digital generation. Taking a step forward from
With this, we will be better prepared
shift in the retail investment psyche, 39.7% of our overall client base was to walk beside our clients on their being a distributor to a
with Gen Z following suit. Both groups active as of March 2022, on a 2x bigger
are fast emerging as the next growth base of clients, against 38.0% in March
wealth-creation journey over the next manufacturer of wealth
engine for investment funds and the 2021. This growth has been driven by
Share of incremental two to three decades.
products, our impending
broader economy as they search for an enhanced UI/UX as well as by our NSE active clients
newer investment tools and platforms continuous engagement initiatives
Last few years have seen the advent asset management
of a new set of young investors,
that are intuitive and offer access to with our clients. business will provide us
39.7%
with growth of mobile investing and
diverse asset classes such as AIFs,
Mutual funds, etc. Our world-class digital products
Fintechs. Accessibility, transparency, with greater flexibility and
speed and Robo-trading have
aided by the India stack is helping us become norms for the category and the ability to fill in some
Digital broking platforms, with their tap investors beyond the country’s
frictionless service offerings, flat fee top 30 cities. I am proud to state that Of total clients are active are driving incredible evolution. of the gaps in the evolving
Aimed at empowering young India,
structures and extremely intuitive more than 94% of our gross client clients on NSE we refreshed our brand identity WealthTech space.
interfaces, are helping the average acquisition during the year was from to Angel One, a brand that offers
individual become a smart investor. tier II, III and beyond cities. We believe financial solutions aimed at
Approximately 69% of NSE-active this is just the tip of the iceberg, and matures. The roll out of 5G services addressing all financial needs of a
clients were added by the top five that we have significant untapped will help further improve connectivity young and growing India. This brand
digital brokers in FY22. Their share opportunities in these regions. Having in tier II, III and beyond cities. A recent transformation is a fusion of our
in NSE’s active client base has risen become the largest listed broking report by Deloitte indicates that the brand legacy and ambitions, as we We will use our technological building high-scale tech products and
to approximately 58% in FY22. house on the NSE, in terms of active population of India is expected to transcend from a broking house to capabilities of data science, global teams, and has worked with
The journey for digital brokers has just clients, vindicates our digitisation possess one billion smartphones a ‘one-solution’ platform for every artificial intelligence and machine tech behemoths such as Walmart,
begun, with a huge untapped market efforts and is incontrovertible by 2026 – an increase of 33% above financial need – ranging from mutual learning to manufacture products Microsoft, Samsung, Goibibo and Intuit.
waiting to be harnessed. evidence that we are on track to the 750 million currently in use. Of funds to insurance, loans and others. that will mobilise funds into Along with him, we have taken on many
ensure the future prosperity of our the incremental sales expected over Angel One’s personality is young, low-cost passive and rule-based senior mid-level executives with similar
A SUPERLATIVE PERFORMANCE shareholders and clients. I am happy this period, 5G will contribute 80% to innovative, empowering and nimble. investments. This will further experience in designing and handling
The first phase of your company’s to share with you that your company devices that will be sold in the next five Angel One believes that investing and enhance our ability to expand India's complex software solutions for large-
transformational journey between claimed second position in terms of years. Deloitte’s report also indicates growing financially is for everyone, financial inclusion journey. scale digital businesses.
2016 and 2019 has started to reap incremental NSE-active clients in that this growth is likely to be propelled no matter where they come from.
rich dividends. To further augment March 2022. by rural India, which is expected to grow We aim at building this accessibility Last year, we further strengthened I wish to thank the regulatory
our digital offerings, we onboarded 2.4x faster than urban India. Ultimately, with ease. While we are approachable our management team, authorities for the continued proactive
high-calibre tech talent during this BUILDING A SUSTAINABLE the growth of the fintech sector, to everyone, our focus is to become onboarding key talent with steps taken to protect the interests
year, and will continue to do so in FY23. ORGANISATION supported by the proliferation of the most preferred choice for the experience in handling large- of retail investors and making Indian
As of 31 March, 2022, about 13% of our Our strong governance policies, internet and access to digital financial Gen-Z and millennials. scale consumer-oriented digital equities markets more accessible.
team comprised software engineers robust internal control systems and services, is inevitable. Ease of access, businesses. Narayan Gangadhar The regulatory changes implemented
and coders working relentlessly to effective stakeholder communication coupled with simplicity of the product, Taking a step forward from being joined us as our CEO in April 2021. are directed towards the same, thus
provide unmatched services and differentiates us from our peers. will allow us to reap the benefits of a distributor to a manufacturer of He has over two decades of global resulting in a significant increase in
experiences for our clients. Our We are respected in the industry future growth. wealth products, our proposed asset experience in leading technology investor confidence.
continuous focus on integrating AI for our disclosure standards management business will provide businesses at top-tier Silicon
and ML is helping us understand the and have created benchmarks With improving macro dynamics, and us with greater flexibility and the Valley companies such as Google, I would also like to thank all the Board
investible profile of our clients and in systems and processes. We a growing appetite for diversified ability to fill in some of the gaps in Microsoft, Amazon and Uber. He Members, the Management Team,
provide them with curated products. support empowering the youth financial products, we have worked the evolving WealthTech space. brings with him a tremendous colleagues and their families, and
The research services we offer to to make informed investment during the year to gear ourselves Last year, we started the process amount of operating experience in the larger stakeholder fraternity for
our retail clients, with investment decisions through a wide bouquet up, to tap the opportunities listed of acquiring regulatory approvals leading highly disruptive business their continued guidance, support
recommendations aided by our of digital content. We continue to above. We are now in the penultimate for the same. I am certain we will be by driving innovations in product and confidence throughout our
rule-based recommendation engine strengthen our people capital through phase of the development of our Super able to capitalise on this space, just technology, capability building and growth journey.
‘ARQ’, helps them invest systematically effective skill enhancement and App, which will be launched in Q1 as we did in the broking industry. process automation.
in a disciplined manner over the long engagement initiatives. FY23. We have received encouraging Here, the endeavour will be to provide Yours Sincerely,
term in Indian stock markets. feedback for the product during its unique and curated financial products We subsequently onboarded
Dinesh Thakkar
PREPARED FOR TOMORROW beta testing. The launch will mark designed for the retail segment of our Chief Technology Officer,
Chairman & Managing Director
Our share of incremental NSE-active the commencement of our journey the market, enabling us to enhance Jyotiswarup Raiturkar. Jyoti has
We envision strong growth over the
clients grew to 12.2% during FY22, to laterally expand our portfolio of the value chain of our business. 20+ years of hands-on experience,
next decade, as equity percolation
while the market share for our products and services. This platform is
increases, and the investor fabric
in congruence with the requirements of

Corporate Overview
Statutory Reports
Message from the CEO
The innovation engine

gains momentum
94%
company witnessed a reduction Improvement in the active client base
in contact ratio. Leveraging data is also reflected from the growing
analytics, your company undertook average daily turnover and the number
several initiatives to improve client of orders your company’s clients are
acquisition, activation and retention. executing on the platform. I am elated
Of the gross clients
A new machine learning-based to share with you that your company acquired in FY22 are from
forecasting model was developed has achieved historic best performance Tier II, III and beyond cities
to improve the top of funnel quality, across many parameters during
We strengthened our backend which has resulted in higher lead the year.
5.3 mn
systems, improved error conversions. With an augmented
e-KYC and in-app journey for clients, • Your company registered gross
handling capabilities on apps, your company is witnessing a client acquisition of 5.3 million,
scaled up and fine-tuned the multi-fold jump in accessing various up 123.7% from FY21, thus taking
features, third-party products and the client base to 9.2 million Gross client acquisition
hardware, and completely recommendatory services on its app. • 3.7 million active clients on NSE in FY22
overhauled a few systems. This The improved client net promoter translated to an all-time high active
score speaks volumes about the client ratio of 39.7%
led to an improved availability successful execution and rising
• Your company’s number of orders During the year, the average client
and reduction in contact ratio. client satisfaction.
also grew to 680 million in FY22, up funding book grew by around 108.3%
Leveraging data analytics, we A YEAR OF ALL-ROUND
over 97.3% from FY21 to approximately `15.0 billion from
• Your company’s average daily `7.2 billion in FY21. Your company’s
undertook several initiatives to PERFORMANCE
turnover (ADTO) increased by 226.3% consolidated revenue grew by 77.5%
Your company acquired 5.3 million
improve client activation and new clients during the year, the
to reach `6.5 trillion in FY22, as while continuous digital investment
against nearly `2.0 trillion in FY21 and corresponding growth in scale
retention. highest in its history. This is 2.2x
resulted in better unit economics.
more than what was added in FY21 • Achieved highest ADTO of nearly
`8.9 trillion in February 2022 As a result, operating profit grew
and 1.3x more than what was added
by 99.1% while operating margin
over the last 24+ years. Your company • The F&O ADTO increased by 241.3%
expanded by 295 bps over FY21.
now has more than 10% market share y-o-y to `6.3 trillion
Dear Shareholders, Enhancements and relentless efforts your company unboxed a lot of systems Profit after tax for the year stood at
in India’s total as well as active demat • Your company’s commodity ADTO
to simplify and elevate client journeys for example the BackOffice, which `6,251 million, reflecting a growth of
accounts. It continues to aggressively increased by 23.2% y-o-y to
It gives me immense pleasure to remain the foundation for delivering essentially handles post trade flows. 109.7% over FY21. Net profit margin
acquire more clients from Tier II, Tier `70 billion
present to you your company’s annual a robust performance every year. This will allow your company’s clients to at 37.1% increased 392bps over FY21.
III and beyond cities, which formed
review of FY22. Your Company’s During the year, your company focused have access to a huge wealth of data. • The robust ADTO translated Earnings per share grew 95.5% to
more than 94% of the acquisitions
single-minded focus on technology-led on ruggedising its backend systems First impression of this will be available into growth in retail turnover `75.8 from `38.8 in FY21. Return on
in FY22. Continued momentum in
innovation has started paying off. by upgrading deployments, applying in the initial version of the Super App. market share: networth came in at 46.0% in FY22 as
the acquisition rate with focus on
The innovations are pervasive and surgical fixes, improving error handling Your company’s data-science engines, against 34.6% in FY21.
non-urban areas demonstrates the − Overall retail equity turnover
are visible across parameters such capabilities on apps, scaling up and feed off this data to curate insights
success of your company’s digital market share expanded 531 bps
as feature satisfaction, product fine-tuning the hardware, completely for clients – ranging from advisory
marketing strategy, processes, and to 21.3% in FY22 over FY21
experience and system uptime, overhauling a few systems and to instrument recommendations, to
robust product and tech suite. Your − F&O turnover market share
amongst others, resulting in robust setting up monitoring and alerting for fund nudges.
company’s conscious efforts to expanded 544 bps to 21.4% in
operational and financial performance. engineering metrics. This gives your
acquire the young generation, so that FY22 over FY21
Your company is further augmenting company a clear visibility and the ability These cumulative efforts, led to an
it can partner with them during their
its tech capabilities and introducing to respond to abnormalities before the improvement in stability, scalability − Commodity turnover market
lifetime as they are future wealth
best-in-class features to consistently incidents impact clients, improving and performance of your company’s share expanded by 646 bps to
creators. The median age of clients
enhance client experience and sharpen Service Level Agreement (SLA) to products. As a result of the vital 33.0% in FY22 over FY21
acquired over the last year stood at
our competitive edge and distinct 99.8%. Taking a step forward to better upgrades undertaken, there was an − Achieved the highest turnover
~29 years against ~35 years in FY19,
positioning in the industry. utilise the data science capabilities, uptick in client satisfaction as your market share in commodities of
its pre-digital era.
42.6% in February 2022

Corporate Overview
Statutory Reports
Message from the CEO
ROBUST FOUNDATION FOR A interfaces - Android, iOS and web. capabilities. These are expected to During the year, your company They are continuously analysing the journey forward. Angel will continue to
STRONGER FUTURE It is being built on clean architecture be operational in FY23 and will further expanded the tech talent pool by emerging trends at the global level create an engaging environment that
Your company focused on three principles, with the aim of leveraging improve uptime of the systems. 86 headcounts. Majority of these and adopting best practices across fosters innovation.
areas to drive the next growth cycle. cross-platform technologies and drive hires come with rich global consumer the organisation.
The Super App, our primary area of deep personalisation. This app will see Augmentation of human capital in facing technology companies. Finally, I take this opportunity to
focus, is currently in the penultimate multiple layers being laid, in a phased technology, product development and Their hands-on experience in building LOOKING FORWARD WITH OPTIMISM thank all Angelites for their invaluable
phase. This app is code complete manner, as we introduce different digital revenue functions was the third planet scale products and solutions Angel’s ability to think beyond contribution. It is because of their
and is into advanced beta and product offerings to complete the focus area. Your company continued will be reflected in the soon-to-be tomorrow and explore uncharted commitment that your company
validation phase currently. Recently, journey of the Super App. to add digital talent keeping in mind introduced new product. territories helps it in introducing has been able to achieve various
your company made a version of growth plans over the next 4-5 years. solutions that differentiates it from milestones. I am ecstatic to share that
this app public to a closed group of The next area of focus was to expand Your company also identified core ENHANCED FOCUS ON COMPLIANCE its peers and generate alpha. Your your company has featured as a ‘Great
users, to download, explore/trade, the tech capacity and infrastructure, areas and invested in implementing Your company is not only creating company continues to invest in Place to Work’ for the sixth consecutive
and provide feedback. It will soon for which your company is building tech-based solutions to improve a difference for its clients but is cutting-edge technology that enables year. This year, your company has been
be ready to deliver the first look, in new state-of-the-art datacenters the overall experience around also ramping up the standards of its clients to tailor their journeys to recognised among India’s Top 30 best
Q1FY23, and the release candidate and global standard disaster recovery process robustness, compliance and disclosures for all stakeholders. their investment style. Irrespective workplaces in BFSI.
will be available across all three information security. All these efforts separate it from its of a client’s experience and expertise
peers and strengthen the resolve in the market, Angel is making the I extend my heartfelt gratitude to each
to tap into the massive growth benefits of data science available for of the stakeholders, for their continued
opportunity that is unfolding in the all to shape their journeys and drive support. These are exciting times and
Indian capital market. Angel has up its activation on a sustainable I am confident that Angel will be able to
constituted various Board-monitored basis. With the imminent launch of the create significant value for each of its
committees for all its operational Super App, your company is confident stakeholders, going forward.
Collabo
rati risk areas. It also has established of taking the Angel One brand to new
ip on
ursh a Global Tech Council, with the heights, in the coming years. Best regards
ne C aim to remain updated about the Narayan Gangadhar
re
recent developments in technology. Angel has recently started a Jamboard Chief Executive Officer
lie
rap
nt
These committees are chaired by the for its people at Bengaluru where
Int
&
non-executive members of the Board work from anywhere employees

Met
of your company who are subject can assemble periodically and can
rics Obsession
matter experts in diverse fields. brainstorm ideas that shape the

y
ili t
Your company is building its

Ag
tech team on the principles of: d

&
ee
Sp
Achieving Engineering Excellence

Corporate Overview
Statutory Reports
Performance trend
The numbers that make us proud

Financial performance Operational performance
EARNINGS BEFORE
DEPRECIATION, PROFIT AFTER TAX FROM TIER-WISE GROSS CLIENT MARKET SHARE IN DEMAT
TOTAL INCOME AMORTISATION AND TAX COST TO NET INCOME CONTINUING OPERATIONS GROSS CLIENT ACQUISITION ACQUISITION ACCOUNTS
(` in mn) (` in mn) (%) (` in mn) (mn) (Thousands) (%)
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22
0.1 0.2 0.4 1.9 3.8 Direct 42 40 63 186 313 Tier 1
23,051
8,554
6,251
75.0
0.1 0.1 0.1 0.5 1.5 Authorised 96 105 204 860 1,815 Tier 2
10.3
72.9
63.5 persons 82 116 294 1,317 3,158 Tier 3
54.2
50.3
7.5
12,990
4,295
2,981
7,841
7,800
4.4
7,547
3.6
3.3
1,791
1,098
1,471
1,397
868
834
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22
31.1% 77.5% 47.8% 99.1% 1,327 bps 389 bps 54.5% 109.7% 121.4% 123.7% 694 bps 280 bps
MARKET SHARE IN NSE RANK IN NSE ACTIVE

EARNINGS PER SHARE DIVIDEND PAYOUT NET WORTH RETURN ON NETWORTH NSE ACTIVE CLIENT BASE ACTIVE CLIENT BASE CLIENT BASE
(`) (%) (` in mn) (%) (mn) (%) (No.)
15,844
75.8
10.1
46.0
3.7
36
35
4
8.3
11,310
29
34.6
28
5
22
25.5
38.8
5.3
7
7
4.7
5,914
4.4
1.6
5,314
16.6
4,736
15.5
15.3
12.1
11.6
0.6
0.4
0.4
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22
Moved up 3 places over the last 5-years

49.2% 95.5% 35.2% 40.1% 2,054 bps 1,143 bps 78.1% 133.8% 576 bps 187 bps
(5-year CAGR) (improvement over 5-years) Cost to net income ratio = (Employee Cost + Other Opex + Depreciation)/Net Income
Net Income = Gross Revenues – Fees & Commission Exp – Finance Cost
(y-o-y growth) (y-o-y improvement) Return On Networth = Profit After Tax From Continuing Operations / Average Networth
FY21 and FY22 dividend payout includes four interim and proposed final dividend (if applicable)

Corporate Overview
Statutory Reports
Performance trend
Operational performance
RETAIL CASH TURNOVER RETAIL COMMODITY

OVERALL RETAIL ADTO RETAIL F&O ADTO RETAIL CASH ADTO MARKET SHARE TURNOVER MARKET SHARE TOTAL ORDERS
(` in billion) (` in billion) (` in billion) (%) (%) (mn)
210.8
8,627
8,393
16.3
42.2
69
180.1
14.2
36.4
14.0
13.9
13.8
6,946
6,764
60
152.5
5,790
5,642
51
50
136.7
27.7
46
25.8
25.5
114.8
4,547
4,394
3,753
3,599
Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22
OVERALL RETAIL EQUITY RETAIL F&O TURNOVER

RETAIL COMMODITY ADTO TURNOVER MARKET SHARE MARKET SHARE F&O ORDERS CASH ORDERS COMMODITY ORDERS
(` in billion) (%) (%) (mn) (mn) (mn)
146.7
58.8
22.7
57.5
22.9
5.5
56.6
97
55.4
21.2
21.0
21.3
20.9
20.8
21.1
20.9
20.9
51.5
116.5
4.6
4.1
4.1
4.0
92.5
66
60
60
75.4
55
58.2
Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22

Corporate Overview
Statutory Reports
Technology and Product highlights
Upping our technology Today we are better prepared to
and product quotient

undertake accelerated changes, while
also ensuring high impact for our clients.
All this enhances the overall client
experience across our digital platforms.
We have invested in setting up a central

At Angel One, our data & analytics and a ML platform that
will enable deployment of these cases
fundamental strength lies in our Super App. This platform helps us
in continuously building to rapidly deliver robust ML solutions,
using the latest software. More
our technology core. This improvements in this area will be visible
helps in improving reliability in the forthcoming year.
of our platform, offering
customised solutions, and
improving ease of use,
culminating into superior
client experience.
TEAM
SUPERAPP
We focused on building our tech and product team. This includes hiring talent
from top tech companies like Amazon, Uber and Walmart Labs, while inculcating The release-candidate build is
During the year, we undertook some important initiatives: a culture that blends factors like sense of urgency with engineering excellence under final stages of development
and creative freedom. and validation for all channels -
Android, iOS and web. This was
made possible by parallel pod
We use the latest technological tools execution in app development
and cloud platforms to scour large teams, better backend technology,
volumes of data and generate insights and cross-platform tech like Flutter.
RUGGEDISATION quickly. The product team consumes The new Super App will not just
NEW DATACENTERS
these deep insights to develop and fine have a fresh client experience but
We have taken multiple steps towards To service our clients better, we have tune our mobile app, tablet and web Achieving refurbished backend services to
improving engineering excellence invested in new state‑of‑the‑art platforms further. Engineering support it. To reduce risk, some of
ranging from process, surgical fixes to Datacenters, including a non-Mumbai Excellence the core new backend services have
major re-writes. location for business continuity/ The latest ML algorithms help already been tested live with the
disaster recovery. The new Datacenters automatically forecast business
This has made a major dent on NPS and current app.
should be ready in FY23. For Business metrics for various segments based
clients satisfaction, with major areas of Continuity / Disaster Recovery we are on historical data. The marketing team As part of improving our backend
improvement being orders, charts and also working on some changes in our benefits from these forecasts to boost Speed & technology platform, we have
portfolio. That said, this ruggedisation is apps, backends besides developing Intrapreneurship
client acquisition. These forecasts also Agility "un-boxed" a lot of previously
an ongoing journey which will yield long reconciliation mechanisms for a assist our revenue team in strategising opaque systems. One example
term benefits to the Angel platform and reliable order journey during a disaster. future revenue metrics. Our engineering values is the BackOffice - the system
thus to clients.
which essentially handles most
We have created a large repository of post-trade flows. A Minimum
user activity on our platforms, which Viable Product (MVP) version of the
is stored using big data technologies. modernised backoffice will go live
This data, along with third party data with the SuperApp and allow deep
sources, have empowered us to create insights into things like charges,
user-centric campaigns, which has Client
MONITORING / ALERTING statements etc.
led to an improvement in conversion Collaboration & Metrics
Related to ruggedisation, we setup a DATA SCIENCE Obsession
rates for the business. ML algorithms
monitoring and alerting mechanism Angel One focuses on using the latest are used to develop propensity models
to monitor various engineering AI / ML and analytics technologies in at various stages in the acquisition
metrics. These tools give us clear several areas of the business, ranging funnel and selectively target users with
visibility into abnormal behaviour and from creating business forecasts, appropriate content.
allow us to respond before incidents acquiring new customers to generating
impact clients. client insights.

Corporate Overview
Statutory Reports
Technology and product highlights
PRODUCT DEVELOPMENT KYC Core and Fulfilment Angel Broking Mobile Application • Multi Session - We understand that makes it convenient for quick entry
During the year we worked on improving our Product Improvements for our pervasively connected smart and exit.
At Angel One, we are continuously clients first experience with us, i.e. at the time of Our mobile application is the key investors, a single device login and • Good Till Trigger (GTT) - GTT as
upgrading our product suite to offer onboarding. We undertook many fixes to smoothen platform used by our clients to corresponding user session was the name suggests enables a user
this initial journey while making necessary changes transact their daily business. clearly a limiting factor for growth to place limit type orders of Buy or
our clients a superior experience. to adhere to constantly evolving compliance and The product team undertook the with each individual having multiple Sell with a tenure validity of 1 year
We take continuous feedback to regulatory changes: mantle to upgrade the in-app interfaces in parallel. Multisession applicable on Cash & Derivative
journey with the intent to scale up functionality, launched in early July segments under Delivery, Margin or
offer new features. • We removed friction for users regarding Nominee client experience. 2021, enabled a seamless continuity Carry forward order type. It has been
addition and provided them with an option to add of user's state and sessions bound a much-demanded order type by
During the year, following developments were made to to the same login credentials across
nominees during their KYC journey itself • IPO Enhancements - We enhanced our clients. This brings in absolute
our various offerings: different devices active in parallel.
• Improved the scrutiny process to identify edge the IPO journey’s as we introduced flexibility of opting for a future price
new categories for existing This worked irrespective whether trigger with 1 year order expiry date.
Wealth Management Solution cases related to IPV and Pan check to easily
policyholder, existing employee, the user had parallel logins on web GTT provides control in the hands of
identify and rectify problematic applications
As part of our focused effort to provide our clients with existing shareholders and HNI or/and mobile devices providing a users, without hassle of revisiting
a wholesome suite of products, we have successfully • Innovating and optimising the Bank Addition step concurrent, real-time and unified
category in lieu of upcoming LIC the app frequently.
included the much sought after Direct Mutual Fund in KYC journey view for ease of use.
IPO. Through such segmentation, • Sovereign Gold Bonds - We
product on the distribution business. This went live on users can now make an application • Insta Trade - In our pursuit to introduced an option for investing in
16 April, 2022, on our Angel BEE app. Over the next few in each of the categories of an IPO. democratise stock broking through Sovereign Gold Bonds for our clients.
quarters, we will continue to emphasise on building simplification of our products and
• Process improvement and UI This is another step taken to ensure
a strong holistic ecosystem to empower our clients integrating newer features, we
enhancements - On the trade diversification of product bouquet
to invest via this channel. This will effectively lead to introduced ‘Insta Trade’, a one of
execution front, we improved for our clients.
expanding the lifetime relationship with our clients. its kind feature in the industry. This
processes and enhanced UI for • Robo Order - We integrated a Robo
delivery trades, which led to 50% feature simplifies options-trading
SmartAPI order feature into the app. Through
reduction in order rejection, for for our clients, be it for beginners, or
this, our clients can now place
We integrated a new live market ticker through our that segment. experienced traders. This uniquely
orders with defined price ranges to
Smart API in last quarter, thus providing greater stability, integrated feature helps clients to
• Replacement of Hamburger Menu book profits and limit losses. Orders
scalability, and performance. Earlier during the year, effortlessly select the most active
to Discover Tab - We replaced placed via Robo orders are only for
we had built and introduced Good Till Trigger orders on strike price and analyse charts
the obsolete and cumbersome intraday trades and expire at the end
our mobile app, tablet and web platform for our clients. on the same screen. This feature
hamburger menu with a far simpler of the trading session.
This year we also introduced the feature for API clients
Discover tab within the app. This
to place their orders on NSE and BSE. Consistent
eased navigation to different
modifications undertaken during the year have upped
sections, with minimal clicks, as it
the experience of our clients, consuming this free to use
created a seamless and structured
distribution product from our stable. LOWER CONTACT RATIO IMPROVING OVERALL NPS
information architecture. We
witnessed a multi-fold jump in
NXT
clients accessing Mutual Funds,
The upgraded & much stable NXT platform provides our IPO, ARQ, GTT, Options Simplified,
APs with a far superior in experience as we integrated etc. tabs and also experienced Q4FY22
live portfolios. We incorporated a communication reduced complaints with respect
system that empowers our APs to send bulk messages to lack of information about the Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q2FY22 Q3FY22
to their clients, informing them about live IPOs. This app, corporate actions, etc.
communication has embedded links to apply for the IPOs
• Funds Simplification - As a trading
and make payments via UPI. IMPROVING GOOGLE PLAYSTORE
user, it was very cumbersome
RATING
for many clients to understand
We further enriched the NXT platform to address issues
various jargons used with respect
in modules like MFs, Reports, Advisory, IPOs, etc. leading
to fund details page within the
to a significant 90% reduction in latency. In parallel we
app. Taking cognizance of the
made enhancements to the mutual funds journey for
fact that majority of the clients
Systematic Withdrawal Plan orders.
onboarded were new to market, we
simplified the page using easy to Q1FY22 Q2FY22 Q3FY22 Q4FY22
understand language.

Corporate Overview
Statutory Reports
Opportunity landscape
Rise of the Indian

retail investor
The changing times are rewriting
many a traditions, with the rapid
advancement in technology driving
the economic mainstreaming. Today,
armed with smartphones and high-
speed mobile internet, young Indians
are increasingly looking at asset
classes beyond the traditional safe
havens of real estate, gold or fixed
deposits for their investing aspirations.
The pandemic, which confined Indians
to their homes, came as a moment
of truth to learn and re-evaluate new
means of creating wealth.
FAVOURABLE DEMOGRAPHICS RISING INCOME LEVELS variety of products. Only 6.4% of INCREASED SMARTPHONE AND MOBILE INTERNET PENETRATION BROKING AS A PLATFORM; GROWING
The population of 1.4 billion people There has been steady growth in the India’s population has a demat Higher mobile penetration, improved connectivity and faster and cheaper data PROMINENCE OF DIGITAL BROKERS
makes India the second-most populous per capita income of the country account versus China at approximately packages, supported by Aadhaar and bank account penetration have led India to Broking is transforming into a
country in the world and with an average (except for 2020-21 being a year of 14% and USA at approximately 55%. shift from being a cash-dominated economy to a digital one. Over the past ten financial marketplace with platform
age of 29 years, it has one of the aberration). Per capita net national Also, just 5% of an Indian household’s years, the smartphone and mobile internet penetration have increased to 60%, characteristics. Such platforms are
youngest populations globally. India’s income grew from financial savings are in equities. This leading to strong growth in broking accounts. not just facilitating trade, but also
unique demographic advantage presents `86,647 in FY15 to `150,326 in provides significant room for growth allowing users to exchange ideas, copy
a plethora of opportunities in today’s FY22. The growth in income level is for the industry. trades and invest in other financial
dynamic world. As India experiences this also driving investible surplus for SMARTPHONE PENETRATION RATE products. The Indian broking sector is
demographic shift, along with changing the population. consolidating towards digital brokers.
5.5X
social dynamics and technological 100% 89% Top 5 digital brokers have 68.8% share
advances, the youth population will FINANCIALISATION OF HOUSEHOLD in incremental NSE active client in
contribute significantly in realising the SAVINGS 80% FY22. The Indian broking industry
country’s economic potential. From investing largely in real estate,
Growth in Indian MF industry 60% 61% witnessed strong growth in the last
gold and fixed deposits, more Indians, AUM in past decade two years driven by fintech players.
40% These fintech players have expanded
29 YEARS
especially the younger generation,
are participating in the equity market. the equity investments/trading market
4.5X
20%
This was made possible through the size by adding new-to-the-industry
Average age of democratisation of capital market 0% clients, who were usually ignored by
India’s population investments, ease of accessibility Growth in India’s demat account FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21E FY25E FY30E the traditional brokers on account of
inaccessibility / high acquisition costs.
owing to the emergence of digital holders in the past decade Source: Statista
platforms and availability of wide
Source: AMFI, Economic Survey 2022, CDSL, NSDL

Corporate Overview
Statutory Reports
Investment case
The edge of fintech, DIGITAL

CAPABILITIES
We are focused on providing end-to-end digital experience by innovating and implementing
technology across various services. This has enabled us to reduce costs and offer simplified and
in a digital-first world
ENSURING competitive pricing to clients with value-added services. Further, we have improved our client
OPERATING acquisition through machine learning algorithms, personalised journeys and curated offers,
LEVERAGE improving our client acquisition engine while reducing client acquisition cost. While digital
platforms have often been associated with unsurmountable losses, we have emerged as quite
the contrarian, despite our flat fee structure and digital only operations.
At Angel One, we have been quick to spot the trend of technology playing a
pervasive role in financial decision-making. Over the past few years, we have 0.3X 2.8X 2,145 BPS
invested heavily to build up our proprietary tools and platforms to make the Decline in average Growth in share of Expansion in
journey seamless. With the build-up phases now behind us, we see operating revenue per client flat fee, in total net consolidated EBDAT
between FY20 and income, between margins between
leverage playing out. We are able to acquire more clients at significantly lower FY20 and FY22
FY22 FY20 and FY22
acquisition costs.
5.1X 39.7%
Growth in client Of total clients
123.7%
ACCELERATING Our four-pronged client acquisition model comprising
CLIENT performance marketing, referral programme, digital
base between are active clients
ACQUISITION influencers and the largest network of Authorised FY20 and FY22 on NSE
Person, helped us add more than 5.3 million clients in
Growth in client
the last year, reflecting a growth of 123.7% over FY21, acquisition in FY22
effectively doubling the client base we had at the end of
March 2021.
REVENUE We have a broad-based revenue stream aligned to our broking business. This includes broking income,
STREAMS interest income, depository income, ancillary transaction income and distribution income.
FY22 GROSS REVENUE SPLIT (%) FY21 GROSS REVENUE SPLIT (%)
6
2 1 4 3 1
94%
STRONG TRACTION Increasing market participation from the tier II, III and 7
7
IN TIER II, III AND beyond cities helped to create a long-term growth story
BEYOND CITIES for the market. We have our highest share of clients ross Broking
G Other Income 15 ross Broking
G Depository
acquired from these cities in our lifetime, demonstrating Share of gross client Interest Distribution Interest Other Income
Ancillary Ancillary Distribution
our strength in riding the new wave of first-time investors acquisition from Tier 16
Transaction Transaction
from these newer geographies. This was enabled by a II, III and beyond cities Depository
strong platform backed by a simplified pricing structure. 68 70
226.3%
BUSINESS MODEL Backed by a superior technology platform, seamless
1,978BPS
STRENGTHENING Our transformation to digital model over the last couple
FINANCIALS of years has seen the business investing in developing STABILITY experience, increasing suite of products and a changed
digital capabilities. We are reaping dividends of the pricing structure, we have established a business model
upfronted investments, and witnessing a handsome
Improvement in our resilient of cyclicality. Over the past 15 years, NSE’s overall Y-o-Y growth in
growth in our gross client acquisition and other operating operating profit margin trade volumes have continued to surge despite market ADTO
metrics. We are experiencing lower client acquisition over the last four years volatility. In addition, we have seen growth in average daily
costs today, as compared to our pre-digital phase with orders in 16 out of 19 instances when markets corrected
a drastic reduction in the payback period for the cost of
acquisition. This has helped us significantly strengthen
by more than 5% over the last 36 months. This reflects
the stability of our business which weathers difficult
market cycles.
97.3%
our operating margin by 1,978 bps to 50.8% in FY22 from Y-o-Y growth in
31.1% in FY19, our pre-digital phase.
number of orders

Corporate Overview
Statutory Reports
Risk management
The benefits of Risk definition Mitigation measures
conviction and foresight Technology

Inability to stay abreast with the evolving
Technology and digitisation are the key pillars
of our growth. We are continuously investing in
technology to offer a seamless experience for our
clients. We have instituted a 3-member Global Tech
technology landscape, could result into a risk of
technology obsolescence Council, chaired by a Non-Executive Director, who is
also a domain expert. We have also invested in a
Every opportunity comes with associated risks. We have a robust strong team of technology professionals driving our
risk management framework to monitor the dynamic operating tech edge. We are leveraging AI, ML and data
science to sharpen our competitive edge and stay
environment and deploy appropriate measures to mitigate any risks cost competitive.
that may arise. Our Risk Management Committee, formed by the
Board, is responsible for framing and reviewing risk management
processes and controls. People An extremely market driven competitive
compensation structure, including a large pool
Inability to attract and retain quality talent may of stock options along-with a great culture
impact growth sustainability and atmosphere to promote innovation and
KEY RISKS AND THEIR MITIGATION MEASURES healthy competitiveness helps us attract and
retain quality talent. We have forward looking
and dynamic policies which are crafted with
Risk definition Mitigation measures globally benchmarked parameters to promote
a strong bonding with the organisation. We are
continuously strengthening our team through
Industry We have always been ready for any regulatory
changes. We keep a very keen watch on such
various L&D and engagement initiatives. Our
remote working policy enables our employees to
regulations announcements and have always been at the
forefront to understand the effects of such
work from their location of choice, thereby freeing
them of the confines of an office space. We have
The broking business is highly regulated. changes and incorporate those in our business
been certified ‘Great Place to Work’ for six years
Periodic updates and new regulations are model, systems and processes
in a row.
introduced by SEBI and other regulatory bodies
to safeguard the interest of the investors. In the
near-term, it may impact us while we adjust to
the change
Governance We have a strong governance framework in
place with various Board committees chaired by
Risks emanating from lack of governance and constituted of Independent Directors. Our
and transparency, could impact the trust of Board, through the Audit Committee, oversees
Client We are using a four-pronged strategy for acquiring our stakeholders our compliance framework. We have adopted
clients. We are leveraging the power of digitisation various policies and procedures related to internal
acquisition to design our client acquisition strategy and compliance, including a code of practice and
achieve higher lead conversion. Our digital-first procedure for fair disclosure of unpublished price
model has helped us to penetrate deeper beyond sensitive information, anti-bribery and anti-
Inability to acquire clients may impact our
the urban centres and have clients from over 98% corruption policies, anti-money laundering, vigil
growth aspirations
of all pin codes across the country. mechanism and whistle blower policies.
Competition We are favourably placed in the industry, backed Cyber We have in place cutting-edge systems that
ensure the security of our client data. We ensure
security
by our superior technology, strong research that no critical financial information of our
Increasing competition from new age fintech services, product offering and a competitive clients are stored on our systems. Besides, we
as well as non-digital brokers, offering an array pricing structure, placing us among the top are working with government agencies to ensure
An external information security breach,
of services five players. higher level of information security for our clients.
such as hacker attacks, frauds, virus or worm
infestation in our IT systems, or an internal
problem with information protection, such as
failure to control access to sensitive systems,
could materially interrupt our business
operations or cause disclosure or modification
of sensitive or confidential information

Corporate Overview
Statutory Reports
Strategy
The right swipe to

unlimited possibilities 2. Augment our investment in our mobile
platform, artificial intelligence, machine
learning capabilities and newer
We aspire to become the most preferred full stack fintech platform to fulfil technologies
the investment aspirations, especially those of India’s millennials and GenZ. We believe that use of technology
augments client relationships
Our robust technology platforms, coupled with relentless focus on product and enables reduction in errors
innovation, have laid out a strong foundation on which we plan to propel our and expenses, in addition to
ensuring data privacy. We will
growth, while elevating financial journeys of our clients and strengthening continue to improve our systems
our own resilience and relevance. to provide our clients with unified
data architecture across sales,
on-boarding, risk profiling, • Modern stream-based • New native mobile app built on
research recommendations, data processing systems clean architecture principles
trade execution, settlement and implemented to handle launched for both Android
1. Strengthen
generation of reports. the high scale events and and iOS, leveraging cross-
our leadership position Key progress made in FY22 generate insights platform technology wherever
suitable and integrating
to become the largest retail stock • Optimised various Machine • Unboxed the BackOffice, to
deep personalisation
Learning models for offer our clients with vast
broking business in India acquisition and activation amount of data • Upgraded our KYC journey, for a
29 123.7%
• Built a new propensity • Code completed our new mobile better onboarding experience
We aim to enhance our market
model for F&O and MTF app, the forerunner to the
position in the growing retail stock
segment activations much-awaited SuperApp
broking segment, by continuing to
focus on acquiring and retaining (years) Average age Growth in client base
clients, product innovation, of clients acquired
leveraging our web and digital broking
platforms; and brand, to acquire
in FY22
clients through these platforms and
3. Establish
our extensive network of Authorised
Person, by analysing client behaviour leadership position in
and providing them with personalised
recommendations. Further, we intend
the WealthTech space, to support
to expand and offer all the financial our business
services required by our retail clients.
We intend to capitalise on our growing Key progress made in FY22
Key progress made in FY22 retail client base to ensure that our • Developed an ecosystem for
• Rebranding initiatives undertaken distribution business increases over Direct Mutual Funds for our
to resonate with the digital native time and each of our clients receive retail clients
millennials and Generation Z clients personalised services.
• Initiated the process
• New Machine Learning based of seeking regulatory
forecasting model implemented to Our diversification across financial
approvals for setting
improve top of the funnel quality products and services, coupled with
up of our asset
our organisational structure and
• Digital media based promotional management company
culture, provides us with an ability to
campaigns to reach the
offer various products and services
target group
from across our business verticals, to
our expanding base of broking clients.
We believe that this will augment
Angel’s share in the clients’ total
investible capital.

Corporate Overview
Statutory Reports
Business segment
Broking and OUR DIGITAL PLATFORMS
Depository
Operations Angel One mobile app
• Mobile platform for
Angel One Tablet
• Smooth and seamless
ARQ
• Provides investment
Angel One web
• Web-based trading
clients’ trading and access to Angel One recommendations platform with a
`18,637 mn investment requirements

• Helps clients to
platform on a tablet
• Stock trading app made
based on set of
rules – free from
simplified interface
• Allows clients to
Revenues in FY22 effectively build, manage simple with 1-click to human intervention seamlessly navigate
80.9%
and track their portfolio buy/sell shares • ARQ adopts time tested investment accounts of
• Advance chart tools, and proven rules all family members with
trading view, easy to for investing one login
Share of total view and download • ARQ technology powers • Clients can manage
revenues FY22 back-office reports our various applications investments, create
and our website multiple watch lists,
Broking and Depository Operations = Fees & track stocks with
commission income – Distribution Income
technical indicators and
schedule investments
PERFORMANCE IN FY22
• Broking and depository operations remains the core Value proposition for clients
OVERVIEW revenue-generating business segment for your Company
with revenues in FY22 reporting 75.4% growth to `18,637 • Zero Account • Knowledge
Our broking services include equity and quantitative research around of a button. Through this tie-up, opening fees centre and
million from `10,623 million in FY21
(cash-delivery, intra-day, futures and equity fundamentals, technical, our clients will be able to invest in investor education
• Leveraging the power of digitisation to strengthen client • Complementing in-
options), commodity and currency derivatives, commodities currencies fractional shares, without keeping
acquisition, we have a net client addition of approximately house research • Instant fund payout
segments and depository operations. and mutual funds. any minimum balance and having an
These services are provided through option to withdraw funds anytime. 5.1 million during the year, resulting in market share of • Margin trading facility • First year of
• Rule based recommendation:
our mobile app, tablet and web We integrated Quicko on our 14.7% in incremental demat account addition in India • Securities free AMC
‘ARQ’ is our flagship digital rule-
platform, desktop application. We based recommendation engine, platform to offer our expansive set • Angel’s share in India’s demat account increased by 280 bps as collaterals • Simplified and
leverage our proprietary rule-based which assists our retail clients in of clients with online tax planning to 10.3% in FY22 from 7.5% in FY21 • Access to curated most competitive
recommendation engine ARQ in their journey of systematic and and filing, either under DIY route • Close to 40% of the overall client base is active on NSE, paid services pricing plan
building these products. We have disciplined investments in capital or through Chartered Accountant taking our market share to 10.1% in FY22 from 8.3% in FY21
also created Angel NXT, a digital markets. Additionally, with the assisted services.
• With an increased base of active clients, our average
platform for our wide network of help of this engine, we offer IPO • Investor education: We provide daily turnover reported growth of 226.3% during the year,
Authorised Persons to enable them recommendations as well as mutual curated investor education. We have resulting in an overall retail equity turnover market share of
to leverage social media networks for fund ratings and ETF baskets to our a knowledge centre on our website, 21.3% in FY22 against 16.0% in FY21. The growth during the
client acquisitions, activation, and expansive base of retail clients. aiming at empowering clients in STRENGTHENING OUR MARKET SHARE IN NSE ACTIVE
year has been pervasive across segments like derivatives
engagement, among others. trading and investments in financial CLIENT BASE
• Open architecture: We have a plug- and commodity, however the cash segment reported a
and-play architecture that allows our products. We have a dedicated dip. During the year, we achieved our lifetime high market
Additional services team that focuses on creating
clients to avail third-party services. share in the commodity segment of 42.6%. We reported
10.1%
9.7%
Aligned with our broking We have integrated the services of digital content to educate clients 97.3% growth during the year in number of total orders to
9.3%
8.8%
services, we offer the following Smallcase, Sensibull, Streak, Market on various aspects of the broking 680.1 million.
8.3%
complimentary services: lifecycle. Besides, we have series of
7.6%
Mojo, Vested and Quicko onto our
7.1%
• We have close to 18,000 Authorised Person registered
platform, strengthening our bouquet active blogs, podcasts and videos on
6.3%
with NSE
• Research services: Backed by a content sharing platforms to provide
5.3%
of digital offerings to our clients. Our
research team of more than 52 partnership with Vested, helps our clients with an understanding of
10.1% 10.3%
members, we provide qualitative clients to go beyond India and invest securities and financial matters.
in US stocks and ETFs at a click
Share in NSE active Share in India’s Demat

client base Accounts Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22

Corporate Overview
Statutory Reports
Business segment Business segment
Client Distribution
funding of third-party
`2,656 mn financial
Revenues in FY22
products
11.5%
Share of total
revenues FY22
`324 mn 1.4%
Revenues in FY22 Share of total
Includes interest income earned on margin trading revenues FY22
fund, delayed payment charges and lending activities
OVERVIEW OVERVIEW Angel BEE mobile app
108.7%
We offer margin trading facility to our clients for up to Angel One distributes third-party mutual funds, IPOs and bonds • A mutual fund app targeting millennial clients
80% of the purchase value for the cash delivery segment whilst the life and health insurance products, are distributed by our • Offers instant, mobile, paperless and personalised solutions
of equities. We charge about 18% interest rate on the wholly owned subsidiaries. The distribution of third-party financial
funds utilised under this facility. Further, we offer Loan Growth in interest income products provides us with significant cross-selling opportunities to Insurance
Against Shares through our subsidiary. Angel Fincap from client funding in FY22 our expansive client base, while also addressing their end-to-end
We distribute insurance products through our subsidiary
Private Limited, a registered NBFC. financial needs. We distribute Mutual Funds schemes of 46 asset
Angel Financial Advisors Private Limited (AFAPL). AFAPL is
PERFORMANCE IN FY22 management companies and have client assets worth `17.5 billion,
an IRDAI registered corporate agent and distributes a diverse
We have in place automated robust risk management representing a growth of 48.4% over the previous year.
Our average client funding book grew by 108.3%, to range of life insurance products such as term insurance plans,
systems, which manage the mark to market value of
approximately `15.0 billion for FY22 from approximately traditional savings plans and unit-linked insurance plans. In the
underlying assets on real-time basis to ensure adequacy As part of our focused effort to provide our clients with a
`7.2 billion for FY21. The resultant gross interest income general insurance category, AFAPL distributes various general
of margins and negligible delinquencies. The maximum wholesome suite of products, we have successfully included the
on this book grew to `2,656 million for the year against insurance products.
margin available on each stock is system-driven which much sought - after Direct Mutual Fund product on the distribution
`1,273 million in FY21, registering a growth of 108.7%.
are regulator ascertained and further fortified with our business. This went live on 16 April 2022, on our Angel BEE app.
The book is spread across 0.3 million clients. The lending AFAPL is empanelled with Aditya Birla Sun Life Insurance
own risk parameters based on liquidity, volatility and Over the next few quarters, we will continue to emphasise on
book includes margin trading funding, loan against Company Limited, ICICI Prudential Life Insurance Corporation
a few other unique metrics. The system automatically building a strong holistic ecosystem to empower our clients to
shares, trade receivables (net of receivable from stock Limited and HDFC Life Insurance Company Limited in the
squares off the exposure to maintain the required invest via this channel. This will effectively lead to expanding the
exchanges, if any). life insurance space and with Bajaj Allianz General Insurance
margin. We have witnessed nil delinquencies on our lifetime relationship with our clients.
Company Limited, HDFC Ergo General Insurance Company and
margin trade funding book.
ICICI Lombard General Insurance Company Limited in the general
Mutual funds
insurance space. AFAPL is also empanelled with Manipal Cigna
Against the SEBI defined eligible scrips for margin Angel follows an ‘open source’ distribution model, by providing its Health Insurance Company Limited in the health insurance space.
trading, we offer this facility towards only 59% of the clients with a range of tools and information, including ratings (own
eligible scrips. This provides strong guardrails built and third-party ratings) like the in-house research recommendation Bond
around the quality of our funding book. through ARQ, third-party ratings from CRISIL, Morningstar and
We distribute Sovereign Gold Bonds which are periodically
Value Research; and historical performance, to identify the right
issued by the Reserve Bank of India (RBI), on our
funds to invest in. As of 31 March, 2022, we distributed mutual
digital platforms.
funds schemes of 46 asset management companies. The active SIP
count grew by over 92% to 0.3 million in FY22.
PERFORMANCE IN FY22
`17.5 bn
• AUM under our distributed mutual fund products reported an
increase of 48.4%, to `17.5 billion in FY22 from `11.8 billion in FY21
• Active SIP count reported a y-o-y growth of 92.3% in FY22
AUM of mutual funds distributed by the • Life and non-life insurance premium collection reported a growth
Company as of 31 March, 2022 of 58.8% y-o-y to `268 million in FY22 from `169 million in FY21
• In FY22, 0.9 million unique clients put in 6.1 million applications, a
As part of our plans to provide tech led wealth management growth of 207.5% over FY21, across 50 IPOs
products including the fast-growing ETF and passive schemes, • Mobilised ` 801 million under Sovereign Gold Bonds during FY22, a
we are in the process of setting up our own asset management growth of 81.2% over FY21
company which will be a differentiator to the traditional way of
manufacturing and distribution of wealth products.
Corporate Overview
Statutory Reports
Social – People
Nurturing our most

valuable asset
STRENGTHENING HIRING LEARNING AND DEVELOPMENT
We continued to hire talent laterally from top product We promote a culture of continuous learning and conduct
companies to ensure the availability of best-in-class periodic checks to assess the progress. Our learning and
talent and create a compelling peer group to exchange development programmes focus on functional as well as
best practices and build a standout Fintech organisation. behavioural skills to foster holistic growth. We also enable
We leveraged our massive social media presence to access to anytime, anywhere learning through a set of
At Angel One, people always come before profit. We focus on providing an represent Angel One as the new home for techies. We have curated programmes from Harvard Business Review,
seen tremendous growth in the engineering talent traffic on Forbes, LinkedIn Learning and Udemy on the LXP Learning
enabling environment that fosters equality and diversity. Over the years, our social media pages. Management platform.
we have transformed from a hierarchy-driven organisation to one that has
Employee referrals are one of the most effective and Our learning and development initiatives are focused on
an open work culture. We have adopted the Pod model, which empowers popular modes of hiring. It comes with a validation of our bespoke leadership journeys to support and enable leaders
small groups of individuals with complementary skillsets to take on larger employee who know our values, our work environment and across the employee lifecycle, achieved through our
our drive to the future. The last 4-year trend for employee Leadership Accelerator Program (New Leader Onboarding).
projects. Our robust employee engagement initiatives help develop a highly referral has been positive. In the current financial year, We have meticulously crafted a 90-day journey, focused on
motivated and productive talent pool. the employee referral moved to 40%. Mindset-Skillset-Toolset to set new leaders up for success.
The programme includes Team-based Assimilation
1,379
designed to accelerate communication, clarify ways of
AUGMENTING TECHNOLOGY CAPABILITIES working and align the purpose between the new leader
Our transformation to a digital-first model has led to a change in our people mix, with the share of technology specialists and their team. The program has garnered a lot of positive
increasing. For senior leadership roles, we conduct lateral hires from technology giants across the world. New employees hired in FY22 feedback as it has helped new and young leaders from
diverse backgrounds settle in as an impactful leader at
Angel One, ready to talk and walk the strategy.
Hackerearth FAILURE CLUB
Our managerial skill development journey is focussed
To create India’s finest product, organisations need the best of technical talents. We at Angel One have been At Angel One, we believe that, to drive a culture of
on CORE manager behaviours that reinforce how great
taking leaps and bounds in how we do that. We don't limit the scope and opportunities to innovate in the house innovation, we need to provide our people with a crash
managers build great teams.
but extend it to the larger community as well! zone – a safety net for their failed attempts at innovations.
Failure Club is one such zone, where Angelites share their
Our out-of-the-box thinking of engaging at the college level and encouraging young minds to take on failures and the steps taken by them for course correction
C ommunicating with Impact

big challenges is not new. A hiring competition was created by group of best technical minds at Angel and derive success. Those sharing their experience receive
One. This method of hiring is inclusive and is what the young talent in India needs right now. Everyone has a badge that can be used as part of their signature. The
access to the same opportunity and the winner takes home the prize in the form of a rewarding and growing sessions are recorded and made available to all Angelites.
wning Results and Building
0 High-performance Teams
career with Angel One. We had more than 1,600+ registrations for the two job opportunities for the position
of a Software Engineer and a Mobile Application Developer. Almost 700 applications were able to qualify for LEADERSHIP DEVELOPMENT
the challenge. In a bid to fortify our journey into the future, we are
developing leaders of tomorrow. Our Leadership
1. Received 1.1 million impressions
through Instagram Stories with
Acceleration Program is designed to create future
leaders from within the organisation. We have started the
R eflection and Self-Awareness
2,500 clicks Inspire Leadership Series for senior members. The series
2. 175+ shares organically on LinkedIn

helps them transition and adapt to new leadership roles
and responsibilities. E nable and Empower
3. Received 7 million+ impressions LEVERAGING TOOLS TO CREATE SEAMLESS EXPERIENCE
and 1 lakh clicks through Google
We have invested in HR tools that facilitate employee
Display Campaigns
12
collaborations and communication and help them stay
updated with organisational developments. Slack is one
4. Received high intent registrations with
such tool. Besides, we launched a chatbot for employees
~50% participation rate
which helped digitise many aspects of the employee
journey, making it convenient for them to get instant Man-hours of learning on LXP
5. Around 16 candidates are shortlisted
for interviews after code reviews.
assistance in a remote work environment. for each employee mandated by
the Company every quarter for
6. Out of them, 5 were offered jobs self-development
and they are now a part of the Angel
One family.

Corporate Overview
Statutory Reports
Social – People
PROMOTING DIVERSITY IN HIRING CARING FOR OUR PEOPLE YOUR DOST, AVAILABLE 24X7
Our mindset of breaking out of the old and embracing the The health and well-being of our people remains We have collaborated with Zariyaa in association with
new has led us to understand, accept and value people, a priority. Targeted wellness support is provided Your DOST, India’s first and largest online mental health
irrespective of gender, religion, disabilities, age and more. to employees and local leadership teams across and emotional wellness coach, to be the employees'
locations. We have also appointed happiness coaches confidante. This initiative brings expert advice from
In a bid to promote diversity in hiring, the following steps
were taken:
to address any mental health issues our employees
might be facing. We also promote good health
1,000+ experts, with complete privacy, confidentiality
and anonymity on a range of subjects including
It’s a Six!
through various programmes like Zumba and yoga. relationships, wellness, among others.
• Diversifying the pipeline by actively sourcing candidates.
To enable our people to deal with the pandemic, we Thousands of Angelites have worked together
The team goes beyond the “obvious” sources and aims
offer 14 days of leave to those testing positive and ENGAGING WITH EMPLOYEES to make Angel One, one of the most desirable
to send one email or set up one coffee per week with a
special leave to the caregivers of infected family Angel One consists of extremely action-oriented agile workplaces with their passion and commitment
different type of profile. We have ended up uncovering
members. We have covered our employees and their teams that are always on the lookout to improve new to excellence, making it one of India’s most
many star employees months later through this method.
family members under our vaccination drive. and existing initiatives. Feedback from all Angelites - sought - after digital investment platforms.
• Adapted our recruitment forms and assessments to be
old, current and new, all genders, minorities and age Our combined efforts were vindicated with a
more inclusive of transgender people.
brackets - is important to this process. Therefore, we Great Place to Work certification, for the sixth
• Our Campus Hiring program guarantees the diversity of roll out an Engagement eNPS survey every quarter and consecutive year.
our employees, as young women bring new perspectives based on the feedback received, we plan and execute
and up-to-date information to the table, which helps corrective actions.
everyone in their work.
We conducted our Employer Brand audit in July, 2021, to EMPLOYEE RETENTION
understand how much pride our people feel in being an We take a multi-pronged approach to ensure people’s
Angelite and what makes them so. This survey acted as stickiness in the organisation. This includes short-
the building block for various new employee engagement term incentive plan (STI) and long-term incentives (LTI),
initiatives like Culture Ambassadors and gamified industry benchmarking for compensation and benefits,
benefits walkthrough sessions for seasoned and fresher and round the year rewards & recognition program
employees. At Angel, trust is contagious, our people across the organisation. We have witnessed close to
continue to expand it. 60% drop in attrition in the past five years.
TEAM STRENGTH RETENTION RATE
Culture Ambassadors
(%)
Culture Ambassadors are enabled with the knowledge
3,909
of the organisation’s culture, the perks, the benefits.
89
They are trained with multiple sessions and training
3,298
82
80
3,154
79
materials. The Culture Ambassadors ensure that
2,908
69
no Angelite ever feels left out. These trusted
2,401
ambassadors take their belief in Angel One and use
it to help other Angelites have a great workplace
experience. Rather than forcing trust in a form that
is not welcomed, we are building trust in a way that
people know and love, the human and friendly way.
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22

Corporate Overview
Statutory Reports
Social – Clients
Engaging with REBRANDING ACTIVITY COLLABORATION FOR BETTER CONVERSION
our clients
With an aim to resonate with the Gen-Z and millennials, During the year, we fostered better collaboration
including those from tier 2 and 3 cities, we unveiled our between the marketing and the sales team for better lead
new identity as Angel One, a digital-first fintech brand. management. The sales team was oriented towards the
This umbrella brand encompasses the existing and future brand strengths for better lead conversion and leverage the
business units of the company. This transformation is in various campaigns launched by the marketing team. This
line with our strategy to transcend from a broking house has helped in substantial improvement in lead conversion
At Angel One, we have adopted KPI driven marketing to scale reach, to a ‘one-solution’ platform for every financial need of during the year.
engagement, and conversion of potential clients in new markets at a lower an individual – from mutual funds to insurance, loans,
and others, serving the client across lifetime. This brand SEAMLESS EXPERIENCE
cost and risk and much higher ROI. We are leveraging the power of data transformation journey was carried out seamlessly Providing a seamless experience to our clients to begin
science, artificial intelligence (AI) and machine learning (ML) to effectively and well received by our clients and completed without their journey is of utmost importance for us. More than half
impacting our existing business. of our clients are onboard through the DIY route, without
reach our audiences with focused communication.
64%
any intervention from the sales team. We are working
consistently to make this journey simple and effective. We
There has been a rapid change in the investor profile in We initiated Accelerated Lead Conversion Programme are introducing KYC 2.2 to further enhance the DIY account
India as the country is witnessing increasing participation where if a lead generated is not converted within four opening journey.
from Tier 2 & 3 cities as well as the millennial and Gen days, focused AI-based creative content with a specific
Brand awareness for Angel One
Z population. Keeping these realities in mind, we are incentive is communicated with the prospect, enhancing within four months of launch JOURNEY AHEAD
undertaking 360-degree marketing initiatives with focus the lead conversion probability. The efficient use of data During FY23, our focus will be on further maturing our
on voice, video and vernaculars. Our marketing campaigns science, AI and ML is also helping us target specific client ACCELERATED USE OF DIGITAL TOOLS
performance marketing activities. According to BCG,
are focused more on digital channels viz YouTube and with higher revenue generation probability. We are increasingly using digital analytical tools for our companies are self-divided into four levels of digital
OTT platforms to engage with the new-age digital- marketing campaigns to reach a wider client network in maturity: nascent, emerging, connected, and multimoment.
native clients. a way that is cost-effective, scalable and measurable. We are currently at level 3 and aim to reach level 4 during the
We are the first in the sector to implement Google year. This will help us deliver relevant content to our target
Analytics 360 tools. Our captive data visualisation tools audience at multiple moments across the pre- and post-
help us targeting specific audiences and eliminates our acquisition journey resulting in substantial savings in cost
dependence on third party. It also helps in better campaign while leading to improvement in revenue.
optimisation. Our substantial tech investments are
directed towards empowering our marketing and sales
functions. We have invested in multiple Google Campaign
Managers. These have helped us to consistently add about
0.4 million clients to our portfolio every month in FY22,
while maintaining our break-even for acquisition cost.
0.4 mn
Monthly average of
clients added in FY22
<6 months
Break-even for client
acquisition cost

Corporate Overview
Statutory Reports
Social – Communities
Building an equitable and

inclusive world
Supporting the underprivileged community during the COVID-19 pandemic in
2021-22 was one of the primary goals of the corporate social responsibility vision
at Angel One. Our aim was to make vaccination accessible for everyone in the
community. We reached out to various rural and semi-rural geographies where
people were unable to access the vaccines against COVID-19.
The Angel One Vaccination Project, in partnership with Playing a meaningful role in the inoculation drive, 800
the Collective Good Foundation, had a presence across plus beneficiaries per day were impacted, taking the total
3 states namely Maharashtra, Madhya Pradesh, and number to 300,000 plus underprivileged communities.
Karnataka and 17 districts targeted towards low-income
groups to facilitate the objective of reaching 100% A systematic methodology was adopted in which
immunisation against COVID-19. Vaccination booths awareness sessions were conducted with village
were set up in line with protocols of the Ministry of Health volunteers and members of the Panchayati Raj. We
and Family Welfare, Government of India. reached out to remote areas across the country,
identifying healthcare staff, front-line workers, and
The Vaccination Drive has been completed successfully elderly population, as laid down by the government.
with 100% of the target communities inoculated,
followed by a robust community mobilisation
awareness drive.
IMPLEMENTATION METHODOLOGY:
300,000+
Beneficiaries of our
Permission from
District / State
Resource
onboarding
Training of
resources
Mapping CVC's in
co-ordination with a
Govt. Medical Officer
inoculation drive
Announcement through Procure COVID

Inspection of new Mainiaining cold
ASHA & AWWs for vaccines on daily basis
vaccination booth chain of vaccines
awareness on camps from the government
Arrangement Registration by
healthcare assistant Vaccination drive at
at mobile Observation area
on COWIN app & vaccination booth
vaccination booth
queue management

Corporate Overview
Statutory Reports
KEY DEMOGRAPHICS vitals were checked. When everything was found to be

• A majority of the beneficiaries belonged to the 18-44 age conducive to the vaccination process, she was administered
the COVID - 19 vaccination. She was successfully inoculated
Story from Jambhol Story from Bhuse
Village, Maharashtra Village, Maharashtra
group, which represented 42.9%. The 15 to 17 age group
represented 24.4% of the beneficiaries, which was in line at home without any side effects.
with our aim to boost the paediatric vaccination drive,
followed by the 45-59 age group which represented 12.1% There were several cases wherein the community members At a vaccination camp at Jambhol village in At Bhuse village in Maharashtra the tribal
of the total beneficiaries. were unable to reach the vaccination centre. The problem Maharashtra, an individual struggled with communities were mobilised and many of them
was resolved by running a Doorstep Vaccination Drive physical disabilities and had not been vaccinated. hid from the vaccination team.
• The binary gender split for the total number of
in alignment with the government’s “Har Ghar Dastak He was acting based on a vaccine myth that
beneficiaries represented 57.1% males and 42.9% females,
Campaign”. getting the COVID-19 vaccination would have They had major misconceptions about the
indicating a near-equal split.
fatal side effects for him owing to his disability. COVID-19 vaccines and were not inclined to
• 59.07%of the beneficiaries received the Covishield COVID-19 has affected the daily lives of vulnerable He communicated and expressed his concerns talk to the team. After several attempts, the
Vaccine and the remaining 40.93% received Covaxin. populations throughout the globe. Among these, senior to the doctor. After several attempts, the team was able to connect with the residents
citizens and the people with existing ailments are facing team made him understand that the vaccine and communicate with them effectively the
Starting January 2022, the government of India had also significant challenges; with the vaccine being the only significantly reduces his chances of getting importance of the vaccination.
initiated the 'precautionary dose' or booster shots for the measure that may be taken to combat a potential infection. infected in the future. Following this, the
elderly population (above 60 years) with comorbidities. The The Corporate Social Responsibility Programme not only beneficiary agreed to get vaccinated. 40 farmers were vaccinated on the day.
Programme immediately took to the changing vaccination reduced vaccine hesitancy, but also made it accessible
norms in the country and implemented them on-ground. and also reduced any further high risk of infection amongst
the community.
STORY FROM RAHATANI VILLAGE, MAHARASHTRA –
DOORSTEP VACCINATION DRIVE While we expand our reach, we believe it is the well-being of Story from Rahmath Nagar
Village, Madhya Pradesh
A 40-year-old individual was unable to walk to the vaccination every single life that makes these numbers count.
camp. She was suffering from uterine myoma and had
undergone a hysterectomy a year ago and wasn’t able Through Corporate Social Responsibility we see an incredible
to walk to the vaccination camp. She also suffered from opportunity to drive positive change in society and empower A 32-year-old primary school teacher informed the vaccination
hypertension and anaemia. Given her medical history, her communities to achieve their dreams. team that the area was severely affected during the pandemic,
and she had to face personal loss during the second wave.
She was apprehensive prior to vaccination and mentioned
that no one in her family was supportive of her decision to get
vaccinated, while the rest of her family remained unvaccinated.
She was a part of a large family of 14 members. She had
repeatedly tried to encourage her family members to get their
doses, but they were reluctant. She had come to the centre to
receive her first dose without informing her family. She had
lost one of her family members to COVID-19 and was concerned
about her health. The vaccination team encouraged and
supported her decision. She met the doctor and clarified her
doubts regarding the side effects and the long-term impact
of the vaccination. The doctor catered to her questions and
affirmed her for her efforts to promote vaccine safety.

Corporate Overview
Statutory Reports
Governance
Distinct differentiator Board of Directors

At Angel One, we are continuously pushing boundaries with
our governance standards. We are always ahead of our peers
in our disclosures and strive to achieve highest degree of
transparency with our entire stakeholder universe.
CORPORATE GOVERNANCE POLICY Your Company has clearly defined the roles, functions,
Our policy on Corporate Governance is based on the responsibility and accountability of the Board of Directors
principles of full disclosure, fairness, equity, transparency within the purview of the provisions of the Companies Act,
and accountability in various aspects of its functioning, 2013 and SEBI regulations.
leading to the protection of stakeholders’ interest and
an enduring relationship with them. The Management’s INSIDER TRADING
commitment to these principles is reinforced through We have a strong insider trading policy which bars our
the adherence of all Corporate Governance practices as employees from trading in restricted stocks as per
mandated by the regulations. regulation. The employees are also barred from carrying
out any trading activities on other platforms except for
STRONG BOARD AT THE HELM Angel to ensure transparency. All employees working
Our Board of Directors comprises of both Independent in the Research Department shall follow the additional
and Non-Independent Directors. We have one woman trading restrictions stipulated in Research Analyst Policy.
independent director on the Board. The Board members Any employee who is found to be breaching the mandated
have been selected from diverse fields and bring with regulations are heavily penalised.
them a wide range of skills and experience to the Board
which enhances the quality of Board’s decision-making. BOARD COMMITTEES
All the directors of your Company are experienced Apart from the committees as mandated by the regulations,
professionals having knowledge covering wide range of we have formed dedicated committees for each of our
subjects including those of Banking, Financial Services and operational risk areas. These committees are majorly
Insurance (BFSI), Information Technology Enables Services chaired by independent directors.
(ITES), Accounting, Corporate Governance and the related
regulatory issues of the business. Left to right
Muralidharan Ramachanrdran Ketan Shah Uday Sankar Roy Dinesh Thakkar

Non-Executive Whole-time Director Non-Executive Chairman and
Independent Director Independent Director Managing Director
N R S R N S A CSR N
Krishna Iyer Kamalji Sahay Mala Todarwal

Non-Executive Non-Executive Non-Executive
Non Independent Director Independent Director Independent Director
R A N CSR S N CSR A S R
Chairperson Member
Audit Nomination and

A N CSR Corporate Social
Committee Remuneration Committee Responsibility Committee
S Stakeholders’ Relationship R Risk Management

Committee Committee

Corporate Overview
Statutory Reports
Governance
Leadership team
Dinesh Thakkar Narayan Gangadhar Vineet Agrawal Jyotiswarup Raiturkar Ankit Rastogi Prabhakar Tiwari
Chairman and Managing Director Chief Executive Officer Chief Financial Officer Chief Technology Officer Chief Product Officer Chief Growth Officer
Ketan Shah Dr. Pravin Bathe Subhash Menon Bhavin Parekh Devender Kumar
Chief Strategy Officer Chief Legal and Compliance Officer Chief Human Resources Officer Head – Operations, Risk and Surveillance Head – Online Revenue

Corporate Overview
Statutory Reports
Awards and recognitions
Recognised across
platforms
Angel One has been awarded Gold, for the best use of Digital Bronze for SmartAPI in the Trading
the Best Fintech of the Year Media in Share Trading Category and Exchange category for the
Nasscom, Finserv'21 Drivers of Digital Awards, Inkspell 'Launch of a disruptive product'
ET Brand Disruption Awards'22, IAMAI
Best Financial Services API Best Financial Content in Financial

at Inflection Awards 2021 Services/ Banking Enterprise for
Alden, Innovation Angel Academy
Partner NASSCOM The Unlocked Awards 2021, Inkspell
Gold in Best use of organic search Awarded for Best content in a Silver for
for Best SEO for Website/ universal Financial Services for Blog/ Website Corporate Branding
search ranking and SEM Strategy Indian Content Leadership, PR Awards India 2021
IDMA 2021 Inkspell Media
Echo Award by DMA Asia- Silver Angel Academy have won Gold Among the top 10 members in Index
Medal for Angel Academy India Digital Awards, IAMAI Derivatives Trading by NSE
DMA, Asia
Top performer in the Equity Retail Top performer in the National Gold in the Fintech category at Agency
Segment 2020-21 by BSE Distributors Category- 2020-21 by BSE Reporter Stakes PR awards

Statutory Reports
Corporate Overview
Management Discussion and Analysis

GLOBAL ECONOMY value of global trade reached a record $28.5 trillion in FY21, GLOBAL ECONOMIC GROWTH TREND (%)
The global economy grew at a strong 5.9% in FY21, after registering a 25% increase vis-à-vis FY20 and 13% increase
a degrowth of 3.1% in the pandemic infested FY20. This vis-à-vis the pre-pandemic level of FY19. 2020 (e) 2021 (e) 2022 (f) 2023 (f)
remarkable rebound was helped by easing of pandemic-related World output (3.1) 5.9 4.4 3.8
restrictions and lockdowns and the accelerated vaccination The outbreak of the Delta variant and the more contagious
Advanced economies (4.5) 5.0 3.9 2.6
drive across countries. Robust consumer spending and an Omicron variant did temper the growth somewhat. However,
United States (3.4) 5.6 4.0 2.6
uptick in investments also boosted this recovery. world economic output is slated to grow by a further 4.4% in
FY22. The ongoing Russia-Ukraine conflict may further put Euro area (6.4) 5.2 3.9 2.5
pressure on global recovery metrics. Japan (4.5) 1.6 3.3 1.8
Global trade saw a sequential recovery all through 2021, not
merely with respect to goods but also services, with the latter United Kingdom (9.4) 7.2 4.7 2.3
reaching pre-pandemic levels during Q4 FY21. Overall, the Source: WEO January 2022, UNCTAD February 2022 Emerging market and developing economies (2.0) 6.5 4.8 4.7
Emerging and developing Asia (0.9) 7.2 5.9 5.8
India -7.3 9.0 9.0 7.1%
China 2.3 8.1 4.8 5.2
Source World Economic Outlook, January 2022
(f) forecast
For India, data and forecasts are presented on a fiscal year basis, with FY21/FY22 starting in April 2021
INDIAN ECONOMY keeping with its vision of Aatmanirbhar Bharat. The PLI scheme
An unprecedented scale of vaccination programme across is in place for 14 sectors and is being implemented for many
the country along with supportive policies helped the Indian more sectors, including electronics.
https://www.angelone.in/ economy withstand challenges posed by the second and third
wave of the pandemic. Second advance estimates by the High-frequency indicators monitored by the government
Ministry of Statistics and Program Implementation put India’s to understand the underlying state of our economy, reflect
FY22 GDP growth at 8.9% as compared to a 7.3% contraction strong recovery. Take the gross Goods and Services Tax
in FY21, hinting at an overall recovery of economic activities to collection for FY22, which stood at a little over `14.8 trillion,
pre-pandemic levels. Growth is expected to be strong across 17.5% higher than that in FY20 (pre-pandemic year). Despite
sectors, with manufacturing and services demonstrating a supply side constraints, inflationary pressures and the impact
strong recovery. Industry’s Gross Value Added (GVA) (including of geopolitical tensions, India’s growth story continues to
mining and construction) is expected to rise by 11.8% in FY22 remain intact.
after contracting by 7% in FY21. The services sector, hit hardest
by the pandemic, is estimated to grow 8.2% in FY22 against a INDIA'S 8 CORE INDUSTRIES AND IIP PERFORMANCE
contraction of 8.4% last year.
170
Pandemic-induced supply side disruptions have pushed
up input costs, leading to ephemeral inflationary pressure. 150
India’s Consumer Price Index inflation grew by 6.95% y-o-y in
March 2022, breaching the targeted tolerance band. Backed by
130
strong forex reserves, the Indian economy is also better placed
to withstand the impact of a rate hike by the US treasury. Any
interest rate hike by the RBI is expected to be transient and it 110
is highly unlikely the country will see another sustained high-

interest rate regime as we witnessed during the earlier part of 90
the century.
70
India has seen consistent supply-side reforms rather than a
total reliance on demand management. Over the past few 50
years, the government has undertaken several measures
Feb19
Jun 19
Oct 19
Feb20
Jun 20
Oct 20
Feb 21
Jun 21
Oct 21
Mar 22
– it has deregulated several sectors, simplified processes,
removed retrospective taxation, accelerated privatisation,
and introduced production-linked incentives, among others. 8-Core Industries IIP General Index
Through the Production-linked Incentive (PLI) scheme, the Source: MoSPI, Office of The Economic Adviser
government is trying to position India as a manufacturing hub in

Statutory Reports
Corporate Overview
Management Discussion and Analysis (Continued)
PMI MANUFACTURING CPI AND WPI INFLATION persistent inflationary pressures and prospects of tightening impact of the Omicron variant offset worries pertaining to the
monetary policy weighing on investor sentiment, corporate US Fed’s shift to a hawkish stance. The S&P 500 and Dow Jones
60 20% earnings remained robust. Global equities exited 2021 with Index ended 2021 with gains of 26.9% and 18.7% respectively.
58 positive returns.
Key European market indices: Germany’s DAX 30, EuroStoxx600,
56 15%
Developed markets outperformed emerging markets (EMs), with France’s CAC 40 and UK’s FTSE100 reported gains of 15.8%,
54 the MSCI World Index rising by 20.1%, on the back of positive 21%, 28.9% and 14.3% respectively for 2021.
52 10% returns for the third year in a row. MSCI Emerging Markets
Index ended 2021 with a loss of 4.6% as a result of significant The benchmark Nikkei stock index witnessed its highest year-
50
underperformance of Chinese equities, unfavourable regulatory end finish since 1989, with manufacturers’ solid earnings
48 5%
actions and concerns around global policy tightening. contributing to a 4.9% rise over 2020.
46
0% Across the globe, asset classes are witnessing unparalleled INDIAN CAPITAL MARKET
44
growth, driven by enhanced liquidity and prospects of a strong After witnessing some of the sharpest rallies in FY21,
42 post-pandemic economic recovery. Retail investors are one of following the steep decline induced by the pandemic, Indian
the primary drivers for this growth in liquidity.
Apr 21
May 21
Jun 21
Jul 21
Aug 21
Sep 21
Oct 21
Nov 21
Dec 21
Jan 22
Feb 22
Mar 22
-5%
equity markets performed reasonably well in FY22. It had
Apr 20
Jun 20
Aug 20
Oct 20
Dec 20
Feb 21
Apr 21
Jun 21
Aug 21
Oct 21
Dec 21
Feb 22
to grapple with several headwinds, such as the continuous
One of the key drivers of this trend is digitisation of financial northward movement of crude oil prices coupled with supply-
Source: IHS Markit
products and currency, helping retail individuals open DEMAT/ side disruptions, which led to inflationary pressure that drove
CPI WPI
broking accounts, buy global equities, gold, crypto, and others up commodity and food prices. The markets saw relentless
E-WAY BILL GENERATION Source: MoSPI, Office of The Economic Adviser without having to leave their homes. Case in point, according selling by foreign investors along with the emergence of
(mn) to a report, in the US, retail participation in January 2021 saw new COVID variants, the hawkish stance of the US Fed and
OUTLOOK around six million Americans download a retail brokerage geopolitical conflict.
Global rating agencies are bullish about the country’s economy, trading app. They were part of 10 million+ Americans opening
90
which is expected to register the fastest GDP growth in the a new brokerage account in 2020. Despite these developments, the benchmark stock market
80 Asia-Pacific region in FY23 (Source: S&P Global). India’s GDP indices in India – Sensex and Nifty 50 – surged by 18.3% and
70
is estimated to grow at 7.8% for FY23 while the average GDP COUNTRY-WISE EQUITY MARKET PERFORMANCE 18.9%, respectively. This performance was supported by strong
growth in the Asia-Pacific region is projected to be at 5.1% for US: The US stock market is by far the largest in the world, with corporate earnings, sharp rise in COVID-19 vaccination, opening
60 2022 and ~4.5% in 2023-2025. The fast pace of the growth will an aggregate global stock market capitalisation of 44.15% at up of business establishments across the country and, more
50 be aided by an increasing number of vaccinated individuals, the end of 2021. (Source: Bloomberg). Its share in world market importantly, explosive growth in the size of India’s retail investor
gains from supply-side reforms, strengthening export growth capitalisation increased 2.84% in 2021 as it outperformed segment that is increasingly looking at equity investments as
40
(driven by PLI scheme as well as India emerging as an alternative nearly every major country’s stock market during the year. a viable and sustainable option to the sublime returns offered
30 sourcing destination), and increasing capital spending, Strong corporate earnings and confidence in mitigating the by risk free assets.
20 especially on large scale infrastructure projects.
10 MOVEMENT OF INDIAN BENCHMARK INDICES
GLOBAL CAPITAL MARKETS
0 The year 2021 started on an optimistic note for the global capital
markets, with the successful rollout of vaccines and release of
May 21
Aug 21
Nov 21
Sep 21
Dec 21
Jun 21
Jan 22
Feb 22
Mar 22
Apr 21
Oct 21
Jul 21
pent-up demand acting as tailwinds. Further, central banks of all 20000 60000
major economies remained accommodative, supporting strong 50000

Source: GSTN performance at the capital markets. Although unpredictability 15000
returned towards the end of November due to the emergence 40000
NSE
BSE
of the new Omicron variant, it was short-lived. Despite
10000 30000
GST COLLECTIONS (` in tn)
20000
5000
10000
1.42
1.41
1.40
1.33
1.32
1.30
1.30
1.24
0 0
1.20
1.17
1.16
1.15
1.13
1.12
Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 21 Feb 21 Mar 22
1.05
1.05
0.98
0.95
0.93
0.91
0.87
0.86
Source: BSE and NSE NSE BSE

0.62
0.32
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Source: GST Council GST Collection in FY21 GST Collection in FY22

Statutory Reports
Corporate Overview
NET FPI OUTFLOW HAS BEEN OFFSET BY BUOYANT DII INVESTMENT AVERAGE DAILY TURNOVER OF EQUITY CASH SEGMENT RISE OF THE INDIAN RETAIL INVESTOR
FOR BOTH EXCHANGES Individual investor participation in equity cash segment has
40,000 20,000 (` in bn) seen a sharp rise, with the share of individual investors in the
30,000 18,000 total turnover at NSE increasing from 33.0% in FY16 to 40.7%
16,000 in FY22. Individual investors shareholding in Nifty 50, Nifty 500
725
20,000
and Nifty listed companies expanded by 21bps, 29bps and 36bps
663
14,000
10,000 in December 2021 over September 2021, to near 14 year highs
12,000
0 of 8.3%, 9.0% and 9.7% respectively. The holding of individual
10,000
-10,000 investors in NSE listed companies increased by 130bps since
391
8,000 December 2019.
352
338
-20,000
6,000
-30,000 4,000 Apart from investing directly into the capital markets,
-40,000 2,000
individual investors also participate in India’s equity culture
through the domestic mutual fund channel. Share of domestic
-50,000 0
mutual funds in NSE listed universe also expanded by 11bps in
Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22
December 2021 over September 2021. This was aided by surge
Net FPI Investment - Net DII Investment - NIFTY 50 performance FY18 FY19 FY20 FY21 FY22 in retail participation through the SIP (Systematic Investment
Source: SEBI and NSE
Cash Equity Cash Equity (monthly closing value) Plan) route.
Source: BSE and NSE
`2.1 trn
Net FPI outflow in cash
`1.8 trn
Net Mutual Fund investments in
India has always been skewed towards derivatives in comparison
with other countries, and this trend continues to see a rise.
GROWING SHARE OF RETAIL INVESTORS IN NSE LISTED UNIVERSE
(%)
AVERAGE DAILY TURNOVER OF EQUITY DERIVATIVES SEGMENT

equity in FY22 cash equity in FY22
9.7
FOR BOTH EXCHANGES
9.4
9.3
9.0
9.0
9.0
8.7
8.6
8.5
8.4
8.4
8.4
Direct investments by retail investors in equities has been strong in FY22, with net inflows amounting to `2.1 trillion, nearly 1.9x (` in bn)
of net inflows during the same period of the last fiscal.
71,308
STRONG RETAIL INVESTOR PARTICIPATION IN SECONDARY MARKETS
FY22 FY21 Growth (%)

(` Bn)
Buy Sell Net Buy Sell Net Net Investment
Cash market 68,236 66,587 1,649 69,587 68,904 684 141.1%
27,366
Equity derivatives 87,201 86,720 480 90,296 89,862 435 10.3%
Dec 19
Dec 20
Dec 21
Sep 19
Sep 20
Sep 21
Jun 19
Jun 20
Jan 21
Mar 19
Mar 20
Mar 21
13,994
Source: NSE March 2022 Market Pulse. Note: Retail investors include individual domestic investors, NRIs, sole proprietorship firms and HUFs; Above
9,580
table reports premium turnover for Options contracts in brackets indicate negative numbers.
6,707
Source: NSE: India Ownership Tracker
In FY22, 52 Indian companies raised `1.19 trillion through
FUNDS RAISED THROUGH IPO OVER THE YEARS The substantial increase in share of individual investors FY22
mainboard IPOs against 30 companies raising `312.68 billion FY18 FY19 FY20 FY21 FY22
in FY21, indicating positive sentiment that has been prompting (` in bn) can be ascribed to greater awareness of the markets that
Source: BSE and NSE makes it possible for them to make informed decisions. Their
corporates to tap the primary market for fund mobilisation. In
fact, FY22 saw more funds raised through IPOs than anytime willingness to explore avenues beyond risk free asset classes
during the last decade. Amount raised through rights issues like bank fixed deposits and gold, coupled with increasing
stood at `259 billion in FY22. Funds raised through Qualified access to alternative financial instruments, is stimulated by rise
119
Institutional Placements (QIPs) declined by 56.4% while amount of digital platforms. The growing band of individual investors led
raised by way of preferential allotment increased by 50.6% by millennials and Gen Z are coming from Tier II, III and beyond
during FY22, as compared to the same period in the previous cities. This is leading to deepening and broad basing of the
year. Overall, FY22 saw `24 trillion being raised through IPOs, Indian capital markets. Despite this implosion we are still far
below our global peers in terms of per capita penetration.
67
rights issues, QIPs and preferential issues.

30
22
13
FY18 FY19 FY20 FY21 FY22
Increasing retail participation can be reflected in the growing

average daily turnover in the cash segment –`725 billion in FY22
from `663 billion in FY21 (`391 billion in FY20).

Statutory Reports
Corporate Overview
INDIAN BROKING INDUSTRY DIGITAL, CHANGING THE FACE OF THE STOCK BROKING
INDUSTRY
Despite the pandemic induced sharp correction in the equity
Millennials are a key

markets, a new wave of investors swarmed the markets Aligned with the global trend, digitisation is disrupting the Indian
thereafter, scouting for value picks armed with growing stock broking industry. With their competitive pricing strategy,
driver of change
awareness and determined to harness the virtues of equity digital brokers are transforming the industry. Trading platforms
investing. This phenomenon has not only carried on, but has provide a unique user experience from onboarding to order
also become a sustained habit for the new age investors. The execution in a few clicks. The convenience and ease of use
Millennials form 34% of the country’s period between FY22 which saw a 48% CAGR in demat accounts, of these platforms are increasingly attracting young and
only shows what is in store for the future. dynamic investors.
total adult population and close to 50%
of the working population. These digital Technological advances have also supported increasing
native clients are served effectively by participation in equity markets. Fintech companies are
new age tech-enabled brokers as they increasingly playing a significant role in the growth of the
capital markets, backed by increased usage of smartphones
have established a strong digital connect and low cost high speed internet connection. Retail investors, 58%
with this client segment. especially millennials and Gen-Z, who are increasingly getting Share of top 5
drawn to intuitive and extremely powerful mobile trading apps. digital brokers
New-age brokers, who offer seamlessness and convenience are
fast acquiring a growing base of young, new-to-market clients.
New account openings reflect the growing interest by this Disclosures by prominent listed broking entities point to an The broking industry, on the whole, is transitioning from a
rising set of new investors. The total number of demat accounts increasing share of younger age groups (less than 30 years) volume-based to a order-based revenue model that offers
increased to 89.7 million as of March 2022 from 55.1 million in among new clients acquired. Simplified and highly intuitive services such as investment advisory and wealth management.
The role of the broker has evolved from being facilitators of 36 Mn
March 2021 and 40.8 million in March 2020. This translates into user interface on digital platforms is driving the growth of
trading to one providing a holistic platform that not just NSE active
a net addition of 2.9 million accounts per month in the current active users.
provides the new age investors with an opportunity to invest in clients as on 31
fiscal, more than twice the average monthly addition in FY21.
stocks, but offers other products helping them create wealth March, 2022
over their lifetimes.
Cycle agnostic investing

Indian capital markets have witnessed a
healthy growth in the participation of retail 42%
investors. Over the last 16 years, India has Share
of others
witnessed four major cycles. During each
of the cycles, the headline indices – NIFTY
50 and NIFTY Midcap 150 – have delivered
negative returns, ranging between minus
9% to minus 36% for NIFTY 50 and minus
3% to minus 49% for NIFTY Midcap 150.
Despite this, India’s demat account base
has grown at an over 16% CAGR during the
same period. During each year of negative
returns, instead of witnessing a contraction,
total trade volumes on NSE, i.e. number of
cash trades and number of F&O contracts,
have seen a steady growth of between 2%
to 27%. This clearly indicates that despite
volatility and market corrections, investors
have stayed put in the market and even
taken advantage of market corrections,
thereby showing increased maturity.

Statutory Reports
Corporate Overview
Consistent growth in NSE’s active client base Large untapped opportunity FALLING INTEREST RATES ARE DRIVING DEMAND FOR
The rise of digital brokers has resulted in strong client activation India significantly lags behind its global peers in the share OTHER INVESTMENT ASSETS
rates along with growing active client base on NSE. Seamless of population, investing in equities either directly or through
access to investment-related knowledge through various online mutual funds. It may again be noted that only 6.4% Indians have RBI repo rate
9.00%
platforms has supported the trend. a demat account as compared to 14% in China and 55% in the
US. These statistics clearly demonstrate the huge untapped 8.00%
NSE ACTIVE CLIENTS & ACTIVATION RATE growth opportunity for the Indian broking industry in general 7.00%
and the digital brokers in particular. With a fifth of the world’s 6.00%
youth population, India is well poised to witness strong and 5.00%
sustainable long-term growth of retail investors.
36.0
4.00%
40.0 45.0 3.00%
35.0 40.0 STEADY GROWTH IN DEMAT ACCOUNTS 2.00%
NSE active clients (Mn)
SING UP
30.0 35.0 (mn) 1.00%
30.0 Activation Rate (%)
18.9
25.0 0.00%
25.0
Jan14
May14
Sep14
Jan15
May15
Sep15
Jan16
May16
Sep16
Jan17
May17
Sep17
Jan18
May18
Sep18
Jan19
May19
Sep19
Jan20
May20
Sep20
Jan21
May21
Sep21
Jan22
20.0
20.0
10.8
15.0
90
8.8
15.0
8.3
6.0
10.0
5.1
5.2
10.0
4.3
5.0 5.0 HOUSEHOLD ASSET DISTRIBUTION

0.0 0.0
55
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 (%)
Increased internet penetration
41
Source: NSE, NSDL, CDSL
36
A recent study done by Deloitte highlights that out of India’s 1.2

23
Property 49.4% billion mobile phone users, about 750 million are smartphone
Bank deposits 15.1% users. By 2026, this number is expected to reach 1 billion.
Gold 15.0% Rural India will be the key driver, as it is expected to witness
FY15 FY19 FY20 FY21 FY22 Insurance funds 6.2% 6% CAGR over this period, reflecting a 2.4x higher growth vis-à-
Provident and 5.7%
vis urban India, over the same period. At the turn of the century,
Internet revolutionised stock broking, and now smartphones
21% pension funds
Equities 4.8%
are giving people trading capabilities which were impossible
(CAGR over FY15-22) to imagine a decade ago. Digital brokers are empowering
Cash 3.5 %
their customers with extensive research, recommendation
Increase in share of equities in household savings
and curated information to enable them to perform their
An increasing number of Indians are looking beyond traditional investment activities seamlessly. Independent social media
asset classes and are now exploring a wider bouquet of financial influencers are another important source of driving investor
GROWING SHARE OF EQUITIES IN HOUSEHOLD SAVINGS
assets to grow their wealth. As on March 2022, Indians invested education and participation. Affordable internet packages and
about 4.8% of their savings in stocks compared to about 4.3% smartphones are democratising this phenomenon by making it
in March 2021. Clearly, financial assets are becoming more 5%
4.8 more accessible to a greater number of people.
attractive as an investment option, as is evident from the fact
that their share grew by 800bps in the total assets held by India’s Tier II, III and beyond cities are driving the change
Indians, over the past eight years. in investing behaviour with their massive app downloads
and fuelling India’s mobile-first economy. This segment
According to an industry report, precious metals are losing their demonstrates a promising opportunity for broking companies.
sheen as a preferred asset class. Money invested in these assets 4%
The eventual adoption of 5G eventually across India is bound to
declined to `384.4 billion in FY21 from `464.7 billion in FY16. further accelerate this change.
3.7
3% 58.3%
Rural wireless teledensity
in India (84.17% overall)
as on 31 December, 2021
Source: TRAI
2%
Mar16 Mar 22

Statutory Reports
Corporate Overview
India Stack 67 bn
adoption
Total number of digital identity
verification
India Stack is an interesting development

which has changed the way consumer `5.47 trn
Total value of monthly real-time
businesses are transacted today. Its rapid
mobile payments
adoption by individuals and businesses
2.8 bn
has helped promote financial and social
inclusion and positioned the country for
the internet age. Total volume of monthly real-time
mobile payments
COMPANY OVERVIEW Angel One’s digital properties help it educate investors and
Angel One is the largest listed broking house in India with more provide financial planning and wealth creation for its clients.
than 9.2 million clients and 3.7 million active clients on NSE. This also helps it attract the digital native millennial and Gen-Z
From the brick-and-mortar model, Angel One has transformed population, which prefers DIY services at a competitive cost.
itself into the digital-first flat fee model. Leveraging the power Your Company’s strong technology edge helps it understand the
of Artificial Intelligence (AI), Machine Learning (ML) and data needs of its clients and provide them with customised solutions.
INTERNET USER: DEVICES AND CONNECTION AVERAGE TRAFFIC PER science, your Company is offering unmatched services to its
OF POPULATION PER CAPITA AVERAGE SPEEDS CAPITA PER MONTH clients. The Company currently offers a flat fee broking plan Strong momentum in your Company’s acquisition rate from
of `0/20, where all equity delivery orders are zero brokerage. Tier II, III and beyond cities demonstrates the success of its
(%) (Mbps) (GB)
A nominal flat brokerage fee of `20 is charged per order for digital marketing strategies, processes, and robust product and
Intraday, F&O, Currency and Commodity orders. Leveraging tech suite. Your company has been making conscious efforts
the power of data science, the Company is penetrating the to acquire clients amongst the young generation, so that it can
59.5
31.2
13.9
serve as a partner for a lifetime as wealth creators.
1.5
hinterland beyond India’s urban centres. The Company’s client

base now covers more than 98% of the India’s pin codes. With
1.2
less than 0.5% client concentration across pincodes, Angel One As on 31 March, 2022, 20.5 million Angel One app downloads and
is poised to tap significant latent opportunities. 1.4 million Angel BEE downloads were recorded.
NEW IDENTITY
26.7
Over the past few years, your Company has affected two
fundamental changes to its business – it has transformed With the aim of targeting new-age investors during the year
9.5
completely from a physical model to digital-first model and under review, your Company changed its name from Angel
2.4
introduced a flat fee structure for its clientele. The Company’s Broking to Angel One. The change allows it to present itself in
digital trading and investment ecosystem uses cutting-edge a contemporary, dynamic, tech avatar to build a strong connect
technology that has brought a sea change in user experience. with the new-age Indian investors. The transformation is a
FY17 FY22 FY17 FY22 FY21 FY22 FY21 FY22 Leveraging e-KYC, the account opening process has been fusion of your Company’s brand legacy and ambitions, as it
made seamless. Onboarding and commencement of trading transforms from a broking house to a ‘one-solution’ platform for
Source: CISCO on Angel One’s platform can be completed in a few clicks. Its every financial need – ranging from mutual funds to insurance,
clean user interface has enhanced client experience and is and others.
SMARTPHONE PENETRATION RATE
driving a higher degree of engagement. Angel One’s platforms
are built to handle scale and provide uninterrupted service
Total New market (5G uptake) even during peak usage. To drive this further, your Company
50
Total New market has been consistently hiring technology talent to strengthen
its tech capabilities.
40
30
20
10
0
FY21 FY22 FY23 FY24 FY25 FY26
Source: Deloitte

Statutory Reports
Corporate Overview
BUSINESS SEGMENTS OUTLOOK and expertise attractively positions itself to lead the pack. Its
The broking industry is at the cusp of enormous growth with evolving range of financial products spanning across equities,
Broking and depository operations Client funding Third-party distribution negligible penetration in tier II, III and beyond geographies mutual funds, insurance, along with its own curated mutual fund
where about 65% of the country’s population resides. With products among others, will help fortify its dominant position
Equity delivery Providing funding for upto 80% of the purchase Mutual funds
Equity intraday value to the clients to meet their requirements IPO these geographies accessible largely through digital means, in the industry.
Equity derivatives for cash delivery segment of equities Insurance a significantly large market share will be up for grabs between
Commodity and currency derivatives Gold the top 5 digital players. Angel One has very successfully Further, your Company is launching the comprehensive Super
Depository operations Fixed income products demonstrated its capabilities to harness this opportunity App that integrates solutions for all investing needs, including
`18.6 billion `2.7 billion `0.3 billion over the last few years. With its strong understanding of third-party mutual funds and insurance products, and help
these markets supported by its best-in-class digital products, investors mature in their wealth creation journey during
Read more on page 34 Read more on page 36 Read more on page 37
Angel will aggressively take a dominant market share amongst their lifetime.
PERFORMANCE REVIEW RISK MANAGEMENT these players.
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY
Your Company posted its best ever performance in FY22, which Like any other industry, the stock broking industry is also froth
Future growth of the Company will be driven by: The internal control systems have been designed to effectively
also happened to be the Silver Jubilee year of its formation and with many sectoral risks. Strong and evolving regulations
• Sustained focus on acquiring quality clients across the and efficiently handle the dynamic and complex nature of the
the first full year after the launch of its successful IPO. Angel have played a very important role in the development of the
length and breadth of the country business operations of the Company. The internal control
One’s consistent efforts resulted in record client acquisitions sector and building confidence of retail investors. Considering
systems and environment are commensurate to the scale
during the year while it excelled in providing its clients superior the external environment and your Company’s operational
• Increasing use of AI, ML and data science to provide unique and volumes of the business with adequate segregation of
experience and engagement through its platform. During the dynamics, it has identified the following as its key risks:
user experience roles, responsibilities and redundancies. The executives
year, your Company reported 123.7% growth in gross client
of the Company keep themselves abreast with the detailed
addition. All these resulted in significant growth in average daily
• Introduction of the Super App and its various journeys to documentation of its policies and SOPs, which are regularly
turnover across cash, derivatives and commodity segments.
increase the overall lifetime value of clients reviewed and updated by the management. The statutory
Average daily orders reported a growth of 98.1% during the year,
auditors of the Company critically review the internal control
while average daily turnover witnessed a growth of 226.3% over
• Use of open architecture allowing easy integration of environment within the ambit of the Internal Control over
the previous year.
Industry regulations Client third-party products on its platform; expanding Angel Financial Reporting (ICFR) requirements along with Information
and compliances acquisition One’s offerings Technology General Controls (ITGC) framework to arrive at their
Your Company reported 10.1% market share in NSE active
opinion about the financial performance of the Company. The
client base while its overall demat account market share stood
• Widening its wallet share with the clients through Company also has a strong internal audit framework as approved
at 10.3% during the year under review. These have translated
introduction of new products on its digital platform by the Audit Committee which ensures detailed coverage of
into superior financial performance for FY22, during which the
the processes and systems needed to safeguard its assets,
Company reported 77.5% growth in gross revenues to `23 billion
• Own manufactured passive investment products to be prevention and detection of errors and frauds, ensure accuracy
against `13.0 billion in FY21, while its EBDAT witnessed a 99.1%
offered through its proposed asset management company and completeness of accounting transactions thus enabling
growth to `8.6 billion in FY22 from `4.3 billion in FY21.
timely preparation of reliable financial information. The various
Competition Technology
With its emphasis on advanced technology, your Company is committees of the board, including the Audit Committee,
Over the few years, your Company has transformed its business
confident of achieving substantial all-encompassing growth periodically review the observations and recommendations
into a digital model with a simplified pricing structure. This
across client base, turnover and orders. The fledging digital of the internal auditors to further improve the systems
has built in greater resilience and predictability to be able to
ecosystem continues to play a pivotal role in creating suitable and processes.
successfully weather market volatility. The same is evidenced
from the fact that our average daily orders have grown in tailwinds for the expanding retail participation in the equity
approximately 84% instances, when either the NIFTY 50, markets fuelled by the strong aspiration of the young tech
NIFTY Midcap, or NIFTY Bank fell by 5% or more over the last People Governance savvy population. Your Company’s extensive domain knowledge
36 months.
HUMAN RESOURCE MANAGEMENT

Angel One has consistently focused on providing its employees
a work environment that promotes diversity and inclusion, free
of any discrimination. It has a strong employee engagement
Cyber security
policy that helps it develop and retain a highly motivated team.
Aligned with its changed business model, the Company is

aggressively hiring technology-focused talent to drive its
fintech journey. It has created a strong team of 610 digital
experts to catalyse the Company’s next phase of growth. As on
31 March, 2022, the Company had 3,298 employees on its rolls.
Please refer page 38 for a detailed review on human

resource management

Statutory Reports
Corporate Overview
FINANCIAL PERFORMANCE expanded to 50.8% of total net revenue during the year, as the Depository Income distribution business incomes, generated from clients acquired
Overview Company experienced benefits of strong & sustained operating Depository income of `1,264 million in FY22, a growth of 42.2% by them. With a significant growth in client base, higher client
leverage arising out of significantly higher client base and our y-o-y, accounted for 5.5% of the consolidated total income. activity, witnessed from robust average daily turnover, very
The Company’s consolidated revenue grew by 77.5% to `23,051
transformation initiatives of digitisation over the past few Growth in this income was on account of higher client activity active IPO market, the pay-out to these authorised persons also
million in FY22, over the previous financial year, whilst the
years. Robust profits with high margins helped the Company in cash delivery segment, pledge-unpledge charges and annual increased by 51.6% over the previous year to `5,502 million in
consolidated operating expenses increased by 66.7% to `14,497
achieve a robust return on networth of 46.0% in FY22, on an maintenance charge levied to clients. FY22. However, with the rising share of direct clients in broking
million, during the same period. As a result, the consolidated
expanded equity base. revenues, broking related fees and commission expenses, as a
Profit After Tax from continuing operations increased 109.7%
Distribution Income percentage of gross broking revenue, declined to 34.3% in FY22
y-o-y to `6,251 million in FY22. The operating profit margin
from 40.0% in FY21.
Distribution income forms 1.4% of the consolidated total
CONSOLIDATED FINANCIAL STATEMENT income in FY22. Distribution income grew by 108.7% y-o-y to
Impairment on financial instruments
A) Results of operations `324 million in FY22 driven by a strong IPO market and growth
in mutual fund AUM to `17.5 billion as on 31 March, 2022. The costs for impairment on financial instruments were lower
Extract of profit and loss statement by 66.7% y-o-y to `115 million in FY22. The DIY digital model
(` in million) Ancillary Transaction Income and significant improvements in the products, along-with
intensified efforts on the risk- management with the regulatory
Ancillary transaction income forms a part of the other operating
For the year For the year updates, helped contain this expense substantially.
income under the fees and commission income head. This
Particulars ended 31 March, ended 31 March,
contributed 6.7% of the consolidated total income in FY22.
2022 2021 Employee benefit expenses
Ancillary transaction income is the net income received after
Revenue from operations The Company’s employee benefit expenses increased by 63.5%
payout of charges to the exchanges. This income grew by
(a) Interest Income 3,328.24 1,769.44 175.2% y-o-y to `1,543 million in FY22 driven by a strong growth over the previous year to `2,809 million in FY22 due increase in
(b) Fees and Commission Income 18,960.73 10,778.22 in average daily turnover, done by our clients on our platform, salaries on account of increments and variable pay, increase in
(c) Net gain on fair value changes 297.08 89.18 against `561 million in FY21. total headcount to 3,298 over the year, led by aggressive hiring
in our technology and product verticals. During FY22, which
Total Revenue from operations (I) 22,586.05 12,636.84
Other operating Income was the first year of the new Long Term Incentive Plan 2021,
(d) Other Income (II) 464.65 352.98
the Company granted 745,185 number of stock options to 40
Total Income (I+II=III) 23,050.70 12,989.82 The Company’s other operating income, excluding ancillary
employees. This led to 13x growth in our ESOP expense to `156
Expenses transaction income mentioned above, remained stable at
million, against `12 million in FY21.
`94 million in FY22 against `108 million in FY21.
(a) Finance Costs 721.47 389.34
(b) Fees and commission expense 5,502.43 3,629.78 Depreciation and amortisation expense
Net gain on fair value changes
(c) Impairment on financial instruments 115.28 346.04 Depreciation expense remained stable at `186 million in
Net gain on fair value changes increased by 233.1% y-o-y to
(d) Employee Benefits Expenses 2,808.99 1,718.45 FY22. While the Company invested in building its technology
`297 million in FY22. This was primarily on account of income
(e) Depreciation, amortization and impairment 186.41 183.60 infrastructure, majority of the increase in depreciation was
earned on investments in short term fixed income products, as
offset by lower depreciation on right-of-use asset recognised
(f) Others expenses 5,349.01 2,610.94 part of the overall funds managed by the Company.
as per Ind AS 116 for Leases.
Total Expenses (IV) 14,683.59 8,878.15
Profit before tax (III-IV=V) 8,367.11 4,111.67 Other Income
Other operating expense
Tax Expense: The Company’s other income grew by 31.6% y-o-y to `465 million
The Company’s other operating expenses increased by 104.9%
(a) Current Tax 2,084.09 1,041.77 in FY22. The Company earned `325 million as interest on
over the previous year, to `5,349 million in FY22, due to 123.7%
deposits with banks, 42.5% higher over the previous year. The
(b) Deferred Tax 25.62 3.92 increase in gross client addition, 133.8% increase in active client
Company also recovered dues from clients that were previously
(c) Taxes for earlier years 6.84 85.40 base to 3.7 million; and 97.3% increase in number of orders.
written off as bad-debts in earlier years, which led to 6.2% y-o-y
Total Income tax expense (VI) 2,116.55 1,131.09 As a result, the spend on sales & marketing grew by 135.0%
increase in bad-debt recovered, to `80 million in FY22.
Profit for the year from continuing operations (V-VI=VII) 6,250.56 2,980.58
y-o-y to `3.0 billion. The Company also increased its spend on
technology and product development by 94.3% in FY22 to `694
Loss before tax from discontinued operations (before tax) (VIII) (2.92) (10.44) Expenses
million. Due to higher client activity, the Company’s pay-out
Tax expense on discontinued operations (IX) (0.41) 1.58 Finance cost towards demat charges increased by 124.2% to `486 million
Loss after tax from discontinued operations (VIII-IX=X) (2.51) (12.02) Finance cost for the Company grew by 85.3% y-o-y to `721 in FY22. During the year, the Company’s legal and professional
Profit for the year (VII+X=XI) 6,248.05 2,968.56 million, due to enhancement in borrowings, to support a charges increased by 41.1% y-o-y to `417 million on account
Other Comprehensive Income (net of taxes) (XII) (10.31) (12.50) growing client funding book, partly offset by lower average of higher client onboarding related costs like KYC, Aadhar
Total Comprehensive Income for the year (XI+XII) 6,237.74 2,956.06 cost of borrowing during the year. Significant growth in ADTO authentication and KRA charges. With a growing profit pool,
also envisaged higher requirement of bank guarantees, which the spend on CSR activities increased to `44 million, higher by
resulted in an increase of `19 million towards bank guarantee 55.6%, over the previous year.
Interest Income Fees and Commission Income
charges, as against the previous financial year.
Interest income accounts for 14.4% of the Company ’s Brokerage Income Profit After Tax from continuing operations
consolidated total income. Interest income grew by 88.1% y-o-y Gross broking income accounted for 68.3% of the consolidated Fees and commission expenses Healthy growth in the business, along with a strong operating
to `3,328 million in FY22 from `1,769 million in FY21 with the total income, in FY22, marginally lower from 69.8% in FY21. The Company has the largest & exclusive network of leverage, culminated in a substantial increase in the Company’s
expansion of the client funding book and the interest earned Gross broking income increased by 73.6% y-o-y to `15,736 approximately 18,000 authorised persons, registered with NSE, Profit Before Tax from continuing operations by 103.5% y-o-y
on fixed deposits placed with stock exchanges. The Company’s million in FY22. This growth was driven by strong client with whom it has a revenue sharing arrangement for broking and to `8,367 million, in FY22.
average client funding book increased by 108.3% y-o-y to over additions, coupled with robust client activities. Higher client
`14.9 billion in FY22 from `7.2 billion in FY21. The Company’s activity is witnessed from 97.3% y-o-y growth in the number of
average deposits placed with stock exchanges towards margin orders to 680 million in FY22 and 226.3% y-o-y growth in overall
requirement also increased to `19.0 billion in FY22 from average daily turnover to approximately `6.5 trillion.
`11.8 billion in FY21.
Statutory Reports
Corporate Overview
The 87.1% y-o-y increase in total tax expense for FY22 was on The loss of `3 million from the discontinued operations of C) Financial position
account of the significant growth in profits, with the effective the erstwhile wellness operations was largely on account of
tax rate remaining stable. depreciation and maintenance expenses. Factoring this, Profit (` mn)
After Tax stood at `6,248 million in FY22, a growth of 110.5%
The resultant Profit After Tax from continuing operations over the previous year. As on As on
increased sharply by 109.7% to `6,251 million in FY22, from Particulars
31 March 2021 31 March 2020
`2,981 million in FY21. ASSETS
Financial assets
B) Segment performance
(a) Cash and cash equivalents 4,221.07 820.44
(` mn) (b) Bank balance other than cash and cash equivalents 44,528.50 17,954.03
(c) Trade receivables 5,653.24 2,276.95
For the year ended 31 March 2022 For the year ended 31 March 2021
(d) Loans 13,575.00 11,284.93
Segment Segment Segment Segment
Revenue Result Revenue Result (e) Investments 186.52 55.40
Broking and related services 22,918.13 8,281.23 12,913.63 4,078.40 (f) Other financial assets 1,948.93 14,289.33
Finance and Investing 143.46 85.83 84.75 33.08 70,113.26 46,681.08
Health and allied 0.00 -2.92 1.39 -10.44 Non-financial assets
Unallocated 0.05 0.05 0.19 0.19 (a) Current tax assets (Net) 21.41 14.82
Inter-Segment -10.94 - -8.75 - (b) Deferred tax assets (Net) 18.47 47.02
Total 23,050.70 8,364.19 12,991.21 4,101.23 (c) Investment property 33.36 33.94
(d) Property, plant and equipment 1,402.07 1,004.43
(e) Intangible assets under development 119.96 1.83
Revenue from the Company’s broking and related services (f) Intangible assets 65.63 54.73
accounted for 99.4% of the consolidated total income of
(g) Right of use assets 17.20 55.18
`23,051 million. Revenue from this segment increased by
(h) Other non-financial assets 408.07 245.26
77.5% to `22,918 million during FY22 from `12,914 million
during FY21. This increase was primarily due to strong 2,086.17 1,457.21
growth in broking revenue. Total assets 72,199.43 48,138.29
LIABILITIES AND EQUITY
During the year, the result from broking and related services Liabilities
segment increased by 103.1% to `8,281 million in FY22.
Financial liabilities
Strong operating leverage benefits experienced by the
Company due to digital transformation initiatives undertaken (a) Trade payables
over the last few years led to this significant growth. (i) total outstanding dues of micro enterprises and small enterprises 0.00 1.97
(ii) total outstanding dues of creditors other than micro enterprises and small enterprises 40,668.10 22,762.32
Revenue from finance and investing activities grew by 69.3% (b) Debt securities 245.67 0.00
to approximately `143 million in FY22. This was due to growth
(c) Borrowings 12,331.65 11,714.69
in loan against shares, disbursed through our subsidiary.
(d) Other financial liabilities 2,533.92 1,797.06
55,779.34 36,276.04
Non-Financial liabilities
(a) Current tax liabilities (Net) 9.87 120.52
(b) Provisions 121.03 90.99
(c) Other non-financial liabilities 445.42 340.77
576.32 552.28
EQUITY
(a) Equity share capital 828.59 818.27
(b) Other equity 15,015.18 10,491.70
15,843.77 11,309.97
Total liabilities and equity 72,199.43 48,138.29

Statutory Reports
Corporate Overview
Total assets of the Company increased to `72.2 billion as on Cash used in operating activities With 3,298 Angelites, the Company has one of the best Details of significant changes (i.e. change of 25% or more as
31 March, 2022 from `48.1 billion as on 31 March, 2021. This Net cash generated from / (used in) operating activities combinations of hard work, smart, intelligent and perseverance compared to the immediately previous financial year) in key
was primarily due to 159.7% growth in cash, cash equivalents changed to `5.6 billion for the year ended 31 March, 2022 from led teams, to lead its vision of becoming the most revered financial ratios, along with detailed explanations therefore,
and bank balance and 41.3% jump in client funding book. The `(12.0) billion for the year ended 31 March, 2021. This was Fintech platform in India. including:
Company’s cash, cash equivalent and bank balance increased primarily due to utilisation of cash flow from operating activity
to `48.7 billion as on 31 March, 2022 from `18.8 billion as on to finance the Company’s smaller growth in period ending client The Company has formulated progressive programs as it
Particulars FY22 FY21
31 March, 2021. The Company’s client funding book increased funding book. During the year, as the client base expanded, continues to channel Angelites’ innovation & acumen through
to `16.5 billion as on 31 March, 2022 as against `11.7 billion Design Lab, Shark Tank and Failure Club initiatives. The culture Return on Networth (%) 46.0% 34.6%
the Company’s trade payables also increased. Some portion
as on 31 March, 2021. Margins kept as security with the stock of these funds were kept as security deposit with exchanges of innovation & agility gives the Company an edge to create Return on Capital Employed (%) 35.3% 26.6%
exchanges normalised to `1.6 billion as on 31 March, 2022 from as margin while the balance was retained in the Company’s industry-leading products with amazing turn-around timelines.
`14.2 billion as on 31 March, 2021. During the year, the Company bank balance. Higher profit also led to higher tax outgo for the Angelites have immense growth opportunities & clearly defined Return On Net Worth:
spent on upgrading the existing backend infrastructure which Company during the year. and personalised developmental journeys to hone their skills Return On Net Worth, calculated as a ratio of profit from
led to a 39.6% y-o-y growth in property, plant and equipment to and accelerate their career. The Company follows a fair & continuing operations (before adjusting for loss on discontinued
`1.4 billion as on 31 March, 2022. As the Company is developing Cash generated from investing activities independent assessment process to identify future leaders operations and other comprehensive income) on average
a new mobile application, there was an increase in investment and offer coaching & mentoring to groom them. networth of the Company expanded further to 46.0% in FY22
Net cash (used in) / generated from investing activities
related to intangible assets under development to `120 million from 34.6% in FY21. 109.7% y-o-y growth in Profit After Tax
changed to `(524) million for the year ended 31 March, 2022
as on 31 March, 2022 against `2 million as on 31 March, 2021. A young & dynamic culture enables the Company to not (from continuing operations) on an expanded average networth
from `248 million for the year ended 31 March, 2021. Net
Since some investments were done on upgrading the existing only change with the times but also stay ahead and thrive. led to this improvement in Return On Net Worth.
cash generated from investing activities was on account of
application, the same has led to 19.9% growth in intangible A collaborative, cohesive and complimentary environment,
investments done in building backend infrastructure and
assets to `66 million as on 31 March, 2022 against `55 million is key to the Company’s success. Angelites come together to Return On Capital Employed:
the new mobile application. This was partially offset by net
as on 31 March, 2021. create strategies and robust plans aimed at creating value for
proceeds from treasury investments held by the Company. Return On Capital Employed, calculated as a ratio of earnings
its customers. People are empowered to think and experiment,
before interest and tax on average capital employed of the
Financial and non-financial liabilities of the Company increased without holding back their breakthrough opportunities while
Cash generated from financing activities Company expanded further to 35.3% in FY22 from 26.6% in
to `56.4 billion as on 31 March, 2022 from `36.8 billion as on working with an ‘intra-preneurial’ mindset.
Net cash (used in) / generated from financing activities FY21. 101.9% y-o-y growth in earnings before interest and
31 March, 2021, representing an increase of 53.0%. This
changed to `(1.7) billion for the year ended 31 March, 2022 from tax on an expanded average capital employed led to this
increase was primarily due to 78.6%, 7.4% and 41.0% rise in trade
`8.9 billion for the year ended 31 March, 2021. This change was improvement in Return On Capital Employed.
payables, borrowings and other financial liabilities respectively.
Trade payables of `40.7 billion, represent the ledger balance primarily due to the equity fund raising of `3.0 billion through
our IPO in FY21. In FY22, the Company paid out higher dividend Apart from ratios as mentioned above details of other key
of clients’ funds kept with the Company, to execute their
of `2.1 billion during the year as compared to `427 million financial ratios as required under Schedule V of SEBI (Listing
future trades. This money is further kept as security deposit
paid out in the previous year. As the Company witnessed a Obligations and Disclosure Requirement) Regulations, 2015 do
with exchanges to fulfil their margin requirements and the
smaller growth in period ending client funding book, there not have any significant changes as compared to immediate
remaining is retained as balance in bank. Borrowings increased
was a corresponding smaller net increase in borrowings by previous financial year hence details of same are not disclosed.
to `12.6 billion as on 31 March, 2022 driven by growth in the
Company’s client funding book during the year. Other financial `662 million as on 31 March, 2022 as against a net increase of
liabilities increased due to higher year-end payables towards `6.9 billion in the previous year. During the year, the Company
our authorised persons, employee benefits and other expenses. issued 10,32,215 equity shares, upon exercise of stock options
granted under the Employee Stock Option Plan 2018, which led
D) Cash flow to an increase in equity capital by `229 million, for the period.
(` mn) Material developments in Human Resources / Industrial

Relations front, including number of people employed
For the year For the year
Particulars ended ended Employees have always played an extremely pivotal role in all
31 March 2022 31 March 2021 strategic decisions taken by the Company over the last many
Cash flow generated from / (used 5,575.46 -11,986.69 years. It is the quality of the human capital which creates value
in) operating activities in any service led business, with the purpose-driven focus of
Cash flow (used in) / generated -523.54 247.97 enhancing the experience of the clients. This deep rooted
from investing activities culture has for the last many years enabled the Company as
Cash flow (used in) / generated -1,651.29 8,941.18 being recognised amongst the best workplaces in the BFSI
from financing activities sector in India. FY22 has been special with Angel One Limited
being recognised amongst the Top 30 companies in BFSI
in India.

Statutory Reports
Corporate Overview
Notice
of the 26th Annual General Meeting
Notice is hereby given that the 26 th Annual General Meeting (“AGM”) of the Equity Shareholders of Angel One Limited (Formerly NOTES: 6. In line with the Ministry of Corporate Affairs (MCA) Circular
Known as Angel Broking Limited) will be held on Tuesday, 31 May, 2022 at 10:30 a.m. (IST) through Video Conferencing (‘VC’)/Other 1. In view of the massive outbreak of the COVID-19 pandemic, No. 17/2020 dated 13 April, 2020, the Notice calling the
Audio Visual Means (‘OAVM’) to transact the following business:- social distancing is a norm to be followed and pursuant AGM has been uploaded on the website of the Company
to the Circular No. 14/2020 dated 08 April, 2020, Circular at www.angelone.in. The Notice can also be accessed
No.17/2020 dated 13 April, 2020 issued by the Ministry of from the websites of the Stock Exchanges i.e. BSE
Corporate Affairs followed by Circular No. 20/2020 dated Limited and National Stock Exchange of India Limited at
ORDINARY BUSINESS: 05 May, 2020, Circular No. 02/2021 dated 13 January, 2021 www.bseindia.com and www.nseindia.com respectively
(Firm Registration Number - 301003E/E300005), as
and Circular no. 21/2021 dated 14 December, 2021 and and the AGM Notice is also available on the website of
1. Adoption of Standalone Financial Statements the Statutory Auditors of the Company and to fix their
all other relevant circulars issued from time to time, NSDL (agency for providing the Remote e-Voting facility)
remuneration and to pass the following resolution as an
To receive, consider and adopt the audited (Standalone) physical attendance of the Members to the AGM venue is i.e. www.evoting.nsdl.com.
Ordinary Resolution:
Statements of Profit and Loss, Cash Flow Statement of the not required and general meeting be held through video
Company for the Financial Year ended 31 March, 2022 and conferencing (VC) or other audio visual means (OAVM). 7. AGM has been convened through VC/OAVM in compliance
“ RESOLVED THAT subject to the provisions of Section 139

the Balance Sheet as at 31 March, 2022 and the Reports of Hence, Members can attend and participate in the ensuing with applicable provisions of the Companies Act, 2013
and other applicable provisions, if any, of the Companies
the Directors and the Auditors thereon. AGM through VC / OAVM. read with MCA Circular No. 14/2020 dated 08 April, 2020
Act, 2013, read with Rule 3(7) of the Companies (Audit
and MCA Circular No. 17/2020 dated 13 April, 2020, MCA
and Auditors) Rules, 2014 (including any statutory
2. Adoption of Consolidated Financial Statements 2. Pursuant to the Circular No. 14/2020 dated 08 April, 2020, Circular No. 20/2020 dated 05 May, 2020 and MCA Circular
modification(s) or re-enactment thereof for the time
To receive, consider and adopt the audited (Consolidated) issued by the Ministry of Corporate Affairs, the facility to No. 2/2021 dated 13 January, 2021 Circular no. 21/2021
being in force), and based on the recommendation of the
Statements of Profit and Loss, Cash Flow Statement of the appoint proxy to attend and cast vote for the members is dated 14 December, 2021.
Audit Committee, and approval of the Board of Directors,
Company for the Financial Year ended 31 March, 2022 and the Company hereby appoints M/s. S. R. Batliboi & Co. not available for this AGM. However, the Body Corporates
the Balance Sheet as at 31 March, 2022 and the Reports of are entitled to appoint authorised representatives to 8. As the AGM is being conducted through VC / OAVM, for
LLP, Chartered Accountants (Firm Registration Number
the Directors and the Auditors thereon. attend the AGM through VC / OAVM and participate there the smooth conduct of proceedings of the AGM, Members
- 301003E/E300005), as the Statutory Auditors of the
at and cast their votes through e-Voting. who would like to express their views during the AGM
Company for the second term of 5 (five) consecutive years
3. onfirmation of payment of the Interim Dividend and
C may register themselves as a speaker by sending their
to hold office from the conclusion of this Annual General
consideration of Final Dividend for FY22 3. The Members can join the AGM in the VC / OAVM mode request from their registered e-mail address/ send
Meeting until the conclusion of the 31st Annual General
15 minutes before and after the scheduled time of the their queries in advance, mentioning their name, demat
To confirm the payment of four Interim Dividends Meeting of the Company.
commencement of the Meeting by following the procedure account number/folio number, e-mail ID, mobile number
aggregating to H24.85 per equity share for the financial
mentioned in the Notice. The facility of participation at the at [email protected]. questions/ queries/
year ended 31 March, 2022 and consideration of final ESOLVED FURTHER THAT the Board of Directors of
R
AGM through VC / OAVM will be made available for 1,000 registration requests received by the Company from Tuesday,
dividend of H2.25 per equity share for the financial year the Company (including any committee thereof) be and
members on first come first served basis. This will not 24 May, 2022 (9:00 a.m. IST) to Wednesday, 25 May, 2022
ended on 31 March, 2022. is hereby authorised to fix the remuneration payable to
include large Shareholders (Shareholders holding 2% or (5:00 p.m. IST), shall only be considered and responded
the statutory auditors of the Company, from time to time
more shareholding), Promoters, Institutional Investors, during the AGM and those Members who have registered
4. Appointment of Director retiring by rotation including the actual travelling and out of pocket expenses
Directors, Key Managerial Personnel, the Chairpersons themselves as a speaker will only be allowed to express
To appoint a Director in place of Mr. Dinesh Thakkar incurred in connection with the audit, in addition to taxes
of the Audit Committee, Nomination and Remuneration their views/ask questions during the AGM. The Company
(DIN: 00004382), who retires by rotation and being eligible as applicable.
Committee and Stakeholders Relationship Committee, reserves the right to restrict the number of speakers
offers himself for re-appointment. depending on the availability of time for the AGM.
R ESOLVED FURTHER THAT Board of Directors of the
Auditors etc. who are allowed to attend the AGM without
Company be and is hereby authorised to do all such acts, restriction on account of first come first served basis.
5. e-Appointment of M/s. S. R. Batliboi & Co. LLP,
R 9. The Board of your Company has fixed Tuesday,
Chartered Accountants (Firm Registration Number deeds, matters and things and to take all such steps as
4. The attendance of the Members attending the AGM through 24 May, 2022 as the ‘Record Date’ for the purpose of
- 301003E/E300005) may be required in this connection including seeking all
VC / OAVM will be counted for the purpose of reckoning the determining entitlement of the Members to the final
necessary approvals to give effect to this resolution and to
To consider the re-appointment of the current auditors, quorum under Section 103 of the Companies Act, 2013. Dividend for the FY22, if declared at the AGM. Subject to the
settle any questions, difficulties or doubts that may arise
M/s. S. R. Batliboi & Co. LLP, Chartered Accountants provisions of the Act, the final Dividend as recommended
in this regard.”
5. Pursuant to the provisions of Section 108 of the Companies by the Board of Directors, if declared at the AGM will be
Act, 2013 read with Rule 20 of the Companies (Management paid within thirty days from the date of declaration i.e.
and Administration) Rules, 2014 (as amended) and within thirty days from 31 May, 2022 (if declared) to those
Regulation 44 of SEBI (Listing Obligations & Disclosure Members whose names appear:
By Order of the Board
Requirements) Regulations 2015 (as amended), and the (a) in the Register of Members of the Company after
For Angel One Limited
Circulars issued by the Ministry of Corporate Affairs giving effect to valid transmission or transposition
(Formerly known as Angel Broking Limited) dated 08 April, 2020, 13 April, 2020 and 05 May, 2020 the requests lodged with the Company as on close of the
Company is providing facility of remote e-Voting to its business hours on Tuesday, 24 May, 2022 and
Sd/- Members in respect of the business to be transacted at
Naheed Patel the AGM. For this purpose, the Company has entered into (b) as beneficial owners as at the end of business hours
an agreement with National Securities Depository Limited of Tuesday, 24 May, 2022 as per the list furnished by
Company Secretary & Compliance Officer
(NSDL) for facilitating voting through electronic means, as National Securities Depository Limited (NSDL) and
Membership Number: A22506 Central Depository Services (India) Limited (CDSL) in
the authorised agency. The facility of casting votes by a
member using remote e-Voting system as well as e-Voting respect of Shares held in Dematerialised form.
Date: 20 April, 2022
on the date of the AGM will be provided by NSDL.
Place: Mumbai

Statutory Reports
Corporate Overview
Notice (Continued)
10. As the Members may be aware that effective 01 April, 2020, 13. N
ote for the Members of Angel One Limited (Formerly • In case Resident Non Individual Members: − Self-declaration in Form 10F
Dividend Distribution Tax under Section 115-O of the known as Angel Broking Limited) (“Company”) on Tax
− Insurance Companies: For Public and other − Self-declaration by the Member(s) for having
Income-tax Act, 1961 as may be amended from time Deduction at Source on Dividend:
Insurance companies, a declaration that it no permanent establishment in India in
to time (“IT Act”) payable by domestic companies on Pursuant to the provisions of Finance Act, 2020, the has full beneficial interest with respect to the accordance with the applicable tax treaty
declaration of dividend has been abolished. Pursuant Company shall deduct tax at source (“TDS”) in accordance shares owned by it, along with self-attested
to this amendment brought vide Finance Act, 2020, the with the provisions of the Income Tax Act 1961 as may − Self-declaration of beneficial ownership by
copy of PAN;
Company would be under an obligation to deduct tax at be amended from time to time (“IT Act”), from the final the Member(s)
source (“TDS”) in accordance with the provisions of the IT Dividend, if approved by the Members at the AGM, as − Mutual Funds: Self-declaration that they are
− Any other document(s) as may be prescribed
Act, from the final dividend, if approved by the Members at Dividend income is taxable in the hands of the Members, specified in Section 10 (23D) of the IT Act along
under the provisions of the IT Act and/or
the AGM. In this regard, the Members may refer the Note effective 01 April, 2020. with self-attested copy of PAN card and SEBI
required by the Company thereto, for lower
on TDS on dividend distribution, appended to this Notice registration certificate;
withholding of taxes if applicable (duly
convening 26 th AGM of the Company (“AGM Notice”). 1. To enable the Company to determine the appropriate − Alternative Investment Fund (“AIF”): AIF certified by the Member).
TDS rate as may be applicable, Members are established/incorporated in India – Self
11. Pursuant to the applicable provisions of the Act read with requested to submit the following document(s) declaration that its income is exempt under • In case of Foreign Institutional Investors /
the IEPF Authority (Accounting, Audit, Transfer and Refund) and details, as applicable, by email to the Company Section 10 (23FBA) of the IT Act and they are Foreign Portfolio Investors: Tax will be deducted
Rules, 2016, all unpaid or unclaimed dividends are required at [email protected] on or before governed by SEBI regulations as Category I or under the provisions of Section 196D of the IT
to be transferred by the Company to the IEPF established Wednesday, 25 May, 2022: Category II AIF along with self-attested copy of Act at the rate of 20% plus applicable surcharge
by the Central Government, after the completion of seven
the PAN card and SEBI registration certificate; and cess or the rate provided in DTAA whichever
years. Further, according to the Rules, the shares in • In case of Resident Individual Members: TDS on is more beneficial, subject to the submission of
respect of which dividend has not been paid or claimed by Dividend under the provisions of Section 194 of − Other Non-Individual Members: Documentary
above documents.
the shareholders for seven consecutive years or more shall the IT Act (or as may be amended / notified by the evidence along with an attested copy of the PAN
also be transferred to the demat account created by the Government of India, from time to time): who are exempted from deduction of tax under
2. You are requested to provide all the requisite
IEPF Authority. Since seven years have not been elapsed Section 194 of the IT Act and categories who are
documents and details on or before
from the date of transfer of amount to Unpaid Dividend − TDS at 10% on the Dividend amount, for covered under Section 196 of the IT Act.
Wednesday, 25 May, 2022 to enable the Company
Account, no dividend is due for transfer to IEPF. Members having valid PAN registered in their to determine the TDS/withholding tax rate on the
respective folio/demat account. • In case where the Members provide certificate
dividend amount. No communication on the tax rate,
12. Members who have not encashed/received the dividend under Section 197 of the IT Act for lower /
tax deduction / determination shall be entertained by
warrants so far in respect of the below mentioned period, However, please note that No tax is required to NIL withholding of taxes, rate specified in the
the Company after Wednesday, 25 May, 2022
are requested to make their claim to the Company’s RTA be deducted on the Dividend amount payable said certificate shall be considered based on
well in advance before due dates. Members are requested to a resident individual Member(s) if the total submission of self-attested copy of the same.
3. Application of TDS rate is subject to necessary due
to note that dividends not claimed within seven years from Dividend to be received by such Member(s) • In case of non-resident Member(s): Taxes are diligence including verification by the Company of
the date of transfer to the Company’s Unpaid Dividend during FY23 does not exceed ` 5,000; or in cases required to be withheld pursuant to the provisions the details of the Member(s) available as per the
Account, will be transferred to the Investor Education where Member(s) provides Form 15G (applicable of Section 195 and other applicable provisions of Register of Members on the Record date mentioned
and Protection Funds (IEPF). Pursuant to the provisions to any person other than a HUF, Company or a the IT Act, as per the rates applicable, from time in the AGM Notice, documents / other information
of Section 124(2) of the Act read with the Companies Firm) / Form 15H (applicable to individuals aged to time. The withholding tax rate on the amount available in the records of the Company / its Registrar
(Declaration and Payment of Dividend) Rules, 2014, 60 years or more) subject to the fulfillment of of Dividend payable shall be 20% plus applicable & Transfer Agents (RTA) and other reliable source(s).
the Company has uploaded the details of unpaid and the conditions as may be specified in the IT surcharge and cess, or as may be notified by the The Company may deduct TDS on Dividend (if
unclaimed amounts lying with the Company on its website: Act, from time to time. The Member(s) may also Government of India, from time to time. As per approved at the AGM) at the maximum applicable rate,
www.angelone.in. Due date of transferring unclaimed submit any other document(s) as prescribed the IT Act, non-resident Members have the option in case of any incomplete, conflicting or ambiguous
and unpaid dividends declared by the Company to IEPF, is under the IT Act to claim a lower or NIL tax. to be governed by the provisions of the Double information and/or the valid proper documents and/
as follows: Valid PAN is mandatory for Members providing Tax Avoidance Agreement (“DTAA”) between or information not provided by the Member(s).
Form 15G / 15H or any other document(s) as India and the country of tax residence of the said
Financial Type of Date of Due date for mentioned herein. Member(s). The non-resident Member(s) shall 4. In case TDS is deducted at a higher rate, an option
Year Dividend Declaration transfer provide the following document(s) to avail the would be available with the Member(s), as may be
FY21 02nd Interim 26 October, 2020 30 November, 2027 • TDS at 20% in cases: available benefits under the provisions of DTAA: eligible subject to the applicable provisions, to file
Dividend (i) where Member(s) do not have PAN/have not the return of income and claim an appropriate refund.
FY21 03rd Interim 22 April, 2021 26 May, 2028 registered their PAN details in their respective − Copy of the PAN card allotted by the authorities
Dividend folio/demat account, or (ii) where the Member(s) in India (duly certified by the Member) or details 5. In the event of any income tax demand(s) including
FY22 01st Interim 15 July, 2021 19 August, 2028 have not linked their Aadhar to the PAN within prescribed under Rule 37BC of the Income Tax any interest / penalty thereto etc. arising due to any
Dividend the prescribed timelines (unless there is an Rules, 1962 misrepresentation, inaccuracy and/or omission of
FY22 02nd Interim 20 October, 2021 24 November, 2028 extension in due date), and in such cases PAN document(s) and/or information provided and/or to
Dividend will be deemed inoperative and TDS will be − Copy of Tax Residency Certificate (TRC) for the
be provided by the Member(s), such Member(s) shall
required to be deducted at a higher rate under FY23 obtained from the revenue authorities of
FY22 03rd Interim 17 January, 2022 21 February, 2029 indemnify the Company and provide the Company
Dividend Section 206AA of the IT Act; or (iii) where the country of tax residence (duly certified by
with all the relevant information, documents and co-
Member(s) have not filed return of income tax the Member)
FY22 04th Interim 01 April, 2022 05 May, 2029 operation in any such proceedings.
Dividend for any of the last two financial years (i.e. FY 20
and FY21) and the aggregate of TDS as well and
Tax collected at source (TCS) in each of these
two previous financial years in case of the
Member(s), is ` 50,000 or more.

Statutory Reports
Corporate Overview
Notice (Continued)
Disclaimer: THE INSTRUCTIONS FOR MEMBERS FOR REMOTE E-VOTING

The Notes on TDS as mentioned herein, set out the AND JOINING GENERAL MEETING ARE AS UNDER:- Type of shareholders Login Method
summary of applicable material provisions in India The remote e-Voting period begins on Thursday, 26 May, 2022 at 3. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.
nsdl.com/ either on a Personal Computer or on a mobile. Once the home page of e-Voting system is
pertaining to TDS on Dividend payment by the company, 9:00 a.m. and ends on, Monday, 30 May, 2022 at 05:00 p.m. The
launched, click on the icon “Login” which is available under ‘Shareholder/Member’ section. A new screen
and is subject to amendment(s), if any from time to time remote e-Voting module shall be disabled by NSDL for voting will open. You will have to enter your User ID (i.e. your sixteen digit demat account number held with
and does not purport to be a complete and/or detailed thereafter. The Members, whose names appear in the Register of NSDL), Password/OTP and a Verification Code as shown on the screen. After successful authentication,
analysis or listing of all potential tax consequences and/ Members/Beneficial Owners as on the record date (cut-off date) you will be redirected to NSDL Depository site wherein you can see e-Voting page. Click on options
or applicability. The Members should consult their own i.e. Tuesday, 24 May, 2022, may cast their vote electronically. available against company name or e-Voting service provider - NSDL and you will be redirected to
e-Voting website of NSDL for casting your vote during the remote e-Voting period or joining virtual
tax advisor, as may be required, for the tax provisions The voting right of shareholders shall be in proportion to their meeting & voting during the meeting.
applicable to them. share in the paid-up equity share capital of the Company as on 4. Shareholders/Members can also download NSDL Mobile App “NSDL Speede” facility by scanning the QR
the cut-off date, being Tuesday, 24 May, 2022. code mentioned below for seamless voting experience.
How do I vote electronically using NSDL e-Voting system?

The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are mentioned below:
Step 1: Access to NSDL e-Voting system

A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode
In terms of SEBI circular dated 09 December, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders
holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository
Participants. Shareholders are advised to update their mobile number and email Id in their demat accounts in order to access Individual Shareholders You can also login using the login credentials of your demat account through your Depository Participant
(holding securities in demat registered with NSDL/CDSL for e-Voting facility. Once login, you will be able to see e-Voting option. Once you
e-Voting facility.
mode) login through their click on e-Voting option, you will be redirected to NSDL / CDSL Depository site after successful authentication,
Login method for Individual shareholders holding securities in demat mode is given below: depository participants wherein you can see e-Voting feature. Click on options available against company name or e-Voting service
provider-NSDL and you will be redirected to e-Voting website of NSDL for casting your vote during the remote
e-Voting period or joining virtual meeting & voting during the meeting.
Type of shareholders Login Method
Individual Shareholders holding 1. Existing users who have opted for Easi/Easiest, they can login through their user IDand password. Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password
securities in demat mode with Option will be made available to reach e-Voting page without any further authentication. The URL for option available at above-mentioned website.
CDSL users to login to Easi/Easiest are https://web.cdslindia.com/myeasi/home/login or www.cdslindia.com
and click on New System Myeasi.
elpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through
H
2. After successful login of Easi/Easiest the user will be also able to see the E Voting Menu. The Menu will
have links of e-Voting service provider i.e. NSDL. Click on NSDL to cast your vote. Depository i.e. NSDL and CDSL.
3. If the user is not registered for Easi/Easiest, option to register is available at https://web.cdslindia.
com/myeasi/Registration/EasiRegistration Login type Helpdesk details
4. Alternatively, the user can directly access e-Voting page by providing demat Account Number and PAN Individual Shareholders holding securities in demat mode Members facing any technical issue in login can contact NSDL helpdesk by
No. from a link in www.cdslindia.com home page. The system will authenticate the user by sending OTP with NSDL sending a request at [email protected] or call at toll free no.: 1800 1020 990
on registered Mobile & Email as recorded in the demat Account. After successful authentication, user
and 1800 22 44 30
will be provided links for the respective ESP i.e. NSDL where the e-Voting is in progress.
Individual Shareholders holding 1. If you are already registered for NSDL IDeAS facility, please visit the e-Services website of NSDL. Open Individual Shareholders holding securities in demat mode Members facing any technical issue in login can contact CDSL helpdesk by
securities in demat mode with web browser by typing the following URL: https://eservices.nsdl.com/ either on a Personal Computer or with CDSL sending a request at [email protected] or contact at 022-
NSDL. on a mobile. Once the home page of e-Services is launched, click on the “Beneficial Owner” icon under 23058738 or 022-23058542-43
“Login” which is available under “IDeAS” section. A new screen will open. You will have to enter your User
ID and Password. After successful authentication, you will be able to see e-Voting services. Click on
“Access to e-Voting” under e-Voting services and you will be able to see e-Voting page. Click on options
available against company name or e-Voting service provider - NSDL and you will be re‑directed to
NSDL e-Voting website for casting your vote during the remote e-Voting period or joining virtual
meeting & voting during the meeting.
2. If the user is not registered for IDeAS e-Services, option to register is available at https://eservices.
nsdl.com. Select “Register Online for IDeAS” Portal or click at https://eservices.nsdl.com/SecureWeb/
IdeasDirectReg.jsp

Statutory Reports
Corporate Overview
Notice (Continued)
B) ogin Method for e-Voting and joining virtual meeting

L c) How to retrieve your ‘initial password’? 2. Select “EVEN” of company for which you wish to cast In case of Individual Shareholders holding securities in
for shareholders other than Individual shareholders your vote during the remote e-Voting period and casting demat mode who acquires shares of the Company and
(i) If your email ID is registered in your demat
holding securities in demat mode and shareholders your vote during the General Meeting. For joining virtual becomes a Member of the Company after sending of
account or with the Company, your ‘initial
holding securities in physical mode. meeting, you need to click on “VC / OAVM” link placed under the Notice and holding shares as of the cut-off date i.e.
password’ is communicated to you on your
How to Log-in to NSDL e-Voting website? “Join General Meeting”. 24 May, 2022 may follow steps mentioned in the Notice of
email ID. Trace the email sent to you from
the AGM under “Access to NSDL e-Voting system.
1. Visit the e-Voting website of NSDL. Open web browser NSDL from your mailbox. Open the email
3. Now you are ready for e-Voting as the Voting page opens.
by typing the following URL: https://www.evoting. and open the attachment i.e. a .pdf file.
Process for those shareholders whose e-mail IDs are not
nsdl.com/ either on a Personal Computer or on Open the .pdf file. The password to open
4. Cast your vote by selecting appropriate options i.e. assent registered with the depositories for procuring user ID and
a mobile. the .pdf file is your 8 digit client ID for NSDL
or dissent, verify/modify the number of shares for which password and registration of e-mail IDs for e-Voting for the
account, last 8 digits of client ID for CDSL
you wish to cast your vote and click on “Submit” and also resolutions set out in this notice:
2. Once the home page of e-Voting system is launched, account or folio number for shares held in
“Confirm” when prompted. 1. In case shares are held in physical mode please provide
click on the icon “Login” which is available under physical form. The .pdf file contains your
‘Shareholder/Member’ section. ‘User ID’ and your ‘initial password’. Folio No., Name of shareholder, scanned copy of the share
5. Upon confirmation, the message “Vote cast successfully” certificate (front and back), PAN (self-attested scanned
will be displayed. copy of PAN card), AADHAR (self-attested scanned copy
3. A new screen will open. You will have to enter your (ii) If your e-mail ID is not registered, please
User ID, your Password/OTP and a Verification Code follow steps mentioned below in process of Aadhar Card) by email to [email protected]
6. You can also take the printout of the votes cast by you by
as shown on the screen. for those shareholders whose e-mail IDs
clicking on the print option on the confirmation page. 2. In case shares are held in demat mode, please provide
are not registered:
Alternatively, if you are registered for NSDL eservices DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary
a) If you are unable to retrieve or have 7. Once you confirm your vote on the resolution, you will not ID), Name, client master or copy of Consolidated Account
i.e. IDEAS, you can log-in at https://eservices.nsdl.
not received the “ Initial password” or be allowed to modify your vote statement, PAN (self-attested scanned copy of PAN card),
com/ with your existing IDEAS login. Once you log-in
have forgotten your password. AADHAR (self-attested scanned copy of Aadhar Card) to
to NSDL eservices after using your log-in credentials,
General Guidelines for shareholders [email protected]. If you are an Individual
click on e-Voting and you can proceed to Step 2 i.e. b) Click on “Forgot User Details/
Cast your vote electronically. Password? ” (If you are holding 1. Institutional shareholders (i.e. other than individuals, shareholders holding securities in demat mode, you are
shares in your demat account with HUF, NRI etc.) are required to send scanned copy (PDF/ requested to refer to the login method explained at step
4. Your User ID details are given below: NSDL or CDSL) option available on JPG Format) of the relevant Board Resolution/ Authority 1 (A) i.e. Login method for e-Voting and joining virtual
www.evoting.nsdl.com. letter etc. with attested specimen signature of the duly meeting for Individual shareholders holding securities
authorised signatory(ies) who are authorised to vote, to in demat mode.
Manner of holding shares c) "Physical User Reset Password?” the Scrutiniser by e-mail to [email protected] with a
i.e. Demat (NSDL or CDSL) Your User ID is: (If you are holding shares in
or Physical
copy marked to [email protected]. 3. Alternatively shareholder/members may send a request
physical mode) option available on to [email protected] for procuring user ID and password
a) For Members who 16 Digit Beneficiary ID www.evoting.nsdl.com. 2. It is strongly recommended not to share your password for e-Voting by providing above mentioned documents.
hold shares in demat For example if your
account with CDSL. Beneficiary ID is d) If you are still unable to get the with any other person and take utmost care to keep your
12************** then your password by aforesaid two options, password confidential. Login to the e-Voting website will 4. In terms of SEBI circular dated 09 December, 2020 on
user ID is 12************** you can send a request at evoting@ be disabled upon five unsuccessful attempts to key in the e-Voting facility provided by Listed Companies, Individual
nsdl.co.in mentioning your demat correct password. In such an event, you will need to go shareholders holding securities in demat mode are allowed
b) For Members who 8 Character DP ID followed
hold shares in demat by 8 Digit Client ID account number/folio number, your through the “Forgot User Details/Password?” or “Physical to vote through their demat account maintained with
account with NSDL. For example if your DP ID PAN, your name and your registered User Reset Password?” option available on www.evoting. Depositories and Depository Participants. Shareholders
is IN300*** and Client ID is address etc. nsdl.com to reset the password. are required to update their mobile number and email
12****** then your user ID is ID correctly in their demat account in order to access
IN300***12******. e) Members can also use the OTP (One 3. In case of any queries, you may refer the Frequently Asked e-Voting facility.
Time Password) based login for Questions (FAQs) for Shareholders and e-Voting user
c) For Members holding EVEN Number followed by
shares in Physical Folio Number registered casting the votes on the e-Voting manual for Shareholders available at the download section THE INSTRUCTIONS FOR MEMBERS FOR E-VOTING ON THE DAY
Form. with the Company system of NSDL. of www.evoting.nsdl.com or call on toll free no.: 1800 1020 OF THE AGM ARE AS UNDER:-
For example if folio number 990 and 1800 22 44 30 or send a request to Ms. Soni Singh,
6. After entering your password, tick on Agree to “Terms 1. The procedure for e-Voting on the day of the AGM is same
is 001*** and EVEN is Assistant Manager, NSDL or Mr. Anubhav Saxena, NSDL at
101456 then user ID is and Conditions” by selecting on the check box. as the instructions mentioned above for remote e-Voting.
[email protected]
101456001***
7. Now, you will have to click on “Login” button. 2. Only those Members/ shareholders, who will be present
4. Any person holding shares in physical form and non- in the AGM through VC / OAVM facility and have not casted
5.
P assword details for shareholders other than
8. After you click on the “Login” button, Home page of individual shareholders, who acquires shares of the their vote on the Resolutions through remote e-Voting and
Individual shareholders are given below:
e-Voting will open. Company and becomes member of the Company after the are otherwise not barred from doing so, shall be eligible to
a) If you are already registered for e-Voting, then notice is send through e-mail and holding shares as of the vote through e-Voting system in the AGM.
you can user your existing password to login and Step 2: Cast your vote electronically and join General cut-off date i.e. 24 May, 2022, may obtain the login ID and
cast your vote. Meeting on NSDL e-Voting system. password by sending a request at [email protected] or 3. Members who have voted through Remote e-Voting will be
Issuer/RTA. However, if you are already registered with eligible to attend the AGM. However, they will not be eligible
How to cast your vote electronically and join General
b) If you are using NSDL e-Voting system for the NSDL for remote e-Voting, then you can use your existing to vote at the AGM.
Meeting on NSDL e-Voting system?
first time, you will need to retrieve the ‘initial user ID and password for casting your vote. If you forgot
password’ which was communicated to you. 1. After successful login at Step 1, you will be able to see all your password, you can reset your password by using 4. The details of the person who may be contacted for any
Once you retrieve your ‘initial password’, you the companies “EVEN” in which you are holding shares and “Forgot User Details/Password” or “Physical User Reset grievances connected with the facility for e-Voting on the
need to enter the ‘initial password’ and the whose voting cycle and General Meeting is in active status. Password” option available on www.evoting.nsdl.com day of the AGM shall be the same person mentioned for
system will force you to change your password. or call on toll free no. 1800 1020 990 and 1800 22 4430. Remote e-Voting.

Statutory Reports
Corporate Overview
Notice (Continued)
INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM EXPLANATORY STATEMENT PURSUANT TO SECTION 102(1) OF Details of Directors pursuant to Regulation 36 of the Securities and Exchange Board of India (Listing Obligations and Disclosure
THROUGH VC / OAVM ARE AS UNDER: THE COMPANIES ACT, 2013 Requirements) Regulations, 2015 and the Secretarial Standard–2 on General Meetings issued by the Institute of Company
1. Member will be provided with a facility to attend the AGM ITEM NO. 5: Secretaries of India are given below. (For Item Number 4)
through VC / OAVM through the NSDL e-Voting system. M/s. S. R. Batliboi & Co. LLP, Chartered Accountants
Members may access by following the steps mentioned (Firm Registration Number - 301003E/E300005) were appointed Name Dinesh Thakkar
above for Access to NSDL e-Voting system. After as Statutory Auditors of the Company at the 21st Annual General Age 60 years
successful login, you can see link of “VC/OAVM link” placed Meeting ('AGM') for a period of 5 years, up to the conclusion DIN 00004382
under “Join General meeting” menu against company of 26 th AGM. M/s. S. R. Batliboi & Co. LLP are eligible for re- Designation Chairman and Managing Director
name. You are requested to click on VC / OAVM link placed appointment for a further period of 5 years. M/s. S. R. Batliboi Date of Appointment as Director 23 October, 2007
under Join General Meeting menu. The link for VC / OAVM will & Co. LLP have given their consent for their re-appointment as Qualification Bachelor’s in Commerce
be available in Shareholder/Member login where the EVEN Statutory Auditors of the Company and has issued certificate Expertise in Specific Functional Areas Over 25 years of experience in the broking and financial service industry.
of Company will be displayed. Please note that the members confirming that their re-appointment, if made, will be within No. of shares held in the Company 16,768,805
who do not have the User ID and Password for e-Voting or the limits prescribed under the provisions of Section 139 of the
have forgotten the User ID and Password may retrieve Directorship held in other listed entities Nil
Companies Act, 2013 ('the Act') and the rules made thereunder.
the same by following the remote e-Voting instructions Based on the recommendations of the Audit Committee and Last drawn remuneration (including sitting fees and commission) H4,25,64,888
mentioned in the notice to avoid last minute rush. from the Company (up to 31 March, 2022)
the Board of Directors, it is hereby proposed to re-appoint
Number of Board meetings Attended during the FY 31 March, 2022 6
M/s. S. R. Batliboi & Co. LLP, Chartered Accountants, having
2. Members are encouraged to join the Meeting through Membership/Chairmanship of Committees – Angel One Limited Member of Nomination and Remuneration Committee
(Firm Registration Number - 301003E/E300005), as the
Laptops for better experience. Chairperson of Corporate Social Responsibility Committee
Statutory Auditors of the Company for the second and final
Relationship with other Directors, Manager and other Key Managerial None
term of five consecutive years, who shall hold office from the
3. Further Members will be required to allow Camera and use Personnel of the Company
conclusion of this 26 th AGM till the conclusion of the 31st AGM
Internet with a good speed to avoid any disturbance during of the Company. The remuneration proposed to be paid to the
the meeting. Statutory Auditors during their second and final term would be in
line with the existing remuneration and shall be commensurate
4. Please note that Participants Connecting from Mobile with the services to be rendered by them during the said tenure.
Devices or Tablets or through Laptop connecting via The Board of Directors in consultation with the Audit Committee
Mobile Hotspot may experience Audio/Video loss due to may alter and vary the terms and conditions of appointment,
Fluctuation in their respective network. It is therefore including remuneration, in such manner and to such extent as
recommended to use Stable Wi-Fi or LAN Connection to may be mutually agreed with the Statutory Auditors.
mitigate any kind of aforesaid glitches.
None of the directors or key managerial personnel of the
5. Shareholders who would like to express their views/have Company or their relatives is, in any way, concerned or
questions may send their questions in advance mentioning interested, financially or otherwise, in the Ordinary Resolution
their name demat account number/folio number, e-mail ID, set out at Item No. 5 of the Notice.
mobile number at [email protected]. The same
will be replied by the Company suitably. The Board recommends Ordinary Resolution at Item No. 5 of the
accompanying Notice for approval of the Members.
By Order of the Board

For Angel One Limited
(Formerly known as Angel Broking Limited)
Sd/-
Naheed Patel
Company Secretary & Compliance Officer
Membership Number: A22506

Place: Mumbai

Statutory Reports
Corporate Overview
Directors’ Report
To, The Dividend payout for the Financial Year under • Best ever rank in NSE Active Clients:
The Members, review is in accordance with your Company’s Dividend 4th (Maintained)
Distribution Policy.
Angel One Limited • Highest share in NSE Active Client Base:
(Formerly known as Angel Broking Limited) Your Board of Directors had declared and paid four (04) 10.1% (+187bps y-o-y)
interim dividends as on the date of the report:
Your Directors are pleased to present the 26 th Annual Report on the business and operations of Angel One Limited (Formerly known • Highest ever Annual Number of Orders:
as Angel Broking Limited) together with the audited financial statements for the financial year ended 31 March, 2022. 680 million (+97% y-o-y)
Date of the
Dividend paid as
Board Meeting • Highest ever Annual Overall ADTO:
1. FINANCIAL SUMMARY OF YOUR COMPANY: Sr.
in which the
Dividend a percentage of
No. per share the face value of K6.5 trillion (+226% y-o-y)
A summary of the standalone and consolidated financial performance of your Company, for the financial year ended Interim Dividend
equity share
31 March, 2022, is as under: were declared • Overall ADTO in Q4 FY22:
Amount (H in million) 1. 15 July, 2021 H5.15 51.5% K8.6 trillion (+130% y-o-y)
2. 20 October, 2021 H5.70 57%
• Overall Retail Equity Turnover Market Share:
Standalone Consolidated 3. 17 January, 2022 70%
Financial Highlights H7.00
21.3% (+531bps y-o-y) for FY22
2021-22 2020-21 2021-22 2020-21
4. 01 April, 2022 H7.00 70%
(A) Total Income 22,814.04 12,897.43 23,050.70 12,989.82 through Circular
Robust clients addition during the year translated into your
(B) Finance Costs 702.25 396.33 721.47 389.34 resolution
Company’s market share in incremental demat accounts
(C) Fees and Commission Expense 5,502.43 3,629.78 5,502.43 3,629.78
of 14.7% in FY22.
(D) Total Net Income (D = A - B - C) 16,609.36 8,871.32 16,826.80 8,970.70 The Board is pleased to recommend a dividend @ 22.50%
for the year ended 31 March, 2022, i.e. H2.25 per equity
(E) Operating Expenses 8,202.10 4,715.29 8,273.28 4,675.43 India’s ability to fully vaccinate its entire adult population
share of H10 each fully paid up.
(F) E
arnings Before Depreciation, Amortisation and 8,407.26 4,156.03 8,553.52 4,295.27 within a span of 12-18 months, has been a significant
Tax (F = D - E) booster for the economy, after being impacted by the
The Company has appointed Ms. Naheed Patel, Company
(G) Depreciation, Amortisation and Impairment 176.79 174.24 186.41 183.60 pandemic in previous year. The economy was able to get
Secretary as the Nodal Officer for the purpose of co-
(H) Profit Before Tax (H = F - G) 8,230.47 3,981.79 8,367.11 4,111.67 back to its feet with some very strong measures taken by
ordination with Investor Education and Protection Fund
(I) Total Income Tax Expense 2,081.80 1,077.82 2,116.55 1,131.09
the government and the inherent resilience built within
Authority. Details of the Nodal Officer are available on the
our socio-economic fabric. Many macro-economic
(J) Profit For The Year From Continuing Operations 6,148.67 2,903.97 6,250.56 2,980.58 website of the Company at www.angelone.in.
(J = H - I)
indicators moved back to the pre-pandemic levels, thus
giving further fillip to the markets, which reflected in the
(K) Loss After Tax From Discontinued Operations - - 2.51 12.02 4 RESERVE & SURPLUS:
strong performance of capital markets in H1 FY22. Even
(L) Profit For The Year (L = J - K) 6,148.67 2,903.97 6,248.05 2,968.56 The Board of Directors have decided to retain the entire the aggressive FII selling and the third wave of COVID-19
(M) Basic EPS (H) 74.52 37.76 75.72 38.60 amount of profit under Retained Earnings. Accordingly, pandemic during H2 did not dampen the spirits of retail
(N) Diluted EPS (H) 73.52 37.49 74.44 38.32 your Company has not transferred any amount to General investors who were ably supported by the Domestic
Reserves for the year ended 31 March, 2022. Institutional Investors, clearly demonstrating the changing
(O) Opening Balance of Retained Earnings 6,296.77 3,824.46
(P) Closing Balance of Retained Earnings 10,346.77 6,296.77
times in the Indian investing landscape.
5. BRIEF DESCRIPTION OF YOUR COMPANY’S WORKING
DURING THE YEAR: Your Company’s multifold growth in direct clients, which
Your Directors take immense pleasure to inform you that are not only younger and more tech savvy, but are also self-
2. OVERVIEW OF COMPANY’S FINANCIAL PERFORMANCE: to H23,051 million in FY22, whilst profit after tax from your Company’s strategy deploying advanced technology reliant, for the trades they execute on the platform, has
The FY22 has been a momentous year for your Company, continuing operations for FY22 increased by 109.7% like data science, artificial intelligence and machine completely transformed the economics of the business,
as it celebrated its 26th year of incorporation whilst scaling over the previous year to H6,251 million. learning with a focused approach on penetrating deeper further insulating it from the vagaries of market cycles,
many milestones across multiple parameters into Tier II, III and beyond cities, millennial and Gen Z thus yielding extremely positive results. Your Company’s
Your Directors express their heartfelt gratitude to all clients, DIY clients coupled with simplified pricing model, FY22 consolidated total income grew by 77.5% y-o-y to
(i) Your Company achieved its best ever performance investors for being there with your Company in its growth yielded your Company significant positives in FY22, as H23,051 million against H12,990 million in FY21, whilst the
across all metrics, be it business, market-share or journey. highlighted below: consolidated profit after tax from continuing operations
financial. Your Company continued to outperform increased by 109.7% y-o-y at H6,251 million in FY22;
most of its peers across major industry indices and 3. DIVIDEND: • Highest Annual Gross Client Addition: with a significant & sustained improvement in operating
has improved its ranking in incremental NSE active The Board of Directors (“Board”) of your Company have 5.3 million (+124% y-o-y) leverage. Surplus cash generated by your Company was
client additions to an all-time high second position, reviewed and approved the Dividend Distribution Policy utilised to expand its client funding book, which stood
amidst intense competition. (“Policy”) in accordance with the terms of the SEBI (Listing • Highest Gross Client Addition in a quarter: at H16,518 million as on 31 March, 2022 against H11,686
Obligations and Disclosure Requirements) Regulations, 1.5 million in Q4 FY22 million as on 31 March, 2021.
(ii) On a standalone basis, your Company’s total revenues 2015 (“Listing Regulations”) at its meetings held on
• Highest share in India’s Demat Accounts:
increased by 76.9% over the previous year to H22,814 28 January, 2021 and 05 May, 2021. Further, pursuant to the Your Company, with technologically advanced and best-
million in FY22. Profit after tax increased by 111.7% requirement of Regulation 43A of the Listing Regulations, 10.3% (+280bps y-o-y) in-class product suite, most competitive pricing plan,
over the previous year to H6,149 million. the Dividend Distribution Policy of your Company is • Highest Client Base: aggressive client acquisition strategy and a healthy
appended as “Annexure I” to this Report and the same is balance sheet, is well positioned to capture the immense
9.2 million (+124% y-o-y)
(iii) On a consolidated basis, your Company’s total also made available on the website of your Company. The growth opportunities, going forward.
revenues increased by 77.5% over the previous year same can be accessed at www.angelone.in. • Highest ever NSE Active Client Base:
3.7 million (+134% y-o-y)

Statutory Reports
Corporate Overview
Directors' Report (Continued)
6. LISTING FEES: Act, 2013, for safeguarding the assets of your the shareholders through postal ballot of the Company the Further, all the Independent Directors of your Company
Your Company has paid the requisite Annual Listing Fees Company and for preventing and detecting fraud and results of which were announced on 08 September, 2021. have confirmed their registration/renewal of registration,
to National Stock Exchange of India Limited (Symbol: other irregularities; on Independent Directors’ Databank.
ANGELONE) and BSE Limited (Scrip Code: 543235), where During the year under review, the Board of Directors of
its securities are listed. d) the annual financial statements have been prepared the Company appointed Mr. Muralidharan Ramachandran 16. FAMILIARISATION PROGRAMMES:
on a going concern basis; (DIN: 08330682) as an Independent Director of the Your Company has familiarised the Independent Directors,
7. DIRECTORS' RESPONSIBILITY STATEMENT: Company w.e.f. 06 August, 2021 for a term of 5 years with regard to their roles, rights, responsibilities, nature of
(e) the directors, have laid down internal financial i.e. 06 August, 2021 to 05 August, 2026. Further, his the industry in which your Company operates, the business
Pursuant to Section 134(5) of the Companies Act, 2013 the
controls to be followed by your Company and that appointment as an Independent Director was approved by model of your Company etc.
Board of Directors of your Company, to the best of their
such internal financial controls are adequate and the shareholders through postal ballot of the Company the
knowledge, belief and ability and explanations obtained
were operating effectively; results of which were announced on 08 September, 2021. The Familiarisation Programme was imparted to the
by them, confirm that:
Independent Directors during the meetings of the Board
f) the directors have devised proper systems to ensure During the year under review, the Board of Directors of the of Directors.
a) in the preparation of the annual financial statements
compliance with the provisions of all applicable Company appointed Ms. Mala Todarwal (DIN: 06933515)
for the financial year ended 31 March, 2022, the
laws and that such systems were adequate and as an Independent Director of the Company w.e.f. The Familiarisation Programme for Independent Directors
applicable accounting standards have been followed;
operating effectively. 20 October, 2021 for a term of 5 years i.e. 20 October, 2021 is uploaded on the website of your Company, and is
and there are no material departures from prescribed
to 19 October, 2026. Further, her appointment as an accessible at www.angelone.in.
accounting standards;
8. CHANGE IN THE NATURE OF BUSINESS: Independent Director was approved by the shareholders
There was no change in the nature of the business of your through postal ballot of the Company the results of which 17. CODE OF CONDUCT:
b) Your Company has selected such accounting policies
Company during the financial year. were announced on 13 December, 2021.
and applied them consistently and made judgements Your Company has in place, a Code of Conduct for the
and estimates that are reasonable and prudent, so as Board of Directors and Senior Management Personnel,
9. ATERIAL CHANGES AND COMMITMENTS AFFECTING
M Further in opnion of the Board Mr. Muralidharan
to give a true and fair view of the state of affairs of which reflects the legal and ethical values to which your
THE FINANCIAL POSITION OF YOUR COMPANY: Ramachandran and Ms. Mala Todarwal who were appointed
your Company, at the end of the financial year; and of Company is strongly committed. The Directors and Senior
as Independent Directors during the financial year 2021-22
the profit and loss of your Company, for that period; There were no material changes and commitments Management Personnel of your Company have complied
are person of integrity and have the relevant expertise,
affecting the financial position of your Company between with the code as mentioned hereinabove.
experience and proficiency as required under sub-section
c) proper and sufficient care has been taken for the the end of FY22 and the date of this report, which could
(1) of section 150 of the Companies Act, 2013.
maintenance of adequate accounting records in have an impact on your Company’s operation in the future The Directors and Senior Management Personnel have
accordance with the provisions of the Companies or its status as a “Going Concern”. affirmed compliance with the Code of Conduct applicable
14. RETIREMENT BY ROTATION:
to them, for the financial year ended 31 March, 2022. The
In terms of Section 152 of the Companies Act, 2013, said Code is available on the website of your Company at
10. CREDIT RATING: Mr. Dinesh Thakkar (DIN: 00004382) would retire by rotation www.angelone.in.
at the forthcoming Annual General Meeting (“AGM”) and
The details of credit rating obtained by the Company during the financial year are as under:
being eligible for re-appointment has offered himself 18. MEETING OF BOARD OF DIRECTORS AND COMMITTEES:
for re-appointment till the next Annual general meeting.
The Board met 6 times during the FY22, the details of which
Sr.
Instruments Ratings Type of Rating
Name of the Credit Rating Your Directors have recommended his appointment
No. Agency are given in the Corporate Governance Report forming part
for approval of the shareholders, in the ensuing Annual
of the Annual Report. The maximum interval between any
1. Bank Loan Facility CRISIL A+/Positive Long-Term Rating CRISIL Ratings Limited General Meeting of your Company.
(H1,500 crore) (Reaffirmed) two meetings did not exceed 120 days, as prescribed in the
Companies Act, 2013 and the SEBI (Listing Obligations and
2. Commercial Papers CRISIL A1+ (Reaffirmed) Short-Term Rating 15. DECLARATION OF INDEPENDENT DIRECTORS:
(H500 crore) Disclosure Requirements) Regulations, 2015.
CARE A1 Short-Term Rating CARE Ratings Limited All the Independent Directors of your Company have
submitted their declarations of independence, as required, Information on the Audit Committee, the Nomination and
pursuant to the provisions of Section 149(7) of the Act, Remuneration Committee, the Stakeholders’ Relationship
11. AWARD AND RECOGNITIONS: The Board of the Company has 7 (Seven) Directors stating that they meet the criteria of independence, as Committee, Risk Management Committee and Corporate
comprising of 1 (One) Managing Director, 1 (One) provided in Section 149(6) of the Companies Act, 2013 and Social Responsibility Committee and meetings of those
The Company received various awards and recognitions
Whole‑Time Director, 1 (One) Non-Executive Director Regulation 16(1)(b) of the Listing Regulations and are not Committees held during the year is given in the Corporate
during the year. Details of the same form part of this
and 4 (Four) Independent Directors. The complete list disqualified from continuing as Independent Directors of Governance Report.
report, on page numbers 52-53.
of Directors of the Company has been provided in the your Company.
12. ANNUAL RETURN: Report on Corporate Governance forming part of this 19. AUDITORS AND COMMENTS ON AUDITORS REPORT:
Annual Report. None of the Independent Non-Executive Directors held
Pursuant to the requirement under Section 92(3) of the The Company’s Auditors, M/s. S. R. Batliboi & Co. LLP,
any equity shares of your Company during the financial
Companies Act, 2013, copy of the annual return can be Chartered Accountants (Firm Registration Number -
During the year under review Ms. Anisha Motwani year ended 31 March, 2022.
accessed on our website www.angelone.in. 301003E/E300005, who have been appointed as the
(DIN: 06943493) ceased to be a Director of the Company Statutory Auditors of the Company for the period up to
with effect from 15 September, 2021. Refer Corporate Governance Report for detail of
13. B
OARD OF DIRECTORS AND KEY MANAGERIAL the conclusion of the 26 th Annual General Meeting, have
shareholding of directors. Except as mentioned in the
PERSONNEL: given their consent for re-appointment as the Statutory
During the year under review, the Board of Directors of Corporate Governance Report, none of the other Directors
Auditors for the second term of five years. They are
The composition of the Board of Directors of the Company the Company appointed Mr. Krishna Iyer (DIN: 01954913) hold any shares in the Company.
holding a valid certificate issued by the Peer Review
is in accordance with the provisions of Section 149 of the as an Additional Director (Non-Executive Director of the Board of the Institute of Chartered Accountants of India.
Act and Regulation 17 of the Listing Regulations, with an Company not liable to retire by rotation) w.e.f. 15 July, 2021. None of the Directors had any relationships inter se.
appropriate combination of Executive, Non-Executive and Further, his appointment as a Director was approved by
Independent Directors.

Statutory Reports
Corporate Overview
Members are requested to approve their appointment as Further, the Company does not have any joint venture or Your Company has undertaken CSR activities for • It is affirmed that the remuneration paid is as per the
the Auditors of the Company and to fix their remuneration associate companies during the year or at any time after establishing vaccination centers in the under-served Remuneration Policy of the Company: Yes
as recommended by the Board, by passing an ordinary the closure of the year and till the date of the report. communities to administer vaccinations in partnership
resolution under Section 139 of the Companies Act, 2013. with the local government and NGOs, to Collective Good Any Member desirous of obtaining the statement
23. P
ARTICULARS OF CONTRACTS OR ARRANGEMENTS Foundation, Mumbai, for an amount of H42.55 million. containing particulars of remuneration of employees
The Statutory Auditors have confirmed that they satisfy WITH RELATED PARTIES: as required under Section 197(12) of the Act, read with
the criteria of independence, as required under the All related party transactions that were entered with your Details about the CSR policy are available on our website Rule 5(2) & 5(3) of the Companies (Appointment and
provisions of the Companies Act, 2013. Company, during the financial year were on arm’s length www.angelone.in. The report on the CSR activities Remuneration of Managerial Personnel) Rules, 2014 may
basis and were in the ordinary course of the business. of your Company is appended as “Annexure III” to the write to the Company Secretary at the e-mail ID investors@
The Statutory Auditors of the Company have not reported In terms of the Act, there were no materially significant Directors’ Report. angelbroking.com. In terms of Section 136(1) of the Act,
any fraud to the Audit Committee or to the Board of related party transactions entered into by your Company the Annual Report is being sent to the Members excluding
Directors under Section 143(12) of the Companies Act, with its Promoters, Directors, Key Managerial Personnel 25. PARTICULARS OF EMPLOYEES: the aforesaid annexure.
2013 read with Rule 13 of the Companies (Audit and and its wholly owned subsidiary companies, or other The information under Section 197(12) and Rule 5(1) of the
Auditors) Rules, 2014. designated persons, which may have a potential conflict Companies (Appointment and Remuneration of Managerial 26. REPORT ON CORPORATE GOVERNANCE:
with the interest of your Company at large, except as Personnel) Rules, 2014 is as follows: As required by Regulation 34 of the Securities and
The Auditors’ observation, if any, read with Notes to stated in the Financial Statements. Exchange Board of India (Listing Obligations and Disclosure
Accounts are self-explanatory and therefore do not call The ratio of the remuneration of each director to the Requirements) Regulations, 2015 (‘Listing Regulations’), a
for any comment. Hence, the disclosure of related party transactions as median remuneration of the employees of the Company detailed Report on Corporate Governance is included in
required under Section 134(3)(h) of the Companies Act, and percentage increase in remuneration of each Director, the Annual Report.
20. COST AUDIT: 2013 in Form AOC 2 is not applicable to your Company. Chief Executive Officer, Chief Financial Officer and
Your Company is not required to maintain cost accounting Member may refer to note no. 40 and 41 to the standalone Company Secretary in the financial year is as given below: M/s. MMJB & Associates LLP, Company Secretaries, have
records as specified under Section 148(1) of the Companies and consolidated financial statement respectively, which certified your Company’s compliance requirements in
Act, 2013 read with the Companies (Cost Records and sets out related party disclosures pursuant to IND AS-24. % increase in respect of Corporate Governance, in terms of Regulation 34
Audit) Rules, 2014. Ratio to of the Listing Regulations; and their Compliance Certificate
remuneration
As per the policy on Related Party Transactions as Name median is annexed to the Report on Corporate Governance.
in the financial
remuneration
21 INTERNAL AUDITOR: approved by the Board of Directors, your Company has year
The Board of Directors have appointed M/s. Parekh Shah entered into related party transactions based upon the Executive Directors 27. BUSINESS RESPONSIBILITY REPORT:
& Lodha, Chartered Accountant, as Internal Auditors for omnibus approval granted by the Board of Directors on the Mr. Dinesh Thakkar 106 35% The Business Responsibility Report prepared pursuant to
the FY22 to conduct the internal audit of the various areas recommendation of the Audit Committee of your Company. Mr. Ketan Shah 37 32% SEBI (Listing Obligations and Disclosure Requirements)
of operations and records of the Company. The periodic On quarterly basis, the Audit Committee reviews such Regulations, 2015, forms part of this Report.
Chief Executive Officer
reports of the said internal auditors are regularly placed transactions, for which such omnibus approval was given.
The policy on Related Party Transactions was revised Mr. Narayan Gangadhar 80 NA
before the Audit Committee along with the comments of the 28. SECRETARIAL AUDITOR AND SECRETARIAL AUDIT:
during the year in view of amendments in applicable rules. Chief Financial Officer
management on the action taken to correct any observed Pursuant to the provisions of Section 204 of the Companies
deficiencies on the working of the various departments. Mr. Vineet Agrawal 35 15%
Act, 2013 read with the Companies (Appointment and
The policy on Related Party Transactions as amended and Company Secretary
Remuneration of Managerial Personnel) Rules, 2014 and
22. SUBSIDIARY COMPANIES: approved by the Board of Directors, is accessible on your Ms. Naheed Patel 7 40% Regulation 24A of SEBI Listing Regulations, M/s. MMJB
Company’s website at www.angelone.in.
As on 31 March, 2022, your Company had 5 (five) direct Associates & Co., Practicing Company Secretaries were
subsidiaries. During the financial year, your Board of • Percentage increase in the median remuneration of appointed as Secretarial Auditor on 28 January, 2021, to
24. D
ETAILS OF POLICY DEVELOPED AND IMPLEMENTED employees in the financial year: 7.32%
Directors had reviewed the affairs of the subsidiaries. undertake the secretarial audit of your Company for FY22.
BY YOUR COMPANY, ON ITS CORPORATE SOCIAL
The consolidated financial statements of your Company • The number of permanent employees on the rolls of
RESPONSIBILITY (CSR) INITIATIVES:
are prepared in accordance with Section 129(3) of the the Company as at 31 March, 2022: 3,298 The report of the Secretarial Auditor, in the prescribed
Companies Act, 2013; and forms part of this Annual Report. Your Company strives to be a socially responsible Company Form MR-3 is annexed to this report as “Annexure IV ”.
and strongly believes in development, which is beneficial • Average percentile increase already made in the
A statement containing the salient features of the financial for the society at large, as a part of its Corporate Social salaries of employees other than the managerial The Secretarial Auditors’ Report for FY22 does not contain
statements of the subsidiaries, in the prescribed format Responsibility (“CSR”) initiatives. Through the CSR personnel in the last financial year and its comparison any qualification, reservation or adverse remark, except
AOC-1, is appended as “Annexure II” to the Directors’ Report. programme, your Company sets the goal of reaching with the percentile increase in the managerial as mentioned in the form MR-3 which is annexed to this
The statement also provides the details of performance a balance that integrates human, environmental and remuneration and justification thereof and point out if report as “Annexure IV ”.
and financial positions of each of the subsidiaries. community resources. By means of integrating and there are any exceptional circumstances for increase
embedding CSR into its business operations and in the managerial remuneration: None
The separate audited financial statements in respect of participating proactively in CSR initiatives, your Company
each of the subsidiary companies are open for inspection intends to contribute continuously to global sustainable
and are also available on the website of your Company at development efforts.
www.angelone.in.
As per the Companies Act, 2013, as prescribed companies
Pursuant to the requirements of Regulation 34 (3) read with are required to spend at least 2% of their average net
Schedule V of the SEBI (Listing Obligations and Disclosure profits for three immediately preceding financial years.
Requirements), Regulations, 2015, the details of Loans/
Advances made to and investments made in the subsidiary Accordingly, your Company has spent H42.55 million
have been furnished in Notes forming part of the Accounts. towards the CSR activities during FY22.

Statutory Reports
Corporate Overview
The Board has taken note of the remarks of the Secretarial Auditor and commented as below: 33. P
ARTICULARS OF LOANS, GUARANTEES OR
No. of INVESTMENTS, UNDER SECTION 186 OF THE COMPANIES
Date Remarks
shares ACT, 2013:
Sr.
Particulars Comments 15 June, 2021 108726 Fresh allotment of fully paid
No. Details of loans, guarantees and investments covered
up equity shares was made to
1. The Company has made delay in one case of disclosure under This was an inadvertent delay and the Board will ensure compliance under the provisions of Section 186 of the Companies
eligible employees under ESOP
Regulation 30 of Listing Regulations. in future. Plan 2018 Act, 2013 are as set out in the notes to the accompanying
2. Due to sudden demise of one of the directors, there were only On 17 April, 2021, due to the untimely demise of Mr. Vinay Agrawal financial statements of your Company.
20 July, 2021 18278 Fresh allotment of fully paid
5 directors on the board for the period 17 April, 2021 to 14 July, (DIN: 01773822), erstwhile Whole-Time Director and Chief Executive Officer up equity shares was made to
2021, however as per Regulation 17(1)(C) of Listing Regulations, of the Company, the composition of the Board of Directors decreased from eligible employees under ESOP 34. DEPOSITS:
a company is required to have at least 6 number of directors on six (6) directors to five (5) directors and the casual vacancy in the number Plan 2018 Your Company has not accepted any fixed deposits; and as
continual basis on the board, further the Company has affirmed of directors was filled up within the timelines, i.e. within three months from
the said regulation is in compliance in Corporate Governance the date of arisen of casual vacancy and the intimations of same were duly 03 August,2021 29302 Fresh allotment of fully paid such, no amount of principal or interest was outstanding
report for the quarter ended June 2021, which is erroneous. and timely provided to the stock exchanges. up equity shares was made to as of its balance sheet date.
eligible employees under ESOP
3. The composition of Nomination and Remuneration Committee The delay in reconstitution of the NRC was just an administrative Plan 2018
is not in compliance with the provisions of Regulation challenge faced by the Company due to inadvertent misconstruction to 35. REPORTING OF FRAUD:
19 of Listing Regulation for the period of 05 May, 2021 to reconstitute the NRC post the shareholders' approval since the date of 17 August, 2021 147604 Fresh allotment of fully paid
up equity shares was made to
There are no frauds on or by your Company, which are
14 July, 2021, further the Company has affirmed the said the voting results (AGM held on 29 June, 2021) confirmation was end of required to be reported by the Statutory Auditors of
regulation is in compliance in Corporate Governance report for the quarter and a Board meeting was scheduled on 15 July, 2021, for eligible employees under ESOP
Plan 2018 your Company.
the quarter ended June 2021, which is erroneous. the quarter ended June 2021, the NRC was reconstituted accordingly.
21 September, 2021 44730 Fresh allotment of fully paid
up equity shares was made to 36. D
ISCLOSURE UNDER THE SEXUAL HARASSMENT OF
Your Company does not have any material subsidiary. Therefore, the provisions relating to the Secretarial Audit of material subsidiary,
eligible employees under ESOP WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
as mentioned in Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements), 2015, do not apply to your Company. Plan 2018 AND REDRESSAL) ACT, 2013:
19 October, 2021 81707 Fresh allotment of fully paid Your Company has in place a policy for prevention of sexual
29. C
OMPANY’S POLICY RELATING TO DIRECTORS the outcome of performance evaluation exercise of the up equity shares was made to harassment in accordance with the requirements of the
eligible employees under Angel
APPOINTMENT, PAYMENT OF REMUNERATION AND Committee(s), share their report to the Board of Directors. Sexual Harassment of Women at Workplace (Prevention,
Broking Employee Long Term
DISCHARGE OF THEIR DUTIES: The Independent Directors, at their separate meeting, Incentive Plan 2021 Prohibition & Redressal) Act, 2013.
Your Company has adopted a policy relating to appointment review the performance of non-independent directors
09 November, 2021 36000 Fresh allotment of fully paid
of Directors, payment of managerial remuneration, and the Board as a whole. up equity shares was made to Your Company has constituted its Internal Complaints and
Directors qualifications, positive attributes, independence eligible employees under ESOP the Appeals Committees, set up to redress complaints
of Directors and other related matters as provided under Based on the outcome of the performance evaluation Plan 2018 received in regards to sexual harassment at workplace.
Section 178 (3) of the Companies Act, 2013. exercise, areas for further development are identified for 07 December, 2021 45000 Fresh allotment of fully paid
the Board to engage itself with; and the same would be up equity shares was made to The constitution of the Internal Complaints and the Appeals
30. S
IGNIFICANT & MATERIAL ORDERS PASSED BY THE acted upon. eligible employees under ESOP Committees as on date of this report are as follows:
Plan 2018
REGULATORS:
The details of the evaluation process are set out in the 21 December, 2021 9000 Fresh allotment of fully paid Internal Complaints Committee:
During the year, there were no significant and/or material up equity shares was made to
Corporate Governance Report, which forms a part of this
orders passed by the regulators, courts or tribunals, eligible employees under ESOP
Annual Report. Sr.
impacting the going concern status and future operations Plan 2018 Name Designation Position Held
of your Company No.
The Board Evaluation policy is available in the public 01 February, 2022 7 Fresh allotment of fully paid
up equity shares was made to 1. Boneya Sam Lead – Employee Chairperson/
domain i.e. on the website of your Company at Grievance Presiding Officer
31. BOARD EVALUATION: eligible employees under ESOP
www.angelone.in. Plan 2018
The Nomination and Remuneration Policy of your Company 2. Poonam Deputy Vice President Member
empowers the Nomination and Remuneration Committee 15 February, 2022 76650 Fresh allotment of fully paid Chaudhary – Revenue
32. CHANGES IN SHARE CAPITAL: up equity shares was made to
to formulate a process for effective evaluation of the 3. Sukhbir Singh Deputy Vice Member
Your Company had made following allotments during FY22: eligible employees under ESOP Bhinder President – Legal and
performance of Individual Directors, Committees of the Plan 2018
Board and the Board as a whole. Compliance
No. of 4. Amar Singh Senior Vice President – Member
Date Remarks The authorised share capital of your Company as on
The Board of Directors formally assess their own shares Head Equity Advisory
31 March, 2022 was H1,000,000,000 (Rupees One Billion).
performance based on parameters which, inter alia , 04 May, 2021 100000 Fresh allotment of fully paid 5. Sumati Atre External Member Member
include performance of the Board on deciding long- up equity shares was made to
eligible employees company The paid up share capital of your Company as on 31 March,
term strategies, rating the composition and mix of Board
under ESOP Plan 2018 2022 was H828,587,220 (Rupees Eighty Two Crore Eighty
members, discharging of governance and fiduciary duties,
18 May, 2021 200000 Fresh allotment of fully paid Five Lakhs Eighty Seven Thousand Two Hundred and
handling critical and dissenting suggestions, etc.
up equity shares was made to Twenty only).
eligible employees company
The parameters for performance evaluation of the under ESOP Plan 2018
Directors include contributions made at the Board
01 June, 2021 135211 Fresh allotment of fully paid
meeting, attendance, instances of sharing best and up equity shares was made to
next practices, domain knowledge, vision, strategy, eligible employees under ESOP
engagement with senior management etc. Plan 2018
The Chairperson(s) of the respective Committees based

on feedback received from the Committee members on

Statutory Reports
Corporate Overview
Appeals Committee: (C) Foreign Exchange Earnings and Outgo for the period 2. The Company does not have any scheme of provision of 45. APPRECIATION AND ACKNOWLEDGEMENTS:
under review was as under: money for the purchase of its own shares by employees Your Directors express their heartfelt gratitude to all the
Sr.
or by trustees for the benefit of employees; stakeholders of the business, who have wholeheartedly
Name Designation Position Held 1. Foreign Exchange Earning: Nil
No. supported the Company, in its prolific journey, over more
2. Outgo – H52. 96 million 3. Neither the Managing Director nor the Whole-time than 25 years.
1. Rashmi Head of Learning and Chairperson/
Anthony Development Presiding Officer Directors of the Company receive any remuneration or
39. INTERNAL FINANCIAL CONTROL: commission from any of its subsidiaries; Your Directors also wish to place on record their deep
2. Pramita Vice President Member
Shetty The Board of Directors of your Company have adopted sense of acknowledgment for the devoted and efficient
policies and procedures for ensuring the orderly and 4. Issue of Shares including Sweat Equity Shares to the services rendered by each and every employee of the
3. Bhavin Parekh Senior Vice President Member employees of the Company under any scheme as per
efficient conduct of its business, including adherence Angel Family, without whose whole-hearted efforts,
4. Ketan Shah Chief Strategy Officer Member to your Company’s policies, safeguarding of its assets, provisions of Section 54(1)(d) of the Companies Act, 2013; the overall satisfactory performance would not have
5. Pratibha External Member Member prevention and detection of frauds and errors, accuracy been possible.
Naitthani and completeness of the accounting records and timely 5. No instances of non-exercising of voting rights in respect
preparation of reliable financial disclosures. of shares purchased directly by employees under a scheme Your Directors look forward to the long-term future
All employees (permanent, contractual, temporary and pursuant to Section 67(3) of the Companies Act, 2013. with confidence.
trainees) are covered under this policy. 40. A
NGEL BROKING EMPLOYEE STOCK OPTION PLAN, 2018
AND ANGEL BROKING EMPLOYEE LONG-TERM INCENTIVE 43. COMPLIANCE WITH SECRETARIAL STANDARDS:
Following are the details of the complaints received by PLAN 2021: Your Company is in compliance with the applicable
your Company during FY22: During the FY22, 10,32,215 equity shares were allotted to Secretarial Standards, issued by the Institute of
the ESOP grantees who had exercised the option attached Company Secretaries of India and approved by the Central For and on behalf of the Board
Sr. to the Angel Broking Employee Stock Option Plan, 2018 Government under Section 118(10) of the Act. Angel One Limited
Particulars Number
No. (“ESOP Plan 2018”) and Angel Broking Employee Long- (Formerly known as Angel Broking Limited)
term Incentive Plan 2021 (“LTI Plan 2021”). 44. CEO AND CFO CERTIFICATION:
1. No. of complaints received 0
As required under Regulation 17(8) of the SEBI Listing Sd/-
2. No. of complaints disposed of 0
During FY22 the Board has granted Nil stock options Regulations, the CEO and CFO of your Company have
3. No. of cases pending for more than 90 days 0 Dinesh Thakkar
under ESOP Plan 2018 and 745,185 stock options under certified the accuracy of the Financial Statements, the
LTI Plan 2021, to eligible employees of your Company and Cash Flow Statement and adequacy of Internal Control Chairman & Managing Director
37. WHISTL BLOWER POLICY/ VIGIL MECHANISM: its subsidiaries. Systems for financial reporting for the financial year (DIN: 00004382)
Pursuant to Rule 7 of the Companies (Meetings of Board ended 31 March, 2022. Their Certificate is annexed to this
and its Powers) Rules, 2014 read with Section 177(10) of The Shareholders of the Company has approved the Directors’ Report. Place: Mumbai
the Companies Act, 2013 (“Act”) and Regulations 22 of modification to the LTI Plan 2021 through special Date: 20 April, 2022
the Listing Regulations your Company has adopted a Vigil resolution passed by the shareholders vide Postal Ballot
Mechanism Framework (“Framework”), under which the on 08 September, 2021.
Whistle Blower Investigation Committee (“the Committee”)
has been set up. The objective of the Framework is The particulars required to be disclosed pursuant to the
to establish a redressal forum, which addresses all Securities and Exchange Board of India (Share Based
concerns raised on questionable practices and through Employee Benefits and Sweat Equity) Regulations, 2021
which the Directors and employees can raise actual or and Rule 12(9) of the Companies (Share Capital and
suspected violations. Debentures) Rules, 2014 are appended as “Annexure V” to
the Directors’ Report.
The mechanism framed by your Company is in compliance
with requirement of the Act and available on the website 41. BUSINESS RISK MANAGEMENT:
www.angelone.in. Risk Management plays a key role in business strategy
and planning discussions. The same has been extensively
38. C
ONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION covered in the Management Discussion and Analysis on
AND FOREGIN EXCHANGE EARNINGS AND OUTGO: page 53-57 of the Annual Report.
(A) Information on Conservation of energy as prescribed
under Section 134(3) (m) of the Companies Act, 42. GENERAL CONFIRMATIONS
2013, read with the Companies (Accounts) Rules, Our Directors state that no disclosure or reporting is
2014 is not applicable to the present activities of required in respect of the following matters as there
your Company and hence no annexure forms part of were no transactions on these items during the year
this report. under review:
(B) Technology Absorption: The management keeps itself 1. Issue of equity shares with differential rights as to
abreast of the technological advancements in the dividend, voting or otherwise as per Section 43(a)(ii)
industry and has adopted best in class transaction, of the Companies Act, 2013;
billing and accounting systems along with robust risk
management solutions.

Statutory Reports
Corporate Overview
Annexure I
DIVIDEND DISTRIBUTION POLICY The Board of Directors would further take into account following General Meeting (AGM) of our Company. Shareholders’ approval
(Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), 2015) Duly aspects, including financial parameters, while deciding on the is not required, for payment of interim dividend.
approved by Board of Directors of the Company through meeting held on 05 May, 2021 proposal for dividend:
After giving due consideration to the aforementioned factors,
1. Shareholder expectations; the Board will endeavour to maintain a quarterly interim
dividend pay-out; and if prudent, a final dividend, aggregating
2. Financial performance including profit for the year, to at least 35% of Profit After Tax (PAT), in every financial year,
PREAMBLE: “Board” or “Board of Directors” shall mean Board of Directors profitability and other key financial metrics, including on a standalone/consolidated basis. However, the Board may
of the Company. outlook over the short to medium term; amend the payout, whenever considered appropriate by it,
This Policy is formulated in accordance with Regulation 43A of
the Securities and Exchange Board of India (Listing Obligations keeping in mind the aforesaid factors, having a bearing on the
“Companies Act or Act” shall mean the Companies Act, 2013 3. Current and future capital/liquidity requirements, as well dividend payout decision.
and Disclosure Requirements), 2015 introduced on 08 July, 2016
and Rules thereunder, notified by the Ministry of Corporate as extent of borrowings;
vide Notification No. SEBI/LADNRO/GN/2016-17/008.
Affairs, Government of India, as amended. Utilisation of Retained Earnings:
Regulation 43A of SEBI (Listing Obligations and Disclosure 4. Accumulated reserves; The Company would utilise the retained earnings for:
“Company” shall mean Angel Broking Limited
Requirements) Regulations, 2015, requires top one thousand
listed companies (by market capitalisation as on 31 March of 5. Investments for business expansion plans and growth of 1. General corporate purposes, including organic and
“Dividend” shall mean Dividend as defined under the Companies the Company including:
every Financial Year) to formulate a Dividend Distribution Policy, inorganic growth;
Act, 2013
which shall be disclosed in its Annual Report and on its website.
However, the same is not notified yet. a) Inorganic growth opportunities, through acquisition 2. Investments in subsidiary and/or appropriations/
“Policy” means this Dividend Distribution Policy. mergers/demergers; drawdowns as per the regulatory framework;
INTRODUCTION:
“SEBI” means the Securities and Exchange Board of India. b) Organically expanding or upgrading of existing
We had a consistent record of returning surplus cash to its 3. Product development and technological enhancements in
businesses; and order to grow the business;
shareholders through regular dividend payouts. Regular “SEBI LODR” means the Securities and Exchange Board of India
dividend, in the recent past has consisted of at least three (Listing Obligations and Disclosure Requirements) Regulations, c) Investments in new businesses; 4. Capital expenditure by way of creating additional capacity/
interim dividends in each of the financial years. 2015. Words and phrases used in this Policy and not defined
infrastructure;
herein shall derive their meaning from the Applicable Law. 6. Stability of the dividend payout ratio;
While adhering to this core philosophy of optimising its dividend
payout, we hereby has updated our Dividend Distribution 5. Any other business requirement;
“SEBI Regulations” means the regulations made by SEBI in 7. Interim dividend paid, if any;
Policy. This policy documents, the guidelines on declaration/ accordance with the Securities and Exchange Board of India
recommendation of dividends and sets out key considerations 6. Any other permitted usage as per the Companies Act, 2013.
Act, 1992 (the SEBI Act). 8. Auditors’ qualifications pertaining to the statement of
for arriving at the decision to declare/recommend dividend(s).
accounts, if any; The Board may decide to employ retained earnings in meeting
The Board of Directors of the Company will have the flexibility All other words and expressions used but not defined in this
to determine the quantum of dividend, to be declared/ the Company’s future growth plans, other strategic purposes
Policy, but defined in the SEBI Act, 1992, Companies Act, 2013, 9. Likelihood of crystallisation of any contingent liabilities,
recommended, based on considerations laid out in the policy and/or distribution to shareholders, subject to applicable laws.
the Securities Contracts (Regulation) Act, 1956, the Depositories if any;
and other relevant aspects. Act, 1996 and/or the rules and regulations made thereunder
Parameters for various Class of Shares:
shall have the same meaning as respectively assigned to them 10. Dividend/coupon payments for non-equity capital
OBJECTIVE: in such Acts or rules or regulations or any statutory modification Currently, our Company has only one class of shares viz. equity.
instruments if any, which need to be made;
The objective of this Policy is to lay down the criteria and or re-enactment thereto, as the case may be. In the absence of any other class of equity shares and/or equity
parameters that are to be considered by the Board of shares with differential voting rights, the entire distributable
11. Applicable regulatory requirements; and
Directors of the Company, while deciding on the declaration/ Approval process and criteria to be considered for Dividend profit for the purpose of declaration/recommendation of
recommendation of Dividend from time to time, to strike a Payout: dividend will considered for the existing class of equity
12. Other factors and/or material events which may
balance between the dual objectives of rewarding shareholders shares only.
In distributing profits of the Company among our shareholders, require consideration.
and ploughing back earnings to support sustained growth of the Board of Directors will attempt to balance shareholders need
the Company. Circumstances under which the Shareholders may or may
for a reasonable and predictable return on their investment with The decision for declaration/recommendation of dividend(s)
not xxpect Dividend:
our Company’s requirement to retain enough capital, for longer would also be subject to consideration of other relevant external
EFFECTIVE DATE: term sustainable growth. and internal factors, including, for example: Due to some unconceivable circumstances, our Company may
This policy was first approved and adopted by the Board not distribute a dividend or may distribute a reduced quantum
of Directors of the Company on 16 April, 2018 and was last Our Company shall comply with relevant statutory provisions • External factors viz. domestic and global economic of dividend. Such circumstances which may include but are
amended by the Board of Directors on 28 January, 2021. The under the Companies Act, 2013 and Companies (Declaration and situation, Government policies, capital markets and tax not restricted to, adverse market conditions and business
Policy is being further amended w.e.f. 05 May, 2021 and will be Payment of Dividend) Rules, 2014., before taking any appropriate implications including applicability and rate of dividend uncertainty, absence or inadequacy of profits earned during
effective from the same date. decision on declaration/recommendation of dividend and distribution tax; the financial year, inadequacy of cash balance, higher than
transfer such percentage of profits for the financial year, as it envisaged capital expenditure/growth investment, imposition
• Internal factors like shareholder expectations, including of any regulatory restriction placed on the Company on
DEFINITIONS: may deem fit, to its reserves.
institutional and individual shareholders. declaration/recommendation of dividend. The Board of
In this policy, unless the context otherwise requires, the terms
Directors of our Company may opine that it would be prudent
defined herein shall bear the meanings assigned to them below, The decision regarding dividend shall be taken by the Board to conserve capital for growth or other exigencies, as per
and their cognate expressions shall be construed accordingly. at its meeting or by any Committee of the Board or by way of a the assessment of the Board, and hence dividend may not be
Resolution passed by circulation. Final dividend, if any, shall be declared/recommended or reduced dividend may be declared/
paid only after its approval, by the shareholders, at an Annual recommended.

Statutory Reports
Corporate Overview
Annexure I (Continued) Annexure II

There may also be obligations that we could undertake Disclosure of Policy: FORM AOC-1
under the terms of preference shares or other debt capital As per the SEBI Regulations, the Dividend Distribution Policy (Pursuant to first proviso to sub-section (3) of Section 129 read with rule 5 of Companies (Accounts) Rules, 2014 - AOC-1)
instruments, as and when the Company raises capital through shall be disclosed in the Annual Report of the Company and
this medium, pursuant to applicable laws which might prohibit placed on the Company's website, www.angelone.in Statement containing salient features of the financial statement of subsidiaries/ associate companies/ joint Ventures
the Company from declaring/recommending dividend in
Part “A”: Subsidiaries
certain circumstances. Review:
(H in million)
The Policy shall be reviewed periodically by the senior
Our Board may declare/recommend higher dividends in any
management, to take into account the national and global Angel Digitech
form, including special dividend, subject to applicable laws, if
economic conditions, Company’s growth and investment Mimansa Services Private
the capital and reserves position supports a higher distribution Angel Financial
plans and financial position, etc. and in accordance with any Sr.
Name of the subsidiary
Angel Fincap
Advisors Private
Angel Securities Software Limited (Formerly
to the shareholders. No. Private Limited Limited Systems Private known as Angel
regulatory amendments. Limited
Limited Wellness Private
Conflict in Policy: Limited)
Amendments:
In the event of any conflict between the provisions of this Policy Reporting period FY22 FY22 FY22 FY22 FY22
Any subsequent amendment/modification in the Companies
and of the Act or Listing Regulations or any other statutory Reporting currency H H H H H
Act, 2013, SEBI regulations and/or other applicable laws in this
enactments, rules, the provisions of such Act or Listing 1. Share Capital 55.16 250.00 55.00 0.10 125.00
regard shall automatically apply to this Policy.
Regulations or statutory enactments, rules shall prevail over 2. Reserves & Surplus 844.59 50.25 57.87 25.23 *(213.33)
and automatically be applicable to this Policy and the relevant 3. Total Assets 1,145.56 322.29 113.14 28.92 137.08
The revision/ amendment to the Policy, if any, shall be subject
provisions of the Policy would be amended/modified in due 4. Total Liabilities 245.80 22.04 0.26 3.59 225.41
to the approval of the Board, if and when practical difficulties
course to make it consistent with the law.
are encountered. 5. Investments 50.12 62.42 48.01 25.96 0.00
6. Turnover 141.72 72.62 1.19 9.60 43.17
7. Profit/(Loss) before taxation 85.83 15.63 3.52 2.87 28.80
8. Provision for Taxation -20.84 -11.78 -0.93 -0.73 -0.48
9. Profit/(Loss) after taxation 64.99 3.85 2.59 2.14 25.81
10. Proposed Dividend 0 0 0 0 0
11. % of Shareholding 100% 100% 100% 100% 100%
*Note:- Includes loss from discontinued operations of H2.51 million.

Names of subsidiaries which are yet to commence operations- NA
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
– Not Applicable
Name of Associates or Joint Ventures

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 or 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. Net worth 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
1. Names of associates or joint ventures which are yet to commence operations.

2. Names of associates or joint ventures which have been liquidated or sold during the year.
For and on behalf of the Board

Angel One Limited
Sd/- Sd/- Sd/- Sd/-
Dinesh Thakkar Narayan Gangadhar Vineet Agrawal Naheed Patel
Chairman and Managing Director Chief Executive Officer Chief Financial Officer Company Secretary
DIN: 00004382 Membership No.: ACS22506

Statutory Reports
Corporate Overview
Annexure III
Annual Report on Corporate Social Responsibility (CSR) Activities
(Pursuant to the Companies (Corporate Social Responsibility) Rules, 2014) 9. (a) CSR amount spent or unspent for the financial year:
Amount Unspent (K in million)

1. BRIEF OUTLINE ON CSR POLICY OF THE COMPANY: Total Amount
Amount transferred to any fund specified under
We strive to be a socially responsible Company and strongly believe in development which is beneficial for the society at large. Spent for Total Amount transferred to Unspent
Schedule VII as per second proviso to Section
the Financial CSR Account as per Section 135(6)
Through the CSR programme, the Company sets the goal of reaching a global balance that integrates human, environmental and 135(5)
Year
community resources. By means of integrating and embedding CSR into its business operation and participating proactively Amount Date of transfer Name of the Fund Amount Date of transfer
in CSR initiatives, the Company intends to contribute continuously to the global sustainable development. NIL
The objective of this Policy is to set guiding principles for carrying out CSR activities by the Company and also to set up process (b) Details of CSR amount spent against ongoing projects for the financial year:
of execution, implementation and monitoring of the CSR activities to be undertaken by the Company.
2. COMPOSITION OF CSR COMMITTEE AS ON 31 MARCH, 2022: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Sr. Name Item from Local Location Project Amount Amount Amount Mode of Mode of Implementation
No. of the the list of area of the duration allocated spent transferred Implementation - - through Implementing
Number of Project activities in (Yes/ project for the in the to Unspent Direct (Yes/No) Agency
Number of
meetings of Schedule No) project current CSR
Sr. meetings of CSR
Name of Director Designation/Nature of Directorship CSR Committee VII to the (in H) financial Account
No. Committee held
attended during Act Year (in H) for the
during the year
the year project as
1. Mr. Dinesh Thakkar Chairman – Chairman & Managing Director 3 3 per Section
2. Mr. Kamalji Sahay Member – Non-Executive Independent Director 3 3 135(6) (in H)
3. Mr. Krishna Iyer # Member – Non-Executive Director 3 2 State District Name CSR
Registration
The Committee was reconstituted on 20 October, 2021 and Mr. Ketan Shah ceased to be member of the CSR committee and Mr, Krishna Iyer was
#
number
appointed as the Member of the Committee.
Not Applicable
3. ROVIDE THE WEB-LINK WHERE COMPOSITION OF CSR COMMITTEE, CSR POLICY AND CSR PROJECTS APPROVED BY THE
P
BOARD ARE DISCLOSED ON THE WEBSITE OF THE COMPANY. c) Details of CSR amount spent against other than ongoing projects for the financial year:
The web-link is as follows:

(1) (2) (3) (4) (5) (6) (7) (8)
https://www.angelone.in/investor-relations/codes-and-policies Sr. Name of the Item from the Local area Location of the project Amount Mode of Mode of implementation - Through
No. Project list of activities (Yes/No) spent implementation - implementing agency
4. ROVIDE THE DETAILS OF IMPACT ASSESSMENT OF CSR PROJECTS CARRIED OUT IN PURSUANCE OF SUB-RULE (3) OF
P in schedule VII for the Direct (Yes/No)
RULE 8 OF THE COMPANIES (CORPORATE SOCIAL RESPONSIBILITY POLICY) RULES, 2014, IF APPLICABLE (ATTACH THE to the Act project
REPORT). State District Name CSR registration
Not Applicable number
1. Community ii. Yes Maharashtra, Mumbai 42.55 No Collective CSR00001648
5. ETAILS OF THE AMOUNT AVAILABLE FOR SET OFF IN PURSUANCE OF SUB-RULE (3) OF RULE 7 OF THE COMPANIES
D Vaccination Good
(CORPORATE SOCIAL RESPONSIBILITY POLICY) RULES, 2014 AND AMOUNT REQUIRED FOR SET OFF FOR THE FINANCIAL Project Foundation
YEAR, IF ANY:
(d) Amount spent in Administrative Overheads: Not Applicable
Amount available
for set-off
Amount required (e) Amount spent on Impact Assessment, if applicable: Not Applicable
to be set-off
Sr. No. Financial Year from preceding
for the financial (f) Total amount spent for the Financial Year (8b+8c+8d+8e): H42.55 million
financial years
year, if any (in K)
(in K)
Not Applicable (g) Excess amount for set off, if any:
6. AVERAGE NET PROFIT OF THE COMPANY AS PER SECTION 135(5): K2,123.60 MILLION Sr. Amount
Particular
No. (K in million)
7. (a) Two percent of average net profit of the Company as per Section 135(5): H42.55 million (i) Two percent of average net profit of the Company as per Section 135(5) 42.55
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil (ii) Total amount spent for the Financial Year 42.55
(iii) Excess amount spent for the financial year [(ii)-(i)] 0
(c) Amount required to be set off for the financial year, if any: Nil
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any 0
8. Total CSR obligation for the financial year (7a+7b-7c): H42.55 million (v) Amount available for set off in succeeding financial years [(iii)-(iv)] 0

Statutory Reports
Corporate Overview
Annexure III (Continued) Annexure IV

10. (a) Details of Unspent CSR amount for the preceding three financial years: FORM NO. MR-3
Secretarial Audit Report
Preceding Amount transferred to Amount spent in the Amount transferred to any fund specified Amount For the Financial Year Ended 31 March, 2022
Sr.
Financial Unspent CSR Account reporting Financial under Schedule VII as per Section 135(6), remaining to
No. [Pursuant to Section 204(1) of the Companies Act, 2013 and rule 9 of the Companies
Year under Section 135 (6) (in K) Year (in K) if any be spent in
succeeding (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
Name of the Date of financial
Amount (in K)
Fund transfer years (in K)
Not Applicable
To, (i) The Companies Act, 2013 (the Act) and the rules made
The Members, there under;
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): Angel One Limited (ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’)
(Formerly known as Angel Broking Limited) and the rules made there under;
(1) (2) (3) (4) (5) (6) (7) (8) (9) G-1, Ground Floor, Akruti Trade Centre, (iii) The Depositories Act, 1996 and the Regulations and
Amount spent
Cumulative Road No. 7, MIDC, Andheri (East), Bye‑laws framed there under;
Financial Year Total amount amount spent Status of
on the project Mumbai – 400 093 (iv) Foreign Exchange Management Act, 1999 and the rules
Sr. Name of the in which the Project allocated for at the end the project -
Project ID in the reporting
No. Project project was duration the project of reporting Completed / and regulations made thereunder to the extent of Foreign
Financial Year
commenced (in K)
(in K)
Financial Year Ongoing We have conducted the secretarial audit of the compliance Direct Investment; (Overseas Direct Investment and
(in K) of applicable statutory provisions and the adherence to good External Commercial Borrowings are not applicable to
Not Applicable corporate practices by M/s. Angel One Limited (hereinafter the Company during the Audit Period)
called “the Company”). Secretarial Audit was conducted in a
(v) The following Regulations and Guidelines prescribed under
11. I n case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through manner that provided us a reasonable basis for evaluating the
the Securities and Exchange Board of India Act, 1992
CSR spent in the financial year (asset-wise details) – None corporate conducts/ statutory compliances and expressing
(‘SEBI Act’): -
(a) Date of creation or acquisition of the capital asset(s). our opinion thereon.
(a) The Securities and Exchange Board of India
(b) Amount of CSR spent for creation or acquisition of capital asset. AUDITOR’S RESPONSIBILITY: (Substantial Acquisition of Shares and Takeovers)
Our responsibility is to express an opinion on the compliance Regulations, 2011;
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc. of the applicable laws and maintenance of records based (b) The Securities and Exchange Board of India
on audit. We have conducted the audit in accordance with (Prohibition of Insider Trading) Regulations, 2015;
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset). the applicable Auditing Standards issued by The Institute of
Company Secretaries of India. The Auditing Standards requires (c) The Securities and Exchange Board of India (Issue of
12. Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as per Section 135(5) – that the Auditor shall comply with statutory and regulatory Capital and Disclosure Requirements) Regulations,
requirements and plan and perform the audit to obtain 2018; (Not Applicable to the Company during the
Not applicable
reasonable assurance about compliance with applicable laws Audit Period)
and maintenance of records. (d) The Securities and Exchange Board of India (Share
For Angel One Limited Based Employee Benefits) Regulations, 2014 and
Due to the inherent limitations of audit including internal, Securities and Exchange Board of India (Share
financial and operating controls, there is an unavoidable risk Based Employee Benefits and Sweat Equity)
that some material misstatements or material non-compliances Regulations, 2021;
Sd/-
may not be detected, even though the audit is properly planned
Dinesh Thakkar and performed in accordance with the Standards. (e) The Securities and Exchange Board of India (Issue and
Chairman & Managing Director and chairperson of CSR Committee Listing of Debt Securities) Regulations, 2008 and The
MODIFIED OPINION: Securities and Exchange Board of India (Issue and
(DIN: 00004382)
Listing of Non-Convertible Securities) Regulations,
Based on our verification of the Company’s books, papers,
2021 to the extent of listing of Commercial papers;
Date: 20 April, 2022 minute books, forms and returns filed and other records
Place: Mumbai maintained by the Company and also the information (f) The Securities and Exchange Board of India
provided by the Company, its officers, agents and authorised (Registrars to an Issue and Share Transfer Agents)
representatives during the conduct of secretarial audit, we Regulations, 1993 regarding the Companies Act and
hereby report that in our opinion, the Company has, during the dealing with client;
audit period covering the financial year ended on 31 March,
(g The Securities and Exchange Board of India (Delisting
2022 (hereinafter called the ‘Audit Period’) complied with the
of Equity Shares) Regulations, 2009 and The
statutory provisions listed hereunder and also that the Company
Securities and Exchange Board of India (Delisting of
has proper Board processes and compliance mechanism in
Equity Shares) Regulations, 2021 (Not Applicable to
place to the extent, in the manner and subject to the reporting
the Company during the Audit Period); and
made hereinafter:
(h) The Securities and Exchange Board of India (Buyback
We have examined the books, papers, minute books, forms and of Securities) Regulations, 2018 (Not Applicable to
returns filed and other records maintained by the Company for the Company during the Audit Period).
the financial year ended on 31 March, 2022 according to the
provisions of:

Statutory Reports
Corporate Overview
Annexure IV (Continued)
We have also examined compliance with the applicable of Directors that took place during the period under review were ‘ANNEXURE A’
clauses of the following: carried out in compliance with the provisions of the Act.
(i) Secretarial Standards issued by The Institute of To, 4. Wherever required, we have obtained the Management
Adequate notice is given to all directors to schedule the Board
Company Secretaries of India. The Members, representation about the compliance of laws, rules and
Meetings, agenda and detailed notes on agenda were sent at
regulations and happening of events etc.
(ii) The Securities and Exchange Board of India least seven days in advance and a system exists for seeking and Angel One Limited
(Listing Obligations and Disclosure Requirements) obtaining further information and clarifications on the agenda (Formerly known as Angel Broking Limited) 5. The compliance of the provisions of Corporate and
Regulations, 2015 and amendments made thereunder items before the meeting and for meaningful participation at
G-1, Ground Floor, Akruti Trade Centre, other applicable laws, rules, regulations, standards is
(Hereinafter referred as “Listing Regulations”). the meeting.
Road No. 7, MIDC, Andheri (East), the responsibility of management. Our examination was
During the period under review, the Company has complied All decisions at Board Meetings and Committee Meetings are limited to the verification of procedures on test basis.
Mumbai – 400 093
with the provisions of the Act, Rules, Regulations, carried out unanimously as recorded in the minutes of the
Guidelines and Standards mentioned except as meetings of the Board of Directors or Committee of the Board, 6. The Secretarial Audit report is neither an assurance as to
Our report of even date is to be read along with this letter.
mentioned below: as the case may be. the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted
We further report that there are adequate systems and 1. Maintenance of secretarial record is the responsibility of
1. The Company has made delay in one case of disclosure the affairs of the Company.
processes in the Company commensurate with the size and the management of the Company. Our responsibility is to
under Regulation 30 of Listing Regulations.
operations of the Company to monitor and ensure compliance express an opinion on these secretarial records based on
with applicable laws, rules, regulations and guidelines. our audit.
2. Due to sudden demise of one of the directors, there
were only 5 directors on the board for the period We further report that during the audit period the Company has For MMJB & Associates LLP
2. We have followed the audit practices and processes as
17 April, 2021 to 14 July, 2021, however as per Company Secretaries
1. Issued and allotted 9,50,508 equity shares of face value were appropriate to obtain reasonable assurance about
Regulation 17(1)(C) of Listing Regulations, a company
of H10 each pursuant to Angel Employee Stock Option the correctness of the contents of the Secretarial records.
is required to have at least 6 number of directors on Sd/-
Scheme 2018 and 81,707 equity shares of face value of The verification was done on test basis to ensure that
continual basis on the board, further the Company Saurabh Agarwal
H10 each pursuant to Angel Employee Stock Long-term correct facts are reflected in secretarial records. We
has affirmed the said regulation is in compliance in
Incentive Plan 2021; believe that the processes and practices, we followed Designated Partner
Corporate Governance report for the quarter ended
provide a reasonable basis for our opinion. FCS: F9290
June 2021, which is erroneous. 2. Change its Name from Angel Broking Limited to Angel One
Limited by passing Special resolution through Postal Ballot CP: 20907
3. We have not verified the correctness and appropriateness
3. The composition of Nomination and Remuneration dated 08 September, 2021 and also amended Memorandum PR: 904/2020
of financial records and Books of Accounts of the Company.
Committee is not in compliance with the provisions and Article of association of the Company accordingly;
UDIN: F009290D000165248
of Regulation 19 of Listing Regulation for the period
3. Approved the proposal to alter the Main Objects clause
of 05 May, 2021 to 14 July, 2021, further the Company
of the Memorandum of Association of the Company by Date: 20 April, 2022
has affirmed the said regulation is in compliance in
adding new clause to the main objects, in accordance Place: Mumbai
Corporate Governance report for the quarter ended
with Section 13 and other applicable provisions of the Act
June 2021, which is erroneous.
by passing Special resolution through Postal Ballot dated
12 December, 2021;
We further report that, having regard to the compliance
system prevailing in the Company and on the examination 4. Approved the Articles of Association of the Company by
of the relevant documents and records in pursuance substituting the existing set with a new set of Articles
thereof, on test -check basis the Company has complied of Association;
with the following specific law to the extent applicable to
5. Approved for the limits which shall not exceed of H5,000
the Company:
crore under Section 180(1)(a) and 180(1)(c) of the Act.
• The Securities and Exchange Board of India
(Stockbrokers and Sub-brokers) Regulations, 1992 and
For MMJB & Associates LLP
Rules, Regulations and Bye-laws of Stock Exchanges;
Company Secretaries
• The Securities and Exchange Board of India (Portfolio
Managers) Regulations, 2020; Sd/-
• The Securities and Exchange Board of India (Research Saurabh Agarwal
Analysts) Regulations, 2014; Designated Partner
• The Securities and Exchange Board of India FCS: F9290
(Investment Advisors) Regulations, 2013; CP: 20907
• Pension Fund Regulatory and Development Authority PR: 904/2020
Regulations, 2018. UDIN: F009290D000165248
WE FURTHER REPORT THAT Date: 20 April, 2022

The Board of Directors of the Company is duly constituted Place: Mumbai
with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors except for the duration *This report is to be read with our letter of even date which is annexed as
as stated above. The changes in the composition of the Board Annexure A and forms an integral part of this report.

Statutory Reports
Corporate Overview
Annexure V
DETAILS OF EMPLOYEE STOCK OPTION PLAN
[Pursuant to the provisions of Section 62 of the Companies Act, 2013, read with Rule 12 of The Companies (Share Capital and Angel Broking Employee Stock Angel Broking Long-Term
Details of ESOP
Option Plan 2018 Incentive Plan 2021
Debentures) Rules, 2014]
IV. Weighted-average exercise price of options granted during the year whose:
Weighted average price equals market price Please refer to the Note No. 39 of the Standalone Financials Statements
Exercise price is greater than market price and note no. 40 of the Consolidated Financial Statements of the Company
Angel Broking Employee Stock Option Angel Broking Long-term Incentive Exercise price is less than market price for the financial year ended 31 March, 2022.
Details of ESOP
Plan 2018 Plan 2021 Weighted average fair value of options granted during the year whose:
I. Description of each ESOP that existed at any time during the year: Exercise price equals market price Please refer to the Note No. 39 of the Standalone Financials Statements
Date of Shareholders approval 19 April, 2018 05 March, 2021 Exercise price is greater than market price and note no. 40 of the Consolidated Financial Statements of the Company
Exercise price is less than market price for the financial year ended 31 March, 2022.
Total number of options approved 3,290,000 8,180,399
V. Employee-wise details of options granted during the FY22 to:
under ESOP
i. Senior Managerial personnel Narayan Gangadhar – 518,700
Vesting requirement The Board may, in its absolute discretion, Vesting Period of Options shall generally
permit the Options granted, including Options, be up to 4 years from the date of grant of ii. Employees who were granted, during any one year, options Narayan Gangadhar – 518,700
which have not vested, to be exercised options or any other period as determined amounting to 5% or more of the options granted during the year
within such time and as per such terms and by the Administrator i.e. the Nomination & iii. Identified employees who were granted options, during any None
conditions as it may determine provided that a Remuneration Committee. The minimum one year, equal to or exceeding 1% of the issued capital
minimum period of one year shall elapse from Vesting Period of an Option Award shall not be (excluding outstanding warrants and conversions) of the
the date of Grant before Vesting. less than a period of one year from the date of Company at the time of grant
grant of options.
Exercise price/Pricing Formula (In H) H211.51 per option The Exercise Price for an Option shall be Method and Assumptions used to estimate the fair value of options granted during the year:
determined by the Administrator. Options may
be granted at an Exercise Price equal to the The fair value has been calculated using the Black Scholes Option Pricing Model. The Assumptions used in the model are as follows:
Market Price per Share or a discounted price
as determined by the Administrator; provided
Angel Broking Employee Stock Angel Broking Long-Term
such Exercise Price shall not be less than the Particulars
Option Plan 2018 Incentive Plan 2021
Par Value or Face Value per Share (H 10) on
Grant date Please refer to the Note No. 39 of the Standalone Financials Statements
the grant date or such other minimum price
Weighted average fair value of options granted and note no. 40 of the Consolidated Financial Statements of the Company
required by Applicable Laws.
Exercise price for the financial year ended 31 March, 2022.
The exercise price for the Options granted till Share price at the grant date
31 March, 2022 is from H326.20 to H1275 per Expected volatility
Option. Risk free interest rate
Minimum term of options granted (years) The Board may, in its absolute discretion, The minimum Vesting Period of an Option Expected dividend yield
permit the Options granted, including Options, Award shall not be less than a period of one
which have not vested, to be exercised within year from the date of grant of options.
such time and as per such terms and conditions
as it may determine provided that a minimum Angel Broking Employee Stock Angel Broking Long-Term Incentive
period of one year shall elapse from the date of Details of ESOP
Option Plan 2018 Plan 2021
Grant before Vesting. Weighted Average share price of options exercised during the year: K337.9
Source of shares Primary Primary Exercise price and weighted average remaining contractual life of outstanding options:
Variation in terms of options There have been no variations in terms of the Scheme name Number of options outstanding Weighted Average Remaining Exercise Price
options Contractual Life (in years)
II. Method used to account for ESOP: Angel Broking Employee Stock Option Please refer to the Note No. 39 of the Standalone Financials Statements and note
Plan 2018 no. 40 of the Consolidated Financial Statements of the Company for the financial
The Company has calculated the employee compensation cost using the Fair value method of accounting for the Options granted. year ended 31 March, 2022.
Angel Broking Long-Term Incentive Plan 2021
III. Option Movement during the year:
Diluted earnings per share pursuant to issue of shares on (Consolidated) diluted EPS for the year ended 31 March, 2022 – H74.44
Number of options outstanding at the 15,31,247 705,504 exercise of options calculated in accordance with Ind AS 33
beginning of the year ‘Earnings per Share'
Number of options granted during the year Nil 745,185 Impact of employee compensation cost calculated as ESOP Expense at consolidated basis for the year ended 31 March, 2022 – H156.28
Number of options forfeited/lapsed during the (35,420) (163,360) difference between intrinsic value and fair market value in million
accordance with SEBI Guidelines on ESOP (H in lakh)
year
Relevant disclosures in terms of the 'Guidance note on The disclosures are provided in Note No. 39 of the Standalone Financials Statements
No. of options vested during the year 641,641 118,242 accounting for employee share based payments' issued by and note no. 40 of the Consolidated Financial Statements of the Company for the
Number of options exercised during the year (9,50,508) (81,707) Institute of Chartered Accountants of India (“ICAI”) or any other financial year ended 31 March, 2022.
Total number of shares 9,50,508 81,707 relevant accounting standards as prescribed from time to time.
arising as a result of exercise of options
Money realised by exercise of options H201,041,947 H27,608,795.3 For Angel One Limited
Number of options outstanding at the end of 545,319 12,05,622
the year Dinesh Thakkar
Number of options exercisable at the end of 61,010 118,242 Chairman & Managing Director
the year
(DIN: 00004382)
Place: Mumbai

Statutory Reports
Corporate Overview
Report on Corporate Governance

[As per regulation 34(3) read along with Schedule V(C) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 The broad composition of the Board of Directors and other details such as names of the listed entities where they hold
(“Listing Regulations”)] directorships, category of directorship, their total number of Directorship/Committee positions viz., Chairman/Member,
shareholding in the Company and attendance at the Board Meetings and at the last Annual General Meeting are as under:
I. COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE: Mr. Dinesh Thakkar, Chairman and Managing Director Composition of Board of Directors as on 31 March, 2022:
The Company’s policy on Corporate Governance is based of the Company belong to promoter group. None of
on the principles of full disclosure, fairness, equity, the other Directors are related to Promoter group,
Category No. of Directors
transparency, and accountability in various aspects of or related to each other than as stated above.
Independent Directors 4
its functioning, leading to the protection of stakeholders’
None of the Independent Directors have any other Other Non-Executive Directors 1
interest and an enduring relationship with them. The
material pecuniary relationship or transaction with Executive Director 1
Management ’s commitment to these principles is
reinforced through the adherence of all Corporate the Company, its Promoters, or Directors, or Senior Executive Chairman & Managing Director 1
Governance practices which forms part of the Regulation Management which, in their judgement, would affect Total 7
Nos. 17 to 27 of the SEBI (Listing Obligations and Disclosure their independence. The Board confirms that based
Requirements) Regulations, 2015, as amended from time on the written affirmations from each Independent b) Board meetings held and Directors’ attendance record
to time [‘Listing Regulations’]. The Company has also Director, all Independent Directors fulfill the
adopted the Code of Conduct for its Directors and Senior conditions specified for independence as stipulated
Management Personnel. The Company has in place a Code in the Regulation 16 (1)(b) of SEBI (Listing Obligations No. of No. of Board
Attendance
for Fair Disclosure and Conduct as required under the SEBI and Disclosure Requirements) (Amendment), Directorship Committee
at last AGM
No of Shares No. of Board Membership held in
Regulations, 2018 (“Listing Regulations) w.e.f. in Public
(Prohibition of Insider Trading) Regulations, 2015 which Sr. Category of held as on meetings held on
01 October, 2018 and are independent of the Name of Director Companies Public Companies
has been amended from time to time. No. Director 31 March, attended 29 June,
as on as on
Management. Further, the Independent Directors 2022 during FY22 2021
31 March, 31 March, 2022**
II. BOARD OF DIRECTORS: have also registered their names in the Data bank 2022*
maintained by the Indian Institute of Corporate Affairs Chairman Member
a) Board Composition and category of directors
as mandated in the Companies (Appointment and 1. Mr. Dinesh Thakkar Promoter, 16,768,805 6 1 0 0 Yes
The Company’s Board of Directors (“Board”) has Qualification of Directors), Rules, 2014 as amended. Chairman and
an optimum combination of both Executive and Managing Director
Non-Executive Directors with the Chairman being The Board of Directors comprises of professionals 2. Mr. Ketan Shah Whole-Time 120,594 6 1 0 1 Yes
Executive Director. The Board comprises of both drawn from diverse fields who bring with them a Director
Independent and Non-Independent Directors. The wide range of skills and experience to the Board, 3. Mr. Uday Sankar Roy Non-Executive 0 6 1 0 2 Yes
Company also has one Independent Woman Director which enhances the quality of Board’s decision- Independent
on its Board. The number of Independent Directors making process. All the Directors of the Company Director
comprises 50% of the total strength of the Board. are experienced professionals having knowledge 4. Mr. Kamalji Sahay Non-Executive 0 6 1 1 1 Yes
The composition of the Board is in conformity with covering wide range of subjects including those of Independent
Regulation 17 of the Listing Regulations. Banking, Financial Services and Insurance (BFSI), Director
Information Technology Enables Services (ITES), 5. Mr. Muralidharan Non-Executive 0 2 1 0 0 No
The management of the Company is entrusted in Corporate Governance and the related regulatory Ramachandran Independent
the hands of its Senior Management Personnel and issues of the business. Director
is headed by the Executive Chairman and Managing 6. Ms. Mala Todarwal Non-Executive 0 1 4 2 7 No
Director who functions under the supervision and Details of the Director seeking re-appointment at the Independent
control of the Board. The Board reviews and approves Annual General Meeting (‘AGM’) have been mentioned Director
strategy and oversees the actions and results of in the Notice of the AGM 7. Mr. Krishna Iyer Non-Executive 0 2 1 0 1 No
management to ensure that the long-term objectives Non-Independent
of enhancing stakeholders’ value are met. Director
* E xcludes Directorships held in Private Limited Companies, Foreign Companies and Section 8 companies (having charitable objects etc.)
and includes directorship in Angel One Limited (Formerly known as Angel Broking Limited).
Matrix setting out the skills/ expertise/ competence of the Board of Directors:
** In accordance with Regulation 26 of the Listing Regulations, Chairmanships/Memberships of only Audit Committee and Stakeholders
The following is the list of core skills/ expertise/ competencies possessed by the Board of Directors of the Company, Relationship & Investors’ Grievance Committee of all Public Limited Companies, whether listed or not, has been considered including
which are essential for the functioning of the Company in an effective manner: that of Angel One Limited (Formerly Known as Angel Broking Limited).
Sr.
Name of the Director Skills/expertise/competences
No.
1. Mr. Dinesh Thakkar More than 30 years of experience in the Broking Industry
2. Mr. Ketan Shah Experience of 26+ years in Financial Services
3. Mr. Krishna Iyer Experience of 22+ years in Technology, Leadership Development and Culture Transformation
4. Mr. Uday Sankar Roy Experience of 37+ years in the Banking Industry
5. Mr. Kamalji Sahay Experience of 39+ years in the Insurance Industry
6. Mr. Muralidharan Experience of over three decades in IT/ITES industry and driving business transformation
Ramachandran
7. Ms. Mala Todarwal Practicing chartered accountant with 16+ years of experience across multiple industries

Statutory Reports
Corporate Overview
Report on Corporate Governance (Continued)
c) Other directorship positions held in listed entities by Directors and the category: Directors regarding their responsibilities in case of All the 4 (Four) Independent Directors were present
change/amendment to the Rules and Regulations. at the meeting. Pursuant to the requirements of the
Sr. Names of listed entities in which
The details of the familiarisation programmes have Listing Regulations and Schedule IV of the Companies
Name of Director Category of Directorship been displayed on the Company’s website and its Act, 2013 on Code of Conduct of the Independent
No. Directorship held
weblink is www.angelone.in Directors, the Independent Directors had reviewed
1. Mr. Dinesh Thakkar None None
and evaluated the performance of Non‑Independent
2. Mr. Ketan Shah None None f) Independent Directors’ Meeting: Directors and the Board as a whole and the same
3. Mr. Uday Sankar Roy None None was found satisfactory. Further, pursuant to the
During the year under review, the Independent
4. Mr. Kamalji Sahay None None Directors met on 14 January, 2022 inter alia Companies (Appointment and Qualification of
5. Mr. Muralidharan Ramachandran None None to discuss: Directors), Rules, 2014 as amended, the Independent
6. Mr. Krishna Iyer None None Directors have also furnished a declaration to the
- Overall operations effect that they have included their names in the
7. Ms. Mala Todarwal 1. Welspun Investments and Commercials Non- Executive – Independent Director
Limited - Business Strategy Database maintained by the Indian Institute of
2. IVP Limited Corporate Affairs.
- Medium/Long-term plans including diversification
plans III. COMMITTEES OF THE BOARD:
During the year under review, six meetings of the Board were held on the following dates:
- Overall performance of the Senior Management and 1. Audit Committee:
their succession plan The Audit Committee acts as a link between the
Sr.
Name of Director Board Strength No. of Directors present statutory and internal auditors and the Board of
No. - Performance of non independent Directors and the
Board as a whole; Directors. It assists the Board in fulfilling its oversight
1. 22 April, 2021 5 5
responsibilities of monitoring financial reporting
2. 05 May, 2021 5 5 - Performance of the Chairperson of the company, processes, reviewing the Company’s established
3. 29 May, 2021 5 5 taking into account the views of executive Directors systems and processes for internal financial controls,
4. 15 July, 2021 6 5 and non-executive Directors; governance and reviewing the Company’s statutory
5. 20 October, 2021 7 6 - Assess the quality, quantity and timeliness of flow and internal audit activities.
6. 17 January, 2022 7 7 of information between the company management
and the Board that is necessary for the Board to The total strength of the Audit Committee is three out
effectively and reasonably perform their duties. of which, two members fall under the Independent
Category. The norms require 2/3rd of the members
The maximum gap between two Board Meetings held d) Major functions of the Board:
to be Independent Directors.
during the year was not more than 120 days. The Company has clearly defined the roles, functions,
responsibility, and accountability of the Board of
Dates for the Board meetings in the ensuing year are Directors. In addition to its primary role of monitoring
decided well in advance and communicated to the The composition of the Audit Committee and the details of meetings attended by the Members during the year are
corporate performance, the major functions of the
Directors. Board meetings are held at the Corporate given below:
Board comprise:
Office of the Company or through video conferencing.
The Agenda along with the Notes are sent in advance • Approving corporate philosophy; No. of Meetings
Designation in
to the Directors. Additional meetings of the Board Name of Members Category attended during
• Reviewing and approving strategic and Committee
are held when deemed necessary by the Board. The the year 2021-22
Board members attend meetings through video business plan; Ms. Mala Todarwal Non-Executive - Independent Chairperson 1
conferencing in case they are unable to attend in (Appointed as Chairperson w.e.f. 20 October, 2021) Director
• Reviewing and approving financial plans
person. As required by Secretarial Standards issued and budgets; Mr. Uday Sankar Roy Non-Executive - Independent Member 4
by Institute of Company Secretaries of India (ICSI), (Chairperson Up to 20 October, 2021) Director
certain Unpublished Price Sensitive Information • Monitoring corporate performance against such Mr. Krishna Iyer Non-Executive - Non Independent Member 1
(UPSI) such as Unaudited/Audited Financial Results strategic and business plans; (Appointed as Member w.e.f. 20 October, 2021 Director
with Presentation thereon is being circulated to the • Review of Business risk issues; Mr. Kamalji Sahay Non-Executive - Independent Member 3
Board Members at a shorter Notice as per the general (Ceased to be a member w.e.f. 20 October, 2021) Director
consent given by the Board of Directors at the first • Ensuring ethical behaviour and compliance with Mr. Ketan Shah Whole-Time Director Member 3
Board Meeting held at each financial year. laws and regulations; (Ceased to be a member w.e.f. 20 October, 2021)
• Reviewing and approving borrowing limits.
The 25 th Annual General Meeting was held on
29 June, 2021. e) Familiarisation Programme:
Periodically, the Company provides familiarisation
Pursuant to requirements of Regulation 26 of
programmes to the Independent Directors to enable
the Listing Regulations, none of the Company’s
them to understand the business of the Company.
Directors is a member of more than 10 committees
At the meetings of the Board of Directors held on
or Chairman of more than 5 committees across all
quarterly basis, presentations on the important
Public companies in which she/he is a Director.
aspects of the industry and business, client related,
financials and Marketing performance are made.
The Management also endeavours to apprise the

Statutory Reports
Corporate Overview
During the year under review, Audit Committee c) The recommendation for appointment, 2. Stakeholders' Relationship Committee:
was reconstituted on 05 May, 2021 and 20 October, remuneration and terms of appointment of The terms of reference of the Committee are as follows:
2021 respectively. Further, the Audit Committee auditors of the Company;
met four times during the financial year 2021-22 i.e. a) Redressal of grievances of shareholders, debenture holders and other security holders, including complaints related
d) To recommend the appointment and to the transfer of shares.
05 May, 2021, 15 July, 2021, 20 October, 2021 and
remuneration of the Secretarial Auditor;
17 January, 2022. b) Allotment of shares, approval of transfer or transmission of shares, debentures or any other securities.
e) Review and monitor the auditor’s independence
The requisite quorum was present at the meetings. and per formance, and effectiveness of c) Issue of duplicate certificates and new certificates on split/consolidation/ renewal.
audit process; d) Non-receipt of declared dividends, balance sheets of our Company, annual report or any other documents or
Audit Committee meetings are also attended by information to be sent by our Company to its shareholders.
f) Examination of the financial statement and the
the Senior Management Personnel of the Company
auditors’ report thereon; e) Carrying out any other function as prescribed under the SEBI Listing Regulations, Companies Act, 2013, Companies
wherever required along with the, Chief Executive
Officer and Chief Financial Officer, as invitees. The g) Approval or any subsequent modification (Amendment) Act, 2017, to the extent applicable and the rules and regulations made thereunder, each as amended
Company Secretary acts as the Secretary of the of transactions of the Company with or other applicable law.
Audit Committee. related parties; Composition of Committee given herein below:
h) Scrutiny of inter-corporate loans and
The Board of Directors have appointed M/s. Parekh
investments; Designation in
Shah & Lodha, Chartered Accountant, as Internal Name of Members Category
Committee
Auditors for the FY22 to conduct the internal audit i) Valuation of undertakings or assets of the
Mr. Kamalji Sahay Non-Executive Independent Director Chairperson
of the various areas of operations and records Company, wherever it is necessary;
of the Company. The periodic reports of the said Mr. Ketan Shah Whole-Time Director Member
j) Evaluation of internal financial controls and risk (Appointed as member w.e.f. 05 May, 2021)
internal auditors are regularly placed before the
management systems; Mr. Uday Shankar Roy Non-Executive Independent Director Member
Audit Committee along with the comments of
(Appointed as Member w.e.f. 23 September, 2021)
the management on the action taken to correct k) To review the Internal Control over Financial
any observed deficiencies on the working of the Reporting; Ms. Mala Todarwal Non-Executive Independent Director Member
various departments. (Appointed as Member w.e.f. 20 October, 2021)
l) To review the functioning of the Whistle‑blower Ms. Anisha Motwani Non-Executive Independent Director Member
mechanism; (Ceased to be a member we.f. 15 September, 2021)
The scope of the activities of the Audit Committee is
as set out in Regulation 18 of the listing Regulations m) Monitoring the end use of funds raised through
read with Section 177 of the Companies Act, 2013 public offers and related matters; Ms. Naheed Patel, Company Secretary is the Compliance Officer of the Company. The Stakeholders Relationship
and SEBI (Prohibition of Insider Trading) Regulations, Committee ensures the the grievances of security holders are resolved in a timely and efficient manner.
n) To review compliance with the provisions of SEBI
2015 and the amendments made thereto.
(Prohibition of Insider Trading) Regulations, The Company Secretary acts as the Secretary of the Committee.
2015 and the amendments made thereto from
The Audit Committee also receives the report on
time to time, at least once in a financial year and During the year under review, the Committee was reconstituted on 05 May, 2021, 23 September, 2021 and
compliance under the SEBI (Code of Conduct for
verify that the systems for internal control are 20 October, 2021 respectively.
Prohibition of Insider Trading) Regulations, 2015.
adequate and are operating effectively;
Further, Compliance Reports under the Sexual
Harassment of Women at Workplace (Prevention, o) To review the annual declaration made by the The Committee normally meets once in a year. During the year 2021-22, one meeting was held on 13 January, 2022. The
Prohibition and Redressal) Act, 2013 and Whistle Promoters and Promoter group regarding Committee reviews the complaints received by the Company from its investors and the action taken by the management
Blower Policy are also placed before the Committee. encumbrance, whether directly or indirectly, to address these complaints.
on shares of the Company pursuant to the etails of investor queries and grievances received and attended by the Company during the FY22 are given herein
D
The terms of reference of the Audit Committee are provisions of SEBI (Substantial Acquisition below:
broadly as follows: of Shares and Takeover), Regulations, 2011,
as amended.
a) To oversee the Company’s financial reporting Sr. Pending as on Received during Disposed off Pending as on
Nature of Complaint
process and the disclosure of its financial No. 01 April, 2021 the year during the year 31 March, 2022
The Audit Committee also assures the Board about
information to ensure that financial statement 1. SEBI/Stock Exchange Complaints 0 03 03 0
the adequate internal control procedures and
are correct, sufficient and credible; 2. Non-receipt of Dividend warrant/Interest 0 0 0 0
financial disclosures commensurate with the size of
b) To engage consultants who can analyse/review the Company and in conformity with the requirements 3. Non-receipt of Share Certificate 0 0 0 0
the internal practices and give a report thereon of the Listing Regulations. 4. Non-receipt of Annual Report 0 0 0 0
to the audit committee from time to time in 5. Others 0 09 09 0
respect of the Company’s Financial Reporting
Total 0 12 12 0
and controls thereto;

Statutory Reports
Corporate Overview
3. Nomination and Remuneration Committee k) Specify the manner of evaluation of the Key managerial personnel/ Senior
he Company has Nomination and Remuneration Committee pursuant to Section 178 of the Companies Act, 2013 and
T performance of the Board, its committees, management of the quality required to run
Regulation 19 of SEBI Listing Regulations. and the individual directors to be carried the Company successfully;
out either by the Committee or by the Board
ii) r e l a tio n s hip of r e m u n e r a tio n to
he NRC Committee is responsible for formulating evaluation policies and reviewing all major aspects of Company’s
T or by the independent external agency and
per for mance is clear and meets
HR processes relating to hiring, training, talent management, succession planning and compensation structure review its implementation and compliance.
appropriate performance benchmarks;
of the Directors, KMPs and Senior Management. The Committee also anchored the performance evaluation of the
Individual Directors. I n view of the amended provisions of Section 178 iii) r emuneration to directors, key managerial
of the Companies Act, 2013, the performance personnel and senior management involves
A. Composition and Scope: of Board, its committees and each Director a balance between fixed and variable
(excluding the director being evaluated) has incentive pay reflecting short and long-
he composition of the Nomination and Remuneration Committee (NRC) is as follows and the details of meetings
T
been evaluated by the Board on the basis of term performance objectives appropriate
attended by the Members during the year are given below:
engagement, leadership, analysis, decision to the working of the Company and its
making, communication, governance, interest goals; and
No. of meetings of stakeholders etc.
Designation in iv) specify the manner of manner of effective
Name of Members Category attended during
Committee evaluation of the performance of Board, its
the Year
B. Remuneration Policy
Mr. Uday Sankar Roy Non-Executive Independent Director Chairperson 6 committees and individual directors to be
The Nomination and Remuneration Committee carried out either by the Board or by the NRC
Mr. Dinesh Thakkar Chairman and Managing Director Member 5
while deciding the remuneration package of the or by an independent external agency and
Mr. Kamalji Sahay Non-Executive Independent Director Member 6 Directors and Senior Management Executives review its implementation and compliance.
Mr. Muralidharan Ramachandran ensures that:
(Appointed w.e.f. 06 August, 2021) Non-Executive Independent Director Member 2 he Non-Executive Independent Directors
T
i) t he level and composition of remuneration (NEDs) are paid remuneration by way of Sitting
Mr. Krishna Iyer
is reasonable and sufficient to attract, Fees for their participation in various committee
(Appointed as Member w.e.f. Non-Executive Non Independent Director Member 2
r e t a i n a n d m o t i v a te d i r e c to r s / and board meetings.
23 September, 2021)
Mr. Ketan Shah
(Ceased to be a Member w.e.f. Whole-Time Director Member 2
15 July, 2021 C. Remuneration of Directors
Ms. Anisha Motwani
(Ceased to be a Member w.e.f. Non-Executive Independent Director Member 4 Salary, Allowances/Perquisites & Contribution
15 September, 2021) Name of the Director Total
Performance Bonus, ESOPs to Funds
Mr. Dinesh Thakkar 42,564,888 - 42,564,888

During the year under review the Committee d) eview of the Remuneration Policy of the
R
Mr. Ketan Shah 15,002,568 - 15,002,568
was reconstituted on 06 August, 2021 and Company in line with amended Rules and
23 September, 2021 respectively. Further the Regulations, market trends to attract and
he Nomination and Remuneration Committee in its meetings held on various dates granted under Angel Broking
T
NRC Committee met 6 times during the FY22. retain the right talent.
Employee Long-term Incentive Plan 2021 as follows:
The dates of the meeting are; 22 April, 2021,
e) R eview and approval of elevation/
05 May, 2021, 15 July, 2021, 05 August, 2021,
promotions and revision in remuneration No. of Option
20 October, 2021 and 17 January, 2022. Name Designation
of Top Management Executives of Granted
the Company. Mr. Ketan Shah Executive & Whole-Time Director -
he scope of the activities of the NRC is as set
T
out in Regulation 19 of the Listing Regulations f) rant of Employees Stock Options to
G Mr. Narayan Gangadhar Chief Executive Officer 518,700
read with Section 178 of the Companies Act, Designated Employees and allotment of Mr. Vineet Agrawal Chief Financial Officer -
2013 as amended. They are as follows: Equity Shares on exercise of the ESOPs. Ms. Naheed Patel Company Secretary -
a) Appointment/ re-appointment of Executive g) Formulation of the criteria for determining

Details of Options Exercised as follows:
Chairman/ Managing Director/ Deputy qualific ations, positive at tributes
Managing Director/ Chief Executive and independence of a director and
Officer/ Executive Director. recommend to the Board a policy, relating No. of shares No. of ESOPs No. of Equity No. of Equity
to the remuneration of the directors, key Name of the Director/ KMP held on exercised during Shares sold Shares held as on
b) Review the performance of the Executive 01 April, 2021 the FY22 during the FY22 31 March, 2022
managerial personnel, and other employees.
Chairman/ Managing Director/ Deputy
Mr. Ketan Shah 31,680 88,914 - 120,594
Managing Direct For/ Chief Executive h) ormulation of criteria for evaluation of
F
O f f ic e r/E xe c u ti v e D i r e c to r a f te r Independent Directors and the Board. Mr. Vineet Agrawal 1,715 97,614 - 99,329
considering the Company’s performance.
i) Devising a policy on Board diversity.
c) ecommend to the Board remuneration
R
j) I dentifying persons who are qualified
including S alar y, Perquisites and
to become directors and who may be
Performance Bonus to be paid to the
appointed in senior management in
Company’s Executive Chairman/Managing
accordance with the criteria laid down and
Director/ Deputy Managing Director/Chief
recommend to the Board their appointment
Executive Officer/ Executive Director.
and removal.

Statutory Reports
Corporate Overview
Commission/Sitting Fees to Independent Directors for the FY22 for attending Board and Committee Meetings. The terms of reference of the Committee are as follows:
a) monitoring and reviewing the risk management plan of the Company;
Name of the Director Sitting Fees Commission* Total
b) review the Company’s capability to identify and manage new risk types;
Mr. Uday Sankar Roy 1,120,000 1,120,000
Mr. Kamalji Sahay 1,160,000 1,160,000 c) to monitor continuously the scope and quality of risk management and internal control systems;
Ms. Anisha Motwani 560,000 560,000
d) to monitor compliance with Risk Management Policy adopted by the Board;
Mr. Muralidharan Ramachandran 400,000 400,000
Ms. Mala Todarwal 300,000 300,000 e) to review the changes in the nature and extent of significant risks, and the Company’s ability to respond to changes
Mr. Krishna Iyer 480,000 480,000 in its business and external environment;
Total 4,020,000 4,020,000 f) ensure adequacy of risk management practices in the Company; and
* Not Applicable
g) such other activities as the Board may determine from time to time.
4. Corporate Social Responsibility (CSR) Committee:
The composition of the CSR Committee is as follows and the details of meetings attended by the Members during the IV. GENERAL BODY MEETINGS:
year are given below:
The venue and timings of the last three Annual General Meetings are given below:
No. of meetings
Designation in
Name of Members Category attended during Financial year Date Location Time
Committee
the Year
Mr. Dinesh Thakkar Chairman and Managing Director Chairperson 2 2018-19 14 June, 2019 6th Floor, Ackruti Star, Central Road MIDC, Andheri (East), Mumbai – 400 093 02:00 p.m.
Mr. Kamalji Sahay Non-Executive Independent Director Member 2 2019-20 10 July, 2020 6th Floor, Ackruti Star, Central Road MIDC, Andheri (East), Mumbai – 400 093 02:00 p.m.
Mr. Krishna Iyer (Appointed w.e.f. 20 October, 2021) Non-Executive Non Independent Director Member 2 2020-21 29 June, 2021 Through Video Conferencing (VC)/Other Audio Visual Means (OAVM) 10:30 a.m.
Mr. Ketan Shah (Up to 20 October, 2021) Whole-Time Director Member 1

The number and particulars of Special Resolutions which were passed in the last three Annual General Meetings are as follows:
During the year FY22, 3 (Three) CSR Committee meetings were held on 20 May, 2021, 06 December, 2021 and 02
March, 2022
Date of Annual General Meeting Number and particulars of Special Resolutions passed
The Company has complied with the necessary requirements under the Companies Act, 2013 in this regard.
14 June, 2019 To approve payment of remuneration to Mr. Vinay Agrawal exceeding the
The terms of reference of the CSR Committee broadly comprises:
limits specified under Section 197.
- To review the Company’s existing CSR Policy and to supervise and monitor the activities undertaken by the Company
10 July, 2020 -
as specified in CSR Policy and Schedule VII of the Companies Act, 2013.
29 June, 2021 Two
- To provide guidance on various CSR activities undertaken by the Company.
The web-link to our CSR Policy and the initiatives undertaken by your Company during FY22 in CSR have been detailed To approve appointment of Mr. Ketan Shah (DIN: 01765743) as Whole-Time
in this Report. Disclosures as required under Rule 9 of the Companies (Corporate Social Responsibility) Rules, 2014 are Director of the Company w.e.f. 05 May, 2021 till 04 May, 2026.
given in Annexure III to this Report To Approve addition to the main object clause of the Memorandum of
Association of the Company.
5. Risk Management Committee:
As per Regulation 21 of (Listing Obligations and Disclosure Requirement) regulations, 2015, top 1000 listed companies Postal Ballot Resolution(s)
as per the market capitalisation as at the end of the immediate previous financial year, were required to constitute the Procedure as given in Rule 22 of the Companies (Management and Administration) Rules, 2014 was followed. The results of
Risk Management Committee. the postal ballot were declared by hosting it, along with the scrutiniser’s report, on the website of the Company.
The composition of the Risk Management Committee (RMC) as on 31 March, 2022 is as follows and the details of meetings
attended by the Members during the year are given below: During the FY22, the approval of the shareholders was sought for following purposes by way of postal ballot vide notice dated
06 August, 2021 and 12 November, 2021 in respect of the Special Resolutions.
No. of meetings
Designation in % of votes % of Votes
Name of Members Category attended during Sr. Postal ballot No. of Votes No. of Votes No. of votes
Committee Resolution in favour on against on
the Year No. Notice dated polled in favour against
Mr. Krishna Iyer Non-Executive Non Independent Director Chairperson 2 votes polled votes polled
Mr. Ketan Shah Whole-Time Director Member 3 1. 06-Aug-21 Change in Name of the 7,21,02,189 7,21,02,076 99.9998 113 0.0002
Ms. Mala Todarwal Non-Executive Independent Director Member 2 Company
(Appointed w.e.f. 20 October, 2021) 2. 06-Aug-21 Amendment to the Angel 6,30,96,066 5,81,55,871 92.1704 49,40,195 7.8296
Mr. Muralidharan Ramachandran Non-Executive Independent Director Member 2 Broking Employee Long Term
(Appointed w.e.f. 20 October, 2021) Incentive Plan 2021 (“LTI Plan
Mr. Uday Sankar Roy Non-Executive Independent Director Member 1 2021”) for the employees of the
(Up to 20 October, 2021) Company and its subsidiaries.
Mr. Dinesh Thakkar Chairman and Managing Director Member 1 3. 06-Aug-21 Appointment of Krishna Iyer 7,21,02,142 7,21,02,018 99.9998 124 0.0002
(Up to 20 October, 2021) (DIN: 01954913) as a Non‐
Executive Director of the
The Committee was reconstituted on 20 October, 2021. Three (3) RMC meeting were held during the year on 04 May, 2021, Company.
28 October, 2021 and 13 January, 2022.

Statutory Reports
Corporate Overview
iii) Dividend Payment Date:

% of votes % of Votes During the year under review, the Board of Director have declared dividend as follows:
Sr. Postal ballot No. of Votes No. of Votes No. of votes
Resolution in favour on against on
No. Notice dated polled in favour against
votes polled votes polled
4. 06-Aug-21 Appointment of Mr. 7,21,02,143 7,21,02,001 99.9998 142 0.0002 Percentage of
Muralidharan Ramachandran Dividend on the Amount Per
Dividend Date of Declaration Date of Payment
(DIN: 08330682) as a face value of Share
Non‑Executive Independent equity share
Director of the Company 1st Interim Dividend 15 July, 2021 02 August, 2021 51.50 5.15
5. 12-Nov-21 Alteration of the objects 6,84,01,619 6,84,01,590 99.9999 29 0.0001 2nd Interim Dividend 20 October, 2021 03 November, 2021 57.00 5.70
clause of Memorandum of 3rd Interim Dividend 17 January, 2022 02 February, 2022 70.00 7.00
Association of the Company
4th Interim Dividend 01 April, 2022 19 April, 2022 70.00 7.00
6. 12-Nov-21 Alteration of the Articles of 6,84,01,619 6,84,01,590 99.9999 29 0.0001
Association of the Company by The said Dividend would be confirmed at the ensuing Annual General Meeting.
substituting the existing set
with a new set of Articles of
Association iv) Listing of Equity Shares on Stock Exchanges and Stock Code:
7. 12-Nov-21 Approval of the limits under 6,02,67,499 5,89,55,890 97.82 13,11,609 2.18 Equity shares of the Company are listed on:
Section 180(1)(c) of the
Companies Act, 2013
Name of the Stock Exchange Stock Code
8. 12-Nov-21 Approval of the limits under 6,02,67,509 5,89,55,897 97.82 13,11,612 2.18
1 BSE Limited 543235
Section 180(1)(a) of the
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001
Companies Act, 2013
2 National Stock Exchange of India Limited ANGELONE
9. 12-Nov-21 Appointment of Ms. Mala 6,84,01,629 6,84,01,429 99.9999 200 0.0001
Exchange Plaza, C-1, Block G, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051
Todarwal (DIN: 06933515) as
a Non-Executive Independent
Director of the Company The Company has paid the Listing Fees to Bombay Stock Exchange Limited and National Stock Exchange of India Ltd.
for FY 2022-23.
V. MEANS OF COMMUNICATION VI. GENERAL SHAREHOLDER INFORMATION
v) Corporate Identity Number (CIN) of the Company: L67120MH1996PLC101709

The Board takes on record the audited/ unaudited annual/ i) Annual General Meeting:
quarterly financial results prepared in accordance with vi) Market Price data:
the Companies (Indian Accounting Standards) Rules, 2015 Date and time : 31 May, 2022 at 10:30 a.m. (IST)
The monthly high/low price quotes of equity shares traded on the Bombay Stock Exchange and the National Stock
(Ind-AS Rules) in the format prescribed under Regulation Venue : Meeting is being conducted
33 of the Listing Regulations read with Circular Ref No. Exchange of India is as follows:
through VC / OAVM pursuant to
CIR/CFD/FAC/62/2016 dated 05 July, 2016 issued by the MCA Circular dated 05 May, (Figures in H)
SEBI within prescribed time limit from the closure of the 2020 read with circulars dated
quarter/year and announces the results to all the stock 08 April, 2020, 13 April, 2020, Bombay Stock Exchange Ltd. (BSE) National Stock Exchange of India Ltd. (NSE)
exchanges where the shares of the Company are listed. 1 3 J a n u a r y, 2 0 2 1 a n d Month High Low Month High Low
The Company has been publishing the results in the 14 December, 2021 and as such April 2021 373.45 289.65 April 2021 373.60 289.70
format as prescribed by SEBI in the Business Standard there is no requirement to have
a venue for the AGM. May 2021 757.50 380.75 May 2021 757.1 380.95
and Mumbai Lakshadeep within 48 hours of the conclusion
of the meeting of the Board in which they are approved. June 2021 927.05 746.80 June 2021 927.7 746.15
For details, please refer to the Notice of this AGM.
July 2021 1,356.70 873.90 July 2021 1,357.25 875.05
I. The quarterly, half-yearly and annual results of the As required under Regulation 36(3) of the SEBI
August 2021 1,322.60 1,069.30 August 2021 1,320.10 1,072.20
Company are submitted to the Statutory Auditors Listing Regulations and Secretarial Standard 2 on
of the Company for a limited review/full audit (as General Meetings, particulars of Directors seeking September 2021 1,322.10 1,159.00 September 2021 1322.75 1159.4
applicable) and the report of the Auditors is also filed re-appointment at this AGM are given in the Annexure October 2021 1,638.90 1,242.50 October 2021 1,637.00 1,243.50
with all stock exchanges after it is approved by the to the Notice of this AGM. November 2021 1,247.65 1,016.75 November 2021 1,246.30 1,014.25
Board of Directors. December 2021 1,193.00 1,032.55 December 2021 1,193.30 1,032.55
II. The quarterly results are not sent to each shareholder ii) Financial Year of the Company January 2022 1,515.15 1,217.70 January 2022 1,513.50 1,216.60
as shareholders are intimated through press. The financial year covers the period 01 April to February 2022 1,409.65 1,227.60 February 2022 1,410.30 1,230.40
III. The Company’s website www.angelone.in provides 31 March. March 2022 1,644.40 1,254.95 March 2022 1,644.60 1,255.50
information about the Company to its existing and
prospective stakeholders. The quarterly results are Financial Reporting for FY22 :
displayed on the Company’s website along with other (Indicative):
relevant information. Quarter ending on June 2021 : July 2021
IV. The Company also makes presentations on the Half year ending on September : October 2021
Operational and Financial Highlights to its investors 2021
including the analysts which are hosted on the
Quarter ending on : January 2022
Company’s website viz., www.angelone.in and also
December 2021
submitted to the Stock Exchanges.
V. The Company has created a separate e-mail address Year ending on March 2022 : April 2022
viz.: [email protected] to receive Annual General Meeting : May 2022
complaints and grievances of the investors. (2021-22)

Statutory Reports
Corporate Overview
vii) Stock Performance in comparison to BSE Sensex: Accordingly, attention of all the shareholders holding shares in physical form is brought to the following:
Angel's Share Price and BSE Sensex Movement • R
equest for effecting transfer of securities shall not be processed by the Company or Linkintime India Private
Limited, Registrar and Share Transfer Agents (RTA) of the Company, unless the securities are held in dematerialized
600 form with effect from 01 April, 2020.
500 x) Distribution of shareholding:

a) Distribution of shareholding by Size as on 31 March, 2022
400
300 Sr. No. of % of No. of % of

No. of shares
No shareholders shareholders shares held shareholding
200 1. Up to 1 - 500 100566 97.7261 4183523 5.049
100 2. 501 - 1000 1114 1.0825 819081 0.9885

3. 1001 - 2000 544 0.5286 785842 0.9484
0 4. 2001 - 3000 186 0.1807 464839 0.561
Apr-21 May-21 Jun-21 Jul-21 Apr-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 5. 3001 - 4000 87 0.0845 301301 0.3636
6. 4001 - 5000 61 0.0593 281312 0.3395
Angel Broking Sensex
7. 5001 - 10000 126 0.1224 916487 1.1061
8. 10001 & ABOVE 222 0.2157 75106337 90.6439
Stock Performance in comparison to Nifty Total 102906 100 82858722 100
Angel's Share Price and Nifty Movement
b) Shareholding pattern by Ownership as on 31 March, 2022
600 Sr No. of % of
Ownership
No. shares held shareholding
500
1. Alternate Investment Funds – III 399552 0.48
400 2. Clearing Members 107817 0.13
3. Corporate Bodies (Promoter Co) 6065310 7.32
300
4. Foreign Company 4503062 5.43
200 5. Foreign Portfolio Investors (Corporate) 7420321 8.96
6. Hindu Undivided Family 290090 0.35
100
7. Insurance Companies 637438 0.77
0 8. Mutual Funds 7523873 9.08
Apr-21 May-21 Jun-21 Jul-21 Apr-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 9. Non Resident (Non Repatriable) 240317 0.29
10. Non Resident Indians 262781 0.32
Angel Broking Nifty 11. Other Bodies Corporate 1567648 1.89
12. Promoters 29773277 35.94
13. Promoters – HUF 616940 0.74
viii) Registrar and Share Transfer Agents (RTA):
14. Public 23450296 28.30
Link Intime India Pvt. Ltd,
Total 82858722 100.00
C 101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400 083.
E-mail: [email protected] xi) Demat information:
Website: www.linkintime.co.in As on 31 March, 2022 99.99% shareholding representing 82858720 shares of the Company have been converted into
demat form. The Company has executed agreements with both NSDL and CDSL for dematerialisation of its shares.
ix) Share Transfer System:
ISIN numbers in NSDL and CDSL for equity shares INE732l01013
Share transfers and related operations for the Company are processed by the Company’s RTA viz., Link Intime India
Private Limited, Share transfer is normally affected within the maximum period of 15 days from the date of receipt, if all
xii) Outstanding ADRs/ GDRs/ Warrants or any Convertible instruments, conversion date and likely impact on equity:
the required documentation is submitted.
The Company has not issued any ADRs/ GDRs/ Warrants or any Convertible instruments.
Securities and Exchange Board of India (SEBI) vide its notification dated 08 June, 2018 has notified Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2018 (Listing xiii) Foreign Exchange Risk and Hedging activities:
Regulations) and SEBI (Registrars to an Issue and Share Transfer Agents) (Amendment) Regulations 2018 (RTA Regulations) Not Applicable
and amendment to Regulation 40 of the Listing Regulations and Clause 5(c) of Schedule III of the RTA Regulations. These
amendments have mandated that the transfer of securities would be carried out only in dematerialized form. xiv) Plant Location:
The Company is in the business of broking, therefore, it does not have any manufacturing plants.

Statutory Reports
Corporate Overview
xv) List of credit ratings obtained: To meet the objective of the Policy a dedicated e-mail G. Details of Utilisation of Funds:
The following ratings have been assigned to the Company for its borrowing facilities: ID – [email protected] has been activated. The Company has not raised any funds through
preferential allotment or Qualified Institutional
The Policy has been posted on the website of the Placement as specified under Regulation 32 (7A)
Sr. Company viz. www.angelone.in.
Instruments Ratings Name of the Credit Rating Agency
No.
H. ertificate from a Practicing Company Secretary
C
1. Bank Loan Facility (H1500 crore) CRISIL A+/Positive (Reaffirmed) CRISIL Ratings Limited No employee and or other person has been denied on non-disqualification of Directors
2. CRISIL A1+ (Reaffirmed) access to the Chairman of the Audit Committee.
Commercial Papers (H500 crore) The Company has obtained a Certificate dated
CARE A1 CARE Ratings Limited 20 April, 2022 from M/s. Makarand M. Joshi & Co.,
C. etails of compliance with mandatory
D
Company Secretaries, Mumbai to the effect that
requirements:
none of the Directors on the Board of the Company
xvi) N
ame, designation, and address of the The Company has received adjudication order on • A
ll the mandatory requirements of Regulations have been debarred or disqualified from being
Compliance Officer: 29 April, 2021 from SEBI in relation Show Cause 17 to 27 of the Listing Regulations have been appointed or continuing as directors of companies
Ms. Naheed Patel Notice dated 31 October, 2015 (“2015 SCN") stating complied with by the Company. by SEBI/Ministry of Corporate Affairs or any such
that adjudication proceedings initiated against the statutory authority.
Company Secretary and Compliance Officer
Company vide 2015 SCN has been disposed off. D. Policy on Subsidiary Companies:
Address- 6 th Floor, Akruti Star,Central Road, MIDC
The Company has Five wholly owned subsidiary viz. I. Recommendations of the Committees:
Andheri (East), Mumbai – 400 093 The Notice dated 09 October, 2018 (" 2018 Angel Financial Advisors Private Limited, Angel During the year under review, there have been no
Tel: +91 22 4000 3600 SCN”) issued under Regulation 25 of the SEBI Fincap Private Limited, Angel Securities Limited, instances whereby the Board of Directors of the
(Intermediaries) Regulations, 2008 is still pending. Angel DigiTech Services Private Limited (formerly
Fax: +91 22 2835 8811 Company has not accepted the recommendations
known as Angel Wellness Private Limited), Mimansa made by the Audit Committee/Nominations and
E-mail: [email protected] B. Vigil Mechanism/Whistle-Blower Policy: Software Systems Private Limited. None of the Remuneration Committee/Corporate Social
Pursuant to Section 177(9) and (10) of the Act Company is falling under the category of Material Responsibility Committee on any matter which is
VII. OTHER
and Regulation 22 of the Listing Regulations, the Subsidiary Company in terms of the definition under mandatorily required.
A. isclosure on materially significant related party
D Company has formulated a Whistle Blower Policy for Regulation 16(1)(c) of listing regulations. The Policy
transactions that may have potential conflict with vigil mechanism of Directors and employees to report for determining the material subsidiaries is available J. Fees paid to the Statutory Auditors:
the interest of the Company at large: to the Audit Committee about the unethical behavior, at www.angelone.in
Total fees incurred by the Company including its
• During the year under review, the Company had fraud or violation of Company’s Code of Conduct.
subsidiaries, on a consolidated basis to the Statutory
entered into related party transactions, which E. Policy on Related Party Transactions:
Auditors and all entities in their network/ firm/
are undertaken in the normal course of business. The Company has adopted an ethical code of conduct In terms of Section 188 of the Companies Act, 2013 network entity of which they are a part, is H5,338,486.
These related party transactions, may have of the highest degree of transparency, integrity, read with the Regulation 23 of listing regulations,
potential conflict with the larger interests of the accountability, and corporate social responsibility. the Company had formulated a policy on materiality K. isclosures in relation to Sexual Harassment of
D
Company. The disclosures of transactions with Any actual or potential violation of the Code would of Related Party Transactions and on dealing with Women at Workplace (Prevention, Prohibition &
the related parties entered by the Company in be a matter of serious concern for the Company. The Related Party Transactions. During the year under Redressal) Act, 2013:
the normal course of business are given in the Directors, Employees or any person dealing with the review, the said Policy was amended to reflect the
Notes to the Financial Statements. The policy on Company can play an important role in pointing out The disclosures for the FY22 are as under: -
latest amendments in the Companies Act, 2013 and
Related Party Transactions is incorporated on such violations of the code. the rules made thereunder.
the Company website: https://www.angelone.in A Number of complaints filed during the Nil
Accordingly, this policy has been formulated with The Policy is intended to ensure that there is proper Financial Year
• The Company does has related party transaction,
a view: approval and reporting of transactions between the B Number of complaints disposed off during Nil
which are undertaken in the normal course of
Company and its related parties. The Policy, after the Financial Year
business. These related party transactions, may • To provide a mechanism for employees of the
have potential conflict with the larger interests Company and other persons dealing with the carrying out the necessary modifications in line with C Number of complaints pending as on the Nil
the amendments made from time to time, is placed end of the Financial Year
of the Company. The disclosures of transactions Company, to report to the Chairman of the
with the related parties entered by the Company Audit Committee; or Managing Director who is on the website of the Company www.angelone.in
in the normal course of business are given in the nominated by the Audit Committee, any instance L. isclosure for Loans and advances in the nature
D
Notes to the Financial Statements. of unethical behaviour, actual or suspected fraud F. Policy on Board Diversity:
of loans to firms/companies in which directors are
or violation of the Company’s Ethics Policy, This Policy aims to set out the approach to achieving interested by name and amount.
• Details of non-compliance by the Company,
diversity for the Board of Directors of the Company. The Company has not made any Loans and advances in the
penalties, strictures imposed on the Company • To safeguard the confidentiality and interest of
by the Stock Exchange or SEBI or any other such employees/other persons dealing with the nature of loans to firms/companies in which directors are
The Company believes that benefits of a professional interested during the FY22.
statutory authority on any matter related to Company against victimisation, who notice and
board that possesses a balance of skills, experience,
capital markets, during the last three years: report any unethical or improper practices and
expertise will enhance the decision-making power of
• In the matter of Mr. Surendra Prakash Kayal, with • To appropriately communicate the existence of the Board which in turn will benefit the stakeholders
respect to the Settlement Application which has such mechanism, within the organisation and of the Company.
been disclosed by the Company in its Prospectus to outsiders.
dated 26 September, 2020, as being pending.

Statutory Reports
Corporate Overview
Report on Corporate Governance (Continued) Compliance Certificate – Disclosure Rquirements &Corporate Governance Norms
VIII. DISCRETIONARY DISCLOSURES IX. MANAGEMENT DISCUSSION AND ANALYSIS:

The status of compliance with non-mandator y Management Discussion and Analysis forms a part of this To,
recommendations of the Listing Regulations: Annual Report.
The Members,
a) Shareholders’ Rights: X. ISCLOSURES WITH RESPECT TO DEMAT SUSPENSE
D Angel One Limited
ACCOUNT/ UNCLAIMED SUSPENSE ACCOUNT (Formerly known as Angel Broking Limited)
As the quarterly and half yearly, financial results are
published in the newspapers and are also posted on There are no shares in the demat suspense account/ G-1, Ground Floor, Akruti Trade Centre,
the Company’s website, the same are not being sent unclaimed suspense account at the beginning and at the Road No. 7, MIDC, Andheri (East),
separately to the shareholders. end of the FY22. Mumbai – 400 093
b) Audit Qualifications: XI. D

ECLARATION OF COMPLIANCE WITH THE CODE OF We have examined the compliance of conditions of Corporate Governance by Angel One Limited (“theCompany”) for the year ended
The Company’s financial statements for the FY22 do CONDUCT /ETHICS: on 31 March, 2022, as stipulated in Regulations 17 to 27 and clauses (b) to (i) and (t) of sub-regulation (2) of Regulation 46 and Para
not contain any audit qualification. In compliance with SEBI (Prohibition of Insider Trading) C, D and E of Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Regulations, 2015, the Company has formulated a Code
c) Separate posts of Chairman and CEO: Yes of Conduct for prohibition and prevention of Insider The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination was limited to
Trading for its designated employees. The code lays procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of the Corporate
d) Reporting of Internal Auditor down Guidelines and procedures to be followed and Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
The Internal Auditors of the Company make disclosures to be made while dealing with equity shares
of the Company. In our opinion and to the best of our information and according to the explanations given to us, and representations made by the
presentation to the Audit Committee on their
management, we certify that the Company, to the extent applicable, has complied with the conditions of Corporate Governance as
reports as per the approved audit programmes by
All the Directors and Senior Management have affirmed 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
the Audit Committee at the beginning of the year on
compliance with the Code of Conduct/Ethics as approved and (Listing Obligations and Disclosure Requirements)Regulations, 2015 except the following:
a quarterly basis.
adopted by the Board of Directors.
1. Due to sudden demise of one of the directors, there were only 5 directors on the board for the period 17 April, 2021 to
14 July, 2021, however as per Regulation 17(1)(C) of Listing Regulations, a company is required to have at least 6 number of
directors on continual basis on the board, further the Company has affirmed the said regulation is in compliance in Corporate
Governance report for the quarter ended June 2021, which is erroneous.
2. The composition of Nomination and Remuneration Committee is not in compliance with the provisions of Regulation 19 of
Listing Regulation for the period of 05 May, 2021 to 14 July, 2021, further the Company has affirmed the said regulation is in
compliance in Corporate Governance report for the quarter ended June 2021, which is erroneous.
ANNEXURE TO CORPORATE GOVERNANCE REPORT 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.
DECLARATION REGARDING COMPLIANCE BY BOARD MEMBERS AND SENIOR MANAGEMENT PERSONNEL WITH THE COMPANY’S
CODE OF CONDUCT
This is to confirm that the Company has adopted a Code of Conduct for its employees including the Managing Director and Executive For MMJB and Associates LLP
Directors. In addition, the Company has adopted a Code of Conduct for its Non-Executive Directors and Independent Directors. Company Secretaries
These Codes are available on the Company’s website.
Sd/-
I confirm that the Company has in respect of the year ended 31 March, 2022, received from the Senior Management Team of the
Saurabh Agarwal
Company and the Members of the Board a declaration of compliance with the Code of Conduct as applicable to them.
Designated Partner
Sd/- FCS No. F9290
Dinesh Thakkar CP No. 20907
Chairman & Managing Director UDIN:F009290D000165435
(DIN: 00004382) Peer Review No. 904/2020
Date: 20 April, 2022 Date: 20 April, 2022

Place: Mumbai Place: Mumbai

Statutory Reports
Corporate Overview
Certificate of Non-Disqualification of Directors CEO & CFO Certificate under Regulation 33(2) (a) of SEBI (LODR) Regulation, 2015.
(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015)
To,
To, The Board of Directors,
The Members Angel One Limited (Formerly known as Angel Broking Limited)
Angel One Limited (Formerly known as Angel Broking Limited)
We the undersigned, in our respective capacities as Chief Executive Officer and Chief Financial Officer of Angel One Limited
Address: G-1, Ground Floor, Akruti Trade Centre,
(formerly known as Angel Broking Limited) (“the Company”) to the best of our knowledge and belief certify that:
Road No. 7, MIDC, Andheri (East) , Mumbai – 400 093
a. We have reviewed financial statements for the quarter and year ended 31 March, 2022 and that to the best of our knowledge
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Angel One and belief, we state that:
Limited (Formerly known as Angel Broking Limited) having CIN- L67120MH1996PLC101709 and having registered office at G-1,
Ground Floor, Akruti Trade Centre, Road No. 7, MIDC, Andheri (East) , Mumbai – 400 093 (hereinafter referred to as ‘the Company’), i) these statements do not contain any materially untrue statement or omit any material fact or contain statements that
produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with might be misleading; and
Schedule V Para-C Sub-clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015. ii) these statements together present a true and fair view of the Company's affair and are in compliance with existing
accounting standards, applicable laws and regulations.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN)
status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers, we b. We further state that to the best of our knowledge and belief, no transactions are entered into by the Company during the
hereby certify that none of the Directors on the Board of the Company as stated below for the period ended as on 31 March, 2022 period, which are fraudulent, illegal or violative of the Company's code of conduct.
have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange
Board of India, Ministry of Corporate Affairs or any such other Statutory Authority. c. We are responsible for establishing and maintaining internal controls over financial reporting and that we have evaluated the
effectiveness of internal control systems pertaining to financial reporting of the Company and have disclosed to the Auditors
Table A and the Audit committee, deficiencies in the design or operation of internal controls, if any, of which we are aware and the
steps we have taken or propose to take to rectify these deficiencies.
Director Date of
Sr.
Name of the Directors Identification appointment in d. We have indicated to the Auditors and the Audit committee:
No.
Number Company
1. Mr. Dinesh Thakkar Dariyanumal 00004382 23/10/2007 i) significant changes, if any, in internal control over financial reporting during the quarter and year;
2. Mr. Ketan Shah Bharat 01765743 11/05/2018
3. Mr. Krishna Iyer 01954913 15/07/2021 ii) significant changes, if any, in accounting policies during the quarter and year ended 31 March, 2022 the same have been
4. Mr. Uday Shankar Roy 00424332 14/05/2018
disclosed in the notes to the financial statements; and
5. Mr. Kamalji Sahay 01683762 14/05/2018
iii) Instance of significant fraud of which we have become aware and the involvement therein, if any, of the management or
6. Mr. Muralidharan Ramchandran 08330682 06/08/2021 an employee having a significant role in the Company's internal control system over financial reporting.
7. Ms. Mala Arun Todarwal 06933515 20/10/2021
Ensuring the eligibility for the appointment/ continuity of every Director on the Board is the responsibility of the management of
the Company. Our responsibility is to express an opinion on the basis of our verification. This certificate is neither an assurance For Angel One Limited For Angel One Limited
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. Sd/- Sd/-
Narayan Gangadhar Vineet Agrawal
Chief Executive Officer Chief Financial Officer
For Makarand M. Joshi & Co. Place : Mumbai Place : Mumbai

Practicing Company Secretaries Date : 19 April, 2022 Date : 19 April, 2022
Sd/-
Kumudini Bhalerao
Partner
FCS No. 6667
CP No. 6690
UDIN: F006667D000187760

Place: Mumbai

Statutory Reports
Corporate Overview
Business Responsibility Report (BRR)

[As per Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015] SECTION C - OTHER DETAILS 2. rinciple-wise (as per National Voluntary Guidelines on
P
1. oes the Company have any Subsidiary Company/
D Social, Environmental and Economic Responsibilities
of Business [NVGs]) BR policy/policies (Reply in Y/N)
Background Companies?
As per the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) (as Yes, the Company has five subsidiary companies in India: The National Voluntary Guidelines on Social, Environmental
amended from time to time), top 1000 listed entities (based on market capitalization on BSE Limited (“BSE”) and National Stock and Economic Responsibilities of Business released by the
(i) Angel Financial Advisors Private Limited; Ministry of Corporate Affairs had articulated the nine areas
Exchange of India Limited (“NSE”) are required to include a Business Responsibility Report (“BRR”) in the Annual Report.
(ii) Angel Fincap Private Limited; of Business Responsibility as given below briefly: -
Angel One Limited (Formerly known as Angel Broking Limited)(“the Company”) is a public limited company listed on BSE and
(iii) Angel Securities Limited; P1 - Business should conduct and govern themselves with
NSE. The Company is also a SEBI registered Depository Participant. The Company facilitates execution of transactions on stock
exchanges in equity cash / equity derivatives / commodity derivatives / currency derivatives segments, for its clients. (iv) Angel Digitech Services Private Limited (formerly Ethics, Transparency and Accountability
known as Angel Wellness Private Limited); and
SECTION A - GENERAL INFORMATION ABOUT THE COMPANY P2 - Businesses should provide goods and services that
(v) Mimansa Software Systems Private Limited are safe and contribute to sustainability throughout
their life cycle
1. Corporate Identity Number (CIN) L67120MH1996PLC101709 2. o the Subsidiary Company/Companies participate in
D
2. Name of the Company Angel One Limited (Formerly known as Angel Broking Limited) the BR initiatives of the Parent Company? If yes, then P3 - B usinesses should promote the wellbeing of
indicate the number of such Subsidiary Company(s)? all employees
3. Registered Office G-1, Ground Floor, Akruti Trade Centre, Road No.-7, MIDC, Andheri (East),
Mumbai – 400093. No.
P4 - Businesses should respect the interest of, and be
Corporate Office 6 th Floor, Ackruti Star, Central Road, MIDC, Andheri East, Mumbai-400 093.
3. o any other entity/entities (e.g. suppliers, distributors,
D responsive towards all stakeholders, especially those
4. Website www.angelone.in etc.) that the Company does business with, participate who are disadvantaged, vulnerable and marginalized
5. E-mail Id [email protected] in the BR initiatives of the Company? If yes, then indicate
6. Financial Year reported 01 April, 2021 to 31 March, 2022 the percentage of such entity/entities? [Less than 30%, P5 - B
usiness should respect and promote human rights
30-60%, More than 60%]
7. Sections that the Company is engaged in 1) Brokerage Services (Securities and Commodities Brokerage Services)
(Industrial Activity code-wise) – 997152 No. P6 - Business should respect, protect and make efforts to
restore the environment
2) Other services auxiliary to financial services n.e.c – 997159
SECTION D - BUSINESS RESPONSIBILITY INFORMATION
8. List three key products/services that the Company The Company is engaged in P7 - Businesses, when engaged in influencing public and
manufactures/provides (as in Balance Sheet) 1. Details of Director/Directors responsible for BR
1) Retail Stock Broking regulatory policy, should do so in responsible manner
a. etails of Director/Directors responsible for the
D
2) Margin Trading Funding
implementation of the BR policy/policies P8 - B
usinesses should support inclusive growth and
3) Distribution of Third Party Mutual Funds
equitable development
9. Locations where business activity is undertaken by the Company The Company operates under digital model and provide services to clients
Sr. No. Particulars Details
based out of 98% pincodes in India through its digital platforms and a
network of nearly 18,000 Authorised Persons.
P9 - B usinesses should engage with and provide
1. DIN 00004382
value to their customers and consumers in a
10. Markets served by the Company Local/State/National/ National 2. Name Dinesh Thakkar responsible manner
International
3. Designation Managing Director
SECTION B - FINANCIAL DETAILS OF THE COMPANY (STANDALONE) b. Details of the BR Head
1. Paid-up Capital (As on 31 March, 2022) (H) 828,587,220 Sr. No. Particulars Details
2. Total Turnover (H in millions) 22,814.04 1. DIN (if applicable) -
3. Total Profit after Taxes (H in millions) 6148.67 2. Name Narayan Gangadhar
4. Total Spending on Corporate Social Responsibility (CSR) (H in millions) 42.55 3. Designation Chief Executive Officer
5 As percentage of Profit after taxes 2% of the average profit of the preceeding three years 4. Telephone Number 022 - 4000 3600
6. List of activities in which Corporate Social Responsibility (CSR) expenditures have Facilitating immunization/vaccination across multiple 5. E-Mail ID [email protected]
been incurred locations

Statutory Reports
Corporate Overview
Business responsibility report (BRR) (Continued)
3. Governance related to BR Principle 2 – Business should provide goods and services

P1 P2 P3 P4 P5 P6 P7 P8 P9 (a) I ndicate the frequency with which the Board of that are safe and contribute to sustainability throughout
Ethics, Directors, Committee of the Board or CEO assess their life cycle
Sr. No. Questions Responsibility Public
Transparency Product Employee Human Inclusive Client the BR performance of the Company. Within 3 1. ist up to 3 of your products or services whose design
L
towards Environment Policy and
and sustainability wellbeing Rights growth engagement months, 3-6 months, Annually, More than 1 year. has incorporated social or environmental concerns,
stakeholders advocacy
Accountability
This Report is reviewed by the Board of Directors on risks and / or opportunities.
1. Do you have a policy/ Y N (Refer to Y Y Y Y Y Y Y
policies for note below) Annual basis. The Company provides services relating to stock broking,
research advisory, margin trading facility and distribution
2. Has the policy Y N (Refer to Y Y Y Y Y Y Y
(b) D
oes the Company publish a BR or a Sustainability of third party financial products. Almost the entire
being formulated in note below)
consultation with the Report? What is the hyperlink for viewing this business of the Company is carried out digitally. Movement
relevant Stakeholders? report? How frequently it is published? of funds, generation and distribution of contract notes,
The BRR for FY22 is available on the website of the statements etc. are all done electronically.
3. Does the policy Y N (Refer to Y Y Y Y Y Y Y
conform to any note below) Company at www.angelone.in. It is published on
national/international annual basis. The Company has digital platforms for client on-boarding,
The policies adopted by the Company are in conformity with the applicable rules and regulations.
standards? If yes, engagement and servicing, HR operations, accounting
specify? etc. These secured digital platforms ensure privacy of
SECTION E: PRINCIPLE-WISE PERFORMANCE
4. Has the policy been Policies wherever stated, have been approved by the information and are environmentally sustainable.
Principle 1 – Business should conduct and govern
approved by the Board? Board / Committees of the Board and followed across all entities within Angel Group.
themselves with ethics, transparency and accountability
If yes, has it been
2. or each such product, provide the following details in
F
1. oes the policy relating to ethics, bribery and
D respect of resource use (energy, water, raw material
signed by MD/ Owner/
CEO/appropriate Board corruption cover only the company? Does it extend to etc.) per unit of product (optional):
of Directors? the Group / Joint Ventures / Suppliers / Contractors /
The Company operates in the financial services sector
5. Does the company have The policies have been approved and adopted by the Board / Committee(s) and are implemented and
NGOs / Others?
with a digital model, hence some of the questions below
a specified committee reviewed from time to time. Yes. The Company through a strong enforcement of its are not applicable.
of the Board/ Director/ Code of Conduct, Anti Bribery Policy, Anti Corruption
Official to oversee the Appropriate steps are undertaken to oversee the implementation of the policy.
Policy and Vigil Mechanism and Whistle Blower Policy, a) eduction during sourcing/production/
R
implementation of the As per regulatory requirement, the policies of the Company have been uploaded on the website of the
policy? Indicate the
ensures the business is conducted with ethics, distribution achieved since the previous year
Company at www.angelone.in
link for the policy to be transparency and accountability comparable to the best throughout the value chain:
viewed online? applicable standards.
Not Applicable
6. Has the policy been Yes
formally communicated The aforesaid policies are applicable to the directors
b) eduction during usage by consumers (energy,
R
to all relevant and all the employees of the Company as well as those of
water) has been achieved since the previous year:
internal and external its subsidiaries.
stakeholders? Not Applicable
7. Does the Company have Yes 2. ow many stakeholder complaints have been received
H
in-house structure to in the past financial year and what percentage was 3. oes the Company have procedures in place for
D
implement the policy/ satisfactorily resolved by the management? If so, sustainable sourcing (including transportation)?
policies? provide details thereof, in about 50 words or so. Not Applicable
8. Does the Company have Yes The Company has adequate mechanisms through Vigil
a grievance redressal Mechanism and Whistle Blower Policy and Prevention 4. as the Company taken any steps to procure goods
H
mechanism related and services from local & small producers, including
to the stakeholders’ of Sexual Harassment Policy, to enable its stakeholders
raise complaints against the Company or its employees, communities surrounding their place of work?
grievances related to
the policy / policies? ensuring complete privacy and immediately conducting Not Applicable
an impartial investigation. These policies are designed to
9. Has the company The Board of Directors / Instituted Committee(s) periodically
carried out independent evaluate and review the various policies safeguard the interests of the complainants and provide 5. oes the Company have a mechanism to recycle
D
audit / evaluation of the them with a platform to address their grievance with products and waste? If yes, what is the percentage of
working of this policy by absolute confidentiality. recycling of products and waste (separately as <5%,
an internal or external 5-10%, >10%). Also, provide details thereof, in about 50
agency? For the Financial year ended 31 March, 2022: words or so.
1) The Company received 12 complaints from its The Company being in the financial services sector
Note: does not generate any waste which is hazardous to the
investors / shareholders. All the complaints were
As part of its responsibility towards the development and sustenance of the broking industry, the Company actively participates resolved and none were pending as on the year end. environment. Waste generated in the normal course of
in various consultative processes through relevant trade bodies and associations. administrative activities is managed as per the waste
2) There were no complaints received under the Vigil disposal process of the local bodies. The Company takes
Mechanism and Whistle Blower Policy and Prevention care to responsibly dispose-off the e-waste generated by
of Sexual Harassment Policy it for which it has been awarded Green Certificates.
3) There were 15 out of a total of 2,771 complaints

received in the FY22 from clients / exchanges /
depository & regulatory sources, pending resolution.

Statutory Reports
Corporate Overview
Principle 3 – Business Should Promote The Wellbeing Of All 4. lease indicate the Number of permanent employees
P 2. ow many stakeholder complaints have been received
H Principle 7 – Businesses, when engaged in influencing
Employees with disabilities: in the past financial year and what percent was public and regulatory policy, should do so in a responsible
1. Please indicate the Total number of employees: The number of employees with disabilities – 0 satisfactorily resolved by the management? manner
The total numbers of employees – 3,298 Please refer to the Company’s response against question 1. I s your company a member of any trade and chamber
5. o you have an employee association that is
D number 2 under Principle 1. or association? If Yes, Name only those major ones that
2. lease indicate the Total number of employees hired on
P recognized by Management: your business deals with:
temporary / contractual / casual basis: There is no employee association. Principle 6 – Business should respect, protect and make • Association of National Exchange Members of India
efforts to restore the environment (ANMI)
271
6. hat percentage of your permanent employees are
W 1. overage of the policy related to Principle 6 and its
C
• BSE Brokers’ Forum (BBF)
3. lease indicate the Number of permanent women
P members of this recognized employee association? extension to the group/joint ventures/suppliers/
employees: Not Applicable contractors/NGO’s/others • Association of Mutual Funds in India (AMFI)
The total number of women employees – 1,110 Within the ambit of its financial services business, the • Commodity Participants Association of India (CPAI)
Company respects and upholds the sustainability of the
environment by being a responsible consumer of limited • Confederation of Indian Industry (CII)
7. lease indicate the Number of complaints relating to child labour, forced labour, involuntary labour, sexual harassment
P natural resources.
2. ave you advocated / lobbied through above
H
in the last financial year and pending, as on the end of the financial year:
2. he Company’s strategies/initiatives to address global
T associations for the advancement or improvement of
environmental issues, such as climate change, global public good? Yes / No; if yes specify the broad areas
No of complaints filed during No of complaints pending as on end (drop box: Governance and Administration, Economic
Sr. No. Category warming and more
the financial year of the financial year Reforms, Inclusive Development Policies, Energy
The Company operates under a completely digital model,
1. Child labour / forced labour / involuntary The Company does not hire / promote Child Not Applicable security, Water, Food Security, Sustainable Business
labour labour / forced labour / involuntary labour therefore eliminating substantial usage of natural
Principles, Others)
resources like paper and fossil fuels. The responsibility
2 Sexual harassment Nil Not Applicable towards preserving environment is part of the core Not Applicable
3 Discriminatory employment Nil Not Applicable philosophy of the business; and the Company strives
towards attaining this objective with environmentally Principle 8 – Businesses should support inclusive growth
sustainable processes, policies and practices. and equitable development
8. hat percentage of your under mentioned employees
W 3. re there any special initiatives taken by the Company
A 1. oes the Company have specified programmes /
D
were given safety & skill up-gradation training in the to engage with the disadvantaged, vulnerable and 3. I dentification and assessment of potential initiatives / projects in pursuit of the policy related to
last year? marginalized stakeholders. If so, provide details environmental risk Principle 8?
The Company has a very strong process to identify and thereof, in about 50 words or so.
Not Applicable The Company, in its efforts to create an equitable
impart necessary training to upskill its employees. As a Facilitating immunization/vaccination programme in environment and in adherence to its responsibility
part of this process, every employee has to undergo a seventeen districts spread across three states namely 4. ompany’s initiatives towards clean development
C towards society, as its CSR programme has engaged to
detailed evaluation and training. During the year, 12 hours Maharashtra, Madhya Pradesh and Karnataka during the mechanism support Vaccination Centers across seventeen districts in,
of training was imparted to each employee of the Company. COVID - 19 pandemic, which was one of the primary goals Maharashtra, Madhya Pradesh and Karnataka as a result
Not Applicable
of the CSR Vision. The aim was to make the vaccination of the COVID – 19 pandemic.
Principle 4: Business should respect the interests of, and be against COVID-19 accessible and inclusive for everyone
5. he Company’s initiatives on – clean technology,
T
responsive towards all stakeholders especially those who in the community. Vaccination booths were set up in line In January 2022, the Government of India had also initiated
energy efficiency and renewable energy, among others
are disadvantaged, vulnerable and marginalized with protocols of the Ministry of Health and Family Welfare, Booster Shots for the elderly population (above 60 years)
Government of India. The Company ensures optimum usage of energy by
1. as the Company mapped its internal and external
H with comorbidities, which were implemented on-ground.
installing energy efficient electronic equipments.
stakeholders? Yes / No
The identified CSR partners enabled us to achieve our During the year, the company undertook the project of
Yes. The Company has identified its stakeholders. 2. re the programmes / projects undertaken through
A
vision by providing vaccination to 300,000 plus individuals replacing 280+ desktops which helped to further optimize
in-house team / own foundation / external NGO /
in the marginalized sections of society. electricity consumption.
2. ut of the above, has the Company identified
O government structures / any other organization
the disadvantaged, vulnerable & marginalized 6. eporting on the emissions/waste generated by the
R The Company collaborated with Collective Good
Principle 5 – Business should respect and promote
stakeholders. Company as per the permissible limits given by CPCB/ Foundation to implement the CSR programme at the grass
human rights
The Company, as par t of its C SR outreach SPCB root level.
1. oes the policy of the Company on human rights
D
programme identifies disadvantaged, vulnerable and Not Applicable
cover only the Company or extend to the Group / Joint 3. ave you done any impact assessment of your
H
marginalized stakeholders.
Ventures / Suppliers / Contractors / NGOs / Others? initiative?
7. umber of show cause/legal notices received from
N
The support towards Vaccination Centers, followed by a The Company advocates strong adherence to human To actively assess the impact of the CSR initiative
CPCB/SPCB, which are pending (i.e. not resolved to
Vaccination Drive during the COVID -19 pandemic imparted rights for all its employees and other stakeholders. This is undertaken, the agency provided the Company with regular
satisfaction) as on the end of the financial year
through the CSR programme is a means to provide governed through the various policies instituted to protect randomized assessments in order to cross-examine the
the integrity of all such stakeholders. The Company Not Applicable
equitable access to healthcare services to the above number of vaccinations conducted per day. This was done
mentioned stakeholders. practices a strong performance oriented culture with through the government’s CoWIN website wherein each
zero tolerance towards discrimination in any form. This session reported by the implementation partner was
philosophy is enshrined across the entire Group.

checked and the numbers displayed for that particular Principle 9 - Businesses should engage with and provide
day were corroborated with the numbers reported. One value to their customers and consumers in a responsible
session report highlighted the number of vaccinations manner.
conducted through one day in one camp. 1. hat percentage of customer complaints / consumer
W
cases are pending as on the end of financial year.
During the course of the Vaccination Drive 300,000
0.5% of the total client complaints were pending resolution
plus beneficiaries in Maharashtra, Madhya Pradesh and
Karnataka were vaccinated. Given below is the vaccine
2. oes the Company display product information on the
D
bifurcation and the gender split for the same:
product label, over and above what is mandated as per
local laws?
Covishield Covaxin Booster Dose

Not Applicable
59.1% 40.9% 18.1%
3. I s there any case filed by any stakeholder against the
Company regarding unfair trade practices, irresponsible
advertising and / or anti-competitive behavior during
Male Female the last five years and pending as on end of financial
Financial
59.1% 40.9% year. If so, provide details thereof, in about 50 words
or so.
Regular Narrative Programmatic Reports, Fund utilization
No
statements
statements and Demographics of the mandate were
submitted by Collective Good Foundation.
4. id your Company carry out any consumer survey /
D
consumer satisfaction trends?
4. hat is your Company’s direct contribution to
W
community development projects- Amount in INR and The Company has carried out consumer survey / consumer
the details of the projects undertaken? satisfaction trends. The Company regularly takes survey Standalone Financial Statements 134
from random set of clients for various features available
Please refer CSR Report attached to the Directors’ Report. Independent Auditor’s Report 134
on the digital platform based on which client NPS for those
features is calculated. Balance sheet 144
5. ave you taken steps to ensure that this community
H
development initiative is successfully adopted by the Statement of Profit and Loss 145
At a company level we have seen a robust scale up of the
community?
score during the year. Cash Flow Statement 146
Please refer Annexure III to the Director’s Report and
note number 49 of the consolidated financials for Statement of Changes in Equity 148
detailed information. Notes forming part of the Financial Statements 149
Consolidated Financial Statements 197

Independent Auditor’s Report 197
Balance sheet 204
Statement of Profit and Loss 205
Cash Flow Statement 206
Statement of Changes in Equity 208
Notes forming part of the Financial Statements 210
132
Corporate Overview
Statutory Reports
Independent Auditor’s Report

To the Members of Angel One Limited (formerly known as Angel Statements’ section of our report. We are independent of Other Information Auditor’s Responsibilities for the Audit of the Standalone
Broking Limited) the Company in accordance with the ‘Code of Ethics’ issued The Company’s Board of Directors is responsible for the Financial Statements
by the Institute of Chartered Accountants of India together other information. The other information comprises the Our objectives are to obtain reasonable assurance about
REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL with the ethical requirements that are relevant to our audit of information included in the Annual report, but does not whether the standalone financial statements as a whole are free
STATEMENTS the financial statements under the provisions of the Act and include the standalone financial statements and our auditor’s from material misstatement, whether due to fraud or error, and
Opinion the Rules thereunder, and we have fulfilled our other ethical report thereon. to issue an auditor’s report that includes our opinion. Reasonable
responsibilities in accordance with these requirements and assurance is a high level of assurance, but is not a guarantee
We have audited the accompanying standalone financial
the Code of Ethics. We believe that the audit evidence we have Our opinion on the standalone financial statements does not that an audit conducted in accordance with SAs will always
statements of Angel One Limited (formerly known as Angel
obtained is sufficient and appropriate to provide a basis for our cover the other information and we do not express any form of detect a material misstatement when it exists. Misstatements
Broking Limited) (“the Company”), which comprise the Balance
audit opinion on the standalone financial statements. assurance conclusion thereon. can arise from fraud or error and are considered material if,
Sheet as at 31 March, 2022, the Statement of Profit and Loss,
including the statement of Other Comprehensive income, the individually or in the aggregate, they could reasonably be
Key Audit Matters In connection with our audit of the standalone financial expected to influence the economic decisions of users taken
Cash Flow Statement and the Statement of Changes in Equity
for the year then ended, and notes to the standalone financial Key audit matters are those matters that, in our professional statements, our responsibility is to read the other information on the basis of these standalone financial statements.
statements, including a summary of significant accounting judgment, were of most significance in our audit of the and, in doing so, consider whether such other information is
policies and other explanatory information. standalone financial statements for the financial year ended materially inconsistent with the financial statements or our As part of an audit in accordance with SAs, we exercise
31 March, 2022. These matters were addressed in the context knowledge obtained in the audit or otherwise appears to be professional judgment and maintain professional scepticism
In our opinion and to the best of our information and according to of our audit of the standalone financial statements as a whole, materially misstated. If, based on the work we have performed, throughout the audit. We also:
the explanations given to us, the aforesaid standalone financial and in forming our opinion thereon, and we do not provide a we conclude that there is a material misstatement of this
statements give the information required by the Companies separate opinion on these matters. For the matter below, our other information, we are required to report that fact. We have • Identify and assess the risks of material misstatement of
Act, 2013, as amended (“the Act”) in the manner so required description of how our audit addressed the matter is provided nothing to report in this regard. the standalone financial statements, whether due to fraud
and give a true and fair view in conformity with the accounting in that context. or error, design and perform audit procedures responsive
principles generally accepted in India, of the state of affairs Responsibilities of Management for the standalone Financial to those risks, and obtain audit evidence that is sufficient
of the Company as at 31 March, 2022, its profit including other We have determined the matter described below to be the key Statements and appropriate to provide a basis for our opinion. The risk
comprehensive income, its cash flows and the changes in audit matter to be communicated in our report. We have fulfilled The Company’s Board of Directors is responsible for the matters of not detecting a material misstatement resulting from
equity for the year ended on that date. the responsibilities described in the Auditor’s responsibilities stated in Section 134(5) of the Act with respect to the preparation fraud is higher than for one resulting from error, as fraud
for the audit of the standalone financial statements section of of these standalone financial statements that give a true and fair may involve collusion, forgery, intentional omissions,
Basis for Opinion our report, including in relation to these matters. Accordingly, view of the financial position, financial performance including misrepresentations, or the override of internal control.
our audit included the performance of procedures designed to other comprehensive income, cash flows and changes in equity
We conducted our audit of the standalone financial statements • Obtain an understanding of internal control relevant to
respond to our assessment of the risks of material misstatement of the Company in accordance with the accounting principles
in accordance with the Standards on Auditing (SAs), as the audit in order to design audit procedures that are
of the standalone financial statements. The results of our audit generally accepted in India, including the Indian Accounting
specified under Section 143(10) of the Act. Our responsibilities appropriate in the circumstances. Under Section 143(3)
procedures, including the procedures performed to address the Standards (Ind AS) specified under Section 133 of the Act read
under those Standards are further described in the ‘Auditor’s (i) of the Act, we are also responsible for expressing our
matters below, provide the basis for our audit opinion on the with [the Companies (Indian Accounting Standards) Rules, 2015,
Responsibilities for the Audit of the standalone Financial opinion on whether the Company has adequate internal
accompanying standalone financial statements. as amended. This responsibility also includes maintenance of financial controls with reference to financial statements in
adequate accounting records in accordance with the provisions place and the operating effectiveness of such controls.
of the Act for safeguarding of the assets of the Company and
Key Audit Matter How our audit addressed the Key Audit Matter for preventing and detecting frauds and other irregularities; • Evaluate the appropriateness of accounting policies used
1. IT Systems and Controls selection and application of appropriate accounting policies; and the reasonableness of accounting estimates and
making judgments and estimates that are reasonable and related disclosures made by management.
The financial accounting and reporting We performed the following procedures assisted by specialised IT auditors on the IT infrastructure
systems of the Company are fundamentally and applications relevant to financial reporting: prudent; and the design, implementation and maintenance • Conclude on the appropriateness of management’s use of
reliant on IT systems and IT controls to of adequate internal financial controls, that were operating the going concern basis of accounting and, based on the
process significant transaction volumes. • T
ested the design and operating effectiveness of IT access controls over the information
effectively for ensuring the accuracy and completeness audit evidence obtained, whether a material uncertainty
systems that are important to financial reporting and various interfaces, configuration
Automated accounting procedures and of the accounting records, relevant to the preparation and
and other identified application controls. exists related to events or conditions that may cast
IT environment controls, which include presentation of the standalone financial statements that give
IT governance, general IT controls over
significant doubt on the Company’s ability to continue as a
• T
ested IT general controls (logical access, change management and aspects of IT a true and fair view and are free from material misstatement, going concern. If we conclude that a material uncertainty
program development and changes, access
to programs and data and IT operations, operational controls). This included testing that requests for access to systems were whether due to fraud or error. exists, we are required to draw attention in our auditor’s
are required to be designed and to operate appropriately reviewed and authorised. report to the related disclosures in the financial statements
effectively to ensure accurate financial In preparing the standalone financial statements, management or, if such disclosures are inadequate, to modify our
• T
ested the Company’s periodic review of access rights. We also inspected requests of
reporting. is responsible for assessing the Company’s ability to continue opinion. Our conclusions are based on the audit evidence
changes to systems for appropriate approval and authorisation.
Therefore, due to the pervasive nature as a going concern, disclosing, as applicable, matters related to obtained up to the date of our auditor’s report. However,
and complexity of the IT environment, the • I n addition to the above, we tested the design and operating effectiveness of certain going concern and using the going concern basis of accounting future events or conditions may cause the Company to
assessment of the general IT controls and automated and IT dependent manual controls that were considered as key internal controls unless management either intends to liquidate the Company or cease to continue as a going concern.
the application controls specific to the over financial reporting. to cease operations, or has no realistic alternative but to do so.
accounting and preparation of the financial • Evaluate the overall presentation, structure and content
information is considered to be a key audit • T
ested the design and operating effectiveness compensating controls in case of the standalone financial statements, including the
matter. Those Board of Directors are also responsible for overseeing
deficiencies were identified and, where necessary, extended the scope of our substantive disclosures, and whether the standalone financial
the Company’s financial reporting process.
audit procedures.

Corporate Overview
Statutory Reports
Independent Auditor’s Report (Continued)
that the Intermediary shall, whether, the circumstances, nothing has come to
statements represent the underlying transactions and specified under Section 133 of the Act, read with
directly or indirectly lend or invest in other our notice that has caused us to believe that
events in a manner that achieves fair presentation. Companies (Indian Accounting Standards) Rules,
persons or entities identified in any manner the representations under sub-clause (a)
2015, as amended;
whatsoever by or on behalf of the Company and (b) contain any material misstatement.
We communicate with those charged with governance
(“Ultimate Beneficiaries”) or provide any
regarding, among other matters, the planned scope and (e) On the basis of the written representations received
guarantee, security or the like on behalf of v. The dividend declared/paid during the year and
timing of the audit and significant audit findings, including from the directors as on 31 March, 2022 taken
the Ultimate Beneficiaries; subsequent to the year-end by the Company is
any significant deficiencies in internal control that we identify on record by the Board of Directors, none of the
in compliance with Section 123 of the Act.
during our audit. directors is disqualified as on 31 March, 2022 from
b) The management has represented that,
being appointed as a director in terms of Section 164
to the best of its knowledge and belief, no
We also provide those charged with governance with a statement (2) of the Act;
funds have been received by the Company
that we have complied with relevant ethical requirements For S.R. Batliboi & Co. LLP
from any person or entity, including
regarding independence, and to communicate with them (f) With respect to the adequacy of the internal financial Chartered Accountants
foreign entities (“Funding Parties”), with
all relationships and other matters that may reasonably be controls with reference to these standalone financial ICAI Firm Registration Number: 301003E/E300005
the understanding, whether recorded in
thought to bear on our independence, and where applicable, statements and the operating effectiveness of such
writing or otherwise, that the Company
related safeguards. controls, refer to our separate Report in “Annexure 2”
shall, whether, directly or indirectly, lend per Viren H. Mehta
to this report;
or invest in other persons or entities Partner
From the matters communicated with those charged with
identified in any manner whatsoever by or
governance, we determine those matters that were of most (g) In our opinion, the managerial remuneration for the Membership Number: 048749
on behalf of the Funding Party (“Ultimate
significance in the audit of the standalone financial statements year ended 31 March, 2022 has been paid / provided UDIN: 22048749AHKVKI5768
Beneficiaries”) or provide any guarantee,
for the financial year ended 31 March, 2022 and is therefore by the Company to its directors in accordance with
security or the like on behalf of the Ultimate
the key audit matter. We describe this matter in our auditor’s the provisions of Section 197 read with Schedule V
Beneficiaries; and Place of Signature: Mumbai
report unless law or regulation precludes public disclosure to the Act;
about the matter or when, in extremely rare circumstances, Date: 20 April, 2022
c) Based on such audit procedures that were
we determine that a matter should not be communicated in our (h) With respect to the other matters to be included
considered reasonable and appropriate in
report because the adverse consequences of doing so would in the Auditor’s Report in accordance with Rule 11
reasonably be expected to outweigh the public interest benefits of the Companies (Audit and Auditors) Rules, 2014,
of such communication. as amended in our opinion and to the best of our
information and according to the explanations given
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS to us:
1. As required by the Companies (Auditor’s Report) Order,
2020 (“the Order”), issued by the Central Government of i. The Company has disclosed the impact of
India in terms of sub-section (11) of Section 143 of the Act, pending litigations on its financial position in its
we give in the “Annexure 1” a statement on the matters standalone financial statements – Refer Note 36
specified in paragraphs 3 and 4 of the Order. to the standalone financial statements;
2. As required by Section 143(3) of the Act, we report that: ii. The Company did not have any long-term
contracts including derivative contracts
(a) We have sought and obtained all the information and for w hich there were a ny m ater ia l
explanations which to the best of our knowledge and foreseeable losses;
belief were necessary for the purposes of our audit;
iii. There were no amounts which were required
(b) In our opinion, proper books of account as required to be transferred to the Investor Education and
by law have been kept by the Company so far as it Protection Fund by the Company.
appears from our examination of those books;
iv. a) The management has represented that,
(c) The Balance Sheet, the Statement of Profit and Loss to the best of its knowledge and belief, no
including the Statement of Other Comprehensive funds have been advanced or loaned or
income, the Cash Flow Statement and Statement invested (either from borrowed funds or
of Changes in Equity dealt with by this Report are in share premium or any other sources or kind
agreement with the books of account; of funds) by the Company to or in any other
person or entity, including foreign entities
(d) In our opinion, the aforesaid standalone financial (“Intermediaries”), with the understanding,
statements comply with the Accounting Standards whether recorded in writing or otherwise,

Corporate Overview
Statutory Reports
ANNEXURE 1 REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING “REPORT ON OTHER LEGAL AND REGULATORY (d) There are no amounts of loans granted to companies, The Company has not granted advances in the nature
REQUIREMENTS” OF OUR REPORT OF EVEN DATE firms, limited liability partnerships or any other of loans, either repayable on demand or without
parties which are overdue for more than ninety days. specifying any terms or period of repayment to
companies, firms, Limited Liability Partnerships or
The Company has not granted advances in the any other parties. Accordingly, the requirement to
Re: Angel One Limited (formerly known as Angel Broking (Amount in H)
nature of loans during the year to companies, firms, report on these is not applicable to the Company.
Limited)
Limited Liability Partnerships or any other parties.
(i) (a) (A) The Company has maintained proper records Loans
Accordingly, the requirement to report on this is not (iv) Loans, investments, guarantees and security in respect of
showing full particulars, including quantitative Aggregate amount granted/ provided - 374,487.50 million applicable to the Company. which provisions of Sections 185 and 186 of the Companies
details and situation of Property, Plant during the year Act, 2013 are applicable have been complied with by
and Equipment. - Others - 373,082.50 million (e) There were no loans granted to companies, firms, the Company.
- Subsidiaries - 1,405.00 million Limited Liability Partnerships or any other parties
(B) The Company has maintained proper records Balance outstanding as at balance which was fallen due during the year, that have (v) The Company has neither accepted any deposits from
showing full particulars of intangibles assets. sheet date in respect of above cases been renewed or extended or fresh loans granted the public nor accepted any amounts which are deemed
- Others - 12,591.36 million to settle the overdues of existing loans given to the to be deposits within the meaning of Sections 73 to 76 of
(b) Property, Plant and Equipment have been physically - Subsidiaries - Nil same parties. the Companies Act and the rules made thereunder, to the
verified by the management during the year and extent applicable. Accordingly, the requirement to report
no material discrepancies were identified on During the year the Company has not provided The Company has not granted advances in the on clause 3(v) of the Order is not applicable to the Company.
such verification. advances in the nature of loans, stood guarantee nature of loans during the year to companies, firms,
or provided security to companies, firms, Limited Limited Liability Partnerships or any other parties. (vi) The Company is not in the business of sale of any goods
(c) The title deeds of all the immovable properties (other Liability Partnerships or any other parties. Accordingly, the requirement to report on this is not or provision of such services as prescribed. Accordingly,
than properties where the Company is the lessee and Accordingly, the requirement to report on these is applicable to the Company. the requirement to report on clause 3(vi) of the Order is not
the lease agreements are duly executed in favour of not applicable to the Company. applicable to the Company.
the lessee) are held in the name of the Company. (f) The Company has granted loans repayable on demand
(b) During the year the terms and conditions of the grant to companies. Of these following are the details of the (vii) (a) The Company is regular in depositing with appropriate
(d) The Company has not revalued its Property, Plant and of all loans to companies, firms, Limited Liability aggregate amount of loans granted to promoters or authorities undisputed statutory dues including
Equipment (including Right of use assets) or intangible Partnerships or any other parties are not prejudicial related parties as defined in clause (76) of Section 2 goods and services tax, provident fund, employees’
assets during the year ended 31 March, 2022. to the Company's interest. of the Companies Act, 2013: state insurance, service tax, income-tax, cess and
other statutory dues applicable to it. According to the
(e) There are no proceedings initiated or are pending During the year the Company has not made (Amount in H) information and explanations given to us and based
against the Company for holding any benami investments, provided guarantees, given security on audit procedures performed by us, no undisputed
property under the Prohibition of Benami Property and granted advances in the nature of loans and All Parties Related Parties amounts payable in respect of these statutory dues
Transactions Act, 1988 and rules made thereunder. guarantees to companies, firms, Limited Liability Aggregate amount of - 1,405.00 - 1,405.00 were outstanding, at the year end, for a period of
Partnerships or any other parties. Accordingly, the loans million million more than six months from the date they became
(ii) (a) The Company’s business does not involve inventories -R epayable on demand
requirement to report on these is not applicable to payable, except those disclosed below.
and, accordingly, the requirement to report on clause the Company. Percentage of loans to 0.38% 0.38%
3(ii)(a) of the Order is not applicable to the Company. the total loans
(c) The Company has granted loans during the year to
(b) As disclosed in note 50 to the financial statements, companies, firms, Limited Liability Partnerships or
the Company has been sanctioned working capital any other parties where the schedule of repayment of Period to which the
limits in excess of H five crore in aggregate from Name of the statute Nature of the Dues Amount (K) Due Date Date of Payment
principal and payment of interest has been stipulated amount relates
banks during the year on the basis of security of and the repayment or receipts are regular. Stamp Act Stamp Duty on transfer of shares 55.50 million 2011-2016 Various Unpaid as at 31 March, 2022
current assets of the Company. The quarterly
returns/statements filed by the Company with such The Company has not granted advances in the nature As informed, the provisions of sales Tax, duty of customs, duty of excise and value added tax are currently not applicable to
banks are in agreement with the books of account of of loans during the year to companies, firms, Limited the Company.
the Company. Liability Partnerships or any other parties where the
schedule of repayment of principal and payment (b) The dues of goods and services tax, provident fund, employees’ state insurance, income-tax, service tax, cess, and other
(iii) (a) During the year the Company has provided loans to of interest has been stipulated. Accordingly, the statutory dues have not been deposited on account of any dispute, are as follows:
companies, firms, Limited Liability Partnerships or requirement to report on this is not applicable to
any other parties as follows: the Company.
Name of the statute Nature of the dues Amount (K) Period to which the amount relates Forum where the dispute is pending
Income Tax Act, 1961 Income Tax Demand 3.60 million AY 2012-13 CIT (Appeals)
Income Tax Act, 1961 Income Tax Demand 93.90 million AY 2009-10 Honorable High Court, Mumbai
As informed, the provisions of sales Tax, duty of customs, duty of excise and value added tax are currently not applicable to
the Company.

Corporate Overview
Statutory Reports
(viii) The Company has not surrendered or disclosed any (c) We have taken into consideration the whistle-blower (xix) On the basis of the financial ratios, ageing and expected (b) There are no unspent amounts in respect of ongoing
transaction, previously unrecorded in the books of complaints received by the Company during the year dates of realisation of financial assets and payment of projects, that are required to be transferred to
account, in the tax assessments under the Income Tax while determining the nature, timing and extent of financial liabilities, other information accompanying a special account in compliance of provision of
Act, 1961 as income during the year. Accordingly, the audit procedures. the financial statements, our knowledge of the Board sub-section (6) of Section 135 of Companies Act.
requirement to report on clause 3(viii) of the Order is not of Directors and management plans and based on our This matter has been disclosed in note 47 to the
applicable to the Company. (xii) (a) he Company is not a nidhi Company as per the
T examination of the evidence supporting the assumptions, financial statements.
to provisions of the Companies Act, 2013. Therefore, nothing has come to our attention, which causes us to
(ix) (a) The Company has not defaulted in repayment of loans (c) the requirement to report on clauses 3(xii)(a), (b) and believe that any material uncertainty exists as on the
or other borrowings or in the payment of interest (c) of the Order is not applicable to the Company. date of the audit report that Company is not capable of For S.R. Batliboi & Co. LLP
thereon to any lender during the year. meeting its liabilities existing at the date of balance sheet Chartered Accountants
(xiii) Transactions with the related parties are in compliance as and when they fall due within a period of one year from ICAI Firm Registration Number: 301003E/E300005
(b) The Company has not been declared as a willful with Sections 177 and 188 of Companies Act, 2013 where the balance sheet date. We, however, state that this is not
defaulter by any bank or financial institution or applicable and the details have been disclosed in the notes an assurance as to the future viability of the Company. We per Viren H. Mehta
government or any government authority during to the financial statements, as required by the applicable further state that our reporting is based on the facts up Partner
the year. accounting standards. to the date of the audit report and we neither give any
Membership Number: 048749
guarantee nor any assurance that all liabilities falling due
UDIN: 22048749AHKVKI5768
(c) Term loans were applied for the purpose for which the (xiv) (a) The Company has an internal audit system within a period of one year from the balance sheet date,
loans were obtained. commensurate with the size and nature of will get discharged by the Company as and when they
its business. fall due. Place of Signature: Mumbai
(d) On an overall examination of the financial statements Date: 20 April, 2022
of the Company, no funds raised on short-term basis (b) The internal audit reports of the Company issued till (xx) (a) In respect of other than ongoing projects, there
have been used for long-term purposes during the the date of the audit report, for the period under audit are no unspent amounts that are required to be
year by the Company. have been considered by us. transferred to a fund specified in Schedule VII of the
Companies Act (the Act), in compliance with second
(e) On an overall examination of the financial statements (xv) The Company has not entered into any non-cash proviso to sub-section 5 of Section 135 of the Act.
of the Company, the Company has not taken any funds transactions with its directors or persons connected with This matter has been disclosed in note 47 to the
from any entity or person on account of or to meet its directors and hence requirement to report on clause financial statements.
the obligations of its subsidiaries, associates or joint 3(xv) of the Order is not applicable to the Company.
ventures during the year.
(xvi) (a) The provisions of Section 45-IA of the Reserve Bank
(f) The Company has not raised loans during the year of India Act, 1934 (2 of 1934) are not applicable to the
on the pledge of securities held in its subsidiaries, Company. Accordingly, the requirement to report
joint ventures or associate companies. Hence, the on clause (xvi) (a) of the Order is not applicable to
requirement to report on clause (ix)(f) of the Order is the Company.
not applicable to the Company.
(b) The Company has not conducted any Non-Banking
(x) (a) The Company has not raised any money during the Financial or Housing Finance activities without
year by way of initial public offer/further public offer obtaining a valid Certificate of Registration (CoR)
(including debt instruments) hence, the requirement from the Reserve Bank of India as per the Reserve
to report on clause 3(x)(a) of the Order is not applicable Bank of India Act, 1934.
to the Company.
(c) The Company is not a Core Investment Company as
(b) The Company has not made any preferential allotment defined in the regulations made by Reserve Bank
or private placement of shares/fully or partially or of India. Accordingly, the requirement to report
optionally convertible debentures during the year on clause 3(xvi) of the Order is not applicable to
under audit and hence, the requirement to report the Company.
on clause 3(x) (b) of the Order is not applicable to
the Company. (d) There is no Core Investment Company as a part of the
Group, hence, the requirement to report on clause
(xi) (a) No fraud by the Company or no fraud on the Company 3(xvi) of the Order is not applicable to the Company.
has been noticed or reported during the year.
(xvii) The Company has not incurred cash losses in the current
(b) During the year, no report under sub-section (12) of financial year or the previous financial year.
Section 143 of the Companies Act, 2013 has been
filed by secretarial auditor or by us in Form ADT – 4 (xviii) There has been no resignation of the statutory auditors
as prescribed under Rule 13 of Companies (Audit and during the year and accordingly requirement to report on
Auditors) Rules, 2014 with the Central Government. Clause 3(xviii) of the Order is not applicable to the Company.

Corporate Overview
Statutory Reports
ANNEXURE 2 TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS were operating effectively as at 31 March, 2022, based on the
OF ANGEL ONE LIMITED (FORMERLY KNOWN AS ANGEL BROKING LIMITED) WITH REFERENCE TO STANDALONE FINANCIAL STATEMENTS internal control over financial reporting criteria established by
Because of the inherent limitations of internal financial controls the Company considering the essential components of internal
with reference to standalone financial statements, including control stated in the Guidance Note issued by the ICAI.
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER Our audit involves performing procedures to obtain audit the possibility of collusion or improper management override
CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE evidence about the adequacy of the internal financial controls of controls, material misstatements due to error or fraud may
COMPANIES ACT, 2013 (“THE ACT”) with reference to these standalone financial statements and occur and not be detected. Also, projections of any evaluation
For S.R. Batliboi & Co. LLP
We have audited the internal financial controls with reference to their operating effectiveness. Our audit of internal financial of the internal financial controls with reference to standalone
Chartered Accountants
standalone financial statements of Angel One Limited (formerly controls with reference to standalone financial statements financial statements to future periods are subject to the risk
ICAI Firm Registration Number: 301003E/E300005
known as Angel Broking Limited) (“the Company”) as of 31 March, included obtaining an understanding of internal financial that the internal financial control with reference to standalone
2022 in conjunction with our audit of the standalone financial controls with reference to these standalone financial financial statements may become inadequate because of
statements of the Company for the year ended on that date. statements, assessing the risk that a material weakness changes in conditions, or that the degree of compliance with per Viren H. Mehta
exists, and testing and evaluating the design and operating the policies or procedures may deteriorate. Partner
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL effectiveness of internal control based on the assessed risk. Membership Number: 048749
CONTROLS The procedures selected depend on the auditor’s judgement, OPINION UDIN: 22048749AHKVKI5768
including the assessment of the risks of material misstatement In our opinion, the Company has, in all material respects,
The Company’s Management is responsible for establishing and
of the financial statements, whether due to fraud or error. adequate internal financial controls with reference to
maintaining internal financial controls based on the internal
standalone financial statements and such internal financial Place of Signature: Mumbai
control over financial reporting criteria established by the
We believe that the audit evidence we have obtained is sufficient controls with reference to standalone financial statements Date: 20 April, 2022
Company considering the essential components of internal
and appropriate to provide a basis for our audit opinion on the
control stated in the Guidance Note on Audit of Internal Financial
Company’s internal financial controls with reference to these
Controls Over Financial Reporting issued by the Institute of
standalone financial statements.
Chartered Accountants of India (“ICAI”). These responsibilities
include the design, implementation and maintenance of
MEANING OF INTERNAL FINANCIAL CONTROLS WITH
adequate internal financial controls that were operating
REFERENCE TO THESE STANDALONE FINANCIAL STATEMENTS
effectively for ensuring the orderly and efficient conduct of
its business, including adherence to the Company’s policies, A company's internal financial controls with reference to
the safeguarding of its assets, the prevention and detection standalone financial statements is a process designed to
of frauds and errors, the accuracy and completeness of the provide reasonable assurance regarding the reliability of
accounting records, and the timely preparation of reliable financial reporting and the preparation of financial statements
financial information, as required under the Companies for external purposes in accordance with generally accepted
Act, 2013. accounting principles. A company's internal financial
controls with reference to standalone financial statements
AUDITOR’S RESPONSIBILITY includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
Our responsibility is to express an opinion on the Company's
and fairly reflect the transactions and dispositions of the
internal financial controls with reference to these standalone
assets of the Company; (2) provide reasonable assurance that
financial statements based on our audit. We conducted
transactions are recorded as necessary to permit preparation
our audit in accordance with the Guidance Note on Audit
of financial statements in accordance with generally accepted
of Internal Financial Controls Over Financial Reporting (the
accounting principles, and that receipts and expenditures
“Guidance Note”) and the Standards on Auditing, as specified
of the Company are being made only in accordance with
under Section 143(10) of the Act, to the extent applicable to an
authorisations of management and directors of the Company;
audit of internal financial controls, both issued by ICAI. Those
and (3) provide reasonable assurance regarding prevention or
Standards and the Guidance Note require that we comply
timely detection of unauthorised acquisition, use, or disposition
with ethical requirements and plan and perform the audit to
of the Company's assets that could have a material effect on the
obtain reasonable assurance about whether adequate internal
financial statements.
financial controls with reference to these standalone financial
statements was established and maintained and if such controls
operated effectively in all material respects.

Corporate Overview
Statutory Reports
Standalone Balance Sheet Standalone Statement of Profit and Loss

as at 31 March, 2022 for the year ended 31 March, 2022
(H in million) (H in million)
As at As at Year ended Year ended

Note No. Note No.
31 March, 2022 31 March, 2021 31 March, 2022 31 March, 2021
ASSETS Revenue from operations
Financial Assets (a) Interest Income 26 3,200.99 1,692.21
(a) Cash and cash equivalents 4 4,202.23 706.71 (b) Fees and commission income 27 18,888.10 10,725.42
(b) Bank balance other than cash and cash equivalent 5 44,517.74 17,803.81 (c) Net gain on fair value changes 28 287.58 87.09
(c) Trade receivables 6 5,644.59 2,272.79 Total Revenue from operations (I) 22,376.67 12,504.72
(d) Loans 7 12,703.62 10,632.76 (d) Other Income (II) 29 437.37 392.71
(e) Investments 8 830.29 829.79 Total Income (I+II=III) 22,814.04 12,897.43
(f) Other financial assets 9 1,932.47 14,272.98 Expenses
Non-financial Assets (a) Finance costs 30 702.25 396.33
(a) Deferred tax assets (Net) 10 49.90 68.21 (b) Fees and commission expense 5,502.43 3,629.78
(b) Investment property 11 33.36 33.94 (c) Impairment on financial instruments 31 114.75 340.74
(c) Property, Plant and equipment 12 1,267.76 859.16 (d) Employee benefits expenses 32 2,753.25 1,644.19
(d) Intangible assets under development 13 119.96 1.83 (e) Depreciation, amortisation and impairment 33 176.79 174.24
(e) Intangible assets 14 64.82 53.62 (f) Others expenses 34 5,334.10 2,730.36
(f) Right of use assets 15 15.36 54.41 Total Expenses (IV) 14,583.57 8,915.64
(g) Other non-financial assets 16 395.06 232.19 Profit before tax (III-IV=V) 8,230.47 3,981.79
Total Assets 71,777.16 47,822.20 Tax Expense: 10
LIABILITIES AND EQUITY (a) Current Tax 2,060.18 1,028.45
LIABILITIES (b) Deferred Tax 21.62 (28.85)
Financial Liabilities (c) Taxes for earlier years - 78.22
(a) Trade Payables 17 Total Income tax expense (VI) 2,081.80 1,077.82
(i) total outstanding dues of micro enterprises and small enterprises - 1.97 Profit for the year (V-VI=VII) 6,148.67 2,903.97
(ii) total outstanding dues of creditors other than micro enterprises and small 40,668.10 22,761.84 Other Comprehensive Income
enterprises Items that will not be reclassified to profit or loss
(b) Debt securities 18 245.67 - (a) Re-measurement gains/(losses) on defined benefit plans (13.16) (15.46)
(c) Borrowings (other than debt securities) 19 12,329.83 11,713.79 (b) Income tax relating to above items 10 3.31 3.89
(d) Other financial liabilities 20 2,513.65 1,785.75 Other Comprehensive Income for the year (VIII) (9.85) (11.57)
Non-Financial Liabilities Total Comprehensive Income for the year (VII+VIII) 6,138.82 2,892.40
(a) Current tax liabilities (Net) 21 9.61 113.96 Earnings per equity share (Face value K10 each) 35
(b) Provisions 22 116.87 85.99 74.52 37.76
Basic EPS (H)
(c) Other non-financial liabilities 23 437.77 338.13
Diluted EPS (H) 73.25 37.49
EQUITY
(a) Equity share capital 24 828.59 818.27 The accompanying notes are an integral part of the financials statements
(b) Other equity 25 14,627.07 10,202.50
As per our report of even date
Total Liabilities and Equity 71,777.16 47,822.20 For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors
The accompanying notes are an integral part of the financials statements Firm Registration No.: 301003E/E300005
For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors Viren H. Mehta Dinesh Thakkar Narayan Gangadhar
Firm Registration No.: 301003E/E300005 Partner Chairman and Managing Director Chief Executive Officer
Chartered Accountants Membership No : 048749 DIN: 00004382
Viren H. Mehta Dinesh Thakkar Narayan Gangadhar Naheed Patel Vineet Agrawal
Partner Chairman and Managing Director Chief Executive Officer Company Secretary Chief Financial Officer
Membership No : 048749 DIN: 00004382 Membership No : ACS22506
Naheed Patel Vineet Agrawal Place: Mumbai Place: Mumbai

Company Secretary Chief Financial Officer Date: 20 April, 2022 Date: 20 April, 2022
Membership No : ACS22506


Corporate Overview
Statutory Reports
Standalone Cash Flow Statement Standalone Cash Flow Statement

for the year ended 31 March, 2022 for the year ended 31 March, 2022
Year ended Year ended Year ended Year ended

A. Cash flow from operating activities Proceeds from issue of equity shares 228.60 3,005.84
Profit before tax 8,230.47 3,981.79 Share issue expenses - (151.57)
Adjustments for non cash and non-operating activities: Interest paid on borrowings (646.08) (353.19)
Depreciation and amortisation expense 176.79 174.24 Intercorporate Deposit taken 790.00 785.96
(Gain)/Loss on cancellation of lease 0.75 (8.11) Intercorporate Deposit Repaid (790.00) (785.96)
Expense on employee stock option scheme 155.78 8.98 Interim dividend paid (2,088.82) (426.58)
Interest income on inter-corporate deposit (2.50) (0.10) Repayment of lease liabilities including interest (28.29) (42.46)
Income from leased property (9.03) (9.17) Net cash (used in)/generated from financing activities (C) (1,631.39) 8,963.93
Interest expense on borrowings 648.98 360.90 Net increase/(decrease) in cash and cash equivalents (A+B+C) 3,495.52 (2,678.82)
Interest on Income tax 13.25 15.77 Cash and cash equivalents at the beginning of the year 706.71 3,385.53
Impairment on investments of Angel Digitech Services Private Limited (Formerly known as Angel - 125.00 Cash and cash equivalents at the end of the year 4,202.23 706.71
Wellness Private Limited) Cash and cash equivalents comprise
Provision of expected credit loss on trade receivable 1.04 7.79 Balances with banks
Bad debt written off 113.71 332.95 On current accounts 4,202.10 704.05
Interest income on financial assets (6.42) (12.06) Cash on hand 0.02 0.07
Dividend Income from Subsidiaries - (58.72) Cheques on hand 0.11 2.59
Loss/(Profit) on sale of property, plant and equipment (0.99) 8.43 Total cash and bank balances at end of the year (Refer Note 4) 4,202.23 706.71
(Profit)/Loss on financial instruments designated at fair value through profit or loss (287.58) (87.09)
Operating profit before working capital changes 9,034.25 4,840.60 NOTES:
Changes in working capital 1. Changes in liabilities arising from financing activities
Increase/(decrease) in trade payables 17,904.29 13,369.28 (H in million)
Increase/(decrease) in financial liabilities 727.90 500.13
Increase/(decrease) in non-financial liabilities 99.64 52.16 Year ended Year ended
Increase/(decrease) in provisions 17.72 10.54 31 March, 2022 31 March, 2021
(Increase)/decrease in trade receivables (3,482.25) (2,221.02) Opening balance 11,713.79 4,877.28
(Increase)/decrease in loans (2,070.86) (8,137.09) Addition during the year 1,703.72 7,743.04
(Increase)/decrease in other bank balances (26,713.93) (7,437.42) Amortisation of interest and other charges on borrowings 2.90 7.71
(Increase) decrease in other financial assets 12,342.52 (11,573.42) Repayments during the year (819.42) (832.74)
(Increase)/decrease in other non-financial assets (162.86) (92.53) Other adjustments (25.49) (81.50)
Cash generated from/(used in) operations 7,696.42 (10,688.77) Closing balance 12,575.50 11,713.79
Income tax paid (2,177.78) (970.30)
2. The above statement of cash flow has been prepared under the "Indirect method" as set out in IND AS-7 "Statement of cash
Net cash generated from/(used in) operating activities (A) 5,518.64 (11,659.07)
flow".
B. Cash flow from Investing activities
Purchase of property, plant and equipment, intangible assets (697.45) (142.86) The accompanying notes are an integral part of the financials statements
Proceeds from sale of property, plant and equipment, intangible assets 6.61 4.10
Interest received on inter-corporate deposit 2.50 0.10 As per our report of even date
For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors
Income from lease property 9.03 9.17
Firm Registration No.: 301003E/E300005
Intercorporate deposit given (1,405.00) (4.80)
Intercorporate deposit repayment received 1,405.00 4.80
Dividend Income from Subsidiaries - 58.72 Viren H. Mehta Dinesh Thakkar Narayan Gangadhar
Payment for purchase of mutual funds (67,246.64) (44,427.86) Partner Chairman and Managing Director Chief Executive Officer
Proceeds from sale of mutual funds 67,534.22 44,514.95 Membership No : 048749 DIN: 00004382
Net cash (used in)/generated from investing activities (B) (391.73) 16.32
Naheed Patel Vineet Agrawal
C. Cash flow from Financing activities Company Secretary Chief Financial Officer
Proceeds from/(repayments) of borrowings other than debt securities 661.56 6,940.38
Proceeds from/repayments of debt securities 245.67 -
Proceeds from vehicle loan - 3.54 Place: Mumbai Place: Mumbai
Repayment of vehicle loan (4.03) (12.03) Date: 20 April, 2022 Date: 20 April, 2022

Corporate Overview
Statutory Reports
Standalone Statement of Changes in Equity Standalone Accounting Policies

A EQUITY SHARE CAPITAL 1. CORPORATE INFORMATION The standalone financial statements for the year ended
(H in million) Angel One Limited (formerly known as Angel Broking 31 March, 2022 are being authorised for issue in accordance
Limited) (the ‘Company’) was originally incorporated on with a resolution of the directors on 20 April, 2022.
Amount 08 August, 1996. The Company has converted into public
Equity Shares of K10 issued, subscribed and fully paid up limited company w.e.f. 28 June, 2018 via a Certificate Significant Accounting Policy
Balance as on 01 April, 2020 719.95 of Incorporation, issued by Registrar of Companies, 2.1 Revenue Recognition
Changes in Equity Share Capital due to prior year errors - Mumbai, Maharashtra. Revenue (other than for those items to which Ind
Restated balance at the beginning of the previous reporting year 719.95
AS 109 Financial Instruments are applicable) is
Changes in Equity Share Capital during the year 98.32 The Company is a member of National Stock Exchange measured at fair value of the consideration received
Balance as at 31 March, 2021 818.27 of India Limited (NSE), Bombay Stock Exchange Limited or receivable. Ind AS 115 Revenue from contracts
Changes in Equity Share Capital due to prior year errors - (BSE), National Commodities and Derivatives Exchange with customers outlines a single comprehensive
Restated balance at the beginning of the current reporting year 818.27 Limited (NCDEX), Multi Commodity Exchange of India model of accounting for revenue arising from
Changes in Equity Share Capital during the year 10.32 Limited (MCX), Metropolitan Stock Exchange of India
Balance as at 31 March, 2022 828.59
contracts with customers and supersedes current
Limited (MSEI) and a depository participant with Central revenue recognition guidance found within Ind ASs of
Depository Services (India) Limited (CDSL). The Company is accounting on accrual basis. Revenue from contracts
B OTHER EQUITY (REFER NOTE 25)
engaged in the business of stock, currency and commodity with customers is recognised when control of the
(H in million) broking, providing margin trading facility, depository goods or services are transferred to the customer
services and distribution of mutual funds, to its clients; at an amount that reflects the consideration to which
Reserve & Surplus Equity-Settled and earns brokerage, fees, commission and interest
share-based Total
the Company expects to be entitled in exchange for
Securities General Retained income thereon. The Company has also been providing
Premium Reserve Earnings payment reserve those goods or services. The Company has generally
portfolio management services. It's registered office is concluded that it is the principal in its revenue
Balance as at 01 April, 2020 977.08 132.88 3,824.46 34.29 4,968.71
situated at Mumbai, India. The registered office address arrangements, except for the agency services below,
Changes in accounting policy or prior year errors - - - - -
of the Company is G-1, Ground Floor, Akruti Trade Centre, because it typically controls the goods or services
Restated balance at the beginning of the previous reporting year 977.08 132.88 3,824.46 34.29 4,968.71
Road No. 7, MIDC, Andheri (East), Mumbai – 400 093. before transferring them to the customer.
Profit for the year - - 2,903.97 - 2,903.97
Other comprehensive Income for the year - - (11.57) - (11.57)
Premium on equity shares issued 2,908.16 - - - 2,908.16
2. ASIS OF PREPARATION AND PRESENTATION AND
B The Company recognises revenue from contracts
Utilised towards IPO expenses (151.57) - - - (151.57) SIGNIFICANT ACCOUNTING POLICY with customers based on a five step model as set out
Utilised towards equity share option exercised - - - (0.64) (0.64) The Financial Statements of the Company comply in all in Ind 115:
Transfer to retained earnings from Equity-Settled share-based payment - - 6.49 (6.49) - material aspects with Indian Accounting Standards ('Ind
reserve AS') notified under Section 133 of the Companies Act, 2013 Step 1: Identify contract(s) with a customer: A
Addition for equity share options granted - - - 12.02 12.02 ('the Act') read with the Companies (Indian Accounting contract is defined as an agreement between two
Dividends paid - - (426.58) - (426.58) Standards) Rules, 2015 as amended from time to time and or more parties that creates enforceable rights
Balance as at 31 March, 2021 3,733.67 132.88 6,296.77 39.18 10,202.50 other relevant provisions of the Act. and obligations and sets out the criteria for every
Changes in accounting policy or prior year errors - - - - - contract that must be met.
Restated balance at the beginning of the current reporting year 3,733.67 132.88 6,296.77 39.18 10,202.50 Accounting policies have been consistently applied to all
Profit for the year - - 6,148.67 - 6,148.67 the financial year presented in the financial statements Step 2: Identify performance obligations in the
Other comprehensive Income for the year - - (9.85) - (9.85) except where a newly issued accounting standard is contract: A performance obligation is a promise
Premium on equity shares issued 279.29 - - - 279.29 initially adopted or a revision to the existing accounting in a contract with a customer to transfer a good or
Utilised towards equity share option exercised - - - (61.00) (61.00) standard requires a change in the accounting policy service to the customer.
Addition for equity share options granted - - - 156.28 156.28 hitherto in use.
Dividends paid - - (2,088.82) - (2,088.82)
Step 3: Determine the transaction price: The
Balance as at 31 March, 2022 4,012.96 132.88 10,346.77 134.46 14,627.07
The Balance Sheet, the Statement of Changes in Equity, transaction price is the amount of consideration to
the Statement of Profit and Loss and disclosures are which the Company expects to be entitled in exchange
The accompanying notes are an integral part of the financials statements presented in the format prescribed under Division III for transferring promised goods or services to a
of Schedule III of the companies Act, as amended from customer, excluding amounts collected on behalf of
time to time that are required to comply with Ind AS. The third parties.
For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors
Statement of Cash Flows has been presented as per the
Firm Registration No.: 301003E/E300005
requirements of Ind AS 7 Statement of Cash Flows. Step 4: Allocate the transaction price to the
performance obligations in the contract: For a
Viren H. Mehta Dinesh Thakkar Narayan Gangadhar The financial statements have been prepared under the contract that has more than one performance
Partner Chairman and Managing Director Chief Executive Officer historical cost convention and on accrual basis, except obligation, the Company allocates the transaction
for certain financial assets and liabilities, defined benefit- price to each performance obligation in an amount
Membership No : 048749 DIN: 00004382
plan liabilities and share-based payments being measured that depicts the amount of consideration to which
Naheed Patel Vineet Agrawal at fair value. the Company expects to be entitled in exchange for
Company Secretary Chief Financial Officer satisfying each performance obligation.
These financial statements are presented in Indian Rupees
(INR)/(H), which is also its functional currency and all Step 5: Recognise revenue when (or as) the Company
values are rounded to the nearest million. Except when satisfies a performance obligation.
otherwise indicated.
(i) Revenue from contract with customer is
recognised point in time when performance

Corporate Overview
Statutory Reports
Standalone Accounting Policies Standalone Accounting Policies

obligation is satisfied. Income from broking (vi) Delayed payment charges (Interest on late The residual values, useful lives and methods of attributable to it will flow to the Company. Software
activities is accounted for on the trade date payments) are accounted at a point in time depreciation of property, plant and equipment and system development expenditure are capitalised
of transactions. of default. are reviewed at each financial period / year at cost of acquisition including cost attributable to
end and adjusted prospectively, if appropriate. readying the asset for use. Such intangible assets
(ii) Dividend income is recognised when the right to (vii) In respect of other heads of Income it is Changes in the expected useful life are are subsequently measured at cost less accumulated
receive the dividend is established, it is probable accounted to the extent it is probable that the accounted for by changing the depreciation amortisation and any accumulated impairment
that the economic benefits associated with the economic benefits will flow and the revenue period or methodology, as appropriate, and losses. The useful life of these intangible assets
dividend will flow to the entity and the amount can be reliably measured, regardless of when treated as changes in accounting estimates. is estimated at 5 years with zero residual value.
of the dividend can be measured reliably. the payment is being made. An entity shall During the year, there has been reassessment Any expenses on such software for support and
recognise a refund liability if the entity receives of useful life of certain assets within Office maintenance payable annually are charged to the
(iii) Depository services income are accounted consideration from a customer and expects Equipment from five years in the previous year. statement of profit and loss.
as follows: to refund some or all of that consideration to There was no significant material impact due
the customer. to this change. The residual values, useful lives and methods of
Revenue from depositor y ser vices on amortisation are reviewed at each financial year end
account of annual maintenance charges have 2.2 Property, Plant and Equipment The carrying amount of an item of property, and adjusted prospectively, if appropriate. Changes
been accounted for over the period of the (i) Recognition and Measurement plant and equipment is derecognised on in the expected useful life are accounted for by
performance obligation. disposal or when no future economic benefits changing the depreciation period or methodology,
Tangible property, plant and equipment are
are expected from its use or disposal. The as appropriate, and treated as changes in
stated at cost less accumulated depreciation
Revenue from depository services on account of gain or loss arising from the derecognition of accounting estimates.
and impairment, if any. The cost of property,
transaction charges is recognised point in time an item of property, plant and equipment is
plant and equipment comprise purchase price
when the performance obligation is satisfied. measured as the difference between the net 2.5 Financial Instruments
and any attributable cost of bringing the asset
disposal proceeds and the carrying amount of (i) Date of Recognition
to its working condition for its intended use.
(iv) Portfolio Management Fees are accounted over the item and is recognised in the statement of
Financial assets and financial liabilities are
a period of time as follows: Profit and Loss when the item is derecognised.
Advances paid towards the acquisition of recognised in the Company's balance sheet
The date of disposal of an item of property,
property, plant and equipment outstanding at when the Company becomes a party to the
Performance obligations are satisfied over plant and equipment is the date the recipient
each balance sheet date is classified as capital contractual provisions of the instrument.
a period of time and portfolio management obtains control of that item in accordance
advances under other non-financial assets
fees are recognised in accordance with the with the requirements for determining when
and the cost of assets not put to use before (ii) Initial Measurement
Portfolio Management Agreement entered a performance obligation is satisfied in Ind
such date are disclosed under ‘Capital work-in- Financial assets and liabilities, with the
with respective clients i.e. as per predecided AS 115.
progress’. exception of loans, debt securities, deposits and
percentage over the portfolio managed
by company. 2.3 Investment Property borrowings are initially recognised on the trade
(ii) Subsequent Expenditure date, i.e. the date that the Company becomes
Investment property is property held to earn rentals
(v) Interest income on a financial asset at amortised Subsequent expenditure relating to property, a party to the contractual provisions of the
and for capital appreciation. Investment Property
cost is recognised on a time proportion basis plant and equipment is capitalised only instrument. Recognised financial instruments
are measured initially at cost including transaction
taking into account the amount outstanding and when it is probable that future economic are initially measured at fair value. Transaction
costs. Subsequent to initial recognition, investment
the effective interest rate (‘EIR’). The EIR is the benefit associated with these will flow with costs that are directly attributable to the
properties are measured in accordance with Ind AS
rate that exactly discounts estimated future the Company and the cost of the item can be acquisition or issue of financial assets and
16’s requirements for cost model.
cash flows of the financial assets through the measured reliably. financial liabilities are added to or deducted from
expected life of the financial asset or, where the fair value of the financial assets or financial
The carrying amount of an item of property is
appropriate, a shorter period, to the net carrying (iii) D
epreciation, Estimated Useful Lives and liabilities, as appropriate, on initial recognition.
derecognised on disposal or when no future economic
amount of the financial instrument. The Residual Value Transaction costs directly attributable to the
benefits are expected from its use or disposal. The
internal rate of return on financial assets after Depreciation is calculated using the straight– acquisition of financial assets or financial
gain or loss arising from the derecognition of an item
netting off the fees received and cost incurred line method to write down the cost of property liabilities at fair value through profit or loss are
of property is measured as the difference between
approximates the effective interest rate method and equipment to their residual values over their recognised immediately in profit or loss.
the net disposal proceeds and the carrying amount of
of return for the financial asset. The future cash estimated useful lives in the manner prescribed the item and is recognised in the statement of Profit
flows are estimated taking into account all the in Schedule II of the Act. The estimated lives (iii) Classification and Subsequent Measurement
and Loss when the item is derecognised.
contractual terms of the instrument. used are noted in the table below:- (A) Financial Assets
Depreciation on investment property is calculated Based on the business model, the contractual
The interest income is calculated by applying the using the straight–line method to write down the characteristics of the financial assets and
EIR to the gross carrying amount of non-credit Useful Life of Asset
Asset Class cost of property and equipment to their residual specific elections where appropriate, the
(in years)
impaired financial assets (i.e. at the amortised values over their estimated useful lives in the manner Company classifies and measures financial
Buildings 60
cost of the financial asset before adjusting for prescribed in Schedule II of the Act. The estimated assets in the following categories :
Office equipments 2 to 5
any expected credit loss allowance). For credit- lives used is at 60 years for investment property.
Air Conditioner 5
impaired financial assets the interest income is • Amortised cost
Computer Equipments 3 to 6
calculated by applying the EIR to the amortised 2.4 Intangible Assets
Furniture and Fixtures 10 • Fair value through other comprehensive
cost of the credit-impaired financial assets (i.e.
VSAT Equipments 5 An intangible asset is recognised only when its cost income ('FVOCI')
the gross carrying amount less the allowance leasehold Improvements Amortised over the can be measured reliably, and it is probable that
for ECLs). primary period of lease • Fair value through profit or loss ('FVTPL')
the expected future economic benefits that are
Vehicles 8

Corporate Overview
Statutory Reports

(a) F
inancial Assets carried at Amortised except interest / dividend income which (v) Derecognition The application of simplified approach does
Cost is recognised in profit and loss. Amounts (A) Financial Assets not require the Company to track changes in
A financial assets is measured at amortised recorded in OCI are subsequently credit risk. Rather, it recognises impairment
A financial asset (or, where applicable, a part
cost if it meets both of the following transferred to the statement of profit and loss allowance based on lifetime ECLs at each
of a financial asset or part of a group of similar
conditions and is not designated as loss in case of debt instruments however, reporting date, right from its initial recognition.
financial assets) is derecognised when:
at FVTPL: in case of equity instruments it will be
directly transferred to reserves. Equity To measure the expected credit losses, trade
• The contractual rights to receive cash flows
• the asset is held within a business instruments at FVOCI are not subject to receivables have been grouped based on
from the financial asset have expired, or
model whose objective is to hold assets an impairment assessment. shared credit risk characteristics and the days
to collect contractual cash flows • The Company has transferred its rights to past due. The expected loss rates are based
('Asset held to collect contractual cash (c) F
inancial Assets at Fair Value through receive cash flows from the asset and the on average of historical loss rate adjusted
flows'); and Profit and Loss Company has transferred substantially to reflect current and available forward-
Financial assets, which do not meet the all the risks and rewards of the asset, or looking information affecting the ability of
• the contractual terms of the financial the Company has neither transferred nor the customers to settle the receivables. The
criteria for categorisation as at amortised
asset give rise on specified dates to retained substantially all the risks and Company has also computed expected credit
cost or as FVOCI or either designated, are
cash flows that are solely payments rewards of the asset, but has transferred loss due to significant delay in collection.
measured at FVTPL. Subsequent changes
of principal and interest ('SPPI') on the control of the asset.
in fair value are recognised in profit or
principal amount outstanding. (B) Other Financial Assets
loss. The Company records investments
in equity instruments and mutual funds If the Company neither transfers nor retains For recognition of impairment loss on financial
After initial measurement and based on substantially all of the risks and rewards
at FVTPL. assets and risk exposure, the Company
the assessment of the business model of ownership and continues to control the determines that whether there has been a
as asset held to collect contractual cash transferred asset, the Company recognises its
(B) Financial Liabilities and Equity Instrument significant increase in the credit risk since initial
flows and SPPI, such financial assets are retained interest in the asset and an associated
Debt and equity instruments issued by the recognition. If credit risk has not increased
subsequently measured at amortised cost liability for the amount it may have to pay.
Company are classified as either financial significantly, 12-month ECL is used to provide
using effective interest rate (‘EIR’) method.
liabilities or as equity in accordance with the for impairment loss. However, if credit risk
Interest income and impairment expenses On derecognition of a financial asset, the
substance of the contractual arrangements has increased significantly, lifetime ECL is
are recognised in profit or loss. Interest difference between the carrying amount of
and the definitions of a financial liability and an used. If in subsequent years, credit quality of
income from these financial assets is the asset (or the carrying amount allocated to
equity instrument. the instrument improves such that there is no
included in finance income using the EIR the portion of the asset derecognised) and the longer a significant increase in credit risk since
method. Any gain and loss on derecognition sum of (i) the consideration received (including
(a) Equity Instrument initial recognition, then the entity reverts to
is also recognised in profit or loss. any new asset obtained less any new liability recognising impairment loss allowance based
An equity instrument is any contract that assumed) and (ii) any cumulative gain or loss on 12 month ECL.
The EIR method is a method of calculating evidences a residual interest in the assets of that had been recognised in OCI is recognised
the amor tised cost of a financial an entity after deducting all of its liabilities. in profit or loss (except for equity instruments Life time ECLs are the expected credit losses
instrument and of allocating interest over Equity instruments issued by the Company is measured at FVOCI). resulting from all possible default events over
the relevant period. The EIR is the rate recognised at the proceeds received, net of
the expected life of a financial instrument. The
that exactly discounts estimated future directly attributable transaction costs. (B) Financial Liabilities 12 month ECL is a portion of the lifetime ECL
cash flows (including all fees paid or
A financial liability is derecognised when the which results from default events that are
received that form an integral part of the (b) Financial Liabilities
obligation under the liability is discharged, possible within 12 months after the year end.
EIR, transaction costs and other premiums Financial liabilities are measured at amortised cancelled or expires. Where an existing financial
or discounts) through the expected life of cost. The carrying amounts are initially liability is replaced by another from the same ECL is the difference between all contractual
the instrument, or, where appropriate, a recognised at fair value and subsequently lender on substantially different terms, or the cash flows that are due to the Company in
shorter period, to the net carrying amount determined based on the EIR method. Interest terms of an existing liability are substantially accordance with the contract and all the cash
on initial recognition. expense is recognised in profit or loss. Any gain modified, such an exchange or modification flows that the entity expects to receive (i.e. all
or loss on de-recognition of financial liabilities is treated as a derecognition of the original shortfalls), discounted at the original EIR. When
(b) F
inancial Assets at Fair Value through is also recognised in profit or loss. The Company liability and the recognition of a new liability. In estimating the cash flows, an entity is required
Other Comprehensive Income does not have any financial liability which are this case, a new financial liability based on the to consider all contractual terms of the financial
Financial assets that are held within a measured at FVTPL. modified terms is recognised at fair value. The instrument (including prepayment, extension
business model whose objective is both difference between the carrying value of the etc.) over the expected life of the financial
to collect the contractual cash flows and (iv) Reclassification original financial liability and the new financial instrument. However, in rare cases when the
to sell the assets, ('Contractual cash flows Financial assets are not reclassified subsequent to liability with modified terms is recognised in expected life of the financial instrument cannot
of assets collected through hold and sell their initial recognition, apart from the exceptional profit or loss. be estimated reliably, then the entity is required
model') and contractual cash flows that circumstances in which the Company acquires, to use the remaining contractual term of the
are SPPI, are subsequently measured at disposes of, or terminates a business line or in the (vi) Impairment of Financial Assets financial instrument.
FVOCI. Movements in the carrying amount period the Company changes its business model for (A) Trade Receivables
of such financial assets are recognised managing financial assets. Financial liabilities are ECL impairment loss allowance (or reversal)
in Other Comprehensive Income (‘OCI’), The Company applies the Ind AS 109 simplified
not reclassified. recognised during the year is recognised as
approach to measuring expected credit losses
income/expense in the statement of profit and
which uses a lifetime expected loss allowance
loss. In balance sheet ECL for financial assets
(ECL) for all trade receivables.

Corporate Overview
Statutory Reports

measured at amortised cost is presented as For lease liabilities at inception, the Company An asset’s recoverable amount is the higher of an are based on the market yields on Government
an allowance, i.e. as an integral part of the measures the lease liability at the present value asset’s or cash-generating unit’s (CGU) net selling Securities as at the balance sheet date.
measurement of those assets in the balance of the lease payments that are not paid at that price and its value in use. The recoverable amount
sheet. The allowance reduces the net carrying date. The lease payments are discounted using the is determined for an individual asset, unless the Remeasurement gains and losses arising
amount. Until the asset meets write off criteria, interest rate implicit in the lease, if that rate is readily asset does not generate cash inflows that are largely from experience adjustments and changes in
the Company does not reduce impairment determined. If that rate is not readily determined the independent of those from other assets or groups actuarial assumptions are recognised in the
allowance from the gross carrying amount. lease payments are discounted using the incremental of assets. Where the carrying amount of an asset period in which they occur, directly in other
borrowing rate. or CGU exceeds its recoverable amount, the asset comprehensive income. They are included in
2.6 Lease is considered impaired and is written down to its retained earnings in the statement of changes
Company as a Lessee Lease liability has been included in borrowing recoverable amount. In assessing value in use, the in equity and in the balance sheet.
and ROU asset has been separately presented in estimated future cash flows are discounted to their
The determination of whether an arrangement is a
the Balance Sheet and lease payments have been present value using a pre-tax discount rate that (iii) Compensated Absences
lease, or contains a lease, is based on the substance
classified as financing cash flows. reflects current market assessments of the time The employees of the Company are entitled
of the arrangement and requires an assessment
value of money and the risks specific to the asset. to compensated absences as per the policy
of whether the fulfilment of the arrangement is
Company as a Lessor In determining net selling price, recent market of the Company. The Company recognises
dependent on the use of a specific asset or assets
Leases for which the Company is a lessor is classified transactions are taken into account, if available. If no the charge to the statement of profit and loss
or whether the arrangement conveys a right to use
as a finance or operating lease. Whenever the term such transactions can be identified, an appropriate and corresponding liability on account of such
the asset. The Company assesses whether a contract
of the lease transfer substantially all the risks and valuation model is used. non-vesting accumulated leave entitlement
contains a lease, at inception of a contract. A contract
is, or contains, a lease if the contract conveys the rewards of ownership to the lessee, the contract based on a valuation by an independent
is classified as a finance lease. All other leases are 2.9 Retirement and Other Employee Benefits actuary. The cost of providing compensated
right to control the use of an identified asset for a
period of time in exchange for consideration. To classified as operating leases. (i) Provident Fund absences are determined using the projected
assess whether a contract conveys the right to Retirement benefit in the form of provident unit credit method. Remeasurements as a
control the use of an identified assets, the Company Amounts due from lessees under finance leases fund, is a defined contribution scheme. The result of experience adjustments and changes
assess whether (i) the contract involves the use of an are recorded as receivables at the Company’s net Company has no obligation, other than the in actuarial assumptions are recognised in
identified assets; (ii) the Company has substantially investment in the leases. Finance lease income contribution payable to the provident fund. The statement of Profit and Loss.
all the economic benefits from use of the assets is allocated to accounting periods so as to reflect Company recognises contribution payable to
through the period of the lease and (iii) the Company a constant periodic rate of return on the net the provident fund scheme as an expense, when (iv) Share-based Payments
has the right to direct the use of the asset. investment outstanding in respect of the lease. an employee renders the related service. Equity-settled share-based payments to
For operating leases, rental income is recognised on a employees that are granted are measured
At the date of commencement of the lease, the straight-line basis over the term of the relevant lease. (ii) Gratuity by reference to the fair value of the equity
Company recognises a right-of-use assets (ROU) Every employee is entitled to a benefit equivalent instruments at the grant date. The fair value
and a corresponding lease liability for all lease 2.7 Cash and Cash Equivalents determined at the grant date of the equity-
to 15 days salary last drawn for each completed
arrangements in which it is a lessee, except for leases Cash and cash equivalents includes cash at banks year of service in line with The Payment of settled share-based payments is expensed on
with a term of 12 month or less (short-term leases) and on hand, demand deposits with banks, other Gratuity Act, 1972. The same is payable at a straight-line basis over the vesting period,
and low value leases. For these short-term and low short-term highly liquid investments with original the time of separation from the Company or based on the Company's estimate of equity
value leases, the Company recognises the lease maturities of three months or less that are readily retirement, whichever is earlier. The benefit instruments that will eventually vest, with a
payments as an operating expense on a straight-line convertible to known amounts of cash and which are vest after five years of continuous service. corresponding increase in equity. At the end of
basis over the term of the lease. subject to an insignificant risk of changes in value. each period, the entity revises its estimates of
For the purpose of the statement of cash flows, cash The Company’s gratuity scheme is a defined the number of options that are expected to vest
Certain lease arrangements includes the options to and cash equivalents cash and short-term deposits benefit plan. The Company’s net obligation based on the vesting conditions. It recognises
extend or terminate the lease before the end of the are considered integral part of the Company’s in respect of the gratuity benefit scheme is the impact of the revision to original estimates,
lease term. ROU assets and lease liabilities includes cash management. Outstanding bank overdrafts calculated by estimating the amount of future if any, in statement of profit and loss, with a
these options when it is reasonably certain that they are not considered integral part of the Company’s benefit that the employees have earned in corresponding adjustment to equity.
will be exercised. cash management. return for their service in the current and prior
period. Such benefit is discounted to determine In respect of options granted to the employees
The cost of the right-of-use assets comprises the 2.8 Impairments of Non-Financial Assets its present value, and the fair value of any plan of the subsidiary companies, the amount equal
amount of the initial measurement of the lease The Company assesses at each balance sheet date assets, if any, is deducted. to the expense for the grant date fair value of the
liability, any lease payments made at or before the whether there is any indication that an asset may award is recognised as a debit to investment in
inception date of the lease, less any lease incentives be impaired. An asset is impaired when the carrying The present value of the obligation under such subsidiary as a capital contribution and a credit
received. Subsequently, the right-of-use assets is amount of the asset exceeds its recoverable amount. benefit plan is determined based on actuarial to equity.
measured at cost less any accumulated depreciation An impairment loss is charged to the Statement of valuation using the Projected Unit credit Method
and accumulated impairment losses, if any. The Profit and Loss in the period in which an asset is which recognises each period of services as 2.10 Provisions, Contingent Liabilities and Contingent
right-of-use assets is depreciated using the straight- identified as impaired. An impairment loss is reversed giving rise to additional unit of employee benefit Assets
line method from the commencement date over to the extent that the asset's carrying amount does entitlement and measures each unit separately A provision is recognised when the Company has
the shorter of lease term or useful life of right-of- not exceed the carrying amount that would have been to build up the final obligation. a present obligation as a result of a past event
use assets. determined if no impairment loss had previously and it is probable that an outflow of embodying
been recognised. The obligation is measured at present values of economic benefits will be required to settle the
estimated future cash flows. The discounted obligation and there is a reliable estimate of the
rates used for determining the present value amount of the obligation. Provisions are measured

Corporate Overview
Statutory Reports

at the best estimate of the expenditure required to between the tax bases of assets and the borrowing of funds. Borrowing costs directly Based on the management approach as defined
settle the present obligation at the Balance sheet liabilities and their carrying amounts in the attributable to acquisition or construction of an asset in Ind AS 108, the CODM evaluates the Company’s
date. Provisions are determined by discounting the financial statements. which necessarily take a substantial period of time performance and allocates resources based on
expected future cash flows (representing the best to get ready for their intended use are capitalised an analysis of various performance indicators by
estimate of the expenditure required to settle the Deferred tax assets arising mainly on account as part of the cost of that asset. Other borrowing business segments and geographic segments.
present obligation at the balance sheet date) at a pre- of carry forward losses and unabsorbed costs are recognised as an expense in the period in
tax rate that reflects current market assessments depreciation under tax laws are recognised only which they are incurred. The difference between the 2.18 Recent Pronouncements
of the time value of money and the risks specific to if there is reasonable certainty of its realisation, discounted amount mobilised and redemption value Ministry of Corporate Affairs (“MCA”) notifies new
the liability. supported by convincing evidence. of commercial papers is recognised in the statement standard or amendments to the existing standards
of profit and loss over the life of the instrument using under Companies (Indian Accounting Standards)
Contingent liabilities are not recognised but are Deferred tax assets on account of other the EIR. Rules as issued from time to time. On 23 March, 2022,
disclosed in the notes. Contingent assets are neither temporary differences are recognised only to MCA amended the Companies (Indian Accounting
recognised nor disclosed in the financial statements. the extent that there is reasonable certainty 2.14 Investment in Subsidiaries Standards) Amendment Rules, 2022, applicable from
Provisions are reviewed at each balance sheet that sufficient future taxable income will be Investments in subsidiaries, joint ventures and 01 April, 2022, as below:
date and adjusted to effect current management available against which such deferred tax assets associates are recognised at cost as per Ind AS 27.
estimates. Contingent liabilities are recognised when can be realised. Except where investments accounted for at cost Ind AS 16 – Property Plant and equipment - The
there is possible obligation arising from past events. shall be accounted for in accordance with Ind AS 105, amendment clarifies that excess of net sale proceeds
Deferred tax assets and liabilities are measured Non-current Assets Held for Sale and Discontinued of items produced over the cost of testing, if any, shall
2.11 Income Taxes using tax rates and tax laws that have been Operations, when they are classified as held for sale. not be recognised in the profit or loss but deducted
Income tax expense comprises current and deferred enacted or substantively enacted at the Balance from the directly attributable costs considered as part
tax. It is recognised in statement of profit and loss Sheet date. Changes in deferred tax assets / 2.15 Goods and Services Tax paid on Acquisition of of cost of an item of property, plant, and equipment.
except to the extent that it relates to items recognised liabilities on account of changes in enacted Assets or on incurring Expenses The effective date for adoption of this amendment is
directly in equity or in OCI. tax rates are given effect to in the standalone annual periods beginning on or after 01 April, 2022.
Expenses and assets are recognised net of the goods
statement of profit and loss in the period of the The Company has evaluated the amendment and
and services tax paid, except when the tax incurred
(i) Current Tax change. The carrying amount of deferred tax there is no impact on its financial statements.
on a purchase of assets or services is not recoverable
assets are reviewed at each Balance Sheet date.
Current tax is measured at the amount expected from the tax authority, in which case, the tax paid is
to be paid in respect of taxable income for the recognised as part of the cost of acquisition of the Ind AS 37 – Provisions, Contingent Liabilities and
Deferred tax assets and deferred tax liabilities Contingent Assets – The amendment specifies that
year in accordance with the Income Tax Act, asset or as part of the expense item, as applicable.
are off set when there is a legally enforceable the ‘cost of fulfilling’ a contract comprises the ‘costs
1961. Current tax comprises the expected tax
right to set-off assets against liabilities that relate directly to the contract’. Costs that relate
payable or receivable on the taxable income The net amount of tax recoverable from, or payable
representing current tax and where the deferred directly to a contract can either be incremental
or loss for the year and any adjustment to the to, the tax authority is included as part of receivables
tax assets and deferred tax liabilities relate to costs of fulfilling that contract (examples would be
tax payable or receivable in respect of previous or payables, respectively, in the balance sheet.
taxes on income levied by the same governing direct labour, materials) or an allocation of other
years. It is measured using tax rates enacted or
taxation laws. costs that relate directly to fulfilling contracts (an
substantively enacted at the reporting date. 2.16 Foreign Currency
example would be the allocation of the depreciation
2.12 Earning Per Share (Basic and Diluted) Transactions in foreign currencies are recorded
Current income tax relating to items recognised charge for an item of property, plant and equipment
at the rate of exchange prevailing on the date of
outside profit or loss is recognised outside profit The Company reports basic and diluted earnings used in fulfilling the contract). The effective date
the transaction. Exchange differences arising on
or loss (either in other comprehensive income per equity share. Basic earnings per equity share for adoption of this amendment is annual periods
settlement of revenue transactions are recognised
or in equity). Current tax items are recognised have been computed by dividing net profit/loss beginning on or after 01 April, 2022, although
in the statement of profit and loss. Monetary assets
in correlation to the underlying transaction attributable to the equity share holders for the year early adoption is permitted. The Company has
and liabilities contracted in foreign currencies are
either in OCI or directly in equity. Management by the weighted average number of equity shares evaluated the amendment there is no impact on its
restated at the rate of exchange ruling at the Balance
periodically evaluates positions taken in outstanding during the period. Diluted earnings per financial statements.
Sheet date. Non-monetary assets and liabilities that
the tax returns with respect to situations in equity share have been computed by dividing the net
are measured at fair value in a foreign currency
which applicable tax regulations are subject profit attributable to the equity share holders after 3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
are translated into the functional currency at the
to interpretation and establishes provisions giving impact of dilutive potential equity shares The preparation of financial statements in conformity
exchange rate when the fair value was determined.
where appropriate. for the year by the weighted average number of with Ind AS requires management to make estimates,
Non-monetary assets and liabilities that are
equity shares and dilutive potential equity shares judgements and assumptions that affect the application
measured based on historical cost in a foreign
Current tax assets and current tax liabilities outstanding during the period/year, except where of accounting policies and the reported amounts of
currency are translated at the exchange rate at the
are offset only if the Company has a legally the results are anti-dilutive. assets and liabilities (including contingent liabilities) and
date of the transaction.
enforceable right to set off the recognised disclosures as of the date of the financial statements
amounts, and it intends to realise the 2.13 Borrowing Costs and the reported amounts of revenues and expenses
2.17 Segment
asset and settle the liability on a net basis Expenses related to borrowing cost are accounted for the reporting period. Actual results could differ from
An operating segment is a component of the Company
or simultaneously. using effective interest rate. Borrowing costs these estimates. Accounting estimates and underlying
that engages in business activities from which it may
are interest and other costs (including exchange assumptions are reviewed on an ongoing basis and could
earn revenues and incur expenses, whose operating
(ii) Deferred Tax differences relating to foreign currency borrowings change from period to period. Appropriate changes in
results are regularly reviewed by the Company’s Chief
Deferred tax is provided using the liability to the extent that they are regarded as an adjustment estimates are recognised in the periods in which the
Operating Decision Maker (“CODM”) to make decisions
method, on temporary differences arising to interest costs) incurred in connection with Company becomes aware of the changes in circumstances
for which discrete financial information is available.
surrounding the estimates. Any revisions to accounting

Corporate Overview
Statutory Reports

estimates are recognised prospectively in the period in Some of the Company's assets and liabilities are or probable, but a reliable estimate cannot be made, enacted or substantively enacted at the reporting
which the estimate is revised and future periods. Following measured at fair value for financial reporting a contingent liability is disclosed. date. The ultimate realisation of deferred tax assets
are estimates and judgements that have significant impact purposes. Fair value is the price that would be is dependent upon the generation of future taxable
on the carrying amount of assets and liabilities at each received to sell an asset or paid to transfer a liability in Given the subjectivity and uncertainty of determining profits during the periods in which those temporary
balance sheet: an orderly transaction between market participants the probability and amount of losses, the Company differences become deductible. The Company
at the measurement date regardless of whether takes into account a number of factors including legal considers the expected reversal of deferred tax
3.1 Business Model Assessment that price is directly observable or estimated using advice, the stage of the matter and historical evidence liabilities and projected future taxable income in
Classification and measurement of financial assets another valuation technique. from similar incidents. Significant judgement is making this assessment. The amount of the deferred
depends on the results of the SPPI (Solely Payments required to conclude on these estimates. tax assets considered realisable, however, could be
of Principal and Interest) and the business model Fair value measurements under Ind AS are reduced in the near term if estimates of future taxable
test. The Company determines the business model categorised into Level 1, 2, or 3 based on the degree 3.5 Share-based Payments income during the carry-forward period are reduced.
at a level that reflects how groups of financial to which the inputs to the fair value measurements Estimating fair value for share based payment requires
assets are managed together to achieve a particular are observable and the significance of the inputs to determination of the most appropriate valuation 3.8 Defined Benefit Plans
business objective. This assessment includes the fair value measurement in its entirety, which are model. The estimate also requires determination of The cost of the defined benefit plans and the
judgement reflecting all relevant evidence including described as follows: the most appropriate inputs to the valuation model present value of the defined benefit obligation are
how the performance of the assets is evaluated and including the expected life of the option , volatility and based on actuarial valuation using the projected
their performance measured, the risks that affect • Level 1: quoted prices (unadjusted) in active dividend yield and making assumptions about them. unit credit method. An actuarial valuation involves
the performance of the assets and how these are markets for identical assets or liabilities that the The assumptions and models used for estimating making various assumptions that may differ from
managed. The Company monitors financial assets Company can access at measurement date fair value for share based payments transactions are actual developments in the future. These include
measured at amortised cost or fair value through • Level 2: inputs other than quoted prices included discussed in Note 39 "Employee stock option plan" the determination of the discount rate, future salary
other comprehensive income that are derecognised in Level 1 that are observable for the asset or (ESOP). increases and mortality rates. Due to the complexities
prior to their maturity to understand the reason for liability, either directly or indirectly; and involved in the valuation and its long-term nature,
their disposal and whether the reasons are consistent 3.6 Expected Credit Loss a defined benefit obligation is highly sensitive to
with the objective of the business for which the asset • Level 3: inputs for the asset or liability that changes in these assumptions. All assumptions are
When determining whether the risk of default on a
was held. Fair value through profit or loss (FVTPL), are not based on observable market data reviewed at each reporting date.
financial instruments has increased significantly
where the assets are managed in accordance with an (unobservable inputs) that the Company can
since initial recognition, the Company considers
approved investment strategy that triggers purchase access at measurement date 3.9 Leases
reasonable and supportable information that is
and sale decisions based on the fair value of such relevant and available without undue cost or effort. Ind AS 116 defines a lease term as the non-cancellable
assets. Such assets are subsequently measured at 3.3 Effective Interest Rate (EIR) Method
This includes both quantitative and qualitative period for which the lessee has the right to use an
fair value, with unrealised gains and losses arising The Company ’s EIR methodology, recognises information and analysis, based on the Company's underlying asset including optional periods, when
from changes in the fair value being recognised in the interest income / expense using a rate of return that historical experience and credit assessment and an entity is reasonably certain to exercise an option
standalone statement of profit and loss in the period represents the best estimate of a constant rate of including forward looking information. to extend (or not to terminate) a lease. The Company
in which they arise. return over the expected behavioural life of loans consider all relevant facts and circumstances that
given / taken and recognises the effect of potentially The inputs used and process followed by the Company create an economic incentive for the lessee to
3.2 Fair Value of Financial Instruments different interest rates at various stages and other in determining the ECL have been detailed in Note 44. exercise the option when determining the lease term.
The fair value of financial instruments is the price that characteristics of the financial instruments. The option to extend the lease term are included in the
would be received to sell an asset or paid to transfer 3.7 Deferred Tax lease term, if it is reasonably certain that the lessee
a liability in an orderly transaction in the principal This estimation, by nature, requires an element of will exercise the option. The Company reassess
Deferred tax is recorded on temporary differences
(or most advantageous) market at the measurement judgement regarding the expected behaviour and the option when significant events or changes in
between the tax bases of assets and liabilities and
date under current market conditions (i.e. an exit life-cycle of the instruments, as well expected circumstances occur that are within the control of
their carrying amounts, at the rates that have been
price) regardless of whether that price is directly changes to India’s base rate and other fee income/ the lessee.
observable or estimated using another valuation expense that are integral parts of the instrument.
technique. When the fair values of financial assets
and financial liabilities recorded in the balance sheet 3.4 Provisions and Other Contingent Liabilities
cannot be derived from active markets, they are The Company operates in a regulatory and legal
determined using a variety of valuation techniques environment that, by nature, has a heightened
that include the use of valuation models. The inputs element of litigation risk inherent to its operations. As
to these models are taken from observable markets a result, it is involved in various litigation, arbitration
where possible, but where this is not feasible, and regulatory investigations and proceedings in the
estimation is required in establishing fair values. ordinary course of the Company’s business.
Judgements and estimates include considerations
of liquidity and model inputs related to items such as When the Company can reliably measure the outflow
credit risk (both own and counterparty), funding value of economic benefits in relation to a specific case
adjustments, correlation and volatility. For further and considers such outflows to be probable, the
details about determination of fair value please see Company records a provision against the case. Where
Note 43. the probability of outflow is considered to be remote,

Corporate Overview
Statutory Reports
Notes forming part of the Standalone Financial Statements Notes forming part of the Standalone Financial Statements
4. CASH AND CASH EQUIVALENTS Trade receivables ageing schedule as at 31 March, 2022
As at As at Outstanding for following periods from due date of payment

31 March, 2022 31 March, 2021 Particulars Less than 6 months - More than
1-2 Years 2-3 years Total
Cash on hand 0.02 0.07 6 months 1 year 3 years
Balances with banks Undisputed Trade receivables — 5,558.22 13.82 24.43 18.46 41.40 5,656.33
- in current accounts 4,202.10 704.05 considered good
Cheques on hand 0.11 2.59

Trade receivables ageing schedule as at 31 March, 2021
Total 4,202.23 706.71
(H in million)
5. BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENT
Outstanding for following periods from due date of payment
(H in million)
Particulars Less than 6 months - More than
1-2 Years 2-3 years Total
6 months 1 year 3 years
As at As at
31 March, 2022 31 March, 2021 Undisputed Trade receivables — 2,176.02 21.42 29.48 19.97 40.91 2,287.80
considered good
Earmarked balances with banks towards unclaimed dividend 0.76 0.83
Fixed deposit with maturity for less than 12 months * 43,677.37 17,606.40 7. LOANS
Fixed deposit with maturity for more than 12 months * 664.18 28.95
(H in million)
Interest accrued on fixed deposits 175.43 167.63
Total 44,517.74 17,803.81 As at As at
31 March, 2022 31 March, 2021
* Breakup of deposits (A) Loans measured at Amortised Cost
(H in million) Margin trading facility 12,591.36 10,535.37
Add: Accrued interest on margin trading fund 112.26 97.39
As at As at Total (A) Gross 12,703.62 10,632.76
31 March, 2022 31 March, 2021
Less: Provision for expected credit loss - -
Fixed deposits under lien with stock exchanges ** 31,643.15 9,431.26
Total (A) Net 12,703.62 10,632.76
Fixed deposits against credit facilities of the Company 7,612.83 6,094.53
(B) (i) Secured by securities/shares 12,695.49 10,623.73
Fixed deposits for bank guarantees 4,902.02 2,104.52
(ii) Unsecured 8.13 9.03
Fixed deposits free from charges 160.75 0.54
Total (B) Gross 12,703.62 10,632.76
Fixed deposits with government authorities 2.00 4.50
Less: Provision for expected credit loss - -
Fixed deposits lien with Banks 20.80 -
Total (B) Net 12,703.62 10,632.76
Total 44,341.55 17,635.35
(C) Loans in India
** The above fixed deposits are under lien with stock exchange as security deposits and minimum base capital requirements/arbitration matters. (i) Public Sector - -
(ii) Others
6. TRADE RECEIVABLE
- Body corporates 20.55 43.80
(H in million)
- Others (Includes Firms, Trusts, HUFs) 12,683.07 10,588.96
Total (C) Gross 12,703.62 10,632.76
As at As at
31 March, 2022 31 March, 2021 Less: Provision for expected credit loss - -
Receivables considered good – Secured* 5,651.91 2,286.64 Total (C) Net 12,703.62 10,632.76
Receivables considered good – Unsecured* 4.42 1.16
Receivables which have significant increase in credit risk and - -
Receivables – credit impaired - -
Less : Provision for Expected Credit Loss/Impairment loss allowance (11.74) (15.01)
Total 5,644.59 2,272.79
No trade or other receivable are due from directors or others officers 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.
* Includes H2,521.20 million as on 31 March, 2022 (31 March, 2021: H1,789.34 million) receivable from stock exchanges on account of trades executed by
clients.

Corporate Overview
Statutory Reports
8. INVESTMENTS Significant investment in the subsidiaries

(H in million)
As at As at Principal place Holding/subsidiary /

Name of the company
31 March, 2022 31 March, 2021 of business Associate
Investment in India Angel Financial Advisors Private Limited
Measured at Fair Value through Profit or Loss: Angel Securities Limited
Investments in other equity instruments measured at Fair Value through Profit or Loss (refer note A) 0.00 0.00 Mimansa Software Systems Private Limited India Wholly-Owned subsidiary
Others: Angel Fincap Private Limited
Investments in equity instruments of subsidiaries measured at Cost (refer note B) 947.90 947.90 Angel Digitech Services Private Limited (Formerly known as Angel Wellness Private Limited)
Value of stock options granted to employees of subsidiaries* 7.39 6.89
Total Gross 955.29 954.79 9. OTHER FINANCIAL ASSETS (UNSECURED, CONSIDERED GOOD)
Less: Impairment loss allowance** (125.00) (125.00) (H in million)
Total Net 830.29 829.79
As at As at
* The Company has issued ESOP to group company employees and the excess of option value over the exercise price is recognised as a deemed 31 March, 2022 31 March, 2021
investments. (Refer Note 39) Security deposits* 1,667.42 14,177.26
** The Company has made an investment into a wholly-owned subsidiary which was operating into Gym business. The economic environment on account Accrued delayed payment charges 1.63 1.91
of COVID-19 posed significant challenges to the Gym and healthcare business. After evaluating various options relating to sustainability of this
business, Management of subsidiary company had decided to discontinue this business in their board meeting dated 23 June, 2020. Subsequent to the Recoverable from subsidiaries 6.29 4.07
decision taken to discontinue the business, the Company has evaluated the carrying value of the investments as per the requirement of the accounting Long-term deposits against arbitrations** 36.23 18.04
standards and recorded adequate provision for impairment of the investment. The Company has no significant continuing obligation towards this
subsidiary.
Less: Provision against arbitrations (16.74) (18.04)
Other Receivables 237.64 89.74
Details of investments - Total 1,932.47 14,272.98
A. Investments in other equity instruments measured at Fair Value through Profit or Loss (fully paid-up)
* Security Deposits
(H in million)
(H in million)
As at As at
31 March, 2022 31 March, 2021 As at As at
Equity Shares in Hubtown Limited 0.00 0.00 31 March, 2022 31 March, 2021
(face value of H350 each, 01 (01 share as on 31 March, 2021)) Security deposits - Stock exchanges# 1,609.36 14,141.47
(Represents ownership of premises as a member in co-operative society) Security deposits - Premises 16.14 26.78
Total of (A) 0.00 0.00 Security deposits - Others 41.92 9.01
Total 1,667.42 14,177.26
B. Investments in equity instruments of subsidiaries (Unquoted, fully paid-up)
# The deposits are kept with stock exchanges as security deposits and minimum base capital requirements.
(H in million)
** Represent amount withheld by stock exchanges for cases filed by the customers that are under arbitration.
As at As at
31 March, 2022 31 March, 2021 10. DEFERRED TAX ASSETS (NET)
Investments measured at Cost (Unquoted) (A) Deferred tax relates to the following:
Investments in Equity shares of subsidiaries: (Fully paid up) (H in million)
- Angel Financial Advisors Private Limited 250.00 250.00
(face value of H10 each, 250,00,000 (250,00,000 shares as on 31 March, 2021)) As at As at
- Angel Securities Limited 67.12 67.12 31 March, 2022 31 March, 2021
(face value of H10 each, 55,00,300 (55,00,300 shares as on 31 March, 2021)) Deferred tax assets
- Mimansa Software Systems Private Limited 0.10 0.10 - Difference between book and tax depreciation - 9.00
(face value of H10 each, 10,000 (10,000 shares as on 31 March, 2021)) - Provision for gratuity 16.82 13.30
- Angel Fincap Private Limited 505.68 505.68 - Provision for Compensated absences 14.91 8.34
(face value of H10 each, 55,16,400 (55,16,400 shares as on 31 March, 2021))
- On lease capitalised as per Ind AS 116 4.10 3.73
- Angel Digitech Services Private Limited (Formerly known as Angel Wellness Private Limited) 125.00 125.00
(face value of H10 each, 1,25,00,000 (1,25,00,00 shares as on 31 March, 2021)) - On Impairment of investments 31.46 31.46
Total of (B) 947.90 947.90 - Disallowance u/s 43B 2.52 -
- On provision for Expected credit Loss on Trade receivables 2.95 3.78
72.76 69.61

Corporate Overview
Statutory Reports
(H in million) (E) Reconciliation of tax expense and the accounting profit multiplied by tax rate
(H in million)
As at As at
31 March, 2022 31 March, 2021
31 March, 2022 31 March, 2021
Deferred tax liabilities
Enacted income tax rate in India applicable to the Company 25.17% 25.17%
- Difference between book and tax depreciation (20.83) -
Profit before tax 8,230.47 3,981.79
- On security deposits measured at amortised cost (1.94) (1.40)
Tax amount at the enacted income tax rate 2,071.44 1,002.14
- Others (0.09) (0.00)
Tax effect on:
(22.86) (1.40)
Adjustment in respect of current income tax pertains to previous years - 78.21
Deferred tax asset (net) 49.90 68.21
Non-deductible expenses for tax purpose 13.80 12.66
Deductions on income - (14.78)
(B) The movement in deferred tax assets and liabilities during the year:
Additional allowance for tax purpose (3.46) (0.67)
(H in million)
Income Tax rate change impact - 0.00
Deferred tax assets/(liabilities) OCI Profit and Loss Total Others 0.02 0.26
As at 01 April, 2020 35.47 Income tax expense charged to the statement of profit and loss 2,081.80 1,077.82
Expense allowed in the year of payment (Gratuity and compensated absences) 3.89 2.65 6.54 Effective tax rate 25.29% 27.07%
Difference between book and tax depreciation - (5.05) (5.05)
11. INVESTMENT PROPERTY
Lease capitalised as per Ind AS 116 - 0.94 0.94
(A) Reconciliation of carrying amount
Amalgamation expense - (0.09) (0.09)
(H in million)
Provision for expected credit loss on trade receivable - 0.45 0.45
Impairment of Investments - 31.46 31.46
Others - (1.51) (1.51) Gross carrying amount
As at 31 March, 2021 68.21 As at 01 April, 2020 1.33
Expense allowed in the year of payment (Gratuity and compensated absences) 3.31 6.78 10.09 Additions 33.16
Difference between book and tax depreciation - (29.84) (29.84) Disposals/adjustments -
As at 31 March, 2021 34.49
Lease capitalised as per Ind AS 116 - 0.37 0.37
Additions -
Provision for expected credit loss on trade receivable - (0.82) (0.82) Disposals/adjustments -
Disallowance u/s 43B - 2.52 2.52 As at 31 March, 2022 34.49
Others - (0.63) (0.63)
As at 31 March, 2022 49.90 Accumulated depreciation
As at 01 April, 2020 0.05
Depreciation for the year 0.50
(C) Income tax expense
Disposals/adjustments -
(H in million) As at 31 March, 2021 0.55
31 March, 2022 31 March, 2021 Disposals/adjustments -
Current taxes 2,060.18 1,028.45 As at 31 March, 2022 1.13
Deferred tax charge/(income) 21.62 (28.85)
Taxes for earlier years* - 78.22 Net block
As at 31 March, 2021 33.94
Total 2,081.80 1,077.82
As at 31 March, 2022 33.36
* Taxes for earlier years includes amount of H Nil (previous year - H76.11 million) payable on account of final orders received for applications filed under
Direct Tax Vivad se Vishwas Act, 2020 (Vsv Act) in respect of litigation outstanding with Hon’ble Bombay High court for assessment years 2005 - 2006, Fair value
2008 – 2009 and 2010 – 2011. As at 31 March, 2021 58.07
As at 31 March, 2022 57.52
(D) Income Tax recognised in other comprehensive income
(B) Amount recognised in Statement of Profit and Loss from investment property

Deferred Tax asset related to items recognised in Other Comprehensive income during the year: Rental income derived from investment properties 1.34 1.48
- income tax relating to items that will not reclassified to profit or loss 3.31 3.89 Direct operating expenses generating rental income (0.18) (0.24)
Total 3.31 3.89 Income arising from investment properties before depreciation 1.16 1.24
Depreciation (0.58) (0.50)
Income arising from investment properties (Net) 0.58 0.74

Corporate Overview
Statutory Reports
(C) Measurement of fair values 13. Intangible Assets under development ageing schedule as at 31 March, 2022
(i) Fair value hierarchy (H in million)
These fair value of investment property has been determined by Mr. Vimal Shah, a registered valuer as defined under Amount for a period of
Companies (Registered Valuers and Valuation) Rules, 2017. The fair value measurement for the property to be valued Particulars
Less than 1 year 1-2 years 2-3 years More than 3 years Total
is residential flat which is the highest and best use, been categorised as a level 2 fair value based on the inputs to the
Projects in progress 119.96 - - - 119.96
valuation technique. These inputs include comparable sale instances for Market Approach.
(ii) Valuation technique Intangible Assets under development ageing schedule as at 31 March, 2021
For the purpose of valuation, the primary valuation methodology used is Market Approach, as the best evidence of fair (H in million)
value is current prices in an active market for similar properties. The market rate for sale/purchase of similar assets is
representative of fair values. The property to be valued is at a location where active market is available for similar kind Amount for a period of
Particulars
of properties. Less than 1 year 1-2 years 2-3 years More than 3 years Total
(D) Premises given on operating lease
14. INTANGIBLE ASSETS
The Company’s investment properties consist of residential property in India given on cancellable lease for a period of
12 month. (H in million)
(E) The total future minimum lease rentals receivable at the Balance Sheet date is as under: Computer
Software
(H in million)
Gross carrying amount
As at 01 April, 2020 101.24
31 March, 2022 31 March, 2021
Additions 33.82
For a period not later than one year - -
Deductions (1.08)
For a period later than one year and not later than five years - -
As at 31 March, 2021 133.98
For a period later than five years - -
Additions 36.77
12. PROPERTY, PLANT AND EQUIPMENT Deductions (13.64)
(H in million) As at 31 March, 2022 157.11
Accumulated amortisation
Furniture As at 01 April, 2020 54.05
Buildings Leasehold Office Air Computer
and Vehicles Total 27.04
(Refer note (a)) Improvements Equipments Conditioners Equipments Depreciation for the year
Fixtures
Disposals (0.73)
As at 31 March, 2021 80.36
As at 01 April, 2020 682.78 11.36 57.82 5.43 200.01 60.68 47.18 1,065.26
Additions - - 1.73 0.22 86.89 1.74 4.35 94.93
Disposals (13.64)
Deductions (0.19) (5.03) (2.14) (1.19) (2.18) (2.80) (8.68) (22.21)
As at 31 March, 2022 92.29
As at 31 March, 2021 682.59 6.33 57.41 4.46 284.72 59.62 42.85 1,137.98
Net block
Additions - - 4.83 0.04 534.20 3.48 - 542.55
As at 31 March, 2021 53.62
Deductions - (0.72) (21.41) (1.49) (17.20) (3.73) (6.24) (50.79)
As at 31 March, 2022 64.82
As at 31 March, 2022 682.59 5.61 40.83 3.01 801.72 59.37 36.61 1,629.74
Accumulated
15. RIGHT OF USE ASSETS
depreciation
(H in million)
As at 01 April, 2020 27.92 3.01 29.38 2.70 76.56 34.14 10.86 184.57
Depreciation for the year 13.06 2.08 11.73 0.97 56.99 12.34 7.11 104.28
Disposals (0.01) (2.15) (1.73) (0.70) (1.70) (1.50) (2.24) (10.03) Carrying amount as at 01 April, 2020 149.34
As at 31 March, 2021 40.97 2.94 39.38 2.97 131.85 44.98 15.73 278.82 Addition 13.16
Depreciation for the year 14.14 1.45 9.28 0.58 92.06 5.17 5.65 128.33 Adjustments/deletion (65.67)
Disposals - (0.66) (21.14) (1.24) (15.47) (3.37) (3.29) (45.17) Depreciation for the year (42.42)
As at 31 March, 2022 55.11 3.73 27.52 2.31 208.44 46.78 18.09 361.98 Carrying amount as at 31 March, 2021 54.41
Net block Addition 6.60
As at 31 March, 2021 641.62 3.39 18.03 1.49 152.87 14.64 27.12 859.16 Adjustments/deletion (23.34)
As at 31 March, 2022 627.48 1.88 13.31 0.70 593.28 12.59 18.52 1,267.76 Depreciation for the year (22.31)
Carrying amount as at 31 March, 2022 15.36
(a) Includes value of shares in the co-operative society, aggregating to H0.0005 million (31 March, 2021: H0.0005 million) registered
in the name of the Company.
(b) There are no adjustments to property, plant and equipment on account of borrowing costs and exchange differences. There
is no revaluation of property, plant and equipment done during the year/previous year.

Corporate Overview
Statutory Reports
16. OTHER NON-FINANCIAL ASSETS 18. DEBT SECURITIES

As at As at As at As at
Prepaid expenses 150.72 71.93 measured at amortised cost (in India)
Advance to vendor 60.87 38.98 Unsecured
Balance with government authorities 181.04 119.23 Commercial Paper (Refer note a) 250.00 -
Advance to employee 2.43 1.88 Less: Discount on Commercial Paper (4.33) -
Others - 0.17 Total 245.67 -
Total 395.06 232.19
(a) Rate of interest is 7.15% for commercial paper outstanding.
17. TRADE PAYABLES
(H in million) Terms of repayment
The aforesaid debt securities are repayable on maturity and tenure is 92 days.
As at As at
31 March, 2022 31 March, 2021 19. BORROWINGS (OTHER THAN DEBT SECURITIES)
Total outstanding dues of micro enterprises and small enterprises* - 1.97 (H in million)
Total outstanding dues of creditors other than micro enterprises and small enterprises
- Trade payables – Clients** 40,461.06 22,739.73 As at As at
31 March, 2022 31 March, 2021
- Trade payables – Expenses 207.04 22.11
Borrowings measured at Amortised Cost (in India)
Total 40,668.10 22,763.81
Secured
** Includes H1,460.39 million as on 31 March, 2022 (31 March, 2021: H443.46 million) payable to stock exchanges on account of trades executed by clients. (a) Term loans from banks and financial institution (Refer note a) 8.09 12.12
* No interest was paid during the year / previous years in terms of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006 and no (b) Loan repayable on demand (Refer note b)
amount was paid to the supplier beyond the appointed day. No amount of interest is due and payable for the year of delay in making payment but without Overdraft / Loan from banks / NBFCs 2,546.39 7,064.83
adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006. Nil (previous year Nil) interest was accrued and
unpaid at the end of the accounting year. No further interest remaining due and payable even in the succeeding years for the purpose of disallowance Working capital demand loan 9,759.17 4,579.17
of a deductible expenditure under Section 23 of the Micro, Small and Medium Enterprises Development Act, 2006. The above information regarding Unsecured
Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the (c) Lease liability payable over the period of the lease (Refer note c) 16.18 57.67
Company.
Total 12,329.83 11,713.79
Trade payable ageing schedule as at 31 March, 2022
Rate of interest is ranging from 2.41% to 8.90% for above borrowings.
(H in million)
(a) Security and terms of repayment of borrowings from banks:

Particulars The aforesaid term loans from banks are secured by hypothecation of vehicles, repayable in 60 monthly instalments except
(i) MSME - undisputed - - - - - one loan which is repayable in 48 monthly instalments from the start of the loan.
(ii) Others - undisputed 40,643.89 16.18 0.78 7.25 40,668.10
(b) Security against borrowings from banks repayable on demand:
Total 40,643.89 16.18 0.78 7.25 40,668.10
(H in million)

As at As at
(H in million) Security
31 March, 2022 31 March, 2021
Hypothecation of book debts and personal guarantee of a director 7,749.96 4,703.23
Particulars Lien on fixed deposits of the Company (Refer note 5) and of it’s certain subsidiaries 3,555.60 5,940.77
Mortgage of property and personal guarantee of a director 1,000.00 1,000.00
(i) MSME - undisputed 1.97 - - - 1.97
12,305.56 11,644.00
(ii) Others - undisputed 22,737.14 3.24 12.48 8.98 22,761.84
Total 22,739.11 3.24 12.48 8.98 22,763.81

Corporate Overview
Statutory Reports
(c) Movement of lease liabilities 24. EQUITY SHARE CAPITAL

Opening Balance 57.67 153.05 Authorised
Additions 6.49 13.16 10,00,00,000 (31 March, 2021 : 10,00,00,000) Equity shares of H10/- each. 1,000.00 1,000.00
Adjustments/Deletions (22.59) (73.79) 1,000.00 1,000.00
Interest expense 2.90 7.71 Issued, Subscribed and paid up
Lease payments (28.29) (42.46) 8,28,58,722 (31 March, 2021 : 8,18,26,507) Equity shares of H10/- each. 828.59 818.27
Closing Balance 16.18 57.67 Total 828.59 818.27
Refer note 44 for further details of lease liabilities. (a) Reconciliation of equity shares outstanding at the beginning and at the end of the year:
(H in million)
20. OTHER FINANCIAL LIABILITIES
(H in million) No. of shares Amount
Outstanding at as at 01 April, 2020 7,19,95,003 719.95
As at As at
31 March, 2022 31 March, 2021 Issued during the year - IPO 98,03,921 98.04
Interest accrued but not due on borrowings 3.66 15.58 Issued during the year - ESOP 27,583 0.28
Book overdraft 0.00 1.39 Outstanding at as at 31 March, 2021 8,18,26,507 818.27
Payable to sub broker 1,518.54 1,180.95 Issued during the year - ESOP 10,32,215 10.32
Employee benefits payable 242.91 155.31 Outstanding at as at 31 March, 2022 8,28,58,722 828.59
Expenses payable 706.81 355.66
Other payables 41.73 76.86
(b) Rights, preferences and restrictions attached to shares
Total 2,513.65 1,785.75 The Company has one class of equity shares having a par value of H10/- per share. Each shareholder is eligible for one vote per
share held. The dividend proposed if any by the Board of Directors is subject to the approval of the shareholders in the ensuing
21. CURRENT TAX LIABILITIES (NET) Annual General Meeting, except in case of interim dividend. In the event of liquidation of Company, the equity shareholders
are eligible to receive the remaining assets of the Company after distributions of all preferential amounts, in proportion to
(H in million)
their shareholding.
As at As at
31 March, 2022 31 March, 2021 (c) D
etails of shares held by shareholders holding more than 5% of the aggregate shares in the Company as on 31 March,
2022
Income tax Payable (net of advance payment of taxes and tax deducted at source: H4,705.20 million; 9.61 113.96
(previous year H2,527.43 million))
Total 9.61 113.96 Name of the shareholder No. of shares % of holding
Dinesh Thakkar 1,67,68,805 20%
22. PROVISIONS Nirwan Monetary Services Private Limited 60,65,310 7%
(H in million) Mukesh Gandhi jointly with Bela Gandhi 49,30,000 6%
International Finance Corporation, Washington 45,03,062 5%
As at As at
Total 3,22,67,177 38%
31 March, 2022 31 March, 2021
Provision for employee benefits
Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company as on 31 March,
Provision for gratuity (Refer note 38) 66.83 52.86
2021
Provision for compensated absences 50.04 33.13
Total 116.87 85.99
Name of the shareholder No. of shares % of holding
23. OTHER NON-FINANCIAL LIABILITIES Dinesh Thakkar 1,67,68,805 20%
(H in million) International Finance Corporation, Washington 90,06,124 11%

Lalit Thakkar 70,97,234 9%
As at As at Nirwan Monetary Services Private Limited 60,65,310 7%
31 March, 2022 31 March, 2021 Mukesh Gandhi jointly with Bela Gandhi 49,34,727 6%
Statutory dues payable 407.17 284.28 Total 4,38,72,200 53%
Revenue received in advance 30.60 53.85
Total 437.77 338.13 (d) In the financial year 2017-18 the Company has allotted fully paid bonus shares amounting to H57.46 million by capitalisation
of securities premium and issued shares under Employee Share Purchase Scheme amounting to H0.17 million.

Corporate Overview
Statutory Reports
(e) Details of shares held by promoters/promoter group as at 31 March, 2022 (A) General reserve
(H in million)
Number of %of % Change
Promoter name
shares total shares during the year As at As at
Dinesh Thakkar 1,67,68,805 20% 0% 31 March, 2022 31 March, 2021
Nirwan Monetary Services Pvt. Ltd. 60,65,310 7% 0% Opening balance 132.88 132.88
Deepak Thakkar 26,93,541 3% 0% Add : Changes during the year - -
Ashok Thakkar 26,00,747 3% 0% Closing balance 132.88 132.88
Lalit Thakkar 25,97,234 3% -6%

(B) Securities premium
Rahul Lalit Thakkar 22,00,000 3% NA
(H in million)
Anuradha Lalit Thakkar 21,00,000 3% NA
Dinesh Thakkar HUF 6,16,940 1% 0% As at As at
Sunita Magnani 6,02,942 1% 0% 31 March, 2022 31 March, 2021
Bhagwani Thakkar 85,000 0% NA Opening balance 3,733.67 977.08
Tarachand Thakkar 85,000 0% NA Add: Addition during the year 279.29 2,908.16
Jaya Ramchandani 30,770 0% 0% Less: Utilised towards IPO expenses - (151.57)
Kanta Thakkar 5,420 0% 0% Closing balance 4,012.96 3,733.67
Raaj Magnani 2,835 0% 0%
Mahesh Thakkar 983 0% 0% (C) Retained earnings
Total 3,64,55,527 44% (H in million)
Details of shares held by promoters/promoter group as at 31 March, 2021 As at As at

31 March, 2022 31 March, 2021
Opening balance 6,296.77 3,824.46
Number of %of % Change
Promoter name Add: Net profit for the year 6,148.67 2,903.97
shares total shares during the year
Add: Transferred from Equity-Settled share-based payment reserve - 6.49
Dinesh Thakkar 1,67,68,805 20% -3%
Less: Interim dividend paid (2,088.82) (426.58)
Less: Re-measurement loss on post employment benefit obligation (net of tax) (9.85) (11.57)
Nirwan Monetary Services Pvt. Ltd. 60,65,310 7% 3%
Closing balance 10,346.77 6,296.77
Deepak Thakkar 26,93,541 3% -1%
Ashok Thakkar 26,00,747 3% 2%
(D) Equity-Settled share-based payment reserve (Refer note 39)
Dinesh Thakkar HUF 6,16,940 1% 1%
(H in million)
Sunita Magnani 6,02,942 1% 1%
Kanta Thakkar 5,420 0% 0% As at As at
Raaj Magnani 3,135 0% -1% 31 March, 2022 31 March, 2021
Mahesh Thakkar 983 0% 0% Opening balance 39.18 34.29
Jaya Ramchandani 770 0% -8% Add: Compensation expense recognised during the year 155.78 8.98
Total 3,64,55,827 44% Add: Options granted to employees of subsidiaries 0.50 3.04
Less: utilised towards equity share option exercised (61.00) (0.64)
25. OTHER EQUITY Less: Transferred to retained earnings - (6.49)
(H in million) Closing balance 134.46 39.18
As at As at
Nature and purpose of reserves
31 March, 2022 31 March, 2021
General reserve 132.88 132.88 (A) General reserve
Securities premium 4,012.96 3,733.67 Under the erstwhile Companies Act, 1956, general reserve was created through an annual transfer of net income at a specified
Retained Earnings 10,346.77 6,296.77
percentage in accordance with applicable regulations, however the same is not required to be created under Companies Act,
2013. This reserve can be utilised only in accordance with the specified requirements of Companies Act, 2013.
Equity-Settled share-based payment reserve 134.46 39.18
Total 14,627.07 10,202.50 (B) Securities premium
Securities premium is used to record the premium received on issue of shares. The reserve can be utilised only for limited
purposes in accordance with the provisions of the Companies Act, 2013.

Corporate Overview
Statutory Reports
(C) Retained earnings (H in million)

Retained earnings are the profits that the Company has earned till date, less any transfers to generate reserve, dividends or
other distributions paid to Shareholders. It also includes remeasurement gains and losses on defined benefit plans recognised 31 March, 2022 31 March, 2021
in other comprehensive income (net of taxes). Amounts included in contract liability at the beginning of the year 53.85 103.38
* Applying practical expedient as given in Ind AS 115, the Company has not disclosed movement of contract liabilities as the performance obligation is
(D) Equity-Settled share-based payment reserve part of a contract that has an original expected duration of one year or less.
This reserve is created by debiting the statement of profit and loss account with the value of share options granted to the
employees by the Company. Once shares are issued by the Company, the amount in this reserve will be transferred to Share 28. NET GAIN ON FAIR VALUE CHANGES*
capital, Securities premium or retained earnings. (H in million)
26. INTEREST INCOME 31 March, 2022 31 March, 2021

(H in million) On financial instruments designated at fair value through profit or loss on Investments
Investment in Mutual Funds 287.58 87.09
31 March, 2022 31 March, 2021 Total net gain on fair value changes 287.58 87.09
On financial assets measured at Amortised Cost Fair Value changes:
Interest on margin funding and delayed payment 2,529.20 1,196.03 - Realised 287.58 87.09
Interest on fixed deposits under lien with stock exchanges 671.79 496.18 - Unrealised - -
Total 3,200.99 1,692.21
* Fair value changes in this schedule are other than those arising on account of interest income/expense.
27. FEES AND COMMISSION INCOME

29. OTHER INCOME
(H in million)
(H in million)
31 March, 2022 31 March, 2021

31 March, 2022 31 March, 2021
Brokerage 15,736.29 9,065.41
Income from co-branding - 0.11
Income from depository operations 1,263.56 888.77
Interest on inter-corporate deposits 2.50 0.10
Income from distribution operations 251.09 102.32
Bad debts recovered 78.22 74.91
Other operating Income 1,637.16 668.92
Gain on cancellation of lease - 8.11
Total 18,888.10 10,725.42
Other interest income measured at amortised cost
- Interest on security deposits 2.12 6.05
Revenue from contracts with customers
- Interest on trade receivables 4.30 6.01
Set out below is the disaggregated information on revenue from contracts with customers:
- Interest on deposits with banks 323.47 219.87
(H in million)
Dividend Income from Subsidiaries - 58.72
31 March, 2022 31 March, 2021 Lease income from subsidiary companies 7.69 7.69
Types of services Lease income from director 1.34 1.48
Revenue from contract with customers 18,888.10 10,725.42 Profit on sale of property plant and equipment 0.99 -
Geographical markets Miscellaneous income 16.74 9.66
Within India 18,888.10 10,725.42 Total 437.37 392.71
Outside India - -
30. FINANCE COSTS
Total revenue from contract with customers 18,888.10 10,725.42
(H in million)
Timing of revenue recognition
Services transferred at a point in time 18,667.04 10,439.26 31 March, 2022 31 March, 2021
Services transferred over time 221.06 286.16 On financial liabilities measured at Amortised Cost
Total revenue from contracts with customers 18,888.10 10,725.42 Interest expense on bank overdraft 574.91 344.59
Interest expense on debt securities 61.92 -
Contract Balances
Interest on lease liabilities 2.90 7.71
(H in million)
Interest expense on vehicle loan 0.81 1.45
Interest expense on intercorporate deposits 8.44 7.15
31 March, 2022 31 March, 2021
Bank guarantee and commission charges 53.27 35.43
Trade receivables 5,644.59 2,272.79
Total 702.25 396.33
Revenue received in advance (Contract liability)* 30.60 53.85

Corporate Overview
Statutory Reports
31. IMPAIRMENT ON FINANCIAL INSTRUMENTS (H in million)

The below table show impairment loss on financial instruments charge to statement of profit and loss based on category of
financial instrument. 31 March, 2022 31 March, 2021
(H in million) Corporate social responsibility expenses (Refer note 47) 42.55 26.10
Loss on Cancellation of Lease 0.75 -
31 March, 2022 31 March, 2021 Repairs and maintenance
Financial instruments measured at Amortised Cost - Buildings 6.16 8.05
Trade receivables 1.04 7.79 - Others 15.83 6.33
Bad debts written off (net) 113.71 332.95 Auditors' remuneration* 4.63 4.30
Total 114.75 340.74 Office expenses 15.48 15.64
Bank charges 24.91 17.94
32. EMPLOYEE BENEFITS EXPENSES Security guards expenses 7.00 5.77
(H in million) Miscellaneous expenses 60.65 36.64
Total 5,334.10 2,730.36
31 March, 2022 31 March, 2021
* Auditors' remuneration
Salaries, allowances, Incentives and bonus 2,371.32 1,495.28
Contribution to provident and other funds (refer note 38) 68.51 53.68 (H in million)
Gratuity expenses (refer note 38) 11.26 8.90

31 March, 2022 31 March, 2021
Compensated absences expenses 29.12 19.86
For Statutory audit fees 2.90 2.20
Training and recruitment expenses 71.38 40.47
For other services (including limited reviews and certificates) 1.70 2.09
Staff welfare expenses 45.88 17.02
Out of pocket expenses 0.03 0.01
Expense on employee stock option scheme (refer note 39) 155.78 8.98
Total 4.63 4.30
Total 2,753.25 1,644.19
35. EARNINGS PER SHARE
33. DEPRECIATION AND AMORTISATION EXPENSE
(H in million)
(H in million)
31 March, 2022 31 March, 2021
31 March, 2022 31 March, 2021
Profit attributable to all equity holders 6,148.67 2,903.97
Depreciation on property plant and equipment 128.33 104.28
Weighted average number of equity shares used in computing Basic Earnings per Equity Share (A) 8,25,15,091 7,69,14,929
Depreciation on investment property 0.58 0.50
Basic earnings per share (H) (FV of H10 each) 74.52 37.76
Amortisation of intangible assets 25.57 27.04
Potential number of Equity share that could arise on exercise of Employee Stock options (B) 14,23,927 5,43,698
Depreciation on right to use assets 22.31 42.42
"Weighted average number of shares used in computing Diluted Earnings per Equity 8,39,39,018 7,74,58,627
Total 176.79 174.24 Share (A+B)"
Diluted earnings per share (H) (FV of H10 each) 73.25 37.49
34. OTHER EXPENSES
(H in million) 36. CONTINGENT LIABILITIES
(H in million)
31 March, 2022 31 March, 2021
Rent, rates and taxes 43.84 23.41
31 March, 2022 31 March, 2021
Communication costs 222.77 85.26
Guarantees
Printing and stationery 14.66 20.07
(i) Bank guarantees with exchanges as margin / government authorities 9,801.50 4,181.50
Advertisement and publicity 2,995.64 1,279.83
Others
Directors' sitting fees 4.02 2.28
(i) Claims against the Company not acknowledged as debts* 91.06 54.83
Legal and Professional charges 416.20 293.26
(ii) Disputed income tax demands not provided for (Refer note (a) below) 101.44 101.44
Insurance 5.49 3.35
9,994.00 4,337.77
Interest on income tax 13.25 15.77
*Relates to legal claims filed against us by our customers in the ordinary course of business.
Software connectivity license/maintenance expenses 699.56 365.43
Impairment on investment in subsidiary - 125.00 Note (a):
Travel and conveyance 115.01 83.33 Above disputed income tax demands not provided for includes:
Electricity 14.13 16.23 (i) H7.53 million on account of disallowance made as speculation loss for Assessment Year 2012-13 vide reassessment order dated 15 December, 2017
Administrative support services 39.44 29.20 passed by Assessing Officer. Company filed an appeal before CIT(A);
Demat Charges 485.54 216.56 (ii) H93.91 million on account of disallowance made as speculation loss for Assessment Year 2009-10 considered by ITAT in favour of the Company.
Department filed an appeal before Hon'ble High Court of Bombay on 25 July, 2018.
Membership and subscription fees 26.00 10.90
Above disputed income tax demands does not include interest u/s 234B and u/s 234C of the Income Tax Act, 1961 as the same is not determinable till the
Loss on account of error trades (net) 60.59 31.28
final outcome. The management believes that the ultimate outcome of the above proceedings will not have a material adverse effect on the Company's
Loss on sale of property plant and equipment - 8.43 financial position and result of operations.

Corporate Overview
Statutory Reports
37. CAPITAL COMMITMENTS

(H in million) 31 March, 2022 31 March, 2021
Employee turnover/Withdrawal rate
31 March, 2022 31 March, 2021 (A) Sales Employees
Capital commitment for purchase of property, plant and equipment and Intangible assets 85.43 9.53 (i) For service less than 4 years 92% 92%
(ii) Thereafter 31% 29%
38. EMPLOYEE BENEFITS (B) Non-sales employees
(A) Defined Contribution Plans (i) For service less than 4 years 48% 49%
During the year, the Company has recognised the following amounts in the Statement of Profit and Loss (ii) Thereafter 17% 19%
(H in million) Retirement age 58 years 58 years
31 March, 2022 31 March, 2021 (ii) Amount recognised in balance sheet

Employers’ Contribution to Provident Fund and Employee State Insurance 68.51 53.68 (H in million)
(B) Defined benefit plans 31 March, 2022 31 March, 2021

Gratuity payable to employees Present value of unfunded defined benefit obligation 66.83 52.86
The Company’s liabilities under the Payment of Gratuity Act,1972 are determined on the basis of actuarial valuation made at Net liability recognised in Balance Sheet 66.83 52.86
the end of each reporting period using the projected unit credit method. Current benefit obligation 16.43 17.96
Non-current obligation 50.40 34.90
The gratuity benefit is provided through unfunded plan and annual contributions are charged to the statement of profit and
Net liability recognised in Balance Sheet 66.83 52.86
loss. Under the scheme, the settlement obligation remains with the Company. Company accounts for the liability for future
gratuity benefits based on an actuarial valuation. The net present value of the Company’s obligation towards the same is
(iii) Changes in the present value of defined benefit obligation (DBO)
actuarially determined based on the projected unit credit method as at the Balance Sheet date.
(H in million)
The plan is of a final salary defined benefit in nature which is sponsored by the Company and hence it underwrites all the risks
pertaining to the plan. The actuarial risks associated are: 31 March, 2022 31 March, 2021
Present value of obligation at the beginning of the year 52.86 39.54
Discount rate Interest cost on DBO 2.46 2.36
Discount Rate for this valuation is based on government bonds having similar term to duration of liabilities. Due to lack of a Current service cost 8.80 6.54
deep and secondary bond market in India, government bond yields are used to arrive at the discount rate. Benefits paid (11.98) (11.04)
Actuarial (gain)/ loss on obligations
Mortality/disability
- Effect of change in financial assumptions (0.98) 2.48
If the actual mortality rate in the future turns out to be more or less than expected then it may result in increase / decrease
- Demographic Assumptions 0.24 4.18
in the liability.
- Experience (gains)/losses 13.90 8.80
Employee turnover/withdrawal rate Acquisition/Business Combination/Divestiture (Transfer Out) (0.15) -
If the actual withdrawal rate in the future turns out to be more or less than expected then it may result in increase / decrease Acquisition/Business Combination/Divestiture (Transfer In) 1.68 -
in the liability. Present value of obligation at the end of the year 66.83 52.86
The weighted average duration of defined benefit obligation is 3.06 years as at 31 March, 2022 (31 March, 2021: 3.05 years).
Salary escalation rate
More or less than expected increase in the future salary levels may result in increase / decrease in the liability. (iv) Expense recognised in the Statement of Profit and Loss
(H in million)
(i) Principal assumptions used for the purposes of the actuarial valuations
31 March, 2022 31 March, 2021
31 March, 2022 31 March, 2021 Service cost 8.80 6.54
Economic Assumptions Net Interest cost 2.46 2.36
Discount rate (per annum) 5.48% 5.10% Total expenses recognised in the Statement Profit and Loss 11.26 8.90
Salary Escalation rate 3.00% 3.00%
Demographic Assumptions
Mortality IALM (2012-14) IALM (2012-14)
Ultimate Ultimate

Corporate Overview
Statutory Reports
(v) Expense recognised in Other comprehensive income (OCI) Plan Description

(H in million)
Method of
Plan Name Vesting period Exercise period Life of option
settlement
31 March, 2022 31 March, 2021
12 months from the Grant Date - 25%
Remeasurements due to -
- Effect of change in financial assumptions (0.98) 2.48 Options under LTI Plan 2021 10 years from the Grant date 120 months Equity settled
- Effect of change in demographic assumptions 0.24 4.18 48 months from the Grant Date - 25%
- Effect of experience adjustments 13.90 8.80 12 months from the Grant Date - 25%
Net actuarial (gains)/losses recognised in OCI 13.16 15.46
48 months from the Grant Date - 25% and 06 months from the date of
(vi) Quantitative sensitivity analysis RSUs under LTI Plan 2021 18 months Equity settled
12 months from the Grant Date - 100% and vesting
12 months from the Grant Date - 33.33%
(H in million)
31 March, 2022 31 March, 2021
06 months from the date of
Impact on defined benefit obligation PSUs under LTI Plan 2021 36 months from the Grant Date - 100% 42 months Equity settled
vesting
Rate of discounting 14 months after grant date - 10%
1% increase (2.52) (1.99) 26 months after grant date - 20% 12 months from the date of the
Options under ESOP Plan 2018 62 months Equity settled
1% decrease 2.99 2.36 38 months after grant date - 30% last vesting of the Options
50 months after grant date - 40%
Rate of increase in salary
1% increase 3.24 2.56
(b) The activity in ESOPS schemes during the year ended 31 March, 2022
1% decrease (2.69) (2.13)
Withdrawal rate Number of Number of
Number of RSUs Number of PSUs
1% increase 0.02 0.02 option option
LTI Plan 2021 LTI Plan 2021
1% decrease (0.04) (0.03) LTI Plan 2021 ESOP Plan 2018
Options outstanding at the beginning of the year 7,05,504 - - 15,31,247
(vii) Maturity profile of defined benefit obligation Granted during the year 1,87,580 1,89,733 3,67,872 -
(H in million) Forfeited during the year (1,62,169) (1,191) - (35,420)
Exercised during the year (81,707) - - (9,50,508)
Year 31 March, 2022 31 March, 2021 Expired during the year - - - -
Within next 12 months 16.88 18.42 Options outstanding at the end of the year 6,49,208 1,88,542 3,67,872 5,45,319
Between 2 and 5 years 38.47 31.25 Exercisable at the end of the year 1,18,242 - - 61,010
Between 5 and 10 years 22.43 16.00 Weighted average remaining contractual life 1.60 years 1.04 years 2.07 years 0.42 years
Beyond 10 years 11.82 7.63 Weighted average exercise price in K 467.44 10.00 10.00 211.51
Total expected payments 89.60 73.30 Range of exercise price in K 326.20 to 1,275.00 10.00 to 10.00 10.00 to 10.00 211.51 to 211.51
The weighted average share price 1,548.07 NA NA 913.38
39. EMPLOYEE STOCK OPTION PLAN for options exercised during year in K
(a) - On 26 April, 2018, the board of directors approved the Angel Broking Employee Stock Option Plan 2018 (ESOP Plan 2018) for
issue of stock options to the key employees and directors of the Company and its subsidiaries. According to the ESOP Plan The activity in ESOPS schemes during the year ended 31 March, 2021
2018, the employee selected by the Nomination and Remuneration Committee from time to time will be entitled to options,
subject to satisfaction of the prescribed vesting conditions, viz. continuing employment and subject to performance Number of Number of
parameters defined in the ESOP Plan 2018. option option
LTI Plan 2021 ESOP Plan 2018
- On 28 January, 2021, the Board of Directors approved the Angel Broking Employee Long-term Incentive Plan 2021 (LTI Plan Options outstanding at the beginning of the year - 22,57,600
2021) for issue of Options, equity settled Restricted Stock Units (RSU) and Performance Stock Units (PSU) to the eligible Granted during the year 7,05,504 -
employees of the Company and its subsidiaries to attract, retain and motivate key talent, align individual performance with Forfeited during the year - (6,98,770)
the Company objective by rewarding senior management and key high performing employees, subject to the approval of Exercised during the year - (27,583)
shareholders . The shareholders approved the LTI Plan 2021 through Postal ballot on 05 March, 2021. According to the LTI
Expired during the year - -
Plan 2021, the committee will decide which of the eligible employees should be granted Award units under the plan and
accordingly, the committee would offer the Award units to the identified employees under the Plan to the extent permissible Options outstanding at the end of the year 7,05,504 15,31,247
by applicable laws. Selection of participants for a given year will be based on and include role scope, level, performance and Exercisable at the end of the year - 3,84,304
future potential, manager recommendation and any other criteria as approved by the committee for the given year subject Weighted average remaining contractual life 2.5 years 0.74 years
to satisfaction of the prescribed vesting conditions, viz., continuing employment in case of options, continuing employment Weighted average Exercise price in K 337.90 211.51
and performance parameters in case of PSUs. Range of exercise price in K 337.90 to 337.90 211.51 to 211.51
The weighted average share price for options exercised during year in K NA 337.47

Corporate Overview
Statutory Reports
(c) T
he fair value of each option granted is estimated on the date of grant using the Black Scholes model with the following
inputs Weighted average
Exercise
Share price
Expected Risk free
Expected
Number of
Grant date fair value of at the grant dividend
ESOP Plan 2018 price volatility interest rate Grants
options granted date yield
13-Sep-21 1,257.44 10.00 1,295.60 55.28% - 58.95% 4.10% - 5.46% 0.77% 3,383
Weighted average Share price Expected 16-Sep-21 1,253.59 10.00 1,291.75 55.04% - 58.88% 4.09% - 5.46% 0.77% 3,350
Exercise Expected Risk free Number of
Grant date fair value of at the grant dividend 27-Sep-21 1,220.47 10.00 1,258.60 51.91% - 58.78% 4.16% - 5.48% 0.79% 3,239
price volatility interest rate Grants
01-Oct-21 1,401.06 10.00 1,439.25 51.82% - 58.75% 4.20% - 5.49% 0.69% 1,986
11-May-18 20.13 211.51 211.51 28.44%- 40.95% 7.04%- 7.78% 30% 21,14,300
20-Oct-21 1,359.83 10.00 1,398.00 51.65% - 58.51% 4.18% - 5.58% 0.72% 276
01-Aug-18 7.26 211.51 142.37 31.30%-40.30% 7.14%-7.81% 30% 4,42,300
21-Oct-21 1,275.20 10.00 1,313.35 51.73% - 58.54% 4.17% - 5.56% 0.76% 3,260
15-Oct-18 2.78 211.51 103.17 34.21%-39.95% 7.47%-7.86% 30% 1,50,000
08-Nov-21 1,194.19 10.00 1,232.30 50.55% - 58.09% 4.16% - 5.55% 0.81% 4,595
02-Nov-18 2.68 211.51 100.34 36.99%-41.46% 7.20%-7.63% 30% 90,000
22-Nov-21 1,030.71 10.00 1,068.75 50.36% - 68.15% 4.15% - 5.53% 0.94% 4,068
18-Mar-19 2.18 211.51 95.31 40.03%-41.14% 6.58%-7.00% 30% 1,44,270
25-Nov-21 1,152.55 10.00 1,190.65 50.33% - 57.73% 4.18% - 5.55% 0.84% 6,180
Life of options - The employees have a period of 1 year from each vesting date, to exercise their vested options. The management expects that these 03-Dec-21 1,100.97 10.00 1,139.05 50.52% - 56.61% 4.13% - 5.53% 0.88% 5,604
options will be exercised immediately on its vesting.
07-Dec-21 1,071.95 10.00 1,110.00 50.44% - 56.56% 4.19% - 5.56% 0.90% 3,470
LTI Plan 2021 -Options 14-Dec-21 1,128.88 10.00 1,166.95 50.17% - 56.46% 4.22% - 5.56% 0.86% 2,394
16-Dec-21 1,136.72 10.00 1,174.80 49.89% - 55.37% 4.25% - 5.57% 0.85% 1,780
Weighted average Share price Expected 21-Dec-21 1,140.69 10.00 1,178.75 49.82% - 55.32% 4.43% - 5.65% 0.85% 3,574
Grant date fair value of at the grant dividend 24-Dec-21 1,122.24 10.00 1,160.30 49.60% - 55.30% 4.29% - 5.65% 0.86% 6,208
01-Feb-22 1,297.87 10.00 1,386.85 47.51% - 55.00% 4.42% - 5.90% 2.02% 1,570
30-Mar-21 112.01 337.90 295.80 48.19% - 50.20% 5.95% - 6.29% 3.38% 7,05,504
02-Mar-22 1,245.89 10.00 1,334.65 47.45% - 54.96% 4.55% - 5.96% 2.10% 11,725
26-Apr-21 166.99 326.20 366.40 48.02% - 49.05% 5.83% - 6.19% 2.73% 58,860
26-Jul-21 756.87 807.90 1,229.60 47.60% - 49.30% 5.95% - 6.31% 0.81% 27,231 Life of options - The employees have a period of 6 months from vesting date, to exercise their vested options. The management expects that these
options will be exercised towards end of the exercise period.
09-Aug-21 750.73 932.80 1,269.90 47.60% - 49.30% 5.97% - 6.33% 0.79% 11,256
16-Aug-21 699.82 972.50 1,225.50 47.63% - 49.20% 5.95% - 6.32% 0.82% 24,164
LTI Plan 2021 -PSUs
02-Sep-21 649.35 1,057.00 1,159.40 51.99% - 54.23% 5.78% - 6.15% 0.86% 2,838
06-Sep-21 698.73 1,070.20 1,223.50 51.92% - 54.17% 5.74% - 6.11% 0.82% 11,867
Weighted average Share price Expected
13-Sep-21 752.72 1,095.20 1,295.60 51.85% - 54.14% 5.77% - 6.14% 0.77% 4,200 Exercise Expected Risk free Number of
27-Sep-21 703.03 1,164.00 1,258.60 51.72% - 53.96% 5.78% - 6.14% 0.79% 3,780 options granted date yield
20-Oct-21 792.71 1,275.00 1,398.00 51.58% - 53.95% 5.59% - 6.28% 0.72% 659 26-Apr-21 325.04 10.00 366.40 51.93% 4.13% 2.73% 3,67,872
08-Nov-21 655.37 1,273.60 1,232.30 51.49% - 53.88% 5.86% - 6.23% 0.81% 4,727 Life of options - The employees have a period of 6 months from vesting date, to exercise their vested options. The management expects that these
22-Nov-21 525.82 1,271.00 1,068.75 51.45% - 53.84% 5.84% - 6.20% 0.94% 3,068 options will be exercised towards end of the exercise period.
25-Nov-21 621.49 1,273.30 1,190.65 51.44% - 53.84% 5.86% - 6.22% 0.84% 3,141 The expected price volatility is based on the historic volatility (based on the remaining life of options), adjusted for any expected changes to future
03-Dec-21 581.63 1,265.90 1,139.05 51.39% - 53.83% 5.84% - 6.21% 0.88% 2,844 volatility due to publicly available information.
07-Dec-21 559.47 1,264.00 1,110.00 51.38% - 53.81% 5.87% - 6.23% 0.90% 1,582
14-Dec-21 606.21 1,252.90 1,166.95 51.33% - 53.76% 5.85% - 6.20% 0.86% 3,033
(d) Expense arising from share-based payment transaction
16-Dec-21 613.42 1,249.40 1,174.80 51.31% - 53.76% 5.86% - 6.21% 0.85% 1,921 (H in million)
21-Dec-21 619.05 1,244.00 1,178.75 51.29% - 53.74% 5.95% - 6.29% 0.85% 3,537
31 March, 2022 31 March, 2021
24-Dec-21 604.93 1,240.60 1,160.30 51.27% - 53.74% 5.94% - 6.29% 0.86% 3,224
Gross expense arising from share-based payments 156.28 12.02
02-Mar-22 662.13 1,255.60 1,334.65 50.91% - 53.21% 6.26% - 6.60% 2.10% 7,009
Less: Options granted to employees of subsidiaries recognised as deemed investment in subsidiaries (0.50) (3.04)
04-Mar-22 638.98 1,273.20 1,309.70 50.89% - 53.20% 6.31% - 6.67% 2.14% 8,639
Employee share-based payment expense recognised in statement of profit and loss 155.78 8.98
Life of options - The employees have a period of 10 years from grant date, to exercise their vested options. The management expects that these options
will be exercised over the average period of time. 40. RELATED PARTY DISCLOSURES:
(A) Names of related parties and nature of relationship
LTI Plan 2021 -RSUs
As at As at
Exercise Expected Risk free Number of 31 March, 2022 31 March, 2021
price volatility interest rate Grants (a) Subsidiary Companies
26-Apr-21 342.48 10.00 366.40 51.93% - 51.93% 4.13% - 4.13% 2.73% 91,968 Angel Financial Advisors Private Limited India 100% 100%
26-Jul-21 1,196.08 10.00 1,229.60 48.86% - 54.63% 4.13% - 5.24% 0.81% 7,676 Angel Fincap Private Limited India 100% 100%
09-Aug-21 1,231.79 10.00 1,269.90 48.93% - 54.48% 4.17% - 5.66% 0.79% 4,076 Angel Securities Limited India 100% 100%
16-Aug-21 1,187.39 10.00 1,225.50 48.93% - 54.41% 4.12% - 5.63% 0.82% 6,353 Angel Digitech Services Private Limited India 100% 100%
(Formerly known as Angel Wellness Private Limited)
02-Sep-21 1,135.16 10.00 1,159.40 56.14% - 56.14% 4.17% - 4.17% 0.86% 6,242
Mimansa Software Systems Private Limited India 100% 100%
06-Sep-21 1,185.36 10.00 1,223.50 55.46% - 59.08% 4.11% - 5.43% 0.82% 6,756

Corporate Overview
Statutory Reports
(H in million)
As at As at
(b) Individuals owning directly or indirectly interest in voting Individuals owning directly or indirectly interest in voting power that gives them control or significant
power that gives them control or significant influence influence and its relatives
Mr. Dinesh Thakkar Chairman and Managing Director Ashok Thakkar - 0.05
(c) Relatives of above individuals Dinesh Thakkar 0.05 0.01
Ms. Kanta Thakkar Wife of Mr. Dinesh Thakkar Shobraj Thakkar 0.00 -
Mr. Vinay Thakkar Son of Mr. Dinesh Thakkar Vinay Thakkar 0.01 0.01
Mr. Ashok Thakkar Brother of Mr. Dinesh Thakkar Kanta Thakkar - 0.00
Mr. Mahesh Thakkar Brother of Mr. Dinesh Thakkar Ganesh Iyer 0.02 -
Mr. Shobraj Thakkar Brother of Mr. Dinesh Thakkar Krishna Iyer 0.02 -
Dinesh Thakkar HUF HUF Aruna Narayan 0.00 -
(d) Key Management Personnel Key Management Personnel
Mr. Vinay Agrawal (Upto 17 April, 2021) Chief Executive Officer and Director Vinay Agrawal - 0.00
Mr. Narayan Gangadhar (From 26 April, 2021) Chief Executive Officer Vineet Agrawal 0.05 -
Mr. Ketan Shah (From 05 May, 2021) Director and KMP Ketan Shah 0.00 -
Mr. Krishna Iyer (From 15 July, 2021) Director Naheed Patel 0.00 -
Mr. Kamalji Jagat Bhushan Sahay Independent Director Relatives of Key Management Personnel
Mr. Uday Sankar Roy Independent Director Shalini Agrawal 0.25 -
Ms. Anisha Motwani (Upto 15 September, 2021) Independent Director Rajendra Kumar Agrawal 0.00 -
Ms. Mala Todarwal (From 20 October, 2021) Independent Director Priti Shah 0.00 -
Mr. Muralidharan Ramachandran (From 06 August, 2021) Independent Director Enterprises in which director and its relatives are member
Mr. Vineet Agrawal Chief Financial Officer Nirwan Monetary Services Private Limited 0.14 0.02
Ms. Naheed Patel Company Secretary Dividend received
(e) Relatives of Key Management Personnel as above Subsidiaries
Ms. Priti Shah (From 05 May, 2021) Spouse of Mr. Ketan Shah Angel Financial Advisors Private Limited - 13.75
Mr. Rajendra Kumar Agrawal Father of Mr. Vineet Agrawal Angel Fincap Private Limited - 30.34
Ms. Shalini Agrawal Spouse of Mr. Vineet Agrawal Angel Securities Limited - 12.38
Ms. Aruna Narayan (From 26 April, 2021) Spouse of Mr. Narayan Gangadhar Mimansa Software Systems Private Limited - 2.25
Mr. Ganesh Iyer (From 15 July, 2021) Brother of Mr. Krishna Iyer Employee stock option plan
(f) Enterprises in which director and its relatives are member Subsidiaries
Nirwan Monetary Services Private Limited Angel Financial Advisors Private Limited (0.97) 0.67
Angel Insurance Brokers and Advisors Private Limited Angel Fincap Private Limited 1.46 2.37
Lease income
(B) Details of transactions with related party in the ordinary course of business for the year ended:
Subsidiaries
(H in million)
Angel Securities Limited 0.07 0.07
Angel Financial Advisors Private Limited 6.73 6.73
31 March, 2022 31 March, 2021
Interest Received Angel Fincap Private Limited 0.89 0.89
Subsidiaries Lease income from furnished property
Angel Fincap Private Limited 2.50 - Individuals owning directly or indirectly interest in voting power that gives them control or significant
influence
Angel Financial Advisors Private Limited - 0.10
Dinesh Thakkar 1.34 1.48
Interest Paid
Software Maintenance Charges
Subsidiaries
Subsidiary
Angel Fincap Private Limited 8.44 7.15
Mimansa Software Systems Private Limited 9.60 9.60
Income from broking activities
Business support services incurred (includes electricity and insurance)
Subsidiaries
Subsidiaries
Angel Fincap Private Limited 0.00 -
Angel Digitech Services Private Limited (Formerly known as Angel Wellness Private Limited) 0.48 0.32

Corporate Overview
Statutory Reports

Enterprises in which director and its relatives are member Key Management Personnel and their relatives
Angel Insurance Brokers and Advisors Private Limited - 0.00 Vinay Agrawal 1.48 1.10
Business support services received (includes business support services and car parking) Ketan Shah 0.72 -
Subsidiaries Vineet Agarwal 1.52 -
Angel Digitech Services Private Limited (Formerly known as Angel Wellness Private Limited) 9.94 4.61 Naheed Patel 0.00 -
Reimbursement of expenses Loans given
Subsidiaries Subsidiaries
Angel Securities Limited - 0.00 Angel Financial Advisors Private Limited - 4.80
Angel Financial Advisors Private Limited 0.19 1.15 Angel Fincap Private Limited 1,405.00 -
Angel Fincap Private Limited 0.09 0.36 Repayment of loan given
Mimansa Software Systems Private Limited 0.05 0.01 Subsidiaries
Remuneration paid Angel Financial Advisors Private Limited - 4.80
Individuals owning directly or indirectly interest in voting power that gives them control or significant Angel Fincap Private Limited 1,405.00 -
influence
All related party transactions entered during the year were in ordinary course of the business and are on arm’s length basis.
Key Management Personnel (C) Amount due to/from related party as on:
Vinay Agrawal 1.92 26.71 (H in million)
Narayan Gangadhar 32.00 -
Ketan Shah 15.00 - As at As at
Vineet Agarwal 14.33 12.40 31 March, 2022 31 March, 2021
Recoverable from group companies
Naheed Patel 2.73 2.20
Subsidiaries
Directors' sitting fees
Key Management Personnel
Anisha Motwani 0.56 0.64
Kamalji Jagat Bhushan Sahay 1.16 0.84
Uday Sankar Roy 1.12 0.80
Angel Digitech Services Private Limited (Formerly known as Angel Wellness Private Limited) 0.48 0.32
Krishna Iyer 0.48 -
Other receivables
Mala Todarwal 0.30 -
Individuals owning directly or indirectly interest in voting power that gives them control or significant
Muralidharan Ramachandran 0.40 -
influence
Purchase of property
- Dinesh Thakkar 7.50 7.50
Enterprises in which director and its relatives are member
Refer note 19 (b) for personal guarantee given by director against overdraft facilities obtained from banks.
Nirwan Monetary Services Private Limited - 24.09
Loans taken No rent is charged on property taken from one of the directors which is used as an office by the Company. H7.50 million pertains to security deposits paid
against the same property.
Subsidiaries
Provision for post-employment benefits like gratuity fund and leave encashment are made based on actuarial valuation on an overall Company basis are
Angel Fincap Private Limited 790.00 785.96 not included in remuneration to key management personnel.
Repayment of loan taken Amounts recoverable from group companies and other receivable from director are unsecured and receivable in cash.
Subsidiaries
Angel Fincap Private Limited 790.00 785.96 41. SEGMENT REPORTING
Dividend paid The Company's operations predominantly relate to equity, currency and commodity broking and its related activities business
Individuals owning directly or indirectly interest in voting power that gives them control or significant and is the only operating segment of the Company. The Chief Operating Decision Maker (CODM) reviews the operations of the
influence and its relatives Company as one operating segment. Hence no separate segment information has been furnished herewith.
Dinesh Thakkar HUF 15.18 3.11 The Company operates in one geographic segment namely "within India" and hence no separate information for geographic
Kanta Thakkar 0.13 0.03
segment wise disclosure is required.
Ashok Thakkar 63.98 9.84
The Company is presenting consolidated financial statements and hence in accordance with "IND AS 108 Segment Reporting",
Mahesh Thakkar 0.02 0.01 segment information is disclosed in consolidated financial statements.
Nirwan Monetary Services Private Limited 149.21 30.62

Corporate Overview
Statutory Reports
42. LEASES (H in million)

Information about lease
FVOCI FVTPL Amortised Cost
The Company has taken office premises at certain locations on operating lease. The agreements are executed for a period
ranging from 11 months to 120 months. Financial Liabilities
Trade payables - - 40,668.10
The changes in the carrying value of right of use assets for the year ended 31 March, 2022 and 31 March, 2021 has been Debt securities 245.67
disclosed in Note 15. Borrowings (other than debt securities) - - 12,329.83
Other financial liabilities - - 2,513.65
The aggregate depreciation expense on right of use assets is included under depreciation and amortisation expense in the Total Financial liabilities - - 55,757.25
statement of Profit and Loss.
As at 31 March, 2021
The movement in lease liabilities has been disclosed in Note 19 (c). Financial Assets (other than investment in subsidiaries) *
Cash and cash equivalents - - 706.71
The below table provides the details regarding the contractual maturities of lease liabilities on an undiscounted basis: Bank balance other than cash and cash equivalent - - 17,803.81
(H in million) Trade receivables - - 2,272.79

Loans - - 10,632.76
As at As at Investments - 0.00 -
31 March, 2022 31 March, 2021 Other financial assets - - 14,272.98
Less than one year 10.53 26.72 Total Financial Assets - 0.00 45,689.05
One to five years 6.60 39.73 Financial Liabilities
More than five years 0.46 0.99 Trade payables - - 22,763.81
Total 17.59 67.44 Borrowings (other than debt securities) - - 11,713.79
The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to
Total Financial liabilities - - 36,263.35
meet the obligations related to lease liabilities as and when they fall due.
* Investment in subsidiaries is measured at cost as at 31 March, 2022 and 31 March, 2021.
The total cash outflows for leases are H28.29 million for the year ended 31 March, 2022 (31 March, 2021: H42.88 million).
B. Fair Value hierarchy
Short-term and low value lease: The following is the hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Rental expense incurred and paid for short-term leases was H1.23 million (31 March, 2021: H1.02 million).
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Rental expense incurred and paid for Low value leases was H NIL (31 March, 2021: H NIL million).
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
COVID-19 – related rent concessions (Amendment to Ind AS 116) (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
1. The Company has adopted the amendment to Ind AS 116 in its financial statements for all rent concessions that meet
the criteria and
The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:
2. As a result of above the Company has accounted for rent concessions of H NIL million (31 March, 2021 : H41.86 million) as (H in million)
negative variable lease payments in the statement of profit and loss.
Level 1 Level 2 Level 3 Total
43. FAIR VALUE MEASUREMENT As at 31 March, 2022
A. Financial instruments by category: Financial assets
(H in million) Measured at fair value through profit or loss *
Investment in equity instruments 0.00 - - 0.00
FVOCI FVTPL Amortised Cost As at 31 March, 2021
As at 31 March, 2022 Financial assets
Financial Assets (other than investment in subsidiaries) * Measured at fair value through profit or loss *
Cash and cash equivalents - - 4,202.23 Investment in equity instruments 0.00 - - 0.00
Bank balance other than cash and cash equivalent - - 44,517.74
Trade receivables - - 5,644.59 The carrying amount of cash and bank balances, trade receivables, loans, trade payables, borrowings and other receivables
Loans - - 12,703.62 and payables are considered to be the same as their fair values due to their short-term nature. The fair values of borrowings
(lease liability) and security deposits were calculated based on cash flows discounted using a current lending rate. They
Investments - 0.00 -
are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including own and
Other Financial assets - - 1,932.47 counterparty credit risk.
Total Financial Assets - 0.00 69,000.65
* Valuation techniques used to determine fair value
Specific valuation techniques used to value financial instruments includes investment in equity investment valued at quoted closing price on stock
exchang /other basis based on materiality.

Corporate Overview
Statutory Reports
44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (B) Credit risk
The Company is exposed to various financial risks. These risks are categorised into market risk, credit risk and liquidity risk. Credit risk is the risk that the Company will incur a loss because its customers or counterparties fail to discharge their
The Company's risk management is coordinated by the Board of Directors and focuses on securing long-term and short-term contractual obligation. The Company manages and controls credit risk by setting limits on the amount of risk it is willing to
cash flows. The Company does not engage in trading of financial assets for speculative purposes. accept for individual counterparties, and by monitoring exposures in relations to such limits.
(A) Market risk The maximum exposure to credit risk for each class of financial instruments is the carrying amount of that class of financial
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in instruments presented in the financial statements. The Company’s major classes of financial assets are cash and cash
market prices. Market risk comprises following types of risk: interest rate risk and currency risk. Financial instruments equivalents, loans, term deposits, trade receivables and security deposits.
affected by market risk include borrowings.
Cash and cash equivalents and term deposits with banks are considered to have negligible risk or nil risk, as they are maintained
(i) Interest rate risk with high rated banks financial institutions as approved by the Board of directors. Security deposits are kept with stock
exchanges for meeting minimum base capital requirements. These deposits do not have any credit risk.
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company is exposed to interest rate risk arising mainly from borrowings with
The management has established accounts receivable policy under which customer accounts are regularly monitored. The
floating interest rates. The Company is exposed to interest rate risk because the cash flows associated with floating rate
Company has a dedicated risk management team, which monitors the positions, exposures and margins on a continuous basis.
borrowings will fluctuate with changes in interest rates. The Company manages the interest rate risks by maintaining a
debt portfolio comprising a mix of fixed and floating rate borrowings.
Expected credit loss
At the reporting date, the interest profile of the Company’s borrowings is as follows: A) Trade receivables
The Company applies the Ind AS 109 simplified approach to measure expected credit losses which uses a lifetime
Exposure to interest rate risk expected loss allowance (ECL) for all trade receivables.
(H in million)
The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognises
31 March, 2022 31 March, 2021 impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.
Fixed rate borrowings including debt securities 269.94 69.79
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics
Variable rate borrowings 12,305.56 11,644.00
as follow:
Total borrowings including debt securities 12,575.50 11,713.79
• Receivable from Brokerage (Secured by collaterals mainly in form of Securities of listed Company)
Interest rate sensitivity
• Receivable from Exchange (Unsecured)
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and
borrowings. With all other variables held constant, the Company’s profit before tax is affected through the impact on floating rate • Receivable from Depository (Secured by collaterals mainly in form of Securities of listed Company).
borrowings, as follows:
(H in million) Receivable from Exchange (Unsecured) : There are no historical loss incurred in respect of Receivable from exchange.
Entire exposure/receivable as at each reporting period is received and settled within 7 days from reporting period.
Increase/ Therefore, no ECL is recognised in respect of receivable from exchange.
Effect on profit
decrease in
before tax
basis points Receivable from Brokerage and depository: Company has large number of customer base with shared credit risk
31 March, 2022 characteristics. As per policy of the Company, trade receivable to the extent not covered by collateral (i.e. unsecured
H 50 bp (61.53) trade receivable) is considered as default and are fully written off as bad debt against respective trade receivables and
(50 bp) 61.53
the amount of loss is recognised in the Statement of Profit and Loss. Subsequent recoveries of amounts previously
H
written off are credited to the income statement as bad debts recovered. Trade receivable of the Company are of short
31 March, 2021
duration with credit period ranging up to maximum 30 days. In case of delay in collection, the Company has right to
H 50 bp (58.22) charges interest (commonly referred as delayed payment charges) on overdue amount for the overdue period. However,
H (50 bp) 58.22 in case of receivable from depository, the Company doesn’t have right to charge interest. Though credit period given to
customer in respect of receivable from depository is very short, generally there is significant delay in ultimate collection.
(ii) Foreign currency risk The Company has computed expected credit loss due to significant delay in collection. Incremental borrowing rate is
considered as effective interest rate on these trade receivable for the purpose of computing time value loss.
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates. As at each reporting date, the Company does not have exposure in foreign currency,
therefore it is not exposed to currency risk. (H in million)
As at As at
31 March, 2022 31 March, 2021
Trade receivable
Past due 1-30 days 5,533.53 2,163.29
Past due 31-60 days 12.32 0.47
Past due 61-90 days 5.22 0.24
Past due more than 90 days 105.26 123.80
Loss allowances (11.74) (15.01)
Carrying amount 5,644.59 2,272.79

Corporate Overview
Statutory Reports
Movements in the allowances for impairment in respect of trade receivables is as follows: (C) Liquidity risk
(H in million) Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The
Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its
31 March, 2022 31 March, 2021 liabilities when due.
Opening Provision 15.01 13.23
Creation / (utilisation) during the year (3.27) 1.78 The table below summarises the maturity profile of the Company’s financial liabilities as at 31 March, 2022
Closing provision 11.74 15.01 (H in million)
B) Margin Trading facilities: Borrowings

(other than debt Other financial
In accordance with Ind AS 109, the Company applies expected credit loss model (ECL) for measurement and recognition Debt securities Trade payables Total
securities and liabilities
of impairment loss. The expected credit loss is a product of exposure at default (EAD), probability of default (PD) and lease liability)
Loss given default (LGD). The financial assets have been segmented into three stages based on the risk profiles, primarily 0-1 year 245.67 12,309.23 40,668.10 2,513.65 55,736.65
based on past due. 1-2 year - 3.42 - - 3.42
2-3 year - 1.42 - - 1.42
Company has large number of customer base with shared credit risk characteristics. Margin trading facilities are secured
3-4 year - 0.51 - - 0.51
by collaterals. As per policy of the Company, margin trading facilities to the extent covered by collateral and servicing
interest on a regular basis is not considered as due/default. Accounts becoming due/default are fully written off as bad Beyond 4 years - - - - -
debt against respective receivables and the amount of loss is recognised in the Statement of Profit and Loss. Subsequent Total 245.67 12,314.58 40,668.10 2,513.65 55,742.00
recoveries of amounts previously written off are credited to the Statement of Profit and Loss as bad debts recovered.
The table below summarises the maturity profile of the Company’s financial liabilities as at 31 March, 2021
As per Ind AS 109, the maximum period to consider when measuring expected credit losses is the maximum contractual (H in million)
period (including extension options) over which the entity is exposed to credit risk and not a longer period, even if that
longer period is consistent with business practice. Therefore, the maximum period to consider when measuring expected Borrowings
credit losses for these targin trading facilities is the maximum contractual period (i.e. on demand/one day). (other than debt Other financial
Trade payables Total
For the computation of ECL, the against margin trading facilities are classified into three stages as follows: lease liability)
0-1 year 12,312.39 22,761.84 1,785.75 36,859.98
Following table provides information about exposure to credit risk and ECL on Margin trading facility 1-2 year 4.65 - - 4.65
2-3 year 4.16 - - 4.16
3-4 year 1.42 - - 1.42
Staging as per Ind AS 109 Receivable including interest Beyond 4 years 0.51 - - 0.51
Stage 1 0 to 30 days past due Total 12,323.13 22,761.84 1,785.75 36,870.72
Stage 2 31 to 90 days past due
Stage 3 More than 90 days past due 45. MATURITY ANALYSIS OF ASSETS AND LIABILITIES
The below table shows an analysis of assets and liabilities analysed according to when they are expected to be recovered
The Company does not have any margin trading facilities which may fall under stage 2 or stage 3. or settled.
(H in million)
ECL is computed as follow assuming that these receivables are fully recalled by the Company at each reporting period:
As at
EAD is considered as receivable including interest (net of write off). 31 March, 2022
Current (Less Non-Current (More
PD is considered at 100% for all receivables being the likelihood that the borrower would not be able to repay in the very Total
than 12 months) than 12 months)
short payment period. Assets
Cash and cash equivalents 4,202.23 - 4,202.23
LGD is determined based on fair value of collateral held as at the reporting period. Unsecured portion is considered as LGD.
Bank Balance other than cash and cash equivalent 43,850.15 667.59 44,517.74
Collaterals Trade Receivables 5,644.59 - 5,644.59
The Company holds collateral and other credit enhancements against certain of its credit exposures. The following table Loans 12,703.62 - 12,703.62
sets out the principal types of collateral held against different types of financial assets. Investments - 830.29 830.29
Other financial assets 1,831.73 100.74 1,932.47
Deferred tax assets (Net) - 49.90 49.90
Percentage of exposure that is subject to collateral Investment Property - 33.36 33.36
Principal type of
Instrument type As at As at Property, Plant and Equipment - 1,267.76 1,267.76
collateral held
31 March, 2022 31 March, 2021
Intangible assets under development - 119.96 119.96
Margin trading facility 99.97% 99.96% Shares and securities
Other Intangible assets - 64.82 64.82
Right to use assets - 15.36 15.36
Other non-financial assets 207.18 187.88 395.06
Total Assets 68,439.50 3,337.66 71,777.16

Corporate Overview
Statutory Reports
(H in million) 46. CAPITAL MANAGEMENT

Risk Management
As at
31 March, 2022 The Company manages its capital structure and makes necessary adjustments in light of changes in economic conditions
Current (Less Non-Current (More
and the requirement of financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend
Total payment to shareholders, return on capital to shareholders, issue new shares or raise / repay debt.
than 12 months) than 12 months)
Liabilities

For the purpose of the Company’s capital management, capital includes issued equity capital and all other equity reserves
Trade Payables 40,668.10 - 40,668.10
attributable to the equity holders. The primary objective of the Company’s capital management is to maximise the shareholder
Debt Securities 245.67 - 245.67 value and to ensure the Company's ability to continue as a going concern. There is no non compliance with any covenants
Borrowings (other than debt securities) 12,319.12 10.71 12,329.83 of borrowings.
Other financial liabilities 2,513.65 - 2,513.65 (H in million)
Current tax liabilities (Net) 9.61 - 9.61
Provisions 46.30 70.57 116.87 As at As at
Other non-financial liabilities 437.77 - 437.77 31 March, 2022 31 March, 2021
Borrowings including debt securities 12,575.50 11,713.79
Total Liabilities 56,240.22 81.28 56,321.50
Less: cash and cash equivalents (Note 4) (4,202.23) (706.71)
Net debt (i) 8,373.27 11,007.09
(H in million)
Total Equity (ii) 15,455.66 11,020.77
As at Total Capital (i) +(ii)= (iii) 23,828.93 22,027.86

31 March, 2021 Gearing ratio (i)/(iii) 35 % 50 %
Current (Less Non- Current (More
Total
than 12 months) than 12 months) 47. CORPORATE SOCIAL RESPONSIBILITY (CSR) EXPENSES
Assets Gross amount required to be spent by the Company during the year H42.55 million (Previous year H26.10 million)
Cash and cash equivalents 706.71 - 706.71
Amount spent during the year ending 31 March, 2022:
Bank Balance other than cash and cash equivalent 17,772.13 31.68 17,803.81
(H in million)
Trade Receivables 2,272.79 - 2,272.79
Loans 10,632.76 - 10,632.76 Yet to be paid
In Cash Total
Investments - 829.79 829.79 in cash
Other financial assets 14,142.98 130.00 14,272.98 Construction / acquisition of any asset - - -
Deferred tax assets (Net) - 68.21 68.21 On purpose of other than above 42.55 - 42.55
Investment Property - 33.94 33.94
Property, Plant and Equipment - 859.16 859.16 Amount spent during the year ending 31 March, 2021:
Intangible assets under development - 1.83 1.83 (H in million)
Other Intangible assets - 53.62 53.62
Yet to be paid
Right to use assets - 54.41 54.41 In Cash Total
in cash
Other non-financial assets 106.58 125.61 232.19 Construction / acquisition of any asset - - -
Total Assets 45,633.95 2,188.25 47,822.20 On purpose of other than above 26.10 - 26.10
Liabilities
Trade Payables 22,763.81 - 22,763.81 48. T
he Company, in the previous year, had completed the Initial Public Offering (IPO) of 1,96,07,835 Equity Shares of Face Value
Borrowings (other than debt securities) 11,677.16 36.64 11,713.79 of H10 each for cash at a price of H306 per Equity Share aggregating to H6,000 million comprising a Fresh Issue of 98,03,921
Other financial liabilities 1,785.75 - 1,785.75 Equity Shares aggregating to H3,000 million and on offer for sale of 98,03,914 Equity Shares aggregating to H3,000 million.
Pursuant to the IPO, the Equity Shares of the Company got listed on National Stock Exchange (NSE) and Bombay Stock
Exchange (BSE) on 05 October, 2020.
Provisions 39.48 46.51 85.99
Other non-financial liabilities 338.13 - 338.13 The details of utilisation of IPO proceeds of H2,831.70 million, net of IPO expenses of the Company are as follows:
Total Liabilities 36,718.28 83.15 36,801.43 (H in million)
Utilised upto Un-utilised upto Utilised upto Un-utilised upto

Particulars Total amount
Working capital requirements 2,300.00 2,300.00 - 2,300.00 -
General corporate purposes 531.70 506.41 25.29 531.70 -
Total utilised/un-utilised funds 2,831.70 2,806.41 25.29 2,831.70 -

Corporate Overview
Statutory Reports
Notes forming part of the Standalone Financial Statements Independent Auditor’s Report
for the year ended 31 March, 2022
49. A
dditional regulatory information required under (WB) (xvi) of Division III of Schedule III amendment, disclosure of ratios, is To the Members of Angel One Limited (formerly known as Angel responsibilities under those Standards are further described in
not applicable to the Company as it is in broking business and not an NBFC registered under Section 45-IA of Reserve Bank Broking Limited) the ‘Auditor’s Responsibilities for the Audit of the Consolidated
of India Act, 1934. Financial Statements’ section of our report. We are independent
REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL of the Group in accordance with the ‘Code of Ethics’ issued
50. Q
uarterly statements of current assets filed with banks and financial institutions for fund borrowed from those banks and STATEMENTS by the Institute of Chartered Accountants of India together
financial institutions on the basis of security of current assets are in agreement with the books of account. Opinion with the ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Act and
We have audited the accompanying consolidated financial
51. SUBSEQUENT EVENTS the Rules thereunder, and we have fulfilled our other ethical
statements of Angel One Limited (formerly known as Angel
There were no significant events after the end of the reporting period which require any adjustment or disclosure in the responsibilities in accordance with these requirements and
Broking Limited) (hereinafter referred to as “the Holding
financial statements other than as stated below: the Code of Ethics. We believe that the audit evidence we have
Company”) and its subsidiaries (the Holding Company and its
obtained is sufficient and appropriate to provide a basis for our
subsidiaries together referred to as “the Group”) comprising
The Board of Directors, through circular resolution on 01 April, 2022 declared a fourth interim dividend of H7.00 per equity audit opinion on the consolidated financial statements.
of the consolidated Balance Sheet as at 31 March, 2022, the
share. The Board of Directors have further recommended a final dividend of H2.25 per equity share for the financial year ended consolidated Statement of Profi t and Loss, including other
31 March, 2022. Payment of the final dividend is subject to its approval by the shareholders, in the ensuing Annual General Key Audit Matters
comprehensive income, the consolidated Cash Flow Statement
Meeting of the Company. and the consolidated statement of Changes in Equity for the Key audit matters are those matters that, in our professional
year then ended, and notes to the consolidated financial judgement, were of most significance in our audit of the
52. T
he Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits statements, including a summary of significant accounting consolidated financial statements for the financial year ended
received Presidential assent in September, 2020. The Code has been published in the Gazette of India. However, the date on policies and other explanatory information (hereinafter referred 31 March, 2022. These matters were addressed in the context
which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The to as “the consolidated financial statements”). of our audit of the consolidated financial statements as a whole,
Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the and in forming our opinion thereon, and we do not provide a
Code becomes effective. In our opinion and to the best of our information and according separate opinion on these matters. For the matter below, our
to the explanations given to us and based on the consideration description of how our audit addressed the matter is provided
53. T
he financial statements of the Company were authorised for issue in accordance with a resolution of the directors on of reports of other auditors on separate financial statements in that context.
20 April, 2022. and on the other financial information of the subsidiaries,
the aforesaid consolidated financial statements give the We have determined the matter described below to be the key
information required by the Companies Act, 2013, as amended audit matter to be communicated in our report. We have fulfilled
(“the Act”) in the manner so required and give a true and fair the responsibilities described in the Auditor’s responsibilities
As per our report of even date for the audit of the consolidated financial statements section of
view in conformity with the accounting principles generally
For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors our report, including in relation to these matters. Accordingly,
accepted in India, of the consolidated state of affairs of the
Firm Registration No.: 301003E/E300005 our audit included the performance of procedures designed to
Group as at 31 March, 2022, their consolidated profit including
Chartered Accountants respond to our assessment of the risks of material misstatement
other comprehensive income, their consolidated cash fl ows
and the consolidated statement of changes in equity for the of the consolidated financial statements. The results of
Viren H. Mehta Dinesh Thakkar Narayan Gangadhar
year ended on that date. audit procedures performed by us and by other auditors of
Partner Chairman and Managing Director Chief Executive Officer
components not audited by us, as reported by them in their
Membership No : 048749 DIN: 00004382 audit reports furnished to us by the management, including
Basis for Opinion
those procedures performed to address the matters below,
Naheed Patel Vineet Agrawal We conducted our audit of the consolidated financial
provide the basis for our audit opinion on the accompanying
Company Secretary Chief Financial Officer statements in accordance with the Standards on Auditing
consolidated financial statements.
Membership No : ACS22506 (SAs), as specified under Section 143(10) of the Act. Our

Date: 20 April, 2022 Date: 20 April, 2022 Key Audit Matter How our oudit addressed the Key Audit Matter
1. IT Systems and Controls
The financial accounting and reporting We performed the following procedures assisted by specialised IT auditors on the IT infrastructure
systems of the Holding Company are and applications relevant to financial reporting:
fundamentally reliant on IT systems and IT
controls to process significant transaction • Tested the design and operating effectiveness of IT access controls over the information
volumes. systems that are important to financial reporting and various interfaces, configuration and
Automated accounting procedures and other identified application controls.
IT environment controls, which include
• Tested IT general controls (logical access, change management and aspects of IT operational
IT governance, general IT controls over
programme development and changes, controls). This included testing that requests for access to systems were appropriately
access to programmes and data and IT reviewed and authorised.
operations, are required to be designed and
• Tested the Holding Company’s periodic review of access rights. We also inspected requests
to operate effectively to ensure accurate
financial reporting. of changes to systems for appropriate approval and authorisation.
Therefore, due to the pervasive nature • In addition to the above, we tested the design and operating effectiveness of certain
and complexity of the IT environment, the automated and IT dependent manual controls that were considered as key internal controls
assessment of the general IT controls and over financial reporting.
the application controls specific to the
accounting and preparation of the financial • Tested the design and operating effectiveness compensating controls in case deficiencies
information is considered to be a key audit were identifi ed and, where necessary, extended the scope of our substantive audit
matter. procedures.

go
Corporate Overview
Statutory Reports
Other Information Those respective Board of Directors of the companies included statements represent the underlying transactions and Our opinion above on the consolidated financial statements,
The Holding Company’s Board of Directors is responsible in the Group are also responsible for overseeing the financial events in a manner that achieves fair presentation. and our report on Other Legal and Regulatory Requirements
for the other information. The other information comprises reporting process of the Group. below, is not modified in respect of the above matters with
• Obtain sufficient appropriate audit evidence regarding the
the information included in the Annual report, but does not respect to our reliance on the work done and the reports of the
financial information of the entities or business activities
include the consolidated financial statements and our auditor’s Auditor’s Responsibilities for the Audit of the Consolidated other auditors and the financial statements and other financial
within the of which we are the independent auditors, to
report thereon. Financial Statements information certified by the Management.
express an opinion on the consolidated financial statements.
Our objectives are to obtain reasonable assurance about We are responsible for the direction, supervision and
Our opinion on the consolidated financial statements does not whether the consolidated financial statements as a whole REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
performance of the audit of the financial statements of such
cover the other information and we do not express any form of are free from material misstatement, whether due to fraud entities included in the consolidated financial statements 1. As required by the Companies (Auditor’s Report) Order,
assurance conclusion thereon. or error, and to issue an auditor’s report that includes our of which we are the independent auditors. For the other 2020 (“the Order”), issued by the Central Government of
opinion. Reasonable assurance is a high level of assurance, entities included in the consolidated financial statements, India in terms of sub-section (11) of Section 143 of the Act,
In connection with our audit of the consolidated financial but is not a guarantee that an audit conducted in accordance which have been audited by other auditors, such other based on our audit and on the consideration of report of the
statements, our responsibility is to read the other information with SAs will always detect a material misstatement when it auditors remain responsible for the direction, supervision other auditors on separate financial statements and the
and, in doing so, consider whether such other information exists. Misstatements can arise from fraud or error and are and performance of the audits carried out by them. We other financial information of the subsidiary companies,
is materially inconsistent with the consolidated financial considered material if, individually or in the aggregate, they remain solely responsible for our audit opinion. as noted in the ‘Other Matter’ paragraph we give in the
statements or our knowledge obtained in the audit or otherwise could reasonably be expected to influence the economic “Annexure 1” a statement on the matters specified in
appears to be materially misstated. If, based on the work we have decisions of users taken on the basis of these consolidated We communicate with those charged with governance of paragraph 3(xxi) of the Order.
performed, we conclude that there is a material misstatement financial statements. the Holding Company and such other entities included in
of this other information, we are required to report that fact. the consolidated financial statements of which we are the 2. As required by Section 143(3) of the Act, based on our audit
We have nothing to report in this regard. As part of an audit in accordance with SAs, we exercise independent auditors regarding, among other matters, the and on the consideration of report of the other auditors
professional judgement and maintain professional skepticism planned scope and timing of the audit and significant audit on separate financial statements and the other financial
Responsibilities of Management for the Consolidated throughout the audit. We also: findings, including any significant deficiencies in internal information of subsidiaries, as noted in the ‘other matter’
Financial Statements control that we identify during our audit. paragraph we report, to the extent applicable, that:
The Holding Company’s Board of Directors is responsible • Identify and assess the risks of material misstatement of
for the preparation and presentation of these consolidated the consolidated financial statements, whether due to fraud We also provide those charged with governance with a statement (a) We/the other auditors whose report we have relied
financial statements in terms of the requirements of the Act or error, design and perform audit procedures responsive that we have complied with relevant ethical requirements upon have sought and obtained all the information and
that give a true and fair view of the consolidated financial to those risks, and obtain audit evidence that is sufficient regarding independence, and to communicate with them explanations which to the best of our knowledge and
position, consolidated financial performance including and appropriate to provide a basis for our opinion. The risk all relationships and other matters that may reasonably be belief were necessary for the purposes of our audit
other comprehensive income, consolidated cash flows and of not detecting a material misstatement resulting from thought to bear on our independence, and where applicable, of the aforesaid consolidated financial statements;
consolidated statement of changes in equity of the Group in fraud is higher than for one resulting from error, as fraud related safeguards.
accordance with the accounting principles generally accepted may involve collusion, forgery, intentional omissions, (b) In our opinion, proper books of account as required
in India, including the Indian Accounting Standards (Ind AS) misrepresentations, or the override of internal control. From the matters communicated with those charged with by law relating to preparation of the aforesaid
specified under Section 133 of the Act read with the Companies governance, we determine those matters that were of most consolidation of the financial statements have been
• Obtain an understanding of internal control relevant to
(Indian Accounting Standards) Rules, 2015, as amended. The significance in the audit of the consolidated financial statements kept so far as it appears from our examination of
the audit in order to design audit procedures that are
respective Board of Directors of the companies included for the financial year ended 31 March, 2022 and are therefore the those books and reports of the other auditors;
appropriate in the circumstances. Under Section 143(3)(i)
in the Group are responsible for maintenance of adequate of the Act, we are also responsible for expressing our opinion key audit matters. We describe these matters in our auditor’s
accounting records in accordance with the provisions of the Act report unless law or regulation precludes public disclosure (c) The Consolidated Balance Sheet, the Consolidated
on whether the Holding Company has adequate internal
for safeguarding of the assets of the Group and for preventing about the matter or when, in extremely rare circumstances, Statement of Profit and Loss including the Statement
financial controls with reference to financial statements in
and detecting frauds and other irregularities; selection we determine that a matter should not be communicated in our of Other Comprehensive income, the Consolidated
place and the operating effectiveness of such controls.
and application of appropriate accounting policies; making report because the adverse consequences of doing so would Cash Flow Statement and Consolidated Statement
judgements and estimates that are reasonable and prudent; • Evaluate the appropriateness of accounting policies used reasonably be expected to outweigh the public interest benefits of Changes in Equity dealt with by this Report are in
and the design, implementation and maintenance of adequate and the reasonableness of accounting estimates and related of such communication. agreement with the books of account maintained
internal financial controls, that were operating effectively for disclosures made by management. for the purpose of preparation of the consolidated
ensuring the accuracy and completeness of the accounting Other Matter financial statements;
• Conclude on the appropriateness of management’s use of
records, relevant to the preparation and presentation of the the going concern basis of accounting and, based on the (a) We did not audit the financial statements and other
consolidated financial statements that give a true and fair view (d) In our opinion, the aforesaid consolidated financial
audit evidence obtained, whether a material uncertainty financial information, in respect of five subsidiaries, whose
and are free from material misstatement, whether due to fraud statements comply with the Accounting Standards
exists related to events or conditions that may cast financial statements include total assets of H1,746.99
or error, which have been used for the purpose of preparation specified under Section 133 of the Act, read with
significant doubt on the ability of the Group to continue as million as at 31 March, 2022, and total revenues of H293.76
of the consolidated financial statements by the Directors of the Companies (Indian Accounting Standards) Rules,
a going concern. If we conclude that a material uncertainty million and net cash outflows of H94.89 million for the year
Holding Company, as aforesaid. 2015, as amended;
exists, we are required to draw attention in our auditor’s ended on that date. These financial statement and other
report to the related disclosures in the consolidated financial financial information have been audited by other auditors,
In preparing the consolidated financial statements, the (e) On the basis of the written representations received
statements or, if such disclosures are inadequate, to modify which financial statements, other financial information
respective Board of Directors of the companies included in the from the directors of the Holding Company as on
our opinion. Our conclusions are based on the audit evidence and auditor’s reports have been furnished to us by the
Group are responsible for assessing the ability of the Group to 31 March, 2022 taken on record by the Board of
obtained up to the date of our auditor’s report. However, management. Our opinion on the consolidated financial
continue as a going concern, disclosing, as applicable, matters Directors of the Holding Company and the reports
future events or conditions may cause the Group to cease statements, in so far as it relates to the amounts and
related to going concern and using the going concern basis of of the statutory auditors who are appointed under
to continue as a going concern. disclosures included in respect of these subsidiaries, and
accounting unless management either intends to liquidate the Section 139 of the Act, of its subsidiary companies,
our report in terms of sub-sections (3) of Section 143 of the
Group or to cease operations, or has no realistic alternative • Evaluate the overall presentation, structure and content none of the directors of the Group’s companies,
Act, in so far as it relates to the aforesaid subsidiaries, is
but to do so. of the consolidated financial statements, including the is disqualified as on 31 March, 2022 from being
based solely on the reports of such other auditors.
disclosures, and whether the consolidated financial appointed as a director in terms of Section 164 (2) of
the Act;

Corporate Overview
Statutory Reports
(f) With respect to the adequacy of the internal financial respective Holding Company or any of such ANNEXURE 1 REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING “REPORT ON OTHER LEGAL AND REGULATORY
controls with reference to consolidated financial subsidiaries (“Ultimate Beneficiaries”) or REQUIREMENTS” OF OUR REPORT OF EVEN DATE
statements of the Holding Company and its subsidiary provide any guarantee, security or the like
companies, and the operating effectiveness of such on behalf of the Ultimate Beneficiaries;
controls, refer to our separate Report in “Annexure 2” Re: Angel One Limited (formerly known as Angel Broking Limited)
to this report; b) The respective managements of the
There are no qualifications or adverse remarks by the respective auditors in the Companies (Auditors Report) Order (“CARO”) reports
Holding Company and its subsidiaries
of the companies included in the consolidated financial statements. Accordingly, the requirement to report on clause 3(xxi) of the
(g) In our opinion and based on the consideration of whose financial statements have been
Order is not applicable to the Holding Company.
reports of other statutory auditors of the subsidiaries, audited under the Act have represented
the managerial remuneration for the year ended to us and the other auditors of such
31 March, 2022 has been paid/provided by the subsidiaries respectively that, to the
Holding Company, its subsidiaries to their directors best of its knowledge and belief, no funds For S.R. Batliboi & Co. LLP
in accordance with the provisions of Section 197 read (which are material either individually or Chartered Accountants
with Schedule V to the Act; in the aggregate) have been received by ICAI Firm Registration Number: 301003E/E300005
the respective Holding Company or any
(h) With respect to the other matters to be included of such subsidiaries from any person or
in the Auditor’s Report in accordance with Rule 11 entity, including foreign entities (“Funding per Viren H. Mehta
of the Companies (Audit and Auditors) Rules, 2014, Parties”), with the understanding, whether Partner
as amended, in our opinion and to the best of our recorded in writing or otherwise, that Membership Number: 048749
information and according to the explanations given the Holding Company or any of such UDIN: 22048749AHKVUN5958
to us and based on the consideration of the report of subsidiaries shall, whether, directly or
the other auditors on separate financial statements indirectly, lend or invest in other persons
as also the other financial information of the or entities identified in any manner Place of Signature: Mumbai
subsidiaries, as noted in the ‘Other matter’ paragraph: whatsoever by or on behalf of the Funding Date: 20 April, 2022
Party (“Ultimate Beneficiaries”) or provide
i. The consolidated financial statements any guarantee, security or the like on
disclose the impact of pending litigations on its behalf of the Ultimate Beneficiaries; and
consolidated financial position of the Group, in its
consolidated financial statements – Refer Note c) Based on the audit procedures that has been
37 to the consolidated financial statements; considered reasonable and appropriate in
the circumstances performed by us and
ii. The Group did not have any material foreseeable those performed by the auditors of the
losses in long-term contracts including subsidiaries whose financial statements
derivative contracts during the year ended have been audited under the Act, nothing
31 March, 2022; has come to our or other auditor’s notice
that has caused us or the other auditors
iii. There were no amounts which were required to believe that the representations under
to be transferred to the Investor Education sub-clause (a) and (b) contain any material
and Protection Fund by the Holding Company mis-statement.
or its subsidiaries, during the year ended
31 March, 2022. v. The dividend declared or paid during the year
and subsequent to the year- end by the Holding
iv. a) The respective managements of the company and subsidiary companies, is in
Holding Company and its subsidiaries compliance with Section 123 of the Act.
whose financial statements have been
audited under the Act have represented
to us and the other auditors of such
subsidiaries respectively that, to the For S.R. Batliboi & Co. LLP
best of its knowledge and belief, no Chartered Accountants
funds have been advanced or loaned or ICAI Firm Registration Number: 301003E/E300005
invested (either from borrowed funds or
share premium or any other sources or per Viren H. Mehta
kind of funds) by the Holding Company or Partner
any of such subsidiaries to or in any other
Membership Number: 048749
person or entity, including foreign entities
UDIN: 22048749AHKVUN5958
(“Intermediaries”), with the understanding,
whether recorded in writing or otherwise,
that the Intermediary shall, whether, Place of Signature: Mumbai
directly or indirectly lend or invest in Date: 20 April, 2022
other persons or entities identified in any
manner whatsoever by or on behalf of the

Corporate Overview
Statutory Reports
ANNEXURE 2: TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE CONSOLIDATED FINANCIAL INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OTHER MATTER
STATEMENTS OF ANGEL ONE LIMITED (FORMERLY KNOWN AS ANGEL BROKING LIMITED) WITH REFERENCE TO CONSOLIDATED FINANCIAL STATEMENTS Our report under Section 143(3)(i) of the Act on the adequacy
Because of the inherent limitations of internal financial controls and operating effectiveness of the internal financial controls
with reference to consolidated financial statements, including with reference to consolidated financial statements of the
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER Our audit involves performing procedures to obtain audit the possibility of collusion or improper management override Holding Company, in so far as it relates to these five subsidiaries,
CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE evidence about the adequacy of the internal financial controls of controls, material misstatements due to error or fraud may is based on the corresponding reports of the auditors of
COMPANIES ACT, 2013 (“THE ACT”) with reference to consolidated financial statements and their occur and not be detected. Also, projections of any evaluation such subsidiaries.
In conjunction with our audit of the consolidated financial operating effectiveness. Our audit of internal financial controls of the internal financial controls with reference to consolidated
statements of Angel One Limited (formerly known as Angel with reference to consolidated financial statements included financial statements to future periods are subject to the risk that
Broking Limited) (hereinafter referred to as the “Holding obtaining an understanding of internal financial controls with the internal financial controls with reference to consolidated
Company”) as of and for the year ended 31 March, 2022, we reference to consolidated financial statements, assessing the financial statements may become inadequate because of For S.R. Batliboi & Co. LLP
have audited the internal financial controls with reference to risk that a material weakness exists, and testing and evaluating changes in conditions, or that the degree of compliance with Chartered Accountants
consolidated financial statements of the Holding Company the design and operating effectiveness of internal control the policies or procedures may deteriorate. ICAI Firm Registration Number: 301003E/E300005
and its subsidiaries (the Holding Company and its subsidiaries based on the assessed risk. The procedures selected depend on
together referred to as “the Group”), as of that date. the auditor’s judgement, including the assessment of the risks OPINION per Viren H. Mehta
of material misstatement of the financial statements, whether
In our opinion, the Holding Company and its subsidiaries, Partner
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL due to fraud or error.
have maintained in all material respects, adequate internal Membership Number: 048749
CONTROLS financial controls with reference to consolidated financial
We believe that the audit evidence we have obtained and the UDIN: 22048749AHKVUN5958
The respective Board of Directors of the companies included statements and such internal financial controls with reference
audit evidence obtained by the other auditors in terms of
in the Group, are responsible for establishing and maintaining to consolidated financial statements were operating effectively
their reports referred to in the Other Matter paragraph below,
internal financial controls based on the internal control over as at 31 March, 2022, based on the internal control over Place of Signature: Mumbai
is sufficient and appropriate to provide a basis for our audit
financial reporting criteria established by the Holding Company financial reporting criteria established by the Holding Company Date: 20 April, 2022
opinion on the internal financial controls with reference to
considering the essential components of internal control stated considering the essential components of internal control stated
consolidated financial statements.
in the Guidance Note on Audit of Internal Financial Controls in the Guidance Note issued by the ICAI.
Over Financial Reporting issued by the Institute of Chartered
MEANING OF INTERNAL FINANCIAL CONTROLS WITH
Accountants of India (ICAI). These responsibilities include
REFERENCE TO CONSOLIDATED FINANCIAL STATEMENTS
the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for A company's internal financial control with reference to
ensuring the orderly and efficient conduct of its business, consolidated financial statements is a process designed to
including adherence to the respective company’s policies, provide reasonable assurance regarding the reliability of
the safeguarding of its assets, the prevention and detection financial reporting and the preparation of financial statements
of frauds and errors, the accuracy and completeness of the for external purposes in accordance with generally accepted
accounting records, and the timely preparation of reliable accounting principles. A company's internal financial
financial information, as required under the Companies control with reference to consolidated financial statements
Act, 2013. includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
AUDITOR’S RESPONSIBILITY and fairly reflect the transactions and dispositions of the
assets of the Company; (2) provide reasonable assurance that
Our responsibility is to express an opinion on the Holding
transactions are recorded as necessary to permit preparation
Company's internal financial controls with reference to
of financial statements in accordance with generally accepted
consolidated financial statements based on our audit. We
accounting principles, and that receipts and expenditures
conducted our audit in accordance with the Guidance Note on
of the Company are being made only in accordance with
Audit of Internal Financial Controls Over Financial Reporting
authorisations of management and directors of the Company;
(the “Guidance Note”) and the Standards on Auditing, specified
and (3) provide reasonable assurance regarding prevention or
under Section 143(10) of the Act, to the extent applicable to an
timely detection of unauthorised acquisition, use, or disposition
audit of internal financial controls, both, issued by ICAI. Those
of the Company's assets that could have a material effect on the
Standards and the Guidance Note require that we comply
financial statements.
with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether adequate internal
financial controls with reference to consolidated financial
statements was established and maintained and if such
controls operated effectively in all material respects.

Corporate Overview
Statutory Reports
Consolidated Balance Sheet Consolidated Statement of Profit and Loss

as at 31 March, 2022 for the year ended 31 March, 2022
As at As at Year ended Year ended

Note No. Note No.
ASSETS Revenue from operations
Financial Assets (a) Interest Income 27 3,328.24 1,769.44
(a) Cash and cash equivalents 4 4,221.07 820.44 (b) Fees and Commission Income 28 18,960.73 10,778.22
(c) Net gain on fair value changes 29 297.08 89.18
(b) Bank balance other than cash and cash equivalents 5 44,528.50 17,954.03
Total Revenue from operations (I) 22,586.05 12,636.84
(c) Trade receivables 6 5,653.24 2,276.95 (d) Other Income (II) 30 464.65 352.98
(d) Loans 7 13,575.00 11,284.93 Total Income (I+II=III) 23,050.70 12,989.82
(e) Investments 8 186.52 55.40 Expenses
(f) Other financial assets 9 1,948.93 14,289.33 (a) Finance Costs 31 721.47 389.34
Non-financial Assets (b) Fees and commission expense 5,502.43 3,629.78
(a) Current tax assets (Net) 10 21.41 14.82 (c) Impairment on financial instruments 32 115.28 346.04
(d) Employee Benefits Expenses 33 2,808.99 1,718.45
(b) Deferred tax assets (Net) 11 18.47 47.02
(e) Depreciation, amortisation and impairment 34 186.41 183.60
(c) Investment property 12 33.36 33.94
(f) Others expenses 35 5,349.01 2,610.94
(d) Property, plant and equipment 13 1,402.07 1,004.43 Total Expenses (IV) 14,683.59 8,878.15
(e) Intangible assets under development 14 119.96 1.83 Profit before tax (III-IV=V) 8,367.11 4,111.67
(f) Intangible assets 15 65.63 54.73 Tax Expense: 11
(g) Right of use assets 16 17.20 55.18 (a) Current Tax 2,084.09 1,041.77
(h) Other non-financial assets 17 408.07 245.26 (b) Deferred Tax 25.62 3.92
Total Assets 72,199.43 48,138.29 (c) Taxes for earlier years 6.84 85.40
Total Income tax expense (VI) 2,116.55 1,131.09
LIABILITIES AND EQUITY
Profit for the year from continuing operations (V-VI=VII) 6,250.56 2,980.58
LIABILITIES
Loss before tax from discontinued operations (before tax) (VIII) 55 (2.92) (10.44)
Financial Liabilities Tax expense on discontinued operations (IX) 55 (0.41) 1.58
(a) Trade payables 18 Loss after tax from discontinued operations (VIII-IX=X) (2.51) (12.02)
(i) total outstanding dues of micro enterprises and small enterprises - 1.97 Profit for the year (VII+X=XI) 6,248.05 2,968.56
(ii) total outstanding dues of creditors other than micro enterprises and small 40,668.10 22,762.32 Other Comprehensive Income
enterprises Items that will not be reclassified to profit or loss
(b) Debt securities 19 245.67 - (a) Re-measurement gains/(losses) on defined benefit plans (13.80) (16.72)
(c) Borrowings (other than debt securities) 20 12,331.65 11,714.69 (b) Income tax relating to items that will not be reclassified to profit or loss 11 3.49 4.22
Other Comprehensive Income (XII) (10.31) (12.50)
(d) Other financial liabilities 21 2,533.92 1,797.06
Total Comprehensive Income for the year (XI+XII) 6,237.74 2,956.06
Non-Financial Liabilities
Earnings per equity share from Continuing operations (FV K10 each) 36
(a) Current tax liabilities (Net) 22 9.87 120.52 75.75 38.75
Basic EPS – (H)
(b) Provisions 23 121.03 90.99 Diluted EPS – (H) 74.47 38.48
(c) Other non-financial liabilities 24 445.42 340.77 Earnings per equity share from Discontinuing operations (FV K10 each) 36
EQUITY Basic EPS – (H) (0.03) (0.16)
(a) Equity share capital 25 828.59 818.27 Diluted EPS – (H) (0.03) (0.16)
(b) Other equity 26 15,015.18 10,491.70 Earnings per equity share from total operations (FV K10 each) 36
Total Liabilities and Equity 72,199.43 48,138.29 Basic EPS – (H) 75.72 38.60
Diluted EPS – (H) 74.44 38.32
The accompanying notes are an integral part of the financials statements
For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors As per our report of even date
Firm Registration No.: 301003E/E300005 For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors
Chartered Accountants Firm Registration No.: 301003E/E300005
Partner Chairman and Managing Director Chief Executive Officer Viren H. Mehta Dinesh Thakkar Narayan Gangadhar
Membership No.: 048749 DIN: 00004382 Partner Chairman and Managing Director Chief Executive Officer
Membership No.: 048749 DIN: 00004382
Company Secretary Chief Financial Officer Naheed Patel Vineet Agrawal
Membership No.: ACS22506 Company Secretary Chief Financial Officer
Membership No.: ACS22506
Date: 20 April, 2022 Date: 20 April, 2022 Place: Mumbai Place: Mumbai

Corporate Overview
Statutory Reports
Consolidated Cash Flow Statement Consolidated Cash Flow Statement

Year ended Year ended Year ended Year ended

A. Cash flow from operating activities Net increase/(decrease) in cash and cash equivalents (A+B+C) 3,400.63 (2,797.54)
Profit before tax 8,364.19 4,101.23 Cash and cash equivalents at the beginning of the year 820.44 3,617.98
Adjustments for non-cash and non-operating activities: Cash and cash equivalents at the end of the year 4,221.07 820.44
Depreciation and amortisation expense 189.32 188.93 Cash and cash equivalents comprise
(Gain)/Loss on cancellation of lease 0.75 (8.28) Balances with banks
Expense on Employee Stock option scheme 156.28 12.02 On current accounts 4,219.22 816.60
Income from leased property (1.34) (1.48) Cash on hand 0.02 0.07
Interest expense on borrowings 667.53 354.60 Cheques on hand 1.83 3.77
Interest on Income tax 13.30 15.63 Total cash and bank balances at end of the year (Refer Note 4) 4,221.07 820.44
Provision of expected credit loss on trade receivable 1.04 7.79
Provision of expected credit loss on loans 0.53 4.21
Interest income on financial assets (6.46) (12.19) NOTES:
Dividend Income on Mutual fund - (0.13) 1. Changes in liabilities arising from financing activities
Bad debts written off 113.71 334.04
(H in million)
Loss /(Profit) on sale of property, plant and equipment (0.98) 8.60
(Profit)/Loss on financial instruments designated at fair value through profit or loss (297.08) (89.18) Year ended Year ended
Operating profit before working capital changes 9,200.79 4,915.79 31 March, 2022 31 March, 2021
Changes in working capital Opening balance 11,714.69 4,908.79
Increase/(decrease) in trade payables 17,903.81 13,369.36 Addition during the year 915.99 6,953.54
(Increase)/decrease in inventories - 0.45 Proceeds from vehicle loan - 3.54
Increase/(decrease) in other financial liabilities 736.86 492.41 Amortisation of interest and other charges on borrowings 2.98 7.91
Increase/(decrease) in other non-financial liabilities 104.65 29.09 Repayments during the year (30.77) (75.83)
Increase/(decrease) in provisions 16.24 7.19 Other adjustments (25.57) (83.27)
(Increase)/decrease in trade receivables (3,486.74) (2,222.50) Closing balance 12,577.32 11,714.69
(Increase)/decrease in loans (2,290.60) (8,483.36)
(Increase)/decrease in Other Bank Balances (26,574.47) (7,436.42) 2. The above statement of cash flow has been prepared under the "Indirect method" as set out in IND AS-7 "Statement of cash
flow".
(Increase)/decrease in other financial assets 12,342.37 (11,577.31)
(Increase)/decrease in other non-financial assets (162.81) (93.62)
Cash generated from/(used in) operations 7,790.10 (10,998.92)
Income tax paid (2,214.64) (987.77) The accompanying notes are an integral part of the financials statements
Net cash generated from/(used in) operating activities (A) 5,575.46 (11,986.69)
B. Cash flow from Investing activities For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors
Purchase of property, plant and equipment, intangible assets (697.48) (144.17) Firm Registration No.: 301003E/E300005
Proceeds from sale of property, plant and equipment, intangible assets 6.64 4.10 Chartered Accountants
Income from lease property 1.34 1.48
Dividend Income from mutual funds - 0.13
Payment for purchase of mutual funds (68,094.01) (44,530.44)
Membership No.: 048749 DIN: 00004382
Proceeds from sale of mutual funds 68,259.97 44,916.87
Net cash (used in)/generated from investing activities (B) (523.54) 247.97 Naheed Patel Vineet Agrawal
C. Cash flow from Financing activities Company Secretary Chief Financial Officer
Proceeds from/(repayments) of borrowings other than debt securities 661.56 6,940.38 Membership No.: ACS22506
Proceeds from/(repayments) of debt securities 245.67 -
Proceeds from term and vehicle loan - 3.54 Place: Mumbai Place: Mumbai
Repayment of term and vehicle loan (4.03) (39.48)
Proceeds from issue of equity shares 228.60 3,005.84
Share issue expenses - (151.57)
Interest paid on borrowings (664.55) (346.69)
Interim dividend paid (2,088.82) (426.58)
Repayment of lease liabilities including interest (29.72) (44.26)
Net cash (used in)/generated from financing activities (C) (1,651.29) 8,941.18

Corporate Overview
Statutory Reports
Consolidated Statement of Changes in Equity Consolidated Statement of Changes in Equity

A. EQUITY SHARE CAPITAL (H in million)

(H in million)
Reserve & Surplus Equity-
Amount Settled
General Securities Retained Statutory Capital Impairment share-based Total
Equity Shares of K10 issued, subscribed and fully paid up
Reserve Premium Earnings Reserve Reserve reserve payment
Balance as on 01 April, 2020 719.95 reserve
Changes in Equity Share Capital due to prior year errors -
Profit for the year - - 6,248.05 - - - - 6,248.05
Restated balance at the beginning of the previous reporting year 719.95
Changes in Equity Share Capital during the year 98.32 Other Comprehensive - - (10.31) - - - - (10.31)
Income for the year
Balance as at 31 March, 2021 818.27
Changes in Equity Share Capital due to prior year errors - Premium of equity - 279.29 - - - - - 279.29
Restated balance at the beginning of the current reporting year 818.27 shares issued
Changes in Equity Share Capital during the year 10.32 Utilised towards equity - - - - - - (61.01) (61.01)
Balance as at 31 March, 2022 828.59 share option excercised
Addition for equity share - - - - - - 156.28 156.28
B. OTHER EQUITY (REFER NOTE 26) options granted
(H in million) Transfer from retained - - (13.01) 13.01 - - - -
earnings to Statutory
Reserve
Reserve & Surplus Equity-
Settled Dividends paid - - (2,088.82) - - - - (2,088.82)
General Securities Retained Statutory Capital Impairment share-based Total Balance at 31 March, 132.85 4,012.96 10,596.06 84.13 53.59 1.13 134.46 15,015.18
Reserve Premium Earnings Reserve Reserve reserve payment 2022
reserve
Balance at 01 April, 132.85 977.08 3,929.97 65.33 53.59 1.13 34.29 5,194.24
2020
Changes in accounting - - - - - - - - The accompanying notes are an integral part of the financials statements
policy or prior year
errors As per our report of even date
Restated balance at 132.85 977.08 3,929.97 65.33 53.59 1.13 34.29 5,194.24 For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors
the beginning of the Firm Registration No.: 301003E/E300005
previous reporting year Chartered Accountants
Profit for the year - - 2,968.56 - - - - 2,968.56
Other Comprehensive - - (12.50) - - - - (12.50)
Income for the year
Premium of equity - 2,908.16 - - - - - 2,908.16 Membership No.: 048749 DIN: 00004382
shares issued
Utilised towards IPO - (151.57) - - - - - (151.57)
expenses
Company Secretary Chief Financial Officer
Utilised towards equity - - - - - - (0.64) (0.64) Membership No.: ACS22506
share option excercised
Transfer to retained - - 6.49 - - - (6.49) - Place: Mumbai Place: Mumbai
earnings from Equity- Date: 20 April, 2022 Date: 20 April, 2022
Settled share-based
payment reserve
Addition for equity share - - - - - - 12.03 12.03
options granted
Transfer from retained - - (5.79) 5.79 - - - -
earnings to Statutory
Reserve
Dividends paid (including - - (426.58) - - - - (426.58)
dividend distribution tax)
Balance at 31 March, 132.85 3,733.67 6,460.15 71.12 53.59 1.13 39.19 10,491.70
2021
Changes in accounting - - - - - - - -
policy or prior year
errors
Restated balance at the 132.85 3,733.67 6,460.15 71.12 53.59 1.13 39.19 10,491.70
beginning of the current
reporting year

Corporate Overview
Statutory Reports
Consolidated Accounting Policies Consolidated Accounting Policies

1. CORPORATE INFORMATION The financial statements have been prepared under the are made to that Group member’s financial statements in • Recognises the fair value of the consideration
Angel One Limited (formerly known as Angel Broking historical cost convention and on accrual basis, except preparing the consolidated financial statements to ensure received
Limited) ('AOL' or the ‘Company’) is the holding Company, for certain financial assets and liabilities, defined benefit- conformity with the Group’s accounting policies.
• Recognises the fair value of any investment
and its subsidiaries together referred as 'Group'. The plan liabilities and share-based payments being measured
retained
Company has converted into public limited company w.e.f. at fair value. The financial statements of all entities used for the
28 June, 2018 via a Certificate of Incorporation issued by purpose of consolidation are drawn up to same reporting • Recognises any surplus or deficit in profit or loss
Registrar of Companies, Mumbai, Maharashtra. These financial statements are presented in Indian Rupees date as that of the parent company, i.e. year ended on
• Reclassifies the parent’s share of components
(INR)/(H), which is also its functional currency and all 31 March, 2022.
previously recognised in OCI to profit or loss or
The Company is a diversified financial services company values are rounded to the nearest million. Except when
retained earnings, as appropriate, as would be
and along-with its subsidiaries is primarily engaged in otherwise indicated. Consolidation procedure:
required if the Group had directly disposed of the
the business of stock, commodity and currency broking, (a) Combine like items of assets, liabilities, equity, related assets or liabilities.
Institutional broking, providing margin trading facility, The consolidated financial statements for the period income, expenses and cash flows of the parent with
depository services and distribution of mutual funds, ended 31 March, 2022 are being authorised for issue those of its subsidiaries. For this purpose, income A change in the ownership interest of a subsidiary,
lending as a Non-Banking Finance Company (Non-deposit in accordance with a resolution of the directors on and expenses of the subsidiary are based on the without loss of control, is accounted for as an
accepting) and corporate agents of insurance companies. 20 April, 2022. amounts of the assets and liabilities recognised equity transaction.
The Company through its other subsidiaries, is engaged in the consolidated financial statements at the
in offering health and allied fitness services, software Basis of Consolidation acquisition date. Significant Accounting Policy
consultancy and annual maintenance services. The consolidated financial statements comprise the
2.1 Revenue Recognition
financial statements of the Company and its subsidiaries (b) Offset (eliminate) the carrying amount of the parent’s
The Company is a member of National Stock Exchange as at 31 March, 2022. The Company consolidates a investment in each subsidiary and the parent’s Revenue (other than for those items to which Ind
of India Limited (NSE), Bombay Stock Exchange Limited subsidiary when it controls it. Control is achieved when the portion of equity of each subsidiary. AS 109 Financial Instruments are applicable) is
(BSE), National Commodities and Derivatives Exchange Group is exposed, or has rights, to variable returns from its measured at fair value of the consideration received
Limited (NCDEX), Multi Commodity Exchange of India involvement with the investee and has the ability to affect (c) Eliminate in full intragroup assets and liabilities, or receivable. Ind AS 115 Revenue from contracts
Limited (MCX), Metropolitan Stock Exchange of India those returns through its power over the investee. equity, income, expenses and cash flows relating to with customers outlines a single comprehensive
Limited (MSEI) and a depository participant with Central transactions between entities of the Group (profits model of accounting for revenue arising from
Depository Services (India) Limited (CDSL). The Company Generally, there is a presumption that a majority of voting or losses resulting from intragroup transactions that contracts with customers and supersedes current
is engaged in the business of stock, currency and rights result in control. To support this presumption and are recognised in assets, such as inventory and fixed revenue recognition guidance found within Ind ASs of
commodity broking, margin trading facility, depository when the Group has less than a majority of the voting assets, are eliminated in full). Intragroup losses may accounting on accrual basis. Revenue from contracts
services and distribution of mutual funds, to its clients; or similar rights of an investee, the Group considers all indicate an impairment that requires recognition with customers is recognised when control of the
and earns brokerage, fees, commission and interest relevant facts and circumstances in assessing whether it in the consolidated financial statements. Ind AS goods or services are transferred to the customer
income thereon. The Company has also been providing has power over an investee, including: 12 Income Taxes applies to temporary differences at an amount that reflects the consideration to
portfolio management services. The registered office that arise from the elimination of profits and losses which the Group expects to be entitled in exchange
address of the Company is G-1, Ground Floor, Akruti Trade • The contractual arrangement with the other vote resulting from intragroup transactions. for those goods or services. The Group has generally
Centre, Road no. 7, MIDC, Andheri (East) , Mumbai –400 093. holders of the investee concluded that it is the principal in its revenue
Profit or loss and each component of OCI are arrangements, except for the agency services below,
• Rights arising from other contractual arrangements because it typically controls the goods or services
2. ASIS OF PREPARATION AND PRESENTATION AND
B attributed to the equity holders of the parent of the
SIGNIFICANT ACCOUNTING POLICY • The Group’s voting rights and potential voting rights Group and to the non-controlling interests, even if before transferring them to the customer.
The Financial Statements of the Company comply in all this results in the non-controlling interests having a
• The size of the Group’s holding of voting rights relative The Group recognises revenue from contracts with
material aspects with Indian Accounting Standards ('Ind deficit balance.
to the size and dispersion of the holdings of the other customers based on a five step model as set out in
AS') notified under Section 133 of the Companies Act, 2013 voting rights holders.
When necessary, adjustments are made to the Ind 115:
('the Act') read with the Companies (Indian Accounting
Standards) Rules, 2015 as amended from time to time and financial statements of subsidiaries to bring
The Group re-assesses whether or not it controls an Step 1: Identify contract(s) with a customer: A
other relevant provisions of the Act. their accounting policies in line with the Group’s
investee if facts and circumstances indicate that there are contract is defined as an agreement between two
accounting policies. All intra-group assets, liabilities,
changes to one or more of the three elements of control. or more parties that creates enforceable rights
Accounting policies have been consistently applied to all equity, income, expenses and cash flows relating to
Consolidation of a subsidiary begins when the Group and obligations and sets out the criteria for every
the financial year presented in the financial statements transactions between members of the Group are
obtains control over the subsidiary and ceases when the contract that must be met.
except where a newly issued accounting standard is eliminated in full on consolidation.
Group loses control of the subsidiary. Assets, liabilities,
initially adopted or a revision to the existing accounting income and expenses of a subsidiary acquired or disposed
If the Group loses control over a subsidiary, it: Step 2: Identify performance obligations in the
standard requires a change in the accounting policy of during the year are included in the consolidated financial contract: A performance obligation is a promise
hitherto in use. statements from the date the Group gains control until the
• Derecognises the assets (including goodwill) and in a contract with a customer to transfer a good or
date the Group ceases to control the subsidiary. service to the customer.
The Balance Sheet, the Statement of Changes in Equity, liabilities of the subsidiary
the Statement of Profit and Loss and disclosures are Consolidated financial statements are prepared using • Derecognises the carrying amount of any Step 3: Determine the transaction price: The
presented in the format prescribed under Division III of uniform accounting policies for like transactions and other non-controlling interests transaction price is the amount of consideration to
Schedule III of the Companies Act, as amended from time events in similar circumstances. If a member of the Group
• Derecognises the cumulative translation which the Group expects to be entitled in exchange
to time, for Non-Banking Financial Companies (‘NBFCs’) uses accounting policies other than those adopted in the
differences recorded in equity for transferring promised goods or services to a
that are required to comply with Ind AS. The Statement of consolidated financial statements for like transactions and customer, excluding amounts collected on behalf of
Cash Flows has been presented as per the requirements events in similar circumstances, appropriate adjustments third parties.
of Ind AS 7 Statement of Cash Flows.

Corporate Overview
Statutory Reports

Step 4: Allocate the transaction price to the approximates the effective interest rate method and the cost of assets not put to use before The date of disposal of an item of property,
performance obligations in the contract: For a of return for the financial asset. The future cash such date are disclosed under ‘Capital work-in- plant and equipment is the date the recipient
contract that has more than one performance flows are estimated taking into account all the progress’. obtains control of that item in accordance
obligation, the Group allocates the transaction contractual terms of the instrument. with the requirements for determining when
price to each performance obligation in an amount (ii) Subsequent Expenditure a performance obligation is satisfied in Ind
that depicts the amount of consideration to which The interest income is calculated by applying the Subsequent expenditure incurred on assets AS 115.
the Group expects to be entitled in exchange for EIR to the gross carrying amount of non-credit put to use is capitalised only when it increases
satisfying each performance obligation. impaired financial assets (i.e. at the amortised the future economic benefits/functioning 2.3 Investment Property
cost of the financial asset before adjusting for capability from/of such assets. Investment property is property held to earn rentals
Step 5: Recognise revenue when (or as) the Group any expected credit loss allowance). For credit- and for capital appreciation. Investment Property
satisfies a performance obligation. impaired financial assets the interest income is (iii) D
epreciation, Estimated Useful Lives and are measured initially at cost including transaction
calculated by applying the EIR to the amortised Residual Value costs. Subsequent to initial recognition, investment
(i) Revenue from contract with customer is cost of the credit-impaired financial assets (i.e. properties are measured in accordance with Ind
Depreciation is calculated using the straight–
recognised point in time when performance the gross carrying amount less the allowance AS 16’s requirements for cost model. The carrying
line method to write down the cost of property
obligation is satisfied. Income from broking for ECLs). amount of an item of property is derecognised on
and equipment to their residual values over their
activities is accounted for on the trade date disposal or when no future economic benefits are
estimated useful lives in the manner prescribed
of transactions. (vi) Delayed payment charges (Interest on late expected from its use or disposal. The gain or loss
in Schedule II of the Act. The estimated lives
payments) are accounted at a point in time arising from the derecognition of an item of property
used are noted in the table below:-
(ii) Dividend income is recognised when the right to of default. is measured as the difference between the net
receive the dividend is established, it is probable disposal proceeds and the carrying amount of the
that the economic benefits associated with the (vii) Revenue is recognised to the extent that it is item and is recognised in the statement of Profit and
dividend will flow to the entity and the amount probable that the economic benefits will flow Useful Life of Asset
Asset Class Loss when the item is derecognised.
(in years)
of the dividend can be measured reliably. to the Group and the revenue can be reliably
Buildings 60
measured. Membership fees and Personal Depreciation on investment property is calculated
Office equipments 2 to 5
(iii) Depository services income are accounted training fees are recognised as income over the using the straight–line method to write down the
Air Conditioner 5
as follows: period of income. cost of property and equipment to their residual
Computer Equipments 3 to 6
Furniture and Fixtures 10 values over their estimated useful lives in the manner
Revenue from depositor y ser vices on (viii) Revenue from software consultancy charges prescribed in Schedule II of the Act. The estimated
VSAT Equipments 5
account of annual maintanence charges have are accounted over a period of time as per terms leasehold Improvements Amortised over the lives used is at 60 years for investment property.
been accounted for over the period of the and conditions. primary period of lease
performance obligation. Gym Equipments 10 2.4 Intangible Assets
(ix) Syndication fees are accrued based on Vehicles 8 An intangible asset is recognised only when its cost
Revenue from depository services on account of completion of assignments in accordance with
can be measured reliably, and it is probable that
transaction charges is recognised point in time terms of understanding. The residual values, useful lives and methods of the expected future economic benefits that are
when the performance obligation is satisfied. depreciation of property, plant and equipment attributable to it will flow to the Group. Software and
(x) In respect of other heads of Income it is are reviewed at each financial year end and system development expenditure are capitalised
(iv) Portfolio Management Fees are accounted over accounted to the extent it is probable that the adjusted prospectively, if appropriate. Changes at cost of acquisition including cost attributable to
a period of time as follows: economic benefits will flow and the revenue in the expected useful life are accounted readying the asset for use. Such intangible assets
can be reliably measured, regardless of when for by changing the depreciation period or are subsequently measured at cost less accumulated
Performance obligations are satisfied over the payment is being made. An entity shall methodology, as appropriate, and treated as amortisation and any accumulated impairment
a period of time and portfolio management recognise a refund liability if the entity receives changes in accounting estimates. During the losses. The useful life of these intangible assets
fees are recognised in accordance with the consideration from a customer and expects year, there has been reassessment of useful life is estimated at 5 years with zero residual value.
Portfolio Management Agreement entered to refund some or all of that consideration to of certain assets within Office Equipment from Any expenses on such software for support and
with respective clients i.e. as per predecided the customer. five years in the previous year. There was no maintenance payable annually are charged to the
percentage over the portfolio managed significant material impact due to this change. statement of profit and loss.
by group. 2.2 Property, Plant and Equipment
(i) Recognition and Measurement Property plant and equipment is derecognised The residual values, useful lives and methods of
(v) Interest income on a financial asset at amortised on disposal or when no future economic
Tangible property, plant and equipment are amortisatioin are reviewed at each financial year
cost is recognised on a time proportion basis benefits are expected from its use. Any gain
stated at cost less accumulated depreciation end and adjusted prospectively, if appropriate.
taking into account the amount outstanding and or loss arising on derecognition of the asset
and impairment, if any. The cost of property, Changes in the expected useful life are accounted
the effective interest rate (‘EIR’). The EIR is the (calculated as the difference between the net
plant and equipment comprise purchase price for by changing the depreciation period or
rate that exactly discounts estimated future disposal proceeds and the carrying amount
and any attributable cost of bringing the asset methodology, as appropriate, and treated as changes
cash flows of the financial assets through the of the asset) is recognised in other income/
to its working condition for its intended use. in accounting estimates.
expected life of the financial asset or, where expense in the statement of profit and loss in
appropriate, a shorter period, to the net carrying the year the asset is derecognised.
Advances paid towards the acquisition of
amount of the financial instrument. The
property, plant and equipment outstanding at
internal rate of return on financial assets after
each balance sheet date is classified as capital
netting off the fees received and cost incurred
advances under other non-financial assets

Corporate Overview
Statutory Reports

2.5 Financial Instruments After initial measurement and based on (B) Financial Liabilities and Equity Instrument of ownership and continues to control the
(i) Date of Recognition the assessment of the business model Debt and equity instruments issued by the Group transferred asset, the Group recognises its
as asset held to collect contractual cash are classified as either financial liabilities or as retained interest in the asset and an associated
Financial assets and financial liabilities are
flows and SPPI, such financial assets are equity in accordance with the substance of the liability for the amount it may have to pay.
recognised in the group's balance sheet when
subsequently measured at amortised cost contractual arrangements and the definitions
the Group becomes a party to the contractual
using effective interest rate (‘EIR’) method. of a financial liability and an equity instrument. On derecognition of a financial asset, the
provisions of the instrument.
Interest income and impairment expenses difference between the carrying amount of
are recognised in profit or loss. Interest (a) Equity Instrument the asset (or the carrying amount allocated to
(ii) Initial Measurement
income from these financial assets is the portion of the asset derecognised) and the
Financial assets and liabilities, with the An equity instrument is any contract
included in finance income using the EIR sum of (i) the consideration received (including
exception of loans, debt securities, deposits and that evidences a residual interest in the
method. Any gain and loss on derecognition any new asset obtained less any new liability
borrowings are initially recognised on the trade assets of an entity after deducting all of
is also recognised in profit or loss. assumed) and (ii) any cumulative gain or loss
date, i.e. the date that the Group becomes a party its liabilities. Equity instruments issued
that had been recognised in OCI is recognised
to the contractual provisions of the instrument. by the Group is recognised at the proceeds
The EIR method is a method of calculating in profit or loss (except for equity instruments
Recognised financial instruments are initially received, net of directly attributable
the amor tised cost of a financial measured at FVOCI).
measured at fair value. Transaction costs that transaction costs.
instrument and of allocating interest over
are directly attributable to the acquisition or the relevant period. The EIR is the rate (B) Financial Liabilities
issue of financial assets and financial liabilities (b) Financial Liabilities
that exactly discounts estimated future A financial liability is derecognised when the
are added to or deducted from the fair value of cash flows (including all fees paid or Financial liabilities are measured at
obligation under the liability is discharged,
the financial assets or financial liabilities, as received that form an integral part of the amortised cost. The carrying amounts
cancelled or expires. Where an existing financial
appropriate, on initial recognition. Transaction EIR, transaction costs and other premiums are initially recognised at fair value and
liability is replaced by another from the same
costs directly attributable to the acquisition or discounts) through the expected life of subsequently determined based on the EIR
lender on substantially different terms, or the
of financial assets or financial liabilities at fair the instrument, or, where appropriate, a method. Interest expense is recognised
terms of an existing liability are substantially
value through profit or loss are recognised shorter period, to the net carrying amount in profit or loss. Any gain or loss on de-
modified, such an exchange or modification
immediately in profit or loss. on initial recognition. recognition of financial liabilities is also
is treated as a derecognition of the original
recognised in profit or loss. The group
liability and the recognition of a new liability. In
(iii) Classification and Subsequent Measurement (b) F
inancial Assets at Fair Value through does not have any financial liability which
this case, a new financial liability based on the
(A) Financial Assets Other Comprehensive Income are measured at FVTPL.
modified terms is recognised at fair value. The
Based on the business model, the contractual Financial assets that are held within a difference between the carrying value of the
(iv) Reclassification
characteristics of the financial assets and business model whose objective is both original financial liability and the new financial
specific elections where appropriate, the Group to collect the contractual cash flows and Financial assets are not reclassified subsequent liability with modified terms is recognised in
classifies and measures financial assets in the to sell the assets, ('Contractual cash flows to their initial recognition, apart from the profit or loss.
following categories: of assets collected through hold and sell exceptional circumstances in which the Group
model') and contractual cash flows that acquires, disposes of, or terminates a business (vi) Impairment of Financial Assets
• Amortised cost are SPPI, are subsequently measured at line or in the period the Group changes its
A) Trade Receivables
FVOCI. Movements in the carrying amount business model for managing financial assets.
• Fair value through other comprehensive Financial liabilities are not reclassified. The Group applies the Ind AS 109 simplified
of such financial assets are recognised
income ('FVOCI') approach to measuring expected credit losses
in Other Comprehensive Income (‘OCI’),
(v) Derecognition which uses a lifetime expected loss allowance
• Fair value through profit or loss ('FVTPL') except interest/dividend income which
(ECL) for all trade receivables.
is recognised in profit and loss. Amounts (A) Financial Assets
(a) F
inancial Assets carried at Amortised recorded in OCI are subsequently A financial asset (or, where applicable, a part The application of simplified approach does not
Cost transferred to the statement of profit and of a financial asset or part of a Group of similar require the Group to track changes in credit risk.
A financial assets is measured at amortised loss in case of debt instruments however, financial assets) is derecognised when: Rather, it recognises impairment loss allowance
cost if it meets both of the following in case of equity instruments it will be
based on lifetime ECLs at each reporting date,
conditions and is not designated as directly transferred to reserves. Equity • The contractual rights to receive cash flows right from its initial recognition.
at FVTPL: instruments at FVOCI are not subject to from the financial asset have expired, or
an impairment assessment.
• The Group has transferred its rights to To measure the expected credit losses, trade
• the asset is held within a business receivables have been grouped based on shared
(c) F
inancial Assets at Fair Value through receive cash flows from the asset and the
model whose objective is to hold assets credit risk characteristics and the days past due.
Profit and Loss Group has transferred substantially all
to collect contractual cash flows ('Asset The expected loss rates are based on average of
the risks and rewards of the asset, or the
held to collect contractual cash flows'); Financial assets, which do not meet the historical loss rate adjusted to reflect current
Group has neither transferred nor retained
and criteria for categorisation as at amortised and available forward-looking information
substantially all the risks and rewards of
cost or as FVOCI or either designated, are affecting the ability of the customers to settle
• the contractual terms of the financial the asset, but has transferred control of the
measured at FVTPL. Subsequent changes the receivables. The Group has also computed
asset give rise on specified dates to asset.
in fair value are recognised in profit or loss. expected credit loss due to significant delay
cash flows that are solely payments
The Group records investments in equity in collection.
of principal and interest ('SPPI') on the If the Group neither transfers nor retains
instruments and mutual funds at FVTPL.
principal amount outstanding. substantially all of the risks and rewards

Corporate Overview
Statutory Reports

B) Loans related objectively to an event occurring after of whether the fulfilment of the arrangement is of the lease transfer substantially all the risks and
In accordance with Ind AS 109, the Group the impairment was recognised, the excess is dependent on the use of a specific asset or assets rewards of ownership to the lessee, the contract
applies expected credit loss model (ECL) for written back by reducing the loan impairment or whether the arrangement conveys a right to use is classified as a finance lease. All other leases are
measurement and recognition of impairment allowance account accordingly. The write-back the asset. The Group assesses whether a contract classified as operating leases.
loss. The expected credit loss is a product is recognised in the statement of profit and loss. contains a lease, at inception of a contract. A contract
of exposure at default (EAD), probability of is, or contains, a lease if the contract conveys the Amounts due from lessees under finance leases
default (PD) and Loss given default (LGD). The C) Other Financial Assets: right to control the use of an identified asset for a are recorded as receivables at the Group’s net
financial assets have been segmented into For recognition of impairment loss on period of time in exchange for consideration. To investment in the leases. Finance lease income is
three stages based on the risk profiles. At each financial assets and risk exposure, the Group assess whether a contract conveys the right to allocated to accounting periods so as to reflect a
reporting date, the Group assesses whether determines that whether there has been a control the use of an identified assets, the Group constant periodic rate of return on the net investment
the loans have been impaired. The Group is significant increase in the credit risk since initial assess whether (i) the contract involves the use of an outstanding in respect of the lease.
exposed to credit risk when the customer recognition. If credit risk has not increased identified assets ; (ii) the Group has substantially all
defaults on his contractual obligations. For the significantly, 12-month ECL is used to provide the economic benefits from use of the assets through For operating leases, rental income is recognised on a
computation of ECL, the loan receivables are for impairment loss. However, if credit risk the period of the lease and (iii) the Group has the right straight-line basis over the term of the relevant lease.
classified into three stages based on the default has increased significantly, lifetime ECL is to direct the use of the asset.
and the aging of the outstanding as follows: used. If in subsequent years, credit quality of 2.7 Cash and Cash Equivalents
the instrument improves such that there is no At the date of commencement of the lease, the Cash and cash equivalents includes cash at banks
longer a significant increase in credit risk since Group recognises a right-of-use assets (ROU) and on hand, demand deposits with banks, other
PD The Probability of Default is an estimate of the
likelihood of default over a given time horizon. initial recognition, then the entity reverts to and a corresponding lease liability for all lease short-term highly liquid investments with original
A default may only happen at a certain time recognising impairment loss allowance based arrangements in which it is a lessee, except for maturities of three months or less that are readily
over the assessed period, if the facility has not on 12 month ECL. leases with a term of 12 month or less (short-term convertible to known amounts of cash and which are
been previously derecognised and is still in the leases) and low value leases. For these short-term subject to an insignificant risk of changes in value.
portfolio. and low value leases, the Group recognises the lease
Life time ECLs are the expected credit losses For the purpose of the statement of cash flows,
EAD The Exposure at Default is an estimate of the resulting from all possible default events over payments as an operating expense on a straight-line cash and cash equivalents cash and short-term
exposure at a future default date, taking into basis over the term of the lease.
the expected life of a financial instrument. The deposits are considered integral part of the Group’s
account expected changes in the exposure
after the reporting date, including repayments 12 month ECL is a portion of the lifetime ECL cash management. Outstanding bank overdrafts
which results from default events that are Certain lease arrangements includes the options to are not considered integral part of the Group’s
of principal and interest, whether scheduled by
contract or otherwise, expected drawdowns possible within 12 months after the year end. extend or terminate the lease before the end of the cash management.
on committed facilities, and accrued interest lease term. ROU assets and lease liabilities includes
from missed payments. ECL is the difference between all contractual these options when it is reasonably certain that they 2.8 Impairments of Non-Financial Assets
LGD The Loss Given Default is an estimate of the cash flows that are due to the Group in will be exercised.
The Group assesses at each balance sheet date
loss arising in the case where a default occurs accordance with the contract and all the cash whether there is any indication that an asset may
at a given time. It is based on the difference flows that the entity expects to receive (i.e. all The cost of the right-of-use assets comprises the
between the contractual cash flows due and
be impaired. An asset is impaired when the carrying
shortfalls), discounted at the original EIR. When amount of the initial measurement of the lease
those that the lender would expect to receive, amount of the asset exceeds its recoverable amount.
estimating the cash flows, an entity is required liability, any lease payments made at or before the
including from the realisation of any collateral. An impairment loss is charged to the Statement of
to consider all contractual terms of the financial inception date of the lease, less any lease incentives
It is usually expressed as a percentage of the Profit and Loss in the period in which an asset is
EAD. instrument (including prepayment, extension received. Subsequently, the right-of-use assets is
identified as impaired. An impairment loss is reversed
etc.) over the expected life of the financial measured at cost less any accumulated depreciation
to the extent that the asset's carrying amount does
instrument. However, in rare cases when the and accumulated impairment losses, if any. The
S tage 1: Loan receivable including interest not exceed the carrying amount that would have been
expected life of the financial instrument cannot right-of-use assets is depreciated using the straight-
overdue for less than 30 days past due. determined if no impairment loss had previously
be estimated reliably, then the entity is required line method from the commencement date over
been recognised.
to use the remaining contractual term of the the shorter of lease term or useful life of right-of-
S tage 2: Loan receivable including interest
financial instrument. use assets.
overdue between 30-90 days past due. An asset’s recoverable amount is the higher of an
asset’s or cash-generating unit’s (CGU) net selling
ECL impairment loss allowance (or reversal) For lease liabilities at inception, the Group measures
S tage 3: Loan receivable including interest price and its value in use. The recoverable amount
recognised during the year is recognised as the lease liability at the present value of the lease
overdue for more than 90 days past due. is determined for an individual asset, unless the
income/expense in the statement of profit and payments that are not paid at that date. The lease
asset does not generate cash inflows that are largely
loss. In balance sheet ECL for financial assets payments are discounted using the interest rate
For the purpose determining the stages as per independent of those from other assets or groups
measured at amortised cost is presented as implicit in the lease, if that rate is readily determined.
Ind AS 109: of assets. Where the carrying amount of an asset
an allowance, i.e. as an integral part of the If that rate is not readily determined the lease
or CGU exceeds its recoverable amount, the asset
measurement of those assets in the balance payments are discounted using the incremental
(i) Loan given (principal amount) is considered is considered impaired and is written down to its
sheet. The allowance reduces the net carrying borrowing rate.
as overdue, from the date when the recoverable amount. In assessing value in use, the
Group recalls and pending repayment amount. Until the asset meets write off estimated future cash flows are discounted to their
criteria, the Group does not reduce impairment Lease liability has been included in borrowing and ROU
from customer. present value using a pre-tax discount rate that
allowance from the gross carrying amount. asset has been separately presented in the Balance
reflects current market assessments of the time
Sheet and lease payments have been classified as
(ii) In case loan given (principal amount) is not value of money and the risks specific to the asset.
2.6 Leases financing cash flows.
recalled, these loans are considered as In determining net selling price, recent market
not due. Group as a Lessee transactions are taken into account, if available. If no
Group as a Lessor
The determination of whether an arrangement is a such transactions can be identified, an appropriate
If the amount of an impairment loss decreases Leases for which the Group is a lessor is classified valuation model is used.
lease, or contains a lease, is based on the substance
in a subsequent period, and the decrease can be as a finance or operating lease. Whenever the term
of the arrangement and requires an assessment

Corporate Overview
Statutory Reports

2.9 Retirement and Other Employee Benefits unit credit method. Remeasurements as a or loss for the year and any adjustment to the taxes on income levied by the same governing
(i) Provident Fund result of experience adjustments and changes tax payable or receivable in respect of previous taxation laws.
in actuarial assumptions are recognised in years. It is measured using tax rates enacted or
Retirement benefit in the form of provident
statement of Profit and Loss. substantively enacted at the reporting date. 2.12 Earning Per Share (Basic and Diluted)
fund, is a defined contribution scheme.
The Group has no obligation, other than the The Group reports basic and diluted earnings per
(iv) Share-based Payments Current income tax relating to items recognised equity share. Basic earnings per equity share
contribution payable to the provident fund. The
Equity-settled share-based payments to outside profit or loss is recognised outside profit have been computed by dividing net profit/loss
Group recognises contribution payable to the
employees that are granted are measured or loss (either in other comprehensive income attributable to the equity share holders for the year
provident fund scheme as an expense, when an
by reference to the fair value of the equity or in equity). Current tax items are recognised by the weighted average number of equity shares
employee renders the related service.
instruments at the grant date. The fair value in correlation to the underlying transaction outstanding during the year. Diluted earnings per
determined at the grant date of the equity- either in OCI or directly in equity. Management equity share have been computed by dividing the
(ii) Gratuity
settled share-based payments is expensed on periodically evaluates positions taken in net profit attributable to the equity share holders
Every employee is entitled to a benefit equivalent the tax returns with respect to situations in
a straight-line basis over the vesting period, after giving impact of dilutive potential equity
to 15 days salary last drawn for each completed which applicable tax regulations are subject
based on the Group's estimate of equity shares for the year by the weighted average number
year of service in line with The Payment of to interpretation and establishes provisions
instruments that will eventually vest, with a of equity shares and dilutive potential equity shares
Gratuity Act, 1972. The same is payable at the where appropriate.
corresponding increase in equity. At the end of outstanding during the year, except where the results
time of separation from the group or retirement,
each period, the entity revises its estimates of are anti-dilutive.
whichever is earlier. The benefit vest after five Current tax assets and current tax liabilities are
the number of options that are expected to vest
years of continuous service. offset only if the Group has a legally enforceable
based on the vesting conditions. It recognises 2.13 Borrowing Costs
the impact of the revision to original estimates, right to set off the recognised amounts, and
The group’s gratuity scheme is a defined Expenses related to borrowing cost are accounted
if any, in statement of profit and loss, with a it intends to realise the asset and settle the
benefit plan. The group’s net obligation in using effective interest rate. Borrowing costs
corresponding adjustment to equity. liability on a net basis or simultaneously.
respect of the gratuity benefit scheme is are interest and other costs (including exchange
calculated by estimating the amount of future differences relating to foreign currency borrowings
2.10 Provisions, Contingent Liabilities and Contingent (ii) Deferred Tax
benefit that the employees have earned in to the extent that they are regarded as an adjustment
Assets Deferred tax is provided using the liability to interest costs) incurred in connection with
return for their service in the current and
A provision is recognised when the Group has a method, on temporary differences arising the borrowing of funds. Borrowing costs directly
prior period. Such benefit is discounted to
present obligation as a result of a past event and it between the tax bases of assets and attributable to acquisition or construction of an asset
determine its present value, and the fair
is probable that an outflow of embodying economic liabilities and their carrying amounts in the which necessarily take a substantial period of time
value of any plan assets, if any, is deducted.
benefits will be required to settle the obligation financial statements. to get ready for their intended use are capitalised
The present value of the obligation under such and there is a reliable estimate of the amount of as part of the cost of that asset. Other borrowing
the obligation. Provisions are measured at the Deferred tax assets arising mainly on account costs are recognised as an expense in the period in
benefit plan is determined based on actuarial
best estimate of the expenditure required to settle of carry forward losses and unabsorbed which they are incurred. The difference between the
valuation using the Projected Unit credit Method
the present obligation at the Balance sheet date. depreciation under tax laws are recognised only discounted amount mobilised and redemption value
which recognises each period of services as
Provisions are determined by discounting the if there is reasonable certainty of its realisation, of commercial papers is recognised in the statement
giving rise to additional unit of employee benefit
expected future cash flows (representing the best supported by convincing evidence. of profit and loss over the life of the instrument using
entitlement and measures each unit separately
to build up the final obligation. estimate of the expenditure required to settle the the EIR.
present obligation at the balance sheet date) at a pre- Deferred tax assets on account of other
tax rate that reflects current market assessments temporary differences are recognised only to 2.14 Goods and Services Tax paid on Acquisition of
The obligation is measured at present values
of the time value of money and the risks specific to the extent that there is reasonable certainty Assets or on incurring Expenses
of estimated future cash flows. The discounted
the liability. that sufficient future taxable income will be
rates used for determining the present value Expenses and assets are recognised net of the goods
available against which such deferred tax assets
are based on the market yields on Government and services tax paid, except when the tax incurred
Contingent liabilities are not recognised but are can be realised.
Securities as at the balance sheet date. on a purchase of assets or services is not recoverable
disclosed in the notes. Contingent assets are neither from the tax authority, in which case, the tax paid is
recognised nor disclosed in the financial statements. Deferred tax assets and liabilities are measured
Remeasurement gains and losses arising recognised as part of the cost of acquisition of the
Provisions are reviewed at each balance sheet using tax rates and tax laws that have been
from experience adjustments and changes in asset or as part of the expense item, as applicable.
date and adjusted to effect current management enacted or substantively enacted at the Balance
actuarial assumptions are recognised in the
estimates. Contingent liabilities are recognised when Sheet date. Changes in deferred tax assets/
period in which they occur, directly in other The net amount of tax recoverable from, or payable
there is possible obligation arising from past events. liabilities on account of changes in enacted
comprehensive income. They are included in to, the tax authority is included as part of receivables
tax rates are given effect to in the standalone
retained earnings in the statement of changes or payables, respectively, in the balance sheet.
2.11 Income Taxes statement of profit and loss in the period of the
in equity and in the balance sheet.
change. The carrying amount and unrecognised
Income tax expense comprises current and deferred 2.15 Foreign Currency
deferred tax assets are reviewed at each
(iii) Compensated Absences tax. It is recognised in statement of profit and loss Transactions in foreign currencies are recorded
Balance Sheet date.
The employees of the Group are entitled to except to the extent that it relates to items recognised at the rate of exchange prevailing on the date of
compensated absences as per the policy of directly in equity or in OCI. the transaction. Exchange differences arising on
Deferred tax assets and deferred tax liabilities
the Group. The Group recognises the charge are off set when there is a legally enforceable settlement of revenue transactions are recognised
to the statement of profit and loss and (i) Current Tax in the statement of profit and loss. Monetary assets
right to set-off assets against liabilities
corresponding liability on account of such Current tax is measured at the amount expected representing current tax and where the deferred and liabilities contracted in foreign currencies are
non-vesting accumulated leave entitlement to be paid in respect of taxable income for the tax assets and deferred tax liabilities relate to restated at the rate of exchange ruling at the Balance
based on a valuation by an independent year in accordance with the Income Tax Act, Sheet date. Non-monetary assets and liabilities that
actuary. The cost of providing compensated 1961. Current tax comprises the expected tax
absences are determined using the projected payable or receivable on the taxable income

Corporate Overview
Statutory Reports

are measured at fair value in a foreign currency operations in the Statement of Profit and Loss. When of accounting policies and the reported amounts of where possible, but where this is not feasible,
are translated into the functional currency at the an operation is classified as a discontinued operation, assets and liabilities (including contingent liabilities) and estimation is required in establishing fair values.
exchange rate when the fair value was determined. the comparative Statement of Profit and Loss is disclosures as of the date of the financial statements Judgements and estimates include considerations
Non-monetary assets and liabilities that are represented as if the operation had been discontinued and the reported amounts of revenues and expenses of liquidity and model inputs related to items such as
measured based on historical cost in a foreign from the start of the comparative period. for the reporting period. Actual results could differ from credit risk (both own and counterparty), funding value
currency are translated at the exchange rate at the these estimates. Accounting estimates and underlying adjustments, correlation and volatility. For further
date of the transaction. 2.17 Segment assumptions are reviewed on an ongoing basis and could details about determination of fair value please see
An operating segment is a component of the Group change from period to period. Appropriate changes in Note 45.
2.16 Discontinued Operations that engages in business activities from which it may estimates are recognised in the periods in which the
An operation is classified as discontinued operation earn revenues and incur expenses, whose operating Group becomes aware of the changes in circumstances Some of the group's assets and liabilities are measured
if a component of the Company that either has been results are regularly reviewed by the Group’s Chief surrounding the estimates. Any revisions to accounting at fair value for financial reporting purposes. Fair
disposed of, or is classified as held for sale, and Operating Decision Maker (“CODM”) to make decisions estimates are recognised prospectively in the period in value is the price that would be received to sell an
for which discrete financial information is available. which the estimate is revised and future periods. Following asset or paid to transfer a liability in an orderly
(a) represents a separate major line of business or Based on the management approach as defined in Ind are estimates and judgements that have significant impact transaction between market participants at the
geographical area of operations, AS 108, the CODM evaluates the Group’s performance on the carrying amount of assets and liabilities at each measurement date regardless of whether that price
and allocates resources based on an analysis balance sheet: is directly observable or estimated using another
(b) is part of a single coordinated plan to dispose of a of various performance indicators by business valuation technique.
separate major line of business or geographical segments and geographic segments. 3.1 Business Model Assessment
area of operations or Classification and measurement of financial assets Fair value measurements under Ind AS are
2.18 Recent Pronouncements depends on the results of the SPPI (Solely Payments categorised into Level 1, 2, or 3 based on the degree
(c) is a subsidiary acquired exclusively with a view of Principal and Interest) and the business model to which the inputs to the fair value measurements
Ministry of Corporate Affairs (“MCA”) notifies new
to resale. test. The Group determines the business model at a are observable and the significance of the inputs to
standard or amendments to the existing standards
level that reflects how groups of financial assets are the fair value measurement in its entirety, which are
under Companies (Indian Accounting Standards)
An operation is considered as discontinued operation managed together to achieve a particular business described as follows:
Rules as issued from time to time. On 23 March, 2022,
if the Company winds up the major line of business or MCA amended the Companies (Indian Accounting objective. This assessment includes judgement
has an intention to do so. reflecting all relevant evidence including how the • Level 1: quoted prices (unadjusted) in active
Standards) Amendment Rules, 2022, applicable from
performance of the assets is evaluated and their markets for identical assets or liabilities that the
01 April, 2022, as below:
Further, if a disposal group to be abandoned meets performance measured, the risks that affect the Group can access at measurement date;
the discontinued operation criteria, the cash flows Ind AS 16 – Property Plant and equipment - The performance of the assets and how these are • Level 2: inputs other than quoted prices included
and results of the disposal group are presented amendment clarifies that excess of net sale proceeds managed. The Group monitors financial assets in Level 1 that are observable for the asset or
as discontinued operations at the date on which it of items produced over the cost of testing, if any, shall measured at amortised cost or fair value through liability, either directly or indirectly; and
ceases to be used. not be recognised in the profit or loss but deducted other comprehensive income that are derecognised
prior to their maturity to understand the reason for • Level 3: inputs for the asset or liability that are not
from the directly attributable costs considered as part
Revenue is recognised to the extent it is probable their disposal and whether the reasons are consistent based on observable market data (unobservable
of cost of an item of property, plant, and equipment.
that the economic benefits will flow and the revenue with the objective of the business for which the asset inputs) that the Group can access at measurement
The effective date for adoption of this amendment is
can be reliably measured, regardless of when the was held. Fair value through profit or loss (FVTPL), date.
annual periods beginning on or after 01 April, 2022.
payment is being made. The Company has evaluated the amendment and where the assets are managed in accordance with an
approved investment strategy that triggers purchase 3.3 Effective Interest Rate (EIR) Method
there is no impact on its financial statements.
Expenses are recognised when the Company has and sale decisions based on the fair value of such The group’s EIR methodology, recognises interest
a present obligation as a result of a past event, it is Ind AS 37 – Provisions, Contingent Liabilities and assets. Such assets are subsequently measured at income/expense using a rate of return that represents
probable that an outflow of resources embodying Contingent Assets – The amendment specifies that fair value, with unrealised gains and losses arising the best estimate of a constant rate of return over the
economic benefits will be required to settle the the ‘cost of fulfilling’ a contract comprises the ‘costs from changes in the fair value being recognised in the expected behavioural life of loans given/taken and
obligation and a reliable estimate can be made of the that relate directly to the contract’. Costs that relate standalone statement of profit and loss in the period recognises the effect of potentially different interest
amount of the obligation. directly to a contract can either be incremental in which they arise. rates at various stages and other characteristics of
costs of fulfilling that contract (examples would be the financial instruments.
Assets that meet the criteria to be classified as held for direct labour, materials) or an allocation of other 3.2 Fair Value of Financial Instruments
sale to be measured at the lower of carrying amount costs that relate directly to fulfilling contracts (an The fair value of financial instruments is the price that This estimation, by nature, requires an element of
and fair value less costs to sell, and depreciation example would be the allocation of the depreciation would be received to sell an asset or paid to transfer judgement regarding the expected behaviour and
on such assets to cease and assets that meet the charge for an item of property, plant and equipment a liability in an orderly transaction in the principal life-cycle of the instruments, as well expected
criteria to be classified as held for sale to be presented used in fulfilling the contract). The effective date (or most advantageous) market at the measurement changes to India’s base rate and other fee income/
separately in the balance sheet. for adoption of this amendment is annual periods date under current market conditions (i.e. an exit expense that are integral parts of the instrument.
beginning on or after 01 April, 2022, although price) regardless of whether that price is directly
Assets that does not meet the criteria to be classified early adoption is permitted. The Company has observable or estimated using another valuation 3.4 Provisions and Other Contingent Liabilities
as held for sale as such assets can be utilised for evaluated the amendment there is no impact on its technique. When the fair values of financial assets The Group operates in a regulatory and legal
another business operation shall be recorded at the financial statements. and financial liabilities recorded in the balance sheet environment that, by nature, has a heightened
carrying value. cannot be derived from active markets, they are element of litigation risk inherent to its operations. As
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS determined using a variety of valuation techniques a result, it is involved in various litigation, arbitration
Discontinued operations are excluded from the that include the use of valuation models. The inputs and regulatory investigations and proceedings in the
The preparation of financial statements in conformity
results of continuing operations and are presented to these models are taken from observable markets ordinary course of the group’s business.
with Ind AS requires management to make estimates,
separately as profit or loss from discontinued
judgements and assumptions that affect the application

Corporate Overview
Statutory Reports
Consolidated Accounting Policies Notes forming part of the Consolidated Financial Statements
When the Group can reliably measure the outflow of enacted or substantively enacted at the reporting 4. CASH AND CASH EQUIVALENTS
economic benefits in relation to a specific case and date. The ultimate realisation of deferred tax assets (H in million)
considers such outflows to be probable, the Group is dependent upon the generation of future taxable
records a provision against the case. Where the profits during the periods in which those temporary As at As at
probability of outflow is considered to be remote, or differences become deductible. The Group considers 31 March, 2022 31 March, 2021
probable, but a reliable estimate cannot be made, a the expected reversal of deferred tax liabilities and Cash on hand 0.02 0.07
contingent liability is disclosed. projected future taxable income in making this Balances with banks
assessment. The amount of the deferred tax assets
- in current accounts 4,219.22 816.60
Given the subjectivity and uncertainty of determining considered realisable, however, could be reduced in
Cheques on hand 1.83 3.77
the probability and amount of losses, the Group takes the near term if estimates of future taxable income
into account a number of factors including legal during the carry-forward period are reduced. Total 4,221.07 820.44
advice, the stage of the matter and historical evidence
from similar incidents. Significant judgement is 3.8 Defined Benefit Plans 5. BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENT
required to conclude on these estimates. The cost of the defined benefit plans and the (H in million)
present value of the defined benefit obligation are
3.5 Share-based Payments based on actuarial valuation using the projected As at As at
31 March, 2022 31 March, 2021
Estimating fair value for share-based payment unit credit method. An actuarial valuation involves
Earmarked balances with banks towards unclaimed dividend 0.76 0.83
requires determination of the most appropriate making various assumptions that may differ from
valuation model. The estimate also requires actual developments in the future. These include Fixed deposit with maturity for less than 12 months * 43,677.37 17,745.99
determination of the most appropriate inputs to the determination of the discount rate, future salary In Fixed deposit with maturity for more than 12 months* 674.05 38.83
the valuation model including the expected life of increases and mortality rates. Due to the complexities Accrued interest on fixed deposit 176.32 168.38
the option , volatility and dividend yield and making involved in the valuation and its long-term nature, Total 44,528.50 17,954.03
assumptions about them. The assumptions and a defined benefit obligation is highly sensitive to
models used for estimating fair value for share- changes in these assumptions. All assumptions are * Breakup of deposits
based payments transactions are discussed in Note reviewed at each reporting date.
(H in million)
40 "Employee stock option plan" (ESOP).
3.9 Leases
As at As at
3.6 Expected Credit Loss Ind AS 116 defines a lease term as the non-cancellable 31 March, 2022 31 March, 2021
When determining whether the risk of default on a period for which the lessee has the right to use an Fixed deposits under lien with stock exchanges** 31,653.02 9,441.15
financial instruments has increased significantly underlying asset including optional periods, when Fixed deposits against credit facilities of the Group 7,612.83 6,234.11
since initial recognition, the Group considers an entity is reasonably certain to exercise an option
Fixed deposits for bank guarantees 4,902.02 2,104.52
reasonable and supportable information that is to extend (or not to terminate) a lease. The Group
Fixed deposits free from charges 160.75 0.54
relevant and available without undue cost or effort. consider all relevant facts and circumstances that
This includes both quantitative and qualitative create an economic incentive for the lessee to Fixed deposits with government authorities 2.00 4.50
information and analysis, based on the group's exercise the option when determining the lease term. Fixed deposits lien with banks 20.80 -
historical experience and credit assessment and The option to extend the lease term are included in Total 44,351.42 17,784.82
including forward looking information. the lease term, if it is reasonably certain that the
** The above fixed deposits are under lien with stock exchange as security deposits and minimum base capital requirements/arbitration matters.
lessee will exercise the option. The Group reassess
The inputs used and process followed by the Group in the option when significant events or changes in
6. TRADE RECEIVABLE
determining the ECL have been detailed in Note 46. circumstances occur that are within the control of
the lessee. (H in million)
3.7 Deferred Tax
As at As at
Deferred tax is recorded on temporary differences 31 March, 2022 31 March, 2021
between the tax bases of assets and liabilities and
Receivables considered good - Secured* 5,651.90 2,286.65
their carrying amounts, at the rates that have been
Receivables considered good - Unsecured* 13.08 5.31
Receivables which have significant increase in Credit Risk - -
Receivables - credit impaired - -
Less: Provision for Expected Credit Loss/Impairment loss allowance (11.74) (15.01)
Total 5,653.24 2,276.95
No trade or other receivable are due from directors or others officers 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.
* Includes H2,521.20 million as on 31 March, 2022 (31 March, 2021: H1,789.34 million) receivable from stock exchanges on account of trades executed by
clients.

Corporate Overview
Statutory Reports
Notes forming part of the Consolidated Financial Statements Notes forming part of the Consolidated Financial Statements
Trade receivables ageing schedule as at 31 March, 2022 8. INVESTMENTS

Outstanding for following periods from due date of payment As at As at

Particulars Less than 6 months - More than 31 March, 2022 31 March, 2021
1-2 years 2-3 years Total
6 months 1 year 3 years Investment in India
Undisputed Trade receivables — 5,566.81 13.88 24.43 18.46 41.40 5,664.98 Investments measured at Fair Value through Profit or Loss (Refer note A)
considered good Equity instruments 0.00 0.00
Mutual funds 186.52 55.40
Trade receivables ageing schedule as at 31 March, 2021
Total 186.52 55.40
(H in million)
A. Investments measured at Fair Value through Profit or Loss
Particulars Less than 6 months - More than (H in million)
1-2 years 2-3 years Total
6 months 1 year 3 years
Undisputed Trade receivables — 2,180.18 21.42 29.48 19.97 40.91 2,291.96 As at As at
considered good 31 March, 2022 31 March, 2021
Investment in Equity Instruments (fully paid-up)
7. LOANS Unquoted
(H in million) Equity Shares in Hubtown Limited 0.00 0.00
(Represents ownership of Premises as a member in co-operative society)
As at As at (face value of H350 each, 01 (01 share as on 31 March, 2021)
31 March, 2022 31 March, 2021 Investment in Mutual fund
(A) Loans measured at Amortised Cost - 4,32,649.260 units (31 March, 2021 units - 1,81,791.323) of ICICI Prudential Liquid Fund - DP Growth 136.40 55.40
(i) Margin trading facility 12,591.36 10,535.37 (NAV H315.256 per unit) (31 March, 2021 NAV H304.7364 per unit)
Add: Accrued interest on margin trading fund 112.26 97.39 - 22,305.436 units (31 March, 2021 units - Nil) of Mirae Asset Cash Management Fund DP Growth (NAV 50.12 -
(ii) Loans against securities 882.43 662.73 H2,247.063 per unit)
(iii) Loan to Others* 0.23 0.19 Total 186.52 55.40
Total (A) Gross 13,586.28 11,295.68
9. OTHER FINANCIAL ASSETS (UNSECURED, CONSIDERED GOOD)
Less: Provision for expected credit loss (11.28) (10.75)
(H in million)
Total (A) Net 13,575.00 11,284.93
(B) (i) Secured by shares/securities 13,566.64 11,277.72 As at As at
(ii) Unsecured 19.64 17.96 31 March, 2022 31 March, 2021
Total (B) Gross 13,586.28 11,295.68 Security Deposits (Refer note (a) below) 1,687.77 14,197.63
Less: Provision for expected credit loss (11.28) (10.75) Accrued delayed payment charges 1.63 1.91
Total (B) Net 13,575.00 11,284.93 Deposits against arbitrations** 36.23 18.04
(C) Loans in India Less: Provision against arbitrations (16.74) (18.04)
(i) Public Sector - - Other Receivables 240.04 89.79
(ii) Others Total 1,948.93 14,289.33
- Body corporates 20.55 43.80 ** Represent amount withheld by stock exchanges for cases filed by the customers that are under arbitration.
- Others 13,565.73 11,251.88
Total (C) Gross 13,586.28 11,295.68 (a) Security Deposits
Less: Provision for expected credit loss (11.28) (10.75) (H in million)
Total (C) Net 13,575.00 11,284.93
As at As at
* Loan is given to related party amounting to H0.23 million (previous year 0.19 million) (refer note 41 (c) ) the same is 0.00% (previous year 0.00%) of total 31 March, 2022 31 March, 2021
loans.
Security deposits - stock exchanges* 1,627.86 14,159.97
Security deposits - Premises 16.64 27.30
Security deposits - Others 43.27 10.36
Total 1,687.77 14,197.63
* The deposits are kept with stock exchanges as security deposits and minimum base capital requirements.

Corporate Overview
Statutory Reports
10. CURRENT TAX ASSETS (NET) (H in million)

(H in million)
Deferred tax assets/(liabilities) (net) OCI Profit and Loss Total
As at As at - Disallowance u/s 43B - 2.52 2.52
31 March, 2022 31 March, 2021 - MAT Credit - (12.05) (12.05)
Advance payment of taxes and tax deducted at source {net of MAT credit utilised H5.22 million 21.41 14.82 - Others - 2.15 2.15
(31 March, 2021: H1.53 million ) and provision for taxation H9.01 million (31 March, 2021: 96.40 million)} As at 31 March, 2022 18.47
21.41 14.82
(C) Income tax expense
11. DEFERRED TAX
(H in million)
(A) Deferred tax relates to the following:
Current tax taxes 2,084.09 1,041.77
As at As at Deferred tax charge/(income) 33.45 7.32
31 March, 2022 31 March, 2021
Minimum alternative tax credit entitlement (7.83) (3.40)
Deferred tax assets
Minimum alternative tax credit adjustment for earlier year (including MAT credit written off H6.82 Mn 6.83 0.60
- Provision for gratuity 17.89 14.14
Previous year Nil)
- Provision for Compensated absences 14.96 8.80
Taxes for earlier years* 0.01 84.80
- On lease capitalised as per Ind AS 116 4.08 3.75
Total 2,116.55 1,131.09
- Disallowance u/s 40(a)(ia) - 0.03
- Disallowance u/s 43B 2.52 - * Taxes for earlier years includes amount of H Nil (previous year H82.87 million) payable on account of final orders received for applications filed under
- Expected credit loss on trade receivables 2.95 3.78 Direct Tax Vivad se Vishwas Act, 2020 (Vsv Act) in respect of litigation outstanding with Hon’ble Bombay High court for assessment years 2005 - 2006,
2008 – 2009 and 2010 – 2011.
- Expected credit loss on loan 2.04 2.20
44.44 32.70
(D) Income Tax recognised in other comprehensive income
Deferred tax liabilities
(H in million)
- Difference between book and tax depreciation (32.45) (2.56)
- On impact of security deposit (1.92) (1.40) 31 March, 2022 31 March, 2021
- On processing fee 2.69 (0.00) Deferred Tax asset related to items recognised in Other Comprehensive income during the year:
- On fair valuation of shares and Mutual funds (0.68) (0.16) - Income tax relating to re-measurement gains on defined benefit plans 3.49 4.22
(32.36) (4.12) 3.49 4.22
Add: MAT Credit Entitlement 6.39 18.44
Deferred tax asset, net 18.47 47.02 (E) Reconciliation of tax expense and the accounting profit multiplied by tax rate
(H in million)
(B) The movement in deferred tax assets and liabilities during the year:
Profit before tax - Continuing operations 8,367.11 4,111.67
Deferred tax assets/(liabilities) (net) OCI Profit and Loss Total Enacted income tax rate in India 25.17% 25.17%
As at 01 April, 2020 48.89 Tax amount at the enacted income tax rate 2,105.83 1,034.83
- Expense allowed in the year of payment (Gratuity and compensated absences) 4.22 1.84 6.06 Tax effect on:
- Lease capitalised as per Ind AS 116 - 0.89 0.89 Non-deductible expenses for tax purpose 14.84 12.74
- Difference between book and tax depreciation - (5.09) (5.09) Deductions on income - (14.48)
- EIR of security deposit - (1.52) (1.52) Profit/(Loss) of subsidiaries on which deferred tax are not recognised (6.94) (1.66)
- Income Received in advance - (1.38) (1.38) Difference in tax rate for certain entities of the Group 0.41 0.33
- Provision for expected credit loss on trade receivables - 0.45 0.45 Additional allowance for tax purpose (4.52) (1.39)
- Provision for expected credit loss on loans - 0.73 0.73 Income Tax rate change impact - (0.02)
- Others - (2.01) (2.01) Taxes for earlier years 6.84 85.40
As at 31 March, 2021 47.02 Others 0.09 15.34
- Expense allowed in the year of payment (Gratuity and compensated absences) 3.49 6.41 9.90 Total tax expense charged to the statement of profit and loss 2,116.55 1,131.09
- Lease capitalised as per Ind AS 116 - 0.33 0.33 Effective tax rate 25.30% 27.51%
- Difference between book and tax depreciation - (29.89) (29.89)
- EIR of security deposit - (0.53) (0.53)
- Provision for expected credit loss on trade receivables - (0.82) (0.82)
- Provision for expected credit loss on loans - (0.16) (0.16)

Corporate Overview
Statutory Reports
Reconciliation of tax expense and the accounting profit multiplied by tax rate (C) Measurement of fair values
(H in million) (i) Fair value hierarchy
These fair value of investment property has been determined by Mr. Vimal Shah, a registered valuer as defined under
31 March, 2022 31 March, 2021 Companies (Registered Valuers and Valuation) Rules, 2017. The fair value measurement for the property to be valued
Loss from discontinuing operations (2.92) (10.44) is residential flat which is the highest and best use, been categorised as a level 2 fair value based on the inputs to the
Enacted income tax rate in India 25.17% 25.17% valuation technique. These inputs include comparable sale instances for Market Approach.
Tax amount at the enacted income tax rate (0.73) (2.63)
Tax effect on: (ii) Valuation technique
Non-deductible expenses for tax purpose - 0.05 For the purpose of valuation, the primary valuation methodology used is Market Approach, as the best evidence of fair
Loss of subsidiaries on which deferred tax are not recognised 0.32 4.16 value is current prices in an active market for similar properties. The market rate for sale/purchase of similar assets is
representative of fair values. The property to be valued is at a location where active market is available for similar kind
Others 0.00 -
of properties.
Total tax expense charged to the statement of profit and loss (0.41) 1.58
Effective tax rate 14.21 % (15.1)% (D) Premises given on operating lease
The Group’s investment properties consist of residential property in India given on cancellable lease for a period of 12 month.
12. INVESTMENT PROPERTY
(A) Reconciliation of carrying amount (E) The total future minimum lease rentals receivable at the Balance Sheet date is as under:
31 March, 2022 31 March, 2021

For a period not later than one year - -
As at 01 April, 2020 1.33
Additions 33.16 For a period later than one year and not later than five years - -
Disposals/adjustments - For a period later than five years - -
As at 31 March, 2021 34.49
Additions - 13. PROPERTY, PLANT AND EQUIPMENT
Disposals/adjustments - (H in million)
As at 31 March, 2022 34.49
Buildings Furniture
Accumulated depreciation Leasehold Office Air Computer Gym
(Refer note and Vehicles Total
Improvements Equipments Conditioners Equipments Equipments
As at 01 April, 2020 0.05 (a)) Fixtures
Depreciation for the year 0.50 Gross carrying
Disposals/adjustments - amount
As at 31 March, 2021 0.55 As at 01 April, 810.02 11.60 63.39 7.87 210.37 84.30 50.49 16.26 1,254.30
Depreciation for the year 0.58 2020
Disposals/adjustments - Additions/ - - 1.73 0.22 86.92 1.74 4.35 - 94.96
As at 31 March, 2022 1.13 Adjustments
Deductions/ (0.19) (5.27) (2.21) (1.19) (2.25) (2.81) (8.68) (0.05) (22.65)
Net block Adjustments
As at 31 March, 2021 33.94
As at 31 March, 809.83 6.33 62.91 6.90 295.04 83.23 46.16 16.21 1,326.61
As at 31 March, 2022 33.36 2021
Additions/ - - 4.83 0.04 534.22 3.48 - - 542.57
Fair value
Adjustments
As at 31 March, 2021 58.07
Deductions/ - (0.72) (21.42) (1.49) (17.41) (3.79) (6.24) (0.13) (51.20)
As at 31 March, 2022 57.52
Adjustments
As at 31 March, 809.83 5.61 46.32 5.45 811.85 82.92 39.92 16.08 1,817.98
(B) Amount recognised in Statement of Profit and Loss from investment property
2022
(H in million)
Accumulated
depreciation
31 March, 2022 31 March, 2021
As at 01 April, 32.50 3.08 32.07 3.41 85.12 41.68 11.92 5.75 215.53
Rental income derived from investment properties 1.34 1.48 2020
Direct operating expenses generating rental income (0.18) (0.24) Depreciation for 15.35 2.12 13.05 1.41 58.30 16.13 7.64 2.96 116.96
Income arising from investment properties before depreciation 1.16 1.24 the year
Depreciation (0.58) (0.50) Disposals - (2.27) (1.80) (0.70) (1.77) (1.51) (2.24) (0.02) (10.31)
Income arising from investment properties (Net) 0.58 0.74 As at 31 March, 47.85 2.93 43.32 4.12 141.65 56.30 17.32 8.69 322.18
2021

Corporate Overview
Statutory Reports
(H in million) 16. RIGHT OF USE ASSETS

Changes in carrying value of Right-of-use assets are as follows:
Buildings Furniture (H in million)
Leasehold Office Air Computer Gym
(Refer note and Vehicles Total
Improvements Equipments Conditioners Equipments Equipments
(a)) Fixtures
Depreciation for 16.43 1.45 10.09 1.00 92.33 8.88 6.18 2.91 139.27 153.16
As at 01 April, 2020
the year
Addition 13.15
Disposals - (0.66) (21.15) (1.24) (15.65) (3.42) (3.29) (0.13) (45.54)
Adjustment/Deletion (67.08)
As at 31 March, 64.28 3.72 32.26 3.88 218.33 61.76 20.21 11.47 415.91
2022 Depreciation for the year (44.05)
Net block As at 31 March, 2021 55.18
As at 31 March, 761.98 3.40 19.59 2.78 153.39 26.93 28.84 7.52 1,004.43 Addition 8.94
2021 Adjustment/Deletion (23.34)
As at 31 March, 745.55 1.89 14.06 1.57 593.52 21.16 19.71 4.61 1,402.07 Depreciation for the year (23.58)
2022 As at 31 March, 2022 17.20
(a) Includes value of shares in the co-operative society, aggregating to H0.0005 million (31 March, 2020: H0.0005 million) registered in the name of the
Group. 17. OTHER NON-FINANCIAL ASSETS
(b) There are no adjustments to property, plant and equipment on account of borrowing costs and exchange differences. There is no revaluation of (H in million)
property, plant and equipment done during the year/previous year.
As at As at
14. Intangible Assets under development ageing schedule as at 31 March, 2022 31 March, 2022 31 March, 2021
(H in million) Prepaid expenses 151.00 72.16
Advance to vendor 61.12 39.18
Amount for a period of Balance with government authorities 193.20 131.65
Particulars
Advance to employee 2.43 1.88
Others 0.32 0.39
Total 408.07 245.26
Intangible Assets under development ageing schedule as at 31 March, 2021
(H in million) 18. TRADE PAYABLES
(H in million)
Amount for a period of
Particulars
As at As at
Projects in progress 1.83 - - - 1.83 31 March, 2022 31 March, 2021
Total outstanding dues of micro enterprises and small enterprises* - 1.97
15. INTANGIBLE ASSETS
Total outstanding dues of creditors other than micro enterprises and small enterprises:
(H in million)
Trade payables - Clients** 40,461.06 22,739.73
Trade payables - Expenses 207.04 22.59
Computer
Software Total 40,668.10 22,764.29
** Includes H1,460.39 million as on 31 March, 2022 (31 March, 2021: H443.46 million) payable to stock exchanges on account of trades executed by clients.
As at 01 April, 2020 105.55
* No interest was paid during the year/previous years in terms of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006 and no
Additions 35.09 amount was paid to the supplier beyond the appointed day. No amount of interest is due and payable for the year of delay in making payment but without
Deductions (1.08) adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006. Nil (previous year Nil) interest was accrued and
unpaid at the end of the accounting year. No further interest remaining due and payable even in the succeeding years for the purpose of disallowance
As at 31 March, 2021 139.56
of a deductible expenditure under Section 23 of the Micro, Small and Medium Enterprises Development Act, 2006. The above information regarding
Additions 36.78 Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the
(13.64) Group. This has been relied upon by the Auditors.
Deductions
As at 31 March, 2022 162.70
Accumulated amortisation and impairment
(H in million)
As at 01 April, 2020 58.14
Disposals (0.73) Particulars
As at 31 March, 2021 84.83 (i) MSME - undisputed - - - - -
Depreciation for the year 25.88 (ii) Others - undisputed 40,643.89 16.18 0.78 7.25 40,668.10
Disposals (13.64) Total 40,643.89 16.18 0.78 7.25 40,668.10
As at 31 March, 2022 97.07
Net block
As at 31 March, 2021 54.73
As at 31 March, 2022 65.63

Corporate Overview
Statutory Reports
Trade payable ageing schedule as at 31 March, 2021 (c) Movement of lease liabilities
Outstanding for following periods from due date of payment As at As at

Particulars 31 March, 2022 31 March, 2021
(i) MSME - undisputed 1.97 - - - 1.97 Opening Balance 58.57 157.11
(ii) Others - undisputed 22,737.62 3.24 12.48 8.98 22,762.32 Additions 8.76 13.17
Total 22,739.59 3.24 12.48 8.98 22,764.29 Adjustments/Deletions (22.59) (75.36)
Interest expense 2.98 7.91
19. DEBT SECURITIES Lease payments (29.72) (44.26)
(H in million) Closing Balance 18.00 58.57
Refer note 44 for further details of lease liabilities.
As at As at
31 March, 2022 31 March, 2021
21. OTHER FINANCIAL LIABILITIES
measured at Amortised Cost (in India)
(H in million)
Unsecured
Commercial Paper (Refer note a) 250.00 -
As at As at
Less: Discount on Commercial Paper (4.33) - 31 March, 2022 31 March, 2021
Total 245.67 - Interest accrued but not due on borrowings 3.66 15.58
Book Overdraft 1.72 1.39
(a) Rate of interest is 7.15% for commercial paper outstanding. Payable to Sub broker 1,518.54 1,180.95
Employee Benefits Payable 245.47 162.35
Terms of repayment
Expense payable 721.31 357.65
The aforesaid debt securities are repayable on maturity and tenure is 92 days. Refund payable to customers 1.38 1.32
Other payables 41.84 77.82
20. BORROWINGS
Total 2,533.92 1,797.06
(H in million)
22. CURRENT TAX LIABILITIES (NET)
As at As at
31 March, 2022 31 March, 2021 (H in million)
Borrowings measured at Amortised Cost (In India)
As at As at
(i) Secured
31 March, 2022 31 March, 2021
(a) Loan from banks and financial institution (Refer note (a))
Income tax Payable (net of advance payment of taxes and tax deducted at source: 9.87 120.52
- Secured against hypothecation of vehicles 8.09 12.12 H4,788.79 million (31 March, 2021: H2,619.46 million))
(b) Loans repayable on demand (Refer note (b)) Total 9.87 120.52
- Overdraft/Loan from banks/NBFCs 2,546.39 7,064.83
- Working Capital Demand Loan 9,759.17 4,579.17 23. PROVISIONS
(ii) Unsecured (H in million)
(a) Lease liability payable over the period of the lease (refer note (c)) 18.00 58.57
As at As at
Total 12,331.65 11,714.69
31 March, 2022 31 March, 2021
Rate of interest is ranging from 2.41% to 8.90% for above borrowings. Provision for employee benefits
Provision for gratuity (Refer Note 39) 69.32 56.13
(a) Security and terms of repayment of borrowings from banks: Provision for compensated absences 51.71 34.86
The aforesaid term loans from banks are secured by hypothecation of vehicles, repayable in 60 monthly instalments except Total 121.03 90.99
one loan which is repayable in 48 monthly instalments from the start of the loan.
24. OTHER NON-FINANCIAL LIABILITIES
(b) Security and terms of repayment of borrowings from banks repayable on demand: (H in million)
(H in million)
As at As at
As at As at 31 March, 2022 31 March, 2021
Security
31 March, 2022 31 March, 2021 Statutory dues payable 413.92 286.73
Hypothecation of book debts and personal guarantee of a director 7,749.96 4,703.23 Revenue received in advance 30.60 53.85
Lien on fixed deposits of the Group (Refer note 5) 3,555.60 5,940.77 Advance from Customer 0.90 0.19
Mortgage of property and personal guarantee of a director 1,000.00 1,000.00 Total 445.42 340.77
Total 12,305.56 11,644.00

Corporate Overview
Statutory Reports
25. EQUITY SHARE CAPITAL (d) In the financial year 2017-18 the Company has allotted fully paid bonus shares amounting to H57.46 million by capitalisation
(H in million) of securities premium and issued shares under Employee Share Purchase Scheme amounting to H0.17 million.
As at As at (e) Details of shares held by promoters/promoter group as on 31 March, 2022

31 March, 2022 31 March, 2021
Authorised Number of %of % Change
Promoter name
10,00,00,000 (31 March, 2021: 10,00,00,000) Equity shares of H10/- each. 1,000.00 1,000.00 shares total shares during the year
Total 1,000.00 1,000.00 Dinesh Thakkar 1,67,68,805 20% 0%
Issued, Subscribed and paid up Nirwan Monetary Services Pvt. Ltd. 60,65,310 7% 0%
8,28,58,722 (31 March, 2021: 8,18,26,507) Equity shares of H10/- each. 828.59 818.27 Lalit Thakkar 25,97,234 3% -6%
Total 828.59 818.27 Deepak Thakkar 26,93,541 3% 0%
Ashok Thakkar 26,00,747 3% NA
(a) Reconciliation of equity shares outstanding at the beginning and at the end of the year Rahul Lalit Thakkar 22,00,000 3% NA
(H in million) Anuradha Lalit Thakkar 21,00,000 3% 0%
No. of shares Amount Sunita Magnani 6,02,942 1% 0%
As at 01 April, 2020 7,19,95,003 719.95 Bhagwani Thakkar 85,000 0% NA
Issued during the year - IPO 98,03,921 98.04 Tarachand Thakkar 85,000 0% NA
Issued during the year - ESOP 27,583 0.28 Jaya Ramchandani 30,770 0% 0%
As at 31 March, 2021 8,18,26,507 818.27 Kanta Thakkar 5,420 0% 0%
Issued during the year - ESOP 10,32,215 10.32 Raaj Magnani 2,835 0% 0%
As at 31 March, 2022 8,28,58,722 828.59 Mahesh Thakkar 983 0% 0%
Total 3,64,55,527 44%
(b) Rights, preferences and restrictions attached to shares
The Company has one class of equity shares having a par value of H10/- per share. Each shareholder is eligible for one vote per Details of shares held by promoters/promoter group as on 31 March, 2021
share held. The dividend proposed if any 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. In the event of liquidation of Company, the equity shareholders Number of %of % Change
are eligible to receive the remaining assets of the Company after distributions of all preferential amounts, in proportion to Promoter name
shares total shares during the year
their shareholding. Dinesh Thakkar 1,67,68,805 20% -3%
(c) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Group as on 31 March, 2022:
Nirwan Monetary Services Pvt. Ltd. 60,65,310 7% 3%
Deepak Thakkar 26,93,541 3% -1%
Ashok Thakkar 26,00,747 3% 2%
Nirwan Monetary Services Private Limited 60,65,310 7%
Sunita Magnani 6,02,942 1% 1%
Mukesh Gandhi jointly with Bela Gandhi 49,30,000 6%
Kanta Thakkar 5,420 0% 0%
Raaj Magnani 3,135 0% -1%
Total 3,22,67,177 38%
Mahesh Thakkar 983 0% 0%
Jaya Ramchandani 770 0% -8%
etails of shares held by shareholders holding more than 5% of the aggregate shares in the Group as on 31 March, 2021:
D
Total 3,64,55,827 44%
26. OTHER EQUITY

(H in million)
As at As at
Lalit Thakkar 70,97,234 9% 31 March, 2022 31 March, 2021
Nirwan Monetary Services Private Limited 60,65,310 7% General reserve 132.85 132.85
Mukesh Gandhi jointly with Bela Gandhi 49,34,727 6% Securities premium 4,012.96 3,733.67
Total 4,38,72,200 54% Retained earnings 10,596.06 6,460.15
Statutory reserve 84.13 71.12
Capital reserve 53.59 53.59
Impairment reserve 1.13 1.13
Equity-Settled share-based payment reserve 134.46 39.19
Total 15,015.18 10,491.70

Corporate Overview
Statutory Reports
(A) General reserve (F) Equity-Settled share-based payment reserve (Refer note 40)
Opening balance 132.85 132.85 Opening balance 39.19 34.29
Add: Changes during the year - - Add: Compensation expense recognised during the year 156.28 12.03
Closing balance 132.85 132.85 Less: utilised towards equity share option exercised (61.01) (0.64)
Transferred to Retained earnings - (6.49)
(B) Securities premium Closing balance 134.46 39.19
(H in million)
(G) Impairment reserve
As at As at (H in million)
31 March, 2022 31 March, 2021
Opening balance 3,733.67 977.08 As at As at
Add: Addition during the year 279.29 2,908.16 31 March, 2022 31 March, 2021
Less: Utilised towards IPO expenses - (151.57) Opening balance 1.13 1.13
Closing balance 4,012.96 3,733.67 Changes during the year - -
Closing balance 1.13 1.13
(C) Retained earnings
(H in million) Nature and purpose of reserves
(A) General Reserve
As at As at Under the erstwhile Companies Act, 1956, general reserve was created through an annual transfer of net income at a specified
31 March, 2022 31 March, 2021
percentage in accordance with applicable regulations however, the same is not required to be created under Companies Act,
Opening balance 6,460.15 3,929.97 2013. This reserve can be utilised only in accordance with the specified requirements of Companies Act, 2013.
Add: Net profit for the year 6,248.05 2,968.56
Less: Interim dividend paid (2,088.82) (426.58) (B) Securities Premium
Transferred to Statutory Reserve (13.01) (5.79) Securities premium is used to record the premium received on issue of shares. The reserve can be utilised only for limited
Transferred from Equity-Settled share-based payment reserve - 6.49 purposes in accordance with the provisions of the Companies Act, 2013.
Less: Re-measurement loss on post employment benefit obligation (net of tax) (10.31) (12.50)
Closing balance 10,596.06 6,460.15 (C) Retained Earnings
Retained earnings are the profits that the Group has earned till date, less any transfers to generate reserve, dividends or other
(D) Statutory Reserve distributions paid to Shareholders. It also includes remeasurement gains and losses on defined benefit plans recognised in
other comprehensive income (net of taxes).
(H in million)
(D) Statutory Reserve

As at As at
31 March, 2022 31 March, 2021 As required by Section 45-IC of the RBI Act, 1934, the Group maintains a reserve fund and transfers there in a sum not less
Opening balance 71.12 65.33 than twenty per cent of its net profit every year as disclosed in the profit and loss account and before any dividend is declared.
Add: Transfer from retained earnings 13.01 5.79 The Group cannot appropriate any sum from the reserve fund except for the purpose specified by Reserve Bank of India from
time to time.
(E) Capital Reserve

(E) Capital Reserve
Capital reserve is utilised in accordance with provision of the Act.
(H in million)
(F) Equity-Settled share-based payment reserve

As at As at
31 March, 2022 31 March, 2021 This reserve is created by debiting the statement of profit and loss account with the value of share options granted to the
Opening balance 53.59 53.59 employees by the Group. Once shares are issued by the Group, the amount in this reserve will be transferred to Share capital,
Add: Changes during the year - - Securities premium or retained earnings. Further, if options are lapsed the amount in this reserve will be transferred to
retained earnings.
(G) Impairment Reserve

This reserve represents the difference of impairment allowance under Ind AS 109 and provision required under IRACP (Income
Recognition, Asset classification and Provisioning). This impairment reserve should not be reckoned for regulatory capital.
Further, no withdrawals are permitted from this reserve without the prior permission from the Department of Supervision,
RBI.

Corporate Overview
Statutory Reports
27. INTEREST INCOME 31. FINANCE COSTS


On Financial Assets measured at Amortised Cost On Financial liabilities measured at Amortised Cost
Interest on margin funding and delayed payment 2,529.20 1,196.03 Interest on borrowings 598.07 344.59
Interest Income from lending Activities 126.64 76.54 Interest on Debt Securities 61.92 -
Interest on fixed deposits under lien with stock exchanges 672.40 496.87 Interest on Lease liability 2.98 7.87
Total 3,328.24 1,769.44 Other interest expense 4.56 1.45
Bank guarantee and commission and other charges 53.94 35.43
28. FEES AND COMMISSION INCOME Total 721.47 389.34
(H in million)
32. IMPAIRMENT ON FINANCIAL INSTRUMENTS
31 March, 2022 31 March, 2021 The below table show impairment loss on financial instruments charge to statement of profit and loss based on category of
Brokerage 15,736.29 9,065.41 financial instrument.
Income from depository operations 1,263.56 888.77 (H in million)
Income from distribution activity 323.72 155.12
Other operating income 1,637.16 668.92 31 March, 2022 31 March, 2021
Total 18,960.73 10,778.22 Financial instruments measured at Amortised cost
Trade Receivable 1.04 7.79
29. NET GAIN ON FAIR VALUE CHANGES* Loans 0.53 4.21
(H in million) Bad debts written off (net) 113.71 334.04
Total 115.28 346.04
31 March, 2022 31 March, 2021
On financial instruments designated at fair value through profit or loss on Investments in mutual funds 297.08 89.18 33. EMPLOYEE BENEFITS EXPENSES
Total Net gain/(loss) on fair value changes 297.08 89.18 (H in million)
Fair Value changes:
-Realised 294.74 88.54 31 March, 2022 31 March, 2021
-Unrealised 2.34 0.64 Salaries and wages 2,418.23 1,558.70
* Fair value changes in this note are other than those arising on account of interest income/expense. Contribution to provident and other funds (Refer Note 39) 69.89 55.98
Gratuity and compensated absences expenses 41.55 30.52
30. OTHER INCOME Training and Recruitment expenses 76.27 43.47
(H in million) Expense on employee stock option scheme (Refer Note 40) 156.28 12.02
Staff welfare expenses 46.77 17.76
31 March, 2022 31 March, 2021 Total 2,808.99 1,718.45
Dividend income - 0.13
Income from co-branding 33.23 16.10 34. DEPRECIATION AND AMORTISATION EXPENSES
Bad debts recovered 79.56 74.91 (H in million)
Gain on cancellation of operating leases - 8.11
Profit/(loss) on sale of Property, plant and equipment (net) 0.98 - 31 March, 2022 31 March, 2021
Lease income from director 1.34 1.48 Depreciation on property, plant and equipment 136.37 111.91
Interest on deposits with banks 325.09 228.08 Depreciation on investment property 0.58 0.50
Interest on security deposits measured at amortised cost 2.16 6.10 Amortisation of intangible assets 25.88 27.42
Interest on trade receivables at amortised cost 4.30 6.01 Depreciation on right of use assets 23.58 43.77
Interest on income tax refund 0.05 0.19 Total 186.41 183.60
Miscellaneous Income 17.94 11.87
Total 464.65 352.98

Corporate Overview
Statutory Reports
35. OTHER EXPENSES (H in million)

(H in million)
31 March, 2022 31 March, 2021
31 March, 2022 31 March, 2021 Profits attributable to equity holders - from discontinuing operations (2.51) (12.02)
Rent, rates and taxes 46.28 26.43 Weighted average number of equity shares outstanding (A) 8,25,15,091 7,69,14,929
Communication Costs 223.18 85.70 Basic earnings per share (H) (FV of H10 each) (0.03) (0.16)
Printing and stationery 14.71 20.22 Add: Potential number of Equity share that could arise on exercise of Employee Stock options (B) 14,23,927 5,43,698
Advertisement and publicity 3,010.29 1,281.05 Weighted average number of shares used in computing Diluted Earnings per Equity 8,39,39,018 7,74,58,627
Director's fees, allowances and expenses 4.02 2.28 Share (A+B)
Legal and Professional charges 417.44 295.83 Diluted earnings per share (H) (FV of H10 each) (0.03) (0.16)
Insurance 5.98 3.80
Interest on service tax - 0.01 (H in million)
Software connectivity license/maintenance expenses 693.79 357.11
Travel and conveyance 117.48 86.01 31 March, 2022 31 March, 2021
Electricity 16.37 17.88 Profits attributable to equity holders - from total operations 6,248.05 2,968.56
Administrative support services 29.81 24.74 Weighted average number of equity shares outstanding (A) 8,25,15,091 7,69,14,929
Demat Charges 485.56 216.58 Basic earnings per share (H) (FV of H10 each) 75.72 38.60
Bank charges 24.99 17.99 Add: Potential number of Equity share that could arise on exercise of Employee Stock options (B) 14,23,927 5,43,698
Membership and subscription fees 26.13 11.22 Weighted average number of shares used in computing Diluted Earnings per Equity 8,39,39,018 7,74,58,627
Loss on cancellation of operating lease 0.75 - Share (A+B)
Loss on account of Error Trades (Net) 60.59 31.28 Diluted earnings per share (H) (FV of H10 each) 74.44 38.32
Repairs and maintenance

37. CONTINGENT LIABILITIES
- Building 6.16 9.59
(H in million)
- Others 16.29 7.08
Auditors' remuneration* 5.34 5.06 As at As at
Loss on sale/write off of Property, Plant and Equipment - 8.43 31 March, 2022 31 March, 2021
Office Expenses 15.48 15.64 Guarantees
Security guards expenses 7.00 5.83 (i) Bank guarantees with exchanges as margin/government authorities 9,801.50 4,181.50
Interest on income tax 13.35 15.82 Others
Corporate social responsibility expenses (refer note 49) 43.64 28.05 (i) Claims against the Group not acknowledged as debts* 91.06 54.83
Miscellaneous Expenses 64.38 37.31 (ii) Disputed income tax demands not provided for (Refer note (a) below) 101.44 101.44
Total 5,349.01 2,610.94 9,994.00 4,337.77
* Auditors' remuneration *Relates to legal claims filed against us by our customers in the ordinary course of business.
Note (a):
(H in million) Above disputed income tax demands not provided for includes:
(i) H7.53 million on account of disallowance made as speculation loss for Assessment Year 2012-13 vide reassessment order dated 15 December, 2017
31 March, 2022 31 March, 2021 passed by Assessing Officer. Company filed an appeal before CIT(A);
For Statutory audit fees 3.45 2.73
(ii) H93.91 million on account of disallowance made as speculation loss for Assessment Year 2009-10 considered by ITAT in favour of the Company.
Out of pocket expenses 0.05 0.02 Department filed an appeal before Hon'ble High Court of Bombay on 25 July, 2018;
GST audit fees - 0.20 Above disputed income tax demands does not include interest u/s 234B and u/s 234C of the Income Tax Act, 1961 as the same is not determinable till the
For other services (including Limited reviews and certificates) 1.84 2.11 final outcome. The management believes that the ultimate outcome of the above proceedings will not have a material adverse effect on the Company's
financial position and result of operations.
Total 5.34 5.06
38. CAPITAL COMMITMENTS
36. EARNING PER SHARE (EPS)
(H in million)
(H in million)
As at As at
Profits attributable to equity holders - from continuing operations 6,250.56 2,980.58 Capital commitment for purchase of property, plant and equipment and Intangible assets 85.43 9.53
Weighted average number of equity shares used in computing Basic Earnings per Equity Share (A) 8,25,15,091 7,69,14,929
Basic earnings per share (H) (FV of H10 each) 75.75 38.75
Add: Potential number of Equity share that could arise on exercise of Employee Stock options (B) 14,23,927 5,43,698
Weighted average number of shares used in computing Diluted Earnings per Equity 8,39,39,018 7,74,58,627
Share (A+B)
Diluted earnings per share (H) (FV of H10 each) 74.47 38.48

Corporate Overview
Statutory Reports
39. EMPLOYEE BENEFITS (ii) Amount recognised in balance sheet

(A) Defined Contribution Plans (H in million)
During the year, the Group has recognised the following amounts in the Statement of Profit and Loss
Present value of unfunded defined benefit obligation 69.32 56.13
31 March, 2022 31 March, 2021 Net liability recognised in Balance Sheet 69.32 56.13
Contribution to Provident and other Funds 69.89 56.11 Current benefit obligation 17.09 18.93
Non-current obligation 52.23 37.20
(B) Defined benefit plans Net liability recognised in Balance Sheet 69.32 56.13
Gratuity payable to employees
The Group’s liabilities under the Payment of Gratuity Act, 1972 are determined on the basis of actuarial valuation made at the (iii) Changes in the present value of defined benefit obligation (DBO)
end of each financial year using the projected unit credit method. (H in million)
The gratuity benefit is provided through unfunded plan and annual contributions are charged to the statement of profit and 31 March, 2022 31 March, 2021
loss. Under the scheme, the settlement obligation remains with the Group. Group accounts for the liability for future gratuity Present value of obligation at the beginning of the year 56.13 44.44
benefits based on an actuarial valuation. The net present value of the Group’s obligation towards the same is actuarially Interest cost on DBO 2.61 2.65
determined based on the projected unit credit method as at the Balance Sheet date. Current service cost 9.05 7.26
Benefits paid (12.27) (14.94)
The plan is of a final salary defined benefit in nature which is sponsored by the Group and hence it underwrites all the risks
pertaining to the plan. The actuarial risks associated are: Actuarial (gain)/ loss on obligations
- Effect of change in Financial Assumptions (0.99) 2.60
Discount rate - Effect of change in demographic assumptions 0.24 4.70
Discount Rate for this valuation is based on Government bonds having similar term to duration of liabilities. Due to lack of a - Experience (gains)/losses 14.55 9.42
deep and secondary bond market in India, government bond yields are used to arrive at the discount rate. Present value of obligation at the end of the year 69.32 56.13
The weighted average duration of defined benefit obligation is 3.06 years as at 31 March, 2022 (31 March, 2021: 3.05 years).
Mortality/disability
If the actual mortality rate in the future turns out to be more or less than expected then it may result in increase/decrease in (iv) Expense recognised in the Statement of Profit and Loss
the liability.
(H in million)
Employee turnover/withdrawal rate

31 March, 2022 31 March, 2021
If the actual withdrawal rate in the future turns out to be more or less than expected then it may result in increase/decrease Current service cost 9.05 7.25
in the liability.
Interest cost 2.61 2.65
Salary escalation rate Total expenses recognised in the Statement Profit and Loss 11.66 9.90
More/Less than expected increase in the future salary levels may result in increase/decrease in the liability.
(v) Expense recognised in the Other comprehensive income (OCI)
(i) Principal assumptions used for the purposes of the actuarial valuations (H in million)
31 March, 2022 31 March, 2021

31 March, 2022 31 March, 2021
Remeasurements due to -
Economic Assumptions
- Effect of change in financial assumptions (0.98) 2.60
Discount rate (per annum) 5.48% 5.10%
- Effect of change in demographic assumptions 0.23 4.70
Salary Escalation rate 3.00% 3.00%
- Effect of experience adjustments 14.55 9.42
Demographic Assumptions
Net actuarial (gains)/losses recognised in OCI 13.80 16.72
Mortality IALM (2012-14) IALM (2012-14)
Ultimate Ultimate
(vi) Quantitative sensitivity analysis
Employee turnover/Withdrawal rate
(A) Sales Employees (H in million)
(i) For service less than 4 years 92% 92%

31 March, 2022 31 March, 2021
Impact on defined benefit obligation
(B) Non-sales employees
Rate of discounting
(i) For service less than 4 years 48% 49%
1% increase (2.60) (2.10)
1% decrease 3.08 2.48
Retirement age 58 years 58 years
Rate of increase in salary
1% increase 3.34 2.63
1% decrease (2.77) (2.19)

Corporate Overview
Statutory Reports
(H in million) (b) The activity in ESOPS schemes during the year ended 31 March, 2022
31 March, 2022 31 March, 2021 Number of Number of

Number of RSUs Number of PSUs
Withdrawal rate option option
LTI Plan 2021 LTI Plan 2021
LTI Plan 2021 ESOP Plan 2018
1% increase 0.02 0.03
Options outstanding at the beginning of the year 7,05,504 - - 15,31,247
1% decrease (0.04) (0.05)
Granted during the year 1,87,580 1,89,733 3,67,872 -
(vii) Maturity profile of defined benefit obligation Forfeited during the year (1,62,169) (1,191) - (35,420)
Exercised during the year (81,707) - - (9,50,508)
(H in million)
Expired during the year - - - -
31 March, 2022 31 March, 2021 Options outstanding at the end of the year 6,49,208 1,88,542 3,67,872 5,45,319
Within next 12 months 17.55 19.40 Exercisable at the end of the year 1,18,242 - - 61,010
Between 2 and 5 years 40.04 33.16 Weighted average remaining contractual life 1.60 years 1.04 years 2.07 years 0.42 Years
Between 5 and 10 years 23.04 17.07 Weighted average Exercise price in K 467.44 10.00 10.00 211.51
Beyond 10 years 12.13 7.81 Range of exercise price in K 326.20 to 1,275.00 10.00 to 10.00 10.00 to 10.00 211.51 to 211.51
Total expected payments 92.76 77.44 The weighted average share price for 1,548.07 NA NA 913.38
options exercised during year in K
40. EMPLOYEE STOCK OPTION PLAN
The activity in ESOPS schemes during the year ended 31 March, 2021
(a) - On 26 April, 2018, the board of directors approved the Angel Broking Employee Stock Option Plan 2018 (ESOP Plan 2018) for
issue of stock options to the key employees and directors of the Company and its subsidiaries. According to the ESOP Plan
Number of Number of
2018, the employee selected by the Nomination and Remuneration Committee from time to time will be entitled to options,
option option
subject to satisfaction of the prescribed vesting conditions, viz. continuing employment and subject to performance LTI Plan 2021 ESOP Plan 2018
parameters defined in the ESOP Plan 2018.
Options outstanding at the beginning of the year - 22,57,600
Granted during the year 7,05,504 -
- On 28 January, 2021, the Board of Directors approved the Angel Broking Employee Long-Term Incentive Plan 2021 (LTI Plan
2021) for issue of Options, equity settled Restricted Stock Units (RSU) and Performance Stock Units (PSU) to the eligible Forfeited during the year - (6,98,770)
employees of the Company and its subsidiaries to attract, retain and motivate key talent, align individual performance with Exercised during the year - (27,583)
the Company objective by rewarding senior management and key high performing employees, subject to the approval of Expired during the year - -
shareholders . The shareholders approved the LTI Plan 2021 through Postal ballot on 05 March, 2021. According to the LTI Options outstanding at the end of the year 7,05,504 15,31,247
Plan 2021, the committee will decide which of the eligible employees should be granted Award units under the plan and Exercisable at the end of the year - 3,84,304
accordingly, the committee would offer the Award units to the identified employees under the Plan to the extent permissible
Weighted average remaining contractual life 2.5 years 0.74 years
by applicable laws. Selection of participants for a given year will be based on and include role scope, level, performance
Weighted average Exercise price in K 337.90 211.51
and future potential, manager recommendation and any other criteria as approved by the committee for the given year
subject to satisfaction of the prescribed vesting conditions, viz. continuing employment in case of options, continuing Range of exercise price in K 337.90 to 337.90 211.51 to 211.51
employment and performance parameters in case of PSUs. The weighted average share price for options exercised during year in K NA 337.47
Plan Description (c) T

he fair value of each option granted is estimated on the date of grant using the Black Scholes model with the following
inputs
Method of ESOP Plan 2018
Plan Name Vesting period Exercise period Life of option
settlement
24 months from the Grant Date - 25% Weighted average Share price Expected
Options under LTI Plan 2021 10 years from the Grant date 120 months Equity settled Exercise Expected Risk free Number of
36 months from the Grant Date - 25% Grant date fair value of at the grant dividend
48 months from the Grant Date - 25% options granted date yield
12 months from the Grant Date - 25% 11-May-18 20.13 211.51 211.51 28.44%- 40.95% 7.04%- 7.78% 30% 21,14,300
24 months from the Grant Date - 25% 01-Aug-18 7.26 211.51 142.37 31.30%-40.30% 7.14%-7.81% 30% 4,42,300
36 months from the Grant Date - 25% 15-Oct-18 2.78 211.51 103.17 34.21%-39.95% 7.47%-7.86% 30% 1,50,000
48 months from the Grant Date - 25% and 06 months from the date of
RSUs under LTI Plan 2021 18 months Equity settled 02-Nov-18 2.68 211.51 100.34 36.99%-41.46% 7.20%-7.63% 30% 90,000
12 months from the Grant Date - 100% and vesting
12 months from the Grant Date - 33.33% 18-Mar-19 2.18 211.51 95.31 40.03%-41.14% 6.58%-7.00% 30% 1,44,270
36 months from the Grant Date - 33.33% Life of options - The employees have a period of 1 year from each vesting date, to exercise their vested options. The management expects that these
options will be exercised immediately on its vesting.
06 months from the date of
PSUs under LTI Plan 2021 36 months from the Grant Date - 100% 42 months Equity settled
vesting
26 months after grant date - 20% 12 months from the date of the
Options under ESOP Plan 2018 62 months Equity settled
38 months after grant date - 30% last vesting of the Options

Corporate Overview
Statutory Reports
LTI Plan 2021 - Options

Weighted average Share price Expected price volatility interest rate Grants
Exercise Expected Risk free Number of options granted date yield
price volatility interest rate Grants 24-Dec-21 1,122.24 10.00 1,160.30 49.60% - 55.30% 4.29% - 5.65% 0.86% 6,208
30-Mar-21 112.01 337.90 295.80 48.19% - 50.20% 5.95% - 6.29% 3.38% 7,05,504 01-Feb-22 1,297.87 10.00 1,386.85 47.51% - 55.00% 4.42% - 5.90% 2.02% 1,570
26-Apr-21 166.99 326.20 366.40 48.02% - 49.05% 5.83% - 6.19% 2.73% 58,860 02-Mar-22 1,245.89 10.00 1,334.65 47.45% - 54.96% 4.55% - 5.96% 2.10% 11,725
26-Jul-21 756.87 807.90 1,229.60 47.60% - 49.30% 5.95% - 6.31% 0.81% 27,231 Life of options - The employees have a period of 6 months from vesting date, to exercise their vested options. The management expects that these
09-Aug-21 750.73 932.80 1,269.90 47.60% - 49.30% 5.97% - 6.33% 0.79% 11,256 options will be exercised towards end of the exercise period.
16-Aug-21 699.82 972.50 1,225.50 47.63% - 49.20% 5.95% - 6.32% 0.82% 24,164
LTI Plan 2021 - PSUs
02-Sep-21 649.35 1,057.00 1,159.40 51.99% - 54.23% 5.78% - 6.15% 0.86% 2,838
06-Sep-21 698.73 1,070.20 1,223.50 51.92% - 54.17% 5.74% - 6.11% 0.82% 11,867
13-Sep-21 752.72 1,095.20 1,295.60 51.85% - 54.14% 5.77% - 6.14% 0.77% 4,200 Weighted average Share price Expected
27-Sep-21 703.03 1,164.00 1,258.60 51.72% - 53.96% 5.78% - 6.14% 0.79% 3,780 price volatility interest rate Grants
20-Oct-21 792.71 1,275.00 1,398.00 51.58% - 53.95% 5.59% - 6.28% 0.72% 659 26-Apr-21 325.04 10.00 366.40 51.93% 4.13% 2.73% 3,67,872
08-Nov-21 655.37 1,273.60 1,232.30 51.49% - 53.88% 5.86% - 6.23% 0.81% 4,727
Life of options – The employees have a period of 6 months from vesting date, to exercise their vested options. The management expects that these
22-Nov-21 525.82 1,271.00 1,068.75 51.45% - 53.84% 5.84% - 6.20% 0.94% 3,068 options will be exercised towards end of the exercise period.
25-Nov-21 621.49 1,273.30 1,190.65 51.44% - 53.84% 5.86% - 6.22% 0.84% 3,141 The expected price volatility is based on the historic volatility (based on the remaining life of options), adjusted for any expected changes to future
03-Dec-21 581.63 1,265.90 1,139.05 51.39% - 53.83% 5.84% - 6.21% 0.88% 2,844 volatility due to publicly available information.
07-Dec-21 559.47 1,264.00 1,110.00 51.38% - 53.81% 5.87% - 6.23% 0.90% 1,582
14-Dec-21 606.21 1,252.90 1,166.95 51.33% - 53.76% 5.85% - 6.20% 0.86% 3,033 (d) Expense arising from share-based payment transaction
16-Dec-21 613.42 1,249.40 1,174.80 51.31% - 53.76% 5.86% - 6.21% 0.85% 1,921 (H in million)
21-Dec-21 619.05 1,244.00 1,178.75 51.29% - 53.74% 5.95% - 6.29% 0.85% 3,537
24-Dec-21 604.93 1,240.60 1,160.30 51.27% - 53.74% 5.94% - 6.29% 0.86% 3,224 31 March, 2022 31 March, 2021
02-Mar-22 662.13 1,255.60 1,334.65 50.91% - 53.21% 6.26% - 6.60% 2.10% 7,009 Expense arising from share-based payments 156.28 12.02
04-Mar-22 638.98 1,273.20 1,309.70 50.89% - 53.20% 6.31% - 6.67% 2.14% 8,639 Employee share-based payment expense recognised in statement of profit and loss 156.28 12.02
Life of options - The employees have a period of 10 years from grant date, to exercise their vested options. The management expects that these options 41. RELATED PARTY DISCLOSURES:
will be exercised over the average period of time.
(A) Names of related parties and nature of relationship
LTI Plan 2021 -RSUs Name of Related Party
(a) Individuals owning directly or indirectly interest in voting power that gives them control or significant influence
Exercise Expected Risk free Number of Mr. Dinesh Thakkar Chairman and Managing Director
options granted date yield (b) Relatives of above individuals
26-Apr-21 342.48 10.00 366.40 51.93% - 51.93% 4.13% - 4.13% 2.73% 91,968 Ms. Kanta Thakkar Wife of Mr. Dinesh Thakkar
26-Jul-21 1,196.08 10.00 1,229.60 48.86% - 54.63% 4.13% - 5.24% 0.81% 7,676
Mr. Vinay Thakkar Son of Mr. Dinesh Thakkar
09-Aug-21 1,231.79 10.00 1,269.90 48.93% - 54.48% 4.17% - 5.66% 0.79% 4,076
Mr. Ashok Thakkar Brother of Mr. Dinesh Thakkar
16-Aug-21 1,187.39 10.00 1,225.50 48.93% - 54.41% 4.12% - 5.63% 0.82% 6,353
Mr. Mahesh Thakkar Brother of Mr. Dinesh Thakkar
02-Sep-21 1,135.16 10.00 1,159.40 56.14% - 56.14% 4.17% - 4.17% 0.86% 6,242
06-Sep-21 1,185.36 10.00 1,223.50 55.46% - 59.08% 4.11% - 5.43% 0.82% 6,756
Mr. Shobraj Thakkar Brother of Mr. Dinesh Thakkar
13-Sep-21 1,257.44 10.00 1,295.60 55.28% - 58.95% 4.10% - 5.46% 0.77% 3,383 Dinesh Thakkar HUF HUF
16-Sep-21 1,253.59 10.00 1,291.75 55.04% - 58.88% 4.09% - 5.46% 0.77% 3,350 (c) Key Management Personnel
27-Sep-21 1,220.47 10.00 1,258.60 51.91% - 58.78% 4.16% - 5.48% 0.79% 3,239 Mr. Vinay Agrawal (Up to 17 April, 2021) Chief Executive Officer and Director
01-Oct-21 1,401.06 10.00 1,439.25 51.82% - 58.75% 4.20% - 5.49% 0.69% 1,986 Mr. Narayan Gangadhar (From 26 April, 2021) Chief Executive Officer
20-Oct-21 1,359.83 10.00 1,398.00 51.65% - 58.51% 4.18% - 5.58% 0.72% 276 Mr. Ketan Shah (From 05 May, 2021) Director and KMP
21-Oct-21 1,275.20 10.00 1,313.35 51.73% - 58.54% 4.17% - 5.56% 0.76% 3,260 Mr. Krishna Iyer (From 15 July, 2021) Director
08-Nov-21 1,194.19 10.00 1,232.30 50.55% - 58.09% 4.16% - 5.55% 0.81% 4,595 Mr. Kamalji Jagat Bhushan Sahay Independent Director
22-Nov-21 1,030.71 10.00 1,068.75 50.36% - 68.15% 4.15% - 5.53% 0.94% 4,068
Mr. Uday Sankar Roy Independent Director
25-Nov-21 1,152.55 10.00 1,190.65 50.33% - 57.73% 4.18% - 5.55% 0.84% 6,180
Ms. Anisha Motwani (Up to 15 September, 2021) Independent Director
03-Dec-21 1,100.97 10.00 1,139.05 50.52% - 56.61% 4.13% - 5.53% 0.88% 5,604
Ms. Mala Todarwal (From 20 October, 2021) Independent Director
07-Dec-21 1,071.95 10.00 1,110.00 50.44% - 56.56% 4.19% - 5.56% 0.90% 3,470
14-Dec-21 1,128.88 10.00 1,166.95 50.17% - 56.46% 4.22% - 5.56% 0.86% 2,394
Mr. Muralidharan Ramachandran (From 06 August, 2021) Independent Director
16-Dec-21 1,136.72 10.00 1,174.80 49.89% - 55.37% 4.25% - 5.57% 0.85% 1,780 Mr. Vineet Agrawal Chief Financial Officer
21-Dec-21 1,140.69 10.00 1,178.75 49.82% - 55.32% 4.43% - 5.65% 0.85% 3,574 Ms. Naheed Patel Company Secretary

Corporate Overview
Statutory Reports
(d) Relatives of above individuals (H in million)
Ms. Priti Shah (From 05 May, 2021) Spouse of Mr. Ketan Shah
Nature of Transactions 31 March, 2022 31 March, 2021
Mr. Rajendra Kumar Agrawal Father of Mr. Vineet Agrawal
Key Management Personnel
Ms. Shalini Agrawal Spouse of Mr. Vineet Agrawal Vinay Agrawal - 0.00
Ms. Aruna Narayan (From 26 April, 2021) Spouse of Mr. Narayan Gangadhar Ketan Shah 0.00 -
Mr. Ganesh Iyer (From 15 July, 2021) Brother of Mr. Krishna Iyer Vineet Agrawal 0.05 -
(e) Enterprises in which director and its relatives are member Naheed Patel 0.00 -
Nirwan Monetary Services Private Limited Relatives of Key Management Personnel
Angel Insurance Brokers and Advisors Private Limited Shalini Agrawal 0.25 -
Rajendra Kumar Agrawal 0.00 -
(B) Details of transactions with related party in the ordinary course of business for the year ended: Priti Shah 0.00 -
(H in million) Enterprises in which director and its relatives are member
Nirwan Monetary Service Private Limited 0.14 0.02
Nature of Transactions 31 March, 2022 31 March, 2021 Professional fees paid
Interest Received Individuals owning directly or indirectly interest in voting power that gives them control or significant
Enterprises in which director and its relatives are member influence and their relatives
Angel Insurance Brokers and Advisors Private Limited 0.02 0.02 Vijay Thakkar - 1.19
Remuneration Paid Directors' setting fees
Individuals owning directly or indirectly interest in voting power that gives them control or significant Key Management Personnel
influence and their relatives Anisha Motwani 0.56 0.64
Dinesh Thakkar 42.56 31.55 Kamalji Jagat Bhushan Sahay 1.16 0.84
Ashok Thakkar - 4.26 Uday Sankar Roy 1.12 0.80
Vijay Thakkar - 1.19 Krishna Iyer 0.48 -
Key management personnel and their relatives Mala Todarwal 0.30 -
Vinay Agrawal 1.92 26.71 Muralidharan Ramachandran 0.40 -
Narayan Gangadhar 32.00 - Dividend paid
Ketan Shah 15.00 - Individuals owning directly or indirectly interest in voting power that gives them control or significant
Vineet Agrawal 14.33 12.40 influence and their relatives
Naheed Patel 2.73 2.20 Dinesh Thakkar 412.51 84.66
Purchase of property Dinesh Thakkar HUF 15.18 3.11
Enterprises in which director and its relatives are member Kanta Thakkar 0.13 0.03
Nirwan Monetary Service Private Limited - 24.09 Ashok Thakkar 63.98 9.84
Lease income from furnished property Mahesh Thakkar 0.02 0.01
Individuals owning directly or indirectly interest in voting power that gives them control or significant Enterprises in which director and its relatives are member
influence and their relatives Nirwan Monetary Services Private Limited 149.21 30.62
Dinesh Thakkar 1.34 1.48 Key Management Personnel and their relatives
Business support services Vinay Agrawal 1.48 1.10
Enterprises in which director and its relatives are member Ketan Shah 0.72 -
Angel Insurance Brokers and Advisors Private Limited - 0.00 Vineet Agrawal 1.52 -
Income from broking activities Naheed Patel 0.00 -
Individuals owning directly or indirectly interest in voting power that gives them control or significant Loan Given
influence and their relatives
Ashok Thakkar - 0.05
Angel Insurance Brokers and Advisors Private Limited 0.04 0.05
Shobraj Thakkar 0.00 -
Vinay Thakkar 0.01 0.01
Kanta Thakkar - 0.00
Ganesh Iyer 0.02 -
Krishna Iyer 0.02 -
Aruna Narayan 0.00 -

Corporate Overview
Statutory Reports
(C) Amount due to/from related party: (H in million)

(H in million)
For the year ended 31 March, 2022 For the year ended 31 March, 2021
31 March, 2022 31 March, 2021 Broking Finance Health and Broking Finance Health and
and and allied and and allied
Other Receivables Particulars Unallocated Total Unallocated Total
related Investing fitness related Investing fitness
Individuals owning directly or indirectly interest in voting power that gives them control or significant services activities activities* services activities activities*
influence and their relatives Less: Income - - - 2,116.14 2,116.14 - - - 1,132.67 1,132.67
Dinesh Thakkar 7.50 7.50 taxes
Enterprises in which director and its relatives are member Profit after tax 6,248.05 2,968.56
Angel Insurance Brokers and Advisors Private Limited 0.23 0.19 Other
Information
Refer note 20 (b) for personal guarantee given by director against overdraft facilities obtained from banks.
Segment 185.88 0.53 2.91 - 189.32 182.09 1.51 5.33 - 188.93
No rent is charged on property taken from one of the directors which is used as an office by the Group. H7.50 million pertains to security deposits paid Depreciation
against the same property.
and
Provision for post-employment benefits like gratuity fund and leave encashment are made based on actuarial valuation on an overall Group basis are not Amortisation
included in remuneration to key management personnel.
Segment non- 310.97 2.14 - - 313.11 388.00 8.51 0.50 - 397.01
Amounts recoverable as mentioned above are unsecured and receivable in cash. cash expense
other than
Depreciation
42. SEGMENT INFORMATION
The Chief Operating Decision Maker (CODM) reviews the operations of the Group in three segment:
(H in million)
a) Broking and related services: Broking, advisory, third party product distribution, margin trade facility and other fee
For the year ended 31 March, 2022 For the year ended 31 March, 2021
based services.
Broking Finance Health and Broking Finance Health and
b) Finance and Investing Activities: Income from financing and investment activities Particulars
related Investing fitness
Unallocated Total
related Investing fitness
Unallocated Total
services activities activities* services activities activities*
c) Health and allied fitness activities: Income from fitness center operations Segment Assets 70,826.72 1,135.02 4.61 233.08 72,199.43 46,946.37 990.91 7.52 193.49 48,138.29
Segment 56,098.96 245.55 1.28 9.87 56,355.66 36,534.96 168.83 4.01 120.52 36,828.32
The Group's operating segments are reflected based on principal business activities, the nature of service, the differing risks Liabilities
and returns, the organisation structure and the internal financial reporting system.
Capital 697.48 - - - 697.48 110.97 - 0.03 - 111.00
Expenditure
Segment revenue, profit, assets and liabilities have been accounted for on the basis of their relationship to the operating (including
activities of the segment and amounts allocated on a reasonable basis. capital work-in-
(H in million) progress)
#Inter Segment revenue has been excluded from the total revenue of the group.
For the year ended 31 March, 2022 For the year ended 31 March, 2021 *The Group has discontinued the health and allied fitness activities with effect from 30 June, 2020. (Refer note 55)
Broking Finance Health and Broking Finance Health and
Inter segment pricing are at arm's length basis. Profit or loss on inter segment transfer are eliminated at the Group level.
Particulars Unallocated Total Unallocated Total
related Investing fitness related Investing fitness Segment information for secondary segment reporting (by geographical segments)
services activities activities* services activities activities*
The Group operates in one geographic segment namely within India, hence no geographical disclosures are required.
Segment
Revenue Information about major customers
External 19,382.48 8.38 - - 19,390.86 10,978.95 1.05 1.31 - 10,981.31 No customer individually accounted for more than 10% of the revenues in the year ended 31 March, 2021 and 31 March, 2022.
Revenue
(excluding 43. REVENUE FROM CONTRACTS WITH CUSTOMERS
interest income)
The Group has recognised following amounts relating revenue in the statement of profit and loss
Interest Income 3,533.15 126.64 - 0.05 3,659.84 1,933.09 76.54 0.08 0.19 2,009.90
(H in million)
Inter - Segment 2.50 8.44 - - 1.59 7.16 - -
Revenue#
31 March, 2022 31 March, 2021
Total Revenue 22,918.13 143.46 - 0.05 23,050.70 12,913.63 84.75 1.39 0.19 12,991.21
Type of services
Profit before 8,953.69 134.84 (2.92) 0.05 9,085.66 4,456.48 44.34 (9.75) 0.19 4,491.26
Total revenue from contract with customers 18,960.73 10,778.22
interest and tax
Less: Interest 672.46 49.01 - - 721.47 378.08 11.26 0.69 - 390.03
expense
Profit before 8,281.23 85.83 (2.92) 0.05 8,364.19 4,078.40 33.08 (10.44) 0.19 4,101.23
tax

Corporate Overview
Statutory Reports
Disaggregation of revenue from contracts with customers Short-term and low value lease:
Set out below is the disaggregated information on revenue from contracts with customers: Rental expense incurred and paid for short-term leases is H8.92 million (31 March, 2021: H8.73 million).
(H in million)
Rental expense incurred and paid for Low value leases is H NIL (31 March, 2021: H NIL).
31 March, 2022 31 March, 2021
COVID-19-related rent concessions (Amendment to Ind AS 116)
Primary geographical market
Within India 18,960.73 10,778.22 1. The Group has adopted the amendment to Ind AS 116 in its financial statements for all rent concessions that meet the
Outside India - - criteria and
Total 18,960.73 10,778.22
Timing of revenue recognition 2. As a result of above the Group has accounted for rent concessions of H NIL (31 March, 2021: H41.86 million) as negative
Services transferred at a point in time 18,739.67 10,492.06 variable lease payments in the statement of profit and loss.
Services transferred over a period of time 221.06 286.16
45. FAIR VALUE MEASUREMENT
Total 18,960.73 10,778.22
(A) Financial instrument by category
Contract Balances (H in million)
(H in million)
FVOCI FVTPL Amortised Cost
31 March, 2022 31 March, 2021
Financial Assets
Trade Receivables 5,653.24 2,276.95
Cash and cash equivalents - - 4,221.07
Revenue received in advance (contract liability)* 30.60 53.85
Bank Balance other than cash and cash equivalent - - 44,528.50
Trade Receivables - - 5,653.24
(H in million)
Loans - - 13,575.00
31 March, 2022 31 March, 2021
Other Financial assets - - 1,948.93
Amounts included in contract liability at the beginning of the year 53.85 103.38
* Applying practical expedient as given in Ind AS 115, the Company has not disclosed movement of contract liabilities as the performance obligation is
Financial Liabilities
part of a contract that has an original expected duration of one year or less.
Trade payables - - 40,668.10
44. LEASES Debt securities - - 245.67
Borrowings (other than debt securities) - - 12,331.65
Information about lease
The Group has taken office premises at certain locations on operating lease.
Total Financial liabilities - - 55,779.34
The changes in the carrying value of right of use assets (ROU) for the year ended 31 March, 2022 and 31 March, 2021 has been As at 31 March, 2021
disclosed in Note 16. Financial Assets
Cash and cash equivalents - - 820.44
The aggregate depreciation expense on ROU assets is included under depreciation and amortisation expense in the statement Bank Balance other than cash and cash equivalent - - 17,954.03
of Profit and Loss. Trade Receivables - - 2,276.95
Loans - - 11,284.93
The movement in lease liabilities has been disclosed in Note 20.
The below table provides the details regarding the contractual maturities of lease liabilities on an undiscounted basis: Other Financial assets - - 14,289.33
(H in million)
Financial Liabilities
As at As at Trade payables - - 22,764.29
31 March, 2022 31 March, 2021 Borrowings (other than debt securities) - - 11,714.69
Less than one year 11.73 27.62 Other financial liabilities - - 1,797.06
One to five years 7.30 39.73 Total Financial liabilities - - 36,276.04
More than five years 0.46 0.99
Total 19.49 68.34
The Group does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to
meet the obligations related to lease liabilities as and when they fall due.
The total cash outflows for leases are H29.72 million for the year ended 31 March, 2022 (31 March, 2021: H52.95 million).

Corporate Overview
Statutory Reports
(B) Fair Value hierarchy Interest rate risk exposure

The following is the hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: (H in million)
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. As at As at
31 March, 2022 31 March, 2021
evel 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
L Fixed rate borrowings including debt securities 271.76 70.69
(i.e. as prices) or indirectly (i.e. derived from prices). Variable rate borrowings 12,305.56 11,644.00
Total borrowings including debt securities 12,577.32 11,714.69
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
Interest rate sensitivity
The following table presents fair value hierarchy of assets measured at fair value on a recurring basis:
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and
(H in million) borrowings. With all other variables held constant, the Group’s profit before tax is affected through the impact on floating rate
borrowings, as follows:
Level 1 Level 2 Level 3 Total
(H in million)
Financial assets measured at fair value through profit or loss* Increase/
Effect on profit
Investment in equity instruments 0.00 - - 0.00 decrease in
before tax
basis points
Investment in mutual funds 186.52 - - 186.52
H 50 bp (61.53)
Financial assets measured at fair value through profit or loss*
Investment in equity instruments 0.00 - - 0.00 H (50 bp) 61.53
Investment in mutual funds 55.40 - - 55.40 As at 31 March, 2021

H 50 bp (58.22)
The carrying amount of cash and bank balances, trade receivables, loans, trade payables and other receivables and payables H (50 bp) 58.22
are considered to be the same as their fair values. The fair values of borrowings (lease liability) and security deposits were
calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the fair (ii) Foreign currency risk
value hierarchy due to the inclusion of unobservable inputs including own and counterparty credit risk.
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rates. As at each reporting date, the Group does not have exposure in foreign currency,
* Valuation techniques used to determine fair value
therefore it is not exposed to currency risk.
Specific valuation techniques used to value financial instruments includes investment in equity investment valued at quoted closing price on
stock exchange/other basis based on materiality and investment in mutual fund at closing NAV as at reporting period.
(B) Credit risk
46. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES Credit risk is the risk that the Group will incur a loss because its customers or counterparties fail to discharge their contractual
obligation. The Group manages and controls credit risk by setting limits on the amount of risk it is willing to accept for individual
The Group is exposed to various financial risks. These risks are categorised into market risk, credit risk and liquidity risk. The counterparties, and by monitoring exposures in relations to such limits.
Group's risk management is coordinated by the Board of Directors and focuses on securing long-term and short-term cash
flows. The Group does not engage in trading of financial assets for speculative purposes. The maximum exposure to credit risk for each class of financial instruments is the carrying amount of that class of financial
instruments presented in the financial statements. The Group’s major classes of financial assets are cash and cash equivalents,
(A) Market risk loans, term deposits, trade receivables and security deposits.
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises following types of risk: interest rate risk and currency risk. Financial instruments Cash and cash equivalents and term deposits with banks are considered to have negligible risk or nil risk, as they are maintained
affected by market risk include borrowings. with high rated banks/financial institutions as approved by the Board of directors. Security deposits are kept with stock
exchanges for meeting minimum base capital requirements. These deposits do not have any significant credit risk.
(i) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of The management has established accounts receivable policy under which customer accounts are regularly monitored. The
changes in market interest rates. The Group is exposed to interest rate risk arising mainly from borrowings with floating Group has a dedicated risk management team, which monitors the positions, exposures and margins on a continuous basis.
interest rates. The Group is exposed to interest rate risk because the cash flows associated with floating rate borrowings
will fluctuate with changes in interest rates. The Group manages the interest rate risks by maintaining a debt portfolio a) Expected credit loss
comprising a mix of fixed and floating rate borrowings. A) Trade receivables
The Group applies the Ind AS 109 simplified approach to measure expected credit losses which uses a lifetime
At the reporting date, the interest profile of the Group’s borrowings is as follows: expected loss allowance (ECL) for all trade receivables.
The application of simplified approach does not require the Group to track changes in credit risk. Rather, it recognises
impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

Corporate Overview
Statutory Reports
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk As per Ind AS 109, the maximum period to consider when measuring expected credit losses is the maximum
characteristics as follow: contractual period (including extension options) over which the Group is exposed to credit risk and not a longer
period, even if that longer period is consistent with business practice. Therefore, the maximum period to consider
• Receivable from Brokerage (Secured by collaterals mainly in form of Securities of listed Group) when measuring expected credit losses for these margin trading facilities is the maximum contractual period (i.e.
on demand/one day).
• Receivable from Exchange (Unsecured)
• Receivable from Depository (Secured by collaterals mainly in form of Securities of listed Group) For the computation of ECL, the margin trading facilities are classified into three stages as follows:
Receivable from Exchange (Unsecured): There are no historical loss incurred in respect of Receivable from Following table provides information about exposure to credit risk and ECL on Margin trading facility
exchange. Entire exposure/receivable as at each reporting period is received and settled within 7 days from
reporting period. Therefore, no ECL is recognised in respect of receivable from exchange.
Staging as per Ind AS 109 Receivable including interest
Receivable from Brokerage and depository: Group has large number of customer base with shared credit risk
characteristics. As per risk management policy of the Group, trade receivable to the extent not covered by collateral
(i.e. unsecured trade receivable) is considered as default and are fully written off as bad debt against respective
Stage 3 More than 90 days past due
trade receivables and the amount of loss is recognised in the Statement of Profit and Loss. Subsequent recoveries
of amounts previously written off are credited to the income statement as bad debts recovered. Trade receivable
of the Group is of short duration with credit period ranging up to maximum 30 days. In case of delay in collection, The Group does not have any margin trading facilities which may fall under stage 2 or stage 3.
the Group has right to charges interest (commonly referred as delayed payment charges) on overdue amount
for the overdue period. However, in case of receivable from depository, the Group doesn’t have right to charge ECL is computed as follow assuming that these receivables are fully recalled by the Group at each reporting period:
interest. Though credit period given to customer in respect of receivable from depository is very short, generally
there is significant delay in ultimate collection. The Group has computed expected credit loss due to significant EAD is considered as receivable including interest (net of write off).
delay in collection. Effective interest rate on these trade receivable for the purpose of computing time value loss
is considered as incremental borrowing rate. PD is considered at 100% for all receivables being the likelihood that the borrower would not be able to repay in the
very short payment period.
(H in million)
LGD is determined based on fair value of collateral held as at the reporting period. Unsecured portion is considered
As at As at
31 March, 2022 31 March, 2021 as LGD.
Trade receivable
ii) Loans against securities
Past due 1-30 days 5,542.13 2,167.45
In accordance with Ind AS 109, the Group applies expected credit loss model (ECL) for measurement and recognition
Past due 31-60 days 12.32 0.47 of impairment loss. The expected credit loss is a product of exposure at default (EAD), probability of default (PD)
Past due 61-90 days 5.22 0.24 and Loss given default (LGD). The financial assets have been segmented into three stages based on the risk profiles,
Past due more than 90 days 105.31 123.80 primarily based on past due.
Loss allowances (11.74) (15.01)
Net Carrying amount 5,653.24 2,276.95 Group has large number of customer base with shared credit risk characteristics. Loans against securities are
repayable by customer unconditionally in full on demand at the absolute discretion of the Group. Loan against
securities are secured by collaterals.
Movements in the allowances for impairment in respect of trade receivables and loans is as follows:
(H in million) As per Ind AS 109, the maximum period to consider when measuring expected credit losses is the maximum
contractual period (including extension options) over which the entity is exposed to credit risk and not a longer
As at As at period, even if that longer period is consistent with business practice. Therefore, the maximum period to consider
31 March, 2022 31 March, 2021
when measuring expected credit losses for these loans is the maximum contractual period (i.e. on demand/one
Opening Provision 15.01 13.23 day).
Creation/(utilisation) during the year (3.27) 1.78
Closing provision 11.74 15.01 For the computation of ECL, the loans against securities are classified into three stages as follows:
B) Loans
i) Margin Trading facilities: Staging as per Ind AS 109 Loan receivable including interest
I n accordance with Ind AS 109, the Group applies expected credit loss model (ECL) for measurement and Stage 1 0 to 30 days past due
recognition of impairment loss. The expected credit loss is a product of exposure at default (EAD), probability of Stage 2 31 to 90 days past due
default (PD) and Loss given default (LGD). The financial assets have been segmented into three stages based on Stage 3 More than 90 days past due
the risk profiles, primarily based on past due.
ECL is computed as follow assuming that these loans are fully recalled by the Group at each reporting period:
Group has large number of customer base with shared credit risk characteristics. Margin trading facilities are
secured by collaterals. As per policy of the Group, margin trading facilities to the extent covered by collateral and
EAD is considered as loan receivable including interest (net of write off).
servicing interest on a regular basis is not considered as due/default. Accounts becoming due/default are fully
written off as bad debt against respective receivables and the amount of loss is recognised in the Statement of
Profit and Loss. Subsequent recoveries of amounts previously written off are credited to the Statement of Profit
and Loss as bad debts recovered.

Corporate Overview
Statutory Reports
PD is considered at 100% for all loans receivables being the likelihood that the borrower would not be able to repay As at 31 March, 2021
in the very short payment period. Stage 1 Stage 2 Stage 3 Total
Impairment loss allowance - opening balance 1.34 0.14 5.06 6.54
LGD is determined based on fair value of collateral held as at the reporting period. Unsecured portion is considered Originated or new 0.13 0.02 0.37 0.52
as LGD. Matured or repaid (excluding write offs) (0.23) (0.01) (0.32) (0.56)
Transfer to/(from) stage 1 (0.37) - - (0.37)
Interest on Stage 3 assets is recognised based on net carrying amount of financial assets. PD and LGD of 100% is
applied on interest recognised on Stage 3 assets. Transfer to/(from) stage 2 - 0.12 - 0.12
Transfer to/(from) stage 3 - - 2.30 2.30
Default: Increase/(decrease) in ECL provision without changes in stages 1.94 - 0.26 2.20
As per risk management policy, all financial asset which are 90 days past due, are considered as ‘default’ unless Impairment loss allowance - Closing balance 2.81 0.27 7.67 10.75
the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is
more appropriate. Analysis of changes in the Loan amount:
(H in million)
Write-off policy:
The Group writes off financial assets, in whole or in part, when it has exhausted all practical recovery efforts and As at 31 March, 2022
has concluded there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation Stage 1 Stage 2 Stage 3 Total
of recovery include (i) ceasing enforcement activity and (ii) whether the Group’s recovery method is foreclosing Impairment loss allowance - opening balance 624.96 12.46 25.30 662.72
on collateral and the value of the collaterals is such that there is no reasonable expectation of recovering in full. Originated or new 99.11 0.68 1.83 101.62
Matured or repaid (excluding write offs) (87.45) (4.48) (7.23) (99.16)
The Group may write-off financial assets that are still subject to enforcement activity. The Group still seeks
Transfer to/(from) stage 1 (9.55) - - (9.55)
to recover the amount it is legally owed in full, but which have been partially written off due to no reasonable
Transfer to/(from) stage 2 - 37.33 - 37.33
expectation of full recovery.
Transfer to/(from) stage 3 - - 4.08 4.08
Following table provides information about exposure to credit risk and ECL on Loan Increase/(decrease) in ECL provision without changes in stages 184.58 (1.40) 2.22 185.40
Impairment loss allowance - Closing balance 811.65 44.59 26.20 882.44
(H in million)
(H in million)
As at As at
Stages
31 March, 2022 31 March, 2021
Stage 1 811.66 624.97 Stage 1 Stage 2 Stage 3 Total
Stage 2 44.58 12.46 Impairment loss allowance - opening balance 191.00 2.69 122.82 316.51
Stage 3 26.19 25.30 Originated or new 139.99 0.94 1.53 142.46
Less: Provision for expected credit loss (11.28) (10.75) Matured or repaid (excluding write offs) (47.58) (0.23) (2.86) (50.67)
Total Carrying value 871.15 651.98 Transfer to/(from) stage 1 90.08 - - 90.08
Transfer to/(from) stage 2 - 9.07 - 9.07
Analysis of changes in the Impairment loss allowance:
Transfer to/(from) stage 3 - - (96.71) (96.71)
(H in million)
Increase/(decrease) in ECL provision without changes in stages 251.48 - 0.52 252.00
As at 31 March, 2022 Impairment loss allowance - Closing balance 624.97 12.47 25.30 662.74
Stage 1 Stage 2 Stage 3 Total
Impairment loss allowance - opening balance 2.80 0.27 7.68 10.75 Comparison between the provisions required under the IRACP and the impairment allowance computed as per Ind AS 109:
Originated or new 1.08 0.07 0.19 1.34 (H in million)
Matured or repaid (excluding write offs) (0.10) (0.01) (1.19) (1.30)
Transfer to/(from) stage 1 (0.07) - - (0.07) As at 31 March, 2022
Transfer to/(from) stage 2 - (0.15) - (0.15) Difference
Gross Loss between
Transfer to/(from) stage 3 - - (0.06) (0.06) Asset Net carrying Provision
carrying allowance provision
Increase/(decrease) in ECL provision without changes in stages (0.79) - 1.56 0.77 Assets classification as per RBI norms classification amount as required as
amount as (Provision as as per Ind
as per Ind AS per Ind AS per IRACP
Impairment loss allowance - Closing balance 2.92 0.18 8.18 11.28 per Ind AS per Ind AS) AS 109 and
IRACP
(1) (2) (3) (4) (5) = (3)-(4) (6) (7) = (4)-(6)
(H in million) Performing Assets (PA)
Stage 1 811.66 2.92 808.74 2.03 0.89
Standard Stage 2 44.59 0.19 44.40 0.11 0.08
Stage 3 6.18 0.00 6.18 0.02 (0.02)
Sub-total for PA 862.43 3.11 859.32 2.16 0.95
Non-performing Assets (NPA)
Sub-standard Stage 3 6.24 0.78 5.46 0.55 0.23

Corporate Overview
Statutory Reports
As at 31 March, 2022 As at 31 March, 2021

Difference Difference
Gross Loss between Gross Loss between
Asset Net carrying Provision Asset Net carrying Provision
carrying allowance provision carrying allowance provision
Assets classification as per RBI norms classification amount as required as Assets classification as per RBI norms classification amount as required as
amount as (Provision as as per Ind amount as (Provision as as per Ind
as per Ind AS per Ind AS per IRACP as per Ind AS per Ind AS per IRACP
per Ind AS per Ind AS) AS 109 and per Ind AS per Ind AS) AS 109 and
IRACP IRACP
Doubtful-upto 1 year Stage 3 - - - - - Stage 1 624.96 2.81 622.15 1.56 1.25
Doubtful-up to 1 to 3 years Stage 3 8.44 2.30 6.14 1.27 1.03 Total Stage 2 12.46 0.27 12.19 0.03 0.24
Doubtful-More than 3 years Stage 3 - - - - - Stage 3 25.31 7.67 17.64 8.74 (1.07)
Loss Stage 3 5.33 5.09 0.24 5.25 (0.16) Total 662.73 10.75 651.98 10.33 0.42
Sub-total for NPA 20.01 8.17 11.84 7.07 1.10 Presented in compliance with RBI Notification number DOR (NBFC).CC.PD.No.109/22.10.106/2019-20 dated 13 March, 2020.
Other items such as guarantees, loan, Stage 1 - - - - -
commitments,etc which are in the scope of Ind Stage 2 - - - - - b) Collaterals
AS 109 but not covered under current IRACP Stage 3 - - - - - The Group holds collateral and other credit enhancements against certain of its credit exposures. The following table
Sub-total - - - - - sets out the principal types of collateral held against different types of financial assets.
Stage 1 811.66 2.92 808.74 2.03 0.89
Total Stage 2 44.59 0.19 44.40 0.11 0.08
Stage 3 26.18 8.17 18.02 7.09 1.08 Percentage of exposure that is subject to collateral
Instrument type As at As at Principal type of collateral held
Total 882.43 11.28 871.16 9.23 2.05
31 March, 2022 31 March, 2021
Loan against securities 98.72% 98.77% Shares and securities
Comparison between the provisions required under the IRACP and the impairment allowance computed as per Ind AS 109:
Margin trading facility 99.97% 99.96% Shares and securities
(H in million)
c) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they become due. The Group
Difference
manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities
Gross Loss between
Asset Net carrying Provision when due.
carrying allowance provision
Assets classification as per RBI norms classification amount as required as
amount as (Provision as as per Ind
as per Ind AS per Ind AS per IRACP
per Ind AS per Ind AS) AS 109 and The table below summarises the maturity profile of the Group’s financial liabilities:
IRACP
(1) (2) (3) (4) (5) = (3)-(4) (6) (7) = (4)-(6) The table below summarises the maturity profile of the Company’s financial liabilities as at 31 March, 2022
Performing Assets (PA) (H in million)
Stage 1 624.96 2.81 622.15 1.56 1.25
Borrowings
Standard Stage 2 12.46 0.27 12.19 0.03 0.24
(other than debt Other financial
Stage 3 0.31 - 0.31 0.00 (0.00) Debt securities Trade payables Total
Sub-total for PA 637.73 3.08 634.65 1.59 1.49 lease liability)
Non-performing Assets (NPA) 0-1 year 245.67 12,309.23 40,668.10 2,533.92 55,756.92
Sub-standard Stage 3 17.34 1.75 15.59 1.56 0.19 1-2 year - 3.42 - - 3.42
Doubtful – up to 1 year Stage 3 - - - - - 2-3 year - 1.42 - - 1.42
Doubtful – up to 1 to 3 years Stage 3 0.41 0.13 0.28 0.07 0.06 3-4 year - 0.51 - - 0.51
Doubtful – More than 3 years Stage 3 - - - - - Beyond 4 years - - - - -
Loss Stage 3 7.25 5.79 1.46 7.11 (1.32) Total 245.67 12,314.58 40,668.10 2,533.92 55,762.27
Sub-total for NPA 25.00 7.67 17.33 8.74 (1.07)
Other items such as guarantees, loan, Stage 1 - - - - -
commitments,etc which are in the scope of Ind Stage 2 - - - - -
AS 109 but not covered under current IRACP Stage 3 - - - - -
Sub-total - - - - -

Corporate Overview
Statutory Reports
The table below summarises the maturity profile of the Company’s financial liabilities as at 31 March, 2021 (H in million)
(H in million)
As at
Borrowings 31 March, 2021
(other than debt Other financial Current (Less Non-Current (More
Trade payables Total Total
securities and liabilities than 12 months) than 12 months)
lease liability) Assets
0-1 year 11,650.83 22,764.29 1,797.06 36,212.18 Cash and cash equivalents 820.44 - 820.44
1-2 year 4.65 - - 4.65 Bank Balance other than cash and cash equivalents 17,912.13 41.90 17,954.03
2-3 year 4.16 - - 4.16 Trade Receivables 2,276.95 - 2,276.95
3-4 year 1.42 - - 1.42 Loans 11,284.93 - 11,284.93
Beyond 4 years 0.51 - - 0.51 Investments 55.40 0.00 55.40
Total 11,661.57 22,764.29 1,797.06 36,222.92 Other Financial assets 14,138.96 150.37 14,289.33
Current tax assets (Net) - 14.82 14.82
47. MATURITY ANALYSIS OF ASSETS AND LIABILITIES Deferred tax assets (Net) - 47.02 47.02
The below table shows an analysis of assets and liabilities analysed according to when they are expected to be recovered Investment Property - 33.94 33.94
or settled. Property, Plant and Equipment - 1,004.43 1,004.43
(H in million) Intangible assets under development - 1.83 1.83
Intangible assets - 54.73 54.73
As at
31 March, 2022 Right to use assets - 55.18 55.18
Current (Less Non- Current (More Other non-financial assets 107.23 138.03 245.26
Total
than 12 months) than 12 months) Total Assets 46,596.04 1,542.25 48,138.29
Assets Liabilities
Cash and cash equivalents 4,221.07 - 4,221.07 Trade Payables 22,764.29 - 22,764.29
Bank Balance other than cash and cash equivalents 43,850.77 677.73 44,528.50 Borrowings (other than debt securities) 11,677.15 37.54 11,714.69
Trade Receivables 5,653.24 - 5,653.24 Other Financial liabilities 1,797.06 - 1,797.06
Loans 13,575.00 - 13,575.00 Current tax liabilities (Net) 120.52 - 120.52
Investments 186.52 0.00 186.52 Provisions 33.48 57.51 90.99
Other Financial assets 1,827.84 121.09 1,948.93 Other non-financial liabilities 340.77 - 340.77
Current tax assets (Net) - 21.41 21.41 Total Liabilities 36,733.27 95.05 36,828.32
Deferred tax assets (Net) - 18.47 18.47
Investment Property - 33.36 33.36 48. CAPITAL MANAGEMENT
Property, Plant and Equipment - 1,402.07 1,402.07 The group manages its capital structure and makes necessary adjustments in light of changes in economic conditions and the
Intangible assets under development - 119.96 119.96 requirement of financial covenants. To maintain or adjust the capital structure, the group may adjust the dividend payment
Other Intangible assets - 65.63 65.63 to shareholders, return on capital to shareholders, issue new shares or raise/repay debt.
Right to use assets - 17.20 17.20
For the purpose of the Group’s capital management, capital includes issued equity capital and all other equity reserves
Other non-financial assets 208.03 200.04 408.07
attributable to the equity holders. The primary objective of the Group’s capital management is to maximise the shareholder
Total Assets 69,522.47 2,676.96 72,199.43 value and to ensure the Group's ability to continue as a going concern. There is no non-compliance with any covenants
Liabilities of borrowings.
Trade Payables 40,668.10 - 40,668.10 (H in million)
Debt securities 245.67 245.67
Borrowings (other than debt securities) 12,320.32 11.33 12,331.65 As at As at
31 March, 2022 31 March, 2021
Other financial liabilities 2,533.92 - 2,533.92
Borrowings including debt securities 12,577.32 11,714.69
Less: cash and cash equivalents (Note 4) (4,221.07) (820.44)
Provisions 47.94 73.09 121.03
Net debt (i) 8,356.25 10,894.25
Other non-financial liabilities 445.42 - 445.42
Total equity (ii) 15,843.77 11,309.97
Total Liabilities 56,271.24 84.42 56,355.66
Total capital (iii= i+ii) 24,200.02 22,204.22
Gearing ratio (i)/(iii) 35 % 49 %

Corporate Overview
Statutory Reports
49. CORPORATE SOCIAL RESPONSIBILITY (CSR) EXPENSES 54. A

DDITIONAL INFORMATION PURSUANT TO REQUIREMENT OF SCHEDULE III TO THE COMPANIES ACT, 2013 UNDER GENERAL
Gross amount required to be spent by the Group during the year H43.64 million (Previous year H28.05 million ) INSTRUCTIONS FOR PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
Amount spent during the year ending on 31 March, 2022: a) Net assets
(H in million)
(H in million)
31 March, 2022 31 March, 2021

Yet to be paid
In Cash Total % of % of
in cash Name of the entity
Consolidated Amount Consolidated Amount
Construction/acquisition of any asset - - - net assets net assets
On purpose of other than (i) above 43.64 - 43.64 Holding Company
Angel One Limited (formerly known as Angel Broking Limited) 99% 15,541.82 99% 11,107.42
Amount spent during the year ending on 31 March, 2021: Subsidiaries (Indian)
(H in million) Angel Financial Advisors Private Limited 0% 50.25 0% 47.87
Angel Fincap Private Limited 2% 394.05 3% 327.53
Yet to be paid
In Cash Total Angel Securities Limited 0% 45.76 0% 43.16
in cash
Construction/acquisition of any asset - - - Angel Digitech Services Private Limited (formerly known as Angel (1%) (213.34) (2%) (239.13)
Wellness Private Limited)
On purpose of other than (i) above 28.05 - 28.05
Mimansa Software Systems Private Limited 0% 25.23 0% 23.12
50. T
he Company, in the previous year, has completed the Initial Public Offering (IPO) of 1,96,07,835 Equity Shares of Face Value Total 100% 15,843.77 100% 11,309.97
of H10 each for cash at a price of H306 per Equity Share aggregating to H6,000 million comprising a Fresh Issue of 98,03,921
Equity Shares aggregating to H3,000 million and on offer for sale of 98,03,914 Equity Shares aggregating to H3,000 million. b) Share in profit or loss
Pursuant to the IPO, the Equity Shares of the Company got listed on National Stock Exchange (NSE) and Bombay Stock (H in million)
Exchange (BSE) on 05 October, 2020.
31 March, 2022 31 March, 2021
The details of utilisation of IPO proceeds of H2,831.70 million, net of IPO expenses of the Company are as follows: % of % of
Name of the entity
(H in million) Consolidated Amount Consolidated Amount
net profit/(loss) net profit/(loss)
Utilised up to Unutilised up to Utilised up to Unutilised up to Holding Company
Particulars Total amount
31 March, 2021 31 March, 2021 31 March, 2022 31 March, 2022 Angel One Limited (formerly known as Angel Broking Limited) 99% 6,165.98 99% 2,947.73
Working capital requirements 2,300.00 2,300.00 - 2,300.00 - Subsidiaries (Indian)
General corporate purposes 531.70 506.41 25.29 531.70 - Angel Financial Advisors Private Limited 0% (4.88) 0% 6.09
Total utilised/Unutilised funds 2,831.70 2,806.41 25.29 2,831.70 - Angel Fincap Private Limited 1% 80.33 1% 34.49
Angel Securities Limited 0% (1.79) 0% (8.14)
51. A
dditional regulatory information required under (WB) (xvi) of Division III of Schedule III amendment, disclosure of ratios, is
Angel Digitech Services Private Limited (formerly known as Angel 0% 15.87 (0%) (4.76)
not applicable to the Company as it is in broking business and not an NBFC registered under Section 45-IA of Reserve Bank Wellness Private Limited)
of India Act, 1934.
Mimansa Software Systems Private Limited (0%) (7.46) (0%) (6.85)
52. Q
uarterly statements of current assets filed with banks and financial institutions for fund borrowed from those banks and Total 100% 6,248.05 100% 2,968.56
financial institutions on the basis of security of current assets are in agreement with the books of account.
c) Share in Other Comprehensive Income
53. DISCLOSURE OF INTEREST IN SUBSIDIARIES (H in million)
The consolidated financial statements include the financial statements of Company and its subsidiaries. Group does not have
any joint ventures or associates. Angel One Limited (formerly known as Angel Broking Limited) is the ultimate parent company 31 March, 2022 31 March, 2021
of the Group. Name of the entity % of % of
OCI OCI
Significant subsidiaries of Group are:
Holding Company
Angel One Limited (formerly known as Angel Broking Limited) 96% (9.85) 92% (11.57)
Place of business/ Country As at As at
Name of the entity Subsidiaries (Indian)
of incorporation 31 March, 2022 31 March, 2021
Angel Financial Advisors Private Limited 5% (0.49) 2% (0.22)
Angel Financial Advisors Private Limited India 100% 100%
Angel Fincap Private Limited (1%) 0.07 5% (0.57)
Angel Fincap Private Limited India 100% 100%
Angel Securities Limited 0% - 0% 0.01
Angel Securities Limited India 100% 100%
Angel Digitech Services Private Limited (formerly known as Angel 0% (0.01) 1% (0.10)
Angel Digitech Services Private Limited (Formerly known as Angel India 100% 100%
Mimansa Software Systems Private Limited 0% (0.03) 0% (0.05)
Mimansa Software Systems Private Limited India 100% 100%
Total 100% (10.31) 100% (12.50)

Corporate Overview
Statutory Reports
d) Share in Total Comprehensive Income b) Cash Flow Statement


Name of the entity % of % of Net cash used in operating activities (0.04) (36.58)
Net cash used in investing activities - (0.03)
TOCI TOCI
Net cash flows from financing activities 0.04 29.81
Holding Company
Angel One Limited (formerly known as Angel Broking Limited) 99% 6,156.13 99% 2,936.16
56. SUBSEQUENT EVENTS:
Subsidiaries (Indian)
There were no significant events after the end of the reporting period which require any adjustment or disclosure in the
Angel Financial Advisors Private Limited 0% (5.37) 0% 5.87
financial statements other than as stated below:
Angel Fincap Private Limited 1% 80.40 1% 33.92
Angel Securities Limited 0% (1.79) 0% (8.13) The Board of Directors, through circular resolution on 01 April, 2022 declared a fourth interim dividend of H7.00 per equity
Angel Digitech Services Private Limited (formerly known as Angel 0% 15.86 0% (4.86) share. The Board of Directors have further recommended a final dividend of H2.25 per equity share for the financial year ended
Wellness Private Limited) 31 March, 2022. Payment of the final dividend is subject to its approval by the shareholders, in the ensuing Annual General
Mimansa Software Systems Private Limited 0% (7.49) 0% (6.90) Meeting of the Company.
Total 100% 6,237.74 100% 2,956.06
57. T
he Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits
55. NOTE ON DISCONTINUED OPERATIONS received Presidential assent in September, 2020. The Code has been published in the Gazette of India. However, the date on
which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The
The economic environment on account of Covid 19 posed significant challenges to the Gym and Healthcare business. After
Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the
evaluating various options relating to sustainability of this business, Board of Directors of the Company has decided in its
Code becomes effective.
meeting dated 23 June, 2020 to discontinue/abandon this line of business with effect from 30 June, 2020.
58. T
he financial statements of the Group were authorised for issue in accordance with a resolution of the directors on 20 April,
However, Management of subsidiary company has entered into new business activities and is using existing resources to
2022.
continue for the foreseeable future. Management of subsidiary company is using the assets pertaining to Gym and Healthcare
business as part of new business activities and accordingly, all assets and liabilities have been carried at the book value and
have not classified as Held for Sale.
Further, as per the requirements of accounting standards, Discontinued operations are excluded from the results of continuing For S.R. Batliboi & Co. LLP For and on behalf of the Board of Directors
operations and are presented separately as profit or loss from discontinued operations in the Statement of Profit and Loss. Firm Registration No.: 301003E/E300005
a) Financial performance:
(H in million) Viren H. Mehta Dinesh Thakkar Narayan Gangadhar
31 March, 2022 31 March, 2021 Membership No.: 048749 DIN: 00004382
INCOME
(a) Revenue from operations - -
Company Secretary Chief Financial Officer
(b) Other income - 1.39
Membership No.: ACS22506
Total income (I) - 1.39
EXPENSES Place: Mumbai Place: Mumbai
(a) Finance costs - 0.69 Date: 20 April, 2022 Date: 20 April, 2022
(b) Employee benefits expenses - 3.63
(c) Depreciation expense 2.91 5.33
(d) Other expenses 0.01 2.18
Total expense (II) 2.92 11.83
Profit/(Loss) before tax (I-II=III) (2.92) (10.44)
Deferred Tax (0.41) 1.58
Total tax expense (IV) (0.41) 1.58
Loss for the year after tax (III-IV=V) (2.51) (12.02)

Notes CORPORATE INFORMATION
BOARD OF DIRECTORS
Mr. Dinesh Thakkar Ms. Mala Todarwal
Chairman and Managing Director Non-Executive Independent Director
Mr. Ketan Shah Mr. Muralidharan Ramachandran
Whole-time Director Non-Executive Independent Director
Mr. Uday Sankar Roy Mr. Krishna Iyer
Non-Executive Independent Director Non-Executive Director
Mr. Kamalji Sahay
Non-Executive Independent Director
MANAGEMENT
Mr. Narayan Gangadhar Mr. Ankit Rastogi
Chief Executive Officer Chief Product Officer
Mr. Ketan Shah Mr. Bhavin Parekh
Chief Strategy Officer Head – Operations, Risk and Surveillance
Mr. Jyotiswarup Raiturkar Dr. Pravin Bathe
Chief Technology Officer Chief Legal and Compliance Officer
Mr. Subhash Menon Mr. Devender Kumar
Chief Human Resources Officer Head – Online Revenue
Mr. Prabhakar Tiwari
Chief Growth Officer
CHIEF FINANCIAL OFFICER SECRETARIAL AUDITOR REGISTERED OFFICE

Mr. Vineet Agrawal M/s. MMJB & Associates LLP G-1, Ground Floor, Akruti Trade
Practising Company Secretaries Centre, Road No. 7, MIDC, Andheri
East, Mumbai-400 093.
COMPANY SECRETARY & REGISTRAR & SHARE CORPORATE OFFICE

COMPLIANCE OFFICER TRANSFER AGENT 6th Floor, Ackruti Star,
Ms. Naheed Patel Link Intime India Private Limited Central Road, MIDC, Andheri East,
C 101, 247 Park, L.B.S. Marg, Mumbai-400 093.
Vikhroli West, Mumbai - 400083.
STATUTORY AUDITORS CORPORATE

M/s. S. R. Batliboi & Co. LLP
IDENTIFICATION NUMBER
(CIN): L67120MH1996PLC101709
REGISTERED OFFICE:
G-1, Ground Floor, Akruti Trade
Centre, Road No. 7, MIDC,
Andheri East, Mumbai-400 093.
www.angelone.in

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Annual Report- 2021-22

Technology and product highlights 22

`23,051 mn `8,554 mn 1,379 610

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Chairman and Managing Director’s Statement

‘Main Street’ meets

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Chairman and Managing Director’s Statement

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Message from the CEO

The innovation engine

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Message from the CEO

non-executive members of the Board work from anywhere employees

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The numbers that make us proud

MARKET SHARE IN NSE RANK IN NSE ACTIVE

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Technology and Product highlights

Upping our technology Today we are better prepared to

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We have invested in setting up a central

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Technology and product highlights

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Broking and OUR DIGITAL PLATFORMS

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