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Parsvnath Developers Ltd (PARSVNATH) -BSE
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Directors Report

Dear Shareholders,

Your Directors have pleasure in presenting the 27th Annual Report, together with the Audited Financial Statements of the Company for the financial year ended March 31, 2018.


[ in lakhs]

FY 2017-18 FY 2016-17 FY 2017-18 FY 2016-17
Total Revenue 16,040.39 27,468.27 21,008.12 30,653.08
Profit/ (loss) before depreciation and tax (13,016.55) (3,325.45) (32,929.09) (13,319.37)
Less: Depreciation 1,079.23 852.17 3,023.64 2,794.09
Profit/ (loss) before tax (14,095.78) (4,177.62) (35,952.73) (16,113.46)
Less: Provision for taxation (2,360.93) (694.48) (3,557.05) (1,224.21)
Profit/ (loss) after tax (11,734.85) (3,483.14) (32,395.68) (14,889.25)
Share of Profit/(loss) in Associates - - 1.93 2.21
Profit/ (loss) for the year (11,734.85) (3,483.14) (32,393.75) (14,887.04)
Other comprehensive income (36.37) (18.92) (36.37) (18.92)
Total comprehensive income for the year (11,771.22) (3,502.06) (32,430.12) (14,905.96)
Net profit/(loss) attributable to:
a) Owners of the holding company (11,771.22) (3,502.06) (31,742.88) (14,474.94)
b) Non-controlling interest - - (687.24) (431.02)
Balance brought forward (including other comprehensive income) 76,170.78 87,475.34 54,994.32 82,271.76
Add: Profit/(loss) for the year attributable to shareholders of the (11,771.22) (3,502.06) (31,742.88) (14,474.94)
Less: Transferred to Debenture Redemption Reserve 225.00 7,802.50 225.00 12,802.50
Closing balance (including other comprehensive income) 64,174.56 76,170.78 23,026.44 54,994.32


In view of loss incurred during the financial year ended March 31,

2018 coupled with constrained liquidity position of the Company, your Directors have considered it appropriate not to recommend any dividend. The Company has not transferred any amount to General Reserve during the Financial Year 2017-18.


During the year under review, on consolidated basis, the Company has earned total revenue of 21,008.12 lakhs as against 30,653.08 lakhs in 2016-2017 and incurred a Net loss of 32,393.75 lakhs as against a net loss of 14,887.04 lakhs in 2016-2017. Earnings per Share (EPS) of the Company stood at -2.70 on stand-alone basis and -7.29 on consolidated basis in 2017-2018.

A detailed business-wise review of the operations of the Company is included in the Management Discussion and Analysis section of this Annual Report.


The Management Discussion and Analysis Report, forming part of the Board's Report for the year under review, as stipulated under Regulation 34 (2)(e) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), is discussed in a separate section of this Annual Report.


At the beginning of the year, your Company had seventeen subsidiary companies. The project-specific or sector-specific subsidiary companies ensure maximum utilization of available resources through focused attention on specific activities.

During the year under review, Farhad Realtors Private Limited (“FRPL”) has become a wholly owned subsidiary of the Company, consequent upon the acquisition of 10,000 equity shares, with effect from July 29, 2017.

Subsequent to year under review:

??Parsvnath Rail Land Projects Pvt. Ltd. (PRLPPL) has become a subsidiary of the Company in terms of Section 2(87) of the Companies Act, 2013, pursuant to MCA notification dated May 07, 2018.

??The Company has, pursuant to the Securities Purchase Agreement dated June 21, 2018, acquired 4,90,000 Class A Shares and 1,00,000 Class B Shares from Anuradha SA Investments LLC, Mauritius (Investor 1) and 87,51,000 Series A Fully Convertible Debentures from Anuradha Ventures Limited, Cyprus (Investor 2), of Parsvnath Buildwell Private Limited (“PBPL”), a subsidiary company and SPV for implementing a premium residential project viz.”Parsvnath Exotica” in Ghaziabad (UP).

As at March 31, 2018, Parsvnath Estate Developers Pvt. Ltd. (PEDPL) was a “material subsidiary” as defined under Regulation 16(1)(c) of the Listing Regulations.

Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 (“Act”), a statement containing brief financial details of the Company's subsidiaries, associate companies and joint ventures for the financial year ended March 31, 2018 in Form AOC-1 is attached to the financial statements of the Company. The details as required under Rule 8 of the Companies (Accounts) Rules, 2014 regarding the performance and financial position of each of the subsidiaries and associate companies forms part of the Consolidated Financial Statements of the Company for the financial year ended March 31, 2018.

Pursuant to the provisions of Section 136 of the Act, the financial statements of the Company, including consolidated financial statements alongwith relevant documents and separate audited accounts in respect of its subsidiary companies are available on the website of the Company. The annual accounts of these subsidiaries and the related detailed information will be made available to any Shareholder of the Company/its subsidiaries seeking such information at any point of time and will also be kept open for inspection by any Shareholder of the Company/its subsidiaries at the registered office of the Company and that of the respective companies between 11.00 a.m. and 1.00 p.m. on all working days. The Company shall furnish a copy of detailed annual accounts of such subsidiaries to any Shareholder on demand.


I n accordance with the provisions of the Act and implementation requirements of Indian Accounting Standards (Ind- AS') Rules on accounting and disclosure requirements and Regulation 33 of the Listing Regulations, the Audited Consolidated Financial Statements are provided in this Annual Report.


During the year under review, the Company has issued Series XVI (Issue–II), (Issue-III), (Issue-IV) and (Issue-V) 19% Secured Redeemable Non-Convertible Debentures (NCDs) aggregating to 900 lakhs.


During the year under review, the Company has not accepted fixed deposits from the public.


During the year under review, there has been no change in the composition of the Board of Directors.

Your Company has received annual declarations from all the Independent Directors of the Company confirming that they meet with the criteria of Independence provided in Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations and there has been no change in the circumstances which may affect their status as Independent Director during the year.

During the year, the Non-Executive Directors of the Company had no pecuniary relationship or transactions with the Company, apart from receiving Directors' remuneration.

In accordance with the applicable provisions of the Act read with the Articles of Association of the Company, Shri Sanjeev Kumar Jain (DIN: 00333881), Director of the Company, will retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

The Notice convening the ensuing 27th Annual General Meeting includes the proposal for re-appointment of Shri Sanjeev Kumar Jain as stated above. Further, as required under the Listing Regulations and Secretarial Standard on General Meetings, his brief resume is furnished in the explanatory statement to the Notice convening the ensuing Annual General Meeting.

10. BO COMMITTEES ARD Audit Committee

The Audit Committee comprises Shri Mahendra Nath Verma (Chairman), Shri Sanjeev Kumar Jain, Shri Ashok Kumar, Dr. Pritam Singh and Ms. Deepa Gupta. All members except Shri Sanjeev Kumar Jain are Non-Executive Independent Directors of the Company. Shri V. Mohan, Sr. Vice President (Legal) & Company Secretary acts as the Secretary to the Committee.

CSR Committee

The Committee comprises five directors including two

Executive Directors viz. Shri Pradeep Kumar Jain and Shri Sanjeev Kumar Jain and three Non-Executive Independent Directors viz. Shri Ashok Kumar, who is also the Chairman of the Committee, Ms. Deepa Gupta and Shri Mahendra Nath Verma. Shri V. Mohan, Sr. Vice President (Legal) & Company Secretary acts as the Secretary to the Committee.

Nomination and Remuneration Committee

The Committee comprises Dr. Pritam Singh (Chairman), Shri Ashok Kumar, Shri Mahendra Nath Verma and Ms. Deepa Gupta, all being Non-Executive Independent Directors. Shri V. Mohan, Sr. Vice President (Legal) & Company Secretary acts as the Secretary to the Committee.

Stakeholders Relationship Committee

The Committee comprises Shri Ashok Kumar, Non-Executive

Independent Director (Chairman), Shri Sanjeev Kumar Jain and Dr. Rajeev Jain. Shri V. Mohan, Sr. Vice President (Legal) & Company Secretary acts as the Secretary to the Committee and is the Compliance Officer.

Shares Committee

The Committee comprises three members viz. Shri Pradeep Kumar Jain, Shri Sanjeev Kumar Jain and Dr. Rajeev Jain. Shri Pradeep Kumar Jain is the Chairman of the Committee and Shri V. Mohan, Sr. Vice President (Legal) & Company Secretary acts as the Secretary to the Committee.

A detailed note on the Committees of the Board of Directors is given in the Corporate Governance Report which forms part of this Report.


Seven meetings of the Board of Directors were held during the year. For details of the meetings of the Board, please refer to the Corporate Governance Report, which forms part of this Report.



The Board confirms that, during the period under review, the Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI), as amended from time to time.


The Board of Directors has carried out an annual evaluation of its own performance and that of its committees and individual Directors, pursuant to the provisions of the Act, based on the criteria recommended by the Nomination and Remuneration Committee. Pursuant to Regulation 17 (10) read with Schedule II to the Listing Regulations and Schedule IV to the Act, the performance evaluation of the Independent Directors was carried out by the entire Board, excluding the Director being evaluated.

A separate meeting of the Independent Directors was held, inter-alia, to review the performance of Non-Independent Directors and the Board as a whole, to review the performance of the Chairperson of the Company, taking into account the views of Executive Directors and Non-Executive Directors and to assess the quality, quantity and timeliness of flow of information between the Company's management and the Board, that is necessary for the Board to effectively and reasonably perform its duties.



The Nomination and Remuneration Policy recommended by the Nomination and Remuneration Committee duly approved by the Board of Directors of the Company is available on the Company's website at link: http://www.parsvnath. com/investors/iulr/nomination-and-remuneration-policy/. The salient features of the Remuneration Policy have been outlined in the Corporate Governance Report which forms part of this Report.

The details of programmes for familiarisation of Independent

Directors with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company and related matters are posted on the website of the Company at the link: http://


Pursuant to the provisions of Section 134(5) of the Companies

Act, 2013 (“Act”), the Board of Directors, to the best of their knowledge and ability, state that:

a) in the preparation of the annual accounts for the financial year ended March 31, 2018, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

b) the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2018 and the loss of the Company for the financial year ended on that date;

c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) the Directors have prepared the annual accounts on a ‘going concern' basis;

e) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the internal, statutory and secretarial auditors and the reviews of the management and the relevant Board Committees, including the Audit Committee, the Board is of the opinion that the Company's internal financial controls were adequate and effective during the financial year 2017-18.

Pursuant to Section 134(3)(ca) of the Companies Act, 2013, no fraud has been reported by the Auditors of the Company.


The Annual Report on Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013 is annexed as Annexure I to this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. The Company's CSR policy is available on the Company's website at link:



A ll contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arm's length basis. Also, the Company has obtained prior omnibus approval for related party transactions occurred during the year for transactions which are of repetitive nature and / or entered in the ordinary course of business at arm's Length.

During the year, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material under Section 188 of the Companies Act, 2013.

In view of the above, the requirement of giving particulars of contracts / arrangements made with related parties, in Form AOC-2 is not applicable for the year under review.

The related party transactions undertaken during the financial year 2017–18 are detailed in the Notes to Accounts of the Financial Statements.

The Policy for determination of materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed on the Company's website at the link: related-party-transaction-policy/.


The Company has in place adequate internal financial controls with reference to the Financial Statements. The Audit Committee periodically reviews the internal control systems with the management, Internal Auditors and Statutory Auditors and the adequacy of internal audit function, significant internal audit findings and follow-ups thereon.


During the year under review, the suggestions put forth by the

Audit Committee were duly considered and accepted by the Board of Directors. There were no instances of non-acceptance of such recommendations.


(a) Statutory Auditors

M/s S.N.Dhawan & Co. LLP, Chartered Accountants (Firm Registration No. 000050N/ N500045) has been appointed as Statutory Auditors of the Company from the conclusion of 25th Annual General Meeting for a term of five consecutive years till the conclusion of the 30th Annual General Meeting.

Statutory Auditors Report

???The Auditors in their Report on the financial statements of the Company for the financial year ended March 31, 2018 have drawn attention to the following matter in the notes to the Ind AS financial statements:

“Note 47, which indicates that the Company has incurred cash loss during the current and previous years and there have been delays/defaults in payment of principal and interest on borrowings, statutory liabilities, salaries to employees and other dues by the Company. The management of the Company is of the opinion that no adverse impact is anticipated on future operations of the Company.

Our opinion is not modified in respect of this matter.”

???The response given by the management vide Note 47 of the Stand-alone financial statements is given below:

“The Company has incurred cash losses during the current and previous years. Due to continued recession in the real estate sector owing to slowdown in demand, the Company is facing tight liquidity situation as a result of which there have been delays/ defaults in payment of principal and interest on borrowings, statutory liabilities, salaries to employees and other dues. Also, the Company continues to face lack of adequate sources of finance to fund execution and completion of its ongoing projects resulting in delayed realisation from its customers and lower availability of funds to discharge its liabilities. The company is continuously exploring alternate sources of finance, including sale of non-core assets to generate adequate cash inflows for meeting these obligations and to overcome this liquidity crunch. In the opinion of the Management, no adverse impact is anticipated on future operations of the Company.”

???There were no instances of frauds reported by the Statutory Auditors under Section 143(12) of the Act.

(b) Secretarial Auditors and Secretarial Audit Report

The Board of Directors of the Company has re-appointed M/s Chandrasekaran Associates, Company Secretaries, to conduct the Secretarial Audit of the Company for the Financial Year 2018-19. The Secretarial Audit Report for the financial year ended March 31, 2018 is annexed herewith as Annexure IIto this Report. The Secretarial Auditors in their report have made certain observations and the response of your Directors is as given above.

(c) Internal Auditors

The Board of Directors of the Company has re-appointed M/s P. Jain & Company, Chartered Accountants, (Firm Registration No. 000711C) as Internal Auditors, pursuant to the provisions of Section 138 of the Companies Act, 2013, for the financial year 2018-19.

(d) Cost Auditors

The Company is required to maintain the cost records as specified by Central Government under Section 148(1) of the Companies Act, 2013, and accordingly such accounts and records are made and maintained. The Board of Directors of the Company has re-appointed M/s Chandra Wadhwa & Company, Cost Accountants (Firm Registration No. 000239) as Cost Auditors for conducting the audit of cost records of the Company, for the financial year 2018-19.


A separate section on Corporate Governance, forming part of the Board's Report and the Certificate from M/s Chandrasekaran Associates, Practicing Company Secretary confirming compliance with the Corporate Governance norms, as prescribed under Regulation 34 of the Listing Regulations are included in the Annual Report.

Code of Conduct

The Board of Directors has laid down a Code of Conduct for Board Members and Senior Management Personnel. The said Code has been posted on the Company's website As prescribed under Listing Regulations, a declaration signed by the Managing Director & CEO afirming compliance with the aforesaid Code of Conduct by the Directors and Senior Management Personnel of the Company for the financial year 2017-18 is annexed and forms part of the Corporate Governance Report.


During the year under review, the equity shares of the Company continue to remain listed with the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE). The listing fee for the financial year 2018-19 has been paid by the Company to both NSE and BSE.



During the year under review, the Company was not required to transfer any amount to Investor Education and Protection Fund (IEPF) established by the Central Government.


1. Conservation of energy, technology absorption, foreign exchange earnings and outgo

The nature of operations of the Company does not require disclosure of particulars relating to conservation of energy and technology absorption, as prescribed under Section 134(3)(m) of the Act, read with Rule 8(3) of the Companies (Accounts) Rules, 2014. During the year under review, the Company has nil foreign exchange earnings and has incurred expenditure of 130.25 lakhs, as compared to 90.14 lakhs in the previous year.

2. Particulars of Employees

The information required under Section 197 of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below:

a. The ratio of the remuneration of each director to the median remuneration of the employees of the Company for the financial year 2017-18:

Name of the Directors Ratio to median remuneration
Non-Executive Directors
Shri Ashok Kumar 18.18
Dr. Pritam Singh 18.18
Ms. Deepa Gupta 17.27
Shri Mahendra Nath Verma 18.18
Executive Directors
Shri Pradeep Kumar Jain N.A.
Shri Sanjeev Kumar Jain N.A.
Dr. Rajeev Jain N.A.

b. The percentage increase in remuneration of each Director,

Chief Executive Officer, Chief Financial Officer, Company Secretary in the financial year: Nil

c. The percentage increase in the median remuneration of employees in the financial year: 10.37%

d. The number of permanent employees on the rolls of Company as on March 31, 2018: 407

e. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration: Not applicable as there is no managerial remuneration paid by the Company during 2017-18.

f. Afirmation that the remuneration is as per the remuneration policy of the Company:

The Company afirms that remuneration is as per the remuneration policy of the Company.

g. As per Section 197(12) of the Act read with the Rule 5 of the

Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 details of employees drawing a remuneration of more than 102 lakhs per annum, if employed throughout the financial year and 8.5 lakhs per month, if employed for part of the financial year need to be set out as annexure to this Report. However, none of the employees come under the purview of this section and hence, the said provisions are not applicable.

Further, the list of top ten employees of the Company is annexed herewith as Annexure III.

3. Particulars of loans, guarantees or investments under Section 186 of the Companies Act, 2013

As your Company is engaged in the business of real estate development included in the term Infrastructural projects/ facilities under Schedule VI to the Act, the provisions of Section 186 of the Act related to loans made, guarantees given or securities provided are not applicable to the Company. However, the details of the same are provided in the financial statements.

4. Extract of Annual Return

Extract of Annual Return in the Form MGT-9, as required under Section 92 of the Act is annexed herewith as Annexure IV to this Report. The extract of Annual Return

may be accessed on the Company's website at the link:


Y our Company has in place a Risk Management assist the Board in:

(a) Overseeing and approving the Company's enterprise wide risk management framework;

(b) Overseeing that all the risks that the organization faces such as strategic, financial, credit, market, liquidity, security, property, IT, legal, regulatory, reputational and other risks have been identified and assessed and there is an adequate risk management infrastructure in place capable of addressing those risks.

The Company manages, monitors and reports on the principal risks and uncertainties that can impact its ability to achieve its strategic objectives. The Company's management systems, organisational structure, processes, standards, code of conduct etc. governs how the Company conducts its business and manages associated risks.

The Board periodically reviews implementation and monitoring of the risk management plan for the Company including identification therein of elements of risks, if any, which in the opinion of the Board may threaten the existence of the Company.


The Company has in place the Vigil Mechanism, which also incorporates a Whistle Blower Policy for Directors and employees to report genuine concerns in the prescribed manner, in terms of the Listing Regulations. The Vigil Mechanism is overseen by the Audit Committee and provides adequate safeguards against victimization of employees and Directors. Whistle Blower Policy is a mechanism to address any complaint(s) related to fraudulent transactions or reporting intentional non-compliance with the Company's policies and procedures and any other questionable accounting/operational process followed. It provides a mechanism for employees to approach the Chairman of the Audit Committee or Shri V. Mohan, Sr. Vice President (Legal) & Company Secretary designated as Whistle and Ethics Officer under the aforesaid mechanism. During the year, no such incidents were reported and no personnel were denied access to the Chairman of the Audit Committee. The Vigil Mechanism/ Whistle Blower Policy may be accessed on the Company's website at the link: http://


The Company has an Internal Complaints Committee (“ICC”) as required under The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Company is strongly opposed to sexual harassment and employees are to made aware about the consequences of such acts and about the constitution of ICC. During the year under review, there were no cases filed/ reported pursuant to the aforesaid Act.


Y our Directors state that no disclosure or reporting required inis respect of the following items as there were no transactions on these items during the year under review:

1. Details relating to deposits covered under Chapter V of the Act.

2. Issue of equity shares with differential rights as to dividend, voting or otherwise.

3. Issue of shares (including sweat equity shares) to employees of the Company under any scheme.

4. Neither the Managing Director nor the Whole-time Directors of the Company receive any remuneration or commission from any of its subsidiaries.

5. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company's operations in future.

6. No material changes and/or commitments affecting the financial position of your Company have occurred between the end of the financial year and the date of signing of this Report.

Securities and Exchange Board of India (“SEBI”) had issued directions to the Stock Exchanges vide letter No. SEBI/HO/ ISD/ISD/OW/P/2017/18183 dated August 7, 2017 whereby the Company's name was included amongst the list of suspected “Shell Companies”, as a result of which, the equity shares of the Company were shifted to GSM VI on the Stock Exchanges. The Company had filed an appeal against the aforesaid directions of SEBI with Hon'ble Securities Appellate Tribunal (“SAT”) on August 9, 2017. Hon'ble SAT has passed an order dated August 11, 2017 staying the aforesaid directions of SEBI in respect of trading restriction on the Shares of the Company and accordingly, the equity shares of the Company were restored to the normal trading segment of the Stock Exchanges with effect from August 14, 2017. After the Hon'ble SAT's order, in pursuance to the directions of SEBI, BSE and NSE sought various information and/ or clarifications in respect of the Company which were provided. An opportunity of personal hearing was also given by SEBI and NSE, which was attended by the representatives of the Company and necessary information / clarifications were provided.

SEBI vide its Interim Order dated August 8, 2018 has directed the Stock Exchange to, inter-alia, appoint an independent forensic auditor to further verify; (a) alleged misrepresentation of financials and/or business by Company, if any, in the context of certain past transactions of sub- contracts during the financial years 2009-10, 2010-11 and 2011-12 and (b) alleged misuse of the books of accounts/ funds, if any, in the context of said transactions, including the role of KMPs, Directors and Promoters in those transactions. The Company has been given an opportunity to file its reply/ objections to the aforesaid Interim Order and also to seek a personal hearing with the SEBI in this matter within thirty days of the Order and as such the Company shall be _ling its reply/ objections to the Interim Order and also seek an opportunity of personal hearing with the SEBI within the stipulated time as mentioned in the said Order.


Your Directors wish to place on record their sincere gratitude to the shareholders, customers, bankers, financial institutions, investors, vendors and all other business associates for the continuous support provided by them to the Company and for the confidence reposed in the management of the Company.

The Directors also wish to acknowledge the contribution made by employees at all levels for steering the growth of the organisation. Your Directors also thank the Government of India, the State Governments and other Government Agencies for their assistance and co-operation and look forward to their continued support in future.

on behalf of the Board of directors
Place: Delhi Sd/-
Date: August 13, 2018 PRADEEP KUMAR JAIN
DIN 00333486


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