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Reliance Industrial Infrastructure Ltd (RIIL) -BSE
732.1 -13.55 (-1.82%) 23-Jul-2021 |00:00
745.65 754 755.65 725 21197 865.65 - 344 1105.47 140.25 0.41 5.22
Directors Report

Dear Members,

The Board of Directors are pleased to present the Company's Thirty Second Annual Report and the Company's audited Financial Statement (Standalone and Consolidated) for the financial year ended 31st March, 2020.

Financial Results

The Company's financial performance (standalone and consolidated) for the year ended 31st March, 2020 is summarised below:

(' in lakh)







Profit before Tax 926.01 1199.57 1104.15 1352.19
- Current Tax 454.53 702.00 454.53 702.00
- Deferred Tax (321.22) 133.31 (281.46) 420.54 (321.22) 133.31 (281.46) 420.54
Profit for the Year 792.70 779.03 970.84 931.65
Add: Balance in Retained Earnings 4458.46 4616.56 7668.30 7673.78
Sub-Total 5251.16 5395.59 8639.14 8605.43
Less: Appropriation
Transferred to General Reserve 300.00 300.00 300.00 300.00
Dividend paid on Equity Shares 453.00 528.50 453.00 528.50
Tax on Dividend on Equity Shares 93.11 846.11 108.63 937.13 93.11 846.11 108.63 937.13
Closing Balance 4405.05 4458.46 7793.04 7668.30


The Board of Directors has recommended a dividend of ? 3/- (Three Rupees only) per equity share of ? 10/- (Ten Rupees) each fully paid (30%) of the Company for the financial year ended 31st March, 2020 (last year ? 3/- per equity share of ? 10/- each fully paid [30%]). The dividend payment is subject to approval of members at the ensuing Annual General Meeting and shall be subject to deduction of income tax at source.

The dividend recommended is in accordance with the Company's Dividend Distribution Policy. The Dividend Distribution Policy of the Company is annexed herewith and marked as Annexure I to this Report and the same is put up on the Company's website and can also be accessed at

Material changes affecting the Company

Material changes and commitments affecting the financial position of the Company between the end of the financial year and date of this report are given below.

Global Pandemic - COVID-19

The outbreak of Coronavirus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. In many countries, businesses are being forced to cease or limit their operations for long or indefinite periods of time. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown.

COVID19 is significantly impacting business operation of companies, by way of interruption in production, supply chain disruption, unavailability of personnel, closure / lock down of production facilities etc. On 24th March, 2020, the Government of India announced a nationwide lockdown for 21 days which further got extended till 3rd May, 2020 to prevent community spread of COVID-19 in India resulting in significant reduction in economic activities.

The Company has taken into account the possible impacts of COVID-19 in preparation of the financial statement, including but not limited to its assessment of liquidity and going concern assumption, recoverable values of its financial and non-financial assets, impact on revenues and on cost budgets. The Company has considered internal and certain external sources of information up to the date of approval of the financial statement and expects to recover the carrying amount of its assets.

Management's Discussion and Analysis Report

Management's Discussion and Analysis Report for the year under review, as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), is as under.

Results of Operations and the State of Company's Affairs

During the year, the Company earned revenue from operations of ? 7979.64 lakh, as compared to ? 8458.58 lakh in the previous year.

Income from product transportation services increased from ? 3093.13 lakh to ? 3145.16 lakh on a year-on-year basis. Income from operating construction machinery on hire decreased from

? 1979.10 lakh to ? 1378.63 lakh on a year-on-year basis. Income from other support services increased from ? 3386.34 lakh to ? 3455.85 lakh. Net profit during the year increased to ? 792.70 lakh as compared to ? 779.03 lakh of previous year.

The Company continues to provide infrastructural facilities and support services, namely, transportation of petroleum products and water through pipelines, operating construction machinery on hire and other support services to Reliance Industries Limited and its group companies with a substantial portion provided to Reliance Industries Limited.

Resources and Liquidity

The Company's net worth as on 31st March, 2020 stood at ? 29728.01 lakh, with accumulated reserves and surplus of ? 28218.01 lakh. There have been no significant changes in key financial ratios for financial year ended 31st March, 2020 as compared to the previous financial year. There was an increase of 0.91% in return on networth of the Company for the financial year ended 31st March 2020 as compared to the previous financial year, which is due to increase in the profit. The Company continues to maintain its conservative financial profile and funds its requirements largely through internal cash generation.

Industry Structure, Developments. Opportunities and Outlook

Infrastructure is a crucial enabler of growth. Creating new and upgrading existing infrastructure will be key to raising India's competitiveness. Improved infrastructure capacities also create efficiency gains through improved logistics and networks. This can help kick in a virtuous cycle of higher investments, growth and employment generation in the economy. India is currently ranked 70 out of 140 countries for infrastructure quality in global competitive index.

In addition to policy reforms, there have been numerous positive developments in the Infrastructure space such as ongoing privatization of airports, metro rail projects progress in multiple cities, expansion of city gas distribution geographies, active role of National Investment and Infrastructure Fund (NIIF) in many key sectors, access to new set of institutional investors and pilot to allow private operators to run Indian Railways.

Higher government spend on infrastructure development projects generate large scale employment opportunities for both skilled and unskilled work force and various industry players. This enables infrastructure sector transformation as well as accelerate India's socio-economic progress.

Challenges, Risks and Concerns

Although Infrastructure Industry in India has grown at a healthy pace in the past few years, it has faced its own set of challenges & risks on multiple fronts.

Few recurring bottlenecks have been contract enforcement, ease of access to inputs at appropriate price levels, pricing to end

users, regulatory & policy stability, land acquisition, environment clearances and financial closure. In addition to these, increasing project complexity coupled with scarcity of skilled workforce further amplifies risk of quality control, project delays and employee safety concerns.

Government has undertaken several key reforms to mitigate challenges faced by players which inter-alia, include stronger cooperation between the private and public sectors, enforcing of a unified legal framework, single window approval process and creation of better dispute-resolution mechanisms.

The fundamental pillars for successful implementation of infrastructure projects are timely completion of projects while adhering to cost budgets and hence Company focuses on relentless execution with continuous innovation & novel ways of working. The Company has always ensured deployment of state-of- the art technology, latest machineries with highly trained experts & professionals in its Product Transportation & Construction Machinery Hiring business.

Even though Company has been serving primarily to single largest customer over years and there are presently no expansion plans on the anvil, Company has always been proactive in mitigating business risks with appropriate risk management framework and conservative financial profile backed by prudent business practices. With its strong financials and past track record, the Company is well positioned to manage those risks.

Human Resource Development

The Company has a team of able and experienced professionals. The Company believes that the quality of its employees is the key to its success in the long run. The Company continues to have cordial relations with its employees. The Company provides personal development opportunities and all round exposure to its employees.

Internal Controls

The Company has robust internal control systems and procedures commensurate with its nature of business which meets the following objectives:

• providing assurance regarding the effectiveness and efficiency of operations;

• efficient use and safeguarding of resources;

• compliance with policies, procedures and applicable laws and regulations; and

• transactions being accurately recorded and promptly reported.

The Company continues to have periodical internal audits conducted of all its functions and activities to ensure that systems and processes are followed across all areas.

The Audit Committee of the Board of Directors of the Company regularly reviews the adequacy of internal control systems through such audits. The Internal Auditor reports directly to the Audit Committee.

The Company also has a budgetary control system to monitor expenditure against approved budgets on an ongoing basis.

Internal Financial Controls

Internal Financial Controls are an integrated part of the risk management process, addressing financial and financial reporting risks. The Company has in place adequate internal financial controls with reference to Financial Statement.

Assurance on the effectiveness of internal financial controls is obtained through management reviews, control self-assessment, continuous monitoring by functional experts as well as testing of the internal financial control systems by the Statutory Auditors and Internal Auditors during the course of their audits.

The Company believes that these systems provide reasonable assurance that Company's internal financial controls are designed effectively and are operating as intended.

Risk Management

The Company has in place a Risk Management Policy which provides for a robust risk management framework to identify and assess risks such as safety, health and environment, operational, strategic, financial, security, property, regulatory, reputational and other risks and put in place an adequate risk management infrastructure capable of addressing these risks. Further, a risk assessment group has been constituted by the Board of Directors of the Company, comprising functional executives/ experts to identify, monitor and report on the potential risks associated with the Company's business and periodically keeps the Audit Committee and the Board of Directors apprised of such risks and the measures taken by the Company to mitigate such risks.

Given below are significant potential risks of the Company and measures in place to mitigate them:

Operational Risk: Disruptions in operating the Company's pipelines and equipment may arise due to natural calamities, equipment failures or other unexpected or unforeseen interruptions. The Company consistently works towards monitoring the health of the pipelines through internal checks and external audit assurance and maintaining or improving operational efficiencies.

Safety, Health and Environment Risks: The Company's activities of transporting petroleum products through its pipelines are inherently hazardous. Any accident, explosion, leakages or acts of terrorism may cause property damage or bodily injury and adversely impact surrounding communities and environment which may result in litigations and disruption of operations. The Company has structured inspections of its operating facilities for identifying and mapping operational hazards, investigating root

cause analysis and to eliminate any such occurrence by developing mitigation plans.

Further, there is a comprehensive insurance plan in place to cover the above risks.

Consolidated Financial Statement

In accordance with the provisions of the Companies Act, 2013 (the Act), Listing Regulations read with Ind AS 110 - Consolidated Financial Statement and Ind AS 28 - Investments in Associates, the audited Consolidated Financial Statement forms part of the Annual Report of the Company.

Subsidiary, Joint Venture and Associate Company

The Company did not have any subsidiary or joint venture during the financial year under review and till the date of this Report. The Company has one associate company, Reliance Europe Limited.

A statement providing details of performance, over all contribution and salient features of the financial statement of the associate company as per Section 129 (3) of the Act, is provided as Annexure A to the consolidated Financial Statement and therefore not repeated to avoid duplication.

The audited Financial Statement including the consolidated Financial Statement of the Company and all other documents required to be attached thereto is put up on the Company's website and can be accessed at

Secretarial Standards

The Company has followed applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to 'Meetings of the Board of Directors' and 'General Meetings' respectively.

Directors' Responsibility Statement

The Board of Directors state that:

a) in the preparation of the annual accounts for the year ended 31st March, 2020, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there were no material departures from the same;

b) the Directors have selected such accounting policies and applied them consistently and made judgments 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 31st March, 2020 and of the profit of the Company for the 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.

Business Responsibility Report

As stipulated under the Listing Regulations, the Business Responsibility Report describing the initiatives taken by the Company from an environmental, social and governance perspective is attached as part of Annual Report.

Contracts or Arrangements with Related Parties

All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in its ordinary course of business and on arms' length basis and do not have potential conflict with interest of the Company at large.

The contracts / arrangements / transactions with related party which are required to be reported in Form No. AOC-2 in terms of Section 134(3)(h) read with Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014 is annexed herewith and Marked as Annexure II to this Report.

The Policy on Materiality of Related Party Transactions and on Dealing with Related Party Transactions as approved by the Board is put up on the Company's website and can be accessed at

Members may refer Note 23 to the standalone Financial Statement which sets out related party disclosures pursuant to Ind AS.

Corporate Social Responsibility

The Corporate Social Responsibility ("CSR") Policy formulated by the CSR Committee and approved by the Board continues unchanged. The CSR Policy is put up on the Company's website and can be accessed at

The CSR policy sets out the guiding principles for the CSR Committee, in relation to the activities to be undertaken by the Company, as per Schedule VII of the Act, CSR Governance and implementation, Composition of Committee and monitoring of CSR activities.

The key philosophy of the CSR initiative of the Company is to promote development through social and economic transformation .

The Company has, inter-alia, identified following areas in which it may engage for its CSR activities:

• Addressing identified needs of the underprivileged through initiatives directed towards promoting health, including preventive health care;

• Environmental sustainability and ecological balance;

• Any other activity falling within the scope of Schedule VII to the Act.

During the year, the Company spent ? 35.00 lakh (2.24% of the average net profits of last three financial years) on CSR activities.

The Annual Report on CSR activities is annexed herewith and marked as Annexure III to this Report.

Directors and Key Managerial Personnel

In accordance with the provisions of the Act and the Articles of Association of the Company, Shri Mahesh K. Kamdar (DIN: 00013915), Director of the Company, retires by rotation at the ensuing Annual General Meeting. The Board of Directors, on the recommendation of the Nomination and Remuneration Committee ("NRC"), has recommended his re-appointment.

The members of the Company at the Thirty first Annual General Meeting of the Company held on 28th August, 2019 have appointed Shri A. Siddharth (DIN: 00016278) as a Director of the Company, liable to retire by rotation.

Shri Salil Mishra has demitted his office as Chief Financial Officer of the Company from close of business hours of 12th July, 2019 and in his place Shri Krimesh Divecha was appointed as Chief Financial Officer of the Company w.e.f 12th July, 2019. The Board places on record its deep appreciation for the valuable contribution made by Shri Salil Mishra during his association as a Chief Financial Officer of the Company.

The Company has received declarations from all the Independent Directors of the Company confirming that:

i. they meet the criteria of independence prescribed under the Act and Listing Regulations; and

ii. they have registered their names in the Independent Directors' Data bank.

The Company has devised the following Policies:

a) Policy for selection of Directors and determining Directors' independence; and

b) Remuneration Policy for Directors, Key Managerial Personnel and other employees.

The aforesaid policies are put up on the Company's Website and can be accessed at

The Policy for selection of Directors and determining Directors' independence sets out the guiding principles for the NRC for identifying persons who are qualified to become Directors and to determine the independence of Directors, in case of their appointment as independent Directors of the Company. The Policy also provides for the factors in evaluating the suitability of individual Board members with diverse background and experience that are

relevant for the Company's operations. There has been no change in the aforesaid policy during the year under review.

The Remuneration Policy for Directors, Key Managerial Personnel and other employees sets out the guiding principles for the NRC for recommending to the Board the remuneration of the Directors, Key Managerial Personnel and other employees of the Company. There has been no change in the policy during the year under review.

Performance Evaluation

The Company has a Policy for performance evaluation of the Board, Committees and individual Directors (including Independent Directors) which includes criteria for performance evaluation of Non-executive Directors and Executive Directors.

In accordance with the manner specified by the Nomination and Remuneration Committee (NRC), the Board carried out annual performance evaluation of the Board and individual Directors. NRC carried out performance evaluation of the Committees of the Board based on the evaluation reports submitted by each Committees and the report of such evaluation was presented to the Board. The Independent Directors carried out annual performance evaluation of the Chairman, non-independent directors and the Board as a whole. A consolidated report was shared with the Chairman of the Board for review and giving feedback to each Director.

Auditors and Auditors' Report

(i) Statutory Auditors

Messrs D T S & Associates LLP (Registration No: 142412W/ W100595) (Formerly Messrs D T S & Associates), Chartered Accountants, were appointed as Auditors of the Company, for a term of 5 (five) consecutive years, at the Annual General Meeting held on 28th July, 2017. The Auditors have confirmed that they are not disqualified from continuing as Auditors of the Company.

The Notes on Financial Statement referred to in the Auditors' Report are self-explanatory and do not call for any further comments. The Auditors' Report does not contain any qualification, reservation, adverse remark or disclaimer.

(ii) Cost Auditors

In terms of the Companies (Cost Records and Audit) Rules, 2014, the Company has maintained cost records in its books of account for financial year 2019-20 in respect of its services of transportation of petroleum products. However, in terms of the said Rules, the requirement of cost audit is not applicable to the Company for the financial year 2019-20 as the turnover of the Company from these services was below the threshold limit prescribed in the said Rules for cost audit.

(iii) Secretarial Auditor

The Board had appointed M/s. Shashikala Rao & Co, Practicing Company Secretaries, to conduct Secretarial Audit for the financial year 2019-20. The Secretarial Audit Report is annexed herewith and marked as Annexure IV to this Report. The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer.

Disclosures Meetings of the Board

Five meetings of the Board of Directors were held during the year. The particulars of meetings held and attended by each Director are detailed in the Corporate Governance Report forming part of the Annual Report.

Audit Committee

The Audit Committee of the Company comprises Shri Chandra Raj Mehta (DIN: 00002011) (Chairman) and Smt. Bhama Krishnamurthy (DIN: 02196839) and Shri A. Siddharth. Shri A. Siddharth was appointed as a member of the Audit Committee effective 1st April, 2019 and Shri Sandeep H. Junnarkar (DIN: 00003534) ceased to be a member of the Audit Committee effective closure of the business hours on 12th July, 2019.

During the year all the recommendations made by the Audit Committee were accepted by the Board.

Corporate Social Responsibility Committee

Corporate Social Responsibility Committee of the Company comprises Shri Chandra Raj Mehta (Chairman) and Smt. Bhama Krishnamurthy and Shri A. Siddharth. Shri A. Siddharth and Smt. Bhama Krishnamurthy were appointed as a member of the Corporate Social Responsibility Committee effective 1st April, 2019 and 12th July, 2019 respectively and Shri Mahesh K. Kamdar and Shri Sandeep H. Junnarkar ceased to be a member of the Committee effective closure of the business hours on 12th July, 2019.

Nomination and Remuneration Committee

Nomination and Remuneration Committee of the Company comprises Shri Chandra Raj Mehta (Chairman) and Smt. Bhama Krishnamurthy and Shri Sandeep H. Junnarkar. Shri Mahesh K. Kamdar ceased to be a member of the Committee effective closure of the business hours on 12th July, 2019.

Stakeholders Relationship Committee

Stakeholders Relationship Committee of the Company comprises Shri Chandra Raj Mehta (Chairman), Shri Mahesh K. Kamdar, Shri Sandeep H. Junnarkar and Shri A. Siddharth. Shri A. Siddharth was appointed as a member of the Committee effective 1st April, 2019.

Vigil Mechanism

The Company has established a robust Vigil Mechanism and a Whistle-blower policy in accordance with provisions of the Act and Listing Regulations. The Vigil Mechanism is supervised by an 'Ethics & Compliance Task Force' comprising a member of Board as a Chairman and senior executives as members.

Protected disclosures can be made by a whistle-blower through an e-mail or a letter to the Ethics & Compliance Task Force or to the Chairman of the Audit Committee.

The Vigil Mechanism and Whistle blower policy is put on the Company's website and can be accessed at

During the year under review, no protected disclosure concerning any reportable matter in accordance with the Vigil Mechanism and Whistle Blower Policy of the Company was received by the Company.

Particulars of loans given, investments made, guarantees given and securities provided

The Company has not given any loan, guarantee or security during the year under review. Particulars of investments made are provided in the Standalone Financial Statement. Members may refer to note no. 2 to the Standalone Financial Statement.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

The particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under the Act are as under:

A. Conservation of Energy

As an infrastructural facilities and support services provider, the operations of the Company require minimal energy consumption.

(i) Energy Conservation measures taken

a) Upgradation of anode beds for reducing power requirement of Cathodic Protection system by 30% (current consumption reduced from 250 Amp to 100 Amp). New technology Transformer Rectifier units replaced in Cathodic Protection stations and achieved the reduction in consumption by 20 % (total 100 Amps to 80 Amps).

b) Installation of LED lights to reduce power consumption.

Conventional lighting was replaced with LED lighting and energy saved upto 55%.

(ii) Steps taken by the Company for utilising alternate sources of energy and Capital investment on energy conservation equipment

The energy requirements are mainly for the Company's pipeline operations which are within the purview of its customer. The Company has not made any capital investment on energy conservation equipment.

B. Technology absorption

(i) Major efforts made towards technology absorption:

a) Installation of online corrosion monitoring system on pipelines for health checking.

Forward pipeline corrosion monitoring system commissioned, return pipeline system will be commissioned in next year.

b) Installation and commissioning of SIM card-based system for Pipeline Data & Voice as alternate mode of communication which is an alternative to the Optical Fibre Cable based communication is established.

c) Installation and commissioning of CCTV based remote vigilance systems for CP station and some valve station of pipelines. This system supplements the vigilance system of CP stations.

(ii) The benefits derived like product improvement, cost reduction, product development or import substitution:

The selection of alternate quality of pipes for projects seamless pipes to ERW (Electric resistance welded). This saved about 20% cost of project for material. ERW Pipelines are being used in re-routing projects.

(iii) Information regarding imported technology (Imported during the last three years):

The Company has not imported any technology during the last three years.

(iv) Expenditure incurred on research and development:

Installation of Flame and Gas detection system at CP installations and integration with existing Supervisory Control and Data Acquisition (SCADA) systems so that in case of eventuality it can detect the fire from Control Room.

C. Foreign Exchange Earnings and Outgo

Foreign Exchange earned in terms of Actual Inflows - Nil

Foreign Exchange outgo in terms of Actual Outflows - ? 16.01 lakh

Corporate Governance

The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by the Securities and Exchange Board of India. The Company has also implemented several best governance practices. The report on Corporate Governance as stipulated under the Listing Regulations forms part of the Annual Report. The requisite certificate from the Auditors of the Company confirming compliance with the conditions of Corporate Governance is annexed herewith and marked as Annexure V to this Report. For details, please refer the Corporate Governance Report forming part of the Annual Report.

Annual Return

As required under Section 134(3)(a) of the Act, the Annual Return is put up on the Company's website and can be accessed at Extracts of the Annual return in form MGT 9 for the financial year 2019-20 can be accessed at

Particulars of Employees and related disclosures

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names of top ten employees in terms of remuneration drawn and the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said Rules forms part of this Report.

Disclosures relating to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this Report.

Having regard to the provisions of the second proviso to Section 136(1) of the Act and as advised, the Annual Report excluding the aforesaid information is being sent to the members of the Company. Any member interested in obtaining such information may write to the Company to email id

Prevention of sexual harassment at workplace

As per the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 ("POSH Act") and Rules made thereunder, the Company has formed Internal Committee to address complaints pertaining to sexual harassment in the work place.


Your Directors state that no disclosure or reporting is required in respect of the following matters 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 and ESOS) to the employees of the Company under any scheme.

4. The Company has no holding company or subsidiary company; hence the provisions of Section 197(14) of the Act relating to receipt of remuneration or commission by the Whole-time Director from holding company or subsidiary company of the Company are not applicable to the Company.

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 fraud has been reported by the Auditors to the Audit Committee or the Board of Directors of the Company.

7. The Company does not have any scheme of provision of money for the purchase of its own shares by employees or by trustees for the benefit of employees.

8. There has been no change in the nature of business of the Company.


The Board of Directors wish to place on record their deep sense of appreciation for the committed services by all the employees of the Company. The Board of Directors would like to express their sincere appreciation for the assistance and co-operation received from the Government and regulatory Authorities, Banks, other business constituents and members during the year under review.

For and on behalf of the Board of Directors

Mahesh K. Kamdar
22nd April, 2020


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