It gives me immense pleasure to present to you the Annual Report and FinancialStatements for the financial year ended 31 March 2015 of your Company.
FY 2015 turned out to be a remarkable year for your Company. The dedication andcommitment of our team members towards making financial products understandable andreachable to all continues to be our motto that drives us.
With the sweeping victory of Shri Narendra Modi led BJP government there was renewedoptimism in India's growth story and re-engagement of retail investors in the markets.Additionally there was a rampant surge in inflows by foreign institutional investors inFY2015.
The government has taken several important steps in the direction of sustainableeconomic revival and growth including policy initiatives; focus on improving governanceand enhancing the ease of doing business. All these measures demonstrate the government'scommitment towards a prosperous and powerful India.
Globally a considerable decline in commodity prices particularly crude augured wellfor the government for fiscal consolidation. India's external fundamentals also improvedwith the Current Account Deficit being estimated at 1.3% of GDP in FY15. With pricepressures easing the Reserve Bank of India (RBI) also started easing monetary policyresulting in lower lending rates.
Global institutions like the IMF OECD are also predicting better growth potential thusbringing India back on the global radar.
Investors globally pumped in money in the Indian equities during the year that led to agreat performance by Indian bourses.
The positive investor sentiment led to a rise in volumes on exchanges that augured wellfor your Company's growth. Our strategies of strengthening our franchisee networkoffering diverse range of financial products upgrading our processes and putting a robustrisk management framework in place have all worked well.
We believe the encouraging initiatives taken by the Government is likely to keep theIndian economy as a sweet spot for domestic and foreign investors and your Company isready to seize the opportunity for the next leg of growth. However there may be someheadwinds as the global growth is still fragile. There are also concerns over tighteningof monetary policy by the US Fed as their economy has rebounded. Any such measure may havea knee-jerk reaction that may lead to fund outflows from India.
As an optimist by nature I continue to believe in the growth story of India and I amvery positive about FY2016 and the years ahead.
There are many reasons to be optimistic about the future of your Company:
- In the coming year our focus will be on technological upgradation offering enhancedmobile and online solutions to clients and increasing our reach.
- We plan to diversify to enable us to de-risk our business model from the inherentvagaries of the stock market.
- We continue to expand our capabilities thereby moving beyond a just a brokerage houseand focusing on offering value added advisory services to clients to help them meet theirfinancial goals.
Finally I sincerely thank you for your continued support and patronage and solicit thesame in future to take your Company to scale new heights.
ASHOK KUMAR JAIN
Chairman & Managing Director