NCL Research and Financial Services Ltd

Pursuant to Regulation 32 of the SEBI LODR Regulations and SEBI Circular No. CIR/CFD/CMD1/162/2019 dated December 24 2019 please note that there are no deviation(s) or variation(s) in respect of the utilization of the proceeds of the Rights Issue of the Company during the 4th Quarter ended 31st March 2023 as mentioned in the object clause of the Prospectus dated March 16 2022. Please find enclosed herewith a statement in this regard.