AI assistant
BSE Limited — Interim / Quarterly Report 2021
Nov 7, 2020
60293_rns_2020-11-07_b6d40f67-65df-48a1-924b-8f332a36edcb.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000
Chartered Accountants
==> picture [170 x 15] intentionally omitted <==
Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To The Board of Directors, BSE Limited
-
We have reviewed the accompanying Statement of unaudited Consolidated Financial Results of BSE Limited (the “Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”) and its associates for the quarter ended September 30, 2020 and year to date from April 01, 2020 to September 30, 2020 (the “Statement”) attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (the “Listing Regulations”).
-
This Statement, which is the responsibility of the Holding Company’s Management and approved by the Holding Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
-
We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
-
The Statement includes the results of the following entities:
-
i. List of subsidiaries
-
a) BSE Institute Limited
-
b) Marketplace Technologies Private Limited
-
c) Indian Clearing Corporation Limited
-
d) India International Clearing Corporation (IFSC) Limited
-
e) BSE Investments Limited
-
f) BSE Sammaan CSR Limited
-
g) India International Exchange (IFSC) Limited
-
-
ii. List of associates
-
a) Central Depository Services (India) Limited
-
b) Asia Index Private Limited
-
S.R. Batliboi & Co. LLP, a Limited Liability Partnership with LLP Identity No. AAB-4294 Regd. Office : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016
==> picture [170 x 14] intentionally omitted <==
Chartered Accountants
- Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
6. Emphasis of Matter
We draw attention to Note 11 to the Statement, in respect of contribution required to be made as on September 30, 2020, of Rs. 1,267 lakhs to Core Settlement Guarantee Fund (‘core SGF’) by the Holding Company to clearing corporations other than Indian Clearing Corporation Limited. Considering the representation made by the Holding Company to Securities Exchange Board of India (‘SEBI’) and pending final decision from SEBI in this regard, no impact has been considered in the Statement.
Our conclusion is not modified in respect of this matter.
- The accompanying statement includes unaudited interim financial results and other unaudited financial information of seven subsidiaries, whose unaudited interim financial results reflect Group’s share of total assets of Rs. 2,02,330 lakhs as at September 30, 2020, and Group’s share of total revenues of Rs. 3,775 lakhs and Rs. 7,905 lakhs, Group’s share of total net loss after tax of Rs. 220 lakhs and Rs. 851 lakhs and Group’s share of total comprehensive loss of Rs. 523 lakhs and Rs. 1,133 lakhs for the quarter ended September 30, 2020 and for the period from April 01, 2020 to September 30, 2020, respectively, and net cash outflows of Rs. 4,844 lakhs for the period from April 01, 2020 to September 30, 2020 as considered in the Statement, which have been reviewed by their respective independent auditors.
The independent auditors’ reports on interim financial results of these subsidiaries have been furnished to us by the Management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the report of such auditors and the procedures performed by us as stated in paragraph 3 above.
Our conclusion on the Statement in respect of above matter is not modified with respect to our reliance on the work done and the reports of the other auditors.
For S.R. BATLIBOI & Co. LLP Chartered Accountants ICAI Firm registration number: 301003E/E300005
JAYESH Digitally signed by JAYESHMANHARLAL GANDHI MANHARLAL DN: cn=JAYESH MANHARLALGANDHI, c=IN, o=Personal, [email protected] GANDHI Date: 2020.11.07 18:31:42 +05'30'
per Jayesh Gandhi Partner Membership No.: 037924 UDIN: 20037924AAAAOQ7147 Mumbai November 07, 2020
==> picture [51 x 24] intentionally omitted <==
BSE Limited
CIN L67120MH2005PLC155188
(Formerly known as Bombay Stock Exchange Limited)
Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001
Statement of Consolidated Financial Results for the quarter and six months ended September 30, 2020
| BSE Limited CIN L67120MH2005PLC155188 (Formerly known as Bombay Stock Exchange Limited) Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001 Statement of Consolidated Financial Results for the quarter and six months ended September 30, 2020 |
BSE Limited CIN L67120MH2005PLC155188 (Formerly known as Bombay Stock Exchange Limited) Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001 Statement of Consolidated Financial Results for the quarter and six months ended September 30, 2020 |
BSE Limited CIN L67120MH2005PLC155188 (Formerly known as Bombay Stock Exchange Limited) Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001 Statement of Consolidated Financial Results for the quarter and six months ended September 30, 2020 |
BSE Limited CIN L67120MH2005PLC155188 (Formerly known as Bombay Stock Exchange Limited) Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001 Statement of Consolidated Financial Results for the quarter and six months ended September 30, 2020 |
BSE Limited CIN L67120MH2005PLC155188 (Formerly known as Bombay Stock Exchange Limited) Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001 Statement of Consolidated Financial Results for the quarter and six months ended September 30, 2020 |
BSE Limited CIN L67120MH2005PLC155188 (Formerly known as Bombay Stock Exchange Limited) Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001 Statement of Consolidated Financial Results for the quarter and six months ended September 30, 2020 |
BSE Limited CIN L67120MH2005PLC155188 (Formerly known as Bombay Stock Exchange Limited) Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001 Statement of Consolidated Financial Results for the quarter and six months ended September 30, 2020 |
BSE Limited CIN L67120MH2005PLC155188 (Formerly known as Bombay Stock Exchange Limited) Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001 Statement of Consolidated Financial Results for the quarter and six months ended September 30, 2020 |
|---|---|---|---|---|---|---|---|
| (₹ in Lakh) | |||||||
| PARTICULARS | For the quarter ended September 30, 2020 |
For the quarter ended June 30, 2020 |
For the quarter ended September 30, 2019 |
For the six months ended September 30, 2020 |
For the six months ended September 30, 2019 |
For the year ended March 31, 2020 |
|
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
| 1 2 3 4 5 a) b) c) d) e) f) g) h) 6 7 8 9 10 11 12 13 14 15 16 17 |
Continuing operation Revenue from operations Investment income Other income (refer note 7 and 9) Total income (1+2+3) Expenses Employee benefits expense Finance costs (refer note 5b) Depreciation and amortisation expense Computer technology related expenses Settlement of service tax matter (refer note 8) Provision for Additional Contribution to ISF and IPF (refer note 9) Administration and other expenses Liquidity enhancement scheme expenses (refer note 4) Total expenses (5a to 5h) Profit before exceptional item and tax (4-5) Exceptional item (refer note 5a and 5b) Share of profit of associates Tax expense (refer note 7) Other comprehensive income (net of taxes) Total comprehensive Income for the period / year (12+13) Other equity Continuing operations Discontinued Operations Basic and Diluted after exceptional item (₹) (Refer note below) Total operations Profit before tax and share of net profits of investments accounted for using equity method (6+7) Profit before tax (8+9) Total comprehensive income attributable to the non controlling interest Paid up equity share capital (face value per share ₹ 2 each) Net profit after tax for the period / year from continuing/Total operation (10-11) Net profit attributable to the shareholders of the Company Net profit attributable to the non controlling interest Total comprehensive income attributable to the shareholders of the Company Basic and diluted after exceptional item (₹) (refer note below) Basic and diluted after exceptional item(₹) (refer note below) Basic and diluted before exceptional item (₹) (refer note below) Earnings per equity share (face value per share ₹ 2 each) |
12,538 2,453 1,046 |
10,322 5,435 454 |
10,889 4,514 555 |
22,860 7,888 1,500 |
22,103 9,419 1,033 |
45,051 15,866 2,083 |
| 16,037 | 16,211 | 15,958 | 32,248 | 32,555 | 63,000 | ||
| 3,626 238 1,449 2,228 - - 4,450 919 |
3,764 221 1,324 2,622 - - 4,719 594 |
3,917 39 1,251 2,885 - - 4,926 402 |
7,390 459 2,773 4,850 - - 9,169 1,513 |
7,676 87 2,447 5,881 - - 8,837 777 |
15,120 237 5,104 11,760 366 1,861 19,091 1,781 |
||
| 12,910 | 13,244 | 13,420 | 26,154 | 25,705 | 55,320 | ||
| 3,127 (1,453) |
2,967 - |
2,538 - |
6,094 (1,453) |
6,850 - |
7,680 3,204 |
||
| 1,674 1,008 |
2,967 1,014 |
2,538 730 |
4,641 2,022 |
6,850 1,432 |
10,884 2,665 |
||
| 2,682 (1,921) |
3,981 733 |
3,268 (359) |
6,663 (1,188) |
8,282 523 |
13,549 1,488 |
||
| 4,603 4,681 (78) (276) 4,327 4,435 (108) 900 12.11 10.05 - 10.05 |
3,248 3,315 (67) 207 3,455 3,519 (64) 900 7.09 7.09 - 7.09 |
3,627 3,669 (42) 289 3,916 3,940 (24) 900 6.95 6.95 - 6.95 |
7,851 7,996 (145) (69) 7,782 7,954 (172) 900 19.20 17.14 - 17.14 |
7,759 7,801 (42) 214 7,973 7,997 (24) 900 14.81 14.81 - 14.81 |
12,061 12,227 (166) 1,102 13,163 13,230 (67) 900 2,41,610 18.04 24.57 - 24.57 |
Note: Basic and diluted EPS is not annualised for the quarter and six months ended results. EPS is calculated on outstanding shares issued by BSE Limited (the "Company") including shares held in abeyance.
BSE - CONFIDENTIAL
BSE Limited
(Formerly known as Bombay Stock Exchange Limited) Consolidated Balance Sheet as at September 30, 2020
| BSE Limited (Formerly known as Bombay Stock Exchange Limited) Consolidated Balance Sheet as at September 30, 2020 |
BSE Limited (Formerly known as Bombay Stock Exchange Limited) Consolidated Balance Sheet as at September 30, 2020 |
BSE Limited (Formerly known as Bombay Stock Exchange Limited) Consolidated Balance Sheet as at September 30, 2020 |
BSE Limited (Formerly known as Bombay Stock Exchange Limited) Consolidated Balance Sheet as at September 30, 2020 |
|---|---|---|---|
| (₹ in Lakh) | |||
| PARTICULARS | As at September 30, 2020 | As at March 31, 2020 | |
| Unaudited | Audited | ||
| 1 2 3 4 5 6 7 |
ASSETS Non-current assets a. Property, plant and equipment b. Capital work-in-progress c. Investment property d. Goodwill e. Other intangible assets f. Intangible assets under development g. Financial assets i. Investments a. Investments in subsidiaries b. Investments in associates c. Other investments ii. Other financial assets h. Income tax assets (net) i. Deferred tax assets (net) j. Other assets Total non-current assets Current assets a. Financial assets i. Investments ii. Trade receivables iii. Cash and cash equivalents iv. Bank balances other than (iii) above v. Other financial assets b. Other assets Total current assets Total assets (1+2) EQUITY AND LIABILITIES Equity a. Equity share capital b. Other equity Equity attributable to shareholders of the Company Non controlling interest Total equity Core settlement guarantee fund Liabilities Non-current liabilities a. Financial liabilities b. Deferred tax liabilities (Net) c. Provisions d. Other liabilities Total non-current liabilities Current liabilities a. Financial liabilities i. Trade payables a. Total outstanding dues of micro enterprises and small enterprises b. Total outstanding dues of creditors other than micro enterprises and small enterprises ii. b. Provisions c. Income tax liabilities (Net) d. Other liabilities Total current liabilities Total equity and liabilities (3+4+5+6+7) Other financial liabilities Other financial liabilities |
12,500 156 344 3,742 3,568 692 2 39,577 38,535 16,520 9,088 15,737 11 |
12,001 827 353 3,742 2,915 1,360 2 38,622 53,539 20,477 8,794 12,777 18 |
1,40,472 |
1,55,427 | ||
| 1,18,180 9,132 67,304 1,16,998 1,470 5,881 |
1,21,037 6,999 72,866 88,052 1,116 2,094 |
||
3,18,965 |
2,92,164 | ||
4,59,437 |
4,47,591 | ||
| 900 2,41,795 |
900 2,41,610 |
||
| 2,42,695 2,129 |
2,42,510 1,856 |
||
| 2,44,824 | 2,44,366 | ||
| 45,761 824 18 246 81 |
43,538 739 14 240 135 |
||
1,169 |
1,128 | ||
| 1 8,104 1,28,113 1,491 744 29,230 |
16 7,568 1,30,803 1,763 993 17,416 |
||
1,67,683 |
1,58,559 | ||
4,59,437 |
4,47,591 | ||
BSE - CONFIDENTIAL
BSE Limited
(Formerly known as Bombay Stock Exchange Limited) CIN L67120MH2005PLC155188
Consolidated Cash Flow Statement for the six months period ended September 30, 2020
(₹ in Lakh)
| (₹ in Lakh) (Formerly known as Bombay Stock Exchange Limited) BSE Limited Consolidated Cash Flow Statement for the six months period ended September 30, 2020 CIN L67120MH2005PLC155188 |
(₹ in Lakh) (Formerly known as Bombay Stock Exchange Limited) BSE Limited Consolidated Cash Flow Statement for the six months period ended September 30, 2020 CIN L67120MH2005PLC155188 |
(₹ in Lakh) (Formerly known as Bombay Stock Exchange Limited) BSE Limited Consolidated Cash Flow Statement for the six months period ended September 30, 2020 CIN L67120MH2005PLC155188 |
|---|---|---|
| PARTICULARS | For the six months ended September 30, 2020 |
For the six months ended September 30, 2019 |
| Continuing operations A. CASH FLOW FROM OPERATING ACTIVITIES Profit for the six months period ended Adjustments for Income tax expenses recognised in profit and loss Share of profit of associates Foreign currency translation reserve Depreciation and amortisation expense Net gain on disposal of property, plant and equipment Impairment loss on financial assets Provision towards Arbitration expenses Finance cost Contribution to core settlement guarantee fund Investment income on core settlement guarantee fund Penalties / contribution received towards settlement guarantee fund Net gain arising on financial assets measured at FVTPL Interest income Dividend income Provision for compensated absences Operating profit before working capital changes Movements in working capital (Increase) / decrease in trade receivables Increase / (decrease) in trade payables Increase / (decrease) in provisions (Increase) / decrease in other financial assets and other assets Increase / (decrease) in other liabilities and other financial liabilities Cash generated from / (used in) operations Direct taxes paid (net of refunds) Net cash generated from / (used in) operating activities B. CASH FLOW FROM INVESTING ACTIVITIES Fixed Assets Purchase of property, plant and equipment, intangible assets, capital work in progress, intangible assets under development and capital advances Proceeds from sale of property, plant and equipment Investments Net decrease / (increase) in investment in equity and debt instruments Investment in Government Securities Proceeds received from bonds and non-convertible debentures Investment in Associates Investment in fixed deposits Proceeds received from fixed deposits Interest received Dividend received Net cash generated from / (used in) investing activities C. CASH FLOW FROM FINANCING ACTIVITIES Finance cost Dividend and taxes paid thereon Issue of share capital by subsidiary Payment towards buyback including transaction cost Net cash used in financing activities D. Net increase / (decrease) in cash and cash equivalents from continuing Operations (A+B+C) |
7,851 (1,188) (2,022) (286) 2,773 - 921 1,453 459 619 1,418 204 (6,588) (1,281) (19) 523 |
7,759 523 (1,432) 280 2,447 (4) 846 - 87 74 1,507 96 (7,000) (1,327) (1,092) 482 |
| 4,837 (3,054) 521 (272) (4,315) 9,176 6,893 (2,457) |
3,246 (2,157) 3,130 (163) (4,149) 1,570 1,477 (2,962) |
|
| 4,436 | (1,485) | |
| (2,884) - 24,233 - - (203) (80,372) 55,628 1,379 19 |
(1,995) 8 40,768 (3,408) 2,500 (1,047) (53,686) 65,357 2,262 1,092 |
|
| (2,200) | 51,851 | |
| (456) (7,787) 445 - |
(87) (15,843) 1,923 (47,637) |
|
| (7,798) | (61,644) | |
| (5,562) | (11,278) |
BSE - CONFIDENTIAL
BSE Limited
(Formerly known as Bombay Stock Exchange Limited) CIN L67120MH2005PLC155188
Consolidated Cash Flow Statement for the six months period ended September 30, 2020
| (Formerly known as Bombay Stock Exchange Limited) BSE Limited Consolidated Cash Flow Statement for the six months period ended September 30, 2020 CIN L67120MH2005PLC155188 |
(Formerly known as Bombay Stock Exchange Limited) BSE Limited Consolidated Cash Flow Statement for the six months period ended September 30, 2020 CIN L67120MH2005PLC155188 |
(Formerly known as Bombay Stock Exchange Limited) BSE Limited Consolidated Cash Flow Statement for the six months period ended September 30, 2020 CIN L67120MH2005PLC155188 |
|---|---|---|
| (₹ in Lakh) | ||
| PARTICULARS | For the six months ended September 30, 2020 |
For the six months ended September 30, 2019 |
| Discontinued Operations E. Net cash from operating activities F. Net cash generated from investing activities G. Net cash generated from financing activities H. Net increase in cash and cash equivalents from Discontinued Operations (E+F+G) I. Net increase / (decrease) in cash and cash equivalents from Total Operations (D+H) Cash and cash equivalents at the beginning of the six months period ended Cash and cash equivalents at the end of the six months period ended Cash and cash equivalents at the end of the six months period ended comprises i) Cash on hand ii) Cheques in hand Balances with banks In current accounts Indeposit accountswithoriginal maturity upto 3months |
- - - |
- - - |
| - | - | |
| (5,562) 72,866 |
(11,278) 47,943 |
|
| 67,304 | 36,665 | |
| - - 17,443 49,861 |
- - 19,474 17,191 |
|
| Cash and cash equivalents at the end of the six months period ended | 67,304 | 36,665 |
| 2. Movement in earmarked liabilities and assets of parent company are not considered. 3. Previous periods's figures have been regrouped wherever necessary. 1. The Cash Flow Statement has been prepared under the "Indirect Method" as set out in Indian Accounting Standard - 7 "Cash Flow Statement". |
BSE - CONFIDENTIAL
| 1 | The Consolidated financial results comprises of results of BSE Limited ("holding company" or "the Company"), its subsidiaries and its |
|---|---|
| associates (together referred to as "the Group"). The above consolidated financial results for the quarter and six months ended | |
| September 30, 2020 have been reviewed by the Audit Committee and approved by the Board of Directors on November 7, 2020 and | |
| the statutory auditors of the Company have conducted "Limited Review" of the said consolidated financial results. | |
| 2 | The above consolidated financial results for the quarter and six months ended September 30, 2020 are prepared in accordance with |
| the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the | |
| Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016. | |
| 3 | The Group operates only in one Business Segment i.e. "Facilitating Trading in Securities and other related ancillary Services", hence |
| does not have any reportable Segments as per Ind-AS 108 "Operating Segments". | |
| 4 | (a) Pursuant to SEBI Circular SEBI/HO/MRD/DSA/CIR/P/2017/95 dated August 10, 2017 (INDIA INX Circular no-20171017-1, dated |
| October 17, 2017), India International Exchange (IFSC) Limited (Subsidiary Company) had launched Liquidity Enhancement Scheme | |
| (LES) to enhance liquidity in INDIA INX's Futures & Options Segment. LES was launched on November 01, 2017 and an expense of ₹ | |
| 428 Lakh, ₹ 393 Lakh, ₹ 402 Lakh, ₹ 821 Lakh, ₹ 777 Lakh and ₹ 1,562 Lakh has been incurred towards the Scheme for the quarter | |
| ended September 30, 2020, quarter ended June 30, 2020, quarter ended September 30, 2019, six months ended September 30, | |
| 2020, six months ended September 30, 2019 and year ended March 31, 2020 respectively. | |
| (b) 'Pursuant to SEBI Circular CIR/MRD/DP/14/2014 dated April 23,2014 and BSE Notice no-20190805-10, 20190925-31, 20191108- | |
| 25, with effect from November 25, 2019, the Company has introduced the Liquidity Enhancement Scheme (LES) in derivatives. An | |
| expense of ₹ 491 Lakh, ₹ 201 Lakh, ₹ 692 Lakh and ₹ 219 Lakh has been incurred towards the scheme for the quarter ended | |
| September 30, 2020, quarter ended June 30, 2020, six months ended September 30, 2020 and year ended March 31, 2020 | |
| respectively. | |
| 5 | (a) During the previous year, the Company had divested its 4% stake in its associate company Central Depository Services (India) |
| Limited ("CDSL") through offer for sale. The profit on divestment amounting to ₹ 3,204 Lakh was reflected as an "Exceptional Item" | |
| in the Consolidated Financial Results for the year ended March 31, 2020. | |
| (b) S & P Dow Jones Indices LLC and SPDJ Singapore Pte Ltd (hereinafter collectively called as “SPDJ”) had filed arbitration | |
| proceedings against BSE under Singapore International Arbitration Center’s rules, inter alia, challenging the termination of index | |
| licensing arrangement by BSE Limited. The Final Award passed by the Arbitrator Tribunal dated September 17, 2020 inter-alia, held | |
| that the termination of the Agreements by BSE is invalid, the Agreement continue to remain in force and the costs of arbitration, | |
| legal and other costs incurred by SPDJ shall be borne by the BSE. Accrodingly, as amount of ₹ 1,453 Lakh is payable by BSE to SPDJ | |
| with interest upto date of payment. The said amount has been provided in books of accounts for the current quarter and has been | |
| disclosed as an "Exceptional item" for the quarter and period ended September 30, 2020. Interest of ₹ 3 Lakh upto September 30, | |
| 2020 has also been provided as finance cost. | |
| 6 | As per the assessment of management, there are no lease contracts for which IND AS 116 – Leases is required to be applied. |
| 7 | (a) Based on the assessment orders received, interest on Income Tax refund, as allowed in the assessments, of ₹ 14 Lakh, ₹ 18 Lakh |
| and ₹ 18 Lakh has been included in "Other Income" for the quarter ended September 30, 2019, six months ended September 30, | |
| 2019, and year ended March 31, 2020 respectively. | |
| (b) A Taxation Laws (Amendment) Ordinance, 2019 (“Ordinance”) on September 20, 2019 has amended the Income Tax Act, 1961 | |
| and Finance (No. 2) Act, 2019, by which the option has been provided for the lower tax regime without any incentives for the | |
| domestic companies. Under the revised tax regime, benefit of accumulated Minimum Alternate Tax (MAT) credit is not allowed. | |
| Considering the substantial accumulated MAT credit, the holding company and certain subsidiaries have assessed that, at present it | |
| is beneficial not to opt for the option of availing revised income tax rate. The tax liability for the current period and previous period | |
| has been accordingly calculated. For the remaining subsidiaries the tax liability has been made, applying the revised tax rate. | |
| (c) The Company has been creating deferred tax liability in its consolidated financial statements on undistributed profits of Central | |
| Depository Services (India) Limited ("CDSL") to the extent of its investment in the associate. During the year ended March 31, 2020, | |
| the company sold 4% of its stake in CDSL, due to which dividend distribution tax will no longer be payable in future to the extent of | |
| 4% and hence deferred tax liability was reversed to the extent of ₹ 151 Lakh for the year ended March 31, 2020. | |
| (d) As per the Accounting standard applicable to the company, deferred tax liability was provided in the Consolidated Financial | |
| statements in respect of undistributed profits of associates. With the abolition of Dividend Distribution Tax (DDT) and introduction | |
| of Section 80 M of the Income Tax Act, 1961 in the Finance Act, 2020, Dividend from associates will no longer be taxed in the hands | |
| of the company. Accordingly, an amount of ₹ 1,812 Lakh provided as tax on undistributed profits of associates, in earlier years, has | |
| been rendered excess and has been written back and netted off from the tax expenses for the current quarter. | |
| 8 | During the previous year, the Company had opted for the Sabka Vishwas (Legacy Dispute Resolution) scheme, 2019 for the |
| settlement of service tax matter of earlier years. Accordingly, an amount of ₹ 366 Lakh was paid under the said scheme, which was | |
| charged to the profit and loss account for the year ended March 31, 2020. | |
| 9 | The Company had earlier received observations from SEBI in respect of inspection conducted for the period 2005 – 2017, in which |
| the Company was asked to plough back certain amount to Investors’ Services Fund (“ISF”) and BSE Investors Protection Fund Trust | |
| (“IPF”) in respect of expenses charged in the earlier years to these funds. On the basis of response submitted by the Company. In | |
| March 2020, SEBI concluded and instructed the company to plough back an amount of ₹ 1,037 Lakh along with interest to the said | |
| funds. Consequently, an expense of ₹ 1,385 Lakh was charged to the profit and loss account for the year ended March 31, 2020 | |
| along with expense of ₹ 476 Lakh for the year ended March 31, 2018. Accordingly, an amount aggregating to ₹ 1,861 Lakh was | |
| disclosed as "Provision for Additional Contribution to ISF and IPF" for the year ended March 31, 2020. Subsequently, based on final | |
| amount arrived by SEBI, the company has reassessed amount chargeable to the fund for earlier years and has written back ₹ 595 | |
| Lakh to "Other income" in the current quarter. |
BSE - CONFIDENTIAL
==> picture [376 x 520] intentionally omitted <==
----- Start of picture text -----
10 The Company and its provident fund trust has an investment of ₹ 1,700 Lakh and ₹ 357 Lakh (including interest of ₹ 76 Lakh)
respectively in secured Non-convertible Debentures of IL&FS Group. Considering the status of IL&FS Group Companies, a provision
of ₹ 2 Lakh, ₹ 2 Lakh, ₹ 266 Lakh, ₹ 4 Lakh, ₹ 268 Lakh and ₹ 798 Lakh was made during the quarter ended September 30, 2020,
quarter ended June 30, 2020, quarter ended September 30, 2019, six months ended September 30, 2020, six months ended
September 30, 2019 and year ended March 31, 2020 respectively. An amount of ₹ 1,254 Lakh was already provided in the year
March 31, 2019.
11 Interoperability of settlements amongst clearing corporations was implemented from June 2019. After implementation of
interoperability, the members have the option to choose the clearing corporation to clear their trades. Based on their selection, the
trades of BSE are cleared by respective clearing corporations.
As per the requirement arising out of August 27, 2014 SEBI Circular on CIR\MRD\DRMNP\25\2014, for contribution by exchange to
Core SGF ("Settlement Guarantee Fund"), BSE needs to contribute to Core SGFs of all the Clearing corporations through which its
trades are cleared.
BSE has already contributed ₹ 15,541 Lakh to Indian Clearing Corporation Ltd ("ICCL")., which is in excess by ₹ 12,694 Lakh as
compared to the requirement relating to the contribution required to be made to ICCL for Core SGF, as of September 30, 2020.
Based on the transactions executed on BSE, which are cleared by other Clearing Corporations, requirement to contribute for Core
SGF is ₹ 1,267 Lakh as on September 30, 2020. The Board of the Company has represented SEBI to allow utilisation of excess
contribution by BSE lying with ICCL to the requirement of Core SGF contribution to other clearing corporations. The Company has
also represented to SEBI that the contribution by exchanges towards Core SGF of clearing corporations may be allowed to be
contributed in the form of Bank Fixed Deposit / Government Securities. The Company is awaiting final decision of SEBI in this
regard.
In view of the above, no contribution has been made to other clearing corporations and the Company has not taken any charge for
the contribution to Core SGF in the statement of profit and loss. The Management has also assessed that there is no impact on their
operations with clearing corporations due to non payment of contribution to Core SGF.
12 The novel coronavirus (COVID-19) pandemic continues to spread rapidly across the globe including India. On March 11, 2020, the
COVID-19 outbreak was declared a global pandemic by the World Health Organization. The Indian government had announced
countrywide lockdown which is continuing at present.
In this nation-wide lock-down period, though all the services across the nation were suspended, some essential services
establishments including securities market participants could operate and were exempted from the lock-down.
The management has assessed the potential impact of the COVID-19 on the Company. Based on the current assessment, the
management is of the view that impact of COVID-19 on the operations of the Company and the carrying value of its assets and
liabilities is not likely to be material.
13 Previous quarter's / period's/ year's figures have been regrouped / reclassified and rearranged wherever necessary to correspond
with the current quarter's / period's/ year's classification / disclosure.
14 Reviewed Financial Results of BSE Limited (Standalone Information) ₹ in Lakh
PARTICULARS Quarter Quarter Quarter For the six For the six Year
ended ended ended months months ended ended
September June September ended September 30, March
30, 2020 30, 2020 30, 2019 September 2019 31, 2020
30, 2020
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Revenue from operations 10,745 8,530 9,047 19,275 18,595 37,863
Profit before tax 2,550 3,450 3,341 6,000 7,465 17,522
Profit for the period 2,868 3,234 3,922 6,102 7,358 17,367
Note: The reviewed financial results of BSE Limited for the above mentioned period are available on our website, www.bseindia.com
and on the stock exchange website www.nseindia.com. The information above has been extracted from the reviewed standalone
financial results for the quarter and six months ended September 30, 2020.
For and on behalf of Board of Directors of
BSE LIMITED
Ashishku Digitally signed by: Ashishkumar Manilal Chauhan
mar DN: CN = Ashishkumar Manilal
Manilal Chauhan Chauhan C = IN O = PersonalDate: 2020.11.07 18:06:10 +05'30'
Ashishkumar Chauhan
Mumbai, November 7, 2020 Managing Director & CEO
----- End of picture text -----
BSE - CONFIDENTIAL
12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000
Chartered Accountants
==> picture [170 x 15] intentionally omitted <==
Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To The Board of Directors, BSE Limited
-
We have reviewed the accompanying statement of unaudited standalone financial results of BSE Limited (the “Company”) for the quarter ended September 30, 2020 and year to date from April 01, 2020 to September 30, 2020 (the “Statement”) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).
-
This Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
-
We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
-
Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
S.R. Batliboi & Co. LLP, a Limited Liability Partnership with LLP Identity No. AAB-4294 Regd. Office : 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016
Chartered Accountants
==> picture [170 x 14] intentionally omitted <==
5. Emphasis of Matter
We draw attention to Note 11 to the Statement, in respect of contribution required to be made as on September 30, 2020, of Rs. 1,267 lakhs to Core Settlement Guarantee Fund (‘core SGF’) by the Company to clearing corporations other than Indian Clearing Corporation Limited. Considering the representation made by the Company to Securities Exchange Board of India (‘SEBI’) and pending final decision from SEBI in this regard, no impact has been considered in the Statement.
Our conclusion is not modified in respect of this matter.
For S.R. BATLIBOI & Co. LLP
Chartered Accountants ICAI Firm registration number: 301003E/E300005
JAYESH Digitally signed by JAYESHMANHARLAL GANDHI MANHARLAL DN: cn=JAYESH MANHARLALGANDHI, c=IN, o=Personal, [email protected] GANDHI Date: 2020.11.07 18:32:15 +05'30'
_____ per Jayesh Gandhi Partner Membership No.: 037924 UDIN: 20037924AAAAOP5925 Mumbai November 07, 2020
==> picture [59 x 28] intentionally omitted <==
BSE Limited
CIN L67120MH2005PLC155188
(Formerly known as Bombay Stock Exchange Limited)
Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001
Statement of Standalone Financial Results for the quarter and six months ended September 30, 2020
| Statement of Standalone Financial Results for the quarter and six months ended September 30, 2020 Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001 (Formerly known as Bombay Stock Exchange Limited) CIN L67120MH2005PLC155188 BSE Limited |
Statement of Standalone Financial Results for the quarter and six months ended September 30, 2020 Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001 (Formerly known as Bombay Stock Exchange Limited) CIN L67120MH2005PLC155188 BSE Limited |
Statement of Standalone Financial Results for the quarter and six months ended September 30, 2020 Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001 (Formerly known as Bombay Stock Exchange Limited) CIN L67120MH2005PLC155188 BSE Limited |
Statement of Standalone Financial Results for the quarter and six months ended September 30, 2020 Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001 (Formerly known as Bombay Stock Exchange Limited) CIN L67120MH2005PLC155188 BSE Limited |
Statement of Standalone Financial Results for the quarter and six months ended September 30, 2020 Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001 (Formerly known as Bombay Stock Exchange Limited) CIN L67120MH2005PLC155188 BSE Limited |
Statement of Standalone Financial Results for the quarter and six months ended September 30, 2020 Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001 (Formerly known as Bombay Stock Exchange Limited) CIN L67120MH2005PLC155188 BSE Limited |
Statement of Standalone Financial Results for the quarter and six months ended September 30, 2020 Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001 (Formerly known as Bombay Stock Exchange Limited) CIN L67120MH2005PLC155188 BSE Limited |
Statement of Standalone Financial Results for the quarter and six months ended September 30, 2020 Registered office: Floor 25, P J Towers, Dalal Street, Mumbai 400001 (Formerly known as Bombay Stock Exchange Limited) CIN L67120MH2005PLC155188 BSE Limited |
|---|---|---|---|---|---|---|---|
| (₹ in Lakh) | |||||||
| PARTICULARS | For the quarter ended September 30, 2020 |
For the quarter ended June 30, 2020 |
For the quarter ended September 30, 2019 |
For the six months ended September 30, 2020 |
For the six months ended September 30, 2019 |
For the year ended March 31, 2020 |
|
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
| 1 2 3 4 5 a) b) c) d) e) f) g) h) 6 7 8 9 10 11 12 13 14 **15 ** |
Revenue from operations Investment income Other income (refer note 5 and 6) Total income (1+2+3) Expenses Employee benefits expense Finance costs (refer note 4b) Depreciation and amortisation expense Computer technology related expenses Settlement of service tax matter (refer note 9) Provision for Additional Contribution to ISF and IPF (refer note 6) Administration and other expenses Liquidity enhancement scheme expenses (refer note 10) Total expenses (5a to 5h) Profit before exceptional item and tax (4-5) Exceptional item (net) (refer note 4a and 4b) Profit before tax (6+7) Tax expense (refer note 5) Other comprehensive income (net of taxes) Paid up equity share capital (face value per share ₹ 2 Each) Other equity Earnings per equity share (face value per share ₹ 2 Each) Total comprehensive income for the period / year (10+11) Basic and diluted before exceptional item (₹) (refer note below) Basic and diluted after exceptional item(₹) (refer note below) Profit for the period / year (8-9) |
10,745 2,793 1,131 |
8,530 4,732 546 |
9,047 4,774 612 |
19,275 7,525 1,677 |
18,595 8,972 1,101 |
37,863 13,956 2,394 |
| 14,669 | 13,808 | 14,433 | 28,477 | 28,668 | 54,213 | ||
| 2,202 3 1,279 2,668 - - 4,023 491 |
2,309 - 1,129 3,079 - - 3,640 201 |
2,419 - 1,075 3,257 - - 4,341 - |
4,511 3 2,408 5,747 - - 7,663 692 |
4,814 - 2,101 6,595 - - 7,693 - |
9,390 - 4,355 13,090 366 1,861 16,568 219 |
||
| 10,666 | 10,358 | 11,092 | 21,024 | 21,203 | 45,849 | ||
| 4,003 (1,453) |
3,450 - |
3,341 - |
7,453 (1,453) |
7,465 - |
8,364 9,158 |
||
| 2,550 (318) 2,868 |
3,450 216 3,234 |
3,341 (581) 3,922 |
6,000 (102) 6,102 |
7,465 107 7,358 |
17,522 155 17,367 |
||
| 22 2,890 900 8.33 6.26 |
189 3,423 900 7.06 7.06 |
(48) 3,874 900 7.51 7.51 |
211 6,313 900 15.39 13.32 |
(19) 7,339 900 14.05 14.05 |
(25) 17,342 900 2,15,601 16.72 35.37 |
Note: Basic and diluted EPS is not annualised for the quarter and six months ended results. EPS is calculated on outstanding shares issued by BSE Limited (the "Company") including shares held in abeyance.
BSE - CONFIDENTIAL
BSE Limited
(Formerly known as Bombay Stock Exchange Limited) Standalone Balance Sheet as at September 30, 2020
| BSE Limited (Formerly known as Bombay Stock Exchange Limited) Standalone Balance Sheet as at September 30, 2020 |
BSE Limited (Formerly known as Bombay Stock Exchange Limited) Standalone Balance Sheet as at September 30, 2020 |
BSE Limited (Formerly known as Bombay Stock Exchange Limited) Standalone Balance Sheet as at September 30, 2020 |
BSE Limited (Formerly known as Bombay Stock Exchange Limited) Standalone Balance Sheet as at September 30, 2020 |
|---|---|---|---|
| (₹ in Lakh) | |||
| PARTICULARS | As at September 30, 2020 | As at March 31, 2020 | |
| Unaudited | Audited | ||
| 1 2 3 4 5 |
ASSETS Non-current assets a. Property, plant and equipment b. Capital work-in-progress c. Investment properties d. Goodwill e. Intangible assets f. Intangible assets under development g. Financial assets i. Investments a. Investments in subsidiaries b. Investments in associates c. Other investments ii. Other financial assets h. Deferred tax assets (net) i. Income tax assets (net) j. Other assets Total non-current assets Current assets a. Financial assets i. Investments ii. Trade receivables iii. Cash and cash equivalents iv. Bank balances other than (iii) above v. Other financial assets b. Other assets Total current assets Total assets (1+2) EQUITY AND LIABILITIES Equity a. Equity share capital b. Other equity Total equity Liabilities Non-current liabilities a. Financial liabilities b. Other liabilities Total non-current liabilities Current liabilities a. Financial liabilities i. Trade payables a. Total outstanding dues of micro enterprises and small enterprises b. Total outstanding dues of creditors other than micro enterprises and small enterprises ii. b. Provisions c. Income tax liabilities (net) d. Other liabilities Total Current Liabilities Total Equity and Liabilities (3+4+5) Other financial liabilities Other financial liabilities |
9,878 - 402 - 3,123 788 69,905 4,723 24,661 9,082 12,103 5,882 8 |
9,096 827 412 - 2,334 1,489 68,850 4,723 38,749 8,856 10,804 5,634 14 |
| 1,40,555 | 1,51,788 | ||
| 1,12,029 7,335 3,921 23,139 783 4,510 |
1,03,708 5,195 3,011 17,376 315 836 |
||
| 1,51,717 | 1,30,441 | ||
2,92,272 |
2,82,229 | ||
| 900 2,14,127 |
900 2,15,601 |
||
| 2,15,027 | 2,16,501 | ||
| 751 46 |
676 88 |
||
| 797 | 764 | ||
| 1 7,421 38,888 1,036 701 28,401 |
16 6,756 39,686 1,114 944 16,448 |
||
| 76,448 | 64,964 | ||
| 2,92,272 | 2,82,229 | ||
BSE - CONFIDENTIAL
BSE Limited (Formerly known as Bombay Stock Exchange Limited) CIN L67120MH2005PLC155188 Cash Flow Statement for the six months period ended September 30, 2020
| BSE Limited (Formerly known as Bombay Stock Exchange Limited) Cash Flow Statement for the six months period ended September 30, 2020 CIN L67120MH2005PLC155188 |
BSE Limited (Formerly known as Bombay Stock Exchange Limited) Cash Flow Statement for the six months period ended September 30, 2020 CIN L67120MH2005PLC155188 |
BSE Limited (Formerly known as Bombay Stock Exchange Limited) Cash Flow Statement for the six months period ended September 30, 2020 CIN L67120MH2005PLC155188 |
|---|---|---|
| (₹ in Lakh) | ||
| PARTICULARS | For the six months ended Sep 30, 2020 |
For the six months ended Sep 30, 2019 |
| A. CASH FLOW FROM OPERATING ACTIVITIES Profit for the six months period ended Adjustments for Income tax expenses recognised in profit and loss Depreciation and amortisation expenses Impairment loss on financial assets carried at cost Net gain on disposal of property, plant and equipment and intangible assets Impairment loss on financial assets and bad debts write off Finance cost Provision towards Arbitration expenses Net gain arising on financial assets measured at FVTPL Interest income Dividend income Provision for compensated absences Operating profit before working capital changes Movements in working capital (Increase) / decrease in trade receivables Increase/ (decrease) in trade payables Increase/ (decrease) in provisions (Increase) / decrease in other financial assets and other assets Increase / (decrease) in other financial liabilities and other liabilities Cash generated from / (used in) operations Direct taxes paid (net of refunds) Net cash generated from / (used in) operating activities B. CASH FLOW FROM INVESTING ACTIVITIES Fixed assets Purchase of fixed assets, including intangible assets, capital work in progress and capital advances Proceeds from sale of fixed assets Investments Net (increase)/decrease in investment in mutual funds Proceeds received from bonds and non-convertible debentures Investment in fixed deposits Proceeds received from fixed deposits Investment in subsidiaries Interest received Dividend received from Subsidiaries/Associates and Mutual Fund Net cashgenerated from/ (used in) investing activities |
6,102 (102) 2,408 9 - 953 3 1,453 (6,351) (231) (943) 298 3,599 (3,093) 650 (78) (3,872) 11,575 8,781 (1,834) |
7,358 107 2,101 260 (4) 583 - - (6,847) (173) (1,952) 228 1,661 (1,934) 3,055 (122) (3,742) 16,745 15,663 (2,184) |
| 6,947 | 13,479 | |
| (2,904) - 10,656 - (48,674) 42,671 (1,055) 113 943 |
(1,697) 8 46,693 2,500 (12,705) 13,604 - 378 1,952 |
|
| 1,750 | 50,733 | |
BSE - CONFIDENTIAL
BSE Limited
(Formerly known as Bombay Stock Exchange Limited) CIN L67120MH2005PLC155188
Cash Flow Statement for the six months period ended September 30, 2020
| BSE Limited (Formerly known as Bombay Stock Exchange Limited) Cash Flow Statement for the six months period ended September 30, 2020 CIN L67120MH2005PLC155188 |
BSE Limited (Formerly known as Bombay Stock Exchange Limited) Cash Flow Statement for the six months period ended September 30, 2020 CIN L67120MH2005PLC155188 |
BSE Limited (Formerly known as Bombay Stock Exchange Limited) Cash Flow Statement for the six months period ended September 30, 2020 CIN L67120MH2005PLC155188 |
|---|---|---|
| (₹ in Lakh) | ||
| PARTICULARS | For the six months ended Sep 30, 2020 |
For the six months ended Sep 30, 2019 |
| C. CASH FLOW FROM FINANCING ACTIVITIES Payment towards buyback including transaction cost Dividend and taxes paid thereon Net cash used in financing activities Net increase in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the six months period ended Cash and cash equivalents at the end of the six months period ended Balances with banks* In current accounts In deposit accounts with original maturityof 3 months |
- (7,787) |
(47,637) (15,843) |
| (7,787) | (63,480) | |
| 910 3,011 |
732 1,828 |
|
| 3,921 | 2,560 | |
| 236 3,685 |
398 2,162 |
|
| *** Cash and cash equivalents at the end of six monthsperiod ended** | 3,921 | 2,560 |
The accompanying notes form an integral part of the financial statements
-
The Cash Flow Statement has been prepared under the "Indirect Method" as set out in Indian Accounting Standard - 7 "Cash Flow Statement".
-
Movement in earmarked liabilities and assets are not considered.
-
Previous periods' figures have been regrouped wherever necessary.
BSE - CONFIDENTIAL
| 1 | The above standalone financial results for the quarter and six months ended September 30, 2020 have been reviewed by the Audit |
|---|---|
| Committee and approved by the Board of Directors on November 7, 2020 and the statutory auditors of the Company have conducted | |
| "Limited Review" of the said standalone financial results. | |
| 2 | The above standalone financial results for the quarter and six months ended September 30, 2020 are prepared in accordance with the |
| Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies | |
| (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016. | |
| 3 | The Company operates only in one Business Segment i.e. "Facilitating Trading in Securities and other related ancillary Services", hence |
| does not have any reportable Segments as per Ind-AS 108 "Operating Segments". | |
| 4 | (a) During the previous year, the Company had divested its 4% stake in its associate company Central Depository Services (India) |
| Limited ("CDSL") through offer for sale. The profit on divestment amounting to ₹ 9,158 Lakh was reflected as an "Exceptional Item" in | |
| the Standalone Financial Results for the year ended March 31, 2020. | |
| (b) S & P Dow Jones Indices LLC and SPDJ Singapore Pte Ltd (hereinafter collectively called as “SPDJ”) had filed arbitration proceedings | |
| against BSE under Singapore International Arbitration Center’s rules, inter alia, challenging the termination of index licensing | |
| arrangement by BSE Limited. The Final Award passed by the Arbitrator Tribunal dated September 17, 2020 inter-alia, held that the | |
| termination of the Agreements by BSE is invalid, the Agreement continue to remain in force and the costs of arbitration, legal and | |
| other costs incurred by SPDJ shall be borne by the BSE. Accrodingly, as amount of ₹ 1,453 Lakh is payable by BSE to SPDJ with interest | |
| upto date of payment. The said amount has been provided in books of accounts for the current quarter and has been disclosed as an | |
| "Exceptional item" for the quarter and period ended September 30, 2020. Interest of ₹ 3 Lakh upto September 30, 2020 has also been | |
| provided as finance cost. | |
| 5 | (a) Based on the assessment orders received, interest on Income Tax refund, as allowed in the assessments, of ₹ 14 Lakh, ₹ 18 Lakh |
| and ₹ 18 Lakh has been included in "Other Income" for the quarter ended September 30, 2019, six months ended September 30, 2019 | |
| and year ended March 31, 2020 respectively. | |
| (b) A Taxation Laws (Amendment) Ordinance, 2019 (“Ordinance”) on September 20, 2019 has amended the Income Tax Act, 1961 and | |
| Finance (No. 2) Act, 2019, by which the option has been provided for the lower tax regime without any incentives for the domestic | |
| companies. Under the revised tax regime, benefit of accumulated Minimum Alternate Tax (MAT) credit is not allowed. Considering the | |
| substantial accumulated MAT credit, the management has assessed that at present it is beneficial not to opt for the option of availing | |
| revised income tax rate. The tax liability for the current period and previous period has been accordingly calculated. | |
| 6 | The Company had earlier received observations from SEBI in respect of inspection conducted for the period 2005 – 2017, in which the |
| Company was asked to plough back certain amount to Investors’ Services Fund (“ISF”) and BSE Investors Protection Fund Trust (“IPF”) | |
| in respect of expenses charged in the earlier years to these funds. On the basis of response submitted by the Company. In March | |
| 2020, SEBI concluded and instructed the company to plough back an amount of ₹ 1,037 Lakh along with interest to the said funds. | |
| Consequently, an expense of ₹ 1,385 Lakh was charged to the profit and loss account for the year ended March 31, 2020 along with | |
| expense of ₹ 476 Lakh for the year ended March 31, 2018. Accordingly, an amount aggregating to ₹ 1,861 Lakh was disclosed as | |
| "Provision for Additional Contribution to ISF and IPF" for the year ended March 31, 2020. Subsequently, based on final amount arrived | |
| by SEBI, the company has reassessed amount chargeable to the fund for earlier years and has written back ₹ 595 Lakh to "Other | |
| income" in the current quarter. | |
| 7 | The Company and its provident fund trust has an investment of ₹ 1,700 Lakh and ₹ 357 Lakh (including interest of ₹ 76 Lakh) |
| respectively in secured Non-convertible Debentures of IL&FS Group. Considering the status of IL&FS Group Companies, a provision of | |
| ₹ 2 Lakh, ₹ 2 Lakh, ₹ 266 Lakh, ₹ 4 Lakh, ₹ 268 Lakh and ₹ 798 Lakh was made during the quarter ended September 30, 2020, quarter | |
| ended June 30, 2020, quarter ended September 30, 2019, six months ended September 30, 2020, six months ended September 30, | |
| 2019 and year ended March 31, 2020 respectively. An amount of ₹ 1,254 Lakh was already provided in the year March 31, 2019. | |
| 8 | As per the assessment of management, there are no lease contracts for which IND AS 116 – Leases is required to be applied. |
| 9 | During the previous year, the Company had opted for the Sabka Vishwas (Legacy Dispute Resolution) scheme, 2019 for the settlement |
| of service tax matter of earlier years. Accordingly, an amount of ₹ 366 Lakh was paid under the said scheme, which was charged to | |
| the profit and loss account for the year ended March 31, 2020. | |
| 10 | Pursuant to SEBI Circular CIR/MRD/DP/14/2014 dated April 23,2014 and BSE Notice no-20190805-10, 20190925-31, 20191108-25, with |
| effect from November 25, 2019, the Company has introduced the Liquidity Enhancement Scheme (LES) in derivatives. An expense of ₹ | |
| 491 Lakh, ₹ 201 Lakh, ₹ 692 Lakh and ₹ 219 Lakh has been incurred towards the scheme for the quarter ended September 30, 2020, | |
| quarter ended June 30, 2020, six months ended September 30, 2020 and year ended March 31, 2020 respectively. |
BSE - CONFIDENTIAL
==> picture [459 x 370] intentionally omitted <==
----- Start of picture text -----
11 Interoperability of settlements amongst clearing corporations was implemented from June 2019. After implementation of
interoperability, the members have the option to choose the clearing corporation to clear their trades. Based on their selection, the
trades of BSE are cleared by respective clearing corporations.
As per the requirement arising out of August 27, 2014 SEBI Circular on CIR\MRD\DRMNP\25\2014, for contribution by exchange to
Core SGF ("Settlement Guarantee Fund"), BSE needs to contribute to Core SGFs of all the Clearing corporations through which its
trades are cleared.
BSE has already contributed ₹ 15,541 Lakh to Indian Clearing Corporation Ltd ("ICCL")., which is in excess by ₹ 12,694 Lakh as
compared to the requirement relating to the contribution required to be made to ICCL for Core SGF, as of September 30, 2020. Based
on the transactions executed on BSE, which are cleared by other Clearing Corporations, requirement to contribute for Core SGF is ₹
1,267 Lakh as on September 30, 2020. The Board of the Company has represented SEBI to allow utilisation of excess contribution by
BSE lying with ICCL to the requirement of Core SGF contribution to other clearing corporations. The Company has also represented to
SEBI that the contribution by exchanges towards Core SGF of clearing corporations may be allowed to be contributed in the form of
Bank Fixed Deposit / Government Securities. The Company is awaiting final decision of SEBI in this regard.
In view of the above, no contribution has been made to other clearing corporations and the Company has not taken any charge for
the contribution to Core SGF in the statement of profit and loss. The Management has also assessed that there is no impact on their
operations with clearing corporations due to non payment of contribution to Core SGF.
12 The novel coronavirus (COVID-19) pandemic continues to spread rapidly across the globe including India. On March 11, 2020, the
COVID-19 outbreak was declared a global pandemic by the World Health Organization. The Indian government had announced
countrywide lockdown which is continuing at present.
In this nation-wide lock-down period, though all the services across the nation were suspended, some essential services
establishments including securities market participants could operate and were exempted from the lock-down.
The management has assessed the potential impact of the COVID-19 on the Company. Based on the current assessment, the
management is of the view that impact of COVID-19 on the operations of the Company and the carrying value of its assets and
liabilities is not likely to be material.
13 Previous quarter's / period's/ year's figures have been regrouped / reclassified and rearranged wherever necessary to correspond with
the current quarter's / period's/ year's classification / disclosure.
For and on behalf of Board of Directors of
BSE LIMITED
Ashishku Digitally signed by: Ashishkumar Manilal Chauhan
mar DN: CN = Ashishkumar Manilal
Manilal Date: 2020.11.07 18:07:03 +Chauhan C = IN O = Personal
Chauhan 05'30'
Ashishkumar Chauhan
Mumbai, November 7, 2020 Managing Director & CEO
----- End of picture text -----
BSE - CONFIDENTIAL