Financial Year: 2024
The following is a comprehensive summary of the provided PDF, titled "Price Waterhouse & Co Chartered Accountants LLP Independent Auditor's Report," which includes the National Stock Exchange of India Limited's consolidated financial results for the year ended March 31, 2024:
Opinion on Consolidated Financial Results:
Price Waterhouse & Co Chartered Accountants LLP audited the Statement of Consolidated Financial Results for the year ended March 31, 2024, of the National Stock Exchange of India Limited (NSE), including its subsidiaries and associate companies. The report is prepared in accordance with Regulation 33 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. In the auditor's opinion, the financial results present a true and fair view in conformity with accounting principles generally accepted in India and include the annual financial results of the listed subsidiary entities. The consolidated financial results include the results for the quarter ended March 31, 2024.
List of Subsidiaries and Associates:
The consolidated financial results include those of the following subsidiaries: NSE Clearing Limited, NSE Investments Limited, NSE IFSC Limited, NSE Administration and Supervision Limited, NSE Sustainability Ratings & Analytics Limited, NSE IFSC Clearing Corporation Limited, NSEIT Limited, NSE Data & Analytics Limited, NSE Indices Limited, NSE Infotech Services Limited, NSEIT (US) Inc., Anjas Cybersecurity Limited, NSE Academy Limited, NSE Foundation, TalentSprint Private Limited, Cogencis Information Services Limited, CXIO Technologies Private Limited, and TalentSprint Inc. The following are listed as associate companies: National Securities Depository Limited, India International Bullion Holding IFSC Limited, Power Exchange India Limited, Protean eGov Technologies Limited, Market Simplified India Limited, Receivables Exchange Of India Limited, Indian Gas Exchange Limited and Capital Quant Solutions Private Limited.
Basis for Opinion:
The audit was conducted in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Companies Act, 2013. The auditors have fulfilled their ethical responsibilities in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India. The audit evidence obtained is considered sufficient and appropriate to provide a basis for the opinion.
Emphasis of Matter:
Note 3 of the consolidated financial results relates to orders passed by SEBI concerning preferential access to tick-by-tick data at the Holding Company's Colocation facility, Dark Fiber point-to-point connectivity, and Governance and Conflict of Interest matters, as well as adjudication orders. These matters are under appeal with the Hon'ble Securities Appellate Tribunal or the Hon'ble Supreme Court, and their future outcome is uncertain. Based on legal opinion, no provision for liability has been recognized, except for the penalty amount of Rs. 100 crores. This does not modify the auditor’s opinion.
Board of Directors' Responsibilities:
The Board of Directors is responsible for the preparation and presentation of consolidated financial results that provide a true and fair view in accordance with Indian Accounting Standards and Regulation 33 of the Listing Regulations. This includes maintaining adequate accounting records, selecting and applying appropriate accounting policies, making reasonable judgments and estimates, and implementing and maintaining adequate internal financial controls. The Board of Directors also assesses the ability of the Group and its associate companies to continue as a going concern.
Auditor's Responsibilities:
The auditor's objectives are to obtain reasonable assurance about whether the consolidated financial results are free from material misstatement, whether due to fraud or error, and to issue an auditor's report. This includes exercising professional judgment, maintaining professional skepticism, identifying and assessing risks of material misstatement, designing and performing audit procedures, and obtaining sufficient audit evidence. The auditor is also responsible for understanding internal control relevant to the audit and expressing an opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Other Matters:
The report references reliance on other auditors for certain subsidiaries and an associate company, stating their opinion is based solely on the reports of other auditors and the procedures performed. It also includes unaudited financial statements/financial information of one subsidiary and five associate companies provided by Management that has been used for the basis of the opinion. The auditor's opinion is not modified regarding reliance on other auditors' work and the management's financial statements/results. The consolidated financial results include the results for the quarter ended March 31, 2024, which are neither subject to limited review nor audited.
Financial Highlights (Year Ended March 31, 2024):
Segment Information:
The Group has identified the following segments: Trading Services, Clearing Services, and Others. Transactions between segments are carried out at arm's length. The Chief Operating Decision Maker (CODM) primarily uses a measure of profit before tax to assess the performance of the operating segments. Details on segment revenue, result, assets, liabilities, capital expenditure, and depreciation/amortization are provided.
Additional Notes:
This summary captures the essential information from the auditor's report, including the financial performance of NSE and its subsidiaries, key regulatory issues, and important board decisions. It aims to provide a comprehensive overview of the document without omitting critical details.
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