Financial Year: 2025
Price Waterhouse & Co Chartered Accountants LLP's independent auditor's report on the standalone financial results of the National Stock Exchange of India Limited (NSE or the "Company") for the year ended March 31, 2025, expresses an unqualified opinion, stating that the financial results present a true and fair view in conformity with Indian accounting standards and Regulation 33 of the Listing Regulations. The audit was conducted in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013.
Emphasis of Matter: Note 5 draws attention to orders passed by SEBI regarding preferential access to tick-by-tick data, Dark Fiber point-to-point connectivity, and governance/conflict of interest matters. The outcome is uncertain, and except for a penalty of Rs. 100 crores, no provision has been recognized based on legal opinion. The opinion is not modified in respect of this matter.
Board of Directors' Responsibilities: The Board is responsible for preparing and presenting standalone financial results that give 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 appropriate accounting policies, making reasonable judgments, and implementing adequate internal financial controls.
Auditor's Responsibilities: The auditor's objectives are to obtain reasonable assurance about whether the standalone financial results are free from material misstatement and to issue an auditor's report. This includes exercising professional judgment, maintaining skepticism, identifying and assessing risks of material misstatement, and evaluating the appropriateness of accounting policies and reasonableness of estimates.
Other Matters: The standalone financial results include figures for the quarter ended March 31, 2025, which are balancing figures between audited full-year figures and published unaudited year-to-date figures.
The standalone annual financial results have been prepared for the express purpose of complying with Regulation 33 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, read with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Key Financial Data (Standalone):
Consolidated Financial Results: Price Waterhouse & Co Chartered Accountants LLP also audited the consolidated financial results of NSE and its subsidiaries and associates for the year ended March 31, 2025. An unqualified opinion is expressed, indicating a true and fair view in conformity with Indian accounting standards and Regulation 33 of the Listing Regulations.
The consolidated financial results include the annual financial results of sixteen entities (NSE Clearing Limited, NSE Investments Limited, NSE IFSC Limited, NSE Administration and Supervision Limited, NSE Sustainability Ratings and Analytics Limited, NSE IFSC Clearing Corporation Limited, NSEIT Limited (Until February 20, 2025), NSE Data & Analytics Limited, NSE Indices Limited, NSE Infotech Services Limited, NSEIT (US) Inc. (Until September 30, 2024), Aujas Cybersecurity Limited (Until September 27, 2024), CXIO Technologies Private Limited (Until September 26, 2024), TalentSprint Private Limited, Cogencis Information Services Limited, NSE Academy Limited).
Emphasis of Matter: Note 4 highlights SEBI orders regarding the colocation facility, Dark Fiber connectivity, and governance/conflict of interest matters. As in the standalone results, the outcome is uncertain, and a provision of Rs. 100 crores has been recognized.
Responsibilities: The Board of Directors of the Holding Company are responsible for the preparation of the consolidated financial statements.
Auditor's Responsibilities: This mirrors the standalone audit responsibilities, but extends to obtaining sufficient appropriate audit evidence regarding the financial results of entities within the Group and its associates.
Key Financial Data (Consolidated):
Other Matters: The report refers to other auditors and financial statements.
The report is signed by Amit Borkar, Partner, with a membership number of 109846 and UDIN: 25109846BMLWGZ7267, dated May 06, 2025, in Mumbai.
The Board of Directors in their meeting held on May 6, 2025, recommended a final dividend of Rs. 35/- per equity share of Re. 1/- each (3500%) for the year ended March 31, 2025, subject to approval of the shareholders at the ensuing Annual General Meeting. This includes a special one-time dividend of Rs.11.46 per equity share. During the year ended March 31, 2025, NSE had paid an amount of Rs.643.05 Crores on September 25, 2024 in relation to the Trading Access Point (TAP) matter On April 22, 2025, NSE Academy Limited (NAL) divested its entire equity stake in TalentSprint Private Limited and Talensprint Inc for a total consideration of Rs. 245 crores.
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