SBI Mutual Fund Unlisted Shares Annual Reports

SBI Mutual Fund Unlisted Shares

The Directors' Report of SBI Funds Management Ltd. presents the 32nd Annual Report with audited accounts for the year ended March 31, 2024. **Financial Highlights:** The company's financial performance is summarized on a standalone and consolidated basis. Total income stood at ₹3,42,517 lakh and ₹3,42,608 lakh on standalone and consolidated basis respectively for 2023-24. Profit before tax was ₹2,67,603 lakh and ₹267,362 lakh respectively. The profit for the period was ₹206,295 lakh and ₹207,278 lakh, respectively. An interim dividend of ₹4 per equity share was declared. A sum of ₹500 lakh was transferred to General Reserves. **Capital Structure:** 26,15,829 shares of ₹1 face value were allotted to employees through the Employees Stock Options Scheme. The total paid-up equity share value was ₹5,063.40 Lakh. The company's net worth increased to ₹6,75,690 lakh on a standalone basis. **Subsidiaries:** SBI Funds Management (International) Private Limited, a wholly-owned subsidiary in Mauritius, provides investment management services. It declared a dividend of ₹415.33 Lakh. SBI Funds International (IFSC) Limited was incorporated in GIFT City - Gandhinagar on February 7, 2024, and its license approval is in process. **Associate Company:** The company holds a 20% stake in SBI Pension Funds Private Limited. **Market Environment 2023-24:** The report provides an overview of the global and Indian macro environments. Global concerns included synchronized rate hikes and inflation, while the Indian macro backdrop proved less hostile than initially anticipated. Real GDP grew by 8.2% in 9M FY24, driven by investment and manufacturing. A potential risk involves the single deflation method potentially exaggerating GDP growth. The report anticipates India's real growth to be a respectable 6.5% in FY25. Government capex growth is expected to moderate. The RBI is currently confronting cross currents on inflation, and is expected to continue to use rates and liquidity to manage growth-inflation dynamics. The report expects CPI inflation to glide towards 4%, but weather and crude oil are biggest risks. **Outlook:** The report presents outlook for equity and fixed income. Indian equities had a good year with strong broad-based gains. However, broader markets have not kept pace with the Nifty. The median return of the top 250 small cap companies by market cap was just 3.8% versus Nifty's 10.9% rise. The deterioration in breadth ultimately culminated in the Nifty Midcap150 and the Nifty Smallcap250 indices peaking in early Feb and subsequently correcting 8% and 14% respectively. Staying bottom-up and sticking to quality and sustainable growth should work. In fixed income, with the announced market borrowings for FY25 being lower than market estimates and the continuing strong demand witnessed in recent past, the near-term outlook remains non-disruptive from a market perspective. The shape of the curve will be affected by the internals of the borrowing calendar of both center and states along with global factors like the USD & brent affecting Indian bonds and rates. Markets are entering the new fiscal with an air of confidence with most participants constructive on rates. Money market assets continue to provide adequate value and inflation adjusted carry for short holding period investments. **Mutual Fund Industry Regulatory Developments:** SEBI has introduced several measures related to investment payments, Execution Only Platforms (EOP), Environmental, Social and Governance (ESG) investing and related disclosures, resources for Trustees of Mutual Funds, Corporate Debt Market Development Fund (CDMDF), and Online Resolution of Disputes. The regulations impact sponsor requirements, trustee responsibilities, and investment guidelines. **Portfolio Management Services - Regulatory Developments:** Portfolio Managers are required to perform annual audit of firm-level performance data. **Alternative Investment Funds - Regulatory Developments:** Schemes of AIFs will have an option of 'Direct Plan' for investors. The Corporate Debt Market Development Fund (CDMDF), launching liquidation scheme, valuation procedures, investment conditions, governance mechanisms and disclosure requirements. ❖ SEBI has mandated that AIFs are required to carry out valuation of securities as per Mutual Fund Regulations. **Business Performance During The Year:** SBI Mutual Fund (SBI MF) grew by 27.4% in average AUM terms year-on-year in FY24. Profit after Tax (PAT) of SBIFM has increased from ₹1,331 Crores in FY 2023 to ₹2,063 Crores in FY 2024, an absolute growth of 55%. SBI MF was the first mutual fund house to cross an Asset Under Management (AUM) of ₹ 9 Lakh Crores. **Digital Initiatives:** Digital assets were refreshed, with new features and targeted campaigns via WhatsApp, email, and app notifications. Project Sangam was launched, enhancing user experience. New GSIP, ESOA, ADMIN, ONLINESBIMF, GIFT City, and CDMDF portals were launched. **Future Plans:** Focus on business development, new products (thematic and passive), increasing network of branches, building blocks (Passives, thematic, Alternatives, Offshore & Gift City), and digital tools. **Liquidation and Distribution of Assets:** SBI Funds Management Limited was appointed by the Supreme Court of India to undertake the liquidation and distribution of assets of six schemes of Franklin Templeton Mutual Fund. The total disbursements made by SBIFML to FT unitholders is ₹ 27,509 crores. **Other Key Points:** * The company reports on various aspects of corporate governance, including committee compositions and meetings. * The company's policy on directors' appointments and remuneration is provided. * The company confirms compliance with relevant regulations and standards, including SEBI guidelines. * The report includes statements on energy conservation, technology absorption, and foreign exchange earnings and outgo. * The report details the risk management system in place, as well as the company's information security measures and internal financial controls. * Details of loans, guarantees, and investments are provided. * The report outlines the company's corporate social responsibility (CSR) activities. * Details of change in Directors is provided * There are financial statements (balance sheet, profit and loss, cash flow) and associated notes provided. These cover both consolidated and standalone results.

SBI Mutual Fund Unlisted Shares

The 31st Annual Report 2022-2023 of SBI Funds Management Limited (SBIFM) presents the audited accounts for the year ended March 31, 2023. The company is a joint venture between State Bank of India and AMUNDI. **Financial Performance (Standalone and Consolidated):** The financial highlights compare the reporting year (2022-23) to the previous year (2021-22) in ₹ in lakh. | Particulars | Standalone (2022-23) | Standalone (2021-22) | Consolidated (2022-23) | Consolidated (2021-22) | | :-------------------- | :------------------- | :------------------- | :--------------------- | :--------------------- | | Total Income | 2,41,186 | 1,99,562 | 2,41,257 | 2,00,014 | | Profit before tax | 1,77,289 | 1,42,731 | 1,77,087 | 142,910 | | Profit for the period | 1,33,120 | 1,07,065 | 1,33,972 | 108,237 | **Dividend:** An interim dividend of ₹3.50 per equity share (Face Value ₹1 each) was declared on March 27, 2023, compared to ₹3 per equity share in the previous year. No final dividend was declared. **General Reserves:** ₹500 lakh was transferred from the Statement of Profit and Loss to the General Reserve. **Capital Structure:** 4,18,641 shares (Face Value ₹1 each) were allotted to employees under the Employees Stock Options Scheme. As of March 31, 2023, the outstanding equity shares' paid-up value was ₹5037.24 Lakh (₹5,033.05 Lakh on March 31, 2022). The company's net worth increased to ₹4,76,846 lakh on a standalone basis as of March 31, 2023, compared to ₹3,57,096 lakh the previous year. **Subsidiary Review:** SBI Funds Management (International) Private Limited, a wholly-owned subsidiary in Mauritius, provides investment management services to SBI Resurgent India Opportunities Fund (SBI RIOF) and SBI India Opportunities Fund (SBI IOF). The subsidiary declared and paid a dividend of ₹547.96 Lakh (USD 6.65 Lakh), versus ₹114.53 Lakh (USD 1.50 Lakh) in the prior year. **Associate Company:** The company holds a 20% stake in SBI Pension Funds Private Limited, which manages pension funds for government and private sector employees. **Management Discussion and Analysis - Business Environment:** * **Global Macro:** The financial year started with global supply chain disruptions due to the Russia-Ukraine conflict. Global central banks increased rates to control inflation, leading to financial stability concerns and some bank failures. Inflation started to moderate recently, leading to a growth slowdown. * **Indian Macro:** India's economy showed resilience amidst global challenges. Economic activity remained healthy, though some indicators began to plateau in March 2023. Lagged effects of tightening monetary conditions could reduce India's growth to 5.5% in FY24. Higher commodity prices increased inflationary pressures. RBI started rate hikes in May 2022, increasing rates from 4% to 6.5%. * **Equity Outlook:** Macro uncertainties resulted in a defensive market mood, emphasizing quality, large caps, and defensive sectors. Equity sentiment is in the pessimistic zone but not at climactic extremes. Markets are expected to navigate a slow-growth environment. * **Fixed Income Outlook:** Global yields remained volatile. Concerns regarding financial stability emerged. Market policy rate expectations have been repriced, with bets on additional tightening being replaced with renewed bets on a change in course. India's bond markets were relatively calm, with effective tightening reaching 315 bps. The company maintained a lower duration stance initially, then incrementally turned more positive on increasing duration. **Industry & Regulatory Developments:** * **Mutual Fund Industry:** The Indian MF industry saw 19.5% annual AUM growth. The board declared an interim dividend of ₹3.50. * **Regulatory Changes:** Amendments were made to KYC norms, risk-o-meter calculations for commodities, and passive fund regulations. Cybersecurity frameworks were updated, and nomination requirements were mandated for MF unitholders. Transfer timelines for dividends/redemptions were revised, and AMCs must have remote access policies. Credit risk-based single issuer limits were introduced for debt/money market investments. * **Portfolio Management Services (PMS):** SEBI amended PMS regulations with prudential limits, client consent, and disclosures. Portfolio managers must put a written policy in place and SEBI has issued guidelines on cyber security. * **Alternative Investment Funds (AIF):** SEBI specified timelines for the first close and calculation of tenure of close-ended AIF schemes and allowed AIFs to participate in Credit Default Swaps (CDS). **Business Performance:** * **SBI Mutual Fund:** SBI MF grew by 10.83% in average AUM, the highest among the top ten fund houses, consolidating its leadership position. It had over 55% market share of new net-funds flow, crossing an AUM of ₹7 Lakh Crs. Market share touched 17.70%. They added 22 Lakh new investors. * **Assets Mobilized:** The company's total assets mobilized were ₹25,83,924 crore versus ₹19,72,517 crore the previous year. * **ETF Asset Management:** SBIFM remained the largest ETF asset manager with ₹2,37,407 Crore in QAAUM, holding a 46.82% market share. * **SIP Transactions:** The company is striving to evolve digital modes of transaction; 82% of all SIP transactions were registered digitally. * **New Fund Offers:** SBI Mutual Fund launched 26 NFOs, including 7 open-ended and 19 fixed maturity debt funds, mobilizing ₹12,748 crores in aggregate. * **Scheme Performance:** 76% of equity funds and 85% of non-equity funds were in the top two quartiles. * **Systematic Investment Plans (SIPs):** Monthly SIP trigger showed 23% year-on-year growth. * **Net Promoter Score (NPS):** The company introduced the concept of Net Promoter Score (NPS). **Other Business Parameters:** Business parameters of the Portfolio Management/Advisory services, Alternate Investment Funds and Offshore Funds are: | Particulars | 2022-23 (₹ in Crore) | 2021-22 (₹ in Crore) | | :------------------------------------------------------------- | :------------------- | :------------------- | | Portfolio Management/Advisory Services (including Retail business) | 11,73,031 | 9,99,003 | | Alternate Investment Fund | 481 | 271 | | SBI Resurgent India Opportunities Fund (Off- Shore Fund) | 317 | 325 | **Overall Performance:** The company was managing total assets of about ₹18,81,441 Crores as on March 31, 2023. Profit after Tax (PAT) increased to ₹1,331 Crs, with a 24% growth. **Distribution Network:** The Company works with over 99,000 empaneled distributors in 278 locations across India and 1 overseas Point of Presence in Dubai. **Awards and Recognition:** SBI Mutual Fund received accolades for investment performance. **Investor Education:** The company focused on investor awareness and education initiatives, utilizing easy-to-understand narratives in local languages across various media, including articles and videos. **Digital Initiatives:** New features were launched for UPI Autopay and IMPS facility. The website and InvesTap app were revamped with multilingual capabilities. The WhatsApp experience was also revamped. **Future Plans:** SBI Funds Management will continue to focus on business development, cost optimization, and investing in alternates and technology. New funds through innovation, especially on thematic and passive investments will be added. Deepening market penetration in Tier II & beyond cities is planned. Growing the alternative business and launching newer strategies is part of the plan. **Liquidation and Distribution of Assets of Franklin Templeton Mutual Fund:** SBIFM was appointed by the Supreme Court to liquidate and distribute assets of six Franklin Templeton Mutual Fund schemes. As of March 31st, 2023, ₹17867 crores worth of securities have been liquidated, with ₹659 crores liquidated in FY23. Total disbursements to FTMF unitholders is ₹26932 crores, including ₹833 crores in FY23. **Corporate Social Responsibility (CSR):** The company works towards social welfare, assisting socially & economically disadvantaged groups. CSR activities are undertaken through registered Trusts / Society / Foundations / NGOs / Charitable Institutions. During the year, the CSR Committee met twice. The Annual Report on CSR activities is included as Annexure II. **Other Key Points:** * No change in the nature of the business during the year. * There have been no material changes and commitments affecting the financial position of the Company between the end of FY 2023 and the date of the report. * The company has a Risk Management Policy in place, covering various risks. * Information Security measures include cyber security awareness and training. * Internal financial controls are adequate and operating effectively. * There are no Loans or Guarantees given outside of normal commercial activity. * The Company has neither accepted deposits from the public. * Related party transactions are on arm's length basis. * A detailed policy on Prevention of Sexual Harassment ('POSH') is implemented. No cases were received during the year. * There were changes in the Board of Directors during the year. * Details of Committee of Directors including Audit committee, Risk Management Committee and Technology Committee are mentioned. * All independent directors have submitted requisite declarations confirming they meet independence criteria. * No meetings of IPO Committee of Directors were held during the year under review. * SBI mutual fund launched 26 New Fund Offers during the year * SBI MF has now has products available across all the open-ended SEBI defined categories. * We have also introduced the concept of Net Promoter Score (NPS) in FY23 * Details of all directors and their meeting attendance are provided * Details of vigilence cases are also provided. * The Company has complied with applicable Secretarial Standards during the year. * Auditors for the company are M/s. Borkar and Muzumdar. * Employees relations remained cordial during the year. *The summary does not include the full financial statements contained within the PDF, but it does include information extracted from those statements.*

SBI Mutual Fund Unlisted Shares

The 30th Annual Report of SBI Funds Management Limited (SBIFML) for the financial year 2021-2022 highlights both standalone and consolidated financial performance. **I. Financial Performance:** * The company reported a total income of ₹1,99,562 lakh on a standalone basis and ₹2,00,014 lakh on a consolidated basis, compared to ₹1,61,777 lakh and ₹1,62,005 lakh respectively in the previous year. * Profit for the period was ₹1,07,065 lakh (standalone) and ₹1,08,237 lakh (consolidated), up from ₹86,276 lakh and ₹86,264 lakh in the previous financial year. * An interim dividend of ₹3 per equity share of ₹1 each was declared on March 23, 2022. * ₹500 lakh was transferred from Profit and Loss to the General Reserve during the period. * The paid-up value of equity shares outstanding as on March 31, 2022, was ₹5033.05 lakh, compared to ₹5,009.25 lakh on March 31, 2021. * The net worth of the Company increased from ₹2,57,460 lakh to ₹3,57,097 lakh. **II. Subsidiary and Associate Companies:** * SBI Funds Management (International) Private Limited, a wholly-owned subsidiary, provides investment management services to offshore funds, SBI Resurgent India Opportunities Fund (SBIRIOF) and SBI India Opportunities Fund. This subsidiary declared and paid a dividend of ₹113.71 lakh. * The subsidiary's total income was ₹566.87 lakh and profit after tax was ₹247.25 lakh. * SBI Pension Funds Private Limited, an associate company in which SBIFML has a 20% equity share, is a Pension Fund Manager managing pension funds under the New Pension Scheme. * The associate's total income was ₹11,648 lakh and profit after tax was ₹5,198 lakh. * There was no Joint Venture with any company during the financial year under review. **III. Business Environment:** * The report analyzes the global and Indian macroeconomic environment, including the impact of the Russia-Ukraine conflict on commodity prices, inflation, and monetary policy. * Global inflation has been on the rise because of supply-chain issues and geopolitical tensions. Key central banks are shifting policies to stabilize inflation, with the US Federal Reserve expected to hike rates significantly. * The Indian economy faced challenges due to the second wave of COVID-19 but showed improvement in the second half of FY 2022 due to vaccinations and targeted fiscal support. * Overall, the growth for the year is likely to come in at 8.9% (real Gross Domestic Product (GDP)). * On the fiscal front, government re-oriented the fiscal policy towards consolidation with FY 2022 combined fiscal deficit at 10.3% of GDP. * A turn in the domestic monetary cycle now looks inevitable and could get more restrictive to tackle inflationary risks. **IV. Outlook:** * **Equity Market**: A correction in market sentiment has been observed, and valuations have expanded. Immediate earnings outlook appears uncertain. Inflation challenges may lead to a demand slowdown. US bond markets are showing signs of a growth slowdown. * **Debt Market**: The RBI has commenced a rate hike, ending the easy monetary policy. A transition to more neutral liquidity levels is anticipated. Demand-supply imbalances are expected to persist, causing significant volatility and continued curve steepness. **V. Industry Environment and Regulatory Developments:** * The Indian Mutual Fund (MF) Industry witnessed a decent annual growth of 19.5% in the Quarterly AAUM during the year. * Several key SEBI regulations/guidelines were announced, including enhanced disclosures on risk, revised overseas investment limits, potential risk class (PRC) matrix for debt schemes, liquidity risk management norms for debt schemes, deployment of unclaimed amounts, risk-o-meter, and swing pricing framework. **VI. Business Performance of SBI Mutual Fund:** * SBI Mutual Fund (SBIMF) grew by 28.27% in terms of Quarterly AAUM, the highest among the top six fund houses. It held the top rank in the industry for average AUM with a 1.15% market share gain and comprised ~33.2% of the industry's new net inflows. * The company managed total assets of about ₹16,49,981 Crores as on March 31, 2022. * The business parameters of the Portfolio Management/Advisory services, Alternate Investment Funds, Offshore Fund and Retail Portfolio Management activity was also given. * SBIMF was the largest ETF Asset Manager in India, with QAAUM of ₹198,166 Crore and 46% market share. * SBIMF launched twenty-five new fund offers, including SBI Balanced Advantage Fund and SBI Multicap Fund. SBI Balanced Advantage Fund became the largest NFO in the Indian mutual fund industry. **VII. Investor Education and Social Responsibility:** * The company has been focusing on topical investor messages and using multiple communication mediums to engage with investors. * Multiple activities include content development, social media engagement, digital marketing, public relations, and media campaigns. * The AMC has conducted 151 Investor Education meets with more than 5,206 participants in FY 2022. * SBI Funds Management Limited was appointed by the Supreme Court of India to undertake liquidation and distribution of assets of six schemes of Franklin Templeton Mutual Fund. **VIII. Achievements, Future Plans, and Other Disclosures:** * SBIMF was the first Mutual Fund house to cross ₹6 lakh Crore in AUM with ~24% overall market share. Also crossed ₹1070.65 Crore PAT. * SBIMF was certified as a 'Great Place To Work' for the 3rd time in a row. * Future plans include expanding into alternates business lines, launching solution-oriented fund of funds, increasing physical network through "Jan Nivesh through Bharat Outreach" and creating new tools and solutions for investors. * Details pertaining to CSR activities, Directors, Committees, KMP, ESOP, Vigil Mechanism, Model Code of Conduct, Internal Financial Controls, and Directors' Responsibility Statement are provided. **IX. Auditors:** * M/s. Borkar and Muzumdar are the statutory auditors appointed by the Comptroller and Auditor General of India. There were no qualifications, reservations or adverse comments or disclaimers made by the aforesaid in their audit reports. In addition to all above, there are more annexures pertaining to the Financial statements.

SBI Mutual Fund Unlisted Shares

SBI Funds Management Private Limited (SBIFM) presented its 29th Annual Report for 2020-2021, prepared according to Indian Accounting Standards (Ind As). The financial performance, both standalone and consolidated, is summarized. Standalone total income for 2020-21 was ₹1,61,747 lakh, compared to ₹1,31,686 lakh in 2019-20. Profit before tax stood at ₹1,13,883 lakh, up from ₹79,390 lakh. After tax, the profit for the period was ₹86,276 lakh versus ₹60,555 lakh the previous year. The company transferred ₹500 lakh to the General Reserve during the period. 924,692 shares (face value ₹1 each) were allotted to employees through ESOPs, increasing the total paid-up equity to ₹5009.25 Lakh. The company's net worth increased to ₹2,57,460 lakh from ₹1,98,518 lakh. The Board declared a final dividend of ₹3 per equity share for FY 2020 and an interim dividend of ₹3 per equity share for FY 2021. SBIFM has one wholly-owned subsidiary: SBI Funds Management (International) Private Limited, managing offshore funds SBI Resurgent India Opportunities Fund and SBI India Opportunities Fund. SBI Pension Funds Private Limited, with SBIFM holding 20% equity, manages pension funds as a Pension Fund Manager appointed by PFRDA. The company had no joint ventures. SBI Funds Management (International) Private Limited declared a dividend of ₹185.67 Lakh for 2020-21. Real GDP is estimated at -7.3% year-on-year, though the rural economy showed strength and equity markets recovered. The combined fiscal deficit ballooned to 13.9% of GDP in FY21. GST revenues for March 2021 were the highest ever at ₹1.23trn. Foreign portfolio investors (FPIs) were net buyers in equities with inflows of USD 37.3bn. S&P BSE Sensex rallied by 68% during the year. The Indian Mutual Fund (MF) Industry grew by 18.8% in Quarterly AAUM. SBIMF's average AUM grew by 35%, the highest among the top six fund houses, solidifying its top rank with a 1.89% market share gain. SBIFM received over 30.4% of industry net-funds flow during the year, and managed total assets of ₹12,72,284 Crores as on March 31, 2021. The fund house remains the largest ETF asset manager in India. During the year, SBI Mutual Fund (SBI MF) launched fourteen new fund offers including five new debt funds, two ETFs (SBI ETF-IT and SBI ETF-Private Bank), SBI Magnum Children Benefit Fund - Investment Plan, SBI Floating Rate Debt Fund, SBI Retirement Benefit Fund with four Plans and SBI International Access - US Equity Fund of Funds. As of March 31, 2021, 76% of equity assets and 90% of debt funds were in the top two quartiles. Key SEBI regulations and guidelines impacting the Mutual Fund Industry in FY21 included clarifications on KYC rules, stamp duty on mutual fund transactions, standardization of digital platform transactions, mandates for trustees to appoint dedicated officers, and diversification requirements for multi-cap funds. SBIFM was appointed by the Supreme Court of India to liquidate and distribute assets of six schemes of Franklin Templeton Mutual Fund. SBIFM was certified as a Great Place to Work. The fund house increased digital penetration significantly. 2/3 of the overall business came through digital channels and the share of digital sales increased. 85% of all SIP transactions were registered digitally. Looking ahead, SBIFM plans to add 101 new places of presence in FY22 and will launch revamped digital assets with more intuitive user journeys, increase focus on investor education, add innovative funds to its product basket. SBIFM is increasing its reach across the country, with a presence in 222 locations including Dubai. SBIFM's objective is to work towards social welfare and strengthen the community bond, focusing on assisting economically and socially weaker sections. Three CSR committee meetings were held during the year. SBIFM is working towards achieving a sustainable business for all stakeholders. It's taking steps to help investors throughout their investment journey by gathering customer feedback, improved processes, system enhancements, strengthened governance, and upskilling of teams. SBIMF provides enhanced digital solutions for both investors and distributors. Regarding conservation of energy and technology absorption, the company is in the financial services industry and strives for appropriate energy conservation measures and technology absorption. Foreign exchange earnings totaled ₹3,791 Lakh, with an outgo of ₹597.74 Lakh, not including the non-resident shareholder AMUNDI's earnings. The Company has a risk management policy in place, covering Investment, Operational, Strategic, Fraud, and Financial Risks. Four risk management committee meetings were held during the year. The company has adequate internal financial controls systems with reference to financial reporting. Employee relations remained cordial. M/s. CNK & Associates LLP were appointed as Statutory Auditors. SBIFM complied with applicable Secretarial Standards. There were no loans or guarantees given or deposits accepted by the company in contravention of The Companies Act. All related party transactions were ordinary and compliant with the Companies Act. SBIFM has a policy in place that provides a safe and conducive work environment for women employees. An Internal Committee addresses sexual harassment complaints. The extract of the annual return in Form MGT-9 is included in the Director's Report and is available on the website. . The Director's Report includes information on key personnel, Board meetings, details of Directors and auditors, the audit committee of Directors, as well as the Risk Management Committee. There were no frauds identified by the company or reported by the auditors. The company maintains cost records. A list of directors' attendance and their Director Identification Numbers (DIN) are provided. SBIFM has in place adequate internal financial controls systems with reference to financial reporting. The company is committed to adapt its security strategies with emerging threats. There was no material order by any regulator, court, tribunals which have any significant impact on the going concern status and the company's operation in future. The document also includes financial statements and auditor's reports for both standalone and consolidated financials, with detailed notes on various accounting policies and items.