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96th ANNUAL REPORT 2 0 1 8 - 1 9 The Calcutta Stock Exchange Limited www.cse-india.com Chairman Registered Office Dr. Bhaskar Banerjee 7, Lyons Range, Kolkata – 700 001 Public Interest Director Website: www.cse-india.com Registrar & Share Transfer Agents Public Interest Directors C B Management Services (P) Limited Prof. Ashok Banerjee P-22, Bondel Road, Kolkata – 700 019 Mr. G.D. Gautama, IAS (Retd.) Tel. (033) 40116726 Shareholder Directors Bankers Axis Bank Mr. Ravi Poddar HDFC Bank Limited Mr. Purushottam Saraf United Bank of India Auditors S R Batliboi & Co. LLP Chartered Accountants Internal Auditors Ray & Ray Chartered Accountants Solicitors Avijit Dey, Partners, LLP Sinha & Co. 96th Annual General Meeting Day : Wednesday Date : October 23rd, 2019 Venue : Stock Exchange Building, 7, Lyons Range, Kolkata – 700 001 Time : 4 pm Book-Closure : October 17th, 2019 to October 23rd, 2019 (both days inclusive) Directors’ Report ... ... 3 Management Discussion & Analysis ... ... 19 Report on Corporate Governance ... ... 23 Certificate on Corporate Governance ... ... 31 Independent Auditors’ Report ... ... 32 Financial Statements Standalone ... ... 39 Independent Auditors’ Report on Consolidated Financial Statement ... 67 Financial Statements Consolidated ... ... 72 Dr. Bhaskar Banerjee Chairman, Public Interest Director G. D. Gautama Prof. Ashok Banerjee Public Interest Director Public Interest Director Ravi Poddar Purushottam Saraf Shareholder Director Shareholder Director The Calcutta Stock Exchange Limited 2 Annual Report 2018-19 DIRECTORS’ REPORT Dear Shareholders, The Board of Directors of The Calcutta Stock Exchange Limited (the ‘Exchange / Company / CSE’) take great pleasure in presenting the 96h Annual Report for the Financial Year 2018-19 together with the Audited Financial Statements for the Year ended 31st March, 2019. Consolidated performance of the Company and its subsidiaries has been referred to wherever required. 1. Audited Results: 1.1 Financial Highlights : The total income of the Exchange on a stand-alone basis was Rs.2067.86 Lacs. The profit after tax for the financial year 2018-19 was Rs.503.73 Lacs which is lower than last year’s profit after tax of Rs.1537.65 lacs, since the profit figure of last year included profit shown as capital gain on account of selling of stake in equity shares of CDSL Particulars Standalone Consolidated 2018-19 2017-18 2018-19 2017-18 Total Income 2,067.86 3,134.46 2,154.39 3,225.58 Total Expenses 1,426.32 1,134.79 1,457.15 1,152.33 Profit before Depreciation 641.54 1,999.67 697.24 2,073.25 Depreciation 34.45 38.27 34.81 39.01 Profit before Tax 607.09 1,961.40 662.43 2,034.24 Provision for Tax 103.36 423.75 118.02 442.87 Profit after Tax 503.73 1,537.65 544.41 1,591.37 Transfer from General Reserve of Post Demutualisation Period 56.00 - 56.00 - Less Transfer to: Income (net) related to pre-demutualization period transferred to General Reserve - 1,134.94 - 1,134.94 Investor Service Fund 101.88 76.22 101.88 76.22 Settlement Guarantee Fund 218.23 338.81 218.23 338.81 Profit brought forward from last year 73.23 232.69 301.47 407.21 Profit Attributable to Equity Shareholders 312.85 220.37 581.77 448.61 Appropriated to: General Reserve 10.00 - 10.00 - Dividend declared 103.91 122.25 103.91 122.25 Tax on Dividend 21.36 24.89 21.36 24.89 Surplus carried to Balance Sheet 177.58 73.23 446.50 301.47 1.2. Appropriations: 2. Operations: 1.2.1Dividend: The Exchange is continuing to provide trading Your Directors have recommended a dividend of opportunity to its members to trade in Capital Market Rs.18/- per equity share on the face value of Re. 1/- and F&O segments of both BSE and NSE under Section for the Financial Year 2018-19 which if approved at 13 of Securities Contract (Regulation) Act, 1956. the forthcoming Annual General Meeting, shall be Due to policy changes by SEBI, CSE is not able to paid to those members whose names appear in the attract any company through Direct Listing norms. Registrar of Members as on the date of Book Closure. A sum of Rs.132.65 lakhs will be the outflow towards However, the Exchange had launched an Amnesty the payment of dividend including dividend Scheme for collection of old listing dues from distribution tax. suspended companies. In response, many listed 1.2.2Transfer to Reserves: companies have come forward and availed the The Exchange proposed to transfer Rs.10,00,000/- benefit of the Amnesty Scheme. During the year (Rupees Ten Lakhs Only) to the General Reserve 2018-19, Listing Department had collected Rs.6.65 out of Rs.183.62 lakhs available for appropriations Crores of listing fees etc. in 2018-19 as against in standalone accounts. Rs.3.50 Crores in the previous year. 3 The Calcutta Stock Exchange Limited CSE has approved Voluntary Delisting of 49 Exchange also takes an active part in resolution of Companies under SEBI (Delisting of Equity Shares) Investor Grievances for complaints uploaded on Regulations 2009. At the end of 31st March 2019, SEBI’s online complaint resolution system called there were 2301 companies listed with the Exchange. “SCORES”. The Exchange updates the action taken to resolve The appeals filed by Company before the Hon’ble the Investors’ Grievances in ‘SCORES’ regularly. High Court at Calcutta against the Single Bench Order dated April 12, 2016 passed in the Writ 5. Investor Awareness and Education: Petitions filed by it against Securities and Exchange The Exchange is continuing its efforts to reach out Board of India (SEBI) have been admitted by the to large number of individuals for promoting Division Bench. The appeal came up for hearing on investors awareness and spreading financial literacy 26th June, 2019 wherein the Hon’ble Division Bench and conducted 10 number of Investor Awareness hoped that the Exchange may put up a credible and programmes, out of which 7 was in collaboration acceptable proposal to SEBI to be satisfied therewith with NSDL during the year. so that the Calcutta Stock Exchange can continue CSE is actively collaborating with premier academic and function. The matter was again heard on 31st institutes in the area of Investor Research and the July, 2019 and the counsel of the Exchange stated related areas of Capital Market. CSE had also set up that CSE had already filed an application for a Centre of Excellence on Financial Market (CUCSE- recognition of Clearing Corporation as per format of CEFM) at Calcutta University focusing on inter- SEBI and also brought to the notice of Hon’ble High disciplinary research initiatives on three thrust areas: Court that CSE has also approached a clearing capital markets, financial inclusiveness, and ethics corporation viz. Metropolitan Clearing Corporation in financial markets, with its endowment fund. The for tying up with them for settlement of CSE trades. Centre of Excellence had launched a successful One After hearing the Hon’ble Court adjourned the matter Year Post Graduate Diploma Course in Portfolio for four weeks. Meanwhile, SEBI has issued a letter Management Services in November 2018 in order bearing No.SEBI/MRD/DRMNP/21663 dated 23rd to impart knowledge on corporate financial analysis, August, 2019 mentioning that our request for in- portfolio management, asset valuation, depository principle approval for recognition of LRCCL has not and stock exchange functioning. been acceded to since the application is not in compliance with Regulation-14(2) of the SECC 6. Code of Conduct for Directors: Regulations, 2018. However, CSE is in the process of To emphasize the values and principles of the filing an application with SEBI for setting up a MSME Exchange and to set the standards for professional Exchange with a tie up for clearing function with any and ethical behaviour, the Code of Conduct for of the existing clearning corporation. Directors, as recommended by SEBI, has been adopted by the Exchange. These are applicable to all 3. Depository Services: Directors. All the Directors of the Exchange have CSE Capital Markets Pvt. Ltd., the wholly owned affirmed compliance to the Code for the financial subsidiary company of CSE viz. CCMPL is continuing year ending March 31, 2019. A copy of the Code has with the depository operations of both CDSL and been put on the Company’s website at www.cse- NSDL. india.com. At the end of the current Financial Year 2018-19 the total number of beneficiary accounts at CCMPL stood 7. CSE Board Structure and Governance: at 3273 for NSDL and 602 for CDSL respectively. Pursuant to SECC Regulations 2018 notified by SEBI, the Governing Board of every recognized stock 4. Investors’ Services: exchange shall include: The Exchange, being a Self Regulatory Organization (a) Public Interest Directors has taken significant strides in protecting the interest (b) Shareholder Directors of investors and also to promote education of The number of Public Interest Directors shall not be investors in the capital markets. less than the number of Shareholder Directors in a The Investor Services Cell of the Exchange takes Recognized Stock Exchange. During the current care of complaints received from investors against Financial Year there are three Public Interest Directors the listed corporate entities and/or against trading as against two Shareholder Directors. According to members and assists in resolving complaints at the SECC Regulations as referred above, presently there earliest. This goes a long way in restoring Investors’ are no Trading Members or their associates and confidence in the capital markets. Additionally, the agents on the Board of Directors of the Exchange. 4 Annual Report 2018-19 Managing Director & CEO : 2018, 25th July, 2018, 30th August, 2018, 27th During the year, Mr.
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