First Annual Report of

Zerodha Securities Private Limited

Bangalore
For the year
2011-2012

Contents

1. Company Information
2. Financial Declaration
3. Directors’ Report
4. Auditor‘s Report
5. Standalone Financials
6. Balance Sheet
7. Profit & Loss Account
8. Notes forming part of the Balance Sheet and Profit & Loss Account
 Company

____________________________________ Information

DIRECTORS

Mr. Nithin Kamath (Founder. Management, Strategy, Operations)

Mr. Nikhil Kamath (Director. Trading, Research, Analysis)
Ms. Seema Patil
Mr. Austin Prakesh

REGISTERED OFFICE

175/176 2nd floor, Bannergatta Road,

Bilekhalli, Bangalore 560076, Karnataka, India

AUDITORS
B O Co
Chartered Accountants
#144/1, 1st Floor, 5th Main
Opp. Andhra Bank
Chamrajpet, Bangalore 560 018.
Date: 20th June 2012

NOTICE FOR ANNUAL GENERAL MEETING

Notice is hereby given that the First Annual General Meeting of Zerodha Securities Private Limited will be held on
th
Friday 13 July, 2012 at 4.00 p.m. at 175/176 2nd floor, Bannergatta Road, Bilekhalli, Bangalore 560076,
Karnataka, India “to transact the following business:

1. To receive, consider and adopt the audited Balance Sheet of the Company as at 31st March, 2011, and the
Statement of Profit & Loss Account for the year ended on that date together with the reports of the
Directors and Auditors thereon.

2. To appoint M/s. B O & Co., Chartered Accountants, the retiring Auditors of the Company, as Auditors, who
shall hold office from the conclusion of this Annual General Meeting, until the conclusion of the
next Annual General Meeting of the Company and to fix their remuneration.

Notes:-

i. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO
ATTEND AND VOTE INSTEAD OF HIMSELF AND A PROXY NEED NOT BE A MEMBER.

ii. THE INSTRUMENT APPOINTING A PROXY MUST BE DEPOSITED WITH THE COMPANY AT ITS REGISTERED
OFFICE NOT LESS THAN 48 HOURS BEFORE THE TIME FOR HOLDING THE MEETING.

For Zerodha Securities Private Limited

Sd/-
Nithin Kamath
Chairman CEO

Place Bangalore
Date 20/06/2012
To the Members

Your Directors have pleasure in presenting their First Annual General Meeting Report
together with the audited Accounts of your Company for the year ended 31st March, 2012

FINANCIAL RESULTS

The operations of the company during the year under the report were not yet started.
However, the company proposes to do better during the current year.

The financial highlights of the company are provided below:

(Rs. In Lacs)
Particulars For Financial Year For Financial Year
ended 31st March, ended 31st March,
2012 2011
Net Turnover Nil NA
Profit before depreciation Nil NA
Deduct: Depreciation Nil NA
Profit/ (Loss) before tax Nil NA
Deduct: Provision for Taxes (Incl Nil NA
DTL)
Profit/(Loss) After Tax Nil NA

DIRECTORS

Mr. Nithin Kamath Mr. Nikhil Kamath, Mr. Austin Prakesh, and Ms. Seema Patil continued
to be Directors during the year.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to the requirements under Section 217(2AA) of the Companies Act, 1956 with
respect to Directors’ Responsibility Statement, it is hereby confirmed that:

i. In the preparation of the Annual Accounts for the financial year ended 31st March
2012, the applicable accounting standards had been followed along with proper
explanation relating to material departure;
 ii. the directors had selected such accounting policies and applied them consistently
and made judgments and estimates that were reasonable and prudent so as to give
true and fair view of the state of affairs of the Company at the financial year and
the profit of the company for the year under review;
iii. The directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 1956
for safeguarding the assets of the company and for preventing and detecting fraud,
error and other irregularities.
iv. The directors had prepared the annual accounts on a going concern basis.

AUDITORS

M/s B O & Co, Chartered Accountants, retires as Statutory Auditors of the Company at the
conclusion of the ensuing Annual General Meeting and have confirmed their eligibility and
willingness to accept the office of the Tax Auditors, if re-appointed.

AUDITORS’ REPORT

The observations of the Auditors in their report read together with the Notes on Accounts
are self-explanatory and Therefore, in the opinion of the Directors, do not call for any
further explanation.

DEPOSIT

During the year company has not accepted any deposits within the meaning of section 58A
of the Companies Act, 1956 from the public.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION AND

FOREIGN EXCHANGE EARNINGS AND OUTGO

In view of the nature of activities which are being carried on by the Company, Rules 2A and
2B of the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 concerning conservation of energy and technology absorption respectively are not
applicable to the Company.

There was no inflow & outflow of foreign exchange during the year under review.
PARTICULARS OF EMPLOYEES

Particular of employees in terms of section 217(2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules, 1975, as amended, are Nil as no employee has
drawn the remuneration to the extent prescribed under the said rules

Acknowledgments
We Directors place on record their sincere appreciation for the assistance and guidance
provided by the government, regulators, stock exchanges, other statutory bodies, and
Company’s bankers for the assistance, cooperation and encouragement extended to the
firm.

We Directors also express their gratitude to your Firm’s Employees and Clients for their
support. The Partners’ also acknowledge the outstanding performance, dedicated hard
work and co-operation of the employees at all levels and look forward to your continuing
trust in us.

For Zerodha Securities Private Limited

Sd/-
Nithin Kamath
Chairman

Place Bangalore
Date 20/06/2012
Auditor’s report to the members of

1. We have audited the attached balance sheet of M/s Zerodha Securities Private Limited, as at March
31, 2012, and also the profit and loss account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company’s management. Our responsibility is to
express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the standards on auditing generally accepted in India.
Those Standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.

3. Further to our comments in the Annexure referred to above, we report that:

i. We have obtained all the information and explanations, which to the best of our knowledge
and belief were necessary for the purposes of our audit;
ii. In our opinion, proper books of account as required by law have been kept by the Company
so far as appears from our examination of those books;
iii. The balance sheet and profit and loss account dealt with by this report are in agreement with
the books of account;
iv. In our opinion, the balance sheet and profit and loss account dealt with by this report comply
with the accounting standards referred to in sub-section (3C) of section 211 of the Companies
Act, 1956;
v. On the basis of written representations received from the directors, as on March 31, 2012 and
taken on record by the Board of Directors, we report that none of the directors is disqualified
as on March 31, 2012 from being appointed as a director in terms of clause (g) of sub-section
(1) of section 274 of the Companies Act, 1956;
vi. In our opinion and to the best of our information and according to the explanations given to
us, they said accounts read together with the notes thereon give the information required by
the Companies Act, 1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:

a. In the case of the balance sheet, of the state of affairs of the Company as at March 31,
2012; and

b. In the case of the profit and loss account, of the profit for the year ended on that date.

For B O & Co
Chartered Accountants
Firm Reg. No. 129834W

Sd/-
Place Bangalore Bharath Jain
Date 20/06/2012 Partner
M.No. 228415
ZERODHA SECURITIES PRIVATE LIMITED
BALANCE SHEET AS AT 31ST MARCH, 2012

Figures as at the Figures as at the

end of current end of previous
Particulars Notes reporting period reporting period
31/03/2012 31/03/2011

` `
I. EQUITY AND LIABILITIES
(1) Shareholder's Funds
(a) Share Capital 1 100,000 -
(b) Reserves and Surplus 2 -
(c) Money received against share warrants - -

(2) Share Application money pending allotment - -

(3) Non-Current Liabilities

(a) Long-Term Borrowings 3
(b) Deferred Tax Liabilities (Net) - -
(c) Other Long Term Liabilities 4 - -
(d) Long Term Provisions 5 - -

(4) Current Liabilities

(a) Short-Term Borrowings 6
(b) Trade Payables
(c) Other Current Liabilities 7 11,236 -
(d) Short-Term Provisions 8 - -
Total Equity & Liabilities 111,236 -
II.ASSETS ` `
(1) Non-Current Assets
(a) Fixed Assets
(i) Tangible Assets 9
(ii) Intangible Assets 10
(iii) Capital Work In Progress - -
(iv) Intangiable assets under development
(b) Non-current investments 11
(c) Deferred tax assets (net) - -
(d) Long term loans and advances 12
(f) Trade Receivable 16
(e) Other non-current assets 13 - -

(2) Current Assets

(a) Current investments 14
(b) Inventories 15
(c) Trade receivables 16
(d) Cash and cash equivalents 17 83,180
(e) Short-term loans and advances 18
(f) Other current assets 19 - -

Preliminary Expneses Not wrt off 28,056

Total Assets 111,236 -

NOTES TO ACCOUNTS 20 - -
Schedules referred to above and notes attached there to form an integral part of Balance Sheet
This is the Balance Sheet referred to in our Report of even date.
For and on behalf of the board of directors
FOR B O & Co For Zerodha Securities Private Limited
Firm Reg. No.: 129834W
Chartered Accountants

Sd/- Sd/- Sd/-

(CA. Bharath Jain) Nithin Kamath Nikhil Kamath
Partner Director
M No. : 228415
Place Bangalore
Date 20/06/2012
ZERODHA SECURITIES PRIVATE LIMITED
Notes Forming Integral Part of the Balance Sheet as at 31st March 2012

Notes : 1 Share Capital ` `

Sr.
Particulars Current Year Previous Year
No
1 AUTHORIZED CAPITAL
10000 Equity Shares of Rs. 10/- each. 100,000 -

100,000 -

2 ISSUED , SUBSCRIBED & PAID UP CAPITAL

To the Subscribers of the Memorandum
10000 Equity Shares of Rs. 10/- each, Fully
Paid up Share capital by allotment
10000 Equity Shares of Rs. 10/- each, Fully 100,000 -

Total in 100,000 -

(a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
Equity Shares
Sr. March 31, 2012 March 31, 2011
Particulars
No No. Thousand ` No. Thousand `

At the beginning of the period -

Outstanding at the end of the period 10 100,000

b) Terms/ rights attached to equity shares

The Company has only one class of equity shares having a par value of ` 10 per share. Each holder of equity is entitled to one vote per share.
In event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all prefrential amounts. The
distribution will be in proportion to the number of equity shares held by the shareholders.

(c) Details of shareholders holding more than 5% shares in the company

31 March 2012 31 March 2011

No. in Thousand % holding in No. in Thousand % holding in
Equity shares of ` 10 each fully paid
Nithin Kamath 5000 50.00%
Nikhil Kamath 5000 50.00%
As per records of the Company, including its regester of shareholders/ members and other declaration received from shareholders regarding beneficial interest, the above shareholding
represent both legal and beneficial ownership of shares.

(d) Aggregate number shares issued for consideration other than cash during the period
of five years immediately preceding the reporting date

(e) Aggregate number of Bonus shares issued during the period of five years immediately preceding the reporting date

Note : 2 Reserve & Surplus ` `

Sr.
Particulars Current Year Previous Year
No
1 Surplus/ (deficit) in the statement of profit and loss -
Balance as per last financial statements
Profit for the year - -
Less: Appropriations

Total appropriations -

Total reserves and surplus - -

FOR B O & Co For and on behalf of the board of directors

Firm Reg. No.: 129834W For Zerodha Securities Private Limited
Chartered Accountants

Sd/- Sd/- Sd/-

(CA. Bharath Jain) Nithin Kamath Nikhil Kamath
Partner Director
M No. : 228415
Place Bangalore
Date 20/06/2012
ZERODHA SECURITIES PRIVATE LIMITED
Notes Forming Integral Part of the Balance Sheet as at 31st March 2012
Note : 3 Long Term Borrowings ` `
Sr.
Particulars Current Year Previous Year
No
1 Bonds / Debentures - -
2 Term Loan
- From Bank - -
- From Other Parties - -
3 Deferred Payment Liabilities - -
4 Deposit - -
5 Loans & Advances From Related Parties - -
6 Long Term Maturities of Finane lease obligation - -
7 Loans From Directors
8 Other Loans & Advances - -

Total in ` - -

Note : 4 Other Long Term Liabilities ` `

Sr.
#REF! Current Year Previous Year
No
1

Total in ` 0 0

Note : 5 Long Term Provisions ` `

Sr.
0 Current Year Previous Year
No
.

Total in ` 0 0

Note : 6 Short Term Borrowings ` `

Sr.
Particulars Current Year Previous Year
No
1 Loan Repayable on Demand
- From Bank - -
- From Other Parties - -
2 Loans & Advances From Related Parties - -
3 Depsoits - -
4 Others - -

Total in ` - -

Note : 7 Other Current Liabilities ` `

Sr.
Particulars Current Year Previous Year
No
1 B O & Co 11,236

Total in ` 11,236 0

Note : 8 Short Term Provisions ` `

Sr.
Particulars Current Year Previous Year
No
1 Provision For Employees Benefit
-

2 Others

Total in ` - -

FOR B O & Co For and on behalf of the board of directors

Firm Reg. No.: 129834W For Zerodha Securities Private Limited
Chartered Accountants

Sd/- Sd/- Sd/-

(CA.Bharath Jain) Nithin Kamath Nikhil Kamath
Partner Director
M No. : 228415
Place Bangalore
Date 20/06/2012
ZERODHA SECURITIES PRIVATE LIMITED
Notes Forming Integral Part of the Balance Sheet as at 31st March 2012
Note : 11 Non Current Investment ` `
Sr.
Particulars Current Year Previous Year
No
1 - -
2 - -
3 - -

Total in ` - -

Details of investments in partnership firms

Name of Partner and share in profits (%) 31 March 2012 31 March 2011

Total capital of the firm (`

`) - -

Note : 12 Long Term Loans and Advances ` `

Sr.
Particulars Current Year Previous Year
No
I) Capital Assets
a) Secured, Considered Good : - -
b) Unsecured, Considered Good : - -
c) Doubtful - -

II) Security Deposit

a) Secured, Considered Good :
Earnest Money Deposit - -
Other Deposit - -
b) Unsecured, Considered Good : - -
c) Doubtful - -

III) Loans & Advances to related parties - -

Secured considered good
Unsecured considered good
Doubtful

IV) Other Loans & Advances - -

Advance income-tax (net of provision for taxation)
Loan to others
Loans to employees
Balances with statutory / government authorities

Total in ` - -

Note : 13 Other Non Current Assets ` `

Sr.
Particulars Current Year Previous Year
No
1 Long Term Trade Recievables - -
a) Secured, Considered Good : - -
b) Unsecured, Considered Good : - -
c) Doubtful - -
2 Others - -

Total in ` - -

FOR B O & Co For and on behalf of the board of directors

Firm Reg. No.: 129834W For Zerodha Securities Private Limited
Chartered Accountants

Sd/- Sd/- Sd/-

(CA. Bharath Jain) Nithin Kamath Nikhil Kamath
Partner Director
M No. : 228415
Place Bangalore
Date 20/06/2012
ZERODHA SECURITIES PRIVATE LIMITED
Notes Forming Integral Part of the Balance Sheet as at 31st March 2012
Note :14 Current Investment ` `
Sr.
Particulars Current Year Previous Year
No
1 - -

Total in ` - -

Note : 15 Inventories (valued at lower of cost and net realizable value) ` `

Sr.
Particulars Current Year Previous Year
No
1

Total in ` - -

Note : 16 Trade Receivable ` `

Non-current Current
31 March 2012 31 March 2011 31 March 2012 31 March 2011
Unsecured, considered good unless stated otherwise
outstanding for a period exceeding six months from the
date they are due for payment
Secured, considered good - -
Unsecured, considered good - -
Doubtful - -
- - - -
Provision for doubtful trade receivables - - - -
(A) - - - -
Other receivables
Secured, considered good - -
Unsecured, considered good - -
Doubtful - -
- - - -
Provision for doubtful trade receivables - - - -
(B) - - - -
Total (A+B) - - - -

Trade receivable include:

Non-current Current
31 March 2012 31 March 2011 31 March 2012 31 March 2011
` lakhs ` lakhs ` lakhs ` lakhs
Due from non executive director - - - -
Due from officer - - - -
Due from non executive director and officer jointly with other persons - - - -

FOR B O & Co For and on behalf of the board of directors

Firm Reg. No.: 129834W For Zerodha Securities Private Limited
Chartered Accountants

Sd/- Sd/- Sd/-

(CA. Bharath Jain) Nithin Kamath Nikhil Kamath
Partner Director
M No. : 228415
Place Bangalore
ZERODHA SECURITIES PRIVATE LIMITED
Notes Forming Integral Part of the Balance Sheet as at 31st March 2012
Note : 17 Cash & Cash Equivalent ` `
Sr.
Particulars Current Year Previous Year
No

1 Cash-in-Hand
Cash Balance 83,180
- -
Sub Total (A) 83,180 -

2 Bank Balance

Sub Total (B) - -

3 Cheques on Hand (C)

Total [ A + B + C ] 83,180 -

Note :18 Short Terms Loans and Advances ` `

Sr.
Particulars Current Year Previous Year
No
1 Loans & Advances from related parties
a) Secured, Considered Good :
- -

b) Unsecured, Considered Good :

c) Doubtful

2 Others
Advance Recoverable in cash or in kind or for value to be considered good

Total in ` - -

Note :19 Other Current Assets ` `

Sr.
Particulars ` `
No
1 Loans & Advances from related parties
a) Secured, Considered Good :
- -
b) Unsecured, Considered Good :

c) Doubtful

2 Others
Advance Recoverable in cash or in kind or for value to be considered good

Total in ` - -

FOR B O & Co For and on behalf of the board of directors

Firm Reg. No.: 129834W For Zerodha Securities Private Limited
Chartered Accountants

Sd/- Sd/- Sd/-

(CA. Bharath Jain) Nithin Kamath Nikhil Kamath
Partner Director
M No. : 228415
Place Bangalore
Date 20/06/2012
Note No 20

Significant Accounting Policies Notes on Accounts Forming Part of the Financial Statement for the
Year Ended 31st March 2012 of Zerodha Securities Private Limited.

1.1 Significant Accounting Policies

The accompanying financial statements are consistently prepared under the historical cost
convention, on the accrual basis of accounting and comply with the accounting standards issued
by the Institute of Chartered Accountants of India (to the extent applicable) and in accordance
with the generally accepted accounting principle.

1.2 Use of estimates

The preparation of the financial statements in conformity with the generally accepted
accounting principles requires the management to make estimates and assumptions that affect
the reported amount of assets, liabilities, revenues and expenses and disclosure of contingent
assets and liabilities. The estimates and assumptions used in the accompanying financial
statements are based upon management’s evaluation of the relevant facts and circumstances as
of the date of the financial statements. Actual results may differ from the estimates and
assumptions used in preparing the accompanying financial statements. Any differences of
actual results to such estimates are recognized in the period in which the results are known /
materialized..

1.3 Fixed Assets

Fixed assets are stated at cost net of tax/duty credit availed, if any accumulated depreciation.
The cost of fixed assets comprises purchase price and any attributable cost of bringing the asset
to its working condition for its intended use.. Direct costs are capitalized until fixed asset are
ready for use.

1.4 Depreciation and Amortization

Depreciation on fixed assets is computed on the written down value method over their estimated
useful lives at the rates which are higher than the rates prescribed under Schedule XIV of the Act.
Depreciation is charged on a pro-rata basis from the date of capitalization .Individual assets costing
5,000 or less are fully depreciated in the year of acquisition

Depreciation for asset purchased /sold during a period is charged on pro-rate basis.

1.5 Revenue Recognition

Income from arbitrage and trading in securities and derivatives comprises profit/loss on sale of
securities held as stock-intrade and profit/loss on equity derivative instruments.

1. Profit/loss on sale of securities is determined based on the Weighted Average cost of the
Securities sold.
 2. Profit/loss on equity derivative transactions is accounted for as explained below:-

a. Initial and additional margin paid over and above initial margin, for entering into
contracts for Equity Index/Stock Futures and or equity Index/stock options which
are released on final settlement/squaring-up of underlying Contracts are disclosed
under Current Assets, Loans and advances. “Mark-to-market margin- Equity
Index/Stock Futures” representing the amounts paid in respect of mark to market
margin is disclosed under Loans and Advances and amount received is shown under
current liabilities.

b. Equity Index/Stock Option Premium Account” represents premium paid or received

for buying or selling the options, respectively.

c. On final settlement or squaring up of contracts for equity index / stock futures, the
realized profit or loss after adjusting the unrealized loss already accounted, if any, is
recognized in the Profit and Loss Account. On settlement or squaring up of equity
index / stock options before expiry, the premium prevailing in “Equity Index/Stock
Option Premium Account” on that date is recognized in the Profit and Loss Account.
When more than one contract in respect of the relevant series of equity index /
stock futures or equity index / stock options contract to which the squared-up
contract pertains is outstanding at the time of the squaring-up of the contract, the
contract price of the contract so squared-up is determined using the weighted
average cost method for calculating the profit/loss on squaring-up.

3. Brokerage income is recognized on the trade date of transaction, upon confirmation of the
transactions by stock exchanges and clients. Income from depository services, penal
charges and portfolio management services are recognised on the basis of agreements
entered into with clients and when the right to receive the income is established.
Commission income from financial products distribution is recognised on the basis of
agreement entered with principals and when the right to receive the income is established.

4. Interest income /expenses are recognised using the time proportion method on the rates
implicit in the transaction

5. Dividend Income is recognized when the right to receive payment is established.

6. Revenue excludes service tax.

1.6 Employee benefits

a) Short Term Employees Benefits

All employees’ benefits falling due wholly under within 12 months of rendering service are
classified as short term employee’s benefits. The benefits like salaries, wages, and short
term compensated absence etc. And expected cost of bonus, ex-gratia are charged to profit
& Loss Account of the year in which the employees renders the service
1.7 Income Tax

Tax on current income for the current period is determined on the basis of taxable income and tax
credits computed in accordance with the provision of the income Tax Act 1961 and based on the
expected outcome of assessment/ appeals

Deferred tax is recognized on timing difference between the income accounted in financial statements
and the taxable income in the year and quantified using the tax rate and laws enacted or substantively
enacted as on the balance sheet date.

1.8 Provisions, Contingent Liabilities and Contingent Assets:

The Company creates a provision when there is present obligation as a result of a past event
that probably requires an outflow of resources and a reliable estimate can be made of the
amount of the obligation. A disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not, require an outflow of
resources. When there is a possible obligation or a present obligation in respect of which the
likelihood of outflow of resources is remote, no provision or disclosure is made.
Provisions are reviewed at each balance sheet date and adjusted to reflect the current best
estimate. If it is no longer probable that the outflow of resources would be required to settle the
obligation, the provision is reversed.

Contingent Assets are neither recognized nor disclosed in the financial statements.

2. Disclosure in respect of Related Parties/ Related Parties Transaction as prescribed by the

accounting Standard 18 issued by ICAI for the year ended 31March 2012 is as given below:

(a) List of Related parties over which control exist:- Nil

(b) Name of the Related Parties with whom transaction were carried out during the
year
And description of relationship

Relationship Name of Related Party

Key Management Personnel Mr. Nithin Kamath Mr. Nikhil Kamath
Mrs. Seema Patil Ms. Sunaina Somu
Enterprises in KMP/ Relative of Zerodha Commodities Private Limited
KMP exercises significant FFC Fitness Fight Club Private Limited
influence Traderz.in
 (C) Summary of Transaction with Related Parties during the year.

Transaction Name of the related Party Key Relative of Key Enterprises in

Management Management KMP/ Relative of
Personnel’s Personnel’s KMP exercises
significant
influence
Nil Nil

6. The balances shown under Sundry Debtors, Sundry Creditors Advances from Customer, and
Fixed Deposit with Banks and other personal accounts are subject to confirmation

7. Paise have been rounded off to nearest rupee and since this rounding off is generated by the
computer there might be apparent difference in some of the totals in the final accounts print out
which is to be ignored.

8. Previous year figures have been regrouped/ reclassified wherever necessary to confirm current
year requirement.

Subject to our report of even date

For B.O & Co.

Chartered Accountants For Zerodha Securities Private Limited
F.R.N 129834W

Sd/- Sd/- Sd/-

Bharath Jain Nithin Kamath Nikhil Kamath

Partner Directors’
M.NO. 228415

Bangalore
Dated: 20/06/2012