Dear Shareholders
 
 When I look back on FY2012, it reminds me of a typical day during the
 monsoons. You wake up and see the darkness, the lingering clouds and
 when you expect the least the grimness gives way to incredible
 sunshine. Just when you get accustomed to it, the dark clouds cover the
 skies and you don''t know what comes next. Similarly the environment in
 FY2012 had phases of optimism that were quickly clouded by uncertainty,
 but not without the hope that soon this will be over and India will
 shine again.
 
 After a shining FY2011, our financial performance suffered due to poor
 performance of equity markets that were gripped by high volatility,
 very low and declining retail participation in equities and staggering
 volumes in the cash markets.  However, we are more focused than ever on
 clients and their needs. Looking forward to FY2013, I see challenges
 because even when it stops raining the after-effects linger for a
 while.
 
 Like the sunshine in the rain, your Company achieved a new milestone
 through international recognition despite the challenging environment.
 It makes me proud and also brings immense pleasure to inform you that
 during the FY2012 your Company was featured in Forbes Asia''s 200
 Best under a Billion Dollar Company list. This accomplishment is
 credited to the determination of our people, the focus of our
 management team and your trust in us.
 
 Looking ahead, my faith on the Indian economy continues to stay strong.
 There may be headwinds but that''s part of life, and they help us grow
 stronger and wiser. We are aggressively investing in building our
 business for the long term, strengthening our systems and improving the
 quality of our client experience.  Your Company is well-positioned not
 just to cope with the near-term headwinds, but also to capture the
 medium to long term prospects. I take this opportunity to express our
 deep appreciation of your support and association with the Company and
 also to convey that we remain committed to delivering value to all our
 stakeholders.
 
 
                                                     - Ashok Kumar Jain