1.  Figures of the previous year have been regrouped, recasted and
 rearranged wherever necessary to make them comparable with the figures
 of the current year.
 
 2.  Employees Stock Option Schemes
 
 Disclosure required pursuant to Guidance Note on Accounting for
 Employee Share- based payments in connection with companys Employees
 Stock Option Schemes :-
 
 b) i) The Company introduced ESOP – 2010 Scheme during the year and set
 up Emkay Employees Welfare Trust to administer and implement this in
 accordance with recommendations of the Remuneration / Compensation
 Committee of the Company. The said trust shall purchase shares of the
 Company from the Stock / Secondary Market from time to time and hold
 this pool of shares for the benefit of the Employees / Employee
 Directors. The Company may also grant financial assistance to the trust
 for this purpose with or without interest. The trust shall grant
 options to the employees in accordance with the directions and
 recommendations of the Remuneration / Compensation Committee. Each
 option would entitle an option holder to acquire one equity share of
 the Company from the trust. All present and future Permanent Employees
 and/or Employee Directors of the Company (excluding Promoter Employees
 and/or Promoter Directors) selected by the Remuneration / Compensation
 Committee from time to time would be entitled to participate in this
 Scheme.
 
 (ii) For the above purpose, the Company during the year granted
 interest free loan of Rs. 5,31,00,000/- to the trust for the equity
 shares bought by the said trust. The repayment of the loan granted by
 the Company to the trust is dependent on the exercise of the options by
 the eligible employees and the market price of the underlying shares of
 the unexercised options at the end of the respective exercise period.
 
 d) The fair value and other disclosures and assumptions are given below
 :
 
 (iii) Other disclosures and assumptions :
 
 -Expected volatility considered is on the basis of stock prices of the
 company on National Stock Exchange of India Ltd. (N SE) from 28th
 April, 2006 (i.e. date of Listing on exchanges) till the respective
 grant date.
 
 -Risk free interest rate considered is the interest rate applicable for
 maturity equal to the expected life of the options based on the zero-
 coupon yield curve for government securities.
 
 -Time to Maturity considered is the period for which the company
 expects the options to be live taking into account the vesting period,
 average lengths of time of similar grants which have remained
 outstanding in the past etc.
 
 -Expected Dividend yield considered is the average of dividend yields
 for the preceding years to the year of grant, in which dividends have
 been paid.
 
 -Exercise price considered is the price decided by the company to be
 the Exercise price.
 
 -Current Price of the underlying share considered is the closing market
 price of the companys equity shares on NSE on the date of grant.
 
 f) The fair value and other disclosures and assumptions have been
 determined by an independent consultant and relied upon by the
 Auditors.
 
 3.  Capital Work in progress represents capital advances, fixed assets
 acquired but not put to use before year end and expenses incurred
 pertaining thereto.
 
 4.  Debit and Credit balances are subject to confirmation.
 
 6. (b) Contribution to Group Gratuity Scheme and Premium paid for Group
 Personal Accident Policy, Group Mediclaim Insurance Policy and Group
 Term Life Insurance Policy has not been considered, as employee-wise
 details are not available.
 
 (c) In view of inadequate profits during the year, remuneration of
 Managing Directors for part of the year i.e. from 1st October, 2010 to
 31st March, 2011 is restricted to the amounts permissible under
 Schedule XIII to the Companies Act, 1956.
 
 (d) Consequent to (c) above, excess managerial remuneration paid of Rs.
 42,03,182/- is recoverable from Managing Directors and included in
 Advances recoverable in cash or kind or for value to be received.
 
 7.  In the opinion of Board of Directors, the current assets, loans and
 advances have value on realisation in ordinary course of business at
 least equal to the amount at which they are stated except as otherwise
 stated.
 
 8.  (i) Details of Contingent Liabilities and Guarantees:-
 
 Sr.                                As at              As at
                                    31st March, 2011   31st March, 2010
 No.   Particulars                  (Rs.)              (Rs.)
 
 1.  Guarantees issued by the Banks
 (Net of                                 528,750,000        548,750,000
 Margin money being fixed deposits 
 with Banks)
 
 Add : Margin money being fixed 
 deposit with Banks                      558,750,000        548,750,000
 
 Guarantees issued by the 
 Banks                                 1,087,500,000      1,097,500,000
 
 2.  Corporate guarantee issued 
 in favour of a bank to secure 
 credit                                  8,00,00,000        8,00,00,000 
 facilities sanctioned by 
 the bank to Emkay Commotrade 
 Limited (a Subsidiary Company)
 
 3.  Income Tax matters in appeal          21,136,631        17,411,067
 
 (ii) Capital Commitments
 
 Estimated amounts of contracts remaining to be executed on capital
 account and not provided for (net of advance) Rs. 18,61,69,299/- (P.Y.
 Rs. 72,865/-)
 
 9.  (a) Fixed Deposits lodged with Exchanges towards Security
 Deposit/Base Minimum Capital/ Additional Base Capital
 
 (b) Shares (i) received from clients/ Remisiers/ Sub-brokers as
 collateral for margins/ security deposits, (ii) of clients, withheld
 against their outstanding balances, are held by the company in its own
 name in a fiduciary capacity. Depending upon business needs of the
 company, some of these shares are lodged with the exchanges towards
 additional base capital/ exposure.
 
 (c) Fixed Deposits taken out from banks by the clients in the name of
 company as collateral for their margin requirements are lien marked
 directly in favor of stock exchanges through their custodians and are
 utilized towards additional base capital/ exposure/ margin requirements
 of the Company.
 
 10. There are no amounts payable to any micro, small and medium
 enterprises as identified by the management from the information
 available with the Company and relied upon by auditors.
 
 11. Fixed Deposits with Banks of Rs. 23,12,50,000/- (P.Y. Rs.
 30,62,50,000/-) have been pledged against short term loans/ overdraft
 facilities.
 
 12. Miscellaneous Expenses includes Foreign Exchange Rate Difference of
 Rs. 41,607/- (P.Y. Rs. 26,043/-).
 
 13. Expenses and income includes Rs. 57,350/- (P.Y. Rs. 1,00,90,625/-)
 and Rs. 2,86,763/- (P.Y. Rs. Nil) respectively pertaining to earlier
 years.
 
 14. (a) Sundry Debtors include Rs. 110/- (P.Y. Rs. 3,54,870/-) due from
 Managing Directors. [ Maximum amount outstanding during the year Rs.
 11,22,512/- ( Rs. 1,26,74,161/-) ].
 
 15. Other liabilities includes Rs. 10,57,909/- (P.Y. Rs. 16,23,297/-)
 being aggregate amount of deposits in Companys bank accounts made
 directly by clients whose details are awaited. The liabilities are
 properly adjusted subsequently on receipt of information from them.
 
 16. During the financial year, the company has received
 claims/complaints aggregating to Rs. 127.82 Lacs from clients with
 respect to their accounts. The Management do not expect any liability
 from these claims/complaints. However, liability if any, shall be
 provided at the appropriate time.
 
 19. The Ministry of Corporate Affairs, Government of India, vide
 General Circular No. 2 and 3 dated 8th February, 2011 and 21st
 February, 2011 respectively has granted a general exemption from
 compliance with section 212 of the Companies Act, 1956, subject to
 fulfill- ment of conditions stipulated in the circular. The Company has
 satisfied the conditions stipulated in the circular and hence is
 entitled to the exemption. Necessary information relating to the
 subsidiaries has been included in the Consolidated Financial
 Statements.
 
 20. Assets taken on Operating Leases (on and after 1st April, 2003) :-
 
 (a) The Company has taken various commercial premises under operating
 leases. These lease arrangements are normally renewable on expiry. The
 rental expenses (net of recovery) in respect of above operating leases
 is Rs. 6,09,31,691/- (P.Y. Rs. 6,12,17,320/-).
 
 22. Segment information
 
 (a) Primary Segment:
 
 The Companys operations relate to one reportable business segment
 namely Advisory and Transactional Services comprising of Broking &
 Distribution of Securities, Investment Banking and other related
 Financial Intermediation Services.
 
 (b) Secondary Segment:
 
 The company operates in India and hence there are no reportable
 Geographical Segments.
 
 24. Related Party disclosures:
 
 (A) List of Related Parties (where transactions have taken place)
 
 Sr. 
 No.  Name of Related Party        Nature of Relationship
 
 1    Key management personnel/
      individuals having control 
      or significant influence
 
      a) Krishna Kumar Karwa       Managing Director & CFO
 
      b) Prakash Kacholia          Managing Director
 
 2    Relatives of key management 
      personnel
 
      a) Priti Karwa          }
 
      b) Raunak Karwa         }
 
      c) Soumya Karwa         }
 
      d) Geetadevi Karwa      }    Relatives of Managing Director & CFO
 
      e) Murlidhar Karwa HUF  }
 
      f) Krishna Kumar Karwa 
         HUF                  } 
 
      g) Preeti Kacholia      ]   
 
      h) Krishna R. Kacholia  ]    Relatives of Managing Director
 
      i) Deepak Kacholia      ]
 
      j) Prakash Kacholia HUF ]
 
 3    Enterprises owned/ 
      controlled by key management 
      personnel or                 Enterprises owned/ controlled 
                                   by key management 
      their relatives              personnel or their relatives
 
      a) Cambridge Securities
 
      b) Synthetic Fibres Trading 
         Company
 
      c) Emkay Corporate Services 
         Pvt. Ltd.
 
      d) Krishna Investments
 
 4    Subsidiaries                 Subsidiary
 
      a) Emkay Fincap Limited
 
      b) Emkay Commotrade Limited
 
      c) Emkay Insurance Brokers 
         Limited
 
      d) Emkay Investment Managers 
         Limited
 
 5    Others                       Others 
 
      a) Emkay Employees Welfare Trust
 
 27.  No Remittance in foreign currencies for dividends.
 
 28.  Other additional information required pursuant to Part II of
 Schedule VI to the Companies Act, 1956 are not applicable to the
 company.
 
 29.  Figures in brackets indicates previous years figures.
 
 30.  Figures have been rounded of to the nearest rupees.
 
 31.  Schedule A to T forms an integral part of the Financial
 Statements of the Company.