1.  Contingent Liability:
 
                                         As at          As at
 
 Particulars                           31-03-2011    31-03-2010
 
                                             (Rs)          (Rs)
 
 Claims against the Company not
 acknowledged as debts:
 Legal suits filed against the Company /
 Matters under Arbitration              35,668,403    28,216,882
 
 Income tax demands, pending in         72,572,892    18,340,301
 appeal                                                     
 
 Service tax demands, pending in
 appeal                                    448,298       448,298
 
 2. Estimated amount of contracts remaining to be executed on capital
 account and not provided for (net of advances): Rs 233,018,041/-
 (Previous Year: Rs 260,981,090/-).
 
 4.  (A) Details of Employee Stock Option Plans:
 
 (a) Employee Stock Option Plan - 2005 (ESOP-2005):
 
 The Company introduced Employee Stock Option Plan- 2005 (ESOP-2005)
 during 2005-06, under which options for 6,989,400 equity shares of Rs1/-
 each were granted to eligible permanent employees and non-executive
 directors, including independent directors but excluding promoters, of
 the Company and its Subsidiaries. The scheme was approved by the
 Shareholders at the Extra- ordinary General Meeting held on 7th March
 2006 and by the Compensation Committee of Directors on 7th March 2006.
 The options vested over a period of 4 years from the date of grant,
 viz., 7th March 2006, as follows:
 
 The exercise period commenced from the date of vesting and expired not
 later than 5 years from the date of grant, viz., 6th March 2011. The
 exercise price was computed by giving discounts, based on the grade and
 number of years of service rendered by the employees and directors, to
 the market price on the date prior to grant date.
 
 (b) Employee Stock Option Plan - 2005 (ESOP-2005 (Reissue-1)):
 
 During 2007-08, the Company reissued options for 950,500 equity shares
 of Rs1/- each to eligible permanent
 
 employees and an independent non-executive director, whose is not a
 promoter, of the Company and its Subsidiaries, forfeited out of
 Employee Stock Option Plan - 2005 (ESOP-2005) on resignation of
 employees.  The reissue of options forfeited was approved by the
 Shareholders through postal ballot, whose result was declared on 5th
 December 2007, and by the Compensation Committee at its meeting held on
 12 October 2007. The options will vest over a period of 4 years from
 the date of grant, viz., 10lh December 2007. as follows:
 
 The exercise period commenced from the date of vesting and will expire
 not later than 5 years from the date of grant, viz., 09th December
 2012. The exercise price in the case of employees and directors has
 been computed by giving discounts, based on the grade of the employees
 and of fixed amount respectively, to the market price on the date prior
 to grant date. The Company had repriced the options on 11,h April 2009
 from Rs65.36 to Rs25 50 per option with the approval of the Compensation
 Committee and Shareholders.
 
 (c) Employees Stock Option Plan 2007 for Key Employees (ESOP 2007):
 
 The Company introduced Employees Stock Option Plan 2007 for Key
 Employees during the year 2007-08, under which options for 2,500,000
 equity shares of Re. 1 /- each were granted to eligible senior
 management employees of the Company. The scheme was approved by the
 Shareholders through postal ballot, whose result was declared on 5th
 December 2007, and by the Compensation Committee of Directors on 12th
 October 2007. The options will vest over a period of 7 years from the
 date of grant, viz., 10th December 2007, as follows:
 
 The exercise period commenced from the date of vesting and will expire
 not later than 8 years from the date of grant, viz., 09th December
 2015. The exercise price is at
 
 10% discount to the market price on the date prior to grant date. The
 Company had repriced the options on 11th April 2009 from Rs 59.90 to X
 25.50 per option with the approval of the Compensation Committee and
 Shareholders.
 
 (d) Employees Stock Option Plan 2010 (ESOP 2010):
 
 During the year, the Company introduced Employees Stock Option 2010
 under which options for 2,786,795 equity shares of Rs 1/- each were
 granted to eligible employees.  The scheme was approved by the
 Shareholders at the Annual General Meeting held on 12th July 2010, and
 by the Compensation Committee of Directors on 12th April 2010. The
 options will vest on the expiry of 2nd Anniversary from the date of
 grant, viz., 29th March 2011.
 
 The exercise period commenced from the date of vesting and will expire
 not later than 4 years from the date of grant, viz., 28lh March 2017.
 The exercise price of the
 
 options granted is the same as the market price on the date prior to
 grant date and hence there is no intrinsic value for the options, which
 has to be amortised over the vesting period.
 
 B) Accounting of employee share based compensation cost:
 
 The Company has adopted intrinsic value method for accounting employee
 share based compensation cost.  Under the intrinsic value method, the
 difference between market price of the share on the grant date or as
 near thereto and exercise price is considered as intrinsic value of
 options and amortised on straight-line basis over the vesting period as
 employee share based compensation cost. The details of costs accounted
 under the Employee Stock Option Plans are as follows:
 
 Annualised volatility is computed using the high and low market price
 of the Companys share over the one year period prior to the date of
 grant. It is assumed that employees would exercise the options
 immediately on vesting. The historical volatility of the Companys
 share price is higher than the volatility considered above. However,
 the Company expects the volatility of its share price to reduce as it
 matures.
 
 E) The impact on Basic and Diluted Earnings Per Share for the year, had
 the Company followed Fair Value Method of accounting for ESOP
 compensation cost, is Rs(0.13) and Rs(0.13) respectively (Previous Year:
 Rs(0.19) and Rs (0.19) respectively).
 
 5. The Company has contracted fund based and non-fund based (viz. bank
 guarantee) working capital facilities of Rs30 crores (Previous Year: Rs30
 crores) and ^65 crores (Previous Year: Rs51 crores) respectively from
 banks, which are secured by a charge on the current assets of the
 Company, both present and future, and counter guarantee of the Company.
 The balance outstanding in the fund based and non-fund based working
 capital facilities at the balance sheet date are Rs Nil (Previous Year:
 Rs Nil) and Rs65.13 crores (Previous Year: Rs48.75 crores) respectively.
 
 10.  The amount of unclaimed dividends lying in separate bank accounts
 as at the balance sheet date is Rs 4,005,689/- (Previous Year: Rs
 2,732,861/-). There is no amount due and outstanding as at the balance
 sheet date to be credited to the Investor Education and Protection
 Fund.
 
 11.  Notes on Cash Flow Statement:
 
 a) The Cash Flow Statement has been prepared using the indirect
 method specified in Accounting Standard - 3 Cash Flow Statements.
 
 b) Cash and cash equivalents at the balance sheet date include
 unclaimed dividends lying in separate bank accounts amounting to
 Rs4,005,689/- (Previous Year: Rs2,732,861/-), not available for use by
 the Company.
 
 c) The closing cash and cash equivalents excludes fixed deposits
 amounting to Rs1,188,831,515/- (Previous Year: ^751,133,956/-), which is
 considered as part of investing activity by the Company.
 
 19.  Employee Benefits:
 
 The details of benefits provided by the Company to its employees during
 the year are as follows:
 
 I.  Defined Contribution Plan - Provident Fund:
 
 During the year, the Company has recognised the employers contribution
 to Employees Provident Fund Organisation amounting to Rs.3,503,406/-
 (Previous Year: ^3,573,049/-) in the Profit and Loss Account, included
 underthe head Contribution to Provident & Other Funds in Schedule 14 -
 Employee Costs.
 
 II.  State Plans:
 
 a) Employers contribution to Employees State Insurance Scheme.
 
 b) Employers contribution to Employees Pension Scheme, 1995.
 
 III.  Defined Benefit Plan - Gratuity:
 
 The Company provides gratuity benefit to all eligible employees, which
 is funded with Life Insurance Corporation of India.
 
 25.  The Company may allot shares between the balance sheet date and
 record date for the declaration of dividend pursuant to the exercise of
 any employee stock options. These shares will be eligible for full
 dividend for the year ended 31st March 2011, if approved at the ensuing
 Annual General Meeting. Dividend relating to these shares has not been
 recorded in the current year and will be considered in the
 appropriation for the next year. However, current year appropriation
 includes dividend paid on options exercised upto the record date for
 dividend declaration during the current year.
 
 26.  The Companys operations predominantly relate to one segment,
 viz., broking and financial services, which constitutes more than 75%
 of the total revenues / results / assets of all segments combined.
 Other activities which are not related to the main business of broking
 and financial services do not individually constitute 10% or more of
 the total revenues or results or assets of the Company.  Therefore,
 separate business segment information is not disclosed. Besides, the
 Companys operations are located only in India and hence, separate
 secondary geographical segment information is not disclosed.
 
 27.  Previous years figures have been regrouped / reclassified
 wherever necessary to confirm to current years classification.