Being the Best is a journey and not a destination.  History is replete
 with examples of how quickly the pecking order can change in almost all
 human endeavour. Somebody has aptly put Many of us who are fallen
 today will be in high esteem tomorrow and many of us who are in high
 esteem today will be fallen tomorrow. How else would it have been
 possible for your Company with barely a decades history in broking to
 be adjudged as the Best Equity Broker by likes of Bloomberg UTV and
 Finance Asia. These awards, however, place an enormous responsibility
 on the IIFL team to live up to the expectations of customer, employees,
 shareholder and society in general. There will be occasions when
 competition outsmarts us. The question arises can your Company remain
 the best and ahead of other in the decades to come and if yes, howRs
 
 Taking examples from large MNCs, we have likes of Procter & Gambles who
 have remained amongst the best for several decades.  There are likes of
 Apples, who lost the honor but regained it with a vengeance and then
 there are General motor, who could not climb the ladder to pinnacle
 ever again. The successful companies are inspiration for us but not
 models for blind emulation. This is because we operate in different
 times, different sector and a different world in terms of technology,
 consumer and employee behavior and regulatory regime.
 
 Our vision is to be the Most Respected Financial Services Company in
 India. We can remain true to our vision by being the best and not
 necessarily the biggest or the fastest. Many-a-time, expectations of
 employees, customer, shareholder and society seem conflicting, but a
 deeper insight reveals that they complement one another and in fact,
 can be achieved only together. For instance, a corporate that does not
 make itself the best place for employees, will not for too long deliver
 the best products to customer or best returns to shareholder. Our
 endeavour is to put in place a robust system with appropriate building
 blocks glued together by values and culture that will last generations.
 
 With focus on financial services, we endeavour to excel in four key
 areas, which can be summarised as our STAR edge comprising Service,
 Technology, Advice and Reach.
 
 We are a service-oriented organization. For our people with owner
 mindset, service comes from the heart and not from manuals or training
 alone. Traditionally service has been understood to fix an issue or
 information gap and encompass activities like quick resolution of
 queries, making available information asked for and fixing a quality
 issue, among other. We endeavour to redefine service by not only
 being proactive, but also being educative and incessantly striving to
 enhance and enrich customer experience.  For instance, our thematic
 research which does not have buy or sell recommendations, proactive
 calls by our customer care cell, ask analyst for online response on
 any query about a stock or an investment, providing dedicated equity
 advisor, portfolio analysis, and so on.
 
 Technology is the backbone of our business. Our entire technology,
 right from the front office i.e. customer trading interface to mid-
 office which is the risk management and back office that takes care of
 accounting, contracts and statements, are all proprietary technology.
 
 Our vision is to be the Most Respected Financial Services Company in
 India. We can remain true to our vision by being the best and not
 necessarily the biggest or the fastest. Many-a-time, expectations of
 employees, customer, shareholder and society seem conflicting, but a
 deeper insight reveals that they complement one another and in fact,
 can be achieved only together.
 
 Most of our Trader Terminal user can settle for nothing else.  Its
 power works like magic from streaming quotes, instant order
 confirmation to charts, technical analysis, research and online ledger
 and bills. Our software has handled over a million trades in a day,
 i.e. 50 trades per second. As a strategy, we continue to invest in core
 technology and applications and have outsourced infrastructure and
 maintenance. We believe that technology is not a product that you buy
 one time, plug and play, but requires continuous investments to upgrade
 with changes in business and environment on one hand and progress in
 technology globally on the other.
 
 Our key service offering is financial advice. As an intermediary in the
 financial services industry, customer pay us for advising them and
 executing their transactions. With technology, the relative value of
 execution will decline continuously and therefore advice will make all
 the difference. Historically, the broking industry built its business
 model around efficient execution.  The radical changes in technology
 have automated execution considerably and commoditised it.
 Increasingly, the client will not need any other human intervention
 given advances in internet and mobile technologies. Interestingly, as a
 Company, we were founded on an advisory platform and built an execution
 platform later. We do not want to be complacent with the accolades that
 we receive for our research. We continue to invest in quality people,
 training and building the knowledge base to ensure that our advisory
 skills are second to none.
 
 To be competitive, you have to reach out to the customer wherever he or
 she is. We are present in 3,000 business locations in over 500 towns
 and cities in India. We also have regulated subsidiaries in six
 different countries. This makes our reach amongst the widest in
 financial services companies other than banks. Besides, we reach our
 customer through internet, mobile and call center.
 
 None of the above or even all of the above do not guarantee that we can
 achieve and retain our supremacy forever. The above success driver will
 keep changing and will also vary based on the perception and strategy
 of the incumbent management team. The key to be the best in your
 Companys business is simple- to have the best people work for you. It
 is also important that people fit into the culture and are aligned to
 the organization. Our culture is to attract smart people who are humble
 and hard working and give them a trusting and empowering environment.
 They may make mistakes but they have the humility to change and correct
 themselves. They quickly adapt to the changing business environment and
 continously learn from the competition as well.  They also hire similar
 people to work for them. This is our mantra in the journey of being the
 best.
 
 
 
 Nirmal Jain
 
 Chairman