1. The Consolidated and Standalone financial results of Indiabulls Securities Limited (´IBSL´, ´the Company´) for the year ended March 31, 2009 have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on June 25, 2009.

2. During the quarter ended March 31, 2009, the Shareholders of the Company by way of special resolution passed through postal ballot, authorised the buy-back of the Company´s fully paid-up Equity Shares of face value Rs- 2/- each from the open market through stock exchanges, at a price not exceeding Rs. 33/- per share up to a maximum amount of Rs. 8,317.96 Lakhs, being 25% of the total paid-up equity capital and free reserves as per the audited balance sheet of the Company for the year ended March 31, 2008, to be financed out of the Company´s free reserves and surplus and balance in the Profit and Loss Account. The Company has propose to buyback upto 39,281,000 of its fully paid up Equity Shares and minimum number of 5,000,000 of its fully paid up Equity Shares at a price not exceeding Rs 33/- per Equity Share. Subsequent to year end the Company has bought back 7,271 shares as of date.

3. During the quarter ended March 31, 2009, the Shareholders of the Company have approved the following :

(1) Cancellation and withdrawal of employee stock option scheme of the Company titled "Employees Stock Option Scheme-2007", covering 1,50,00,000 stock options.

(2) Authorization under section 81 (1A) of the Companies Act, 1956, to issue at any time to or to the benefit of such person (s) who are in permanent employment of the Company, including any Director, whether whole-time or otherwise, (except the promoter directors) of the Company, under the Scheme titled "Indiabulls Securities Limited Employees Stock Option Scheme- 2008" ("IBSL ESOP-2008" or "Scheme")&#59; 2,00,00,000 (Two Crore) equity options entitling the option holders to purchase an equivalent number of Equity Shares of face value Rs. 2/- (Rupees Two) each of the Company, at such price, in one or more tranches , and on such terms and conditions, as given in the IBSL ESOP - 2008.

(3) Authorization under Section 81 (1A) of the Companies Act, 1956 to extend the benefits of IBSL ESOP -2008 to or for the benefit of the employees of the Company´s subsidiaries including Directors thereof (except Promoter Directors).

4. During the quarter ended March 31, 2009, the Compensation Committee constituted by the Board of Directors of the Company has granted under the "Indiabulls Securities Limited Employees Stock Option Scheme - 2008", 2,00,00,000 (Two Crore) Stock Options representing an equal number of equity shares of face value Rs. 2/- each in the Company, to the Eligible Employees, at an exercise price of Rs. 17.40, being the latest available closing market price on the National Stock Exchange of India Ltd., as on January 23, 2009. The Stock Options so granted,
shall vest in the eligible employees uniformly within 10 years beginning from January 25, 2010, the first vesting date. The options granted under each of the slabs, can be exercised by the grantees within a period of five years from the relevant vesting date.

5. The Board of Directors of the Company at its meeting held on June 25, 2009 has recommended a Dividend of Rs. 2 per share (100% on the face value of Rs. 2 per share) for the financial year 2008-09, out of the opening balance in Profit and Loss account.

6. During the quarter ended March 31, 2009, one of the wholly owned subsidiary of the Company has incurred losses in respect of dealing in securities. Accordingly, the Company has written off loan, amounting to Rs. 18,093.00 Lakhs, recoverable from the said subsidiary. The same is included in Administrative & Other expenses above.

7. Figures for the prior year have been regrouped and / or reclassified wherever considered necessary to confirm to the current year presentation.

Divyesh Shah
CEO & Director