1975
 
 - The company was incorporated on 23rd December, at Mumbai.  The
 Company carries on the business of merchant banking, financial
 consultant and investment and finance.
 
 1976
 
 - 700 shares subscribed for by the signatories to the Memorandum of
 Association, 19,300 shares reserved and allotted to directors, etc.,
 and 30,000 shares offered at par for public subscription during
 April.
 
 1985
 
 - The company acted as advisers to Merrill Lynch Capital Markets who
 got a mandate from UTI for launching the first ever international
 Mutual Fund floated by India viz., The India Fund.  The company was
 also involved in India's first public issue of bonds in the German
 Capital Market, lead managed by Dredsner Bank AG, for the IDBI.
 
 - The company advised Meryll Lynch on the arrangement of a Revolving
 Underwriting facility and India's first Euro-Commercial paper
 programme
 for State Bank of India.  The company was also involved in raising
 funds for the ONGC in the Japanese market.
 
 - The company also has arrangements with Banque Fracaise du commerce
 Exterieur and Swiss Bank Corporation.
 
 1986
 
 - The company started a new division with its headquarters in Delhi
 to
 develop equipment sourcing and technology related services.
 
 1991
 
 - During May-June, the Company issued 2,00,000 No. of equity shares
 of
 Rs 10 each at par to shareholders on rights basis in the propn. 4:1
 (all were taken up).
 
 1992
 
 - 2,00,000 No. of equity shares issued in between the period 1977
 and
 1992.
 
 - IIMCO has been jointly promoted by the Company and Industrial
 Development Bank of India to carry out business of Funds Management.
 
 1993
 
 - The Company along with its associate Merril Lynch and Swiss
 Banking
 Corporation lead and managed in six transactions, co-lead and
 managed
 four transactions.  Also along with Merrill Lynch was a lead manager
 in
 the first Euro Convertible Bond issue for Essar Gujarat.  In
 addition,
 along with SBC, lead managed the first Euro bond issue in Swiss
 market
 for Bharat Forge Ltd.
 
 - The Company increased the underwriting by 202%.  New initiatives
 such
 as project finance structuring, project appraisal, corporate
 re-organisation, mergers and acquisitions were taken up.
 
 - The Company entered into a tie up with Merrill Lynch, the largest
 investment bank in the USA, providing an equity stake of 29.41% with
 a
 provision to increase it upto 40%.
 
 - They were allotted 25,00,000 No. of equity shares with warrants
 attached at a premium of Rs 181 per share.  The warrant entitles the
 holder to apply for 15,00,000 No. of equity shares at prem.  of Rs
 238
 per share within 18 months from the date of allotment.
 
 1994
 
 - During the year, the Company was the joint lead manager to GDR
 issue
 by East India Hotels Ltd., a co-lead manager to the issues by JCT
 Ltd.
 and Raymond Woollen Mills Ltd.  Also along with Merrill Lynch is to
 lead managed a large GDR issue by SAIL.  The Research division
 introduced GDR valuation index.
 
 - 57,50,000 Bonus shares issued in prop. 23.1.  25,00,00 No. of
 equity
 shares with warrants attached allotted to Merrill Lynch on
 preferential
 basis at a premium of Rs 181 per share.
 
 - The company has achieved the highest international recognition in
 the
 form of the Euromoney Award for the Best Securities Firm in India.
 
 1995
 
 - Despite depressed conditions, the Company along with Merrill Lynch
 was involved in the Completion of two of the four major GDR issues
 in
 1996.  e.g. SAIL's GDRs, that of BSES etc.  The company was also
 active
 in the international debt market.  e.g. SICI's FRN issue, Reliance
 Industries Ltd.'s syndicated loans etc.
 
 - The Company has signed a Memorandum of Understanding with Merrill
 Lynch Asset Management (MLAM) to set up an asset management company,
 which is expected to be operational during the current year.
 
 1996
 
 - Merrill Lynch was awarded the India Finance House in the year by
 International Financing Review (IFR).
 
 - The Company's name has been changed to DSP Merrill Lynch Limited
 with
 effect from 18th December.
 
 1997
 
 - The Company has been recently awarded the Best Domestic Securities
 House by Finance Asia, one of the most respected financial
 publications in Asia.
 
 - The Company during the year under review has set up an Asset
 Management Company in the name of DSP Merrill Lynch Asset Management
 (India) Ltd. (DSPMLAM) in association with Merrill Lynch Asset
 Management of USA.
 
 1998
 
 - The Company has recently established a wholly owned subsidiary in
 the
 name of DSP Merrill Lynch (Jersey) Ltd.
 
 - DSP Merrill Lynch Mutual Fund is launching an open-ended liquid
 fund
 - DSP Merrill Lynch Liquidity fund, on 6th March.
 
 1999
 
 - DSP Merrill Lynch Asset Management (India) Ltd is launching an
 open-ended balanced fund on May 3 to generate long term capital
 appreciation as well as current income from a combination of
 investment
 inequity and debt instruments.
 
 - DSP Merrill Lynch Asset Management (India) Ltd, is a joint venture
 between DSP Merrill Lynch Ltd and Merrill Lynch Asset Management of
 the
 US.
 
 - DSP Merrill Lynch has set up a special cell to facilitate Indian
 corporates' plans to raise venture capital from top venture capital
 (VC) firms and other private equity investors in the business.
 
 - DSP Merrill Lynch has also received the go-ahead from the
 Securities
 and Exchange Board of India (Sebi) for setting up its primary
 dealership.
 
 - DSP Merrill Lynch launched DSP-Merrill Lynch Equity Fund on 7th
 April.
 
 2000
 
 - The Company has launched two new mutual funds the Merril Lynch
 Focus
 Twenty Fund and Merrill Lynch Premier Growth Fund.
 
 - DSP Merrill Lynch Ltd has been rated the `Best domestic investment
 bank in India' by Asia's business magzine Finance Asia for
 1999-2000.
 
 - The Board of the company has recommended issuance of bonus shares
 in
 the 1:1 ratio to its shareholders.
 
 2001
 
 - DSP Merrill Lynch has tied-up with a few large multinational and
 private sector banks to distribute its suite of fixed-income
 products
 and bonds to its clientele within a span of six months.
 
 2002
 
 -Board agrees to appoints Rajeev Gupta and Amit Chandra as
 directors.
 
 -IFC partially guaranteed Bharti's Finance project issue has been
 oversubscribed
 by 200%.
 
 -DSP Merrill Lynch Board  approves for the buy back of equity shares
 at a maximum price of Rs.250 per share.
 
 -DSP Merill Lynch is rated as the BEST DOMESTIC INVESTMENT BANK 
 by the Asia's leading business magazine, FinanceAsia.
 
 -IDBI bank appoints DSP merrill Lynch for finalising sales of 26%
 stake of bank.
 
 -Wartsila Corp has acquired 3,444 equity shares of Watrsila India Ltd
 representing 
 .0.027% of the paid up equity share capital.
 
 -Merrill Lynch acquires 5.10% stake in Satnam Overseas
 
 -DSP Merrill bags top slot in M&A league table 2003
 
 -Re-designates Mr.Shitin Desai as Executive Vice Chairman, and
 Mr.Rajeev Gupta and Mr. Amit Chandra as Joint Managing Directors of
 the company
 
 -DSP ML wins Asset Triple A Country Award
 
 2005
 
 -DSP Merrill Lynch has made its foray into Uttar Pradesh with the
 launch of DSP Merrill Lynch SIP
 
 -DSP Merrill Lynch unveils Super S.I.P scheme