Auditors' Report Insights

Auditors’ Report

TO THE MEMBERS OF (c) the Balance Sheet, the Profit and Loss Account and the
BOMBAY STOCK EXCHANGE LIMITED Cash Flow Statement dealt with by this report are in
agreement with the books of account;
1. We have audited the attached Balance Sheet of BOMBAY
STOCK EXCHANGE LIMITED ("the Company") as (d) in our opinion, the Balance Sheet, the Profit and Loss
at 31st March, 2010, the Profit and Loss Account and the Cash Account and the Cash Flow Statement dealt with by this
Flow Statement of the Company for the year ended on that report are in compliance with the Accounting Standards
date, both annexed thereto. These financial statements are referred to in Section 211(3C) of the Companies Act, 1956;
the responsibility of the Company's Management. Our
(e) in our opinion and to the best of our information and
responsibility is to express an opinion on these financial
according to the explanations given to us, the said accounts
statements based on our audit.
give the information required by the Companies Act, 1956
2. We conducted our audit in accordance with the auditing in the manner so required and give a true and fair view in
standards generally accepted in India. Those Standards require conformity with the accounting principles generally
that we plan and perform the audit to obtain reasonable accepted in India:
assurance about whether the financial statements are free of
(i) in the case of the Balance Sheet, of the state of affairs
material misstatements. An audit includes examining, on a test
of the Company as at 31st March, 2010;
basis, evidence supporting the amounts and the disclosures in
the financial statements. An audit also includes assessing the (ii) in the case of the Profit and Loss Account, of the profit
accounting principles used and the significant estimates made of the Company for the year ended on that date and
by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a (iii) in the case of the Cash Flow Statement, of the cash
reasonable basis for our opinion. flows of the Company for the year ended on that date.

3. As required by the Companies (Auditor's Report) Order, 2003 5. On the basis of the written representations received from the
(CARO) issued by the Central Government in terms of Section Directors as on 31st March, 2010 taken on record by the
227(4A) of the Companies Act, 1956, we enclose in the Board of Directors, none of the Directors is disqualified as on
Annexure a statement on the matters specified in paragraphs 31st March, 2010 from being appointed as a director in terms
4 and 5 of the said Order. of Section 274(1)(g) of the Companies Act, 1956.

4. Further to our comments in the Annexure referred to in
paragraph 3 above, we report as follows: For DELOITTE HASKINS & SELLS
(a) we have obtained all the information and explanations Chartered Accountants
which to the best of our knowledge and belief were (Registration No. 117366W)
necessary for the purposes of our audit;
(b) in our opinion, proper books of account as required by
Nalin M. Shah
law have been kept by the Company so far as it appears
Place: Mumbai Partner
from our examination of those books;
Date: 20th April, 2010 (Membership No.15860)

BSE Annual Report 2009-10
ANNEXURE TO THE AUDITORS' REPORT (b) There were no undisputed amounts payable in respect of
the Income-tax, Wealth Tax, Custom Duty, Cess and other
(Referred to in paragraph 3 of our report of even date) material statutory dues in arrears as at 31st March, 2010
i. Having regard to the nature of the Company's business/ for a period of more than six months from the date they
activities/result/transactions etc., clauses (ii), (viii), (x), (xi), (xii), became payable.
(xiii), (xvi), (xix), (xx) of CARO are not applicable.
(c) Details of dues of Income-tax, Sales Tax, Wealth Tax,
ii. In respect of its fixed assets: Service Tax, Custom Duty and Cess which have not been
deposited as on 31st March, 2010 on account of disputes
(a) The Company has maintained proper records showing full are given below:
particulars, including quantitative details and situation of
the fixed assets.
Statute Nature of Amount Period to Forum
(b) The fixed assets were physically verified during the year the Dues (in Rs.) which the where
by the Management in accordance with a regular amount Dispute
relates is pending
programme of verification which, in our opinion, provides
(Financial
for physical verification of all the fixed assets at reasonable Years)
intervals. According to the information and explanation
Service Tax Service tax 2,829,231 2003-04 Tribunal
given to us, no material discrepancies were noticed on Act and Penalty
such verification.
3,854,407 2004-06 Appellate
(c) The fixed assets disposed off during the year, in our opinion, Authorities
do not constitute a substantial part of the fixed assets of Income Tax Income Tax 1,165,423 2006-07 Appellate
the Company and such disposal has, in our opinion, not Act Authorities
affected the going concern status of the Company.
ix. Based on our examination of the records and evaluations of
iii. According to the information and explanations given to us,
the related internal controls, the Company has maintained
the Company has neither granted nor taken any loans, secured
proper records of the transactions and contracts in respect of
or unsecured, to/from companies, firms or other parties listed
its dealing in shares securities, debentures and other
in the Register maintained under Section 301 of the Companies
investments and timely entries have been made therein. The
Act, 1956.
aforesaid securities have been held by the Company in its own
iv, In our opinion and according to the information and name, except to the extent of exemption granted under Section
explanations given to us, there is an adequate internal control 49 of the Companies Act, 1956 .
system commensurate with the size of the Company and the
x. In our opinion and according to the information and
nature of its business with regard to purchases of fixed assets
explanations given to us, the terms and conditions of the
and the sale of services. During the course of our audit, we
guarantees given by the Company for loans taken by others
have not observed any major weakness in such internal control
from financial institution, are not prima facie prejudicial to the
system.
interests of the Company.
v. To the best of our knowledge and according to the information
xi. In our opinion and according to the information and
and explanations given to us, there are no contracts or
explanations given to us and on an overall examination of the
arrangements particulars of which needed to be entered in
Balance Sheet, we report that funds raised on short-term basis
the Register maintained under Section 301 of the Companies
have not been used during the year for long- term investment.
Act, 1956.
xii. According to the information and explanations given to us,
vi. According to the information and explanations given to us,
the Company has not made preferential allotment of shares
the Company has not accepted any deposit from the public
to parties and companies covered in the Register maintained
during the year within the meaning of Sections 58A & 58AA
under Section 301 of the Companies Act, 1956.
or any other relevant provisions of the Companies Act, 1956.
xiii. To the best of our knowledge and according to the information
vii. In our opinion, the internal audit functions carried out during
and explanations given to us, no fraud by or on the Company
the year by firm of Chartered Accountants appointed by the
has been noticed or reported during the year.
Management have been commensurate with the size of the
Company and the nature of its business.
viii. According to the information and explanations given to us in For DELOITTE HASKINS & SELLS
respect of statutory dues: Chartered Accountants
(Registration No. 117366W)
(a) The Company has been regular in depositing undisputed
dues, including Provident Fund, Investor Education and
Protection Fund, Employees' State Insurance, Income-tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty, Nalin M. Shah
Securities Transaction Tax, Cess and other material Place: Mumbai Partner
statutory dues applicable to it with the appropriate Date: 20th April, 2010 (Membership No.15860)
authorities.

35

BALANCE SHEET AS AT 31ST MARCH, 2010

AS AT 31ST MARCH, 2009
PARTICULARS Schedule
Rupees Rupees Rupees Rupees
I SOURCES OF FUNDS
1. Shareholders' funds
(a) Share Capital A 103,277,772 102,377,772
(b) Reserves & Surplus B 18,817,369,004 18,920,646,776 17,179,519,832 17,281,897,604
2. Share Application Money 80,000 110,000
3. Secured Loan C 9,069,773 –
4. Unsecured Loan D – 1,853,402
5. Deposits from Trading Members 2,782,000,000 2,638,000,000
(See Note 14 of Schedule "N")
6. Deferred Tax Liability 1,478,000 45,233,000
Total 21,713,274,549 19,967,094,006
II APPLICATION OF FUNDS
1. Fixed Assets E
(a) Gross Block 3,863,878,934 3,646,029,862
(b) Less: Depreciation 3,143,860,453 2,896,416,607
(c) Net Block 720,018,481 749,613,255
(d) Capital work - in - progress 134,352,756 854,371,237 70,581,567 820,194,822
(including capital advances)
2. Investments F
(a) Long Term 13,826,656,843 9,208,140,178
(b) Current Investments 5,342,261,507 19,168,918,350 2,258,042,750 11,466,182,928
3. Current Assets, Loans and Advances G
(a) Sundry Debtors 90,854,144 101,989,080
(b) Cash and Bank Balances 10,403,030,111 16,008,229,909
(c) Other Current Assets 213,957,175 236,793,713
(d) Loans and Advances 436,778,687 482,244,383
11,144,620,117 16,829,257,085
4. Less: Current Liabilities & Provisions H
(a) Current Liabilities 8,855,609,493 8,579,396,647
(b) Provisions 599,025,662 569,144,182
9,454,635,155 9,148,540,829
Net Current Assets 1,689,984,962 7,680,716,256
Total 21,713,274,549 19,967,094,006

Significant accounting policies and Notes to accounts N
For and on behalf of the Board of Directors
In terms of our report attached.

For Deloitte Haskins & Sells Madhu Kannan S. Ramadorai
Chartered Accountants Managing Director & CEO Chairman

Nalin M. Shah Ishaat Hussain Prakash R. Kacholia
Partner Director Director

L. P. Aggarwal V.G. Bhagat
Mumbai, 20th April, 2010 Chief Financial Officer Company Secretary


PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2010
2008-09
PARTICULARS Schedule
Rupees Rupees
INCOME
Trading Members I 1,344,384,226 1,236,982,575
Investments and Deposits J 2,457,248,559 2,218,181,456
Services to Corporates K 591,451,900 292,436,108
Training Institute 58,063,730 70,817,856
Other Services L 400,992,078 392,525,131
TOTAL 4,852,140,493 4,210,943,126
EXPENDITURE
Computer Technology Related Expenses (See Notes 16 & 17 of Schedule "N") 606,311,657 481,576,211
Employee Costs
– Salaries, Allowances and Bonus 374,185,418 227,177,670
– Staff Welfare Expenses 56,666,812 41,477,111
– Contribution to Provident and Pension Funds 23,379,597 17,369,413
– Contribution to Gratuity Funds 32,774,519 5,275,649
– Arrears of Employee Costs (See Note 20 of Schedule "N") 42,564,818 –
– Compensated Absences 29,034,086 3,626,077
Administration and Other Expenses M 416,427,104 446,489,543
Contribution to SEBI 39,855,494 35,746,571
Depreciation 348,902,196 291,980,715
1,970,101,701 1,550,718,960
Profit before tax 2,882,038,792 2,660,224,166
Provision for tax
– Income tax 796,344,000 533,200,000
– Deferred tax (See Note 5 of Schedule "N") (43,755,000) 1,179,000
– Fringe benefit tax – 4,000,000
– Wealth tax 16,000 50,000
Profit after tax 2,129,433,792 2,121,795,166
Balance brought forward from previous year 2,280,212,171 1,800,879,002
Amount availabe for appropriation 4,409,645,963 3,922,674,168
Appropriations
– General Reserve 1,000,000,000 1,000,000,000
– Trade Guarantee Fund (Cash & Derivatives) 183,578,850 137,963,426
– Trade Guarantee Fund (G-Sec) 2,063,790 6,385,333
– Trade Guarantee Fund (CDX) 8,133,236 3,234,815
– Dividend 422,991,088 422,991,088
– Tax on Dividend 70,253,532 71,887,335
– Balance carried to Reserves & Surplus 2,722,625,467 2,280,212,171
4,409,645,963 3,922,674,168
Basic Earnings per share (face value Re. 1/- each) 18.30 18.67
Diluted Earnings per share (face value Re. 1/- each) 18.30 18.67

Significant accounting policies and Notes to accounts N




37

CASH FLOW STATEMENT FOR YEAR ENDED 31ST MARCH, 2010
31.03.09
PARTICULARS
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax 2,882,038,792 2,660,224,166
Adjustments for:
Depreciation 348,902,196 291,980,715
Computer Technology Related Expenses
(See Note 17 of Schedule ‘N’) 107,092,130 –
Trade Guarantee Funds (Cash & Derivatives) (217,627,850) (152,163,426)
Trade Guarantee Funds (G-Sec) (2,099,790) (6,585,333)
(Profit) / Loss on sale of Fixed Assets (1,613,157) –
Trade Guarantee Funds (CDX) (12,322,236) (5,834,815)
Profit on sale of Investments (Own) (449,784,892) (254,538,814)
Interest Expense 357,295 248,149
Provision for Other item 6,606,732 –
Interest Income on Own Funds (1,489,424,608) (752,616,346)
Dividend Income on Own Funds (288,474,517) (1,050,219,496)
Provision for Compensated Absences 24,940,651 –
Operating Income before working capital changes 908,590,746 730,494,800
Adjustments for chages in:
Trade and Other Receivables 4,239,123 (8,660,980)
Trade and Other Liabilities 180,010,441 719,071,949
Taxes Paid (806,873,463) (531,429,730)
Net cash generated from operating activities 285,966,847 909,476,039

B. CASH FLOW FROM INVESTING ACTIVITIES
Fixed Assets
– Acquisition of Fixed Assets
(including capital work - in - progress) (383,284,871) (175,081,379)
– Proceeds from disposal of Fixed Assets 1,819,418 –
Investments
Long Term Investments
Purchase of Investments
– Own (7,446,556,900) (7,202,535,997)
– Earmarked Funds (730,000,000) (1,638,728,544)
– Investment in Wholly-owned Subsidiary (924,460,000) (9,101,016,900) – (8,841,264,541)
Proceeds on Sale of Investments
– Own 3,608,775,533 2,356,883,784
– Earmarked Funds 1,375,726,843 4,984,502,376 320,195,506 2,677,079,290
Net (Increase) / Decrease in Current Investments
– Own (1,203,627,907) 13,449,025,939
– Earmarked Funds (1,820,189,908) (3,023,817,815) 3,283,206,215 16,732,232,154
Net (Increase) / Decrease in Fixed Deposits with banks
– Own 1,838,229,666 (8,061,195,420)
– Earmarked 262,061,146 2,100,290,812 (983,561,189) (9,044,756,609)
Interest Received
– Own 1,506,285,890 534,008,282
Dividend Received
– Own 288,474,517 1,051,062,496
Net cash used in investing activities (3,626,746,573) 2,933,279,694


CASH FLOW STATEMENT FOR YEAR ENDED 31ST MARCH, 2010
31.03.09
PARTICULARS
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Issue of Share Capital 30,000 20,000
Trade Guarantee Funds (Cash & Derivatives) 86,524,578 137,963,426
Trade Guarantee Funds (G-Sec) 1,958,893 6,385,333
Trade Guarantee Funds (CDX) 8,133,236 3,234,815
Investors' Protection Fund 918,500 2,152,928
Deposits from Companies - 1% of their Public Issue 35,587,186 (561,220,873)
Withheld Funds 546,316 92,056,035
Defaulters' Liabilities 35,836,559 23,516,574
Increase / (Decrease) in
Short Term Borrowings from Banks 7,216,371 (10,397,349)
Interest paid on borrowings (357,295) (248,149)
Dividend and taxes paid thereon (487,023,603) (279,115,158)
Deposits received Under Deposit Based Membership 146,500,000 281,750,000
Net cash from financing activities (164,129,259) (303,902,418)

Net (Decrease) / Increase in cash and (3,504,908,985) 3,538,853,315
cash equivalents

Cash and Bank balances as per Schedule "G" 10,403,030,111 16,008,229,909
Less: Fixed Deposits with original maturity period
over three months 10,193,725,796 12,294,016,609
Cash and cash equivalents at the end of the year 209,304,315 3,714,213,300
Cash and cash equivalents at the beginning of the year 3,714,213,300 175,359,985

Change in cash and cash equivalents (3,504,908,985) 3,538,853,315

Note 1: Cash and cash equivalents comprise of cash in hand and balances in current accounts with banks.
Note 2: Closing Cash equivalent includes in Current Account with banks Rs 2,127,673/- (P.Y. 539,047,538/-) towards Earmarked Funds.





39

Schedule "A" SHARE CAPITAL

As at
31.03.2009
PARTICULARS
Rupees Rupees
Authorised
500,000,000 Equity Shares of Re. 1/- each 500,000,000 500,000,000

Issued, Subscribed and Paid -up
103,277,772 (As At 31.03.09 102,377,772) Equity Shares of Re. 1/- each fully paid-up. 103,277,772 102,377,772
Of the above 95,333,328 shares are allotted as bonus shares by capitalisation of free reserves.
(See Note1 (b) of Schedule "N")

TOTAL 103,277,772 102,377,772

Schedule "B" RESERVES & SURPLUS

As at 31.03.2009
PARTICULARS Rupees Rupees Rupees Rupees
Capital Reserve
Opening Balance 6,615,417,150 6,715,417,150
Add: Balance amount received from Card based member
(See Note 1(d) of Schedule "N") 2,500,000 –
Less: Transferred to Trade Guarantee Fund CDX – 6,617,917,150 100,000,000 6,615,417,150

Trade Guarantee Fund (Cash & Derivatives) :
Opening Balance 1,966,254,055 1,828,290,629
Add: Transferred from Profit & Loss Account 183,578,850 2,149,832,905 137,963,426 1,966,254,055

Trade Guarantee Fund (G-Sec) :
Opening Balance 72,505,626 66,120,293
Add: Transferred from Profit & Loss Account 2,063,790 74,569,416 6,385,333 72,505,626

Trade Guarantee Fund (CDX)
Opening Balance 103,234,815 100,000,000
Add: Transferred from Profit & Loss Account 8,133,236 111,368,051 3,234,815 103,234,815

Brokers' Contingency Fund :
Balance Carried Forward 557,258,590 557,258,590
(See Note 11.4 of Schedule "N")

General Reserve :
Opening Balance 1,644,444,369 644,444,369
Add: Transferred from Profit & Loss Account 1,000,000,000 2,644,444,369 1,000,000,000 1,644,444,369

Securities Premium Account :
Opening Balance 3,940,193,056 3,971,144,206
Received during the period – 63,542,178
Less: Issue of Bonus Shares (See Note 1(b) of Schedule "N") 840,000 3,939,353,056 94,493,328 3,940,193,056

Profit & Loss Account
Balance carried forward 2,722,625,467 2,280,212,171
TOTAL 18,817,369,004 17,179,519,832

Schedule "C" SECURED LOAN

As at
31.03.2009
PARTICULARS
Rupees Rupees
Short Term Loan from Bank:
Bank Balance Overdrawn 9,069,773 –
(Secured against Fixed Deposit Receipts)

TOTAL 9,069,773 –

Schedule "D" UNSECURED LOAN

As at
31.03.2009
PARTICULARS
Rupees Rupees
Short Term Loan from Bank:
Bank Balance Overdrawn – 1,853,402

TOTAL – 1,853,402

41

Schedule "E" STATEMENT OF FIXED ASSETS FORMING PART OF THE BALANCE SHEET AS AT 31ST MARCH, 2010
(Rupees)

Particulars of Assets Cost As at Additions Deductions / Cost As at Depreciation Depreciation Deductions / Total Net Assets Net Assets
31.03.2009 During Adjustments 31.03.2010 upto for the year Adjustments Depreciation 31.03.2010 31.03.2009
the period 31.03.2009 upto
31.03.2010

A B C D = A +B - C E F G H=E+F-G I=D-H J =A - E

Tangible Assets :

1. Freehold Land 100,967,977 – – 100,967,977 – – – – 100,967,977 100,967,977

2. Buildings 270,160,699 44,456,200 – 314,616,899 215,630,467 4,297,704 – 219,928,171 94,688,728 54,530,232

3. Plant & Machinery 162,713,826 13,840,435 – 176,554,261 137,458,579 4,027,097 – 141,485,676 35,068,585 25,255,247

4. Electrical Installations 89,098,256 7,262,953 – 96,361,209 75,275,610 3,531,858 – 78,807,468 17,553,741 13,822,646

5. Computers 2,521,027,312 76,076,625 3,858,434 2,593,245,503 2,094,036,777 187,912,644 3,858,434 2,278,090,987 315,154,516 426,990,535
– Hardware And
Networking Equipments

6. Furniture, fixtures And 287,716,805 11,543,913 231,170 299,029,548 209,276,926 16,376,269 180,310 225,472,885 73,556,663 78,439,879
Office Equipments

7. Motor Vehicles 16,482,358 – 647,407 15,834,951 10,180,583 1,615,400 492,006 11,303,977 4,530,974 6,301,775

Sub Total 3,448,167,233 153,180,126 4,737,011 3,596,610,348 2,741,858,942 217,760,972 4,530,750 2,955,089,164 641,521,184 706,308,291

Intangible Assets :

8. Software 197,862,630 166,333,556 96,927,600 267,268,586 154,557,665 131,141,224 96,927,600 188,771,289 78,497,297 43,304,964

TOTAL 3,646,029,862 319,513,682 101,664,611 3,863,878,934 2,896,416,607 348,902,196 101,458,350 3,143,860,453 720,018,481 749,613,255

Previous Year 4,086,016,551 134,006,874 573,993,562 3,646,029,862 3,178,429,454 291,980,715 573,993,562 2,896,416,607 749,613,255

Depreciation for the year includes Rs. 96,927,600/- (Previous Year Rs. NIL) on account of impairment of assets.

Schedule "F" INVESTMENTS

As at 31.03.2009
INVESTMENTS (At Cost, unless otherwise Specified):
A LONG TERM INVESTMENTS
(a)Own Funds
(i) Trade Investments
Fully Paid-up Equity Shares (Unquoted)
98,000 BOI Shareholding Ltd. of Rs. 100/- each 9,800,000 9,800,000
38,254,600 Central Depository Services (India) Ltd. of Rs. 10/- each 382,546,000 382,546,000
30,875 Calcutta Stock Exchange Ltd. of Re. 1/- each 61,750,000 61,750,000
22,500,000 United Stock Exchange Ltd. of Rs.10/- each 225,000,000 679,096,000 – 454,096,000
Wholly Owned Subsidiaries (Unquoted)
500,000,000 Indian Clearing Corporation Ltd. of Re. 1/- each 500,000,000 500,000
(459,500,000 shares subscribed during the year)
20,000,000 Marketplace Technologies Pvt. Ltd of Re.1/- each 424,960,000 924,960,000 – 500,000
(ii)Non-Trade Investments
(See Note12 of Schedule -”N”)
– Bonds & Non Convertible Debentures (Quoted) 7,631,246,488 3,175,260,000
– Units of Dividend Oriented Debt Schemes
of Mutual Funds – 50,000,000
– Units of Growth Oriented Debt Schemes
of Mutual Funds 3,490,000,000 11,121,246,488 3,890,000,000 7,115,260,000
(b) Earmarked Funds
(See Note12 of Schedule -”N”)
– Bonds & Non Convertible Debentures (Quoted) – 96,516,400
– Units of Growth Oriented Debt Schemes
of Mutual Funds 1,101,354,355 1,101,354,355 1,541,767,778 1,638,284,178
Total (A) 13,826,656,843 9,208,140,178

B CURRENT INVESTMENTS
(See Note 12 of Schedule -”N”)
(a) Own Funds
– Certificate of Deposits of Scheduled Banks – 496,399,850
– Commercial Papers – 1,324,208,550
– Bonds & Non Convertible Debentures (Quoted) – 437,434,350
– Units of Dividend Oriented Debt Schemes 150,000,000 –
of Mutual Funds
– Units of Growth Oriented Debt Schemes 3,368,250,429 3,518,250,429 – 2,258,042,750
of Mutual Funds
(b) Earmarked Funds
– Units of Dividend Oriented Debt Schemes 293,414,513 –
of Mutual Funds
– Units of Growth Oriented Debt Schemes 1,530,596,565 –
of Mutual Funds
1,824,011,078 –
Total (B) 5,342,261,507 2,258,042,750
GRAND TOTAL (A+B) 19,168,918,350 11,466,182,928
Aggregate Cost of Quoted Investments 7,631,246,488 3,709,210,750
Market Value of Quoted Investments 7,829,043,155 3,958,372,729

Aggregate Cost of Mutual Fund Units 9,933,615,862 5,481,767,778
NAV of Mutual Fund Units 10,130,774,704 5,698,129,296

43

Schedule "G" CURRENT ASSETS, LOANS & ADVANCES

As at 31.03.2009
1. Sundry Debtors (Secured and Considered Good)
– Outstanding for a period exceeding six months 11,142,370 5,967,038
– Other Debts 79,711,774 90,854,144 96,022,042 101,989,080

2. Sundry Debtors
(Unsecured and Considered Doubtful)
– Outstanding for a period exceeding six months 24,554,272 24,554,272
Less: Provision for Doubtful Debts 24,554,272 – 24,554,272 –

Total (A) 90,854,144 101,989,080

Cash and Bank Balances
1. Cash on Hand 120,060 98,850
2. Balance with Scheduled Banks
(Includes Balances for Earmarked Funds)
– In Current Accounts 209,184,255 3,714,114,450
– In Deposit Accounts 10,193,725,796 10,402,910,051 12,294,016,609 16,008,131,059

Total (B) 10,403,030,111 16,008,229,909

1. Other Current Assets
– Interest Accrued on Deposits 9,182,639 11,129,657
(Includes Balances for Earmarked Funds)
– Income Accrued on Investments 204,774,536 225,664,056
Total (C) 213,957,175 236,793,713

1. Loans and Advances
(Unsecured and Considered Good)
– Advances to Staff 24,977,512 27,071,414
– Advances Recoverable in Cash or in Kind 152,427,916 258,437,720
or for value to be received
– Due from a Subsidiary Company – 1,322,660
– Deposit with Public Bodies and Others 30,625,804 15,420,497
– Income Taxes Paid in Advance (Net of Provisions) 228,747,455 179,992,092
436,778,687 482,244,383

2. Loans and Advances 82,707,916 82,707,916
(Unsecured and Considered Doubtful)
Less: Provision for Doubtful Advances 82,707,916 – 82,707,916 –

Total (D) 436,778,687 482,244,383

TOTAL (A + B + C + D) 11,144,620,117 16,829,257,085

Schedule "H" CURRENT LIABILITIES & PROVISIONS

As at 31.03.2009

Current Liabilities :
Trading Members:
Deposits and Margins Received 2,556,753,636 2,999,720,175
Withheld Liabilities (*) 165,634,993 165,088,677
Other Liabilities 49,413,932 2,771,802,561 82,827,699 3,247,636,551

Others :
1. Deposits
(a) From Companies - 1% of their Public Issue (*) 922,097,452 886,510,266
(b) Other Deposits Received 1,428,698,932 1,229,217,332
2,350,796,384 2,115,727,598

2. Income Received in Advance 35,541,874 26,041,054

3. Defaulters’ Liabilities (*) 480,705,598 438,590,112
Less: Receivable from Defaulters 677,950 677,950
480,027,648 437,912,162

4. Due To a Subsidiary Company 10,474,079 -

5. Other Liabilities 2,642,138,246 2,430,213,436

6. Investors’ Protection - Derivatives (*) 61,856,625 54,974,126

7. Sundry Creditors 481,732,056 253,506,520
(See Note 15 of Schedule - “N”)

8. Investor Education and Protection Fund 21,240,020 6,083,806,932 13,385,200 5,331,760,096
- Unpaid Dividend (Not Due)

Total (A) 8,855,609,493 8,579,396,647

Provisions for:
Compensated Absences 92,493,462 67,552,811
Wealth Tax (Net of Advance) 25,185 57,285
Fringe Benefit Tax (Net of Advance) 48,931 48,931
Others (See Note 21 of Schedule “N”) 13,213,464 6,606,732
Proposed Dividend 422,991,088 422,991,088
Tax on Dividend 70,253,532 493,244,620 71,887,335 494,878,423

Total (B) 599,025,662 569,144,182

TOTAL (A + B) 9,454,635,155 9,148,540,829

(*) Investments in Schedule “F” & “G” have been earmarked against these liabilities.

45

Schedule "I" INCOME FROM TRADING MEMBERS

2008- 09
PARTICULARS Rupees Rupees

Transaction Charges 870,072,926 765,762,642

Charges Recovered 418,984,797 399,021,981

Penalties and Fines 33,187,080 42,047,302

Annual Subscription & Admission Fees 14,498,835 16,009,250

Processing Fees 7,640,588 14,141,400
TOTAL 1,344,384,226 1,236,982,575

Schedule "J" INCOME FROM INVESTMENTS AND DEPOSITS

2008- 09
A. Own Funds
Income From Long Term Investments:
Interest income (Tax Deducted at Source Rs. NIL, Previous Year Rs.1,908,310/-) 469,481,975 110,066,609
Dividend Income 40,430,725 65,990,597
Profit on Sale / Redemption 393,205,121 157,081,600

Income From Current Investments
Interest Income (Tax Deducted at Source Rs. NIL, Previous Year Rs.1,457,380/-) 50,812,809 208,211,037
Dividend Income 248,043,792 984,228,899
Interest From Fixed Deposits & Term Deposits 969,129,824 434,338,701
(Tax Deducted at Source Rs. 105,621,700/-, Previous Year Rs.97,750,272/-)
Total 2,227,684,017 2,057,374,654

B. Earmarked Funds
Income From Long Term Investments:
Interest income (Tax Deducted at Source Rs. NIL, Previous Year Rs.NIL) 7,929,154 4,548,298
Dividend Income – 2,453,626

Income From Current Investments
Interest Income (Tax Deducted at Source Rs. NIL, Previous Year Rs.NIL) – 1,898,272
Dividend Income 23,663,704 97,877,695
Profit on Sale / Redemption 112,075 3,189,665
Interest From Fixed Deposits & Term Deposits 100,812,514 32,292,190
(Tax Deducted at Source Rs. 11,407,203/-, Previous Year Rs.7,199,774/-)
Total 229,564,542 160,806,802

Grand Total 2,457,248,559 2,218,181,456

Schedule "K" INCOME FROM SERVICES TO CORPORATES

2008- 09
Listing Fees 190,394,738 157,465,711
Book Building Software Charges 104,055,210 24,047,445
Other Fees 297,001,952 110,922,952
TOTAL 591,451,900 292,436,108

Schedule "L" INCOME FROM OTHER SERVICES

2008- 09
Rent & Maintenance Charges 135,133,935 143,534,225
Data Dissemination fees 187,735,479 180,767,558
Miscellaneous Income (See Note 18 of Schedule - “N”) 75,132,551 58,818,476
Interest on Income Tax Refund – 7,998,978
Interest on Staff Loans 1,376,956 1,405,894
Profit on sale of Fixed Assets (Net) 1,613,157 –
TOTAL 400,992,078 392,525,131

Schedule "M" ADMINISTRATION AND OTHER EXPENSES

2008- 09
Advertising & Marketing Expenses 20,366,687 39,455,774
Auditors’ Remuneration (See Note 7 of Schedule - “N”) 3,967,548 3,600,000
Building Repairs & Maintenance Expenses 32,289,187 23,845,819
Repairs to Other Assets 24,530,241 14,893,322
Charity and Donations 989,965 10,529,680
Clearing House Expenses 12,200,000 12,385,400
Contribution to Investors’ Protection Fund 1,985,549 1,650,529
Directors’ Fees 2,900,000 3,390,000
Electricity Charges (Net of Recoveries of Rs. 30,742,522/-, Previous Year Rs. 31,247,659/-) 93,164,968 117,411,240
Insurance 8,584,793 7,959,652
Interest on Overdraft 357,295 248,149
Legal & Professional Fees 82,968,874 65,055,350
Miscellaneous Expenses (See Note 18 of Schedule - “N”) 44,671,813 60,122,275
Postage and Telephone Expenses 13,873,879 14,710,674
Printing and Stationery 6,936,088 9,170,526
Property Taxes (Net of Recoveries of Rs. 16,195,728/-, Previous Year Rs. 30,417,818/-) 17,185,612 28,524,356
Rent 23,872,607 12,349,329
Travelling Expenses 25,581,998 21,187,468
TOTAL 416,427,104 446,489,543

47

Schedule "N" SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNTS

1. Corporatisation & Demutualisation:
(a) Pursuant to the BSE (Corporatisation & Demutualisation) Scheme, 2005, (the Scheme) the Exchange had allotted 10,000 equity
shares of Re.1/- each to each of those card based Members of the erstwhile BSE whose names appeared on the Register of Members
under Rule 64 of the erstwhile BSE - Rules, Bye-laws and Regulations, on the Record Date fixed for the purpose.
(b) As on 31st March, 2010, out of the total 95,550,000 equity shares of Re.1/- (including 88,200,200 bonus shares of Re.1/- each)
issuable to the card based Members, the Exchange has allotted 93,080,000 equity shares (92,180,000 equity shares as on 31st March,
2009). The allotment of 2,470,000 equity shares (3,370,000 equity shares as on 31st March, 2009) of Re.1/- each has been kept in
abeyance for specific reasons. However, all corporate benefits as declared from time to time, including dividend, are accrued to all
the 95,550,000 equity shares.
(c) As a part of the demutualisation process, the Exchange in order to fulfill its obligations under the Scheme and the Securities
Contracts (Regulation) (Manner of Increasing and Maintaining Public Shareholding in Recognised Stock Exchanges) Regulations, 2006
(the SEBI Regulations) dated 13th November, 2006, and further amendment thereto on 23rd December, 2008, had issued shares to
Deutsche Boerse AG (DBAG) and Singapore Exchange Limited (SGX). The Exchange has further agreed to issue additional shares
to DBAG and SGX so as to maintain their holding percentage.
(d) The Exchange has identified an amount of Rs. 2,500,000/- received on sale of card in an earlier year which was erroneously included
in Deposit from Trading Members. During the year, the amount has been transferred to Capital Reserve, being transaction pertaining
to period prior to Demutualisation of the Exchange.

2. Significant Accounting Policies
2.1 Basis of preparation of financial statements:
The financial statements have been prepared on an accrual basis under the historical cost convention, in accordance with the
accounting principles generally accepted in India and comply with the Accounting Standards (AS) notified by the Central Government
under The Companies (Accounting Standards) Rules, 2006 and with the relevant provisions of the Companies Act, 1956.
2.2 Use of Estimates:
The preparation of financial statements requires the Management to make estimates and assumptions that affect the reported
balances of assets and liabilities (including contingent liabilities) and disclosures relating to liabilities as at the date of the financial
statements and reported amounts of income and expenses during the period.
2.3 Revenue Recognition:
Revenue in respect of services rendered is recognised when the service is rendered and there is a reasonable certainty of ultimate
realisation. Dividend income on investments is recognised when the unconditional right to receive payment is established. Discount
or premium on debt securities / discounted Money Market Instruments is accrued over the period of remaining maturity.
Investment income in respect of Brokers' Contingency Fund (BCF) and all Trade Guarantee Funds (TGF) is credited to the Profit and
Loss Account. In respect of TGF, the income, net of applicable taxes, is appropriated to the respective fund account. However, with
respect to other earmarked funds under Schedule 'H', the income on investments is credited to the respective fund account.
2.4 Fixed Assets:
2.4.1 Tangible Assets:
Fixed Assets are stated at cost, less accumulated depreciation. Cost includes cost of acquisition and other incidental expenses
incurred until the asset is ready to put to use for its intended purpose. Capital work-in-progress comprises outstanding
advances paid to acquire fixed assets and the cost of fixed assets that are not yet ready for its intended use.
2.4.2 Intangible Assets:
(i) Cost of development and production of internally developed or purchased software, used for the purpose of operations,
is capitalised.
(ii) Any expense on software for support, maintenance, upgrades etc., payable periodically is charged to the Profit and Loss
Account.
2.5 Depreciation:
2.5.1 Tangible Assets:
Depreciation on fixed assets is provided on the 'Written Down Value' basis at the rates prescribed under Schedule XIV of the
Companies Act, 1956 for the number of days the assets have been ready to put to use for their intended purposes.
2.5.2 Intangible Assets:
Intangible assets consisting of computer software are being depreciated at 40% on the 'Written Down Value' basis for the
number of days the assets have been ready to put to use for their intended purposes.

Schedule "N" Contd...

2.6 Impairment of Assets:
The carrying amounts of assets are reviewed at each Balance Sheet date if there is an indication of impairment based on the internal
and external factors.
An asset is treated as impaired when its carrying cost exceeds the recoverable amount. An impairment loss, if any, is charged to the
Profit and Loss Account in the period in which the asset is identified as impaired. Reversal of impairment loss recognised in prior
years is recorded when there is an indication that impairment losses recognised for the assets no longer exist or have decreased.
2.7 Investments:
Long-term investments are stated at cost less provision for diminution other than temporary in value. Current investments are
valued at the lower of cost and fair value.
2.8 Employee Benefits:
Employee benefits are accrued in accordance with Accounting Standard-15 (Revised) "Employee Benefits"
2.8.1 Provident Fund:
Eligible employees receive benefits from a provident fund, which is a defined benefit plan. Aggregate contribution along with
interest thereon is paid on cessation of services. Both the employee and the Exchange make monthly contributions to the
Bombay Stock Exchange Employees' Provident Fund, a trust set up and administered by the Exchange. The Exchange is liable
for any shortfall in the fund assets based on the minimum rate of return specified by the Government, which is recognised as
an expense in the year incurred.
2.8.2 Compensated Absences:
The leave balance is classified as long-term and short-term, based on the best estimates after considering the past trends. The
short-term leave encashment liability has been measured on actual components eligible for leave encashment and expected
short-term leave to be availed is valued at total cost to the Exchange. Long-term leave has been valued on actuarial basis as at
the year end.
2.8.3 Gratuity:
The Exchange provides for gratuity, a defined benefit plan, in respect of employees. The gratuity plan provides a lump sum
payment vested to employees at the time of retirement, death, incapacitation or termination of employment, of an amount
based on the respective employee's salary and the tenure of his employment. Liability with regards to Gratuity is determined
based on an actuarial valuation as per the projected unit credit method as at the Balance Sheet date and is charged to the Profit
and Loss Account. The Exchange makes annual contribution to Gratuity Fund administered by it.
2.9 Provision for Current and Deferred Tax:
Provision for Current Tax is made on the basis of the estimated taxable income for the current accounting period in accordance
with the provisions of the Income Tax Act, 1961. Deferred Tax, resulting from "timing differences" between the book and the
taxable profits for the year is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the
Balance Sheet date. Deferred tax assets are recognised and carried forward only to the extent that there is reasonable certainty,
except for carried forwards losses and unabsorbed depreciation which are recognised based on virtual certainty that the difference
will reverse in future.
2.10 Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of
past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognised but are disclosed
in Notes to Accounts, while contingent assets are neither recognised nor disclosed in the financial statements.
2.11 Foreign Currency Transactions:
Foreign currency transactions are recorded at the exchange rate prevailing on the date of transaction. All foreign currency current
assets/liabilities are translated at the rates prevailing on the date of the Balance Sheet. Foreign Exchange rate differences arising on
settlement(s) / conversion(s) are recognised in the Profit and Loss Account.

49


3. Contingent Liabilities not Provided for in respect of: (Rupees)
Sr. Particulars As at As at
No. 31st March, 31st March,
2010 2009
a) Claims against the Exchange not acknowledged as debts in respect of :
i) Service Tax matters 6,933,638 6,933,638
ii) Other matters 1,070,769,206 1,878,792,240
(Including Rs.1,033,450,927/- (Rs.1,872,662,244/- for the year ended 31st March, 2009)
which in the opinion of the Management are remote)
b) Guarantees given by the Exchange to the loan provider: 104,000,000 104,000,000
Aggregate loans outstanding from employees of the Exchange were Rs. 27,314,159/-,
(Rs. 31,653,679/- as at 31st March, 2009) The employees have mortgaged their flats/
properties with the loan provider.
c) The Exchange has procured corporate credit cards for its Senior Executives.
The total amount outstanding is 34,760 158,507
d) Guarantee given by the bank on behalf of the Exchange 26,185,000 26,185,000

4. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) is Rs. 130,583,913/-
as on 31st March, 2010 (Rs. 118,884,305/- as on 31st March,2009).
5. In accordance with the Accounting Standard - 22 relating to "Accounting for Taxes on Income", the breakup of Deferred Tax Assets /
Liabilities is as follows:
(Rupees)
As at As at
31st March, 31st March,
2010 2009
Deferred Tax Liabilities:
Depreciation 55,993,000 76,100,000
Total (A) 55,993,000 76,100,000
Deferred Tax Assets:
Preliminary Expenses – 253,000
Expenses allowed on payment basis 50,126,000 28,368,000
Others 4,389,000 2,246,000
Total (B) 54,515,000 30,867,000
Net Deferred Tax Liability (A-B) 1,478,000 45,233,000

6. Managerial Remuneration:
Shri Madhu Kannan Managing Director & Chief Executive Officer (from 11th May, 2009)
Shri Rajnikant Patel Managing Director & Chief Executive Officer (up to 26th August, 2008)
(Rupees)
For the year For the year
ended 31st ended 31st
March, 2010 March, 2009
Salaries, Allowances and Bonus 14,176,899 5,341,851
Contribution to Provident Fund 608,613 209,961
Perquisites 1,373,168 742,213
Gratuity and Leave Encashment – 3,182,080
Total 16,158,680 9,476,105
Note: (i) The above figures for the current year do not include Contribution to Gratuity Fund and Provision for Leave Encashment
as these amounts are actuarially determined for the Exchange as a whole and employee-wise details are not available. These
are considered when paid.
(ii) The above figures for the current year do not include Performance Linked Pay accrued on aggregate basis. However, the
same is disclosed as Managerial Remuneration on a cash basis.


7. Auditors' Remuneration:
(Rupees)
ended 31st ended 31st
Audit Fees 2,500,000 2,500,000
Tax Audit Fees 500,000 500,000
Other Services 935,000 625,000
Out of Pocket expenses 32,548 –
Total 3,967,548 * 3,625,000 *

* Net of Service Tax Credit availed of Rs. 192,357/- (Rs. 194,670/- as at 31st March, 2009).
8. As per the definitions of 'business segment' and 'geographical segment', contained in Accounting Standard-17 "Segment Reporting", the
Management is of the opinion that as the Exchange's operations comprise of only facilitating trading in securities and the activities
incidental thereto, there is neither more than one reportable business segment nor more than one reportable geographical segment,
and, therefore, segment information as per Accounting Standard-17 is not required to be disclosed.
9. As per the Accounting Standard-18 "Related Party Disclosures" the related parties of the Exchange are as follows:
a) Wholly-owned Subsidiaries:
Name
Indian Clearing Corporation Ltd.
Marketplace Technologies Pvt. Ltd. (From 1st October, 2009)

Transactions with the Wholly-owned Subsidiaries:
(Rupees)
Name Particulars ended 31st ended 31st
EXPENDITURE
Marketplace Technologies Pvt. Ltd. Computer Technology Related Expenses 20,178,316 Nil
Purchase of Software License 21,356,200 Nil

(Rupees)
Name Particulars As at 31st As at 31st
ASSETS
Indian Clearing Corporation Ltd. Investments 500,000,000 500,000
Receivable Nil 1,322,660
Marketplace Technologies Pvt. Ltd. Investments 424,960,000 Nil
LIABILITIES
Marketplace Technologies Pvt. Ltd. Payable 10,474,079 Nil
b) Entities under control:

Name
The Stock Exchange Investors' Protection Fund
The Stock Exchange Education & Research Services
The Stock Exchange Foundation
The Stock Exchange Charities
Seth K. R. P. Shroff Stock Exchange Sarvajanik Fund
Shri Phiroze Jeejeebhoy Memorial Trust

51


Transactions with the Entities under control:
(Rupees)
EXPENDITURE
The Stock Exchange Investors' Contribution to IPF (a proportion of listing fee) 1,985,549 1,650,529
Protection Fund

(Rupees)
ASSETS
The Stock Exchange Investors' Receivable 8,867,045 2,947,748
Protection Fund

c) Associate:

Name
Central Depository Services (India) Ltd.

Transactions with the Associate:
(Rupees)
INCOME
Central Depository Services Charges Recovered 11,620,825 13,565,769
(India) Ltd.
Dividend 38,254,600 38,254,600
Rent and Maintenance Charges 21,541,440 21,541,440
EXPENDITURE
Central Depository Services Miscellaneous Expenses 32,400 17,612
(India) Ltd.

(Rupees)
ASSETS
Central Depository Services Investments 382,546,000 382,546,000
(India) Ltd.
Receivable 70,728 1,304,946
LIABILITIES
Central Depository Services Other Deposits Received 1,277,478 1,277,478
(India) Ltd.

d) Joint Venture:

Name
BOI Shareholding Ltd.


Transactions with the Joint Venture:
(Rupees)
INCOME
BOI Shareholding Ltd. Dividend 1,960,000 9,800,000
EXPENDITURE
BOI Shareholding Ltd. Clearing House Expenses 12,200,000 12,185,400

(Rupees)
ASSETS
BOI Shareholding Ltd. Investments 9,800,000 9,800,000
Receivable Nil 51,476

Details of the Exchange's interest in its Joint Venture, having Joint Control, as per the requirement of Accounting Standard (AS) - 27
on "Financial Reporting of Interests in Joint Ventures", are as under:
(Rupees)
Sr.No. Particulars ended 31st ended 31st
March, 2010* March, 2009
BOI Shareholding Ltd.
% Shares Held 49.00% 49.00%
(a) Assets – 138,292,817
(b) Liabilities – 54,573,646
(c) Income – 61,359,435
(d) Expenses – 21,818,854
(e) Other Matters - Contingent Liability – Nil

* Figures for current year are not given since they are not available.

e) Key Management Personnel :
Name Relation
Shri Madhu Kannan Managing Director and Chief Executive Officer (from 11th May, 2009)
Shri Rajnikant Patel Managing Director and Chief Executive Officer (up to 26th August, 2008)

Transactions with Key Management Personnel:
(Rupees)
Particulars ended 31st ended 31st
INCOME
Interest on Staff Loans Nil 68,453
EXPENDITURE
Salaries, Allowances and Bonus 16,158,680 9,476,105

53


10. Earnings Per Share:
(Rupees)
Particulars ended 31st ended 31st
Profit After Tax (Rs.) 2,129,433,792 2,121,795,166
Less : Appropriation to Earmarked Funds (Rs.) 193,775,876 147,583,574
Profit attributable to equity shareholders (Rs.) 1,935,657,916 1,974,211,592
Weighted Average Number of Equity Shares for Basic Earnings Per Share (Nos.)
(Refer Note 1 (b)) 105,747,772 105,747,504
Weighted Average Number of Equity Shares for Diluted Earnings Per Share (Nos.)
(Refer Note 1 (b)) 105,747,772 105,747,504
Basic EPS (in Rs.) 18.30 18.67
Diluted EPS (in Rs.) 18.30 18.67
11. Various Funds / Reserves setup and administered by the Exchange:
11.1 Trade Guarantee Fund (TGF):
In 1997, BSE had set up the Trade Guarantee Fund to guarantee the settlement of bonafide transactions of members of the
Exchange, which form part of the Exchange settlement system so as to ensure timely completion of settlement of trades and thereby
protect the interest of investors and the members of the Exchange. The constitution of the Fund and its rules and bye-laws were
approved by the Securities and Exchange Board of India (SEBI). BSE had contributed a sum of Rs. 600,000,000/- from the accumulated
contribution from its members in the year 1997-98. Every member contributes a fixed sum at the time of commencement of
business and there after a percentage of the gross turnover as prescribed from time to time. The Fund is represented by earmarked
investments and the income earned on these investments is credited to the Profit and Loss Account and then appropriated to the
Fund (net of applicable taxes).
11.2 Trade Guarantee Fund (G-Sec Segment):
In 2003, BSE had set up a distinct Trade Guarantee Fund known as Trade Guarantee Fund- G-Sec for trading in Central Government
Securities and the Fund was created with an initial contribution of Rs. 50,000,000/- by transferring the said amount from the free
reserves of BSE. The Fund is represented by earmarked investments and the income earned on these investments is credited to the
Profit and Loss Account and then appropriated to the Fund (net of applicable taxes).
11.3 Trade Guarantee Fund (CDX):
In 2008, BSE had set up a distinct Trade Guarantee Fund known as Trade Guarantee Fund-CDX for trading in Currency Derivatives
and such fund was created with an initial contribution of Rs. 100,000,000/- by transferring the said amount from the Capital Reserves
of the Exchange. The Fund is represented by earmarked investments and the income earned on these investments is credited to the
Profit and Loss Account and then appropriated to the Fund (net of applicable taxes).
The following amounts have been appropriated to the above funds during the year out of Operational Charges Recovered and
Income from Investments and Deposits;
(Rupees)
Particulars TGF (Cash TGF TGF
& Derivative) (G-Sec) (CDX)
Contribution by Trading Members 2,485,338 – –
Income from Investments 215,142,512 2,099,790 12,322,236
Less: Tax on above 34,049,000 36,000 4,189,000
Amount Appropriated 183,578,850 2,063,790 8,133,236

11.4 Brokers' Contingency Fund (BCF):
In 1997, BSE had set up the Brokers' Contingency Fund with a view to make temporary refundable advance(s) to the members facing
financial mismatch so as to protect the interests of the investors dealing through members of BSE by ensuring timely completion of
settlement. The initial contribution of BSE to the corpus of the fund was Rs. 95,126,433/-. The Fund is represented by earmarked
investments. As there has been no utilisation from the BCF in the recent past, the Exchange has decided that the income earned on
these investments and initial contribution from members should not be appropriated to the Fund with effect from 1st April, 2008.

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