kotak mahindra bank investor presentation q4 2021

Kotak Mahindra Bank Q4 profit beats estimates, rises 18% YoY to ₹4,133 crore; NII up 13%

The board of kotak mahindra bank also recommended a dividend of ₹2 per equity share of the face value of ₹5 each for the financial year 2024..

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Kotak Mahindra Bank Q4: Key highlights from the earnings report

The bank, in the investor presentation said that it has assessed impact of the restrictions by the reserve bank of india (rbi) on its digital and other business..

The Board of the bank declared a dividend of Rs 2 per share for fiscal 2024, the bank informed the stock exchanges on May 4.

Private sector lender Kotak Mahindra Bank on May 4 reported a net profit of Rs 4133 crore for the January-March quarter of financial year 2023-24. The profit jumped 18 percent from Rs 3496 crore reported in the corresponding quarter of last year.

The lender reported healthy asset quality with GNPA at 1.39 percent versus 1.78 percent last year and NNPA was at 0.34 percent compared to 0.37 percent last year.

Here are some key highlights from the bank's earnings report:

Also read:  Kotak Mahindra Bank Q4 results: Net Profit soars 18% to Rs 4133 crore; NII up 13.2% YoY

Robust Profit

Related stories

Kotak Mahindra Bank announced a significant surge in net profit for the January-March quarter of financial year 2023-24, marking an 18 percent increase from the corresponding quarter of the previous year. The bank reported a net profit of Rs 4133 crore.

Healthy asset quality

The bank reported a net profit of Rs 4133 crore for the January-March quarter of the financial year 2023-24, up by 18 percent from Rs 3496 crore reported in the corresponding quarter of last year.

The lender's net interest income came at Rs 6,909 crore, up by 13 percent YoY from Rs 6,103 crore last year. The net interest margin (NIM) of the lender was at 5.28 percent for Q4FY24.

For the full year FY24, the lender's profit increased to Rs 13,782 crore from Rs 10,939 crore in FY23, up 26 percent YoY.

Bank declares dividend

This would be subject to shareholders's approval in the next annual general meeting, the bank stated.

Impact of RBI's action

The bank, in the investor presentation, said that it has assessed impact of the restrictions by the Reserve Bank of India (RBI) on its digital and other business.

The impact would be on: "Franchise and customers, directly impacted businesses, primarily new credit cards and customer acquisition through 811, potential financial impact," the bank said.

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Kotak mahindra bank q4 results: pat jumps 18% yoy to rs 4,133 crore, beats estimates.

Kotak Mahindra Bank Q4 Results: Net interest income in Q4 rose 13% YoY to Rs 6,909 crore. The bank's board announced a dividend of Rs 2 per share. Its advances increased 20% YoY to Rs 391,729 crore as of March-end while customer assets, which comprises advances and credit substitutes, increased 20% YoY to Rs 423,324 crore.

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Kotak Mahindra Bank Q4 Results: Standalone PAT for Q4FY24 ₹4,133 crore, up 18% YoY, 38% QoQ

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Both in this quarter and in FY24, Kotak Mahindra Bank has seen tremendous growth in its profits. With standalone PAT for FY24 at ₹13,782 Crore, up 26% YoY and Q4FY24 at ₹4,133 crore, up 18% YoY and 38% QoQ, the bank has more such numbers that indicate the growth it has achieved in this FY24. The bank’s Board of Directors have also recommended a dividend of ₹2.00 per equity share having face value of ₹5.

Introduction

Kotak Mahindra Bank, which was initially called Kotak Mahindra Finance Ltd. (KMFL) was launched in 1985. The bank, however, has quickly become one of India’s most popular and trusted financial institutions today. Post the establishment of KMFL, in the year 1987 the company entered into the lease and hire purchase business. Then, three years down the line in 1990,  KMFL launched its finance division for financing passenger cars and in 1991 it set up its investment banking division. The year 1995 saw a major collaboration between KMFL and Goldman Sachs when they launched Kotak Mahindra Capital Company Ltd. for investment banking purposes. It was then in the year 1998 that our country saw the launch of its very first gift fund through Kotak Mahindra Asset Management Company. 2003 was a big year for KMFL as it became India’s very first non-banking finance company to convert into a commercial bank. After its merger with ING Vysya Bank in 2014, Kotak Mahindra Bank launched India’s first ever unique full-service digital banking ecosystem-811, in 2017.

Additional Read :  Kotak Mahindra Bank Share Price 

5 Key Financial Highlights

Kotak Mahindra Bank’s Q4 FY2023-24 results have provided insight into the steady growth of the company. Here are the five key financial highlights of Kotak Mahindra Bank’s Q4 results:

• Standalone PAT for FY24 at ₹13,782 Crore, up 26% YoY 
• Standalone PAT for Q4FY24 at ₹4,133 Crore, up 18% YoY and 38% QoQ
• Consolidated PAT for FY24 at ₹18,213 Crore, up 22% YoY 
• Consolidated PAT for Q4FY24 at ₹5,337 Crore, up 17% YoY and 25% QoQ 
• Net Interest Income for Q4FY24 at ₹6,909 Crore, up by 13% from ₹6,103 in Q4FY23

Additional Read:   Quarterly Results

Key Business Updates:

• Kotak Mahindra Bank’s customer base grew from 4.1 Crore as of March 31, 2023, to 5.0 Crore as of March 31, 2024. 
• ActivMoney was launched in Q1FY24 and TD sweep balance grew 102% YoY to ₹47,052 Crore.  
• The recoveries and upgrades during the quarter stood at ₹772 Crore 
• The bank also launched the Neo Mutual Fund platform which helps to simplify user journeys and offer convenience.  
• Kotak Strategic Situations Fund II also received a new capital commitment of $150 million from a global pension fund in Q4FY24
• The bank’s board also approved a sustainable finance framework in FY2023- 24

Additional Read :  Raymond Q4 Results

Profitability Analysis:

This Q4 has been particularly good for Kotak Mahindra Bank. With a standalone PAT for Q4FY24 at ₹4,133 Crore, up 18% YoY and 38% QoQ and the consolidated PAT at Q4FY24 at ₹5,337 Crore, up 17% YoY and 25% QoQ the bank’s profits have been very promising. Additionally, Kotak Mahindra Bank also saw a net Interest Income for Q4FY24 at ₹6,909 Crore, up 13% from ₹ 6,103 crore in Q4FY23. The Net Interest Margin (NIM) stood at 5.28% for Q4FY24. The Average Current deposits grew to ₹60,160 Crore in Q4FY24 up by 3% from ₹58,415 Crore for Q4FY23 YoY while the average savings deposits grew to ₹123,457, up by 5% from ₹117,824 Crore in Q4FY23 YoY. 

Additional Read:   Britannia Q4 Results

Major Operational Metrics - Consolidated Q4 (FY2023-24) Financial Results of Kotak Mahindra Bank (in ₹ Crore)

The future of kotak mahindra bank .

In the years that it has been around, Kotak Mahindra Bank has experienced remarkable growth across all its sectors. In Q4FY24 particularly, there has been a massive step in both the standalone and consolidated PATs of Q4FY24 and FY24 as a whole. The bank’s fees and services for Q4FY24 also increased to ₹2,467 Crore up 28% from ₹1,928 Crore in Q4FY23. The consolidated result for Return on Assets for Q4FY24 at 2.92% while the Return on Equity (ROE) for Q4FY24 was at 16.85%. With the numbers coming out in its Q4 results, Kotak Mahindra Bank seems to be on a profitable journey towards FY25.

Additional Read:   Blue Dart Express Q4 Results

From being a non-banking finance company to becoming a commercial bank, Kotak Mahindra Bank has come a long way. With the bank’s Board of Directors recommending a dividend of ₹2.00 per equity share having face value of ₹5, and the PAT numbers coming to the fore, the fourth quarter of FY24 has proven to be a truly profitable one for Kotak Mahindra Bank.

Results for the Fourth Quarter and Full Year Ended March 31, 2024

• Kotak Mahindra Bank Press Release
• Kotak Mahindra Bank Earnings update
• Kotak Mahindra Bank Investors' presentation
• Kotak Mahindra Bank Press Table

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We also do pro-account trading in Equity & Derivatives Segment.

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SEBI Registration No.: INZ000218931 | BSE Cash/CDS/F&O (Member ID: 6706) | NSE Cash/F&O/CDS (Member ID: 90177) | DP registration No : IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN – 163403 Research Analyst SEBI Registration No. INH000010043

Compliance officer:

Ms. Kanti Pal, TEL:  1800 833 8888; Email:  compliance_sec@bajajfinserv.in for DP related to Compliance_dp@bajajfinserv.in , for any investor grievances write to investcare@bajajfinserv.in *₹5 brokerage on Intraday & F&O orders applicable only for Bajaj Privilege Club brokerage plan subscribers. For detailed brokerage plans visit: https://www.bajajbroking.in/product/pricing.

STANDARD DISCLAIMER

Investments in the securities market are subject to market risk, read all related documents carefully before investing.

Reg Office: Bajaj Auto Limited Complex, Mumbai –Pune Road Akurdi Pune 411035. Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014. SEBI Registration No.: INZ000218931 | BSE Cash/F&O/CDS (Member ID:6706) | NSE Cash/F&O/CDS (Member ID: 90177) | DP registration No: IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN –163403. 

Website: https://www.bajajbroking.in/

RESEARCH DISCLAIMER

Broking services offered by Bajaj Financial Securities Limited | Registered Office: Bajaj Auto Limited Complex , Mumbai –Pune Road Akurdi Pune 411035 | Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014| CIN: U67120PN2010PLC136026| Research Analyst SEBI Registration No: INH000010043.

Details of Compliance Officer: Ms. Kanti Pal (For Broking/DP/Research)|Email: compliance_sec@bajajfinserv.in/Compliance_dp@bajajfinserv.in |Contact No.: 020-4857 4486 |

Investment in the securities involves risks, investor should consult his own advisors/consultant to determine the merits and risks of investment.

DISCLOSURES

Disclosures under the provisions of SEBI (Research Analysts) Regulations 2014 (Regulations) 

Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities. There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. This research report has been prepared and distributed byBajaj Financial Securities Limited in the capacity of a Research Analyst as per Regulation 22(1) of SEBI (Research Analysts) Regulations 2014 having SEBI Registration No. INH000010043. 

This e-mail/ short message service (SMS) may contain confidential, proprietary or legally privileged information. It should not be used by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender. The recipient acknowledges thatBajaj Financial Securities Limited or its holding and/or associated companies, as the case may be, are unable to exercise control or ensure or guarantee the integrity of/over the contents of the information contained in e-mail /SMS transmissions and further acknowledges that any views expressed in this message are those of the individual sender and no binding nature of the message shall be implied or assumed unless the sender does so expressly with due authority of Bajaj Financial Securities Limited. This message is not intended as an offer or publication or solicitation for distribution for subscription of or purchase or sale of any securities or financial instrument(s) to anyone in whose jurisdiction such subscription etc. requires prior local regulatory clearance or is contrary to the local laws of the land in any manner or as an official confirmation of any transaction. Before opening any attachments, please check them for viruses and defects. 

This service / information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose unless otherwise expressly authorised. This service / information is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subjectBajaj Financial Securities Limited and affiliates/ group/holding companies to any registration or licensing requirements within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe any such restrictions.  

The data would be provided to the clients on an "as is" and "where-is" basis, without any warranty. Bajaj Financial Securities Limited or its subsidiaries and associated companies shall not be liable for any delay or any other interruption which may occur in providing the data due to any reason including network (Internet) reasons or snags in the system, breakdown of the system or any other equipment, server breakdown, maintenance shutdown, breakdown of communication services or inability of the Bajaj Financial Securities Limited or its subsidiaries and associated companies to provide the data. In no event shall the Bajaj Financial Securities Limited or its holding and associated companies be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data provided by the Bajaj Financial Securities Limited or its holding and associated companies.

ADDITIONAL DISCLAIMER FOR U.S. PERSONS

Bajaj Financial Securities Limited is not a registered broker-dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition, Bajaj Financial Securities Limited is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for U.S. persons. This email message does not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services and/or shall not be considered as an advertisement tool. "U.S. Persons" are generally defined as a natural person, residing in the United States or any entity organized or incorporated under the laws of the United States. US Citizens living abroad may also be deemed "US Persons" under certain rules.  

ADDITIONAL DISCLAIMER FOR CANADIAN PERSONS

Bajaj Financial Securities Limited is not a registered adviser or dealer under applicable Canadian securities laws nor has it obtained an exemption from the adviser and/or dealer registration requirements under such law. Accordingly, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for Canadian persons.  

This mailer and its respective contents do not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services.  

DISCLAIMER FOR REPORT

Disclosures under the provisions of sebi (research analysts) regulations 2014 (regulations).

Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities.  

This Report has been prepared by Bajaj Financial Securities Limited in the capacity of a Research Analyst having SEBI Registration No. INH000010043 and distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors.  

This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Bajaj Financial Securities Limited and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Bajaj Financial Securities Limited reserves the right to make modifications and alterations to this statement as may be required from time to time. Bajaj Financial Securities Limited or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Bajaj Financial Securities Limited is committed to providing independent and transparent recommendation to its clients. Neither Bajaj Financial Securities Limited nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance .The disclosures of interest statements incorporated in this report are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The information provided in these reports remains, unless otherwise stated, the copyright of Bajaj Financial Securities Limited. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of Bajaj Financial Securities Limited and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.  

We offer our research services to clients as well as our prospects. Though this report is disseminated to all the customers simultaneously, not all customers may receive this report at the same time. We will not treat recipients as customers by virtue of their receiving this report.  

Bajaj Financial Securities Limited and its associates, officer, directors, and employees, research analyst (including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. Bajaj Financial Securities Limited may have proprietary long/short position in the above-mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Bajaj Financial Securities Limited.  

Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.  

Research analyst has served as an officer, director or employee of subject Company: No  

Bajaj Financial Securities Limited has financial interest in the subject companies: No  

Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.  

Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Subject company may have been client during twelve months preceding the date of distribution of the research report.  

There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at  https://www.nseindia.com/

ANALYST CERTIFICATION

The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.  

RISK DISCLOSURE ON DERIVATIVES

• 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
• On an average, loss makers registered net trading loss close to ₹ 50,000.
• Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
• Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

BROKERAGE DISCLAIMER

All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit.  

As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).  

US INVESTING

International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.  

PICKRIGHT / MARKETSMITH / GOLDENPI / SOVEREIGN GOLD BONDS

Bajaj Financial Securities Limited is only distributor of this product. These are not exchange traded products and all disputes with respect to the distribution activity, would not have access to exchange investor redressal forum or Arbitration mechanism. Bajaj Financial Securities Limited is not a registered Investment Advisory. User discretion is required before investing. Client is requested to independently evaluate and/or consult their professional advisors before arriving at any conclusion to make any investment. The decision to invest shall be the sole responsibility of the Client and shall not hold Bajaj Financial Securities Limited, its employees and associates responsible for any losses, damages of any type whatsoever. 

This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.  

IPO FINANCING

IPO Financing is done through Bajaj Finance Limited. Bajaj Finance Limited (BFL or Lender) reserves the sole right to decide participation in any IPO and financing to the client shall be subject to credit assessment done by the lender. Also, BFL shall have full rights to decide the commercial terms for IPO and final application and financing shall be subject to all requirements being met by the client in a timely manner including documentation, account setup and payment of required Interest and Margin. Bajaj Finance Limited also reserves the exclusive rights to change any of the above-mentioned terms and conditions without prior notice to clients. The scheme margin is subject to change. UPI is mandatory to bid in all IPOs through our platform. As per exchange guidelines, all the UPI mandates will only be accepted till 5:00 PM on IPO closure day. 

Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform. 

SECURITIES 

Securities quoted are exemplary and not recommendatory. 

Account would be open after all procedure relating to IPV and client due diligence is completed. 

The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites. 

DISCLOSURE TO CLIENTS REGARDING PAYOUT OF FUNDS

As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.

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