Financial Results (Excerpts from Directors' Report)

The financials of your Company for the year 2000-2001 are as follows:

                                                                                    (Rs. in lakhs)

Particulars	As on 31st March
	2001	2000
Income	4,49.91	5,67.78
Expenditure (Excluding Depreciation)	5,03.25	9,32.55
Surplus/(Deficit) Before Depreciation	(53.34)	(3,64.77)
Surplus/(Deficit) excluding prior period items	(7.74)	(3,64.77)
Depreciation	5,08.24	2,99.89
Net Surplus/(Deficit) for the year	(5,61.58)	(6,64.66)
Surplus/(Deficit) brought forward from previous years	(34,89.99)	(28,25.33)
Accumulated Deficit carried forward to Balance Sheet	(40,51.57)	(34,89.99)

The income of the Company was on the lower side during the year as compared to the previous year mainly due to reduced fee structure, restructuring and rescheduling of dues and charges from the members/dealers besides falling yield on investments and reduced investible base. The expenditure incurred (excluding depreciation) was brought down substantially by 46% saving an outflow of close to Rs. 4.3 crores compared to the previous year. Massive rationalisation of procedures and overheads were carried, ironing out inconsistent and redundant practices. A major streamlining of networking, communication and employee costs contributed to the savings of a substantial cash outflow. 

 All this resulted into a loss of a meager Rs. 7.7 lakhs excluding items pertaining to previous years. A consistent financial discipline would help the Exchange to soon break even its entire cash overheads. The Company has not accepted any deposits from the public during the year. The Exchange has separate funds like the Investor Protection Fund (corpus Rs.164.21 lakhs), Investors Services Fund (corpus Rs. 23.84 lakhs), Settlement Guarantee Fund (corpus Rs. 258.73 lakhs) and Settlement Contingency Fund (Rs.50 lakhs) in place as per the SEBI Guidelines. These funds have been invested in Bank deposits.