NATIONAL STOCK EXCHANGE OF INDIA LIMITED

CIN : U67120MH1992PLC069769

STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2023

(Rs. in crores unless otherwise stated)

Sr. No. Particulars Quarter ended Year ended
31.03.2023 31.12.2022 31.03.2022 31.03.2023 31.03.2022
Refer note 1 Unaudited Refer note 1 Audited Audited
Continuing Operations

1 Income
(a) Revenue from operations 3,453.19 2,824.29 2,635.02 11,856.23 8,313.13
(b) Other Income 311.46 269.73 156.56 909.13 560.66
Total Income 3,764.65 3,094.02 2,791.58 12,765.36 8,873.79

2 Expenses
(a) Employee benefits expense 97.12 81.73 121.63 366.05 356.35
(b) Depreciation and amortisation expense 101.84 93.71 111.52 384.06 310.45
(c) Other expenses (Refer note 3) 594.46 517.52 431.12 1,858.72 1,351.51
Total expenses (excluding contribution to Core settlement guarantee fund (Core SGF) 793.42 692.96 664.27 2,608.83 2,018.31

3 Profit before Exceptional items, contribution to Core settlement guarantee fund (Core SGF),
Share of net profits of associates accounted for using equity method and Tax from 2,971.23 2,401.06 2,127.31 10,156.53 6,855.48
Continuing Operations (1-2)

4 Share of net profits of associates accounted for using equity method 25.02 27.61 32.43 88.50 90.28

5 Profit before Exceptional items, contribution to Core settlement guarantee fund (Core SGF)
2,996.25 2,428.67 2,159.74 10,245.03 6,945.76
and Tax (3+4)

6 Exceptional items
(a) Profit on sale of investment in Power Exchange of India Limited (Refer note 14) - - 1.62 - 1.62
(b) Reversal of Provision for Impairment of Intangible assets under development (Refer note 9) - - - - 68.23
(c) Settlement compensation towards cancellation of contracts (Refer note 9) - - - - 15.63

7 Profit after Exceptional items before contribution to Core settlement guarantee fund (Core 2,996.25 2,428.67 2,161.36 10,245.03 7,031.24
SGF) and Tax (5+6)

8 Contribution to Core settlement guarantee fund (Core SGF) (Refer note 7 and 8) (203.45) - - (203.45) -

9 Profit before tax from continuing operations (7-8) 2,792.80 2,428.67 2,161.36 10,041.58 7,031.24

10 Less: Income Tax expense

(a) Current tax expense 713.82 535.71 527.37 2,521.01 1,685.93
(b) Deferred tax expense / (benefit) (18.89) 26.73 (8.53) 18.69 12.41
Total tax expenses 694.93 562.44 518.84 2,539.70 1,698.34

11 Profit for the period / year from continuing operations (9-10) 2,097.87 1,866.23 1,642.52 7,501.88 5,332.90

12 Discontinued Operations (Refer note 16)

(a) (Loss) from discontinued operations before tax (20.20) (35.94) (47.85) (127.97) (118.95)
(b) Tax expense of discontinued operations (10.79) (4.20) (14.38) (17.92) (15.66)
(c) (Loss) from discontinued operations (a-b) (30.99) (40.14) (62.23) (145.89) (134.61)

13 Profit for the period / year (11+12) 2,066.88 1,826.09 1,580.29 7,355.99 5,198.29
 NATIONAL STOCK EXCHANGE OF INDIA LIMITED

CIN : U67120MH1992PLC069769

STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2023

(Rs. in crores unless otherwise stated)

Sr. No. Particulars Quarter ended Year ended
31.03.2023 31.12.2022 31.03.2022 31.03.2023 31.03.2022
Refer note 1 Unaudited Refer note 1 Audited Audited

14 Other Comprehensive Income

(a) Items that will be reclassified to profit or loss (net of tax)
Changes in fair value of FVOCI debt instruments 5.71 3.95 (9.80) (21.60) (12.61)
Changes in foreign currency translation reserve (0.85) 0.94 1.99 7.28 3.20
Changes in foreign currency translation reserve pertaining to discontinued operations 0.07 - 0.20 0.26 0.26

(b) Items that will not be reclassified to profit or loss (net of tax)
Remeasurements of post-employment benefit obligations 1.15 0.86 1.22 0.88 (0.96)
Remeasurements of post-employment benefit obligations pertaining to discontinued operations
(0.34) (1.31) (0.10) (2.40) (1.11)
Changes in fair value of FVOCI equity instruments (2.67) (2.87) (2.58) (4.52) (3.86)
Share of other comprehensive income of associates accounted for using the equity method (0.13) (0.20) 0.71 2.05 0.56

Total other comprehensive income / (loss) for the period / year, net of taxes 2.94 1.37 (8.36) (18.05) (14.52)

15 Total comprehensive income for the period / year (13+14) 2,069.82 1,827.46 1,571.93 7,337.94 5,183.77

14 Profit attributable to :
Owners of National Stock Exchange of India Limited 2,065.37 1,826.63 1,577.54 7,354.81 5,194.97
Non-Controlling Interests 1.51 (0.54) 2.75 1.18 3.32

15 Other comprehensive income attributable to :

Owners of National Stock Exchange of India Limited 2.92 1.38 (8.38) (18.04) (14.49)
Non-Controlling Interests 0.02 (0.01) 0.02 (0.01) (0.03)

16 Total comprehensive income attributable to :

Owners of National Stock Exchange of India Limited 2,068.29 1,828.01 1,569.16 7,336.77 5,180.48
Non-Controlling Interests 1.53 (0.55) 2.77 1.17 3.29

17 Total comprehensive income attributable to owners of National Stock Exchange of India

Limited arises from
Continuing Operations 2,101.08 1,868.91 1,634.06 7,485.97 5,319.23
Discontinued Operations (32.79) (40.90) (64.90) (149.20) (138.75)
18 Paid-up equity share capital (Face value Re. 1 per share) 49.50 49.50 49.50 49.50 49.50
19 Reserves (excluding Revaluation Reserve) 20,428.97 15,360.93

20 Earnings per equity share for profit from continuing operations attributable to owners of
National Stock Exchange of India Limited ( FV Re. 1 each)
- Basic and Diluted (Rs.) 42.38* 37.70* 33.19* 151.55 107.74
21 Earnings per equity share for profit / losses from discontinued operations attributable to
owners of National Stock Exchange of India Limited ( FV Re. 1 each)
- Basic and Diluted (Rs.) (0.66)* (0.80)* (1.31)* (2.97) (2.79)
22 Earnings per equity share for profit from continuing and discontinued operations attributable
to owners of National Stock Exchange of India Limited ( FV Re. 1 each)
- Basic and Diluted (Rs.) 41.72* 36.90* 31.88* 148.58 104.95
* Not annualised
Segment Information

(a) Description of segments and principal activities

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker ("CODM") of the Company. The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identifiedas the Managing Director and CEO of the Parent Company. The Group has
identified the following segments i.e. Trading Services, Clearing Services and Strategic Investment as reporting segments based on the information reviewed by CODM.
1: Trading Services : This part of the business/offers services related to trading in equity, equity derivatives, debt, currency derivatives and commodity derivatives segments. Revenue includes transaction charges, listing & book building fees, revenue from data centre charges etc.
2: Clearing Services : This part of the business/offers clearing and settlement of the trades executed in the capital markets, future & options, currency derivatives and commodity derivatives segments.
3: Strategic Investments : This part of business is related to making or holding all strategic investments in the equity shares and / or other securities of various group companies.
4: Other segments includes results of operations from data feed services, data terminal services and index licensing services.

Until the previous quarter ended December 31, 2022, data feed services and index licensing services were disclosed as separate reportable operating segments. During the quarter ended March 31, 2023, the Company has changed the composition of the reportable operating segments to include the data feed services and index licensing services in other segments.
The corresponding items of segment information for earlier periods have been accordingly restated.

The above business segments have been identified considering :

a) the nature of products and services
b) the differing risks
c) the internal organisation and management structure, and
d) the internal financial reporting systems.

The segment information presented is in accordance with the accounting policies adopted for preparing the consolidated financial statements of the Group. Segment revenues, expenses and results include inter-segment transfers. Such transfers are undertaken either at competitive market prices charged to unaffiliated customers for similar goods or at contracted
rates. These transfers are eliminated on consolidation.

(b) Segment Revenue :

Transactions between segments are carried out at arms length and are eliminated on consolidation. Segment revenue is measured in the same way as in the statement of profit or loss. Revenue and expenses which relate to the enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as unallocable. The CODM primarily uses a
measure of profit before tax to assess the performance of the operating segments.

For the quarter ended 31st March, 2023 For the quarter ended 31st December, 2022 For the quarter ended 31st March, 2022 For the year ended 31st March, 2023 For the year ended 31st March, 2022
Revenue
Revenue from Inter- Revenue from Revenue from Inter- Inter- Revenue from
Segments Segment Inter-segment Segment Segment Segment Segment Inter-segment Segment Segment from Segment Segment Segment
external segment external external segment segment external
Revenue revenue Results Revenue Results Revenue revenue Results Revenue external Results Revenue Results
customers revenue customers customers revenue revenue customers
customers
Trading Services 3,295.31 15.11 3,280.20 2,610.26 2,628.96 11.76 2,617.20 2,016.39 2,501.46 13.48 2,487.98 1,911.40 11,182.55 60.19 11,122.36 8,916.13 7,763.32 54.08 7,709.24 6,014.38
Clearing Services 242.83 180.17 62.66 (16.29) 243.46 144.79 98.67 50.77 198.32 143.20 55.12 18.84 915.78 604.60 311.18 75.56 676.75 414.34 262.41 100.17
Strategic Investments - - - (3.63) - - - (3.81) - - - (0.69) 190.09 190.07 0.02 (8.87) 140.37 140.37 - (2.71)
Other Segments 164.25 53.92 110.33 69.50 149.72 41.30 108.42 68.11 142.56 50.64 91.92 41.17 637.62 214.95 422.67 265.06 495.04 153.56 341.48 183.32
Total 3,702.39 249.20 3,453.19 2,659.84 3,022.14 197.85 2,824.29 2,131.46 2,842.34 207.32 2,635.02 1,970.72 12,926.04 1,069.81 11,856.23 9,247.88 9,075.48 762.35 8,313.13 6,295.16
Unallocable income (Net of Expenses) 171.91 164.96 93.21 496.25 340.72
Interest income 139.48 104.64 63.38 412.40 219.60
Profit before Exceptional items, contribution to Core settlement
guarantee fund (Core SGF), Share of net profits of associates
2,971.23 2,401.06 2,127.31 10,156.53 6,855.48
accounted for using equity method and Tax from Continuing
Operations
Share of net profits of associates accounted for using equity method 25.02 27.61 32.43 88.50 90.28

Profit before Exceptional items, contribution to Core settlement

2,996.25 2,428.67 2,159.74 10,245.03 6,945.76
guarantee fund (Core SGF) and Tax
Exceptional items

Profit on sale of investment in Power Exchange India Limited - - 1.62 - 1.62

Reversal of Provision for Impairment of Intangible assets under

- - - - 68.23
development

Settlement compensation towards cancellation of contract - - - - 15.63

Add: Compensation towards cancellation of contract - - - - -

Profit after Exceptional items before contribution to Core settlement

2,996.25 2,428.67 2,161.36 10,245.03 7,031.24
guarantee fund (Core SGF) and Tax

Contribution to Core settlement guarantee fund (Core SGF) (203.45) - - (203.45) -

Profit before tax from continuing operations 2,792.80 2,428.67 2,161.36 10,041.58 7,031.24

Less: Income Tax Expense

Current Tax expense (713.82) (535.71) (527.37) (2,521.01) (1,685.93)
Deferred Tax expense / (benefit) 18.89 (26.73) 8.53 (18.69) (12.41)
Total tax expenses (694.93) (562.44) (518.84) (2,539.70) (1,698.34)

Profit for the period / year from continuing operations 2,097.87 1,866.23 1,642.52 7,501.88 5,332.90

(Loss) from discontinued operations before tax (20.20) (35.94) (47.85) (127.97) (118.95)
Tax expense of discontinued operations (10.79) (4.20) (14.38) (17.92) (15.66)
(Loss) from discontinued operations (30.99) (40.14) (62.23) (145.89) (134.61)

Profit for the period / year 2,066.88 1,826.09 1,580.29 7,355.99 5,198.29
(c) Segment Assets :
Segment assets are measured in the same way as in the Balance Sheet. These assets are allocated based on the operations of the segment.
(Rs. Crs)
Segments 31.03.2023 31.03.2022
Trading Services 4,395.68 4,249.33
Clearing Services * 11,369.65 15,051.20
Strategic Investments 393.49 721.89
Other Segments 133.88 501.46
Total Segment Assets 16,292.70 20,523.88
Asset Classified as held for Sale 786.21 -
Unallocable Assets 19,485.43 15,083.12
Total Assets 36,564.34 35,607.00

Treasury investments held by the Group are not considered to be segment assets but are managed by the treasury function. Tax related assets and other assets and liabilties that cannot be allocated to a segment on
reasonable basis have been disclosed as unallocable. Interest income are not allocated to segments, as this type of activity is driven by the central treasury function, which manages the cash position of the Group.

* Segment Asset include amount pertaining to Core SGF maintained by NSE Clearing Limited and NSE IFSC Clearing Corporation Limited (NSE IFSC CC) as follows :
Particulars 31.03.2023 31.03.2022
Contribution to Core SGF 4,797.22 3,971.25
Contribution to SGF - Commodity Derivatives 250.00 250.00
Contribution to Core SGF - NSE IFSC CC 11.91 10.77

(d) Segment Liabilities

Segment liablities are measured in the same way as in the financial statements. These liabilites are allocated based on the operations of the segment.
(Rs. Crs)
Segments 31.03.2023 31.03.2022
Trading Services 3,249.09 4,537.35 Obligations under finance lease
Clearing Services 11,033.64 14,137.94 Deposits - premises
Strategic Investments 6.31 1.19 Securities Transaction Tax payable
Other Segments 33.79 453.76 Statutory dues payable
Total Segment Liabilities 14,322.83 19,130.24 Deposits from applicants for membership
Liabilities directly associated with assets classified as held for Sale 421.54 -
Unallocable Liabilities 1,339.40 1,058.37 Deposits towards equipment's
Core Settlement Guarantee Fund (5,283.61) (4,255.12) Deferred tax liabilities (net)
Total Liabilities 10,800.16 15,933.49 Dotex Now

(e) Segment Capital Expenditure

Segments 31.03.2023 31.03.2022
Trading Services 292.83 558.57
Clearing Services 41.14 100.89
Strategic Investments - -
Other Segments 14.66 48.77
Total Segment Capital Expenditure 348.63 708.23
Unallocable Capital Expenditure - -
Total Capital Expenditure 348.63 708.23 -

(f) Revenue From External Customers based on geographies

The company is domiciled in India. The amount of Group revenue from external customers broken down by location of customers.
31.03.2023 31.03.2022
India 11,628.63 8,120.72
Outside India 227.60 192.41
Total Revenue 11,856.23 8,313.13

(g) Segment Depreciation / Amortisation

Segments 31.03.2023 31.03.2022
Trading Services 328.35 271.24
Clearing Services 44.77 25.69
Strategic Investments - -
Other Segments 10.47 13.05
Total Segment Depreciation / Amortisation 383.59 309.98
Unallocable Depreciation / Amortisation 0.47 0.47
Total Depreciation / Amortisation 384.06 310.45
 NATIONAL STOCK EXCHANGE OF INDIA LIMITED
STATEMENT OF CONSOLIDATED ASSETS AND LIABILITIES
(Rs. in crores)
As at As at
Particulars 31.03.2023 31.03.2022
Audited Audited
ASSETS

Non-current assets
Property, plant and equipment 936.35 964.84
Right of use assets 185.39 165.82
Capital work-in-progress 53.42 90.54
Goodwill 206.86 410.89
Other intangible assets 70.93 88.80
Intangible assets under development 45.07 67.16
Investment in associates accounted for using the equity method 649.44 563.71
Financial assets
- Investments 9,148.79 4,915.59
- Other financial assets
Non-current bank balances 952.90 289.35
Others 27.38 13.59
Income tax assets (net) 538.38 498.20
Deferred tax assets (net) 11.32 20.42
Other non-current assets 773.13 1,129.46
Total non-current assets 13,599.36 9,218.37

Current assets
Financial assets
- Investments 8,156.51 7,941.67
- Trade receivables 1,589.21 1,614.95
- Cash and cash equivalents 5,897.51 9,557.18
- Bank balances other than cash and cash equivalents* 5,685.67 6,765.56
* Includes Rs.4,053.13 crores (Previous Year : Rs. 8,563.11 crores)
pertaining to settlement obligation and margin money from members
- Other financial assets 141.51 278.59
Other current assets 708.36 230.68
Total current assets 22,178.77 26,388.63

Assets classified as held for sale (Refer note 16) 786.21 -

TOTAL ASSETS 36,564.34 35,607.00

EQUITY AND LIABILITIES

EQUITY
Equity share capital 49.50 49.50
Other equity 20,428.97 15,360.93
Equity attributable to owners of National Stock Exchange of India Limited 20,478.47 15,410.43
Non controlling interest 1.91 7.85
TOTAL EQUITY 20,480.38 15,418.28

CORE SETTLEMENT GUARANTEE FUND

- Core settlement guarantee fund paid 4,809.13 3,982.02
- Core settlement guarantee fund payable 224.48 23.10
- Settlement guarantee fund paid - commodity derivatives 250.00 250.00
5,283.61 4,255.12

INVESTOR PROTECTION FUND 0.19 0.11

LIABILITIES
Non-current liabilities
Financial liabilities
- Lease liabilities 112.88 97.09
- Other financial liabilities 16.35 118.40
Provisions 52.14 52.70
Deferred tax liabilities (net) 158.35 137.90
Contract liabilities 69.34 58.11
Other non-current liabilities 5.41 5.41
Total non-current liabilities 414.47 469.61

Current liabilities
Financial liabilities
- Lease liabilities 23.44 17.59
- Deposits 2,881.11 2,323.63
- Trade payables - -
Total outstanding dues of micro enterprises and small enterprises 1.88 7.99
Total outstanding dues of creditors other than micro enterprises
and small enterprises 260.28 341.22
- Other financial liabilities* 4,602.90 9,247.15
* Includes Rs.4,053.13 crores (Previous Year : Rs. 8,563.11 crores)
pertaining to settlement obligation and margin money from members
7,769.61 11,937.58
Provisions 86.26 128.08
Contract liabilities 3.86 2.69
Income tax liabilities (net) 508.01 302.18
Other current liabilities 1,596.41 3,093.35
Liabilities directly associated with assets classified as held for sale (Refer note 16) 421.54 -
Total current liabilities 10,385.69 15,463.88

TOTAL LIABILITIES 10,800.16 15,933.49

TOTAL EQUITY AND LIABILITIES 36,564.34 35,607.00

 NATIONAL STOCK EXCHANGE OF INDIA LIMITED
STATEMENT OF CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2023

(Rs.in Crores)
For the year ended For the year ended
31.03.2023 31.03.2022
A) CASH FLOWS FROM OPERATING ACTIVITIES

PROFIT BEFORE TAX FROM

Continuing Operations 10,041.58 7,031.24
Discontinued Operations (127.97) (118.95)
PROFIT BEFORE TAX INCLUDING DISCONTINUED OPERATIONS 9,913.61 6,912.29

Adjustments for
Depreciation and amortisation expense 415.93 338.36
Interest income from financial assets at amortised cost (301.26) (168.04)
Income from investments (328.54) (256.07)
Interest income from investments designated at FVOCI (114.86) (55.65)
Rental income (1.32) (3.05)
Dividend income from equity investments designated at FVOCI (0.39) (0.59)
Net gain on financial assets mandatorily measured at FVPL (359.94) (252.82)
Net gain on sale of financial assets mandatorily measured at FVPL (105.11) (66.94)
Profit on sale of investment in Power Exchange of India Limited - (1.62)
Net (gain) / loss on disposal of property, plant and equipment - (0.25)
Doubtful debts written off 14.59 8.29
Provision for doubtful debts 0.06 21.92
Reversal/ (Provision) for Impairment / write off of Intangible assets under development 60.81 (68.23)
Settlement compensation towards cancellation of contracts - (21.10)
Loss on sale of discarded assets 0.65 0.18
Share of net profit of associates accounted by using equity method (88.50) (90.28)
Contribution to Core settlement guarantee fund 199.45 -
Interest on lease liabilities 8.61 8.90

Change In operating assets and liabilities

(Increase)/ Decrease in trade receivables (216.19) (646.58)
Increase/ (Decrease) in trade payables 54.18 108.71
(Increase)/ Decrease in other financial assets (0.86) 37.81
(Increase)/ Decrease in other assets (150.80) (454.37)
Increase/ (Decrease) in other financial liabilities (4,631.68) 559.27
Increase/ (Decrease) in provisions 0.29 58.11
Increase/ (Decrease) in other liabilities (1,395.12) 680.44
(Refund)/ Proceeds of deposits 557.48 343.25
Change in core settlement guarantee fund 561.23 462.30

CASH GENERATED FROM OPERATIONS 4,092.32 7,454.24

Income taxes paid (2,357.83) (1,622.55)

NET CASH INFLOW FROM OPERATING ACTIVITIES - TOTAL (A) 1,734.49 5,831.69

B) CASH FLOWS FROM INVESTING ACTIVITIES

Payment for property, plant and equipment and intangibles assets (406.41) (599.64)
Proceeds from property, plant and equipment and intangibles assets 2.74 90.87
Proceeds from rental income 1.32 3.05
(Payment) / proceeds from investments (Net) (4,031.12) (3,194.83)
Proceeds from sale of investment in Power Exchange of India Limited - 1.62
(Payment) / proceeds from investments in deposits with financial institutions (Net) 115.38 193.57
Payment for acquisition of subsidiary (net of cash acquired) - (13.52)
Payment for investment in associates (10.00) (20.00)
(Payment) / proceeds from fixed deposits / Bank balances other than cash & cash
350.99 (1,216.51)
equivalents (Net)
Interest received 744.84 555.71
Dividend received (including dividend from associate companies) 15.21 14.41

NET CASH OUTFLOW FROM INVESTING ACTIVITIES - TOTAL (B) (3,217.04) (4,185.27)

C) CASH FLOWS FROM FINANCING ACTIVITIES

Dividend paid (2,079.00) (1,224.97)

Acquisition of non controlling interest in subsidiary (2.54) (4.09)
Payment of lease liabilities (9.83) (20.35)
Interest on lease liabilities (8.61) (8.90)

NET CASH OUTFLOW FROM FINANCING ACTIVITIES - TOTAL (C) (2,099.98) (1,258.31)

NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS (A)+(B)+(C) (3,582.53) 388.11

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 9,557.18 9,169.07

CASH AND CASH EQUIVALENTS AT END OF THE YEAR 5,974.65 9,557.18

* Includes amount received from members towards settlement obligation and margin
money.
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS (3,582.53) 388.11
 NATIONAL STOCK EXCHANGE OF INDIA LIMITED
STATEMENT OF CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2023

(Rs.in Crores)
For the year ended For the year ended
31.03.2023 31.03.2022

CASH AND CASH EQUIVALENTS AT END OF THE YEAR COMPRISES OF

Cash and cash equivalents from continuing operations 5,897.51 9,557.18
Cash and cash equivalents classified as held for sale 77.14 -
5,974.65 9,557.18

Reconciliation of cash and cash equivalents as per the statement of cash flows
Cash and cash equivalents as per above comprise of the following
Balances with banks :-
Deposits with original maturity of less than three months 542.83 7.70
Government Securities with original maturity of less than three months 39.38
In current accounts 5,392.43 9,549.47
Cash on hand 0.01 0.01
Bank overdrafts - -
Balances per statement of cash flows 5,974.65 9,557.18
Notes :-

1 The above Consolidated Financial Results for the quarter and year ended March 31, 2023, have been reviewed by the Audit Committee and approved by the Board of Directors in its meeting held on May 15, 2023. The
financial results for the year ended March 31, 2023, were subject to audit by the Statutory Auditors of the Company and the figures for the quarter ended March 31, 2023, and March 31, 2022, are the balancing figures
between audited figures in respect of full financial year and published year to date figures upto the third quarter of the respective financial year.
2 a. The Board of Directors in its meeting held on May 15, 2023 have recommended a dividend of 8000% (Rs.80 per equity share of Re. 1 each).

b. The Board of Directors in its meeting held on May 15, 2023 has decided to appropriate an amount of Rs.6,583 crores from retained earnings to a separate reserve within equity towards adequate risk capital
management.
3 Securities and Exchange Board of India (SEBI) had directed National Stock Exchange of India Limited (NSE) to carry out an investigation including forensic examination by independent external agencies in respect of
certain aspects of NSE's Colocation facility. Accordingly, investigations were carried out and the reports were submitted to SEBI. Further, SEBI in September 2016, directed that pending completion of the investigations,
all revenues emanating from the colocation facility with effect from September 2016, be transferred to a separate bank account. In terms of the said directions, NSE continued to transfer the amount till May 2021, when
SAT allowed the release of the amounts from such separate bank account (as further explained below).

Three separate show cause notices (SCN) on May 22, 2017, and July 03, 2018, were issued by SEBI to NSE and to some of its employees, including former employees, in respect of the alleged preferential access to tick-
by-tick data in NSE’s Colocation facility, Dark Fibre point to point connectivity and Governance and conflict of interest related matters which were responded to by NSE. NSE had also filed a Consent Application with SEBI
on August 31, 2018, in respect of the said show cause notices. SEBI vide its letter dated April 30, 2019, returned the Consent Application filed by NSE and passed orders in respect of all the three show cause notices. In
the first order, it passed a direction on NSE inter alia to disgorge an amount of Rs. 624.89 crore along with interest at the rate of 12% per annum from April 01, 2014, till the actual date of payment and certain non-
monetary and restrictive directions prohibiting NSE from accessing securities market, through issuance of equity, debt or other securities for a period of six months from the date of the order; in the second order it passed
a direction to deposit a sum of Rs. 62.58 crore along with interest at the rate of 12% p.a. from September 11, 2015, till the actual date of payment along with certain non-monetary and restrictive directions and in the third
order it has passed certain non-monetary and remedial directions on NSE. Additionally, NSE also received Adjudication notices covering the above three orders for which NSE has filed its replies with SEBI. With respect
to Adjudication notices pertaining to preferential access to tick-by-tick data at NSE's Colocation facility, Dark Fibre point to point connectivity and Governance and conflict of interest matters, SEBI has passed orders and
vide the said orders levied monetary penalty of Rs. 1 crore, Rs. 7 crore and Rs. 1 crore, respectively.

NSE having received the orders passed by SEBI sought legal advice thereon and preferred an appeal with SAT. SAT vide its interim order has stayed the disgorgement of the amount, however it directed NSE to transfer
the amount of Rs. 624.89 crore in the Colocation matter and Rs. 62.58 crore in the Dark Fibre matter totaling to Rs. 687.47 crore to SEBI which was remitted by NSE on June 13, 2019. Further, NSE was also directed by
SAT to continue to transfer all revenues emanating from its co-location facility to a separate bank account. With respect to Governance and conflict of interest related matters, Hon'ble SAT vide its interim order has kept
the directions passed in the SEBI order in abeyance.
NSE’s appeal in respect of the colocation matter had been heard by the Hon’ble SAT and the same was reserved for orders, NSE had, in the interim, filed an application with Hon’ble SAT to permit withdrawal of the
amounts transferred to the separate account, as indicated above, and also to discontinue the transfer of all revenues emanating from its co-location facility to such separate bank account going forward. Hon’ble SAT
heard the matter on May 17, 2021, and modified its earlier order dated May 22, 2019, and allowed NSE to withdraw the amounts previously transferred to such account, discontinue further transfer of future revenues and
close the separate account. However, in order to balance the equities, Hon’ble SAT directed NSE to transfer an additional amount of Rs. 420 crore into an interest-bearing account with SEBI which was remitted by NSE
on June 17, 2021. Accordingly, as on December 31, 2022, a total amount of Rs.1,107.47 crore had been deposited by NSE with SEBI. Hon'ble SAT further vide its order in June 2021, directed the parties for a refresher
hearing which was concluded in November 2021.

Hon'ble SAT has passed order dated January 23, 2023, while upholding the non-monetary directives of SEBI has inter alia set aside the SEBI direction for disgorgement. Hon'ble SAT exercising its power has imposed a
penalty of Rs. 100 crores on NSE as a deterrent for the lack of due diligence. NSE has duly provided for the said penalty in its financial statements for the year ended March 31, 2023. This said penalty amount is to be
adjusted by SEBI against the disgorgement amount already deposited by NSE, which is to be refunded by SEBI within six weeks along with interest.

SEBI preferred an Appeal against the SAT Order dated January 23, 2023, before the Hon’ble Supreme Court. The Hon’ble Supreme Court vide its order dated March 20, 2023, directed SEBI to refund to NSE Rs.300
Crores upon filing an undertaking to the effect that in case the Appeal of SEBI is allowed, then NSE will repay the entire amount to SEBI. NSE filed its undertaking with SEBI on March 28, 2023. The amount of Rs.300
Crores was received by NSE on April 21, 2023. The returnable date for the matter would be in the month of September 2023.

With respect to adjudication orders, SAT, in an appeal filed by NSE stayed the penalty levied by SEBI in relation to preferential access to tick by tick data at NSE's Colocation facility, Dark Fibre point to point connectivity
and Governance and conflict of interest matters. Hearings in the Dark Fibre matter before SAT has been concluded and is now reserved for Orders.

NSE believes that it has strong grounds to contest each of the above orders including monetary liability (including from completed / pending adjudication proceedings) passed by SEBI. Accordingly, no provision for any
liability in this regard is considered necessary in the financial statements as of and for the year ended March 31, 2023, and March 31, 2022.
4 NSE was in receipt of Show Cause Notice issued by SEBI on October 9, 2019, and a Supplementary notice on December 16, 2019, alleging violation in relation to certain alleged irregularities in the appointment of Chief
Strategic Advisor and his re-designation as ‘Group Operating Officer and Advisor to MD’ by the former Managing Director & Chief Executive Officer and the sharing of certain internal information pertaining to NSE with an
alleged third party by former Managing Director & Chief Executive Officer. NSE filed a Settlement Application with SEBI on December 11, 2019, which was returned to NSE on October 27, 2020. During the year ended
March 31, 2022, SEBI vide order dated February 11, 2022, levied penalty of Rs. 2 Crore which has been paid by NSE. In this direction, certain investigating agencies have been making inquiries and seeking various
information, data etc. from NSE, which is being provided.
5 On February 24, 2021, NSE’s trading system was halted due to certain issues in the links with telecom service providers which in turn impacted the Storage Area Network (SAN) system of NSE, resulting in the primary
SAN becoming inaccessible to the host servers. This also resulted in the risk management system of NSE Clearing Limited (NCL) and other systems such as clearing and settlement, index and surveillance systems
becoming unavailable. NSE and NCL have submitted a root cause analysis of the incident to SEBI. SEBI vide its letter dated July 2, 2021, directed NSE and NCL to pay financial disincentive of Rs. 25 lakhs each. The
said amount was paid by NSE on July 12, 2021, and NCL on July 14, 2021. Further, in this regard, SEBI has issued a show cause notice on August 11, 2021, to NSE, NCL and some of its employees alleging non-
compliance with certain paragraphs of SEBI circular dated October 8, 2015, September 13, 2017, March 26, 2019, and Regulation 12(6) read with Regulation 7(3)(a) and 7(3)(c) of SECC Regulation 2018 for which
detailed response was filed and hearing has been completed. In this regard, NSE and NCL have taken necessary remedial actions and both have filed consent application with SEBI on August 31, 2021 and September
03, 2021, respectively, against which, during the year, preliminary hearing on maintainability of the said consent application had taken place and the NSE and NCL has filed revised consent terms on March 19, 2023. The
revised consent application is under review with relevant authority at SEBI. NSE and NCL is of the view that pending conclusion of this matter with SEBI, no provision /adjustment to this effect is required to be made in the
financial statements as of and for the year ended March 31, 2023.
6 During the year ended March 31, 2023, NSE received a show cause notice vide letter dated February 28, 2023, from SEBI on the Trading Access Point (TAP) matter. NSE has filed the settlement application (“the
application”) in response to the said SCN vide letter dated April 28, 2023. The said application is in continuance of the earlier consent application filed by NSE during the financial year ended March 31, 2022. In the
application, NSE has submitted its grounds of consent and has also stated that it is consenting without admission of liability or guilt and is willing to pay a fair sum in line with the settlement regulations. NSE’s
management is of the view that pending the conclusion of this matter with SEBI, no provision / adjustment to this effect is required to be made in the financial statements as of and for the year ended March 31, 2023.

7 The Board of Directors of NSE in their meeting on March 23, 2023, approved the voluntary contribution of Rs. 203.45 crores to the Core Settlement Guarantee Fund (“the Fund”) to maintain corpus of the said Fund based
on the assessment of the current trends in volumes and overall increase in market activities. This contribution has been determined at 2% of the transaction charges earned by NSE for the financial year ended March 31,
2023. Accordingly, NSE has recognized an expense of Rs. 203.45 Crores towards contribution to Core SGF, in the Statement of Profit and Loss. During the year ended March 31, 2023, NSE has paid Rs. 4 crores to the
fund managed by NSE Clearing Limited (“NCL") and subsequently has also transferred the balance amount of Rs. 199.45 crores to the Fund managed by NCL on May 10, 2023.
8 (a) In case of NCL, SEBI, vide circular CIR/MRD/DRMNP/25/2014 dated August 27, 2014, interalia, has issued norms related to the computation and Minimum Required Contribution (MRC) to the Core Settlement
Guarantee Fund by the Clearing Corporation (minimum 50%), Stock Exchange (minimum 25%) and members (maximum 25%). Further, SEBI vide circular CIR/CFD/FAC/62/2016 dated May 05, 2016 advised Stock
Exchange to transfer 25% of its annual profits to Core SGF. Accordingly, total Core SGF as on March 31, 2023, is Rs. 4,797.23 crores (as on March 31, 2022: Rs.3,971.25 crores).

Details of Core SGF as on March 31, 2023 is as follows: (Rs. in Crores)

• NCL's own contribution to Core SGF appropriated out of profits during the quarter ended March 2023 Rs. 210.35 crores, December 2022 Rs. 43.65 crores and March 2022 Rs.NIL, for the year ended March 2023 Rs.
267.89 crores (For year ended March 2022 Rs. NIL).

(b) In case of the subsidiary company NSE IFSC Clearing Corporation (NICCL), as per Regulation 31 of International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 notified on
12th April 2021, a recognised clearing corporation shall establish and maintain a Settlement Guarantee Fund to guarantee the settlement of trades executed in the stock exchanges in International Financial Service
Centre (IFSC) and the fund shall have a corpus equivalent to at least the minimum required corpus as arrived at from the monthly stress test value or USD 1 million, whichever is higher.

Total Core SGF of Subsidiary NSE IFSC Clearing Corporation (NICCL) as on March 31, 2023 is Rs.11.91 crores (as on March 31, 2022: Rs. 10.76 Crores )
(Amount in Rs Crores)
31.03.2023 31.03.2022
Contribution by NICCL 10.65 10.65
Fines & Penalties 0.05 0.05
Income on investments 1.21 0.06
Total 11.91 10.76

(c) NCL had received approval from SEBI to start clearing and settlement activities in Commodity Derivatives and commenced operations from October 12, 2018. As required by SEBI, an amount of Rs.250 crores has
been earmarked towards a separate fund to augment Settlement Guarantee Fund for Commodity Derivatives by way of appropriation from General Reserves. Further, NCL has also earmarked investments amounting to
Rs. 250 crores towards the same.
 9 NCL's contract pertaining to clearing and settlement system was terminated and an amount of Rs.83.86 crores was received towards the same. Accordingly, provision for impairment of intangible asset under development
pertaining to the said contract made in the year ended March 31, 2021, amounting to Rs.68.23 crores has been reversed and the balance amount of Rs.15.63 crores has been accounted as settlement compensation,
which has been disclosed as an exceptional item.
10 During the year ended March 31, 2023, NCL has given additional bank guarantee of Rs.1,000 crores (March 31, 2022 : Rs.2,000 crores) in favour of ICCL towards Inter Clearing Corporation collateral under
interoperatiability framework as prescribed by SEBI. Total bank guarantee amount as on March 31, 2023, is Rs.4,000 crores (March 31, 2022 : Rs.3,000 crores).

11 During the previous year ended March 31, 2022, SEBI issued a show cause notice to NCL alleging non-compliance with certain paragraphs of SEBI circular dated December 17, 2018, for failure to share alerts with other
exchange post interoperability. During the year ended March 31, 2023, SEBI levied penalty of Rs.0.25 crores to NCL, which is included in other expenses for the quarter ended December 2022 and year ended March
2023. The same has been paid on February 9, 2023.
12 NSE IFSC Limited (NSE IFSC), a subsidiary of NSE and NICCL have received a show cause notice from Office of the Development Commissioner, GIFT SEZ on October 21, 2022, for non-achievement of positive Net
Foreign Exchange for the first block of five years from June 2017 to June 2022. The NSE IFSC and NICCL have filed the necessary reply and have attended the physical hearings in the said matters. The orders in the
said matter is awaited. The NSE IFSC and NICCL is of the view that it has strong grounds to contest the said show cause and accordingly no provision / adjustment to this effect has been made in the financial statements
as at and for the year ended March 31, 2023.

13 During the year ended March 31, 2021, NSE and Singapore Stock Exchange (SGX) had entered into a collaboration agreement to cement the key terms for operationalising the NSE IFSC-SGX Connect which will bring
together international and Gujarat International Finance Tec City (GIFT) participants to create a bigger liquidity pool for Nifty Products in Gift City and to develop the infrastructure for the NSE IFSC-SGX Connect and
ensure member readiness prior to its implementation. Further, NSE IFSC on March 28, 2022, entered into an operational agreement with SGX India Connect IFSC Private Limited (SGX-SPV), Singapore Exchange
Derivatives Clearing Limited and NICCL to operationalise the NSE IFSC-SGX Connect. As a first phase of operationalisation of the NSE IFSC-SGX Connect, trading of Negotiable Large Trades (NLT) from Singapore
Exchange (SGX Group) has been introduced from May 16, 2022, and on July 29, 2022, NSE IFSC-SGX Connect has been launched. As per this operational agreement, NICCL is required to provide collateral to SGX-DC
for the due performance of its clearing obligations in respect of the trades placed by SGX-SPV on NSE IFSC. In this regard during the current year, NICCL has availed Bank Guarantee facility from Standard Chartered
Bank amounting to USD 20 million (Rs. 163.10 crores), in respect of which NSE has provided corporate guarantee to the Standard Chartered Bank.
14 During the previous year ended March 31, 2022, a subsidiary company NSE Investments Limited (NIL) held 2,00,00,030 equity shares representing 34.21% shareholding of Power Exchange India Limited (PXIL). As per
the Power Market Regulations, 2010, NIL was required to bring down its shareholding in PXIL to 25% by April 2022. Accordingly, to meet with these requirements, NIL had entered into the Share Purchase Agreement on
January 28, 2022, with NTPC Vidyut Vyapar Nigam Limited (NVVNL), a wholly owned subsidiary of NTPC for divesting its shareholding in PXIL of 5% constituting 29,23,503 equity shares through secondary market. NIL
post this transaction held 1,70,76,527 equity shares representing 29.21% shareholding of PXIL as at March 31, 2022. Since NIL had previously impaired the entire value of its investment in PXIL, the sale of shares
resulted in inflow of Rs. 1.62 crores which was shown as an exceptional item in the statement of Profit and Loss for the quarter and year ended March 31, 2022.

15 International Financial Services Authority (Market Infrastructure Institutions) Regulations, 2021 has prescribed a net worth criteria of at least USD 3 million, at all times, for stock exchanges operating in International
Financial Services Centre (IFSC). As at December 31, 2022, the net worth of NSE IFSC was USD 1.24 million, which was below the prescribed limit. In this direction NSE IFSC has raised additional funds amounting to ~
USD 6.04 million (equivalent to INR 50 crores) from NSE post all regulatory approvals and accordingly, the net worth requirement was compiled on February 18, 2023.

16 NIL vide its Board meeting held on February 1, 2023, has in-principle approved sale / divestment of Education Business and Technology Business. Pending required regulatory approval, the management has classified
the business operations of Education Business and Technology Business as discontinued operations as they meet the conditions as prescribed under Ind AS 105 - Non-current Assets Held for Sale and Discontinued
Operations. Details of discontinued operations is given as under :
Particulars Quarter ended Year ended
31.03.2023 31.12.2022 31.03.2022 31.03.2023 31.03.2022
Total Income 255.15 220.48 214.50 861.66 631.14
Total Expenses 275.35 256.42 262.35 989.63 750.09
(Loss) from discontinued operations before tax (20.20) (35.94) (47.85) (127.97) (118.95)
Tax expense of discontinued operations 10.79 4.20 14.38 17.92 15.66
(Loss) from discontinued operations (a-b) (30.99) (40.14) (62.23) (145.89) (134.61)
Previous period financial information in relation to discontinued operations has been presented in the consolidated financial results as per the disclosure requirements of Ind AS 105 “Non-current Assets Held for Sale and
Discontinued Operations”.

17 Previous period's / year figures have been regrouped / reclassified wherever necessary to correspond with the current period classification / disclosure.

For and on behalf of the Board of Directors

Place : Mumbai
Date : May 15, 2023 Ashishkumar Chauhan
Managing Director & CEO
DIN : 00898469