About NCL Research & Financial Services Limited

NCL Research & Financial Services Limited (NCLRFSL) was incorporated in 1985 and is registered with the Reserve Bank of India (RBI) as a Non-Banking Financial Company (NBFC). Headquartered in Mumbai, the company engages in financing and investment activities, including trading in equity shares, futures & options, and commodities, alongside its lending business.

With over four decades of presence in financial markets, the company has established expertise in capital market operations and investment management. Its registered office is located at Bhagyodaya Building, Nagindas Master Road, Fort, Mumbai.

As of March 31, 2025, the company’s paid-up share capital stood at Rs 107.03 crore, comprising 1,07,03,28,000 equity shares of Re 1 each. The equity shares of NCLRFSL are listed and actively traded on BSE Limited.

NCL Research & Financial Services Limited’s Business Segments

The company operates under a single segment:

• Financial Services and Investments: Including equity trading, derivatives trading, commodities trading, and lending activities.

NCL Research & Financial Services Limited’s Key Management

The key management team includes:

• Mr. Goutam Bose, Chairman & Managing Director

• Ms. Swagata Dasgupta, Independent Director

• Ms. Rajeswari Bangal, Independent Director

• Ms. Haimonti Das, Independent Director

• Mr. Sudipta Bhattacharya, Independent Director

• Mr. Pravin P. Talwatkar, Chief Financial Officer

• Ms. Priya Mittal, Company Secretary & Compliance Officer

Latest Updates on NCL Research & Financial Services Limited

• Financial Performance: Reported total revenue of Rs 937.72 lakh in FY25 compared to Rs 1,162.90 lakh in FY24. The company posted a net loss of Rs 165.95 lakh against a profit of Rs 161.07 lakh in FY24.

• Auditors: Appointed Maheshwari & Co., Chartered Accountants, as statutory auditors for a term of five years (FY26–FY30), replacing DBS & Associates.

• Secretarial Auditor: Appointed M/s Kriti Daga, Practicing Company Secretaries, for a five-year term starting FY26.

• Capital Structure: The company did not issue shares with differential voting rights, stock options, or sweat equity during FY25. Bonus equity shares were issued in the past, contributing to the current equity base.

• Corporate Governance: Continued to strengthen governance practices, with compliance certifications obtained from statutory and secretarial auditors.

• Annual General Meeting: The 40th AGM is scheduled for September 29, 2025, to be held via Video Conferencing/Other Audio Visual Means (VC/OAVM).

• Statutory Reserves: Transferred Rs 21.46 lakh to statutory reserves in FY25, in line with RBI requirements.

Impairment Reserve: Maintained reserves as per RBI’s March 2020 circular on provisioning under Ind AS 109 vs prudential norms.