annual report - fy 2017-18 · iaip annual report (fy 2017-18) 4 events 8th india investment...

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ANNUAL REPORTINDIAN ASSOCIATION OF INVESTMENT PROFESSIONALS

I A I P A N N U A L R E P O R T ( F Y 2 0 1 7 - 1 8 ) 1

IAIP – Demographics

EVENTS 8th India Investment Conference CFA Charter Felicitation Ceremony Across the Country Society Award for Strategic Initiative Financial Talent Summit Investment Research Challenge

Leadership Team

Message from the Board

Directors Report

Independent Auditors Report

Audited Financial Statements

Notes to the Accounts

AGM Notice

INDEX

2

4689

10

11

12

19

33

35

37

45


The average age of the members at IAIP has increased to 35.7 years by the end of September 2017.

Gender Diversity: Female membership continues to remain around 10%.

IAIP Demographics - Info Graphics:

As on September 30th, 2017


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IAIP Demographics - Info Graphics:

37.7% of IAIP members fall between 31 and 35 years of age. A large part of the member base is between 26 and 45 years of age.

Equities and Fixed Incomeremain the Primary InvestmentPractice Area of the members.

Major portion of members workas Research Analyst, followed byPortfolio Managers and CXOs.




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EVENTS

8th India Investment Conference – Growth Conundrum, Opportunities and Threats in 2018

It was a great gathering of luminaries at the 8th India Investment Conference at Mumbai organized jointly by IAIP and CFA Institute in Mumbai on January 12, 2018. The event was very well crafted around its title – “Growth Conundrum, Opportunities and Threats in 2018”. It started with the presentation by Rupal Bhansali, CIO of Ariel Investments, on Non-Consensus Investing. This was followed by Richard Koo, Chief Economist at Nomura Research Institute, who explained the other half of macroeconomics not dealt by conventional economists & academics, a phenomenon he refers to as balance sheet recession. James McGregor, Chairman of APCO (Beijing) Consulting Company, discussed the Geopolitical Landscape in Asia as China Expands and America Retreats. The event brought in Carla Harris of Morgan Stanley who explained what it takes to succeed in the organization. Lastly Anil Gaba, Professor of Decision Sciences at INSEAD presented on Illusion of Control and its impact on Judgement while dealing with Risks and Uncertainty.

For the complete coverage of the event kindly visit https://iaip.wordpress.com/2018/01/16/8th-india-investment-conference/

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EVENTS

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EVENTS

IAIP - CFA Charter Felicitation Ceremony Across the Country

IAIP and CFA Institute have a tradition of organizing CFA Charter Felicitation ceremony, honoring the recently passed Level 3 candidates and those becoming eligible to add CFA designation to their profile. Senior leaders from both IAIP and CFA Institute handed out the certificates, offered good insights into the industry, the importance of ethics and standards of profession along with the core competencies and so on.

Region Date

Delhi

Bangalore

Kolkata

Chennai

Pune

Mumbai

Ahmedabad

Hyderabad

04-Nov-17

11-Nov-17

12-Nov-17

17-Nov-17

18-Nov-17

18-Nov-17

09-Dec-17

09-Dec-17

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EVENTS

IAIP - CFA Charter Felicitation Ceremony Across the Country

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EVENTS

IAIP receives Society Award for Strategic Initiative

Members will be proud to note that IAIP received Society Award for Operational Excellence on May 9th 2018 for the work done during FY18. IAIP was recognized for addressing the region specific programming needs with its unique Country Society cum Chapter model, operating a transparent country-chapter funding model, supporting regional chapters with central staff, helping chapters develop volunteer base & train them and have regional leaders represent on the board.

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EVENTS

IAIP - Financial Talent Summit

The Industry Outreach and Career Committee successfully organized, for the first time, the Financial Talent Summit (FTS) in Mumbai and Delhi, to help CFA Charter holders and candidates prepare themselves in the fast-moving business environment and enhance their career competencies.

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EVENTS

Investment Research Challenge

The CFA Institute Research Challenge is an annual global competition that provides university students with hands-on mentoring and intensive training in financial analysis. Students work in teams to research and analyse a publicly traded company. Each team writes a research report on their assigned company with a buy, sell, or hold recommendation and are asked to present and defend their analysis to a panel of industry professionals. The first Research Challenge competition was hosted by the New York Society of Security Analysts in 2002 and involved just five teams from the New York area. Since then, the competition has grown to involve tens of thousands of students from over 900 universities in more than 75 countries. In India the local level competitions are organized society volunteers.

Local Hosts, like IAIP, are responsible for:Ÿ Inviting universities in their geographic region to participate;Ÿ Securing subject companies;Ÿ Recruiting volunteers (such as mentors & graders); Ÿ Conducting the challenge as per global guidelines.

Some of the highlights of the IRC activity in India:Ÿ Total No. of Students: 1846Ÿ Almost 40 Publicly traded large companies were analyzed. Ÿ Total No. of Hours by Volunteers except CORE Team of IRC: 4200Ÿ 2012-13 was the most successful season as NMIMS, Mumbai was Asia Pac champion and advanced to

Global round at London and half marks short of winning the title for India.Ÿ Till 2016, 2 teams were advanced to Asia Pac round from India, but from 2017 India is sending 3 teams

to Asia Pac (privilege as CFARC has been hosted at very large scale by the society) Ÿ Almost 9570 days of free access to Bloomberg terminal access, it gradually increased from 7 days to 30

days per university. Great bonding! Apart from Bloomberg we had FitchLearning, Research Foundation - CFA Institute, NSE, BSE, Wiley as our sponsors.

IRC in India

Season 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 E Zone 4 5 5 5 5 5 4 4 Participating Universities 33 46 43 47 47 52 55 57

No. of Students 153 227 209 229 234 254 264 276 Mentors 33 46 43 47 47 52 55 57 Graders 36 30 22 21 28 18 21 24

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LEADERSHIP TEAM

Board of Directors Jayesh Gandhi, CFA, President Amit Khurana, CFA, Vice President Chetan Shah, CFA, Secretary Saurav Mishra, CFA, Treasurer Anil Ghelani, CFA Jitendra Chawla, CFA Kishor Bagri, CFA Navneet Munot, CFA Sampath Reddy, CFA Sonia Gandhi, CFA Vinay Bagri, CFA

Committees, Chairs& Co-Chairs Advocacy: Vinay Bagri, CFA Communications: Ishwar Chidambaram, CFA & Vikas Agrawal, CFA Industry Outreach: Hiren Chandaria, CFA & Jayna Gandhi, CFA Investment Research Challenge: Aviral Jain, CFA Membership: Sitaraman Iyer, CFA & Nisha N Gandhi, CFA Programming, Continuing Education: Bengaluru: Abhishek Loonkar, CFA & Mahesh BP, CFA Chennai: Meera Siva, CFA & Ravi Saraogi, CFA Delhi: Jitendra Chawla, CFA & Gaurav Kaushik, CFA Hyderabad: Kalyan Sivalenka, CFA & Raghu Kotrike, CFA Kolkata: Mohit Beriwala, CFA Mumbai: Kunal Sabnis, CFA & Shriram Hedge, CFA Pune: Hrishikesh Deshmukh, CFA & Prashant Shah, CFA Technology: Venkatramh Balasubramanian, CFA

Auditors Sampat & Mehta B-501/502, 11 Sarvoday, WEH, Bandra (E), Mumbai-400051

Office Consultants Mansi Panchal and Shefali Jain

IAIP Office Address: 103, Naman Centre, C31, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai 400051, Maharashtra, India Email ID: [email protected] Social Media: Facebook, Linkedin, Twitter and Wordpress.

AGM - Date & Time Wednesday, September 26th, 2018; 5:00 PM to 7:30 PM IST AGM - Venue MCA (Mumbai Cricket Association), Recreation Centre, G-Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051

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MESSAGE FROM THE BOARD

Dear Members,

The directors are pleased to bring out the Annual Report for IAIP along with the Audited Financial Statements for the financial year ended March 31st 2018.

The total receipts comprising of regular grants, , sponsorships, events and conference fees and interest income increased during the financial year to Rs. 19,152,626/- from Rs. 15,699,616/-. The expenses increased to Rs. 25,186,037/- from Rs. 11,040,209/-; with the major increase seen in the Events, conference & related expenses and office expenses. The operational grant by the CFA Institute expected by end of financial year 31st March, 2018 was received in the next financial year. The resultant deficit of Rs. 6,033,411/- resulted into fall in net members' (shareholders') fund to Rs. 16,586,248/- respectively.

Society Award for Operational ExcellenceMembers will be proud to note that IAIP received CFA Institute's Society Excellence Award for the category of “Operational Excellence” on May 9th 2018 for the work done during FY18. IAIP began with a single chapter in Mumbai in 2005, when a handful of volunteers got together to form the society. Gradually, membership spread across cities and volunteer groups developed around them. The Society then took a conscious decision to develop these groups into Chapters. Today there are eight strong chapters. The structure was a well thought out choice for operating our Society. The model helps balance the unique and diverse needs of members in the local geography with advantages of scale and spread that a large national society can alone offer. Each of the cities where we have a Chapter, is diverse in terms of industry presence and maturity of the investment profession. Mumbai is the hub for asset management companies, Bangalore houses a number of Global financial Institutions and their centres of excellence whereas Delhi thrives with PE and Valuation companies. The Chapter model empowers each of the member groups to design Programs and deliver member value relevant to their needs, while giving them access to a large society's resources. A single society represents a strong sphere of influence to external stake holders and creates respect and recognition for the opinion of the society to count as the voice of the industry.

Y/E March (INR) FY18 FY17 Receipts 19,152,626 15,699,616 Expenses 25,186,037 11,040,209 Surplus/Deficit (6,033,411) 4,659,407 Members' funds 16,586,248 22,113,886 Liabilities 2,556,915 247,994 Equity + Liabilities 19,143,163 22,361,880

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Key features include: 1. Transparent funding model – For the first full year this structure provided a Transparent model for Funding to the chapters. A large percentage of society revenue was allocated to Chapters based on the number of members supported by them. This methodology acts as a motivating factor for the chapters to channelize efforts towards growth of their member base. It monitors efficiency based on activity and usage of funds. Smaller chapters are not constrained due to lack of funding as a third of the central pool funding is kept aside as a contingency support for them. 2. Staff Support – Economies of scale is leveraged upon in recruiting staff centrally at the Society office who support the chapters operationally and on specific projects. There are two full time staff members at the Society's staffed office. In addition larger chapters have the discretion to recruit a staff member locally. Delhi – the largest chapter outside of Mumbai has one local staff member. Bangalore is next in line for hiring a local staff member. 3. Volunteer Development: An active volunteer pool is the foundation for a thriving chapter. A holistic volunteer development program was put in action to build strong volunteer pools, sow the seeds for leadership and succession planning. Volunteer induction workshops were organized at key chapters to identify new talent. A mentorship system was put in place to guide them through volunteering. New volunteers energized chapter activities and increased engagement. Over half of the representation available to the Society at SLC's was allocated to volunteers from chapters, as a part of the leadership development process at chapters. This also ensures that chapters remain a part of the larger global community of CFA Institute and Societies while continuing to be locally relevant. 4. Inclusion in Governance: When the Board came up for rotation, emphasis was given to Board Diversity and increased representation of the chapters on the board. The current Board has representation from 4 of the 8 chapters. An attempt has been made to ensure that each of the executive committees has representation from each of the chapters. The Programming Committee developed a unique structure to support its objective of empowering chapters to run their agenda. The committee has incorporated Co-Chairs in each of the eight regions, who lead local activities and contribute to the running of the committee overall.

Programming CommitteeThe Programming Committee provides a platform for professional development and promotes exchange of cutting edge ideas and information by offering continuing education and focused networking opportunities for our member community. The committee, comprising of around 55 volunteers, spread across 9 chapters, organized more than 80 events in FY 2017-2018.

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Programming – Number of events

The Advocacy CommitteeThe Advocacy committee of CFA Society India has been leading the efforts to support financial market reform process by engaging with members, regulators and industry. Below are various initiatives taken by committee during the financial year.

Response to Consultation Papers:The Advocacy Committee and its volunteers are proactive in deliberation and submission of IAIP views to the papers opened by the regulators like SEBI and RBI for public comments. IAIP and CFA Institute both are considered the experts in their fields, independent in their thoughts and investor centric in their approach. Its unbiased opinions and feedbacks are valued by the regulators.

Number of Events 2018 2017 2016 2015

IAIP Events 86 63 55 61

Ahmedabad 2 1 0 0

Bengaluru 13 9 10 8

Chennai 13 8 9 10

Delhi 14 9 8 11

Hyderabad 4 3 3 5

Kolkata 10 9 12 9

Mumbai 15 14 7 15

Pune 14 10 6 3

Indore 1 Partnership 12 8 15 5

Webinars 13 20 0 0

Total 111 91 70 66

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Few important papers submitted include:§ July 2017 and January 2018 - Amendments to the SEBI (Investment Advisers) Regulations, 2013§ November 2017 – Report on Corporate Governance from Uday Kotak Committee § September 2017 - Review of the Regulatory Framework for Credit Rating Agencies§ May 2017 - Companies (Registered Valuers And Valuation) Rules, 2017

Leading South Asia Advocacy Forum:To promote investment education, good governance and ethics in the investment within the South Asian Countries – Bangladesh, India, Pakistan and Sri Lanka – the committee has been promoting “Investor Education” through an online platform - http://www.understand-investing.com/

Other Activities: a) Independent Research & Analysis: The committee has selected topics of current interest to

regulator and have submitted independent research notes to regulators. b) Putting Investor First Event: Jointly hosted event in Mumbai with NSDL and ICAI in Mumbai on

theme - “RETHINKING FINANCIAL SERVICES FOR MILLENNIALS” c) Promotion of GIPS and AMC Codes: To promote GIPS and AMC code in Indian financial industry,

the committee conducted a seminar and a webinar to highlight these codes.

Communications CommitteeThe year 2017-18 has been a year of New initiative for the Communication Committee of IAIP. While serving on its core objective of effectively communicating the insights generated through various Society programs, the committee has extended its role as a narrator, content facilitator and editor.

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Some of the initiatives and its progress during the year:A. The launch of Cover Stories in newsletters: The committee rolled out two cover stories to all its

quarterly newsletters. Each story was authored by a teamwork CFA Charter Holders and quoted the opinion of experts on the subject. A variety of topics were covered under this initiative such as Portfolio Management, Alpha Generations Opportunities, Fintech Trends, Union Budgets and many other current affairs.

B. Industry Speak: The team also aligned with major events of the society and created a specific Fintech Industry Speak in its March 2018 issue. Members conducted eight interviews with founders and the top leadership of Fintech companies.

C. Team building initiatives: The committee has also added more than 10 members to the team and became increasingly robust and diversified. Today there are 16 active members in the team, who bring skills sets across the sub-segments of the financial services industry. The team-work spirit has also helped members in enhancing higher levels of writing and editorial skills.

D. Social Media initiatives: The committee has been a big beneficiary of the Social Media presence of the Society. It has helped in reaching out to a much larger number of CFA Members and Candidates. Coordination with regional volunteers has helped the activities of the committee in a great way. The WordPress has seen more than 19,000 views and 10,000 visitors annually for the last three years. 383 posts, 143,549 views and 68,382 visitors and the journey goes on.

Industry Outreach & Career Development CommitteeThe Industry Outreach Committee is leading the Society engagement with Industry peers and Institutional partners with the vision to create awareness and positive perception about CFA designation, thus benefiting members on career progression. The Committee successfully organised for the first time the Financial Talent Summit (FTS) in Mumbai and Delhi- the first such summit organised by CFA Society in India to help CFA Charter holders and candidates prepare themselves for the fast-moving business environment and enhance their career competencies. Volunteers of the Committee also organised numerous hiring events or career days with Companies to directly assist members/candidates in getting suitable opportunities.

Detailed surveys were carried out to understand the expectations of CFA members and candidates from the Society. Insights from the Survey was utilised to venture new initiatives and improve existing ones. A new CFA Job portal was unveiled https://employers.cfainstitute.org/. The portal provides a dedicated platform to help find job opportunities suitable for CFA community. To expand postings relevant for Indian members, charges for job posting in India have been waived. In the coming year, the Committee will continue to focus on ramping up existing initiatives e.g.

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organising FTS in new cities, scaling up Job platform to provide career-related insights etc. In addition, the Committee is looking to explore internship opportunities for candidates and organise technical workshops in domains of financial modelling, valuation etc.

Membership CommitteeThe society membership grew from 982 members in FY14 to 1975 in FY18, registering a CAGR of 19% over the period. This has been due increased endeavors of society members. Membership committee volunteers have supported these numbers by being proactive in spreading awareness on benefits of membership through all mediums such as social media, events, regular calling exercise by volunteers, conducting volunteer outreach and recruiting volunteers to help with larger events (conferences etc.) New Charter members were inducted in the committee to attract the new aspiring minds and to broaden the participation. It was also observed that reduction in membership fees to USD 150 from USD 325 from CFA Institute was received as a welcoming step during FY17. The same lower rates were extended to FY18.

Membership committee plays a cardinal role in organizing charter felicitation ceremony successfully in 8 cities. There was relentless effort extended by committee in conducting various events and workshops, where a booth was organized by the committee to apprise CFA candidates of membership benefits of CFA society and IAIP and addressing queries regarding eligibility and operational issues. In the period ended FY18, benefit such as subsidized subscription of leading business magazine Economist was included in the membership offering.

We are also encouraging charter holders to use CFA branding, while being quoted in press and business TV channels. Given the increasing number of students in India registering from CFA Examination, we are confident that membership numbers will continue to grow as we continue doing our good work.

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Technology CommitteeThe Technology Committee acts as a bridge between other committees of the society and the members. The committee actively engages with its members and other leaders in the investment fraternity through its presence across social media platforms including Facebook, Twitter, LinkedIn and YouTube. Over the past couple of years, we have expanded our follower base. Currently, we have around 7,000 followers on Facebook, 5,600 followers on Twitter and over 1,000 subscribers on YouTube. You will find a range of good quality content including event videos, blog posts, and other updates from CFA Society India. Please follow us on your favorite platforms and stay updated !!

Improving governance practicesThe board members strongly believe in imbibing best governance practices at IAIP. Despite the various exemptions available to Section 8 companies it reviewed various policies, constituted board level committees like Audit Committee and did the extensive deliberations within its members and with outside consultants & lawyers to align the Memorandum of Association (MoA) and Article of Association (AoA) with the Companies Act 2013. The alteration of MoA and AoA were carried out in the Extra Ordinary General Meeting held on July 7th 2018. The complete details are available on the society website.

At the Annual General Meeting your directors Amit Khurana, Jayesh Gandhi and Saurav Mishra are retiring. The board acknowledges their contributions made over last decade, whether it be conceiving new initiatives or managing marque events or managing important portfolios. The board and members wish them success in their future endeavors. In order to have smooth transition and functioning of the society the Board selected Navneet Munot, Anil Ghelani and Vinay Bagri to take on the roles of the President, Vice President and Treasurer respectively post the AGM.

On Behalf of Board of Directors

---Sd--- ---Sd---Jayesh Gandhi, CFA Amit Khurana, CFAPresident Vice President

---Sd--- ---Sd---Saurav Mishra, CFA Chetan Shah, CFATreasurer Secretary

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DIRECTOR’S REPORT

Dear Members, The Board of Directors of your Company take pleasure in presenting the Annual Report together with Audited Financial Statements of the Company for the financial year ended March 31, 2018. 1. Financial Performance

(Amount in INR) Particulars As on

31st March, 2018 As on

31st March, 2017 Total Receipt 1,91,52,626 1,56,99,616 Total Payment 2,51,86,037 1,10,40,209 Surplus/(Deficit) before Tax (60,33,411) 46,59,407 Provision for Income Tax (including for earlier years) 0.00 0.00

Net Surplus/(Deficit) after Tax (60,33,411) 46,59,407 The total receipt of the Company for the current financial year is of Rs. 1,91,52,626/- as compared to Rs. 1,56,99,616/- in preceding Financial Year. The payments also increased from Rs. 1,10,40,209/- to Rs. 2,51,86,037/-. Accordingly, the company earned a net surplus of Rs. 46,59,407/- in the preceding financial year and net deficit of Rs. 60,33,411/- in the current financial year.

2. Dividend Company has been restricted by its articles and Section 8 of Companies Act, 2013 to pay any dividend to its Members.

3. Revision of Financial Statement There was no revision of the financial statements for the year under review.

4. Disclosures under section 134(3)(1) of the Companies Act, 2013 Except as disclosed elsewhere in this report, no material changes and commitments which could affect the Company’s financial position have occurred between the end of the financial year of the Company and date of this report.

5. Change in nature of business, if any There we no changes in the nature of business during financial year ending 31st March, 2018.

6. Significant and material orders passed by the regulators or courts or tribunals: During the year under review there has been no significant and material orders passed by regulators or courts or tribunals impacting the going concern status and company’s operations in future.

7. Share Capital Since the Company is registered under Section 8 and the liability of its members is limited by guarantee, there is no share capital in the company. Accordingly, the Company is exempted from giving disclosures under Sections 43(a)(ii), 54(1)(d), 62(1)(b) and 67(3) of the Companies Act, 2013.

8. Information about Subsidiary/ JV/ Associate Company

Company does not have any Subsidiary, Joint venture or Associate Company.

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DIRECTOR’S REPORT

9. Reporting of fraud There are no frauds reported by the Statutory Auditor under Section 143(12).

10. Declaration of Independent Director

As Company is a Section 8 Company, the provisions of the Section 149 of the Companies Act, 2013 shall not be applicable.

11. Board of Directors and Board Meetings

Composition & Constitution of Board of Director:

During the year under review, the Board of your company met Eleven (11) times. The details of Board Meeting held, and participation of Directors thereat is enumerated as Annexure 1.

The details of Board Meetings held till March 31, 2018 and attendance of each Director thereat is as follows:

Sr. No. Name of the Board Member

No. of Meetings entitled to attend

No. of Meetings attended

1. Mr. Jayesh Gandhi 11 11 2. Mr. Saurav Mishra 11 9 3. Mr. Chetan Shah 11 8 4. Mr. Sonia Gandhi 11 10 5. Mr. Vinay Bagri 11 6 6. Mr. Anil Ghelani 11 7 7. Mr. Navneet Munot 11 5 8. *Mr. Rohit Rebello 4 2 9. Mr. Amit Khurana 11 10

10. Mr. Kishor Bagri 11 4 11. Mr. Jitendra Chawla 7 7 12. *Mr. Namit Arora 4 2 13. Mr. Sampath Reddy Baddam 7 6

*Mr. Rohit Rebello and Mr. Namit Arora, Directors of the Company resigned from the office of Directorship effective from August 24, 2017. Accordingly, Mr. Jitendra Chawla and Mr. Sampath Reddy Baddam were appointed as Executive Directors with effect from September 23, 2017.

It is informed that Mr. Jayesh Gandhi, Mr. Amit Khurana and Mr. Saurav Mishra are retiring and not seeking reappointment as Director of the Company in the Company’s ensuing AGM to be held on September 26, 2018. As the result of this, there are 3 vacant positions for the Directorship on the Board of the Company. As per the process set out in the Articles of Association ‘AOA’ of the Company, the Nomination Committee (formed as per the provisions of the AOA of the Company) had invited applications from the regular members via an email dated July 19, 2018. The Committee scrutinized all the applications received and have recommended vide their email dated August 27, 2018 candidature of following applicants:

Mr. Abhishek Loonker

Mr. Biharilal Deora

Mr. Rajendra Kalur

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DIRECTOR’S REPORT

The recommendations made by the Committee are not binding on regular members of the Company. The right of selection lies with the regular members of the Meeting at the AGM of the Company and the regular members are free to cast their vote as they may deem fit and are not obliged to act as per the recommendations of the Nomination Committee.

Before the issuance of this notice, certain regular members have voluntarily withdrawn their application for candidature as Director of the Company. Hence for the three vacant positions, following are all the candidates who have applied (and not withdrawn their candidature) for the position of Directorship

For the financial year ended March 31, 2018, your Board comprised of - Mr. Amit Khurana, Mr. Jayesh Gandhi, Mr. Saurav Mishra, Mr. Anil Ghelani, Mr. Navneet Munot, Mr. Chetan Shah, Mr. Kishor Bagri, Mr. Vinay Bagri, Ms. Sonia Gandhi, Mr. Jitendra Chawla and Mr. Sampath Reddy Baddam.

12. Nomination Committee

Composition & Constitution of Nomination Committee:

Pursuant to the provisions of the Companies Act, 2013, the Company is not required to form Nomination Committee. However, for better governance, the Company has formulated Nomination Committee which is not the Board Committee.

For the financial year ended March 31, 2018, the Nomination Committee met one (1) time with all the members present in the meeting. The Committee comprised of Ms. Sonia Gandhi, Mr. Rohit Rebello, Mr. Biharilal Deora and Mr. Sunil Singhania. The details of Meeting held and participation of Members of the Committee thereat is as below:

S. No. Date of meeting Total No. of Directors on the Date of Meeting

No. of Directors attended

% of Attendance

1 30/06/2017 4 4 100%

13. Audit Committee

Composition & Constitution of Audit Committee:

Pursuant to the provisions of the Companies Act, 2013, the Company is not required to constitute an Audit Committee. However, for better governance, the Company has formulated Audit Committee on 28th October, 2017 The Committee met one (1) time. The Committee comprises of Mr. Jayesh Gandhi, Mr. Chetan Shah, Mr. Anil Ghelani and Mr. Vinay Bagri. The details of committee Meeting held and participation of Members of the Committee thereat is as below:

S. No. Date of meeting Total No. of Directors on the Date of Meeting

No. of Directors attended

% of Attendance

1 12/01/2018 4 4 100%

14. Internal Control System & Risk Management As the Company is Section 8 Company which is formed for development of the Charterholders (holding degree and eligible to use the degree of CFA) and not carrying on any business commercially hence there are no risks associated with the Company’s business.

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DIRECTOR’S REPORT

15. Auditors a) Statutory Auditors

The Members of the Company at their Annual General Meeting held on September 23, 2017, had appointed M/s Sampat & Mehta, Chartered Accountants, having FRN: 109031W, as Statutory Auditors of the Company for a period of five years. Members are requested to ratify their appointment from the conclusion of this Annual General Meeting to rest of their term.

b) Comment on Auditors’ Report The report of the Auditors along with notes to schedules forms part of this Annual Report. The observations made by the Auditors in the Auditors’ Report are self-explanatory and therefore do not call for any further comments.

16. Related party transactions

There are no related party transactions falling under Section 188.

17. Particulars of loans, guarantees or investments under section 186: There are no transactions for the financial year 2017-18 that falls under provisions of Section 186 of the Companies Act, 2013.

18. Extract of Annual Return Pursuant to provisions of Section 92(3) of the Companies Act, 2013 (‘the Act’) and rule 12(1) of the Companies (Management and Administration) Rules, 2014, extract of annual return is Annexed as Annexure 2.

19. Public Deposits Your Company has not accepted any deposits from public in terms of Section 73, 74, 75, 76 of the Companies Act, 2013.

20. Particulars of Employees The Company does not have any employee whose particulars are required to be given in terms of the provisions of Section 197(12) of the Companies Act, 2013 read along with Rule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Your Directors stated that during the year under review, there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 related to the Company.

21. Conservation of energy, technology absorption and Foreign exchange earnings and Outgo The particulars relating to conservation of energy and technology absorption and Foreign exchange earnings and Outgo stipulated in the Companies (Accounts) Rules, 2014 is attached as Annexure 3.

22. Directors’ Responsibility Statement To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any;

b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and

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DIRECTOR’S REPORT

fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;

c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

d) the directors had not prepared the annual accounts on a going concern basis; and e) the directors had devised proper systems to ensure compliance with the provisions of all

applicable laws and that such systems were adequate and operating effectively.

23. Appreciation Your Directors would like to express their appreciation for co-operation and assistance received from Government authorities, financial institutions, banks, vendors, members and other business associates during the year under review.

For and on behalf of the Board of Directors of Indian Association of Investment Professionals ---Sd--- ---Sd--- Amit Khurana Jayesh Gandhi Director Director (DIN: 02734886) (DIN: 02758891) Place: Mumbai Date: 08 September, 2018

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DIRECTOR’S REPORT

Annexure 1

S. No. Date of Meeting Total No. of Directors

on the Date of Meeting No. of Directors

attended % of

Attendance

1 20-04-2017 11 9 82%

2 06-06-2017 11 8 73%

3 29-07-2017 11 7 64%

4 14-08-2017 11 4 36%

5 24-08-2017 11 4 36%

6 26-08-2017 9 4 44%

7 02-09-2017 9 9 100%

8 28-10-2017 11 9 82%

9 02-12-2017 11 8 73%

10 16-01-2018 11 8 73%

11 25-03-2018 11 9 82%

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DIRECTOR’S REPORT

Annexure 2

FORM NO. MGT-9

EXTRACT OF ANNUAL RETURN as on the financial year ended on March 31, 2018

of

INDIAN ASSOCIATION OF INVESTMENT PROFESSIONALS [Pursuant to Section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies

(Management and Administration) Rules, 2014]

I. REGISTRATION AND OTHER DETAILS:

i) CIN:- U91990MH2005GAP152320

ii) Registration Date 31/03/2005

iii) Name of the Company Indian Association of Investment Professionals

iv) Category / Sub-Category of the Company Company Limited by Guarantee

v) Address of the Registered Office and contact details

Unit No.103, Naman Centre, C 31 G Block, Bandra- Kurla Complex, Bandra- East, Mumbai - 400051

vi) Whether listed company (Yes/ No) No

vii) Name, Address and contact details of Registrar & Transfer Agents (RTA), if any

NA

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY All the business activities contributing 10 % or more of the total turnover of the company shall be stated:

S. No. Name and Description of main

products / services NIC Code of the Product/ service

% to total turnover of the company

NA as the Company is Section 8 Company - -

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

S. No.

Name and Address of the Company

CIN/GLN Holding / Subsidiary /

Associate % of shares

held Applicable

Section

NIL

I N D E X


DIRECTOR’S REPORT

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity) i. Category-wise Share Holding

Category of Shareholders

No. of Shares held at the beginning of the year

No. of Shares held at the end of the year

% change during

the year

Demat Physical Total % of Total

Shares

Demat Physical Total % of Total

Shares A. Promoters (1) Indian a) Individual / HUF

- - - - - - - - -

b) Central Govt. or State Govt.

- - - - - - - - -

c) Bodies Corporates

- - - - - - - - -

d) Bank / FI - - - - - - - - - e) Any other - - - - - - - - - SUB TOTAL: (A) (1)

- - - - - - - - -

(2) Foreign

a) NRI- Individuals

-

-

-

-

-

-

-

-

-

b) Other Individuals

-

-

-

-

-

-

-

-

-

c) Bodies Corp.

-

-

-

-

-

-

-

-

- d) Banks/FI

-

-

-

-

-

-

-

-

- e) Any other…

-

-

-

-

-

-

-

-

- SUB TOTAL

(A) (2)

-

-

-

-

-

-

-

-

-

Total Shareholding of Promoter (A)

= (A)(1)

+

(A)(2)

-

-

-

-

-

-

-

-

-

B. PUBLIC SHAREHOLDING

(1) Institutions

a) Mutual Funds

-

-

-

-

-

-

-

-

-

b) Banks / FI

-

-

-

-

-

-

-

-

- C) Central

Govt.

-

-

-

-

-

-

-

-

-

d) State Govt.

-

-

-

-

-

-

-

-

-

I N D E X


DIRECTOR’S REPORT

e) Venture Capital Fund

- - - - - - - - -

f) Insurance Companies

- - - - - - - - -

g) FIIs - - - - - - - - - h) Foreign VC Funds

- - - - - - - - -

i) Others (specify)

- - - - - - - - -

SUB TOTAL (B)(1):

- - - - - - - - -

(2) Non Institutions

a) Bodies corporates

- - - - - - - - -

i) Indian - - - - - - - - - ii) Overseas - - - - - - - - - b) Individuals - - - - - - - - - i) Individual shareholders holding nominal share capital upto Rs.1 lakh

- - - - - - - - -

ii) Individuals shareholders holding nominal share capital in excess of Rs. 1 lakh

- - - - - - - - -

c) Others (specify)

- - - - - - - - -

SUB TOTAL (B)(2):

- -

- - - - - - -

Total Public Shareholding

(B) =

(B)(1)

+

(B)(2)

-

-

-

-

-

-

-

-

-

C. Shares held by Custodian for GDRs & ADRs

-

-

-

-

-

-

-

-

-

Grand Total (A+B+C)

-

-

-

-

-

-

-

-

-

I N D E X


DIRECTOR’S REPORT

ii. Shareholding of Promoter

Share holder’s Name

Shareholding at the beginning of the year

Shareholding at the end of the year % change in share holding during

the year

No. of Shares

% of total Shares of company

%of Shares Pledged /

encumbered to total shares

No. of Shares

% of total Shares of company

%of Shares Pledged /

encumbered to total shares

- - - - - - - -

iii. Change in Promoters’ Shareholding (please specify, if there is no change) Shareholding at the

beginning of the year Cumulative

Shareholding during the year

No. of shares

% of total shares of the

company

No. of shares


company At the beginning of the year N.A Date wise Increase / Decrease in Promoters Shareholding during the year specifying the reasons for increase / decrease (e.g. allotment / transfer / bonus/ sweat equity etc.)

N.A

At the end of the year: N.A

iv. Shareholding Pattern of top ten Shareholders: (other than Directors, Promoters and Holders of GDRs and ADRs):

For Each of the Top 10

Shareholders Shareholding at the

beginning of the year

Cumulative Shareholding during

the Year

No. of shares


company

No. of shares


company At the beginning of the year

N.A.

Date wise Increase / Decrease in Promoters Shareholding during the year specifying the reasons for increase / decrease (e.g. allotment / transfer / bonus/ sweat equity etc.): At the end of the year

I N D E X


DIRECTOR’S REPORT

v. Shareholding of Directors and Key Managerial Personnel:

Shareholding of each Directors and each Key Managerial Personnel

Shareholding at the beginning of the year

Cumulative Shareholding during the Year

No. of shares

% of total shares of company

No. of shares

% of total shares of company

At the beginning of the year N.A Date wise Increase / Decrease in Promoters Shareholding during the year specifying the reasons for increase / decrease (e.g. allotment / transfer / bonus/ sweat equity etc.): At the end of the year

V. INDEBTEDNESS Indebtedness of the Company including interest outstanding/accrued but not due for payment

Secured Loans

excluding deposits

Unsecured Loans

Deposits Total Indebtedness

Indebtedness at the beginning of the financial year i) Principal Amount ii) Interest due but not paid iii) Interest accrued but not

due

Nil Nil Nil

Nil Nil Nil

Nil Nil Nil

Nil Nil Nil

Total (i + ii + iii) Nil Nil Nil Nil Change in Indebtedness during the financial year

• Addition • Reduction

Nil Nil

Nil Nil

Nil Nil

Nil Nil

Net Change Nil Nil Nil Nil Indebtedness at the end of the financial year i) Principal Amount ii) Interest due but not paid iii) Interest accrued but not

due

Nil Nil Nil

Nil Nil Nil

Nil Nil Nil

Nil Nil Nil

Total (i + ii + iii) Nil Nil Nil Nil

I N D E X


DIRECTOR’S REPORT

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:

S No.

Particulars of Remuneration Name of MD / WTD / Manager

Total Amount

1 Gross salary Nil (a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 (b) Value of perquisites u/s 17(2) Income-tax Act, 1961 (c) Profits in lieu of salary under section 17(3) Income- tax Act, 1961

2 Stock Option 3 Sweat Equity 4 Commission

- as % of profit - others, specify

5 Others, please specify Total (A)

Ceiling as per the Act

B. Remuneration to other directors:

S No. Particulars of Remuneration Name of Directors Total Amount 1 Independent Directors

· Fee for attending board /committee meetings

NA NA NA

· Commission NA NA NA · Others, please specify NA NA NA

Total (1) NA NA NA 2 Other Non-Executive Directors

· Fee for attending board committee meetings

- - -

· Commission - - - · Others, please specify NA NA NA

Total (2) - - - Total (B) = (1+2) - - NA Total Managerial Remuneration Overall Ceiling as per the Act NA NA NA

I N D E X


DIRECTOR’S REPORT

C. Remuneration to key managerial personnel other than MD/Manager/WTD

S No. Particulars of Remuneration Key Managerial Personnel Company

Secretary CFO Total

1 Gross salary

(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 (b) Value of perquisites u/s 17(2) Income-tax Act, 1961 (c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961

The Company does not have any Company Secretary / Chief Financial Officer. Hence no details on the remuneration paid to them are applicable.

2 Stock Option 3 Sweat Equity 4 Commission

- as % of profit - others, specify…

5 Others, please specify Total

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

Type Section of the Companies Act

Brief Description

Details of Penalty / Punishment/ Compounding fees imposed

Authority [RD / NCLT/

COURT]

Appeal made, if any (give

Details)

A. COMPANY Penalty NONE Punishment Compounding B. DIRECTORS Penalty NONE Punishment Compounding C. OTHER OFFICERS IN DEFAULT Penalty NONE Punishment Compounding For and on behalf of the Board of Directors of Indian Association of Investment Professionals ---Sd--- ---Sd--- Amit Khurana Jayesh Gandhi Director Director (DIN: 02734886) (DIN: 02758891) Place: Mumbai Date: 08 September, 2018

I N D E X


DIRECTOR’S REPORT

Annexure 3

Particulars regarding conservation of energy, technology absorption, foreign exchange earnings and outgo

A. Conservation of Energy:- (i) the steps taken or impact on conservation of energy Saving electricity

consumption wherever possible

(ii) the steps taken by the company for utilising alternate sources of energy

Nil

(iii) the capital investment on energy conservation equipment Nil B. Technology absorption:- (i) the efforts made towards technology absorption; Nil (ii) the benefits derived like product improvement, cost reduction,

product development or import substitution; Nil

(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)-

Nil

(a) the details of technology imported; (b) the year of import; (c) whether the technology been fully absorbed; (d) if not fully absorbed, areas where absorption has not taken

place, and the reasons thereof; and

(iv) the expenditure incurred on Research and Development. Nil C. Foreign exchange earnings and Outgo- The Foreign Exchange earned in terms of actual inflows during the

year and the Foreign Exchange outgo during the year in terms of actual outflows.

For and on behalf of the Board of Directors of Indian Association of Investment Professionals Amit Khurana Jayesh Gandhi Director Director (DIN: 02734886) (DIN: 02758891) Place: Mumbai Date: 08 September, 2018

---Sd--- ---Sd---

I N D E X


INDEPENDENT AUDITOR’S REPORT

TotheMembersofIndianAssociationofInvestmentProfessionals

ReportontheFinancialStatements

Management'sResponsibilityfortheFinancialStatements

Auditor'sResponsibility

Opinion

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit

opinion.

In our opinion and to the best of our information and according to the explanations given to us the aforesaid financial

statements give the information required by the Act in the manner so required and give a true and fair view in

conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at March

31, 2018, and its deficit for the year ended on that date.

We have audited the accompanying financial statements of Indian Association of Investment Professionals (" the

Company"), which comprise the Balance Sheet as at March 31, 2018 and the Statement of Income and Expenditure for

the year then ended, and a summary of significant account policies and other explanatory information.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are

required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial

statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of

material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the

auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a

true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes

evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by

the Company's Directors, as well as evaluating the overall presentation of the financial statements.

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013

("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial

position and financial performances of the Company in accordance with the accounting principles generally accepted in

India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies

(Accounts) Rules, 2014 and Companies (Accounting Standards) Amendment Rules, 2016. This responsibility also

includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the

assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of

appropriate accounting policies, making judgement and estimates that are reasonable and prudent, and design,

implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the

accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial

statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those

Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable

assurance about whether the financial statements are free from material misstatement.

Our responsibility is to express an opinion on these financial statements based on our audit.

I N D E X


INDEPENDENT AUDITOR’S REPORT

ReportonotherlegalandRegulatoryRequirements

As required by section 143(3) of the Act, we report that :

a.

b.

c.

e.

f.

g.

ii.

iii.

ForSampat&Mehta

CharteredAccountants

Firm'sRegistrationNo:109031W

there were no amounts which were required to be transferred to the Investor Education and Protection

Fund by the Company.

This report does not include report on internal financial controls over financial reporting of the Company and the

operating effectiveness of such controls, since vide Notification dated 13 June, 2017 read with General Circular

dated 25 July, 2017 by Ministry of Corporate Affairs and in our opinion and according to the information and

explanations given to us, the section 143(3)(i) of the Act is not applicable to the Company; and

With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the

Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the

explanations given to us:

i. the Company does not have any pending litigations which would impact its financial position;

the Company did not have any long-term contracts including derivative contracts for which there were any

material foreseeable losses; and

We have sought and obtained all the information and explanations which to the best of our knowledge and belief

were necessary for the purposes of our audit.

In our opinion proper books of account as required by law have been kept by the Company so far as appears from

our examination of those books;

in our opinion, the Balance Sheet, Statement of Income and Expenditure comply with the Accounting Standards

specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

On the basis of written representations received from the directors as on March 31, 2018, and taken on record by

the Board of Directors, none of the directors is disqualified as on March 31, 2018, from being appointed as a

director in terms of section 164(2) of the Act;

the Balance Sheet and Statement of Income and Expenditure dealt with by this Report are in agreement with the

books of account;

d.

This report does not include a statement, as required by the Companies (Auditors Report) Order, 2016 ("the Order"),

issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, since in our opinion and

according to the information and explanations given to us, the said order is not applicable to the Company.

VijaykumarS.Biyani

Place:Mumbai Partner

Date:July7,2018 MembershipNumber:033131

—Sd—

I N D E X


AUDITED FINANCIAL STATEMENTS

Amount in Rs.As at As at

March 31, 2018 March 31, 2017

I. SOURCES OF FUNDS

1 Members' Fund:Corpus 1,52,38,168 1,47,32,395

Reserves & Surplus 3 13,48,080 73,81,491

1,65,86,248 2,21,13,886 2 Current Liabilities :

(a) Trade payables

- Micro & Small Enterprises - -

- Others 4 21,31,259 1,09,200 (b) Other current liabilities 5 4,25,656 1,38,794

25,56,915 2,47,994

1,91,43,163 2,23,61,880

II. ASSETS :

1 Non Current Assets (a) Property, plant & equipments 6 1,11,318 4,713 (b) Long-term loans and advances 7 9,31,555 7,22,446 (c) Other non-current assets 8 1,52,38,168 -

1,62,81,041 7,27,159 2 Current Assets

(a) Receivables 9 35,831 34,872 (b) Cash and bank balances 10 26,49,163 2,13,75,783 (c) Short-term loans and advances 11 1,77,128 2,24,065

28,62,122 2,16,34,720

1,91,43,163 2,23,61,880

Significant Accounting Policies 2

The notes form an integral part of the financial statements

As per our report of even date

For Sampat & Mehta For and on behalf of Board of DirectorsChartered Accountants Indian Association of Investment Professionals

Vijaykumar S. Biyani Jayesh Gandhi Amit KhuranaPartner Director DirectorMembership No. 033131 DIN:02758891 DIN: 02734886Place: MumbaiDate: July 7, 2018

Note

Balance Sheet as at March 31, 2018

Indian Association of Investment Professionals(Registered under Section 8 of the Companies Act, 2013)

—Sd——Sd——Sd—

I N D E X


AUDITED FINANCIAL STATEMENTS

Amount in Rs.Year ended Year ended

March 31, 2018 March 31, 2017

I. Revenue 12 1,80,57,597 1,54,15,118 II. Other income 13 10,95,029 2,84,498

III. Total revenue (I + II) 1,91,52,626 1,56,99,616

IV. Expenses:Other expenses 14 2,51,81,131 1,10,30,175

Depreciation and amortization expense 6 4,906 10,034

Total expenses 2,51,86,037 1,10,40,209

V. Surplus / (Deficit) before Tax (60,33,411) 46,59,407

VI. Tax expense:Current Tax - -

VII. Surplus / (Deficit) for the year (60,33,411) 46,59,407

Significant Accounting Policies 2

The notes above form an integral part of the Statement of Income and Expenditure

As per our report of even date

For Sampat & Mehta For and on behalf of Board of DirectorsChartered Accountants Indian Association of Investment Professionals

Vijaykumar S. Biyani Jayesh Gandhi Amit KhuranaPartner Director DirectorMembership No. 033131 DIN: 02758891 DIN: 02734886Place: Mumbai

Date: July 7, 2018

Indian Association of Investment Professionals

Statement of Income and Expenditure for the year ended March 31, 2018

Note

(Registered under Section 8 of the Companies Act, 2013)

—Sd——Sd——Sd—

I N D E X


Notes forming part of the Financial Statements

1. Corporate Information

2. Significant Accounting Policies

2.1 Basis of preparation of financial statements

2.2 Use of estimates

2.3 Revenue Recognition

2.4 Property, Plant & Equipments

Asset Useful life

Computers (desktops, laptops) 3 years

Plant and Machinery 15 years

The financial statements have been prepared in accordance with generally accepted accounting principles in Indiaunder the historical cost convention on accrual basis. Pursuant to section 133 of the Companies Act, 2013 read with Rule7 of the Companies (Accounts) Rules, 2014 and Companies (Accounting Standard) Rules 2016. These financial statementhave been prepared to comply in all material aspects with the accounting standards notified under 211(3C) [Companies(Accounting Standards) Rules, 2006, as amended] and other relevant provision of the Companies Act, 2013.

The Company was incorporated on March 31, 2005 vide certificate of incorporation no. U 91990 MH 2005 GAP 152320issued by the Registrar of Companies, Maharashtra.

Indian Association of Investment Professionals ("The Company") is incorporated to provide a forum to investmentprofessional and holders of the Chartered Financial Analyst (CFA) designation in India to regularly meet and discussmatters of mutual interest and fulfill their professional aspirations, discuss matters of public interest relating to the fieldof finance.

The Company Limited by Guarantee and not having Share Capital.

All assets and liabilities have been classified as current or non-current as per the Company's operating cycle and othercriteria set out in the Schedule III of the Companies Act, 2013. Based on the nature of products and the time between theacquisition of assets for processing and their realization in cash and cash equivalents, the Company has ascertained itsoperating cycle as 12 months for the purpose of current and non-current classification of assets and liabilities.

The preparation of financial statements in conformity with generally accepted accounting principles requiresmanagement to make estimates and assumptions that affect the reported amounts of assets and liabilities anddisclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenue andexpenses during the reported period. The estimates and assumptions used in the accompanying financial statementsare based upon management’s evaluation of the relevant facts and circumstances as of the date of financial statements.Actual results may differ from the estimates used in preparing the accompanying financial statements. Any revision toaccounting estimates is recognized prospectively in current and future periods.

Conference/event fees is accounted when conference/event is held and when there is no uncertainty for ultimatecollection of paymentInterest Income is recognized on time proportion basis taking in to account the amount outstanding and rate applicable.

Property, Plant & Equipment's are stated at cost, less accumulated depreciation and impairment losses, if any. Costcomprises the purchase price and any incidental cost of bringing the asset to its working condition for its intended use.

Depreciation is provided on a pro-rata basis on the written down value method over the estimated useful life of theassets. Useful life of the asset is taken, as specified in Schedule II of the Companies Act, 2013, as under.

Grants received by the Company are recognized as income in the year of receipt.

NOTES TO THE ACCOUNTS

I N D E X


2.5 Impairment of Assets

2.6 Leases

2.7 Current and deferred tax

2.8 Provisions, Contingent Assets and Contingent Liabilities

Lease transactions are accounted in accordance with Accounting Standard 19- Leases prescribed by Companies(Accounting Standards) Rules, 2006.

Consideration is given at each balance sheet date to determine whether there is any indication of impairment of thecarrying amount of the Company’s fixed assets. If any indication exists, an asset’s recoverable amount is estimated. Animpairment loss is recognized whenever the carrying amount of an asset exceeds its recoverable amount. Therecoverable amount is the greater of the net selling price and value in use. In assessing value in use, the estimated futurecash flows are discounted to their present value based on an appropriate discount factor.

Reversal of impairment losses recognized in prior years is recorded when there is an indication that the impairmentlosses recognized for the asset no longer exists or has decreased. However, the increase in carrying amount of an assetdue to reversal of an impairment loss is recognized to the extent it does not exceed the carrying amount that wouldhave been determined (net of depreciation) had no impairment loss been recognized for the asset in prior years.

A disclosure for a contingent liability is made when there is a possible obligation arising from the past events, theexistence of which will be confirmed only by the occurrence or non-occurrence of one or more future events not whollywithin the control of the Company or a present obligation that arises from the past events where it is either not probablethat an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.

Leases where the lessor effectively retain substantially all the risk and benefits of the leased item are classified asoperating leases. Operating lease payments/income are recognised as an expense/income on straight line basis in thestatement of profit and loss.

Tax expenses for the period, comprising current tax, are included in the determination of the net profit or loss for theperiod. Current tax is measured at the amount expected to be paid to the tax authorities in accordance with the taxationlaws. Current tax assets and liabilities are offset when there is a legally enforceable right to set off the recognized amountsand there is an intention to settle the asset and the liability on a net basis.Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheetdate. Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxableincome will be available against which such deferred tax assets can be realized. In situations where the Firm hasunabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognized only if there is virtualcertainty supported by convincing evidence that they can be realized against future taxable profits.Minimum alternate tax credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. Such asset is reviewed at each balance sheet date andthe carrying amount of the MAT credit is written down to the extent there is no longer a convincing evidence to theeffect that the Company will pay normal income tax during the specified period.

The Company creates a provision when there is present obligation as a result of a past event that probably requires anoutflow of resources and a reliable estimate can be made of the amount of the obligation. Provisions are reviewed ateach balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow ofresources would be required to settle the obligation, the provision is reversed. Provision is not discounted to its presentvalue.

Contingent assets are not recognized in the financial statements. However, contingent assets are assessed continuallyand if it is virtually certain that an inflow of economic benefits will arise, the asset and related income are recognized inthe period in which the change occurs.


I N D E X



March 31, 2018 March 31, 2017

3 Reserves & Surplus

Statement of Income & Expenditure At the beginning of the year 73,81,491 27,22,084Surplus / (Deficit) for the year (60,33,411) 46,59,407

13,48,080 73,81,491

4 Trade payables

Payables for services received - Others 21,31,259 1,09,200 21,31,259 1,09,200

5 Other Current Liability

Statutory duesTax deducted at sources 1,33,008 32,844 Goods and Service tax (net) 2,92,648 - Service tax - 1,05,950

4,25,656 1,38,794

The Company has not received any intimation from its vendorregarding their status under the Micro, Small and Medium EnterprisesDevelopment Act,2006 and hence disclosures, if any, required underthe said act has not been made.


I N D E X


6 Property, plant & equipments Amount in Rs.

Owned assets Computers Plant &

Machinery TOTAL

40.00% 13.91%CostAt the beginning of the year as at April 1, 2016 2,60,286 14,390 2,74,676 Additions - - - Disposals - - - At the end of the year as at March 31, 2017 2,60,286 14,390 2,74,676 Additions 1,11,510 - 1,11,510 Disposals - - - At the end of the year as at March 31, 2018 3,71,796 14,390 3,86,186

Accumulated DepreciationAt the beginning of the year as at April 1, 2016 2,51,779 8,150 2,59,929 Charge for the year 8,494 1,540 10,034 Disposals - - - At the end of the year as at March 31, 2017 2,60,273 9,690 2,69,963 Charge for the year 206 4,700 4,906 Disposals - - - At the end of the year as at March 31, 2018 2,60,478 14,390 2,74,868

Net blockAs at 31 March 2018 1,11,318 - 1,11,318As at 31 March 2017 13 4,700 4,713


I N D E X



March 31, 2018 March 31, 2017

7 Long-term loans and advances Advance tax 9,31,555 7,22,446

9,31,555 7,22,446

8 Other non-current assets1,52,38,168 -

1,52,38,168 -

9 ReceivablesOutstanding for more than six months from the date it became due - - Others 35,831 34,872

35,831 34,872

10 Cash and bank balances

Cash and cash equivalentsBalance with Banks 26,49,163 60,53,463

Other balances with bankDeposits with banks with original maturity period more than 3 months but maturity period less than 12 months

26,49,163 2,13,75,783

11 Short-term loans and advances

Other loans and advances(unsecured, considered good)

Interest accrued on deposit 10,461 - Prepaid expenses 1,66,667 2,23,333 Advances - 32 Balance with statutory/government authority - 700

1,77,128 2,24,065

- 1,53,22,320

Deposits with banks with maturity period of more than 12 months


I N D E X


Amount in Rs.Year ended Year ended

March 31, 2018 March 31, 2017

12 Revenue Grants 1,42,80,254 1,07,40,206 Service fees for CFA Brand Model 10,00,000 35,00,000 Event Fees 17,55,277 6,40,680 Sponsorship Income 10,22,065 5,34,232

1,80,57,597 1,54,15,118

13 Other IncomeInterest income 2,94,386 26,480 Interest on deposits 7,88,713 2,58,018 Other income 1,730 - Sundry balance written back 10,200 -

10,95,029 2,84,498

14 Other expensesEvents, Conference and other related expenses 1,83,52,615 42,71,095 Investment Research Challenge 20,90,791 23,48,826 Professional fees [Refer Note 14(a)] 19,84,959 16,23,220 Insurance 3,45,596 2,14,153 Office expenses 20,24,929 1,89,085 Communication charges 40,758 2,58,190 Payment to auditor [Refer Note 14(b)] 69,228 40,000 Conveyance 1,65,379 27,608 Bank charges 11,959 2,813 Interest on late payment of statutory dues 18,575 17,261 FCRA Penalty [Refer Note 18] - 15,83,427 Excess payment of service tax of earlier year 70,536 - Miscellaneous expenses 5,806 4,54,497

2,51,81,131 1,10,30,175

Note 14(a)Professional fees include:Payment to firms where partners of the audit firm are partner

Taxation matters 11,873 -

Note 14(b)Payment to auditors (excluding taxes)Statutory audit fees 45,000 40,000Other audit fees 20,000 -


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15 Previous year’s figures have been regrouped / rearranged wherever necessary and possible.

16 The Company is a Small and Medium sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 2013. Accordingly, the Company has complied with the Accounting Standards as applicable to SMC.

17 In terms of provision of Section 12AA (1)(b)(i) of the Income Tax Act, 1961 the Director of Income Tax (Exemption), Mumbai vide its letter dated 26 August, 2009 provided exemption to the Association from payment of income tax.

18 During the previous year end March 31, 2017, the Company has received a compounding order from the Ministry of home Affairs, levying penalty of Rs. 1,583,427 for non registration under the FCRA. On receipt of the order the Company has paid the compounding penalty.

19 The contingent Liability as at March 31, 2018 is Rs. Nil (March 31, 2017: Rs. Nil).

20 Related Party Disclosure

A) Key Management Personnel

Name of the Related Party Nature of Relationship

Amit Khurana Director Jayesh Navin Gandhi Director Saurav Mishra Director Anil Vallabhdas Ghelani Director Navneet Munot Director Chetan Gulabchand Shah Director Kishor Bagri Director Vinay Bagri Director Sonia Gandhi Director Jitendra Chawla (From September 23, 2017) Director Sampath Reddy Baddam (From September 23, 2017) Director Rohit Rebello (Upto August 23, 2017) Director Namit Arora (Upto August 23, 2017) Director

B) Transactions with related party Amount in Rs. Name Relation Nature of Transaction As at As at 31 Mar 18 31 Mar 17

Rohit Rebello Director Reimbursement of event expenses - 19,671 Anil Ghelani Director Reimbursement of event expenses - 48,583 Saurav Mishra Director Reimbursement of event expenses - 12,801 Kishore Bagri Director Reimbursement of event expenses 63,962 - Vinay Bagri Director Reimbursement of event expenses 2,00,912 2,22,503 Sonia Gandhi Director Reimbursement of event expenses 26,354 837 Jayesh Gandhi Director Reimbursement of event expenses - 4,324 Chetan Shah Director Reimbursement of event expenses - 28,790 Jitendra Chawla Director Reimbursement of event expenses 3,60,784 -


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21 Earnings in Foreign currency Amount in Rs. Name As at As at 31 Mar 18 31 Mar 17

Corpus 5,05,773.00 1,47,32,395 Grants 1,42,80,254 1,07,40,206 Sponsorship Income 1,42,065 - 1,49,28,092 2,54,72,60

For and on behalf of Board of Directors Indian Association of Investment Professionals

Jayesh Gandhi Amit Khurana Director Director DIN: 02758891 DIN: 02734886

---Sd--- ---Sd---

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NOTICE is hereby given that the Thirteenth Annual General Meeting (“AGM”) of the Members of Indian

Association of Investment Professionals (“Company”) will be held on Wednesday, September 26, 2018 at 5.00 p.m. at MCA Recreation Centre, RG-2, G-Block, Bandra- Kurla Complex, Bandra- East, Mumbai – 400051 to transact the following business:

ORDINARY BUSINESS

Item No. 1: Adoption of Audited Financial Statements

To receive, consider and adopt the Audited Financial Statements of the Company for the Financial Year ended March 31, 2018 and the Reports of the Board of Directors and the Auditors thereon.

Item No. 2: Appointment of Auditors

To consider and if thought fit, to pass the following resolution as an Ordinary Resolution.

"RESOLVED THAT pursuant to the provisions of Sections 139, 142, 143 and other applicable provisions,

if any, of the Companies Act, 2013 ("the Act") and the Companies (Audit and Auditors) Rules, 2014, as amended from time to time, the appointment of Sampat & Mehta, Chartered Accountants (Firm Registration No. 109031W) be and is hereby ratified as Statutory Auditors of the Company to hold office

from the conclusion of this Annual General Meeting ("AGM") till the conclusion of Seventeenth AGM of the Company to be held in the year 2022, at such remuneration, as may be mutually agreed upon between the Board of Directors of the Company and the Auditors."

SPECIAL BUSINESS

It is informed that the existing Directors Mr. Jayesh Gandhi, Mr. Amit Khurana and Mr. Saurav Mishra are retiring and not seeking reappointment as Directors of the Company. As the result of this, there are three vacant positions for the Directorship on the Board of the Company. As per the process set out in the

Articles of Association of the Company (“AOA”), the Nomination Committee (formed as per the provisions of the AOA of the Company) invited applications from the regular members via an email dated July 19, 2018. The Nomination Committee scrutinized all the applications received and recommended vide their email dated August 27, 2018 candidature of the following applicants:

Mr. Abhishek Loonker

Mr. Biharilal Deora

Mr. Rajendra Kalur

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The recommendations made by the Nomination Committee are not binding on regular members of the Company. The right of selection lies with the regular members at the AGM of the Company and the regular members are free to cast their vote as they may deem fit and are not obliged to act as per the recommendations of the Nomination Committee.

Before the issuance of this notice, certain regular members have voluntarily withdrawn their application for candidature as Director of the Company. Hence for the three vacant positions for the Directorship on the Board of the Company, following are all the candidates who have applied (and not withdrawn their candidature) for the position of Directorship.

Item No. 3: Appointment of Mr. Abhishek Loonker as Director


"RESOLVED THAT pursuant to the provisions of the Section 152 and other applicable provisions, if any, of the Companies Act, 2013 ("the Act") and the Companies (Appointment and Qualification of Directors) Rules, 2014, and Article 9 of Articles of Association of the Company, Mr. Abhishek Loonker (DIN: 02069419) be and is hereby appointed as Director of the Company who shall hold office for a term of three years from the date of this AGM with eligibility for reappointment for another term of three years.

RESOLVED FURTHER THAT any of the Director be and are hereby severally authorized to file necessary forms with Ministry of Corporate Affairs, update necessary registers, settle any question that may arise and to do all such acts and deeds that may be required to give effect to the foregoing resolution.”

Item No. 4: Appointment of Mr. Biharilal Deora as Director


"RESOLVED THAT pursuant to the provisions of the Section 152 and other applicable provisions, if any, of the Companies Act, 2013 ("the Act") and the Companies (Appointment and Qualification of Directors) Rules, 2014 and Article 9 of Articles of Association of the Company, Mr. Biharilal Deora (DIN: 05162632) be and is hereby appointed as Director of the Company who shall hold office for a term of three years from the date of this AGM with eligibility for reappointment for another term of three years.


Item No. 5: Appointment of Mr. Manish Jain as Director


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"RESOLVED THAT pursuant to the provisions of the Section 152 and other applicable provisions, if any, of the Companies Act, 2013 ("the Act") and the Companies (Appointment and Qualification of Directors) Rules, 2014 and Article 9 of Articles of Association of the Company, Mr. Manish Jain (DIN: 07612979) be and is hereby appointed as Director of the Company who shall hold office for a term of three years from the date of this AGM with eligibility for reappointment for another term of three years.


Item No. 6: Appointment of Mr. Rajendra Kalur as Director


"RESOLVED THAT pursuant to the provisions of the Section 152 and other applicable provisions, if any, of the Companies Act, 2013 ("the Act") and the Companies (Appointment and Qualification of Directors) Rules, 2014 and Article 9 of Articles of Association of the Company, Mr. Rajendra Kalur (DIN: 03321321) be and is hereby appointed as Director of the Company who shall hold office for a term of three years from the date of this AGM with eligibility for reappointment for another term of three years.


Item No. 7: Appointment of Mr. Ritesh Agarwal as Director


"RESOLVED THAT pursuant to the provisions of the Section 152 and other applicable provisions, if any, of the Companies Act, 2013 ("the Act") and the Companies (Appointment and Qualification of Directors) Rules, 2014 and Article 9 of Articles of Association of the Company, Mr. Ritesh Agarwal (DIN: 08216002) be and is hereby appointed as Director of the Company who shall hold office for a term of three years from the date of this AGM with eligibility for reappointment for another term of three years.

RESOLVED FURTHER THAT any of the Director be and are is hereby severally authorized to file necessary forms with Ministry of Corporate Affairs, update necessary registers, settle any question that may arise and to do all such acts and deeds that may be required to give effect to the foregoing resolution.”

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Item No. 8: Appointment of Mr. Sreekumar Mankuzhy as Director


"RESOLVED THAT pursuant to the provisions of the Section 152 and other applicable provisions, if any, of the Companies Act, 2013 ("the Act") and the Companies (Appointment and Qualification of Directors) Rules, 2014 and Article 9 of Articles of Association of the Company, Mr. Sreekumar Mankuzhy (DIN: 07806500) be and is hereby appointed as Director of the Company who shall hold office for a term of three years from the date of this AGM with eligibility for reappointment for another term of three years.


Item No. 9: Appointment of Mr. Yashpal Gupta as Director


"RESOLVED THAT pursuant to the provisions of the Section 152 and other applicable provisions, if any, of the Companies Act, 2013 ("the Act") and the Companies (Appointment and Qualification of Directors) Rules, 2014 and Article 9 of Articles of Association of the Company, Mr. Yashpal Gupta (DIN: 00033484) be and is hereby appointed as Director of the Company who shall hold office for a term of three years from the date of this AGM with eligibility for reappointment for another term of three years.


By Order of the Board of DirectorsFor Indian Association of Investment Professionals

---Sd---Chetan ShahDirector (DIN: 06381468)

Registered Office:

Unit No.103, Naman Centre, C 31 G Block,Bandra- Kurla Complex, Bandra- East, Mumbai – 400051Date : September 8, 2018Place : Mumbai

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NOTES:

1. A REGULAR MEMBER (“MEMBER”) ENTITLED TO ATTEND AND VOTE AT THE ANNUAL GENERAL

MEETING OF THE COMPANY (“AGM”) IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE IN THE AGM INSTEAD OF HIMSELF / HERSELF PROVIDED THAT SUCH PROXY IS ALSO A MEMBER OF THE COMPANY.

2. The Proxy form (Form MGT-11) in order to be valid and effective should be duly completed and deposited at the Registered Office of the Company not less than forty-eight (48) hours before the commencement of the AGM. The Proxy form is enclosed herewith.

3. Members/proxy holders are requested to bring duly filled in Attendance Slip enclosed herewith along with their copy of this Notice to attend the AGM.

4. Members are requested to notify change in their address, if any, to the Company immediately.

5. An Explanatory Statement pursuant to Section 102 of the Companies Act, 2013, in respect of the Special Business to be transacted at the AGM is annexed hereto and forms part of this Notice.

6. This Notice is being sent to all the Members of the Company, whose names appear in the Register of Members as on August 31, 2018 (cut-off date). Only Member (i.e. regular members) as on the cut-off date is entitled to exercise his vote.

7. Electronic copy of the Notice convening the AGM along with the process of e-voting, the Attendance slip and Proxy form is being sent to the Members whose e-mail addresses are registered with the Company for communication purposes, unless any Member has requested for hard copy of the same. For Members who have not registered their e-mail addresses, physical copies of the Notice convening the AGM along with the process of e-voting, the Attendance slip and Proxy form is being sent to the Members in the permitted mode. Even after registering for e-communication, Members are entitled to receive such communication in physical form, upon making a request for the same by September 15, 2018.

8. Members may also note that the Notice of the AGM is also available on the Company's website

cfasociety.org/india and on the website of Central Depository Services (India) Limited (“CDSL”), appointed by the Company as the authorized agency to provide voting by electronic means.

9. The documents related to the abovementioned resolutions will be available for inspection for the Members at the Registered Office of the Company during office hours on any working day, except Saturdays, Sundays and public / national holidays, between 11.00 a.m. to 5.00 p.m. till the date of the AGM. The documents related to the abovementioned resolutions will also be available for inspection for the Members at the AGM.

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10. In compliance with the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 the Company is pleased to offer facility for voting through electronic means to its Members in respect of the business to be transacted at the AGM. The Members are requested to note that the business may be transacted through remote e-voting facility or through electronic voting system made available at the AGM. It is clarified that it is not mandatory for a Member to vote using the remote e-voting facility. A Member may avail of the remote e-voting facility at his/her/its discretion.

11. The Members who have cast their vote by remote e-voting prior to the AGM may also attend the AGM but shall not be entitled to cast their vote again.

12. The remote e-voting period begins on Monday, September 17, 2018 (9.00 a.m. onwards) and ends on Tuesday, September 25, 2018 (up to 5.00 p.m.). The remote e-voting module shall be disabled by CDSL for voting thereafter i.e. beyond 5:00 p.m. of September 25, 2018. For remote e-voting, please read carefully the “Instructions for e-voting” enumerated in this Notice.

13. The Board of Directors of the Company (“Board”) has appointed Ms. Reena Virwadia, Practicing Company Secretaries (Membership No. A44804) as the Scrutinizer (“Scrutinizer”), for conducting the voting process in a fair and transparent manner.

14. The Chairman shall, at the AGM, at the end of discussion on the resolutions on which voting is to be held, allow voting, as provided in clauses (a) to (h) of sub-rule (1) of Rule 21 of Companies (Management and Administration), Rules, 2014 as applicable, with the assistance of Scrutinizer, by using an electronic voting system for all those Members who are present at the AGM but have not cast their votes by availing the remote e-voting facility.

15. The Scrutinizer, after completion of scrutiny, will submit report to the Chairperson or any Director of the Company as may be authorized in writing in this regard, on September 27, 2018.

16. The result of the voting will be announced by the Chairperson or any Director of the Company so authorized in writing on September 27, 2018 by or before 06:00 p.m. at the Company's Registered Office at Unit No.103, Naman Centre, C 31 G Block, Bandra- Kurla Complex, Bandra- East, Mumbai – 400051. The results along with Scrutinizer's report will also be placed on Company's website i.e. www.cfasociety.org/india and on the website of CDSL i.e. www.evotingindia.com immediately after the declaration of result by the Chairman or a Director authorized in writing, on the same day.

17. The results along with the Scrutinizer's report shall also be displayed on the notice board at the Company's Registered Office.

18. If the proposed resolutions are assented by requisite majority, it shall be deemed to have been passed on the date of the AGM i.e. on September 26, 2018.

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19. Road map to reach to the venue of the AGM from the nearest railway station is provided below:

Instructions for remote e-voting:

The instructions for Members for remote e-voting are as under:

The remote e-voting period begins on Monday, September 17, 2018 (9.00 a.m. onwards) and ends on Tuesday, September 25, 2018 (up to 5.00 p.m.). The remote e-voting module shall be disabled by CDSL for voting thereafter i.e. beyond 5:00 p.m. of September 25, 2018.

(a) The Members should log on to the e-voting website www.evotingindia.com.

(b) Click on Shareholders/ Members.

(c) Now enter your User ID provided to you along with this Notice.

(d) Next enter the image verification as displayed and click on login.

(e) Enter your password to be used provided to you along with this Notice.

(f ) After entering these details appropriately, click on “SUBMIT” tab.

(g) Click on the EVSN of 'Indian Association of Investment Professionals' on which you choose to vote.

(h) On the voting page, you will see “RESOLUTION DESCRIPTION” and against the same the option “YES/NO” for voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option NO implies that you dissent to the Resolution.

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https://www.google.co.in/maps/place/Mumbai+Cricket+Association+Indoor+Cricket+Academy+%26+Recreation+Centre/@19.0575622,72.864816,15.5z/data=!4m12!1m6!3m5!1s0x3be7c8e9d56e140b:0xd873595b5a424af!2sMumbai+Cricket+Association+Indoor+Cricket+Academy+%26+Recreation+Centre!8m2!3d19.0601069!4d72.8664314!3m4!1s0x3be7c8e9d56e140b:0xd873595b5a424af!8m2!3d19.0601069!4d72.8664314


(i) Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.

(j) After selecting the resolution, you have decided to vote on, click on “SUBMIT”. A confirmation box will be displayed. If you wish to confirm your vote, click on “OK”, else to change your vote, click on “CANCEL” and accordingly modify your vote.

(k) Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.

(l) You can also take out print of the voting done by you by clicking on “Click here to print” option on the Voting page.

(m) Members/Shareholders can also cast their vote using CDSL's mobile app m-Voting available for android based mobiles. The m-Voting app can be downloaded from Google Play Store. Apple and Windows phone users can download the app from the App Store and the Windows Phone Store. Please follow the instructions as prompted by the mobile app while voting on your mobile.

(n) In case you have any queries or issues regarding e-voting, write an email to [email protected]

Explanatory Statement pursuant to Section 102 of the Companies Act, 2013

This explanatory statement sets out all material facts and information relating to the Special Business mentioned in the accompanying Notice for convening the Annual General Meeting of the Company.

Item No. 3: Appointment of Mr. Abhishek Loonker as Director

Mr. Abhishek Loonker (aged 37 years) has been awarded the degree of CFA Charter (holding CFA Membership No. 410425) in year 2009. He also holds a degree of BBA and MBA. Currently, he is working as a Vice-President at Ascent Capital Advisors and is entitled with responsibility for private equity investment, monitoring of portfolio companies and managing treasury for the firm. He has over 15 years of experience in investment industry. He has been a member with CFA Institute and the Company for more than 5 consecutive years. In addition to his professional career he Co-Chairs the PCE Committee. He is also appointed as Board Observer in Supermarket Groceries (Bigbasket.com), Laqshya Media and Maiyas Beverages & Foods.

Mr. Loonker is not in-eligible to be appointed as a Director in terms of Section 164 of the Act. A declaration to this effect and his consent to act as Director has been received from him. The Board recommends his appointment, if the Members deem fit.

Mr. Loonker is not related to any Director of the Company. None of the Directors or their relatives are interested or concerned, financially or otherwise, in the resolution set out at Item No. 3 except to the extent of their membership in the Company.

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Item No. 4: Appointment of Mr. Biharilal Deora as Director

Mr. Biharilal Deora (aged 37 years) has been awarded the degree of CFA Charter (bearing CFA Membership No. 460467) in year 2009. He holds a degree of Certified International Wealth Manager (CIWM), Certified Credit Research Analysis (CCRA) and Certificate in Investment Performance Measurement (CIPM). Currently, he is a Director at Abakkus Asset Manager LLP and is entitled with responsibility for overall fund compliance, operation, regulations and research. He has over 15 years of experience in investment industry and has been a member with CFA Institute and the Company for more than 5 consecutive years. In addition to his professional career he has chaired various Volunteer Committees of the Company and held the position of the Director on the Board of the Company from September 28, 2012 to September 23, 2016 . He held honorary position of PCR (President Council Representative) of CFA Institute representing societies in APAC South region, and of Advocacy Advisor at AIWMI/IAAIF.

Mr. Deora is not in-eligible to be appointed as a Director in terms of Section 164 of the Act. A declaration to this effect and his consent to act as Director has been received from him. The Board recommends his appointment, if the Members deem fit.

Mr. Deora is not related to any Director of the Company. None of the Directors or their relatives are interested or concerned, financially or otherwise, in the resolution set out at Item No. 4 except to the extent of their membership in the Company.

Item No. 5: Appointment of Mr. Manish Jain as Director

Mr. Manish Jain (aged 44 years) has been awarded the degree of CFA Charter (holding CFA Membership No. 944954) in year 2003. He holds degree of B.Tech - Mech Engg from Indian Institute of Technology, Madras. Currently, he is working as a Managing Partner at Angaros Group, wherein, he oversees the global capital market and investment activities for the Group. Mr. Jain has over 22 years of experience in investment industry. He has been a member with CFA Institute for more than 5 consecutive years. In addition to his professional career he is active volunteer at Hyderabad chapter of your Company, member of Communication Committee and is also one of the founders of Buffet Club in Hyderabad for Charter pending and Charter-holders. He holds honorary positions like President of IIT Madras Alumni Association (Hyderabad Chapter).

As Mr. Jain is not in-eligible to be appointed as a Director in terms of Section 164 of the Act and a declaration to this effect and his consent to act as Director has been received from him, the Board recommends his appointment, if the Members deem fit. Mr. Jain is not related to any Director of the Company. None of the Directors or their relatives are interested or concerned, financially or otherwise, in the resolution set out at Item No. 5 except to the extent of their membership in the Company.

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Item No. 6: Appointment of Mr. Rajendra Kalur as Director

Mr. Rajendra Kalur (aged 49 years) has been awarded the degree of CFA Charter (holding CFA Membership No. 6282031) in year 2013. He also holds a degree of CFP and MBA. Currently, he is working as a Director and Chief Executive Officer with TrustPlutus Wealth Managers India Pvt. Ltd. Wherein, he provides strategic direction and leadership to the wealth management & Multi Family Office practices. He has over 23 years of experience in investment industry. He has been a member with CFA Institute and the Company for more than 5 consecutive years. In addition to his professional career he has been volunteered for Wealth Management Conference and Investment Research Challenge as Grader. He is an honorary member of Investment Committee Ramakrishna Mission & Math, Belur.

Mr. Kalur is not in-eligible to be appointed as a Director in terms of Section 164 of the Act. A declaration to this effect and his consent to act as Director has been received from him. The Board recommends his appointment, if the Members deem fit.

Mr. Kalur is not related to any Director of the Company. None of the Directors or their relatives are interested or concerned, financially or otherwise, in the resolution set out at Item No. 6 except to the extent of their membership in the Company.

Item No. 7: Appointment of Mr. Ritesh Agarwal as Director

Mr. Ritesh Agarwal (aged 36 years) has been awarded the degree of CFA Charter (holding CFA Membership No. 461932) in year 2011. He holds Post Graduate Diploma in Business Management from MDI Gurgaon, a Diploma (Kaufmann – 7th semester International Student Exchange Program) from European Business School (EBS), Oestrich-Winkel, Germany and Bachelor of Engineering (Computers) from B.M.S. College of Engineering, Bengaluru. Currently, he is heading Treasury Department at CTBC Bank and has over 11 years of experience in investment industry. He has been a member with CFA Institute and the Company for more than 5 consecutive years.

As Mr. Agarwal is not in-eligible to be appointed as a Director in terms of Section 164 of the Act and a declaration to this effect and his consent to act as Director has been received from him, the Board recommends his appointment, if the Members deem fit.

Mr. Agarwal is not related to any Director of the Company. None of the Directors or their relatives are interested or concerned, financially or otherwise, in the resolution set out at Item No. 7 except to the extent of their membership in the Company.

Item No. 8: Appointment of Mr. Sreekumar Mankuzhy as Director

Mr. Sreekumar Mankuzhy (aged 51 years) has been awarded CFA Charter (CFA Membership No. 250727) in year 2006. He holds ACA, Chartered Alternative Investment Analyst (CAIA) and Financial Risk

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Management Programme (FRM) titles. Currently, he is Partner at Anirudhan & Co. serving his clients with services of audit and financial consultancy. He has over 22 years of experience in investment industry. He has been a member with CFA Institute for more than 5 consecutive years. In addition to his professional career he is the founder member of CFA Kuwait and has chaired its Education Committee.

As Mr. Mankuzhy is not in-eligible to be appointed as a Director in terms of Section 164 of the Act and a declaration to this effect and his consent to act as Director has been received from him, the Board recommends his appointment, if the Members deem fit. Mr. Mankuzhy is not related to any Director of the Company. None of the Directors or their relatives are interested or concerned, financially or otherwise, in the resolution set out at Item No. 8 except to the extent of their membership in the Company.

Item No. 9: Appointment of Mr. Yashpal Gupta as Director

Mr. Yashpal Gupta (aged 51 years) has been awarded the degree of CFA Charter (holding CFA Membership No. 6837242) in year 2015. He holds Financial Risk Management Programme (FRM), Certified Management Accountant (CMA) and Chartered Global Management Accountant (CGMA) degrees/certificates. Currently, he is Chief Operating Officer at Repco Home Finance Limited. He has over 10 years of experience in investment industry. He has been a member with CFA Institute for more than 5 consecutive years.

As Mr. Gupta is not in-eligible to be appointed as a Director in terms of Section 164 of the Act and a declaration to this effect and his consent to act as Director has been received from him, the Board recommends his appointment, if the Members deem fit. Mr. Gupta is not related to any Director of the Company. None of the Directors or their relatives are interested or concerned, financially or otherwise, in the resolution set out at Item No. 9 except to the extent of their membership in the Company.

By Order of the Board of DirectorsFor Indian Association of Investment Professionals

---Sd---Chetan ShahDirector (DIN: 06381468)

Registered Office:Unit No.103, Naman Centre, C 31 G Block,Bandra- Kurla Complex, Bandra- East, Mumbai – 400051Date : September 8, 2018Place : Mumbai

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PROXY FORM

[Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the Companies

(Management and Administration) Rules, 2014]

CIN: U91990MH2005GAP152320Name of the Company: Indian Association of Investment ProfessionalsRegistered Office: Unit No.103, Naman Centre, C31 G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400 051

Name of the Member(s): ………………………………………….…..............................………………………………. Registered address: ………………………………………….…..............................…………………………………….. E-mail Id: ………………….…..............................………….…..............................………….…..............................…….. Membership No: ……………………………………….…...............…………………………………………….….......

I being a member of …………………………………………, having Membership No. …………………. hereby appoint,

1. Name: …………………………………………….…..............................…… having a Membership No………………. Address: …………………………………….…………………………………………………….…………………… E-mail Id: ………………………………….…………....………………………………………….………………….. Signature: ……………………………………… or failing him

2. Name: …………………………………………….…..............................…… having a Membership No………………. Address: ………………………………….…………....………………………………………….…………………… E-mail Id: ………………………………….…………....………………………………………….………………….. Signature: ……………………………………… or failing him

3. Name: …………………………………………….…..............................…… having a Membership No………………. Address: ………………………………….…………....………………………………………….…………………… E-mail Id: ………………………………….…………....………………………………………….………………….. Signature: ………………………………………

And whose signature(s) are appended below as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the Thirteenth Annual General Meeting of the Company to be held on Wednesday, September 26, 2018 at 5.00 p.m. at MCA Recreation Centre, RG-2, G-Block, Bandra- Kurla Complex, Bandra- East, Mumbai – 400051 and at any adjournment thereof.

Signed this .....…. day of …… 2018

Signature of Member

Signature of Proxy holder (s)

Note: 1. This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the

Company, not less than 48 hours before the commencement of the Meeting.

Affix Revenue

Stamp

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INDIAN ASSOCIATION OF INVESTMENT PROFESSIONALS

Reg Office: Unit No.103, Naman Centre, C 31 G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400 051CIN: U91990MH2005GAP152320

ATTENDANCE SLIP

I hereby record my presence at the Thirteenth Annual General Meeting of Indian Association of Investment Professionals held on Wednesday, September 26, 2018 at 5:00 p.m. at MCA Recreation Centre, RG-2, G-Block, Bandra- Kurla Complex, Bandra- East, Mumbai – 400051.

Full name of the Member (in BLOCK LETTERS) ______________________________________________

Full name of the Proxy (in BLOCK LETTERS) ______________________________________________

Member's/ Proxy's Signature ______________________________________________

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