Angel One : Disclosure of other UPSI/material event

To,
Listing Department	Department of Corporate Service
National Stock Exchange of India Limited	BSE Limited
Exchange Plaza, C-1, G Block,	Phiroze Jeejeebhoy Towers,
Bandra Kurla Complex,	Dalal Street,
Bandra (East), Mumbai - 400 051.	Mumbai - 400 001.
Symbol: ANGELONE	Scrip Code: 543235
Dear Sirs,

Subject: Transcript of 26th Annual General Meeting of Angel One Limited

Please find enclosed transcript of the 26th Annual General Meeting ("AGM") of the Company held on Tuesday, May 31, 2022 at 10.30 a.m. IST.

Further, the video recording of the AGM is available on the Company's website www.angelone.in/investor-relations/company-stock-exchange-announcements

This is for your information and records.

Thanking you,

For Angel One Limited

(Formerly Known as Angel Broking Limited)

Naheed Patel

Company Secretary and Compliance Officer

Date: June 2, 2022

Place: Mumbai

Encl: As above

CSO & Corporate Office:	Regd Office:
6th Floor, Ackruti Star, Central Road,	G-1, Ackruti Trade Centre,
MIDC, Andheri (E) Mumbai-400 093.	MIDC, Road No-7, Andheri (E),
T: (022)	4000 3600	Mumbai - 400 093.
F: (022)	3935 7699	T: (022)	6807 0100
		F: (022)	6807 0107
		E: [e-mail]
		www.angelone.in

Angel One Limited

(Formerly Known as Angel Broking Limited)

CIN: L67120MH1996PLC101709,

SEBI Registration No Stock Broker:

INZ000161534, CDSL: IN-DP-384-2018, PMS:

INP000001546, Research Analyst:

INH000000164, Investment Advisor:

INA000008172, AMFI Regn. No. ARN-77404,

PFRDA, Regn. No.-19092018.

ANGEL ONE LIMITED

TRANSCRIPT OF THE 26th ANNUAL GENERAL MEETING OF ANGEL ONE LIMITED HELD AT 10:30 A.M. ON TUESDAY, MAY 31, 2022 THROUGH VIDEO CONFERENCING

• Mr. Dinesh Thakkar - Chairman & MD, AngelOne:
• Good morning, members, I would like to extend a warm welcome to all of you joining us for our 26th Annual General Meeting. The Company Secretary informs that the requisite quorum for the meeting is present. I now call the meeting to order.
• In view of continuing risks posed by the Covid 19 pandemic especially in India, and because the safety of all our members is paramount the company has convened this Annual General Meeting through a video conference. This is in compliance with the circular and direction issued by Ministry of Corporate Affairs and Securities Exchange Board of India. The company has taken requisite steps to ensure that members are able to participate seamlessly in the meeting by availing itself of the services of National Securities Depository Limited, NSDL. This has helped us to conduct the meeting through video conferencing thereby enabling active participation of members at this AGM, remote e-voting and e- voting during the meeting. This meeting is also being live streamed on NSDL website and the YouTube channel. Technology has provided all of us with a bridge to connect with each other as and when we desire. To have a deeper participation from our shareholder families from different locations in India and abroad we are conducting our second Annual General Meeting post listing virtually.
• Let me now introduce towards board members and our company's key managerial personnel.
• Mr. Uday Sankar Roy, Independent Director and Chairperson of the Nominations Remuneration Committee, he is attending the meeting from Calcutta.
• Mr. Kamal Sahay, Independent Director and Chairperson of the Stakeholder Relationship Committee, is attending the meeting from Bhopal.
• Ms. Mala Todarwal, Independent Director and Chairperson of the Audit Committee, she has joined the meeting from Mumbai.
• Mr. Muralidharan Ramachandran, Independent Director, is attending the meeting from Mumbai.
• Mr. Krishna Iyer, Non - Executive Director, and Chairperson of the Risk Management Committee is attending the meeting from Mumbai.
• Mr. Ketan Shah, Wholetime Director, joining from Mumbai.
• Mr. Narayan Gangadhar, Chief Executive Officer, he has joined the meeting from Bengaluru.

1

• Mr. Vineet Agarwal, Chief Financial Officer, joining from Mumbai.
• Ms. Naheed Patel, Company Secretary and Compliance Officer joining from Mumbai.
• Also attending this meeting are Mr. Jayesh Gandhi, Partner, M/s. S.R. Batliboy & Company, LLP, statutory auditor of the company, Mr. Vaibhav Dandvate, representative of M/s. MNJB & Associates, LLP, secretarial auditor of the company, Mr. Amit Saklecha and Mr. Ayush Chaturvedi, M/s. Parekh Shah and Lodha, internal auditors of the company. Mr. Abhishek Gupta, representative for M/s. Makarand M. Joshi and Company, practising company secretary who have been appointed as scrutinizer to scrutinize the e-voting.
• Since the notice has already been circulated to members, I take the notice convening the meeting as read.
• Attention of the members is drawn to the fact that statutorily audit report on financials has no observation or qualification and is taken as read.
• Further I would like draw attention of the members to the remark of secretarial auditors in their report for FY21-22, kindly be informed that the board has taken note of the remarks of secretarial auditors and clarifies as below.
• 1. First, the company has made delay in one case of disclosure under Regulation 30 of Listing Regulation.
     Explanation: this was an inadvertent delay and the board will ensure compliance in future.
  2. Due to sudden demise of one of the directors, there were only 5 directors on the board for the period 17/4/2021 to 14/7/2021. However as per regulations 17 (1C) of Listing Regulations, the company is required to have at least 6 number of directors on continual basis on the board. Further the company has affirmed the said regulation is in compliance in corporate governance report for the quarter ended June 2021 which is erroneous.
     Explanation: On April 17, 2021, due to the untimely demise of Mr. Vinay Agarwal, deemed 01773822, erstwhile Wholetime Director and Chief Executive Officer of the company, the composition of the board of directors decreased from 6 directors to 5 directors and the casual vacancy in the number of directors was filled within the timeline, that is within 3 months from the date of arising of casual vacancy. And the intimation of the same was duly and timely provided to the Stock Exchanges.
  3. The composition of Nomination and Remuneration Committee is not in compliance with provision of Regulations 19 of Listing Regulation for the period 5/5/2021 to 14/7/2021. Further the company has often said regulation is in compliance in corporate governance report for quarter ended June 2021 which is erroneous. The delay in reconstitution of the NRC was just an administrative challenge faced by the company due to inadvertent misconstruction to reconstitute the NRS post the

2

shareholders' approval since the date of voting result confirmation that is AGM held on 29th June 2021 was end of quarter, and the board meeting was scheduled on 15th July 2021.

• I extend my best wishes to all of you and hope you and your loved ones are safe and healthy. I would also like to express my heartfelt gratitude to all of you for your continued faith in us which has always encouraged us to move forward achieve newer milestones during our journey.
• Equity markets remain on a secular up trend as India's economy gathers momentum following its recovery from pandemic induced challenges that rocked global financial markets. Despite draw down of newly Rs. 2 trillion by foreign institutional investors from Indian equity market between September '21 to March '22, the benchmark indices corrected only about 1%. This is in sharp contrast to 55% correction in indices in 2008 when foreign institutional investors were net seller to the tune of Rs. 0.5 trillion. This reflects the formation of unparallel resilience in our market arising out of sustained participation of DIS and retail investors due to the update outlook among domestic institutions and most importantly retail investors. Indian equity market barometer the Nifty 50 returned 18.9% in FY22 while the BSE sensex delivered 18.3 year on year gains, that will extremely satisfy and have been buoyed by broadening base of investors in the country. India is currently in a demographic sweet spot with a median age among its population of 29 years and a low per capita income. Most of these young adults are digital natives. This puts our economy in a strong position to grow. Furthermore these young people are becoming an increasingly important and savvy part of new digital era, and they want to capitalize on India's exhilarating prosperity by participating in stock market to grow their own wealth.
• Our pillars of growth include the massive transformation our economy is undergoing. With most consumer led services and products going online, coupled with diminishing return from traditional risk free assets versus 14.7% CAGR generated by equity over last 20 years. Over the last few years we have seen the advent of new set of young investors with growth of mobile investing and Fintechs accessibility, transparency, speed and robot reading have become the norm for the category that drive an incredible revolution. As a result the country has witnessed a 150% growth in D-MAT accounts over the past 3 years. In FY22, the country added an average of 2.9 million D-MAT accounts every month, a substantial 2.4X jump from 1.2 million average monthly additions in FY21. Most of these accounts were sourced by digital brokers who had demonstrated their ability to penetrate deeper into the country by using digital highways. Despite this even today over Rs. 109 trillion of Indian household savings as of March 2021 are parked in low yielding bank deposits. Digital players will play a pivotal role in mobilizing a substantial portion of this into equity, as inflation and interest rate involvement are expected to be soft.
• A similar trend was seen in other markets as well, for example in UK between 1982 to 1992 both inflation and interest rates nearly halved. During the period despite relatively high household penetration of 7.8% compared to the current

3

participation of India, the country witnessed a 3X jump in the percentage of household having investment in stocks and shares. India too has embarked on this journey of robust growth in equity penetration which is likely to be sustained for many years to come. Today's young India clearly understands and appreciates the benefits and ease of using digital apps, and prefers to have a one solution platform in their journey to diversify savings while building a secure financial future. Moreover the continued shifting away of individual preference from physical assets such as gold, real estate and fixed deposits, through equity and equity oriented assets will contribute to a secular up-trend. This radical shift in investment mindset particularly among the younger generation is a clear reflection that equity investment is no long considered a privilege of the few.

• Usually the digital era is fuelling democratization of investing like never before. Importantly, the technology led information revolution has created level playing field that has empowered retail investors to make informed decision through the exchange of ideas and opinion on financial website, forums, message boards and social media among others.
• Aimed at empowering young India we refreshed our brand identity to AngelOne, a brand that offers financial solutions aimed at addressing all financial needs of young and growing India. This brand transformation is a fusion of our brand legacy and ambition, as we transit from broking house to a one-solution platform for every financial need ranging from mutual fund to insurance, loans and others. AngelOne's personality is young, innovative, empowering, nimble. AngelOne believes that investing and growing financially is for everyone. We aim at building this accessibility with ease as we focus to become the most preferred choice of GenZ and millenials. Both these groups, millenials and GenZ are fast emerging as a next growth engine for investment funds, and the broader economy. They search for newer investment tools and platforms that are intuitive and offer access to diverse asset classes such as AIFs, mutual funds, etc. Digital broking platform like your company with their frictionless service offering, flat fees structures, our extremely intuitive interfaces are helping the average individual to become a smart investor. Approximately 69% of NSE active clients were added by the top 5 digital brokers in FY22. Their share in NSE active client base has risen to approximately 58% in FY22. The journey for digital brokers has just begun with a huge, untapped market waiting to be harnessed.
• The first phase of your company's transformational journey between 2016 to 2019 has started to reap rich dividends. To further augment our digital offerings we onboarded high calibre tech talent in FY22 and will continue to do so in FY23. As of March 31, 2022, about 13% of our team comprised of software engineers and coders working relentlessly to provide unmatched service and experience for our clients. Our focus for integrating AI and ML is helping us understand the investable profile of our client and provide them with curated products. The research services we offer to retail clients with investment recommendation aided by our rule based recommendation engine, ARQ, helps them to invest systematically in a disciplined manner over the long term in the Indian stock markets. As a result your company achieved its historical best performance across many parameters during the year. We registered gross client acquisition

4