ICICI Securities: Performance Review for quarter ended June 30, 2021

/CIC/ Securities

July 20, 2021
National Stock Exchange of India Limited	BSE Limited
Listing Department	Listing Department
Exchange Plaza, C-1, Block G,	Phiroze Jeejeebhoy Towers,
Sandra Kurla Complex,	Dalal Street,
Bandra (E), Mumbai - 400 051	Mumbai - 400 001
Dear Sir/Madam,

Sub: Outcome of the Board Meeting held on July 20, 2021

Ref: NSE Symbol - ISEC and BSE Scrip Code - 541179

Pursuant to Regulation 30 read with Schedule Ill and Regulation 33 of SEBI {Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that the Board of Directors of the Company at its Meeting held today i.e. July 20, 2021, inter-alia, approved the audited financial results of the Company for the quarter ended June 30, 2021.

Accordingly, we enclose herewith the following:

1. Audited (Standalone and Consolidated) financial results of the Company for the quarter ended June 30, 2021;
2. Auditors' Reports on the audited {Standalone and Consolidated) financial
   results; and•

3. A copy of the press release.
The Board Meeting commenced at (, �3opro	and concluded at IQ, 05 Pm_
		I

Request you to please take the above information on records.

Thanking you,

Yours faithfully,

For ICICI Securities Limited

��

R ani

• e President &
  Company Secretary

Encl.: As above

Member of National Stock Exchange of India Ltd, BSE Ltd and Metropolitan Stock Exchange of India Ltd.

SEBI Registration : INZ000183631

CIN No.: L67120MH1995PLC086241

ICICI Securities Limited
Registered Office (Institutional):	Corporate Office (Retail):
ICICI Centre, H. T. Parekh Marg,	Shree Sawan Knowledge Park, Plot No. D-507,
Churchgate, Mumbai 400 020, India.	TTC. Ind. Area, MJ.D.C,Turbhe, Navi Mumbai - 400 705
Tel (91 22)	2288	2460no	Tel (91 22)	4070 1000
Fax (91 22)	2282	6580	Fax (91 22)	4070 1022
Name of Compliance Officer (Broking Operations) : Mr. Anoop Goyal
Email Address: [e-mail]/ Tel	(91 22) 4070 1000

Website Address:www.icicisecurities.com/ www.icicidirect.com

B S R & Co. LLP

Chartered Accountants

14th Floor, Central Wing B Wing and North C Wing,	Telephone: [phone]
Fax:	[phone]
Nesco IT Park 4, Nesco Center,

Western Express Highway, Goregaon (East),

Mumbai - 400 063

Independent Auditors' Report

To the Board of Directors of

ICICI Securities Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying standalone financial results of ICICI Securities Limited ("the Company") for the quarter ended 30 June 2021 (the "standalone financial results"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations") and SEBI Circular SEBI/HO/DDHS/DDHS/CIR/P/2019/115 dated 22 October 2019.

In our opinion and to the best of our information and according to the explanations given to us, these standalone financial results:

1. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard and SEBI Circular SEBI/HO/DDHS/DDHS/CIR/P/2019/115 dated 22 October 2019; and
2. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India of the net profit and other comprehensive loss and other financial information for the quarter ended 30 June 2021 .

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management's and Board of Directors' Responsibilities for the Standalone Financial Results

These standalone financial results have been prepared on the basis of the interim financial statements.

The Company's Management and Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim Financial Reporting' prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations and SEBI Circular SEBI/HO/DDHS/DDHS/CIR/P/2019/115 dated 22 October 2019.

	Registered Office:
B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP	14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
(a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013	Center, Western Express Highway, Goregaon (East), Mumbai - 400063

B S R & Co LLP

Independent Auditors' Report (Continued)

ICICI Securities Limited

Management's and Board of Directors' Responsibilities for the Standalone Financial Results (Continued)

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments 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 standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial results made by the Management and Board of Directors.

B S R & Co LLP

Independent Auditors' Report (Continued)

ICICI Securities Limited

Auditor's Responsibilities for the Audit of the Standalone Financial Results (Continued)

• Conclude on the appropriateness of the Management and Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

For B S R & Co. LLP

Chartered Accountants

Firm's Registration No: 101248W/W-100022

	MILIND	Digitally signed by
		MILIND MANOHAR
	MANOHA RANADE
		Date: 2021.07.20
	R RANADE 22:05:23 +05'30'
Mumbai		Milind Ranade
	Partner
20 July 2021	Membership No: 100564
	UDIN: 21100564AAAAFF5017

B S R & Co. LLP

Chartered Accountants

14th Floor, Central Wing B Wing and North C Wing,	Telephone: [phone]
Fax:	[phone]
Nesco IT Park 4, Nesco Center,

Western Express Highway, Goregaon (East),

Mumbai - 400 063

Independent Auditors' Report

To the Board of Directors of

ICICI Securities Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying Consolidated Financial Results of ICICI Securities Limited ("Holding company") and its subsidiaries (holding company and its subsidiaries together referred to as "the Group"), for the quarter ended 30 June 2021 (the "consolidated financial results"), attached herewith, being submitted by the Holding company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations") and SEBI Circular SEBI/HO/DDHS/DDHS/CIR/P/2019/115 dated 22 October 2019.

In our opinion and to the best of our information and according to the explanations given to us, the consolidated financial results:

1. includes the results of the following entities:
2. • ICICI Securities Limited - Holding Company
   • ICICI Securities Holding Inc - Direct Subsidiary and ICICI Securities Inc - Step Down Subsidiary
3. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations, as amended and SEBI Circular SEBI/HO/DDHS/DDHS/CIR/P/2019/115 dated 22 October 2019; and
4. gives a true and fair view, in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of consolidated total comprehensive income (comprising of net profit and other comprehensive loss) and other financial information of the Group for the quarter ended 30 June 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion on the consolidated financial results.

	Registered Office:
B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP	14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
(a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013	Center, Western Express Highway, Goregaon (East), Mumbai - 400063