Bfsi sector skill_council_of_india

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1. BFSI SECTOR SKILL COUNCIL OF INDIA
CIN: U80904MH2011NPL222074
Floor 25, P J Towers, Dalal Street, Mumbai – 400 001
Phone: 022:22728045, Fax: 022:22723250

DIRECTORS' REPORT

To
The Members,

Your Directors have pleasure in presenting the Fifth Annual Report on the operations
of the Company, together with the Audited Financial Statement of Accounts for the
year ended on 31
st
March, 2016.

FINANCIAL RESULTS:

The financial results for the year ended 31
st
March 2016 are as follows:
(Amount in Rs.)
PARTICULARS For the year
ended
31-03-2016
For the year
ended
31-03-2015
Total income 25,612,949 110,201,454
Total Expenditure 19,643,444 60,258,580
Surplus/(Deficit): before Depreciation & Tax 59,69,505 49,942,874
Less: Depreciation 216,650 29,504
Less: Provision for Tax including Deferred tax 0 0
Surplus/(Deficit): after Depreciation and Tax 5752855 49,913,370
Add: Balance in Surplus/(Deficit) brought
forward
51,371,934 1,458,563
Balance carried to Balance Sheet 57,341,439 51,371,934

2. PERFORMANCE & OPERATIONS:

BFSI Sector Skill Council of India is a Sector Skill Council formed under the aegis of National
Skill Development Corporation (NSDC). It is jointly promoted by BSE Institute Limited, BSE
Limited, National Stock Exchange of India Limited and Confederation of Indian Industry (CII).

The BFSI Sector Skill Council of India is set up to bring leading organizations of the BFSI
industry together to create strategies and operational plans that will create standardized skill
requirements for the various job roles in the industry. The skill council will also accredit well
equipped service providers who will partner to disseminate the training. The skill council is
seen by its stakeholders and partners as a nation-building activity with far reaching
implications for social development and empowerment through financial inclusion. Great
care is being taken to appropriately address the needs of the various industry verticals as
well as the geographical regions of the country.

Vision of the BFSI SSC

BFSI SSC strives to complement the existing vocational education system in meeting the
entire value chain’s requirements of appropriately trained manpower in quantity and quality
across all levels on a sustained and evolving basis.

Mission of the BFSI SSC

 Upgrade skills to international standards through significant industry involvement.

 Be a conduit of change through thought leadership, research, market intelligence and
membership engagement.

The National Skill Development Policy clearly specifies National Vocational Qualification
Framework (NVQF) will be created with an open/flexible system which will permit individuals
to accumulate their knowledge and skills, and convert them through testing and certification
into higher diplomas and degrees. The Government has unambiguously stated that the SSCs
will provide their sector specific competency frameworks, which will feed into the NVQF.

3. Recognizing the needs for our youth to be skilled for fruitful employment, the Government
of India during the current year has launched an ambitious program under the aegis of
Ministry of Skill Development And Entrepreneurship and National Skill Development
Corporation of India (NDSC) i.e. Pradhan Mantri Kaushal Vikas Yojana (PMKVY). The
Government has also provided a budgetary support of Rs. 1500/- Crore for providing
monetary rewards, for encouraging youth to upgrade their skills under the PMKVY Scheme.

NSDC is the nodal Agency to implement Award of Monetary incentives for Skill Certification
through the various Sector Skill Councils (SSC) empanelled with it. As per the scheme, NSDC
would provide a monetary award to those students who have passed the examinations
conducted by the SSC. The monetary award would range between Rs. 7,500/- to Rs.
10,000/- for the BFSI Sector Skill Council of India and would be paid directly to the
candidate. It is mandatory for the candidate to have the UID card to get enrolled in the
scheme.

Under the PMKVY Scheme BFSI Sector Skill Council has affiliated 31 training partners to
provide training under the PMKVY Scheme. BFSI SSC has appointed Confederation of Indian
Industry (CII) as the assessment agency for assessment of the Students enrolled under the
PMKVY Scheme. National Skill Development Corporation (NSDC) has provided BFSI SSC with
a target of training and certifying 9100 Students in the pilot phase of PMKVY, which was
completed in July 2015.

BFSI SSC is ambitious enough in meeting the given targets provided by NSDC.

Recently, BFSI SSC in collaboration with NSDC and Ministry of Skill Development And
Entrepreneurship has participated in various skill development and entrepreneurship which
is as under:

Deendayal Antyodaya Yojana - National Urban Livelihoods Mission (DAY-
NULM):

To reduce poverty and vulnerability of the urban poor households by enabling them to
access gainful self-employment and skilled wage employment opportunities, resulting in an
appreciable improvement in their livelihoods on a sustainable basis, through building strong

4. grassroots level institutions of the poor. The mission would aim at providing shelters
equipped with essential services to the urban homeless in a phased manner. In addition, the
mission would also address livelihood concerns of the urban street vendors by facilitating
access to suitable spaces, institutional credit, social security and skills to the urban street
vendors for accessing emerging market opportunities.

The NULM will focus on organizing urban poor in their strong grassroots level institutions,
creating opportunities for skill development leading to market-based employment and
helping them to set up self-employment venture by ensuring easy access to credit.

The core belief of National Urban Livelihoods Mission (NULM) is that the poor are
entrepreneurial and have innate desire to come out of poverty. The challenge is to unleash
their capabilities to generate meaningful and sustainable livelihoods. The first step in this
process is motivating the urban poor to form their own institutions. They and their
institutions need to be provided sufficient capacity so that they can manage the external
environment, access finance, expand their skills, enterprises and assets. This requires
continuous and carefully designed hand holding support. An external, dedicated and
sensitive support structure, from the national level to the city and community levels, is
required to induce social mobilisation, institution building and livelihood promotion.

Additional Skill Acquisition Programme (ASAP)

Demographic dividend, Development indicators and Market potential have placed India in a
formidable position in the 21st century’s financial landscape. By the year 2020, the country is
poised to become a major human resource hub of the World even ahead o f many
developed nations of the present. A huge responsibility rests with the State Governments
towards making the country future ready and a great deal of this depends upon concerted
efforts in raising the quality and standards of the human resources. The Government of
India, realizing this has created a road map for Human Resources Development at all levels
including Education, Research, Industry and Trade.

The Kerala State, by realizing this responsibility, has embarked upon an ambitious project
named State Skill Development Project to equip its young population with skills in cutting
edge sectors in order to effectively alleviate the unemployment problem in the state. The

5. project combines both preventive (Additional Skill Acquisition Programme - ASAP) and
curative approaches (Additional Skill Enhancement Programme). On the preventive side, the
General and Higher Education Departments together will implement the Additional Skill
Acquisition Programme (ASAP) to amplify working hands in different sectors of the
economy, by providing additional skill sets to students along with their regular courses. In
the curative part, Additional Skill Enhancement Programme (ASEP), under the leadership of
Labour and Local Self Government Departments, is envisaged to encom pass skill
development and grooming initiatives for unemployed persons registered in the
Employment Exchanges across the State.

Bachelor of Vocation (B. Voc) Degree Programme

The education is fundamental to all-round human development. Skills and knowledge are
the driving forces of economic growth and social development for any country. Countries
with higher and better levels of skills adjust more effectively to the challenges and
opportunities of world of work. It is an unique investment for harnessing the country’s
demographic dividend. In India, there is a great demand – supply mismatch and it needs
more skilled workforce for the expanding economy. The contemporary focus on skill
building or skill development in India is derived from the changing demographic profiles in
India.

India, as present, is recognized as one of the youngest nations in the world with over 50%
of the population under 30 years. It is estimated that by about 2025, India will have the 25%
of the total global workforce. The opportunity to reap the benefits of “demographic
dividend” has to be utilized only with the skilled workforce. Evidently, apart from meeting its
own demand, India has the potential to become the worldwide hub for outsourcing skilled
manpower. The Government of India has set-up a target to impart necessary skills to about
500 million people by 2022, in line with the forecast of requirement for skilled manpower in
future. For this purpose, the UGC is implementing three schemes viz. Community Colleges,
B.Voc Degree Programme, and Deen Dayal Upadhyay Centres for Knowledge Acquisition
and Upgradation of Skilled Human Abilities and Livelihood (KAUSHAL).

Deen Dayal Upadhyaya Grameen Kaushalya Yojana or DDU-GKY

6. It is a Government of India youth employment scheme. It was launched by on 25 September
2014 by Union Minsters Nitin Gadkari and Venkaiah Naidu on the occasion of 98th birth
anniversary of Pandit Deendayal Upadhyaya. It aims to target youth, under the age group of
15–35 years. A corpus of Rs 1,500 crore and is aimed at enhancing the employability of rural
youth. Under this programme, disbursements would be made through a digital voucher
directly into the student’s bank account as part of the government’s skill development
initiative.

BFSI SSC has further reviewed the possibilities of carrying out its activities as per the main
objects of the Company for the above new initiatives of the Government of India.

DIVIDEND:

Your Company being a Section 8 Company under the provisions of the Companies Act,
2013 is not required to declare any dividend.

RESERVES:

Reserves created out of profit of the Company shall be utilized to fund future projects of
the Company.

SHARE CAPITAL:

The paid up Equity Share Capital as on 31st March, 2016 was Rs. 20,500,000/-. During the
year under review, the Company has not issued any shares. It has neither issued employee
stock options nor sweat equity shares and does not have any scheme to fund its employees
to purchase the shares of the Company.

DIRECTORS:

The Directors on the Board bear rich experience and have a proven track record in the field
of educational research and development activities.

In terms of the Section 152 of Companies Act, 2013, Mr. Bhargava Dasgupta, Director of the

7. Company, retires by rotation and being eligible, offers himself for reappointment at the
ensuing Annual General Meeting.

None of the Directors of your Company are disqualified as per provision of Section 164 the
Companies Act, 2013.

Board Meetings held during the year:

During the year under review, Board Meeting were held as per the provisions of the
Companies Act, 2013.

DIRECTORS' RESPONSIBILITY STATEMENT :

As required by the provisions of Section 134(4) of the Companies Act, 2013, your Directors
confirm the following:

 that in the preparation of the annual accounts, the applicable Accounting Standards have
been followed along with proper explanation relating to material departures.

 that the Directors have selected such accounting policies and applied them consistently
and made judgment and estimates that were reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company at the end of the financial year
on 31
st
March, 2015 and of the surplus of the Company for the said financial year;

 that the Directors have taken proper and sufficient care for the 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 fraud and other irregularities;

 that the Annual Accounts for the year ended on 31
st
March, 2015 have been prepared on
a going concern basis.

 that the Directors, had laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively.

8.  that 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.

AUDITORS:

M/s. Dalal Doctor & Associates, Chartered Accountants, hold office until the conclusion of
the ensuing Annual General Meeting of the Company. The Company has received a consent
letter from them to the effect that their appointment for the financial year 2016 - 2017, if
approved, at the ensuing Annual General Meeting would be within the limits prescribed in
Section 141(3)(g) of the Companies Act, 2013 and were not disqualified for such
appointment. Accordingly, M/s. Dalal Doctor & Associates, Chartered Accountants, are
proposed to be appointed as Auditors of the Company at the ensuing Annual General
Meeting for a period of 5 years.

EXTRACT OF ANNUAL RETURN:

Pursuant to section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies
Managment and Administration) Rules, 2014, an extract of Annual Return in Form MGT-9 as
on 31st March, 2015 will be filled along with the Annual Report to the Registrar of
Companies.

HOLDING COMPANY:

The Company has ceased to be a wholly owned subsidiary of BSE Institute Limited from
29.04.2013. Further it has become the subsidiary of BSE Limited from 29.04.2013.

SUBSIDIARY COMPANIES, JOINT VENTURE OR ASSOCIATE COMPANIES:
During the year under review, there are no companies which has become / ceased to
become a subsidiary/joint venture/ associate company.

DEPOSITS:

During the year under review, the Company has not accepted/renewed any Deposits from

9. the public as covered under the provisions of Section 73 of the Companies Act, 2013 read
with the Rules made thereunder.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED
TO IN 188(1) READ WITH RULE 8(2) OF COMPANIES (ACCOUNTS) RULES, 2014:

Details of transactions with Related Parties are provided in the accompanying financial
statements.

RISK MANAGEMENT POLICY:

The Board is of the opinion that, there are no elements of risk which may threaten the
existence of the Company hence it was not required to implement a risk management
policy.

POLICY ON CORPORATE SOCIAL RESPONSI BILITY:

Your company is not required to constitute a Social Responsibility Committee.

DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION & REDRESSAL) ACT 2013:

The Company has zero tolerance towards any action on the part of any executive / staff
which may fall under the ambit of ‘Sexual Harassment’ at workplace, and is fully committed
to uphold and maintain the dignity of every women executive / staff working in the
company. The Company has not received any complaint of sexual harassment during the
financial year 2015-16.

PARTICULARS OF EMPLOYEES:

During the year, there was no employee drawing salary in excess of the limit set out under
the Companies Act, 2013, therefore, particulars of the employees are not furnished.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE

10. EARNINGS AND OUTGO:

There are no reportable instances in case of research and development and technology
absorption. There were no foreign exchange earnings or outgo during the year under
review.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY:

There is and has never been any change in the nature of business of the Company for the
year under review.

There are no material changes and commitments affecting the financial position of the
Company which has occurred between the end of the financial year of the Company i.e.
March 31, 2016 and the date of the Directors’ Report i.e. 22
nd
June, 2016.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULA TORS OR COURTS

No significant and material orders were passed by the regulators or courts or tribunals
impacting the going concern status and Company’s operations in future.

ACKNOWLEDGEMENTS:

Your Directors convey their gratitude to the shareholders, various banks, and financial
institutions for the confidence reposed by them in the Company. The Directors also place on
record their sincere appreciation to the employees for their continuing support and
unstinting efforts in ensuring an excellent all round operational performance.

11. Your Directors also wish to place on record their immense appreciation for the assistance
and co-operation received from various government and statutory authorities.


FOR AND ON BEHALF OF THE BOARD



Sudhakar Rao
Chairman
(DIN – 00267211)
PLACE: MUMBAI

DATE: 22
nd
June, 2016

12. ANNEXURE-I to Directors Report

Form No. MGT-9
EXTRACT OF ANNUAL RETURN

As on the financial year ended on March 31, 2016

[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014]

I REGISTRATION & OTHER DETAILS

i.
CIN U80904MH2011NPL222074
ii.
Registration Date 16
th
September, 2011
iii.
Name of the Company BFSI SECTOR SKILL COUNCIL OF INDIA
iv.
Category/Sub-category of the Company Limited Company/ Limited by Shares /Non-Government Company
v.
Address of the Registered office
& contact details
25th Floor, P. J. Towers, Dalal Street, Fort, Mumbai -400001, Maharashtra, India
vi.
Whether listed company (Yes /No) No
vii.
Name, Address & contact details of the
Registrar & Transfer Agent, if any.
Not Applicable

II PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY



All the business activities contributing 10% or more of the total turnover of the company
Sr. No Name & Description of main products/services NIC Code of the
Product /service
% to total turnover
of the company
1.
Skill Development 8522 100%

III PARTICULARS OF HOLDING , SUBSIDIARY & ASSOCIATE COMPANIES

Sr. No. Name & Address of the Company CIN/GLN HOLDING/
SUBSIDIAR
Y/
ASSOCIAT
E
% OF
SHARES
HELD
APPLICABLE
SECTION
1. BSE LIMITED

Add: 25th Floor, P. J. Towers, Dalal Street,
Fort, Mumbai - 400001, Maharashtra, India
U67120MH2005PLC155188 Holding 51.21 2(46)
Note: Company doesn’t have any Subsidiary or Associate Company

IV SHAREHOLDING PATTERN (Equity Share capital Break up as % to 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 %
chan
ge
durin
g the
year
Demat Physical Total % of
Total
Shares
Demat Physical Total % of
Total
Share
s

A. Promoters

13. (1) Indian
a) Individual/HUF - 6 6 .01 - - 6 .01 -
b) Central Govt.or
State Govt. - - - - - - - - -
c) Bodies Corporates - 20,499,994 20,499,994 99.99 - 20,499,994 20,499,994 99.99 -
d) Bank/FI - - - - - - - - -
e) Any other - - - - - - - - -

SUB TOTAL:(A) (1) - 20,499,994 20,499,994 100 - 20,499,994 20,499,994 100 -

(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) Cenntral govt - - - - - - - - -
d) State Govt. - - - - - - - - -
e) Venture Capital
Fund - - - - - - - - -
f) Insurance
Companies - - - - - - - - -
g) FIIS - - - - - - - - -
h) Foreign Venture
Capital Funds - - - - - - - - -
i) Others (specify) - - - - - - - - -

SUB TOTAL (B)(1): - - - - - - - - -

(2) Non Institutions
a) Bodies corporates - - - - - - - - -
i) Indian - - - - - - - - -

14. ii) Overseas - - - - - - - - -
b) Individuals - - - - - - - - -
i) Individual
shareholders holding
nominal share capital
upto Rs.1 lakhs - - - - - - - - -
ii) Individuals
shareholders holding
nominal share capital
in excess of Rs. 1
lakhs - - - - - - - - -
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) - 20,500,000 20,500,000 100 - 205,00,000 205,00,000 100 -


IV SHAREHOLDING PATTERN (Equity Share capital Break up as % to total Equity)

(ii) SHARE HOLDING OF PROMOTERS

Sr.
No.
Shareholders Name Shareholding at the
beginning of the year
Shareholding at the
end of the year
%
chan
ge in
share
holdi
ng
durin
g the
year
NO. of
shares
% of total
shares
of the
company
% of
shares
pledged
encumber
ed to total
shares
No. of
shares
% of
total
share
s
of
the
comp
any
% of
shares
pledged
encumb
ered to
total
shares

1. BSE Limited 10,000,000 48.78 10,000,000 48.78
2. National Stock Exchange of India Limited 10,000,000 48.78 10,000,000 48.78
3 BSE Institute Limited 4,99,994 2.43 - 4,99,994 2.43 - -
4
6 Persons holding shares in the beneficial
interest of BSE Institute Limited 6 0.01 - 6 0.01 - -
Total 20,500,000 100 - 20,500,000 100 - -

IV - SHAREHOLDING PATTERN (Equity Share capital Break up as % to total Equity)

(iii) CHANGE IN PROMOTERS' SHAREHOLDING ( SPECIFY IF THERE IS NO CHANGE)

Share holding at the beginning
of the Year
Cumulative Shareholding
during the year

15. No. of Shares % of total
shares of the
company
No of shares % of total
shares of the
company
At the beginning of the year
There is no Change in promoters shareholding since its
incorporation
Date wise increase/decrease in Promoters Share holding during the year
specifying the reasons for increase/decrease (e.g.
allotment/transfer/bonus/sweat equity etc)
At the end of the year

IV - SHAREHOLDING PATTERN (Equity Share capital Break up as % to total Equity)

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

Shareholding at the end of the
year
Cumulative Shareholding
during the year
For Each of the Top 10 Shareholders No. of shares % of total
shares of the
company
No. of shares % of total
shares of the
company
At the beginning of the year
Company doesn’t have any Top 10 Shareholders
Date wise increase/decrease in Promoters Share holding during the year
specifying the reasons for increase/decrease (e.g.
allotment/transfer/bonus/sweat equity etc)
At the end of the year (or on the date of separation, if separated during the
year)

IV - SHAREHOLDING PATTERN (Equity Share capital Break up as % to total Equity)

(V) Shareholding of Directors & KMP

Shareholding at the Beginning
of the year
Cumulative Shareholding
during the year (13-10-14 to 31-
03-15)
For Each of the Directors & KMP No. of shares % of total
shares of the
company
No. of shares % of total
shares of the
company
At the beginning of the year
1) Directors of the Company don’t hold any Equity shares in their
name. However, Shri Ambarish Datta one of the Director hold one
equity share in the beneficial interest of the BSE Institute Limited.

2) Company doesn’t have any Key Managerial Personnel (KMP)
Date wise increase/decrease in Promoters Share holding 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

16. Secured Loans
excluding
deposits
Unsecured
Loans
Deposits Total
Indebtedness
Indebtness at the beginning of the financial year

i) Principal Amount - - - -
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - - - -

Total (i+ii+iii) - - - -

Change in Indebtedness during the financial year

Additions - - - -
Reduction - - - -
Net Change - - - -
Indebtedness at the end of the financial year

i) Principal Amount - - - -
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - - - -

Total (i+ii+iii) 0 0 0 0

VI REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole time director and/or Manager:
Sr. No
Particulars of Remuneration
Name of the MD/WTD/Manager Total Amount
1
Gross salary


(a) Salary as per provisions contained in section 17(1) of
the Income Tax. 1961.
-

(b) Value of perquisites u/s 17(2) of the Income tax Act,
1961
- -

(c ) Profits in lieu of salary under section 17(3) of the
Income Tax Act, 1961
- -
2 Stock option
- -
3 Sweat Equity
- -

17. 4
Commission as % of profit
-

others (specify)
- -
5 Others, please specify
- -
Total (A)
0 0
Ceiling as per the Act
- -

VI REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
B. Remuneration to other directors:
Sr. No Particulars of Remuneration Name of the Directors Total Amount
1 Independent Directors


(a) Fee for attending board committee
meetings
- -
(b) Commission
- -
(c ) Others, please specify
- -
Total (1)
- -
2 Other Non Executive Directors


(a) Fee for attending
board committee meetings
- -
(b) Commission
- -
(c ) Others, please specify.
- -
Total (2)
- -
Total (B)=(1+2)
- -
Total Managerial Remuneration
0 0
Overall Cieling as per the Act.
- -

VI REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD
Sr. No. Particulars of Remuneration Key Managerial Personnel Total
1 Gross Salary CEO Company
Secretary
CFO Total

(a) Salary as per provisions contained in section 17(1) of the Income Tax Act, 1961.
- - - - -

18. (b) Value of perquisites u/s 17(2) of the Income Tax Act, 1961
- - - - -

(c ) Profits in lieu of salary under section 17(3) of the Income Tax Act, 1961
- - - - -
2 Stock Option
- - - - -
3 Sweat Equity
- - - - -
4 Commission
- - - - -
as % of profit
- - - - -
others, specify
- - - - -
5 Others, please specify
- - - - -


Total
0 0 0 0 0


VII PENALTIES/PUNISHMENT/COMPPOUNDING OF OFFENCES
Type Section of
the
Companies
Act
Brief
Description
Details of
Penalty/Punishment/Compou
nding fees imposed
Authority
(RD/NCLT/Court)
Appeal made if any
(give details)
A. COMPANY

Penalty
- - - - -
Punishment
- - - - -
Compounding
- - - - -


B. DIRECTORS

Penalty
- - - - -
Punishment
- - - - -
Compounding
- - - - -


C. OTHER OFFICERS
IN DEFAULT

Penalty
- - - - -
Punishment
- - - - -
Compounding
- - - - -

19. INDEPENDENT AUDITORS’ REPORT

To the Members of
BFSI Sector Skill Council of India

We have audited the accompanying financial statements of BFSI Sector Skill Council of India, which
comprise the Balance Sheet as at March 31, 2016, and the Statement of Income and Expenditure for the
year 1
st
April, 2015 to 31
st
March, 2016, and a summary of significant accounting policies and other
explanatory information.
Management’s Responsibility for 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, financial performance and cash flows 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. 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 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 financial statements that give a true and fair
view and are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility

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

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

20. and perform the audit to obtain reasonable assurance about whether the financial statements are
free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the
disclosures in the financial statements. The procedures selected depend on the auditor’s judgment,
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, but not for the
purpose of expressing an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating effectiveness of such controls.
An audit also includes evaluating the appropriateness of the 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion on the financial statements.
Opinion:
In our opinion and to the best of our information and according to the explanations given to us, the
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:
a. In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,
2016;
b. In the case of the Statement of Income and Expenditure, of the surplus for the year ended
on that date

Report on Other Legal and Regulatory Requirements

1. The company has been exempted from compliance of provisions of COMPANIES
(AUDITOR REPORT) ORDER , 2015 as per clause (iii) of sub-section 2 of section 1 of that
order. As such the requirements of CARO, 2015 issued by the Central Government in terms
of section 143(11) of the Companies Act, 2013 are not applicable.

21. 2. As required by section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of
our knowledge and belief were necessary for the purpose of our audit;
b. 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
c. The Balance Sheet and Statement of Income and Expenditure dealt with by this Report
are in agreement with the books of account.
d. In our opinion, the Balance Sheet and Statement of Income and Expenditure comply with
the Accounting Standards referred to in subsection (3C) of section 211 of the Companies
Act, 1956 read with the General Circular 15/2013 dated 13 September 2013 of the
Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013;
e. On the basis of written representations received from the directors as on March 31, 2016,
and taken on record by the Board of Directors, none of the directors is disqualified as on
March 31, 2016, from being appointed as a director in terms of sub-section (2) of section
164 of the Companies Act, 2013.
f. 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
.

ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.


For Dalal Doctor and Associates
Chartered Accountants
FRN: 120833W

Sd/-
Amol Khanolkar
(Partner)
Membership No. : 116765

22. Particular
Note
No.
As at 31
st
March,
2016
As at 31
st
March,
2015
I EQUITY AND LIABILITIES
(1) Shareholder`s Funds
(a) Share Capital 1.1 20,500,000 20,500,000
(b) Reserve and Surplus 1.2 57,341,438 51,371,933
Sub Total(A) 77,841,438 71,871,933
(2) Current Liabilities
(a) Trade Payables 2.1 2,721,007 262,293
(b) Other Current Liabilities 2.2 13,123,577 5,591,952
Sub Total(B) 15,844,584 5,854,245
TOTAL (A+B) 93,686,022 77,726,178
II ASSETS
(1) Non Current Assets
Fixed Assets
(a) Tangible Assets 3.1 424,480 14,849
Sub Total (A) 424,480 14,849
(2) Current Assets
(a) Cash and Cash Equivalents 3.2 82,668,045 67,987,860
(b) Trade Receivables 3.3 718,800 -
(c) Other current Assets 3.4 9,874,697 9,723,469
Sub Total (B) 93,261,542 77,711,329
TOTAL (A+B) 93,686,023 77,726,178
Significant Accounting Policies 6
For Dalal Doctor & Associates For and on behalf of the Board of Directors
Chartered Accountants BFSI SECTOR SKILL COUNCIL OF INDIA
Firm Reg. No:- 120833W CIN: U80904MH2011NPL222074
Sd/- Sd/- Sd/-
Amol Khanolkar Director Director
Partner
Membership No:- 116765
Place : Mumbai
Date :
BFSI SECTOR SKILL COUNCIL OF INDIA
Balance Sheet As at 31
st
March, 2016
CIN: U80904MH2011NPL222074

23. Particulars
Note
No.
For the Year Ended 31
st
March, 2016
For the Year Ended 31
st
March, 2015
Income
Revenue from Operations 4.1 20,073,000 103,851,400
Other Income 4.2 5,539,949 6,350,054
(I) Total Income 25,612,949 110,201,454
Expenses
Operating Expenses 5.1 10,141,315 55,149,300
Employee Cost 5.2 1,735,962 2,358,032
Depreciation and Amortization 216,650 29,504
Other Expenses 5.3 7,549,517 2,751,248
(II) Total Expenses 19,643,444 60,288,084
(III) Surplus/(Deficit) Before Exceptional And Extra ordinary
Items And Tax (I - II)
5,969,505 49,913,370
(IV)Surplus/(Deficit) Before Tax 5,969,505 49,913,370
(V) Tax Expenses
- Current Tax - MAT for the year - -
- MAT credit entitlement - -
(V)Surplus/(Deficit) for the year from Continuing Operation
5,969,505 49,913,370
(VI) Surplus/(Deficit) Brought Forward 51,371,933 1,458,563
(VII) Surplus/(Deficit) For the Year 57,341,438 51,371,933
Significant Accounting Policies 6
For Dalal Doctor & Associates For and on behalf of the Board of Directors
Chartered Accountants
Firm Reg. No:- 120833W
Sd/- Sd/- Sd/-
Amol Khanolkar Director Director
Partner
Membership No:- 116765
Place : Mumbai
Date :
BFSI SECTOR SKILL COUNCIL OF INDIA
Income and Expenditure Account For the year ended 31
st
March, 2016
CIN: U80904MH2011NPL222074

24. BFSI SECTOR SKILL COUNCIL OF INDIA
Note : 1.1 Share Capital
As at
31
st
March, 2016
As at
31
th
March, 2015
Authorized
50,000,000 (PY 50,000,000) Equity Shares of Re. 1/- each 50,000,000 50,000,000

Issued Subscribed and paid - up 20,500,000 20,500,000
20,500,000 (PY 20,500,000 )Equity shares of Re. 1 each fully paid - up
Total 20,500,000 20,500,000
1 (A) Reconciliation of number of shares outstanding
No. of shares Amount
Opening share capital as at 1st April 2015 20,500,000 20,500,000
Equity Face Value Re. 1/- fully paid up
Adjustments During the year - -
Closing share capital as at 31st March 2016 20,500,000 20,500,000
Equity Face Value Re. 1/- fully paid up
Details of shareholding as at 31st March 2016
20,500,000 (PY 20,500,000) Equity Shares of Re. 1 each
Each equity shares is entitled to one voting right only
1(c). List of Shareholders holding more than 5% shares as at
No. of Shares held% of Holding No. of Shares held% of Holding
10,000,000 49% 10,000,000 49%
BSE Ltd 10,000,000 49% 10,000,000 49%
Note : 1.2 Reserves and Surplus
Opening Balance
as at 1
st
April,
2015
Additions
Deductions /
Adjustments
Closing Balance
as at
31
st
March,2016
51,371,933 5,969,505 - 57,341,438
Total 51,371,933 5,969,505 - 57,341,438
Details of Income and Expenditure Account is as given below.
As at
31
st
March, 2016
As at
31
th
March, 2015
Surplus/(Deficit) after Tax 5,969,505 49,913,371
Balance brought forward 51,371,934 1,458,564
Surplus/(Deficit) available for appropriation 57,341,439 51,371,934
Appropriation - -
Surplus / (Deficit )carried to Balance Sheet 57,341,439 51,371,934
Note : 2.1 Trade Payables
As at
31
st
March, 2016
As at
31
th
March, 2015
Trade Payables
Others 2,721,007 262,293
Total 2,721,007 262,293
As at 31
st
March , 2015
National Stock Exchange of India Ltd
As at 31
st
March , 2016
Particulars
Particulars
Name of Shareholder
Particulars
Surplus/(Deficit) as per Statement of Income and Expenditure Account
Particulars
Particulars

25. Note : 2.2 Other Current Liabilities
As at
31
st
March, 2016
As at
31
th
March, 2015
Other Payables
- Others 3,549,138 1,874,952
- Advances Received from Training Partners 9,574,439 3,717,000
Total 13,123,577 5,591,952
Note : 3.1 Fixed Assets
As at
01
st
April, 2015
Addition /
(Disposal)
As at
31
st
March, 2016
As at
01
st
April, 2015
For the year
As at
31st March, 2016
As at
31
st
March, 2016
As at
31
st
March, 2015
Tangible Assets
Computers 56,250 558,781 615,031 41,401 204,824 246,225 368,806 14,849
Furniture & Fixture - 67,500 67,500 - 11,826 11,826 55,674 -
Total 56,250 626,281 682,531 41,401 216,650 258,051 424,480 14,849
Previous Year 56,250 - 56,250 11,897 29,504 41,401 14,849 0
Note : 3.2 Cash and Cash Equivalents
As at
31
st
March, 2016
As at
31
th
March, 2015
Cash and Cash Equivalents :
Cash Balance 9,000
Bank Balances
In Current Accounts 13,881,552 993,321
In Deposits 68,777,493 66,994,539
Total 82,668,045 67,987,860
Note : 3.3 Trade Receivables
As at
31
st
March, 2016
As at
31
th
March, 2015
A - Unsecured and considered good
- Outstanding for a period exceeding 6 months - -
- Others 718,800 -
Total 718,800 -
Note : 3.4 Other Current Assets
As at
31
st
March, 2016
As at
31
th
March, 2015
Income Tax 6,717,897 6,552,317
Accrued Interest 2,931,800 2,946,152
- MAT credit entitlement 225,000 225,000
Total 9,874,697 9,723,469
Note : 4.1 Revenue from Operations
As at
31
st
March, 2016
As at
31
th
March, 2015
Revenue from Assessment Fees 20,073,000 103,851,400
Total 20,073,000 103,851,400
Particulars
Depreciation Net BlockGross Block
Particulars
Particulars
Particulars
Particulars
Particulars

26. Note : 4.2 Other Income
As at
31
st
March, 2016
As at
31
th
March, 2015
Interest :
Interest on Fixed Deposits 5,279,349 6,350,054
Miscelleneous Income 110,072 -
Interest on Income Tax Refund 150,528 -
Total 5,539,949 6,350,054
Note : 5.1 Operating Expenses
Particulars
As at
31
st
March, 2016
As at
31
th
March, 2015
Assessment fees 9,678,120 55,149,300
Centre Validation Fess- Expense 280,795 0
Trainer Certification Expenses 182,400 0
Total 10,141,315 55,149,300
Note : 5.2 Employee Benefit Expenses
As at 31
st
March,
2016
As at
31
th
March, 2015
Salaries 1,735,962 2,358,032
Total 1,735,962 2,358,032
Note : 5.3 Other Expenses
As at
31
st
March, 2016
As at
31
th
March, 2015
Events Fees 874,160 -
Rent, Rates and Taxes 847,836 560,042
Auditors Remuneration 397,611 336,883
Professional Fees 2,733,231 164,212
Travelling Expenses 2,089,647 408,014
General Expenses 607,032 1,282,097
Total 7,549,517 2,751,248
Particulars
Particulars
Particulars

27. SCHEDULE 6

Notes to the accounts forming part of the Balance sheet as at 31
st
March, 2016 and Income and Expenditure
account for the Year ended 31
st
March, 2016

1. SIGNIFICANT ACCOUNTING POLICIES

a) Basis of Accounting
The accompanying financial statements have been prepared and presented under the historical cost
convention in accordance with generally accepted accounting principles and the provisions of the
Companies Act, 1956.

b) Use of Estimates:
The preparation of the financial statement requires the Management to make estimates and
assumptions that affect the reported balances of assets and liabilities (including contingent liabilities)
and disclosures relating to liabilities as at the date of financial statements and reported amount of
income and expenses during the period.

c) Revenue Recognition:
The Revenue in respect of Assessment Fees received is recognized on conducting the assessment /
completion of GFMA Star program. In case of student not appeared for assessment revenue is
recognized on receipts of fees.

d) Government Grants
Government Grants and subsidies are recognized when there is reasonable assurance that the
conditions attached to them will be complied, and grant/subsidy will be received.

e) Employee Benefits:
Employee benefits are accrued in accordance with Accounting Standard-15 (Revised) “Employee
Benefits”

(1) Provident Fund:

Eligible employees receive benefits from a provident fund, which is a defined benefit plan. Aggregate
contribution along with interest thereon is paid on cessation of services. Both the employee and the
company make monthly contributions to the Holding Company’s Provident Fund Trust.

f) Provision, Contingent Liability and Contingent Assets:
 Provisions
Provisions are recognized for liabilities that can be measured only by using a substantial degree of
estimation, if

(a) The Company has a present obligation as a result of a past event,
(b) A probable outflow of resources is expected to settle the obligation; and
(c) The amount of the obligation can be reliably estimated.

28.  Contingent liability
Contingent liability is disclosed in case of:

(a) A present obligation arising from past events, when it is not probable that an outflow of resources
will be required to settle the obligation,

(b) A present obligation when no reliable estimate is possible; and

(c) A possible obligation arising from past events where the probability of outflow of resources is not
remote.

 Contingent Assets
Contingent Assets are neither recognized, nor disclosed.

Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.

2. NOTES ON ACCOUNTS

1. In the opinion of the company, current assets, loans and advances are of the value stated, if realized in
the ordinary course of business. Provision for all known liabilities have been made and is adequate and
not in excess of the amounts considered necessary. No personal expenses have been charged to the
revenue account

2. The Company has no contingent liabilities or contract remaining to be executed on capital accounts.

3. In accordance with the Accounting Standard – 22 relating to “Accounting for Taxes on Income”, the
management is of the opinion, due to uncertainty of the future income deferred tax assets has not been
recognized.

4. Auditors’ Remuneration:

Particulars
For the year ended 31
st

March,2016
For the year ended 31
st

March,2015
Payment to auditors
- Audit Fees 150,000 125,000
- Others 197,127 173,000
- Service Tax 50,483 38,883
Total 397,611 336,883

5. Related Party Disclosure

A. Transactions with related party

Sr.
No.
Name of Concern Nature of
Relationship
Amount Transaction
Rs.
Amount Closing Rs.
Receivable/(Payable)
1. National Stock
Exchange of India Ltd
Significant Influence 14,34,760/- 12,32,840/-

29. 2. BSE Institute Limited
(Debtors)
Significant Influence 40,701,98/- (23,19,998)/-
3. BSE Institute Limited
(Creditor)
Significant Influence 56,41,992/- 45,77,414/-

B. Key Managerial Personnel

Sr.
No.
Name of Person Nature of Relationship
1. Mr. Sudhakar Rao Director



C. Transactions with Key Personnel

Name Particulars For the year
ended 31
st

March,2016
For the period ended 31
st

March, 2015

Mr. Sudhakar Rao Sitting Fees NIL NIL

6. Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the
current year’s classification/disclosure.


For Dalal Doctor & Associates For and on behalf of the Board of Directors
Chartered Accountants
Firm Reg. No:- 120833W



Sd/-
Amol Khanolkar Sd/- Sd/-
Partner Director Director
Membership No:- 116765

Place : Mumbai
Date :