Regulatory Disclosures

Financial Results (FY 2023-24)

The financial results for the year ended 31st March, 2024 and the corresponding figures for the last year are as under: -
(In ₹)
Particulars 2023-24 2022-23 2021-22
Revenue from operations 64667530 60377340 4,14,10,417
Other Income 4448180 2974461.8 22,33,234
Total Revenue 69115710 63351801.80 4,36,43,651
Total Expenses 49477720 44106869.73 3,23,05,701
Profit / Loss before Tax 19637990 19244932.07 1,13,37,950
Tax Expenses :
Current Tax 5362442.8 5168363.2 30,51,260
Deferred Tax -317250 -101880 -1,08,360
MAT Credit entitlement 0
Profit/ Loss after Tax 14592797.20 14178448.87 83,95,050

Please   click here to view the entire financial statements.

Shareholding Pattern

The Current Shareholding pattern of the Company is as follows:

S. No Name of the shareholder Percentage of shareholding
1. Mr. Jitendranath Gupta 47.37%
2. Mrs. Rekha Gupta 52.63%

Note: Names of only first holder is disclosed above.

Mr. Jitendranath Gupta and Mrs. Rekha Gupta are related to each other.

Please click here to view the Annual Return.

Business Revenue Model

Proxy Advisory Services

  • SES provides case-by-case analysis of governance issues to enable its clients to vote in a manner that minimizes investment risks and enhances returns.
  • SES services allow investors to understand inherent Corporate Governance risks in their investments and to take informed voting action.

Research Reports

  • SES also publishes various Topical Research Reports from time to time.

E-Ballot Box

  • An online voting platform, allowing investors to vote from anywhere in the world
  • It provides an end to end proxy solution to investors – from accessing proxy reports and voting advice to recording votes and generating customized MIS reports.
  • Access annual reports, notices and outcomes of meetings, view SES’ voting recommendations, access SES’ governance scores and research reports and connect with SES’ analyst team.

Corporate Governance Score & ESG Scores

  • SES uses its multivariate Corporate Governance Scoring and ESG model to evaluate and score.
  • SES scores assist investors and lenders in assessing governance of the Company and enable them to incorporate governance risk factor in decision making process.

During FY 2023-24, the revenue contribution from the above stated services formed the following proportion:

Service Based Revenue Distribution

Cliental Based Revenue Distribution

SES also serves more than 40 clients ranging from Mutual Fund Houses, Banks, Insurance Companies, Foreign Institutional Investors, etc. During FY 2023-24, the revenue earned from clients can be categorised as follows:

Litigations:

During FY 2018-19 and FY 2019-20, ITC Ltd had filed a defamation case against the Company for a claim amounting to ₹ 1,000 crores in each FY in connection with Proxy Advisory Report published by the Company. The Company is pursuing the case and does not expect any material liability on this account.

Conflict of Interest

SES is committed to conducting its business with the highest degree of ethics and integrity in order to best serve our clients and to avoid conflicts of interest to the maximum extent possible.

We are aware of the sources of potential conflict of interests and have decided ab-initio to deploy firewalls to mitigate such situations.

Potential conflict of interests arise when an entity provides services to issuers on developing proposals to improve Corporate Governance and at the same time makes recommendations to investor clients on the same proposal. Another conflict of interest arises when an entity provides Corporate Governance advice to issuers and at the same time provides recommendations to investor clients with respect to proposals of the same issuer.

SES will not enter into any engagement that does not fall within our stated objectives. We do not offer consulting or advisory services to issuers. We do not advise public companies on their governance structures or conduct. We will not use our relationship with institutional investors as a leverage to win consulting assignments with public companies.

We endeavour to take every precaution necessary to ensure that our research is objective, unbiased and independent. We strive to ensure that our recommendations are transparent and follow guidelines stated to our clients. Our recommendations are based solely on publicly available information.

Additionally, we maintain safeguards/ firewalls to prevent other conflict of interests such as:

  • An issuer contacts SES to purchase a copy of its report prior to publication. SES as a policy does not sell any report prior to publication and all the interactions with the companies have audit trail.
  • An employee or advisor of SES serves as a director or an executive of a public company or has any material financial interest in a public company.
  • The user undertakes that he will not hold SES liable for any deficiency in the material on this website and/or for any consequences from use of such material.
  • An institutional investor client of SES is a public company or is in some way affiliated with an issuer.
  • A client submits a shareholder proposal or is soliciting shareholder support for or against a proposal.

Investor Charter


Kindly Click here to View Investor Charter in respect of Research Analyst.

Declaration

None of the director or employees of the Company have any pecuniary relationship with any listed companies nor do they have any material association in or material shareholdings of any listed company. Please Click here to view Employee Trading Policy.

SES has become a shareholder in various Listed Companies with a sole objective of obtaining timely Shareholders’ communications from the Company. Please click here to view the list of such companies along with shareholding.

Mr. J N Gupta in his own name or jointly with his wife owns shares of Agi Greenpac Ltd, Avalon Technologies Ltd, Bharat Electronics Ltd, Cable Corporation Of India Ltd, Cg Power And Industrial Solutions Ltd, Credence Sound And Vision Ltd, Dishman Carbogen Amcis Ltd, Divgi Torqtransfer Systems Ltd, Eih Ltd, Elecon Engineering Company Ltd, Electrex India Ltd, Elgi Equipments Ltd, Esl Steel Ltd, Ghcl Ltd, Ghcl Textiles Ltd, Gmr Airports Ltd, Gmr Power And Urban Infra Ltd, Gujarat Mineral Development Corporation Ltd, Gujarat Narmada Valley Fertilizers And Chemicals Ltd, Haldyn Glass Ltd, Harsha Engineers International Ltd, Hdfc Bank Ltd Sr U005 9 Ncd 29Nv28 Fvrs10Lac, Hemisphere Properties India Ltd, Hindustan Aeronautics Ltd, Hindustan Construction Company Ltd, India Infrastructure Finance Company Ltd 8.41 Bd 22Jn24 Fvrs1000 Loa Upto 20Ap14, India Infrastructure Finance Company Ltd 8.91 Bd 22Jn34 Fvrs1000 Loa Upto 20Ap14, India Infrastructure Finance Company Ltd Trchiiisr3Brrbd27Mr34 Fvrs1000Loaupto10Ju14, India Steel Works Ltd, Indian Railway Finance Corporation Ltd 8.88 Bd 26Mr29 Fvrs1000 Loa Upto 25Mr14, Indian Railway Finance Corporation Ltd Sr-108 A 7.64 Bd 22Mr31 Fvrs1000 Loaupto17M16, Indian Renewable Energy Development Agency Ltd Sr-2B 7.74 Loa 21Jn31 Fvrs1000, Jain Irrigation Systems Ltd, Jaiprakash Associates Ltd, Jaiprakash Power Ventures Ltd, Jaypee Infratech Ltd, Jnk India Ltd, Jubilant Ingrevia Ltd, Jubilant Pharmova Ltd, Jyoti Cnc Automation Ltd, Kaynes Technology India Ltd, Lgb Forge Ltd, Mazagon Dock Shipbuilders Ltd, Minda Corporation Ltd, Moil Ltd, Narayana Hrudayalaya Ltd, National Bank For Agriculture And Rural Development Sr-Iib 7.64 Bd23Mr31Fvrs1000Loaupto22Mr16, National Highways Authority Of India Sr Iib 8.75 Bd 05Fb29 Fvrs1000, National Housing Bank 8.88 Ncd 13Jn29 Fvrs5000 Loa Upto 12Fb14, Idi Ltd, Nhpc Ltd Sr-2B 8.79 Bd 02Nv28 Fvrs1000 Loa Upto 22Jn15, Nmdc Ltd, Ntpc Ltd Sr-2A 8.48 Bd 16Dc28 Fvrs1000, Onesource Specialty Pharma Ltd Eq New Fv Re.1/-, Orient Green Power Company Ltd, Patel Engineering Ltd, Pentagon Global Solutions Ltd Eq, Power Finance Corporation Ltd 8.54 Bd 16Nv28 Fvrs1000 Loa Upto 9Fb14, Pricol Ltd, Rama Petrochemicals Ltd, Rattanindia Power Ltd, Rec Ltd, Reliance Power Ltd, Secure Earth Technologies Ltd, Sepc Ltd, Shilpi Cable Technologies Ltd, Solara Active Pharma Sciences Ltd Partly Paidup, Strides Pharma Science Ltd, Sunteck Realty Ltd, Supriya Lifescience Ltd, Suzlon Energy Ltd, Tata Motors Ltd, The Indian Hotels Company Ltd, Tata Power Company Ltd, Time Technoplast Ltd, U P Hotels Ltd, Usha Martin Education & Solutions Ltd, Vedanta Ltd, Vishnu Chemicals Ltd, Zaggle Prepaid Ocean Services Ltd, Zen Technologies Ltd, Zydus Lifesciences Ltd.

J N Gupta along with Rekha Gupta holds stock value of approx. 5 crores in Vedanta Limited.


Mr. Devendra Bhandari, in his own name or jointly with his wife owns shares of ABB India Ltd, Aditya Birla Capital Ltd., Aditya Birla Fashion and Retail Ltd, Century Textiles and Industries Ltd, Chambal Fertilisers and Chemicals Ltd, Coal India Ltd, Essar Steel India Ltd, Futura Polyesters Ltd, General Insurance Corporation, Grasim Industries Ltd, GSFC Ltd, HDFC Bank Ltd, Hindalco Industries Ltd, ICICI Prudential Life Insurance Company Ltd, IDFC Bank Ltd, IDFC Ltd, Indiabulls Housing Finance Ltd, Infosys Ltd, Kridhan Infra Ltd., Larsen & Toubro Ltd, Mahindra and Mahindra Ltd, Mangalore Refinery and Petrochemicals Ltd, NBCC (India) Ltd., Nestle Ltd, Nijjer Agro Foods Ltd, Oil & Natural Gas Corporation Ltd, PC Jeweller Ltd., Petronet LNG Ltd, Power Finance Corporation Ltd, PTC India Ltd, Reliance Industries Ltd, Sintex Industries Ltd, Sintex Plastic Technology Ltd, State Bank of India, Suzlon Energy Ltd, Tata Consultancy Services Ltd, Tata Motors Ltd (DVR), Tata Steel Ltd, Ultratech Cement Ltd, Vedanta Ltd, Vodafone Idea Cellular Ltd, Yes Bank Ltd, Modulex Construction Technologies Ltd.