Issuer study · Gold loans · single issuer
You own, or are being offered, an 11% to 12% bond from Finkurve Financial Services, a gold loan lender that trades as Arvog and belongs to the Augmont group. This study explains how the company earns the money to pay it, who stands ahead of you, and what each rating agency says, then gives every bond its own card and a monthly routine for checking it. Each fact carries its source and date, with the company's own position beside it wherever one is on record.
Story written 23rd Oct 2026 · Bond cards and status checked 23rd Oct 2026 · Figures from Finkurve's offer documents, exchange filings and rating agencies, dated where used
Every listed bond here carries a BBB or BBB+ rating (section 5).
Finkurve Financial Services Limited (FFSL) is a non banking financial company: a lender registered with the Reserve Bank of India (RBI) that does not take deposits. It lends under the brand Arvog. From Dec 2024 to Jun 2026 it sold non convertible debentures (NCDs), bonds that can never turn into shares, in pieces of ₹10,000 and ₹1 lakh. Each one is a loan to FFSL alone. Their ISINs, the 12 character codes printed on a demat statement, all start INE734I.1, 7
At 30th Jun 2026 FFSL managed loans of ₹1,270.4 crore. That includes ₹38 crore of co-lending, loans it found and serviced while a partner lender funded most of them. 95.9% of the book was gold loans, 3.3% personal loans and 0.8% other loans, through 118 branches.10 At 31st Mar 2026, 54.24% of the book was in Telangana, 28.10% in Andhra Pradesh, 11.19% in Karnataka, 2.62% in Tamil Nadu and 1.78% in Maharashtra.7
A gold loan is a loan against jewellery. The borrower hands the jewellery over, the lender keeps it in a vault and lends a part of its value. That part is the loan to value (LTV). FFSL's GID cites RBI's cap of 75% in its risk factors; its product note describes gold loans "with a LTV of below 85%". Its average LTV was 72.2% in the quarter to Mar 2026 and 77.3% in the quarter to Jun 2026, and 94.68% of the book at 31st Mar 2026 was lent at 70% to 80% of the gold's value.1, 10, 7
The average gold loan was about ₹1.5 lakh to ₹1.87 lakh, for about 10 months, at a yield of about 19% to 20% a year.1, 10, 15 Interest builds up each month. When the borrower repays, the jewellery goes back. When the borrower does not, the lender can sell the gold at an auction under its auction policy. FFSL's GID states that it cannot assure it "will be able to auction such pledged gold jewellery at prices sufficient to cover the amounts under default", and that auctions can be delayed.1
Plate FK.1
How a gold loan works
A sketch of the idea, with made up figures at the 75% loan to value cap that Finkurve’s GID cites
The difference between the gold's value and the loan is the lender's cushion. A fall in the price of gold shrinks it, and so does unpaid interest, which adds to what the borrower owes. FFSL publishes no count or value of its auctions.
On the FY26 earnings call the chief executive said NPAs are cleared "either via repayment or by auction, but auction anyways is very, very less in our case". The CFO said 99% of the book was in Stage 1, less than 30 days past due.11
FFSL also makes short personal loans through partner apps. Its digital lending page names 2: PAYME, whose lending service provider is Huey Tech Private Limited, and Salary Now, whose provider is KKSV Business Services Private Limited.28 The GID gives an average ticket of ₹8,000 and an average term of 27 days. CARE reports interest rates of about 45% a year on this book.1, 13
A loan becomes a non performing asset (NPA) once it is 90 days past due. CARE reports that FFSL writes off unsecured personal loans "once they cross 82 days past due". A loan written off on day 82 leaves the books before it reaches the 90 day line, so its loss appears as a write off, not as an NPA.14
In FY26, the year to 31st Mar 2026, FFSL wrote off ₹21.32 crore of loans. Its gross NPA was ₹4.04 crore at the start of the year and ₹1.37 crore at the end, after ₹30.22 crore of new NPAs and ₹11.57 crore of other reductions.7
CARE records no write offs in the gold loan book in FY25 and FY26, and that write offs "continued in the unsecured personal loan and SME segments".14
Sections 2 and 3 follow the money: who owns and runs the company, and where the cash for a coupon comes from. Section 4 sets out who stands ahead of you. Sections 5 to 8 read the opinions and the paper: the ratings, the promises, the record, and what falls due when. Section 9 gives every bond its own card, section 10 is a monthly routine for a holder, and section 11 is the position on 23rd Oct 2026.
Every bond on this page is a loan to one company, FFSL: a gold loan lender with a small personal loan book run through partner apps. No other company or person guarantees the bonds.
Most of FFSL's links to other companies run through its owners, so the next section starts there.
FFSL was incorporated in Mumbai on 15th Mar 1984 as Sanjay Leasing Limited, and listed on BSE after a public issue in Jul 1984. The GID gives 23rd Mar 1984, the date the company could begin business. RBI registered it as an NBFC on 9th Mar 1998.24, 1
On 25th Mar 2010, 6 buyers led by Ketan Kothari agreed to buy 20.13% of the company from its founding families, and made an open offer to other shareholders at ₹33 a share. Ketan Kothari joined the board on 10th Dec 2010. In 2012 the company took the name Finkurve Financial Services, and an allotment of 9,00,000 shares to Ketan, Mohinidevi and Kalawati Kothari took the promoter group to 73.12%.24, 1 The promoters are the people who control a company; FFSL's GID names 4: Ketan Kothari, Mohinidevi Kothari, Kalawati Kothari and Devkumari Kothari.1
One of the 6 buyers of 2010 was Rakesh Manekchand Kothari, whom the Augmont Enterprises prospectus and the 2010 letter of offer list as a son of promoter Devkumari Manekchand Kothari.23, 24 A press report (Outlook Business, 25th Aug 2026, citing Moneycontrol) identifies him as the subject of an Enforcement Directorate case under the Prevention of Money Laundering Act; in that case the Gujarat High Court rejected his habeas corpus petition on 9th Aug 2023 (R/SCR.A 4247 of 2015), and on 23rd Aug 2023 the Supreme Court dismissed his appeal as not pressed and left him free to seek bail.43, 41, 42 He is not named as a promoter in FFSL's GID of 28th Nov 2025, holds no role at FFSL, and FFSL's offer documents do not mention the case.1
Outside investors bought shares in Apr 2019 (Nexpact and Rishabh Jewellers), Jan 2020 (Muthoot Bankers) and May 2025, when FFSL raised ₹111.5 crore from shares and warrants.1, 13 In Feb 2022 it sold its forex subsidiary, Arvog Forex, to the Indian arm of Revolut.1, 44
At 31st Mar 2026 the promoter family held 56.24%: Mohinidevi Kothari 28.92%, Ketan Kothari 18.23%, Kalawati Kothari 6.46% and other family members the rest. The largest outside holders were Muthoot Bankers, through partner Thomas John Muthoot, with 13.15%, Rishabh Jewelers with 5.79% and Nexpact with 5.29%.7
The GID states: "FFSL is a part of the 'Augmont' Group". Augmont is the Kothari family's bullion business: refining, trading, and the digital gold app Gold For All.1, 15 Its main company, Augmont Enterprises Limited, listed on BSE and NSE on 31st Aug 2026 after an ₹825 crore IPO at ₹788 a share.23, 38 Its prospectus names FFSL as its Group Company no. 1 and part of its promoter group, lists all 11 listed FFSL ISINs, and states that FFSL ran Augmont's 106 Gold For All centres in 4 southern states at 31st Mar 2026.23
No Augmont company owns FFSL, and FFSL owns none of them; CARE describes the link as a common promoter family.13 Augmont Goldtech sourced FFSL's gold loans from Oct 2020 to Jun 2024. From Jul 2024, CRISIL reports, FFSL's own branches source them and Augmont's role has been "curtailed to technology and brand provider".15 FFSL paid Augmont Goldtech fees of ₹10.27 crore in FY24, ₹4.13 crore in FY25 and ₹6.57 crore in FY26.1, 7
Plate FK.2
Where Finkurve sits in the Augmont group
Who owns what, and what passes between Finkurve and companies linked to its promoters: loans owed at 31st Mar 2026, FY26 fees, and borrowing limits passed on 8th Jul 2026
FFSL's board had 7 directors on 23rd Oct 2026: Ketan Kothari, the non executive chairperson; Priyank Kothari, executive director since 17th May 2021; C. VR. Rajendran, a non independent director from Apr 2026 and a former MD of CSB Bank; and 4 independent directors. Each director carries a DIN, the number the government gives every company director.7, 18
2 of the independent directors, Nishant Ranka (DIN 06609705) and Cavale Narayanarao Raghupathi (DIN 08846510), have also been independent directors of Augmont Enterprises since 12th Jun 2025; Nishant Ranka also sits on the boards of Augmont Goldtech and Ideal Fiscal Services, both Augmont companies. Riddhi Tilwani, an FFSL independent director until 30th Jun 2024, is listed in the Augmont prospectus as an independent director of an Augmont subsidiary.23, 1, 26
The GID and KIDs list each director's other boards, including the Augmont ones. No company statement on the shared directors was found to 23rd Oct 2026.1, 7
Amit Shroff, chief executive from 13th Dec 2022, resigned with effect from 31st Oct 2025, giving personal reasons. Naveen Kottala, appointed on 13th Nov 2025, joined on 18th Nov 2025 and resigned with effect from 20th Oct 2026 "to pursue other professional opportunities". Siddharth Purandare is appointed chief executive from 13th Dec 2026. The filings name no interim chief executive for 21st Oct to 12th Dec 2026; that is a gap in what is disclosed, not proof of a vacancy. The GID of 28th Nov 2025 names no chief executive.22, 21, 1
The board outcome of 1st Oct 2026 describes Siddharth Purandare's 23 years in lending, including more than a decade at Edelweiss Retail Finance. No other statement on the changes was found.21
A pledge hands shares to a lender as security; the lender can sell them if the loan is not repaid (pledging bonds).
Ketan Kothari had pledged 1,50,00,000 FFSL shares, 10.71% of the company, to Muthoot Exim Private Limited, recorded as a "third party pledge". It was released in 2 lots: 90,75,000 shares disclosed on 8th Apr 2026 and 59,25,000 shares on 13th Apr 2026. A revised disclosure of 30th Apr 2026, filed after an exchange query, corrected the share of the company from 6.48% to 10.71%. Muthoot Bankers holds 13.15% of FFSL; no filing read links the pledgee to the shareholder. The Augmont prospectus names Muthoot Exim among Augmont's channel partners.20, 7, 23
The release filings do not say whose borrowing the pledge secured. No company statement on it was found.20
The Kothari family controls FFSL and the Augmont bullion group. FFSL is not a subsidiary of any Augmont company; the links are the family, 2 shared independent directors, a service agreement with Augmont Goldtech, and loans from companies tied to the promoters.
Those loans are part of how FFSL pays its own lenders, which is the next question.
On 13th Aug 2026 an analyst asked why FFSL's return on average loan assets had fallen to 2.9% while its loans grew. The CFO answered:
if our lending yields are at 20%, our average cost of funds or cost of borrowing to say is about 11% to 11.5%, that's the range with an opex cost of about average 6% to 7%, right? That hardly leaves us anything, 100 to 200 bps kind of a pre-tax return
Aakash Jain, CFO, Q1 FY27 earnings call, 13th Aug 2026
He was speaking of lending yields across the book, not of gold loans alone. A basis point (bps) is 0.01%, so 100 to 200 bps is 1% to 2%.12
A lender pays its bondholders out of that gap. Interest comes in each month from borrowers. Out of it the company pays interest on its own borrowings (the finance cost), its staff and branches, and its credit cost: the loans it writes off or sets money aside for. What is left is profit. Bond principal falls due in larger lumps. A lender usually repays it from loans that fall due, from new borrowing (refinancing) or from new equity.
| ₹ crore | FY25 | FY26 | Quarter to Jun 2026 |
|---|---|---|---|
| Revenue from operations | 140.5 | 207.2 | 75.1 |
| Finance cost | 16.4 | 48.9 | 26.7 |
| Fees and commission paid out | 61.9 | 69.7 | 19.7 |
| Credit cost (impairment) | 18.0 | 22.2 | 0.2 |
| Profit after tax | 17.4 | 26.0 | 8.4 |
| Net worth | 206.4 | 344.9 | 354.4 |
| Borrowings | 237.2 | 835.9 | 2.88 times net worth |
Sources: GID and KID 071151, 7; FY26 audited results8; results and investor presentation for the quarter to 30th Jun 20269, 10. FFSL has no subsidiary, so these are its standalone accounts. Its return on average loan assets was 4.2% in the quarter to Jun 2025 and 2.9% a year later.10
On the FY26 call the CFO said "the personal loan book is almost 3.9% of our overall AUM, it contributes almost 30% of our overall revenue". Fees and commission paid out, which he describes as "the outflow to the Fintech partners after retaining our hurdle rate", were ₹69.73 crore in FY26, about 34% of revenue from operations of ₹207.22 crore (33.6%, our calculation). A hurdle rate is the return FFSL keeps before the partner's share.11, 8
Plate FK.3
A small book, a large share of revenue
Personal loans as a share of the loan book and of revenue in FY26, as the CFO put it on the FY26 earnings call, and fees passed to fintech partners from the audited results
The CFO said FFSL plans to grow the personal loan book "in proportion to our AUM, which is not more than 10% of our overall AUM".11
At 31st Mar 2026 FFSL owed ₹835.93 crore. ₹697.20 crore was secured: NCDs ₹293.25 crore with interest, bank term loans ₹171.40 crore, term loans from other NBFCs ₹221.98 crore and bank overdrafts ₹10.58 crore. ₹138.73 crore was unsecured.7 By 30th Jun 2026 NCDs were 48.6% of borrowings, term loans 37.6%, and overdrafts, short loans and inter corporate deposits 13.8%. Listed secured NCDs rose from ₹299.14 crore at 31st Mar 2026 to ₹493.12 crore at 30th Jun 2026.10, 8, 9 The CFO said FFSL had "more than 24,000 bondholders as of 30th June".12
A lender that grows its loans faster than its profit borrows the difference. FFSL's operating cash flow, which counts new loans as money going out, was minus ₹566.1 crore in FY26, against ₹659.3 crore raised from financing.8
An inter corporate deposit (ICD) is an unsecured loan from one company to another. A related party is a company or person tied to FFSL's owners or managers, as the accounts define it.
At 31st Mar 2026 FFSL owed ₹135.4 crore of unsecured inter corporate loans (principal). Of this, ₹130.4 crore is shown as repayable on demand: ₹67.6 crore from related parties and ₹62.8 crore from others. The borrowing table of the same KID labels every one of these loans "Perpetual". The related lenders were Aranath Real Estate (₹54.52 crore), HR Commercials (₹9.15 crore) and Augmont Enterprises (₹3.11 crore in one table, ₹3.90 crore in another); the largest other lender was CLN Properties (₹55 crore).7
On 8th Jul 2026 shareholders approved raising the limit for loans from Aranath Real Estate from ₹100 crore to ₹200 crore. Approved limits for loans from 5 related parties came to ₹525 crore: Aranath ₹200 crore, Augmont Enterprises ₹200 crore, Augmont Goldtech ₹50 crore, Ideal Fiscal Services ₹50 crore and HR Commercials ₹25 crore, each covering principal and interest outstanding. All are unsecured, with interest "as may be mutually agreed" and repayment "as per mutually agreed terms".18
The money once ran the other way. FFSL lent ₹238.75 crore to related parties during FY23 and ₹139.87 crore during FY24, short term and unsecured; these are amounts lent during each year, not balances. In FY25 it borrowed ₹136.70 crore from related parties and repaid ₹105.76 crore; in FY26 it borrowed ₹237.63 crore and repaid ₹207.77 crore.2, 1, 7
Plate FK.4
The money changed direction in FY25
Loans given to or taken from related parties during each year, gross, ₹ crore, from the related party tables in Finkurve’s offer documents. Smaller flows the other way, ₹5 crore taken in FY24 and ₹0.52 crore given in FY25, are too small to draw
The GID states that the lending policy does not provide for loans to related parties; the same GID's FY24 table shows ₹139.87 crore lent to related enterprises. The postal ballot notice of Jun 2026 lists FY25 transactions "between Aranath Real Estate Private Limited and Finkurve" of ₹107.62 crore "grant of loan" and ₹134.13 crore "acceptance of loan", without saying who lent to whom. The ₹134.13 crore matches FFSL's FY26 borrowing from Aranath in KID 07115.1, 18, 7
No company explanation of the ₹107.62 crore entry was found. The KID for 07107 caps loans to related parties at 15% of net worth.6
A warrant is a right to buy a new share later at a price fixed today.
PRK Trust, a promoter entity, holds 51,28,105 warrants priced at ₹78 each. It paid ₹10 crore upfront; the ₹30 crore balance is due only if it converts the warrants into shares within 18 months of allotment, which falls in late Nov 2026. The monitoring agency's report noted a share price of ₹62 on 24th Jul 2026. The same report records that the share and warrant issue, planned at ₹157.11 crore, was cut to ₹141.50 crore because some proposed buyers did not take part.19
On the Q1 FY27 call the chief executive said about ₹30 crore "is to come, the deadline is up to November". CARE expects the promoters to put in about ₹30 crore through the warrants in FY27.12, 14
FFSL's coupons come from the difference between about 20% earned on loans and 11% to 11.5% paid on borrowings, after costs. Personal loans, about 4% of the book, brought almost 30% of FY26 revenue. Retail bonds are about half of what FFSL borrows, and companies tied to its promoters lend it money repayable on demand, under limits of ₹525 crore.
If that money runs short, a bondholder turns to what was set aside for the bond.
The KID for FFSL's 11.33% bond 07107 describes its security as a "first ranking and exclusive hypothecation on the identified receivables of gold loan portfolio of the Company equivalent to at least 1.10x".6
A bond is secured when specific assets are set aside that holders can claim if the company does not pay. A hypothecation is a charge over assets that stay with the company. Here the assets are receivables: the money FFSL's own borrowers owe it. Exclusive means no other lender shares those receivables. A security cover of 1.10 times means ₹110 of loans set aside for every ₹100 of bond principal and interest. Behind each of those loans sits the borrower's gold, held by FFSL. The order works like a queue at a counter that may run out of cash (chapter 12, weird bonds): secured lenders stand at the front for the assets charged to them, and unsecured lenders stand behind.
The KIDs set rules for which loans may go into the pool: loans FFSL made itself, not pledged to anyone else and not restructured; gold loans up to 60 days past due, with at most 10% of the pool at that level; non gold loans current and at most 10% of the pool; no loans to related parties; and no branch above 10%. "The security cover shall be confirmed by the Issuer on a monthly basis."6
| Bonds | What is charged | Cover promised | Guarantee |
|---|---|---|---|
| 07065, 07073, 07099, 07107, 07115 | First ranking exclusive hypothecation on identified gold loan receivables | 1.10 times principal and interest | None |
| 07081 | "certain identified receivables"; gold loans not named; a monthly asset report | 1.10 times | None |
| 07024, 07032, 07040, 07057, 07123 | KIDs not read; listed as secured; the board outcome for 07123 gives security as for other issues | 110% certified on 07024 and 07032 at 30th Sep 2025 | None in the term sheets read |
| 07016, unlisted | Described as secured; terms not disclosed | Not disclosed | Not disclosed |
Sources: KIDs2, 3, 4, 5, 6, 7; board outcome of 25th Jun 202634; auditor's certificate filed 19th Jan 202636; IndiaBonds31.
The security cover certificate filed with the June 2026 quarter's results states an asset cover of 110% at 30th Jun 2026 on ₹489 crore of secured NCD principal and ₹4.12 crore of interest.9 Bank and NBFC term loans of ₹393.38 crore and overdrafts of ₹10.58 crore were also secured at 31st Mar 2026, on charges of their own (our sum).7 Each KID calls its charge exclusive. No pool size for each ISIN is published, so a holder cannot see from public filings which loans back which bond.6, 7
The same certificate states that "The Company has complied with all the covenants in respect of outstanding Secured Redeemable Non-Convertible Debentures as on June 30, 2026". The GID states that FFSL has given no corporate guarantee or comfort letter.9, 1
Each listed bond has a first claim on its own pool of gold loan receivables, at 1.10 times what is owed, with the borrowers' gold behind those loans. There is no guarantee. Banks and NBFC lenders hold charges on other receivables, and the ₹138.73 crore of unsecured loans stands behind every secured lender.
How likely the promises are to be kept is what rating agencies try to judge.
Since 30th Mar 2026 2 agencies have rated FFSL's NCDs one notch apart: CRISIL at BBB/Stable and CARE at BBB+/Stable. Infomerics rates a third set of borrowings IVR BBB+/Stable.15, 14, 17
A credit rating is an agency's opinion of how likely a borrower is to pay interest and principal in full and on time (chapter 10, judging a company bond). Each step on the scale is a notch: BBB+ sits one notch above BBB, which sits one above BBB−. An outlook is the agency's view of the likely direction; Stable means no change is expected.
| Agency | Rating | On what | Since |
|---|---|---|---|
| CARE | CARE BBB+/Stable | ₹150 crore of NCDs and ₹300 crore of bank loans (assigned 30th Mar 2026); a further ₹100 crore of NCDs (assigned 15th Jun 2026). The KIDs for 07107 and 07115 cite it | 30th Mar 2026; reaffirmed 15th Jun 2026 |
| CRISIL | Crisil BBB/Stable | Bank loans of ₹300 crore and NCDs of ₹300 crore. The KIDs for 07065, 07073, 07081 and 07099 cite it | 11th Jul 2024; last action found 5th Feb 2026 |
| Infomerics | IVR BBB+/Stable; IVR A2 short term | A ₹7.50 crore NCD, which matches the unlisted 07016, and bank loans, ₹100.2 crore in all | Raised from IVR BBB on 10th Feb 2026 |
| India Ratings, ICRA, Brickwork | None found | No rating on FFSL found | To 23rd Oct 2026 |
Sources: CARE13, 14; CRISIL15, 16; Infomerics17; KIDs2, 6. No downgrade, negative outlook, rating watch or Issuer Not Cooperating tag at any agency was found to 23rd Oct 2026. Whether CRISIL also rates the NCDs issued after CARE was appointed was not confirmed from the documents read.
The rating record begins in 2017. SMERA, now Acuité, rated a proposed ₹75 crore NCD B/Stable on 18th Jan 2017 and withdrew it on 9th Jan 2019 at the company's request, as the NCDs were never issued. Infomerics rated FFSL IVR BBB−/Stable from 31st Jul 2021, IVR BBB from 16th Sep 2022 and IVR BBB+ from 10th Feb 2026. CRISIL's first rating, BBB/Stable on bank loans, came on 11th Jul 2024, and CARE's on 30th Mar 2026.17, 15, 14
Agencies rate different things on different information, and each says what its rating rests on.
CARE: the ratings "reflect the company's adequate capitalisation, supported by recent equity infusion and healthy internal accruals, and the promoter's established track record in the gold ecosystem", and are "constrained by FFSL's moderate operating track record, relatively small scale of operations, and moderate resource profile", as well as "geographical and product concentration and exposure to gold price volatility".14
CRISIL: the rating factors in "adequate capital position, supported by comfortable earnings profile, strong promoter profile and experienced management". "These strengths are partially offset by small scale of operations, limited seasoning of portfolio and modest resource profile."15 Seasoning is how long loans have been on the books; a young book has not yet been through a full cycle of repayments and defaults.
Infomerics points to "Sustained Growth in AUM Levels", "Healthy NIM" and "Comfortable Capitalisation levels", with total CRAR of 47.13% at 30th Sep 2025.17
| Agency | Stated triggers for a downgrade | The company's figure, dated |
|---|---|---|
| CARE, 15th Jun 2026 | Gross NPA or Gross Stage 3 above 3% on a sustained basis; return on total assets below 2% on a sustained basis; overall gearing above 4 times | Gross NPA 0.54% and debt to equity 2.88 times at 30th Jun 2026; return on total assets 3.04% in FY26, as CARE gives it |
| CRISIL, 5th Feb 2026 | "Deterioration in asset quality, leading to negative impact on profitability"; "Weakening of capital position, with increase in gearing to over 5 times" | Gearing 2.88 times at 30th Jun 2026 |
| Infomerics, 10th Feb 2026 | "Substantial deterioration in the AUM size impacting capital position, liquidity, and profitability"; "Decline in collection efficiency" | AUM ₹1,270.4 crore and collection efficiency 98.0% in the quarter to Jun 2026 |
Sources: CARE14; CRISIL15; Infomerics17; company figures9, 10. Gearing here is borrowing divided by net worth. Gross Stage 3 is the accounting name for loans 90 days or more past due.
No company statement on the ratings beyond the rating letters annexed to the KIDs was found.
CRISIL rates FFSL BBB and CARE rates it BBB+, both Stable; Infomerics rates a smaller set of borrowings BBB+. No agency has cut a rating. Each names the same pressure points: a young and fast growing book, gold price swings and borrowing.
Some of the bonds tie their terms to these ratings. Those promises sit in the KIDs.
The KID for the ₹50 crore 12% bond 07081, dated 20th Feb 2026, leaves 4 of its sections blank:
Promises like these are covenants: conditions written into a bond on top of paying on time (chapter 10). FFSL's bonds use 4 kinds. Money tests set floors and caps on capital, borrowing and bad loans, measured each quarter. Events of default list situations that let holders treat the bond as in default even if no payment is missed. Step ups raise the coupon when something goes wrong. Early redemption rights let holders, through the trustee, ask for their money back. A debenture trustee is the SEBI registered firm that acts for all holders together; for every listed FFSL bond it is Catalyst Trusteeship.2, 6, 31
| Term | 07065, 07073, 07099 | 07081 | 07107 | 07115 |
|---|---|---|---|---|
| Capital floor | Tier I CRAR above 20% | Tier I CRAR above 20% | Tier I CRAR above 20% | Tier I CRAR above 20% |
| Borrowing cap | 4.00 times tangible net worth | 4.00 times net worth | 4.5 times net worth | 4.5 times net worth |
| Loans 90 days past due | At most 4.00% of the book | At most 4.00%, with 12 months of write offs | At most 5.00% | At most 5.00% |
| Rating event of default | A rating below CRISIL BBB− | Not filled in | A rating below CARE BBB− | None in the list |
| Step up | Not applicable | 0.25% on a 1 notch downgrade by any agency | 2% if a payment delay is an event of default | 2% if a payment delay is an event of default |
| Early redemption | None | Trustee may demand it on a 2 notch downgrade | FFSL may repay early with a 1% premium | Trustee may demand it on a "Second Rating Downgrade Event" |
Sources: KIDs2, 3, 4, 5, 6, 7. CRAR, the capital adequacy ratio, is a lender's own capital as a share of its loans weighted by risk; Tier I is the core part of it, mainly equity and reserves. Tangible net worth is net worth less intangible assets and some investments. The KIDs for 07024, 07032, 07040, 07057 and 07123 were not read.
The KIDs moved in 2 steps. The borrowing cap changed from tangible net worth to net worth with 07081 in Feb 2026, and rose from 4.0 to 4.5 times with 07107 in May 2026. The cap on loans 90 days past due rose from 4% to 5% of the book in the May and June 2026 KIDs.2, 4, 6, 7
For the older ₹10,000 lines the rating clause is one line: "Any downgrade of credit rating falling below CRISIL BBB-." For 07107 it reads the same against CARE.2, 6 CRISIL rates those bonds BBB, so a cut of one notch would reach BBB−, and a second would cross the line (our reading).
Plate FK.5
Capital fell and borrowing rose, inside the limits
Capital adequacy (CRAR, %) and debt to equity (times) at each quarter end, Jun 2025 to Jun 2026, from Finkurve’s results, against the limits written into its KIDs
Tier I CRAR was 30.57% at 31st Mar 2026, and total CRAR 26.63% at 30th Jun 2026. Debt to equity was 2.88 times at 30th Jun 2026. Gross NPA was 0.54% and gold loans 95.9% of the book, against a floor of 80% in the KIDs.7, 9, 10
The CFO said on the FY26 call that FFSL's target gearing is "anywhere between 4x to 4.5x". The certificate filed on 13th Aug 2026 states that all covenants were met at 30th Jun 2026.11, 9
The 07107 KID's cash flow table prints the final ₹278.61 coupon twice on 13th Aug 2028; the 9 scheduled coupons total ₹2,549.27 a bond, not ₹2,827.88 (our calculation). The 07107 KID carries the reference number FFSL/25-26/04 on every page, the same as the 07081 and 07099 KIDs. The 07115 KID names the bond "11.33% FFSL 082028" although it matures on 16th Jun 2028, and heads its top 10 holders table "March 31, 2025". The 07081 KID prints its redemption year as 2026 and its interest as ₹24,000.02. The top 10 holder tables describe 07040 and 07057 as quarterly; their payment certificates show monthly coupons.6, 7, 4, 27
No correction of these points was found in later filings.
Every KID read sets a 20% floor on Tier I capital. Between Dec 2025 and Jun 2026 the borrowing cap rose from 4.0 times tangible net worth to 4.5 times net worth, and the cap on bad loans from 4% to 5%. The 07081 KID leaves its events of default to a trust deed that is not public, and the 07115 KID ties early redemption to a term it does not define.
Promises sit on paper. The record shows what the company has filed and done.
Each matter below opens to the same facts: what, when, the source, its status as the record shows it, and the company's position. Outcomes are given only as the record shows them.
Every payment certificate found shows the coupon paid on or before its date. The record also holds a BSE suspension from 2005 to 2008 that the GID leaves out, a SEBI warning on share options, 3 BSE fines of ₹35,400 in all, a DIN printed against 3 people, figures that differ between the offer documents, and a rise in bad loans in the June 2026 quarter with little set aside.
The last part of the story is the calendar: when principal falls due.
A bullet bond repays all its principal on one date. Every FFSL bond is a bullet. FFSL's gold loans run about 10 months, so most of its loan book turns into cash well before its bonds fall due; a lender relies on that, and on new borrowing, to repay (section 3).15
| When | Bonds | Principal, ₹ crore |
|---|---|---|
| 7th Jul 2027 | 07065 | 35 |
| 12th Nov 2027 | 07073 | 60 |
| 25th Nov 2027 | 07040 | 20 |
| 18th Dec 2027 | 07024 | 49 |
| 26th Dec 2027 | 07099 | 25 |
| Jul to Dec 2027 | 5 lines | 189 |
| 26th Feb 2028 | 07081, with ₹12 crore of interest | 50 |
| 16th Jun 2028 | 07115 | Up to 100 |
| 13th Aug 2028 | 07107 and 07032 | Up to 75, and 21 |
| 25th Nov 2028 | 07057 | 30 |
| 17th Apr 2029 | 07123 | 24 to 50 |
| 12th Aug 2031 | 07016, unlisted | 7.50 |
Sources: KIDs and KID debt tables2, 3, 4, 5, 6, 7; board outcome of 25th Jun 202634; IndiaBonds31. Sums are our calculation. 07107 and 07115 are shown at their offer sizes; the amounts allotted have not been published in the documents read. The table leaves out bank and NBFC term loans (₹393.38 crore at 31st Mar 2026), overdrafts and the inter corporate loans repayable on demand.
At 31st Mar 2026, RBI's maturity table in KID 07115 showed loans falling due within 12 months of ₹1,074.82 crore against borrowings due of ₹399.27 crore, with cash of ₹102.12 crore outside the table (our sums from the KID's buckets).7
CARE described liquidity at 31st Dec 2025 as outflows of ₹347 crore within a year against inflows of ₹895 crore, with ₹78 crore of free cash and investments. The CFO said FFSL held about ₹67 crore of treasury investments at 30th Jun 2026.13, 12
₹189 crore of identified bond principal falls due from Jul to Dec 2027, across 5 lines. The other listed lines fall due from Feb 2028 to Apr 2029.
That is the shared story. Your own bond's terms are on its card.
Find the ISIN from your demat statement in the first column, then open its card. Bonds with the same coupon pattern, face value, security and covenants share one card, with a small table for what differs. All 12 are FFSL's own debt.
| ISIN | Coupon | Face | Matures | Where it is sold | Card |
|---|---|---|---|---|---|
| INE734I07065, 07073, 07099 | 11.16%, monthly | ₹10,000 | Jul to Dec 2027 | BSE; Wint Wealth | ₹10,000 monthly |
| INE734I07107, 07115 | 11.33%, quarterly | ₹10,000 | Jun and Aug 2028 | BSE; Stable Bonds; Wint Wealth (07115) | ₹10,000 quarterly |
| INE734I07081 | 12%, all at maturity | ₹1 lakh | 26th Feb 2028 | BSE; Stable Bonds | 12% cumulative |
| INE734I07024, 07032, 07040, 07057, 07123 | 11.15% to 12% | ₹1 lakh | Nov 2027 to Apr 2029 | BSE; no live platform quote found | ₹1 lakh lines |
| INE734I07016 | 10%, quarterly | ₹1,000 | 12th Aug 2031 | Unlisted; one holder | Unlisted |
Sources: KIDs2, 3, 4, 5, 6, 7; Augmont prospectus, which names the 11 listed ISINs23; IndiaBonds31; platform pages of 23rd Oct 202630. 07081 and 07107 are in our price database; the other 10 are not. No FFSL bond had been repaid by 23rd Oct 2026, and no INE734I07008 was found.
All the listed lines pay a fixed coupon on the actual day count and repay all the principal at the end. Each coupon is face value × coupon rate × days in the period ÷ days in the year; the KIDs count 366 days in 2028, a leap year (chapter 4, accrued interest and record dates).
Plate FK.6
Your ₹10,000 in 07107, quarter by quarter
11.33% INE734I07107: principal still owed, and each quarterly coupon, 14th May 2026 to 13th Aug 2028, from the KID’s illustrative cash flow
A ₹10,000 bullet bond at 11.33% paid quarterly returns ₹2,549.27 of coupons over 27 months and the ₹10,000 at the end. The KID's own table prints one coupon twice.
Retail lines, ₹10,000 face
| ISIN | KID, allotted | Size | Pays on | Matures | Coupons from issue |
|---|---|---|---|---|---|
| 07065 | 23rd Dec 2025; 31st Dec 2025 | ₹35 crore; minimum ₹10 lakh | 7th | 7th Jul 2027 | 18, ₹1,690.81 |
| 07073 | 29th Jan 2026; 12th Feb 2026 | ₹60 crore with green shoe; minimum ₹1 crore | 12th | 12th Nov 2027 | 21, ₹1,950.69 |
| 07099 | 12th Mar 2026; 23rd Mar 2026 | ₹25 crore; minimum ₹1 crore | 26th | 26th Dec 2027, a Sunday | 21, ₹1,965.99 |
Your ₹10,000 in 07073
| Period | Coupons | One coupon | Coupons in the period | Principal back at the end |
|---|---|---|---|---|
| 12th Feb 2026 to 12th Nov 2027 | 21 | ₹85.61 to ₹94.78 | ₹1,950.69 | ₹10,000 |
| Total from issue | 21 | ₹1,950.69 | ₹10,000 |
The KID gives ₹85.61 for the first coupon, a 28 day month; ₹10,000 × 11.16% × 28 ÷ 365 gives ₹85.61, and ₹94.78 for a 31 day month. All 21 rows of the KID's table match the same sum, as do all 18 of 07065's and all 21 of 07099's (our calculation).3, 2, 5 On 23rd Oct 2026 Wint Wealth showed 07073 at ₹10,078.37 with an XIRR of 10.25%. For a purchase settling on 26th Oct 2026 at that price, the KID's remaining flows give about 11.35% a year before tax, and about 10.08% after 10% TDS on each coupon (our calculation). Wint's figures on all 4 FFSL lines it shows sit 1.1 to 1.2 points below the pre tax yield its own price implies and within about 0.2 points of the after TDS sum, which is consistent with an after TDS basis.30
Sources: KIDs dated 23rd Dec 2025, 29th Jan 2026 and 12th Mar 2026, cover pages, term sheets and cash flow annexures; KID 07115 top 10 holders; payment certificates; platform pages of 23rd Oct 2026.2, 3, 5, 7, 27, 30
| ISIN | KID, allotted | Offered | Pays on | Matures | Coupons from issue |
|---|---|---|---|---|---|
| 07107 | 11th May 2026; 14th May 2026 | ₹50 crore plus ₹25 crore green shoe | 14th or 15th of Aug, Nov, Feb, May | 13th Aug 2028, a Sunday | 9, ₹2,549.27 |
| 07115 | 11th Jun 2026; 16th Jun 2026 | ₹50 crore plus ₹50 crore green shoe | 16th or 17th of Sep, Dec, Mar, Jun | 16th Jun 2028 | 8, ₹2,267.56 |
Your ₹10,000 in 07107
| Period | Coupons | One coupon | Coupons in the period | Principal back at the end |
|---|---|---|---|---|
| 14th May 2026 to 13th Aug 2028 | 9 | ₹273.16 to ₹288.68 | ₹2,549.27 | ₹10,000 |
| Total from issue | 9 | ₹2,549.27 | ₹10,000 |
The KID gives ₹285.58 for the first coupon, 14th Aug 2026; ₹10,000 × 11.33% × 92 ÷ 365 gives ₹285.58. Its 2028 coupons use a 366 day year: ₹10,000 × 11.33% × 91 ÷ 366 gives ₹281.70, as printed. The KID's 10th row repeats ₹278.61 on 13th Aug 2028; the 9 scheduled coupons total ₹2,549.27, not ₹2,827.88 (our calculation).6 On BSE on 5th Oct 2026, 54 bonds traded at ₹9,800. An exchange price includes accrued interest, here ₹164.52 to settlement on 6th Oct 2026; the remaining 8 coupons and ₹10,000 give a yield of about 14.3% a year (our calculation, XIRR on a 365 day year). At Stable Bonds' price of ₹10,264.15 on 23rd Oct 2026, settling 26th Oct, the same flows give about 11.55%, the figure the platform shows.29, 30
Sources: KIDs dated 11th May 2026 and 11th Jun 2026, cover pages, sections 2.1 and 5, term sheets and Annexure IV; CARE releases; BSE trade data; platform pages of 23rd Oct 2026.6, 7, 13, 14, 29, 30
₹1 lakh lines and the unlisted line
Sources: KID dated 20th Feb 2026, sections 5.3 to 5.8, items 43, 56 to 58 and Annexure IV; KID 07115 top 10 holders; BSE trade data; platform pages.4, 7, 29, 30
| ISIN | Coupon, pays on | Size | Allotted | Matures | Rating |
|---|---|---|---|---|---|
| 07024 | 12%; 7th Mar, Jun, Sep, Dec | ₹49 crore in 3 tranches | From 18th Dec 2024 | 18th Dec 2027 | Crisil BBB/Stable |
| 07032 | 11.75%; each quarter end | ₹21 crore | 13th Aug 2025 | 13th Aug 2028 | Crisil BBB/Stable |
| 07040 | 11.15%; 1st of each month | ₹20 crore | 25th Nov 2025 | 25th Nov 2027 | Crisil BBB/Stable |
| 07057 | 11.25%; 1st of each month | ₹30 crore | 25th Nov 2025 | 25th Nov 2028 | Crisil BBB/Stable |
| 07123 | 11.55%; 28th of Sep, Dec, Mar, Jun | Up to ₹50 crore approved | 29th Jun 2026 | 17th Apr 2029 | CARE BBB+ (IndiaBonds) |
₹1 lakh in 07024 earns about ₹3,000 a quarter: ₹2,958.90 for a 90 day quarter to ₹3,024.66 for 92 days (our calculation). FFSL's certificate of 5th Sep 2026 shows ₹1,33,40,233 paid on 07024; ₹49 crore × 12% × 92 ÷ 365 less 10% TDS gives ₹1,33,38,740, within 0.01% (our calculation). The coupon days in the table come from the payment certificates, not from term sheets. IndiaBonds tags 07024 as rated by Infomerics; CRISIL's annexure of 24th Dec 2025 rates it, and the Infomerics NCD is ₹7.50 crore.27, 16, 31
Sources: KID debt and holder tables; board outcomes; payment certificates; CRISIL; IndiaBonds; press release of 2nd Jul 2026; security cover certificates.5, 7, 9, 16, 27, 31, 34, 35
Sources: KID debt and holder tables; Infomerics, 10th Feb 2026; IndiaBonds.4, 17, 31
Your card gives your dates. Section 10 turns them into a routine.
A holder cannot see inside the company, but the company must tell the exchanges certain things on fixed dates, and must send the trustee more. The routine below uses public pages and your own statements. It says what a normal month looks like and what counts as a change worth noting. A change worth noting is something to write down, read in full and ask about. It is not a signal to do anything with the bond.
| Bond | Coupon day | Record date | Payment certificate due |
|---|---|---|---|
| 07065, 07073, 07099 | 7th, 12th, 26th of each month | 15 calendar days before | Within 1 working day of the payment |
| 07107, 07115 | Every 3 months, on the KID's dates | 15 calendar days before; 07115's KID prints each one | Within 1 working day |
| 07040, 07057 | 1st of each month | 15 days before | Within 1 working day |
| 07024, 07032, 07123 | 7th, quarter end, 28th, every 3 months | 15 days before | Within 1 working day |
| 07081 | At maturity only | 15 days before maturity | Within 1 working day |
Sources: KIDs2, 6, 7; payment certificates27; SEBI's listing rules37. The record date is the day the registrar takes the list of holders; whoever holds the bond that day gets the next payment (chapter 4). FFSL files the same letters with NSE and BSE. On nseindia.com search FINKURVE and open Corporate Announcements; on bseindia.com use the company code 508954, and the debt codes 977582 (07081) and 977788 (07107).
Plate FK.7
A normal coupon month
One coupon cycle of 07073, the 11.16% monthly line: the coupon of 12th Nov 2026, from the KID’s dates and SEBI’s listing rules
Coupons per bond, before TDS, on each line's face value. A date on a Saturday, Sunday or holiday moves: interest to the next business day, principal to the business day before. Amounts for the ₹10,000 lines are the KIDs'; for the ₹1 lakh lines they are our calculation, as their term sheets were not read.2, 3, 5, 6, 7
| Month | 07065, 07073, 07099 (₹10,000) | 07107, 07115 (₹10,000) | 07024, 07032, 07123 (₹1 lakh) | 07040, 07057 (₹1 lakh) |
|---|---|---|---|---|
| Nov 2026 | ₹94.78 each on the 7th, 12th, 26th | 07107: ₹285.58, 14th | None | ₹946.99 and ₹955.48, 1st |
| Dec 2026 | ₹91.73 each | 07115: ₹282.47, 16th | 07024 ₹2,991.78, 7th; 07123 ₹2,879.59, 28th; 07032 ₹2,961.64, 31st | ₹916.44 and ₹924.66 |
| Jan 2027 | ₹94.78 each | None | None | ₹946.99 and ₹955.48 |
| Feb 2027 | ₹94.78 each | 07107: ₹288.68, 15th | None | ₹946.99 and ₹955.48 |
| Mar 2027 | ₹85.61 each | 07115: ₹282.47, 17th | 07024 ₹2,958.90; 07123 ₹2,847.95; 07032 ₹2,897.26 | ₹855.34 and ₹863.01 |
| Apr 2027 | ₹94.78 each | None | None | ₹946.99 and ₹955.48 |
| May 2027 | ₹91.73 each | 07107: ₹273.16, 14th | None | ₹916.44 and ₹924.66 |
| Jun 2027 | ₹94.78 each | 07115: ₹282.47, 16th | 07024 ₹3,024.66; 07123 ₹2,911.23; 07032 ₹2,929.45 | ₹946.99 and ₹955.48 |
| Jul 2027 | ₹91.73 each; 07065 also repays ₹10,000 on the 7th | None | None | ₹916.44 and ₹924.66 |
| Aug 2027 | 07073, 07099: ₹94.78 | 07107: ₹285.58, 14th | None | ₹946.99 and ₹955.48 |
| Sep 2027 | 07073, 07099: ₹94.78 | 07115: ₹285.58, 16th | 07024 ₹3,024.66; 07123 ₹2,911.23; 07032 ₹2,961.64 | ₹946.99 and ₹955.48 |
| Oct 2027 | 07073, 07099: ₹91.73 | None | None | ₹916.44 and ₹924.66 |
Just after the window: 07073 repays on 12th Nov 2027, 07040 on 25th Nov 2027, 07024 on 18th Dec 2027 and 07099 on 26th Dec 2027 (section 8).
| Step | Where to look | A normal month | A change worth noting |
|---|---|---|---|
| 1. The coupon landed | Your bank statement and demat holding statement | The credit arrives on or before the payment date for about face × coupon × days ÷ 365, less TDS; FFSL has often paid 1 to 6 days early. The same number of bonds as before | No credit; a smaller credit than the sum gives; a later date |
| 2. The record date notice | NSE and BSE announcements for FINKURVE or 508954 | A notice naming the ISIN, record date and payment date, before the record date | No notice, or a payment date different from the KID |
| 3. The payment certificate | Same pages, Regulation 57 | Within 1 working day: payment made "Yes", the date on or before the due date, no reason for delay | "No"; a later date; a reason for delay; an amount that does not fit the size outstanding |
| 4. Other announcements | Same pages, the whole month | Board meetings, new NCD issues, results on time | A rating action, an auditor change, a director or key officer leaving, a delay on any borrowing, a holders' meeting, a change in security, a new pledge of promoter shares, a shareholder vote on related party limits |
| 5. Each rating agency | crisilratings.com, careratings.com, infomerics.com: search Finkurve | No new release, or a reaffirmation | A change of rating or outlook; a rating watch; an Issuer Not Cooperating tag; a withdrawal; any cut, which for 07081 raises the coupon and for 07115 may open early redemption |
| 6. The trustee | catalysttrustee.com | Nothing new on FFSL | A notice of default or breach, a call for a holders' meeting or vote, an enforcement notice |
| 7. The traded price | BSE; the platforms named on your card | Trades on some days, near last month's range | A fall that takes the yield well outside the past 3 months' range, or trading stopping. Chapter 13 records that in past failures "The price fell before the rating." |
| 8. Your tax record | Form 26AS or the Annual Information Statement | TDS on each coupon shown against FFSL | TDS deducted but not shown |
| 9. Write one line | Your own log | Date checked; coupon and date; notice and certificate dates; other filings; ratings; trustee; price range | Anything from the right hand column, with the link |
Sources: payment certificates27; KIDs4, 7; SEBI's listing rules37; chapter 13 (my bond stopped paying).
| Item | Where | Normal | Worth noting |
|---|---|---|---|
| Results with ratios | NSE and BSE, within 45 days of the quarter end (60 for the year) | Filed on time, with gross NPA, CRAR, debt to equity and net worth under Regulation 52(4) | Late or unreadable; an auditor's modified opinion; Tier I CRAR near 20%; debt to equity near 4 times; loans 90 days past due near 4% or 5% |
| Security cover certificate | Filed with the results | Cover of 110% or more on the secured NCDs, and a statement that covenants were met | Cover below 110%; no covenant statement; a principal figure that does not fit the ISINs issued |
| Bad loans and provisions | Results and investor presentation | Gross NPA, write offs and provision coverage moving together | Gross NPA rising while the impairment charge falls; CARE's 3% line for gross NPA |
| Shareholding pattern | NSE and BSE | Promoter holding at or above 51%; no new pledge | A fall below 51%, which 07107's KID makes a covenant; new pledged shares; the PRK Trust warrants converted or lapsed |
| Covenant certificate | Goes to the trustee within 60 days (90 for March); not published | Every test met | A test not met, a waiver, or extra interest charged |
Sources: KIDs6, 7; results filings9; CARE14; SEBI's listing rules37.
| Document | Who gets it | When | Whom to ask |
|---|---|---|---|
| Monthly security cover confirmation and list of the loans in the pool | The trustee | Monthly; within 45 days of month end for 07065 and 07073 | The trustee |
| Financial covenant certificate | The trustee | Within 60 days of each quarter, 90 for March (07107) | The trustee |
| List of related party transactions | The trustee | Each quarter | The trustee |
| Notice that a lender has demanded early repayment | The trustee | Within 7 days (07107) | The trustee |
| End use certificate for the money raised | The trustee | Within 90 days (07107) or 30 days (07115) of allotment | The trustee |
| Debenture trust deeds, including 07081's events of default | The trustee and the company | Signed after each issue | The trustee or the compliance officer |
Write it down with the date and the link. Read the filing in full. Check whether the trustee or an agency has said anything. Then ask the contacts in section 12, quoting your ISIN and the number of bonds you hold. If a complaint is not resolved, SEBI's SCORES system and the exchanges' investor services cells take investor complaints.
Each month: the credit, the record date notice, the payment certificate, the other announcements, 3 agencies, the trustee, the price and your tax record. Each quarter: results with the cover certificate, bad loans against provisions, and the promoter holding.
Those checks describe any month. The next section is one dated snapshot.
This section is the only part of the page tied to one date. It will be refreshed; the story above will not change unless the mechanism does.
Status on 23rd Oct 2026
On 23rd Oct 2026 every payment certificate found showed the coupon paid on or before its date, the ratings stood at BBB and BBB+ with Stable outlooks, and the sizes of the 3 newest lines, the chief executive for the next 7 weeks and the warrant money were not yet on the public record.
The contacts below are the official ones printed in the KIDs and in the rating agencies' releases. Each can answer some questions and not others. The suggested questions are examples, drawn from the open questions above.
Every figure on this page is dated. This is where to find the current one.
| Figure | How often it changes | Where to find it |
|---|---|---|
| Ratings and their reports | On any action; at least once a year | CRISIL, CARE and Infomerics websites; FFSL's exchange filings |
| Coupons paid | Every month | NSE (FINKURVE) and BSE (508954) announcements, Regulation 57 |
| Amount outstanding on each ISIN | Every half year | The half yearly statement of ISINs on BSE |
| Security cover, CRAR, gross NPA, debt to equity | Every quarter | The results filing and its cover certificate |
| Promoter holding and pledges | Every quarter, and on any pledge | Shareholding pattern and SAST disclosures on NSE and BSE |
| Traded price | Every trading day | BSE; the platforms on your card |
| Top bondholders | With each new KID | That KID |
| Related party loans and limits | Each year, and on any shareholder vote | Annual report; postal ballot and AGM notices |
Method. Research as of 23rd Oct 2026. The primary record is FFSL's own offer documents (the GID of 28th Nov 2025 and the KIDs of 23rd Dec 2025, 29th Jan, 20th Feb, 12th Mar, 11th May and 11th Jun 2026), its results, investor presentations, earnings call transcripts and exchange filings on NSE and BSE, rating agency releases, SEBI offer documents of 2010 and 2012, the Augmont Enterprises prospectus of Aug 2026 and court orders. Page numbers are the printed footer pages. BSE's announcement search could not be reached for this page, so filings were read from NSE, where FFSL files the same letters; a filing not found is reported as not found, not as missing. The KIDs for 07024, 07032, 07040, 07057 and 07123 were not obtained. Press reports, the company's website, platform pages and directory data are reported sources and are labelled as such where used. Prices are BSE trades from our database; trades of 1 bond are not used as prices; exchange prices are treated as including accrued interest. Yields are our calculation: XIRR on a 365 day year on each bond's KID cash flows, with the price paid on the settlement date and any coupon whose record date has passed left out; after TDS figures deduct 10% from each coupon. Where the company, its management or a rating agency has stated a position on a finding, it is reported next to that finding. Nothing on this page is a finding of wrongdoing by any person or company.
Sources.