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UBDg BAY SID! EVEN PRUDNEUN BUORUES amt sen38. Bombay Mutual Building, Tel, :+91(22) 2262.30 2 Floor, Dr. D.N. Road, Fort, Email: contact @shahgupta.com ‘Mumbai - 400 001. ‘Web : www shahgupta.com Shah Gupta & Co. Chartered Accountants INDEPENDENT AUDITORS" REVIEW REPORT ‘The Board of Directors Mutt Commodity Exchange of India Limited ‘Mumba 1. We have reviewed the accompanying Statement of Unaudited Financial Results of Multi Commodity Exchange of India Limited (the ‘Company’ for the quarter and six months ended September 30, 2015 (the ‘Statement, being submited by the Company pursuant to the requirements of Clause 41 of the Equity Usting Agreements with the Stock Exchanges, except for the disclosures regarding "Public Shareholding’, ‘Promoter and Promoter Group ‘Shareholding’ and “Investor Complaints’, which have been traced from disclosures made by the management and have not been reviewed by us. This statement isthe responsibilty of the Company's Management and has been approved by the Board of Directors. Our responsibility i to Issue a report on this statement based on oUr review. 2. We conducted our review In accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by Independent Avditor ot the Entity", Issued by the Institute of Chartered Accountants of India. This Standard requires thet we plan and perform the review to obtaln moderate ‘assurance as to Whether the financial statements are free of material misstatement. A review Is imited primariy to Inquires of company personnel and analytical procedures applied to financial data and thus provide less ‘assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion, Based on our review conducted as above, nothing has come to ur attention that causes us to believe that the accompanying Statement, prepared in accordance with the Accounting Staadards specified under Section 133 of the Companies Act, 20:3, read with Rule 7 of the Companies (Accounts) Rules, 2014 and other recognised accounting practices and polces, has not disclosed the information required ta be disclosed In terms of Clause 41 fof the Equity Listing Agreement with the stock exchanges, Including the manner In which it Isto be disclosed, or that contains any material misstatement. 4. We draw attention to Note 3 to the Statement regarding the Company carrying the investments In warrants of SEI aggregating to Rs. 4159.18 lacs at face value of Re. 1 per warrant (after making provision of Rs. 4258.89 ‘bcs for diminution in value of these warrants) on the basis of the order of the Hon’ble Bombay High Court restraining MSEI from acting In any manner drectiy or indireciy in canceling and/or extinguishing the warrants or any Fights relating thereto, and from dealing in any manner with the remaining deposit of Rs. 4159.18 lacs and directing MSEI to deposit equivalent amount to the credit of sult account. Our review report is not qualified In respect of this matter. For SHAH GUPTA & CO Chartered Accountants Fem Registration No = 109574W Ch Aapul chokst Partner 1M. No.37608 Pace: Mumbat Date: October 28, 2015