Regulatory Disclosures

Financial Results (FY 2021-22)

The financial results for the year ended 31st March, 2022 and the corresponding figures for the last year are as under: -
(In ₹)
Particulars 2021-22 2020-21 2019-20
Revenue from operations 4,14,10,417 3,69,75,293 2,80,68,648
Other Income 22,33,234 19,75,925 16,90,400
Total Revenue 4,36,43,651 3,89,51,218 2,97,59,048
Total Expenses 3,23,05,701 2,45,29,292 2,14,34,192
Profit / Loss before Tax 1,13,37,950 1,44,21,926 83,24,856
Tax Expenses :
Current Tax 30,51,260 39,24,577 23,60,977
Deferred Tax -1,08,360 -2,44,292 -2,99,625
MAT Credit entitlement 0 0 0
Profit/ Loss after Tax 83,95,050 1,07,41,641 62,63,504

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 2021-22, 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 2021-22, the revenue earned from clients can be categorised as follows:


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.


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 Aries Agro, Arvind, BHEL, Balkrishna Ind, Banco Products, Bharat Elec, Bodal Chemicals, CG Power, Carborundum, Cummins, DCW, Deepak Nitrite, Dish TV, Dishman Carboge, EIH, Elecon Eng, Elgi Equipments, Emmbi Ind, Everest Organic, Exide Ind, Federal-Mogul, Fermenta Bio, GAIL, GE Power India, GE T&D India, GMR Infra, GNFC, Galaxy Surfacta, Ganesha Ecosph, Gateway Distri, Guj Heavy Chem, Gujarat Pipavav, HDFC, HIL, HSIL, Hemisphere, Hind Constr, Hind Zinc, Hindalco, Hindustan Aeron, IOC, Indian Hotels, JSW Ispat Speci, JagranPrakashan, Jain Irrigation, Jaiprakash Asso, Jaiprakash Pow, Jindal Steel, Jubilant Ingrev, Jubilant Pharmo, KEC Intl, MARINE ELEC, MOIL, MRPL,, Mazagon Dock, Minda Corp, Mold-Tek Pack, Motherson Sumi, NALCO, NCC, NMDC, Network 18, ONGC, Oracle Fin Serv, Oricon Ent, Orient Green, Oriental Carbon, PTC India, PTC Industries, Patel Eng, Petronet LNG, Prakash Ind, Pricol, Privi Special, Quess Corp, REC, RIL Partly Paid, RPSG VENTURES, Rama Petrochem, Rattan Power, Reliance Power, Route, S P Apparels, SAIL, Sasta Sundar, Shanthi Gears, Shemaroo Ent, Shriram City, Shriram Trans, Sika Interplant, Skipper, Sona BLW, Suven Life Sci, TATA Cons. Prod, TV18 Broadcast, Take Solutions, Tata Chemicals, Tata Power, Time Techno, Timken, Va Tech Wabag, Vedanta, Vineet Lab, Vishnu Chemical, Vodafone Idea, WABCO India, Worth Periphera, Xchanging Sol, Yaarii Digital, Yes Bank, Zee Media, Zen Tech.

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.