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Notes to Accounts of Arihant Capital Markets Ltd.

Mar 31, 2015

1. Related party transactions

Related party disclosures, as required by Accounting Standard 18, "Related Party Disclosures" issued by the Institute of Chartered Accountants of India for the year ended 31st March, 2015 are given below:

Relationships (During the year)

Key Management Personnel Mr. Ashok Kumar Jain, Chairman & Managing Director

Mr. Sunil Kumar Jain, Director

Mr. Akhilesh Rathi, Director

Mrs. Anita S Gandhi, Whole Time Director

Mr. Parag R. Shah, Director Mr. Pankaj Kumar Gupta, Director

Mr. Rakesh Jain, Director

Subsidiaries Arihant Futures & Commodities Limited

Arihant Financial Services Limited

Arihant Lifespace Infra Developers Limited (Formerly known as Arihant Finsec Limited)

Quest Global Technologies Limited (Formerly Known as Arihant Quality Educational Services And Trainings Limited) (Upto 31.03.2015 )

Arihant Insurance Broking Services Limited

Arihant Financial Planners & Advisors Private Limited

Ahinsa Lifespace Infraheight Limited Arihant Housing Finance Corporation Limited

Relatives of Key Management Personnel Arpit Jain

Ashok Kumar Jain HUF Kiran Jain Shruti Jain

Enterprises over which control M/s. Shyam Developers

Figure in italics represents previous year figures

*Payment to key management personnel for Salaries and Incentive includes to Ashok Kumar Jain Rs. 8305500 (Previous Year Rs.3674223) and Anita Gandhi Rs. 2996000 (Previous Year Rs.2956800) and to relatives of key management personal includes Shruti Jain Rs.619831(Previous Year Rs.612594).

# Rent paid to Kiran Jain Rs.2025000 (Previous Year Rs.2175000), Ashok Kumar Jain HUF Rs.412500 (Previous Year Rs.412500) and Arpit Jain Rs.412500 (Previous Year Rs.412500).

$ Professional fees paid to S.N. Gandhi Rs.Nil (Previous Year Rs.123596).

% Sitting fees paid to Sunil Kumar Jain Rs.60000 (Previous Year Rs.60000), Rakesh Jain Rs.80000 (Previous Year Rs.80000), Pankaj Kumar Gupta Rs.40000 (Previous Year Rs.60000), Paragbhai Shah Rs.60000 (Previous Year Rs.60000) and Akhilesh Rathi Rs. 80000 (Previous Year Rs.60000).

A Rent Deposit given includes Kiran Jain Rs.1687500 (Previous Year Rs.1837500), Ashok Kumar Jain HUF Rs. 343750 (Previous Year Rs.343750) and Arpit Jain Rs.343750 (Previous Year Rs.343750).

Defined Benefit Plan

The gratuity paid by the company is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the financial obligation. The company does not has any policy for leave encashment.

2. Income in foreign currency Rs.11,809 (previous year Rs.51,763). Expenditure in foreign currency Rs.Nil(previous year Rs.Nil).

3. Contingent Liability & Capital Commitments

(i) Bank Guarantees of Rs.11000000 (Previous Year Rs.11000000) extended to Bombay Stock Exchange Limited under the mandatory rules for membership and Rs. 66000000(Previous Year Rs.48000000) towards additional margin.

(ii) Bank Guarantees of Rs.7500000(Previous Year Rs.7500000) extended to National Securities Clearing Corporation Limited under the mandatory rules for membership and Rs. 397000000(Previous Year Rs.269500000) towards additional margin.

(iii) Bank Guarantees of Rs.1500000 (Previous Year Rs.1500000) extended to MCX-SX Clearing Corporation Limited under the mandatory rules for membership and Rs.10000000 (Previous Year Rs.20000000) towards additional margin.

(iv) Corporate guarantee of Rs.250000000 (Previous Year Rs.200000000) given to banks on behalf of subsidiary M/s Arihant Futures and Commodities Limited.

(v) Claims against the Company not acknowledged as debts Rs.Nil (Previous Year Rs.Nil).

(vi) Income Tax Demand for various years Rs.3607534 (Rs.3571794)

4. Fixed Deposits

Fixed deposits with scheduled banks include Rs.4321522 (Previous Year Rs.72261000) which is under the lien of National Securities Clearing Corporation Limited, Rs.14000000 (Previous Year Rs.13000000) which is under the lien of Bombay Stock Exchange Limited, Rs.5500000 (Previous Year Rs.5500000) which is under the lien of MCX-SX Clearing Corporation Limited.

5. Disclosures under Micro, Small, & Enterprises Development Act,2006

Under the Micro, Small and Medium Enterprises Development Act, 2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises (SME). The Company is in the process of compiling relevant information from its suppliers about their coverage under the said act. Since the relevant information is not readily available, no disclosures have been made in the accounts. however, in view of the management, the amounts due to the suppliers are paid within the mutually agreed credit period and therefore, there will not be any interest that may be payable in accordance with the provisions of the Act.

6. Securities are normally held by the Company in its own name except securities pledged with exchange. Securities, which are not registered in the name of the Company, are held by the Company with valid transfer documents.

7. Securities received from clients as collateral for margins are held by the Company in its own name in a fiduciary capacity.

8. Segment Reporting

As per the definition of 'Business Segment' and 'Geographical Segment' contained in Accounting Standard 17 "Segment Reporting", the management is of the opinion that the Company's operation comprise of operating in Primary and Secondary market and incidental activities thereto, there is neither more than one reportable business segment nor more than one reportable geographical segment, and, therefore, segment information as per Accounting Standard 17 is not required to be disclosed.

9. Previous year figures

The previous year figures have been regrouped/ reclassified, wherever necessary to conform to current year presentation.

10. In accordance with the General Circular No.2 and 3 dated 8th Feb 2011 and 21st Feb 2011 issued by The Ministry of Corporate Affairs, Government of India, The Balance sheet, the Statement of profit and loss and other documents of the subsidiary are not being attached with the Annual Accounts of the company, subject to fulfillment of conditions stipulated in the circular.The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.


Mar 31, 2014

1.The Company had exposure to National Spot Exchange Limited (NSEL) of Rs.2,96,55,693/- with respect to Proprietary positions. NSEL has not been able to adhere to its payment obligation over the past few months. The Company has perused legal action against NSEL through its broker and other by filing writ petition in Bombay High Court and criminal complaint in Economic Offences Wing (EOW) jointly with other victimized brokers and clients. Pending Final outcome which is uncertain , the company has written off the amount of Rs.2,86,51,143/- in respect of its Proprietary position which is disclosed under the head "Exceptional Items".

2. Related party transactions

"Related party disclosures, as required by Accounting Standard 18, "Related Party Disclosures" issued by the Institute of Chartered Accountants of India for the year ended 31st March, 2014 are given below:"

Relationships (During the year)

Key Management Personnel :

Ashok Kumar Jain, Chairman & Managing Director

Sunil Kumar Jain, Director

Akhilesh Rathi, Director

Anita Gandhi, Director

Parag R. Shah, Director

Pankaj Kumar Gupta, Director

Rakesh Jain, Director

Subsidiaries :

Arihant Futures & Commodities Limited

Arihant Financial Services Limited

Arihant Finsec Limited

Arihant Insurance Broking Services Limited

Arihant Financial Planners & Advisors Private Limited

Arihant Quality Educational Services And Trainings Ltd

Ahinsa Lifespace Infraheight Limited

Relatives of Key Management Personnel

Arpit Jain

Ashok Kumar Jain HUF

Kiran Jain

S.N. Gandhi & Co.

Shruti Jain

*Payment to key management personnel for Salaries and Incentive includes to Ashok Kumar Jain Rs.3674223 (Previous Year Rs.3638182) and Anita Gandhi Rs.2956800 (Previous Year Rs.2956800) and to relatives of key management personal includes Shruti Jain Rs.612594 (Previous Year Rs.523208).

# Rent paid to Kiran Jain Rs.2175000 (Previous Year Rs.2205000), Ashok Kumar Jain HUF Rs.412500 (Previous Year Rs.412500) and Arpit Jain Rs.412500 (Previous Year Rs.412500).

$ Professional fees paid to S.N. Gandhi Rs.123596 (Previous Year Rs.741576).

% Sitting fees paid to Sunil Kumar Jain Rs.60000 (Previous Year Rs.60000), Rakesh Jain Rs.80000 (Previous Year Rs.60000), Pankaj Kumar Gupta Rs.60000 (Previous Year Rs.30000), Paragbhai Shah Rs.60000 (Previous Year Rs.30000) and Akhilesh Rathi Rs.60000 (Previous Year Rs.60000).

A Rent Deposit given includes Kiran Jain Rs.1837500 (Previous Year Rs.1837500), Ashok Kumar Jain HUF Rs.343750 (Previous Year Rs.343750) and Arpit Jain Rs.343750 (Previous Year Rs.343750).

3. Income in foreign currency Rs.51763 (previous year Rs.30,625). Expenditure in foreign currency Rs.Nil(previous year Rs.Nil).

4. Contingent Liability & Capital Commitments

(i) Bank Guarantees of Rs.11000000 (Previous Year Rs.1000000) extended to Bombay Stock Exchange Limited under the mandatory rules for membership and Rs.48000000 (Previous Year Rs.62000000) towards additional margin.

(ii) Bank Guarantees of Rs.7500000 (Previous Year Rs.7500000) extended to National Securities Clearing Corporation Limited under the mandatory rules for membership and Rs.269500000 (Previous Year Rs.254500000) towards additional margin.

(iii) Bank Guarantees of Rs.1500000 (Previous Year Rs.Nil) extended to MCX-SX Clearing Corporation Limited under the mandatory rules for membership and Rs.20000000 (Previous Year Rs.85000000) towards additional margin.

(iv) Corporate guarantee of Rs.200000000 (Previous Year Rs.600000000) given to banks on behalf of subsidiary M/s Arihant Futures and Commodities Limited.

(v) Claims against the Company not acknowledged as debts Rs.Nil (Previous Year Rs.Nil).

(vi) Income Tax Demand for various years Rs.35,71,794 (Rs.26,28,451)

5. Fixed Deposits

Fixed deposits with scheduled banks include Rs.72261000 (Previous Year Rs.500000) which is under the lien of National Securities Clearing Corporation Limited, Rs.13000000 (Previous Year Rs.125000) which is under the lien of Bombay Stock Exchange Limited, Rs.5500000 (Previous Year Rs.26500000) which is under the lien of MCX-SX Clearing Corporation Limited.

6. Disclosures under Micro, Small, & Enterprises Development Act,2006

Under the Micro, Small and Medium Enterprises Development Act, 2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises (SME). The Company is in the process of compiling relevant information from its suppliers about their coverage under the said act. Since the relevant information is not readily available, no disclosures have been made in the accounts. however, in view of the management, the amounts due to the suppliers are paid within the mutually agreed credit period and therefore, there will not be any interest that may be payable in accordance with the provisions of the Act.

7. Securities are normally held by the Company in its own name except securities pledged with exchange. Securities, which are not registered in the name of the Company, are held by the Company with valid transfer documents.

8. Securities received from clients as collateral for margins are held by the Company in its own name in a fiduciary capacity.

9. Segment Reporting

As per the definition of ''Business Segment'' and ''Geographical Segment'' contained in Accounting Standard 17 "Segment Reporting", the management is of the opinion that the Company''s operation comprise of operating in Primary and Secondary market and incidental activities thereto, there is neither more than one reportable business segment nor more than one reportable geographical segment, and, therefore, segment information as per Accounting Standard 17 is not required to be disclosed.

10. Previous year figures

The previous year figures have been regrouped/ reclassified, wherever necessary to conform to current year presentation.

11. The Ministry of Corporate Affairs, Government of India, vide General Circular No.2 and 3 dated 8th Feb, 2011 and 21st Feb, 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act,1956, subject to fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.


Mar 31, 2013

1. Income in foreign currency Rs.30,625(previous year Rs.20,593). Expenditure in foreign currency Rs.Nil (previous year Rs.1,60,699).

2. Contingent Liability & Capital Commitments

(i) Bank Guarantees of Rs.10 Lacs (Previous Year Rs.10 Lacs) extended to Bombay Stock Exchange Limited under the mandatory rules for membership and Rs.620 Lacs (Previous Year Rs.840 Lacs) towards additional margin. (ii) Bank Guarantees of Rs.75 Lacs (Previous Year Rs.75 Lacs) extended to National Securities Clearing Corporation Limited under the mandatory rules for membership and Rs.2545 Lacs (Previous Year Rs.2625 Lacs) towards additional margin.

(iii) Bank Guarantees of Rs.850 Lacs (Previous Year Rs.550 Lacs) extended to MCX-SX Clearing Corporation Limited towards additional margin. (iv) Corporate guarantee of Rs.5000 Lacs (Previous Year Rs.3000 Lacs) given to banks on behalf of subsidiary M/s Arihant Futures and Commodities Limited.

(v) Claims against the Company not acknowledged as debts Rs. Nil (Previous Year Rs.Nil). 27. Fixed Deposits Fixed deposits with scheduled banks include Rs.5.00 Lacs (Previous Year Rs.601.50 Lacs) which is under the lien of National Securities Clearing Corporation Limited, Rs.1.25Lacs (Previous Year Rs.1.25 Lacs) which is under the lien of Bombay Stock Exchange Limited, Rs.265.00 Lacs (Previous Year Rs.351.00 Lacs) which is under the lien of MCX-SX Clearing Corporation Limited. 28. Disclosures under Micro, Small & Medium Enterprises Development Act,2006 Under the Micro, Small and Medium Enterprises Development Act, 2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises (SME). The Company is in the process of compiling relevant information from its suppliers about their coverage under the said act. Since the relevant information is not readily available, no disclosures have been made in the accounts. however, in view of the management, the amounts due to the suppliers are paid within the mutually agreed credit period and therefore, there will not be any interest that may be payable in accordance with the provisions of the Act.

3. Securities are normally held by the Company in its own name except securities pledged with exchange. Securities, which are not registered in the name of the Company, are held by the Company with valid transfer documents. 30. Securities received from clients as collateral for margins are held by the Company in its own name in a fiduciary capacity.

4. Segment Reporting

As per the definition of ''Business Segment'' and ''Geographical Segment'' contained in Accounting Standard 17 "Segment Reporting", the management is of the opinion that the Company''s operation comprise of operating in Primary and Secondary market and incidental activities thereto, there is neither more than one reportable business segment nor more than one reportable geographical segment, and, therefore, segment information as per Accounting Standard 17 is not required to be disclosed.

5. Previous year figures

The previous year figures have been regrouped/ reclassified, wherever necessary to conform to current year presentation.

6. The Ministry of Corporate Affairs, Government of India, vide General Circular No.2 and 3 dated 8th Feb, 2011 and 21st Feb, 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act,1956, subject to fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.


Mar 31, 2012

*Payment to key management personnel for Salaries and Incentive includes to Ashok Kumar Jain (CMD) Rs 3643443 (Previous Year Rs 8135142) and Anita Gandhi (as Whole Time Director) Rs 2956800 (Previous Year Rs 3566905) and to relatives of key management personnel includes Shruti Jain Rs 557499 (Previous Year Rs 240000) and Kiran Jain Rs NIL (Previous Year Rs 60000).

#Rent paid to Kiran Jain Rs 2205000 (Previous Year Rs 1145000), Ashok Kumar Jain HUF Rs 412500 (Previous Year Rs 412500) and Arpit Jain Rs 412500 (Previous Year Rs 412500).

$Professional fees paid to S.N. Gandhi Rs 660000 (Previous Year Rs 1280000).

% Sitting fees paid to Sunil kumar Jain Rs 40000 (Previous Year Rs 40000), Rakesh Jain Rs 40000 (Previous Year Rs 40000) ,Pankaj Kumar Gupta Rs 20000 (Previous Year Rs 30000), Paragbhai Shah Rs 40000 (Previous Year Rs 30000) and Akhilesh Rathi Rs 30000 (Previous Year Rs 30000).

-Deposit given includes Kiran Jain Rs 1575000 (Previous Year Rs 1575000), Ashok Kumar Jain HUF Rs 300000 (Previous Year Rs 300000) and Arpit Jain Rs 300000 (Previous Year Rs 300000).

1. Income in foreign currency Rs 20,593 (previous year Rs Nil). Expenditure in foreign currency Rs 160699/- (previous year Rs Nil).

2. Contingent Liability & Capital Commitments

(i) Bank Guarantees of Rs 10 Lacs (Previous Year Rs 10 Lacs) extended to Bombay Stock Exchange Limited under the mandatory rules for membership and Rs 840 Lacs (Previous Year Rs 1190 Lacs) towards additional margin.

(ii) Bank Guarantees of Rs 75 Lacs (Previous Year Rs 75 Lacs) extended to National Securities Clearing Corporation Limited under the mandatory rules for membership and Rs 2625 Lacs (Previous Year Rs 2750 Lacs) towards additional margin.

(iii) Bank Guarantees of Rs 550 Lacs (Previous Year Rs 75 Lacs) extended to MCX-SX Clearing Corporation Limited towards additional margin.

(iv) Corporate guarantee of Rs 3000 Lacs (Previous Year Rs 1550 Lacs) given to banks on behalf of subsidiary M/s Arihant Futures and Commodities Limited.

(v) Claims against the Company not acknowledged as debts Rs Nil (Previous Year Rs 3.98 Lacs).

3. Fixed Deposits

Fixed deposits with scheduled banks include Rs 601.50 Lacs (Previous Year Rs 120.00 Lacs) which is under the lien of National Securities Clearing Corporation Limited, Rs 1.25 Lacs (Previous Year Rs 1.25 Lacs) which is under the lien of Bombay Stock Exchange Limited, Rs 351.00 Lacs (Previous Year Rs 105.00 Lacs) which is under the lien of MCX-SX Clearing Corporation Limited.

4. Disclosures under Micro, Small, & Enterprises Development Act,2006

Under the Micro, Small and Medium Enterprises Development Act, 2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises (SME). The Company is in the process of compiling relevant information from its suppliers about their coverage under the said act. Since the relevant information is not readily available, no disclosures have been made in the accounts. however, in view of the management, the amounts due to the suppliers are paid within the mutually agreed credit period and therefore, there will not be any interest that may be payable in accordance with the provisions of the Act.

5. Securities are normally held by the Company in its own name except securities pledged with exchange. Securities, which are not registered in the name of the Company, are held by the Company with valid transfer documents.

6. Securities received from clients as collateral for margins are held by the Company in its own name in a fiduciary capacity.

7. Segment Reporting

As per the definition of Business SegmentRs and Geographical Segment' contained in Accounting Standard 17 'Segment Reporting' the management is of the opinion that the Company's operation comprise of operating in Primary and Secondary market and incidental activities thereto, there is neither more than one reportable business segment nor more than one reportable geographical segment, and, therefore, segment information as per Accounting Standard 17 is not required to be disclosed.

8. Previous year figures

Till the year ended 31st March 2011, the company was using pre-revised Schedule VI to the Companies Act 1956, for preparation and presentation of its financial statements. During the year ended 31st March 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company. The company has reclassified previous year figures to conform to this year's classification.

9. The Ministry of Corporate Affairs, Government of India, vide General Circular No.2 and 3 dated 8th Feb 2011 and 21st Feb 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act,1956,subject to fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidaries has been included in the Consolidated Financial Statements.


Mar 31, 2011

1. Securities are normally held by the Company in its own name except securities pledged with exchange. Securities, which are not registered in the name of the Company, are held by the Company with valid transfer documents.

2. Securities received from clients as collateral for margins are held by the Company in its own name in a fiduciary capacity.

3. Contingent Liabilities not provided for:

(i) Bank Guarantees of Rs.10 Lacs (Previous Year Rs.10 Lacs) extended to Bombay Stock Exchange Limited under the mandatory rules for membership and 1190 Lacs (Previous Year Rs.1165 Lacs) towards additional margin.Rs.

(ii) Bank Guarantees of Rs.75 Lacs (Previous Year Rs.75 Lacs) extended to National Securities Clearing Corporation Limited under the mandatory rules for membership and Rs. 2750 Lacs (Previous Year Rs.2750 Lacs) towards additional margin.

(iii) Bank Guarantees of Rs.75 Lacs (Previous Year Rs.75 Lacs) extended to MCX-SX Clearing Corporation Limited towards additional margin.

(iv) Income Tax matters in respect of which appeal is pending - Rs. 52.80 Lacs (net of payments) (Previous year Rs.10.00 Lacs).

(v) Corporate guarantee of Rs.1550 Lacs (Previous Year Rs.1000 Lacs) given to banks on behalf of subsidiary M/s Arihant Futures and Commodities Limited.

(vi) Claims against the Company not acknowledged as debts Rs.3.98 Lacs (Previous Year Rs. 3.98 Lacs).

4. There is no income and expenditure in foreign currency.

5. Fixed deposits with scheduled banks include Rs. 120. 00 Lacs (Previous Year Rs. 275.00 Lacs) which is under the lien of National Securities Clearing Corporation Limited, Rs.1.25 Lacs (Previous Year Rs.1.25 Lacs) which is under the lien of Bombay Stock Exchange Limited, Rs.105.00 Lacs (Previous Year Rs.125.00 Lacs) which is under the lien of MCX-SX Clearing Corporation Limited.

6. Related party disclosures, as required by Accounting Standard 18, "Related Party Disclosures" issued by the Institute of Chartered Accountants of India for the year ended 31st March, 2011 are given below:

Relationships (During the year)

1. Key Management Mr. Ashok Kumar Jain, Chairman Personnel & Managing Director

Mr. Sunil Kumar Jain, Director

Mr. Akhilesh Rathi, Director

Mrs. Anita Gandhi, Whole-time Director

Mr. Rakesh Jain, Director

Mr. Parag Shah, Director

Mr. Pankaj Kumar Gupta, Director

2. Relatives of Key Management Personnel and other proprietary / partnership concerns Mrs. Kiran Jain

Ms. Shruti Jain Mr. Arpit Jain

Ms. Swati Jain

Ashok Jain HUF

Sunil Jain HUF

Mr. Kamal Kumar Jain

Mrs. Meena Jain

Mrs. Shanta Jain

S.N. Gandhi & Co.

3. Subsidiaries Arihant Financial Services Limited

Arihant Finsec Limited

Arihant Futures & Commodities Limited

Arihant Insurance Broking Services Limited

* Figures reported for the previous year in respect of Mrs. Anita S. Gandhi are after 01.02.10, the date on which she was appointed as Whole time Director.

7. Under the Micro, Small and Medium Enterprises Development Act, 2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises (SME). The Company is in the process of compiling relevant information from its suppliers about their coverage under the said Act. Since the relevant information is not readily available, no disclosures have been made in the accounts. however, in view of the management, the amounts due to the suppliers are paid within the mutually agreed credit period and therefore, there will not be any interest that may be payable in accordance with the provisions of this Act.

8. As per the definition of 'Business Segment and 'Geographical Segment contained in Accounting Standard 17 "Segment Reporting", the management is of the opinion that the Company's operation comprise of operating in Primary and Secondary market and incidental activities thereto, there is neither more than one reportable business segment nor more than one reportable geographical segment, and, therefore, segment information as per Accounting Standard 17 is not required to be disclosed.

9. Figures for the previous year have been regrouped wherever necessary to conform to current years classifications.

 
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