Strictly Private and Confidential Chandra Nandan Kumar E40430 Delhi Dear Chandra Nandan,

29/03/2012

On behalf of Angel Broking Limited , we are pleased to appoint you as Sr. Relationship Executive - B2C. This letter outlines the details of the employment offer. Commencement Date and Location Your starting date of employment with the Company shall be on 16/11/2011 in Delhi-Motinagar . You can be posted or transferred to any other location in India or any other ANGEL Group Companies, subsidiaries or affiliates currently existing or which may get incorporated in the future in India or abroad, as may be required for the Companies business. Probation You shall be employed on probationary terms for Nine months from the date of your employment; however, the period of probation may be extended further, if necessary. Your employment confirmation would depend on your satisfactory performance and it shall be confirmed in writing. NCFM Certification: You shall complete 2 modules during the probation period, which would also be essential / mandatory for confirmation. Compensation Fixed Compensation: Your annual fixed compensation shall be of Rs. 160,000 gross and inclusive of all applicable taxes. This shall include the basic salary, monthly and annual allowances / perquisites. The compensation package shall be governed by the policies and guidelines of the Company presently applicable and as may be modified from time to time. Additional Benefits: As provided along with your offer letter. Incentives: In addition to the fixed compensation, you shall be eligible for performance linked incentives as may be decided by the Company from time to time. As per Company policy all performance incentives are payable at Company's discretion and only if the employee is on the rolls of the company when the actual payment is made and the employee should not have submitted his resignation. In your first year of employment, any bonus allocated to you shall be pro-rated to reflect months worked during the fiscal year. Performance Review Your performance shall be assessed at regular pre-determined intervals and against pre determined Key Performance Areas and you shall be eligible for salary revisions based on your individual performance as well as Company performance as per Company policy.

Taxation You shall be liable to pay taxes on your compensation as per prevalent Indian tax laws and regulations during the period of employment with the Company in India. Leaves Privilege Leave: You shall be entitled for Privilege leave after your employment is confirmed as per the policy of the Company as presently applicable and as may be modified from time to time. Sick Leave: You shall notify promptly of any absence through sickness and shall produce evidence of such sickness satisfactory to the Company for sick leave availed for 3 or more consecutive working days. For an extended period of sick leave, we reserve the right to require you to obtain a second opinion from a doctor appointed by the Company. You shall also be eligible for other leave as per the presently applicable policy of the organisation and as may be modified from time to time. Unauthorized Absences: Without prejudice to your other rights, the Company may deduct the equivalent number of days from balance leave or salary @ gross salary for every day of absence from employment without the prior permission from the Company. For uniformed absence for more than 5 continuous days and not reporting to office, will be considered as absconding. Exclusivity of Employment You shall not, without the company's prior written permission, carry on any business, or enter for any part of your time, in any capacity the services of, or be employed by, any other firm, company or person. You shall devote your whole time and attention to your duties to promote the interest of the Company. Code of Conduct You shall not, at any time, make any untrue or misleading statements in relation to the Company nor in particular after the termination of your employment hereunder represent yourself as being employed by or connected with the Company. By signing this letter, you acknowledge that you shall comply with the ANGEL Code of Conduct & Ethics as in effect from time to time and understand that a violation of the Code of Conduct may be grounds for disciplinary action. The Code of Conduct & Ethics policy of the Organisation of supreme nature in all policy and shall supersede all other policies. Confidentiality Agreement You shall not during your employment pursuant to this Agreement or at any time thereafter without the consent in writing of the Company divulge to any person or company any information concerning the business, products, know-how, technology, accounts, finances, clients or customers of the Company and upon termination you shall forthwith surrender to the Company all original and copy documents, samples or other items relating to any matters aforesaid. You must not remove any documents, or tangible items which belong to the Company or which contain any confidential information from the Company's premises at any time without proper advance authorization.

You shall not during your employment pursuant to this engagement or within twelve months thereafter directly or indirectly induce, entice or solicit or attempt to induce, entice or solicit; a) any employee of the Company to leave such employment, or b) the business (in competition with the Company) of any person or company that has at any time during the period of employment hereunder been a client or customer of the Company. Termination of Employment During the probation period, this engagement may be terminated by either party at any time by giving the other party not less than 15 days written notice or payment in lieu. After successful completion of probation, 30 days written notice or payment in lieu is required to terminate the engagement. For this purpose, the notice payment shall mean basic salary. The Company reserves the right to terminate your employment without notice or payment in lieu of notice should you be guilty of misconduct or negligence in your duties, or if you should undertake outside employment for remuneration without prior permission of the Company. Notwithstanding the provisions of this clause, the procedures for termination of employment and any associated payments shall be subject to Indian laws and government regulations and Company policy. Retirement Age Your retirement age shall be 58. Other Terms and Conditions During your employment, you shall be subject to the service rules, regulations applicable from time to time. The terms and conditions contained herein shall be read along with the instructions, guidelines, policies, etc. and amendments thereof as presently applicable to you and as may be amended from time to time and as may be made applicable to you by the Company subsequently during the course of your employment. Any other terms, conditions, stipulations not specifically mentioned herein shall be governed by employee handbook and other policies and procedures of the Company as presently applicable and as may be amended from time to time. We look forward to having you join our firm. We believe that the position we offer, our dynamic work environment and a competitive total compensation package create an excellent employment opportunity. We kindly ask you to sign, date, and return this letter for our records as a token of your acceptance of the terms and conditions highlighted above. SIGNED BY For and on behalf of Angel Broking Limited SIGNED BY the Employee

Authorised Signatoury